Tag Archives: homeowners insurance

Florida’s Broward Commissioner is Asking Congress to Lower Insurance Rates

01 Apr

A bill in the U.S. House called the Natural Disaster Reinsurance Plan, hopes to lower insurance costs for policyholders in states that opt-in to the program which will scale back the requirements regarding the amount of reinsurance that insurance companies need to purchase.  Currently, a Broward commissioner is asking Congress to pass legislation he claims […]

What exactly is a FAIR Plan?

02 Jan

If you live in an area where severe weather is common, or wildfires pop up every summer you may have trouble finding affordable home insurance coverage. If homes in your area are repeatedly damaged or destroyed by a covered peril, insurers may pull out of the entire area, refusing to write policies in your neighborhood. […]

What is recoverable depreciation?

14 Dec

If you have had to file a homeowners insurance claim to replace damaged, stolen, or destroyed personal property you were probably surprised to learn that you may not be paid the full replacement cost of your items. Many homeowner policies pay out the actual cash value (ACV) of the items and ACV takes depreciation into […]

How to Use Smart Devices to Help Protect Your Home from Major Damages 

13 Dec

A recent Nationwide Insurance survey found that most homeowners are not using smart devices to help protect their homes from major damages as well as get a discount on their homeowners insurance.  According to the survey, 91% said they did not have sensors that monitor water flow and leaks which can help prevent massive water […]

2024 Homeowners Insurance Outlook Receives Negative Rating

21 Nov

The insurance news for 2024 is certainly not great. Experts expect that extreme weather and increasing costs will push up insurance costs and make insurance companies more selective when deciding where they will write policies.  Recently, credit rating agency AM Best downgraded the entire home insurance industry from stable to negative. According to Richard Attanasio, […]

Does my home insurance cover foundation damage?

14 Apr

The quick answer to the question “is foundation damage covered by your homeowners insurance” is yes. In most cases any damage to your foundation would be covered unless it is specifically excluded in the policy wording. It should be noted that damage from flooding or earthquakes is almost always excluded from a standard homeowner’s insurance […]