Another Headache from Hurricane Sandy Raise in Insurance Premiums

Hurricanes Raise Insurance Premiums

Fallen trees, flooded homes and cars, these are the devastation of a Hurricane to those who got spared by Sandy you're still be affected by it as premiums may rise and coverage could be slashed for homes in affected areas insurance agents said.

"Even if you haven't been hit, that doesn't mean some of your neighbors haven't been adversely impacted by the storm and that could impact you," says Michael Barry, a spokesman for the Insurance Information Institute, which represents home insurers.

The average homeowner insurance premiums this year is $1,004. Insurers cite several reasons for the spike, including losses from claims filed in previous years and low returns on their investments.

Homeowners can still avoid high insurance premiums by increasing their deductible. However, they'll have to pay more out of pocket when they file a claim in the future.

source smartmoney.com

Damage from Sandy? Report your claim immediately

progressive.com


Online or call 1-800-776-4737.

allstate.com

Online or Call 1.800.547.8676

statefarm.com

Online or call us direct at 1-800-STATE-FARM (1-800-782-8332).



Geico

Online or call anytime at 1-800-841-3000.

Steps to Check incase your Car is Flooded

Here are important steps to inspect your car and assess flood damage:

Check your oil indicator.

If the oil level is too high it may mean that there's water in the engine. Do not start or run your car it could cause severe damage.

Measure the depth of the flood water. It is possible water did not enter any parts that are susceptible to damage.

Determine how long your car was submerged. The shorter the time, the more salvageable any damaged parts may be.

Note the type of water that flooded your vehicle. Fresh water causes less damage to your car than salt water.

Check local weather reports for the temperature during and after flooding. Warmer temperatures may speed up corrosion, especially if your car was flooded with salt water.

Flood Insurance Policy

Storm and hurricanes happens, and flood damage can happen to anyone specially if you are located near coastlines. Most insurance compay offer flood insurance through National Flood Insurance Program (NFIP).

National Flood Insurance Program (NFIP) this program let property owners to purchase insurance protection from the government against losses from flooding. This insurance is designed to provide an insurance alternative to disaster assistance to meet the escalating costs of repairing damage to buildings and their contents caused by floods.

If you live in certain areas with greater odds of flooding and have a mortgage, federal law may require you to have flood insurance. But even if you’re not required to have flood insurance your home and properties could still be at risk.

Flood Insurance Coverage:

Flood insurance covers the structure of your home and your personal property from flood damage.  However, regular water damage and flood damage can be separate, specific conditions when it comes to property insurance.

Most flood insurance policies require a 30-day waiting period before the coverage is effective. 

Impacted By Recent Storms?

If you need to report a claim from Geico or follow up on one you've already submitted, use online claims (http://www.geico.com/claims/) center or call anytime at 1-800-841-3000.

Visit Geico catastrophe center (http://www.geico.com/claims/catastrophe-center) for other storm related information.