As we experience more extreme weather and floods increase across the country, the National Flood Insurance Program is poised to make a shift in how it prices its policies that is expected to have a drastic effect on premiums for many homeowners. The NFIP’s new premium-setting system, called Risk Rating 2.0, will change how the…Read more
Hurricane Florence Insurance Claim
People are often left reeling from the terrible costs of hurricanes. Homes, businesses and vehicles will have been damaged or destroyed and, after ensuring the safety of your family, the next step is often filing your insurance claim. But to get the best possible settlement for your claim, you’ll need to document your losses as…Read more
Do I Need Flood Insurance?
Almost everyone has a risk of being flooded, regardless of where they live. According to the U.S. Federal Emergency Management Agency, more than 20 percent of all flood insurance claims come from areas outside of high-risk flood zones. That still means the vast majority come from high-risk areas. How can a property owner find out…Read more
What Does Homeowners Insurance Cover?
Dan called and said the aluminum siding on his home is worn out and needs to be replaced. He asked if the siding would be paid for by his homeowners insurance. I informed him that worn out siding is not a covered loss which preceded his next question…what does homeowners insurance cover? Homeowners Insurance Homeowners…Read more
Flood Insurance to be Escrowed
Five federal financial agencies this week finalized a rule requiring lenders to escrow flood insurance premiums for homes in flood zones, and exempting homeowners from a requirement to buy flood insurance for detached structures. Highlights of the agencies’ action: Banks and mortgage servicers must escrow for flood insurance premiums on mortgages made, increased, extended or…Read more
Flood Insurance May Be More Important than You Think
Did you know that everyone lives in a flood zone? It’s just that every area has a different level of risk, low, moderate, or high. It’s common to think floods only happen on the coasts. However, millions of flood insurance claims have come from states with no coastal land. So, are you at risk? You…Read more
Flood Insurance in VA…What Does it Cover?
Flooding is the most common natural disaster in Virginia. Floods can occur almost anywhere at any time. You don’t need to live near water. Flash floods, inland flooding and seasonal storms bring flooding to every region of the state including Richmond. Just inches of water can cause tens of thousands of dollars in damage. Most…Read more