Courtesy of iii.org   

• Florida accounted for 14 percent of all U.S. insured catastrophe losses from 1985 to 2014: $68 billion out of $498.6 billion, based on data from the PCS division of ISO. (Adjusted for inflation by ISO using the GDP implicit price deflator.)
• Seven of the 10 costliest hurricanes in U.S. history have impacted Florida. Six of these storms occurred within just two years: 2004 and 2005. (See chart below.)
• The costliest hurricane, based on insured property losses to Florida, was 1992’s Hurricane Andrew. It caused $24 billion in damage to Florida and Louisiana (in 2016 dollars). (See chart below.) Florida leads the nation in the number of flood policies, according to the National Flood Insurance Program, with about 1.8 million policies in force in 2015. Standard homeowners policies typically do not cover flood damage. Flood insurance is covered by the National Flood Insurance Program.
• The number of people living in coastal areas in Florida increased by 4.2 million, or 27 percent, from 15.6 million in 2000 to 19.8 million in 2015, according to the U.S. Census Bureau. About 98 percent of the total population of Florida lives in one of the coastal counties.
• The insured value of properties in coastal areas of Florida totaled $2.9 trillion in 2013, accounting for 79 percent of the state’s total insured property exposure, according to an analysis by AIR Worldwide.
• Given the growth in the number and value of insured property, a repeat of the hurricane that devastated Miami in 1926 would result in approximately $130.2 billion in insured damage in 2016, according to Karen Clark and Co.
• After its establishment in 2002, when the state passed legislation combining two separate high risk insurance pools known as the Florida Windstorm Underwriting Association and the Florida Residential Property & Casualty Joint Underwriting Association, Citizens Property Insurance Corp. (CPIC) experienced exponential growth. As a result Florida Citizens has evolved from a market of last resort to the state’s largest property insurer.
• Florida Citizens Property Insurance Corp. provides multiperil and wind-only insurance coverage to Florida homeowners, commercial residential and commercial business property owners.
• Direct homeowners insurance premiums in Florida written by Citizens was $504 million in 2015 down from $795 million in 2014.
• Citizens was the state’s fourth leading homeowners insurer in 2015, with a market share of 5.7, down from 9.1 percent in 2014. It is also the fifth largest commercial insurer, with a 3.8 percent market share, down from 6.6 percent in 2014.
• Florida Citizens had 701,097 policies with an exposure of $150.5 billion in fiscal year 2015, according to the Property Insurance Plans Service (PIPSO).

Courtesy of http://www.iii.org/article/motorcycle-insurance. Choosing the right insurance policy is much like choosing the right motorcycle. You want it to fit your needs and lifestyle, but at the same time be within your budget. Although most states require you to carry a minimum amount of liability coverage, other types of coverage are usually optional. Always ask your insurance agent or company representative which laws apply in your state.

In order to find out what coverage is best for you, it is important to understand all the options available.

Liability coverage

Liability insurance covers bodily injury and property damage that you may cause to other people involved in an accident. It doesn’t cover you or your motorcycle. Find out if your coverage includes Guest Passenger Liability, which provides protection in the event that a passenger is injured on the motorcycle. Whether or not this is included depends on the laws of your state and the company issuing the policy.

Collision coverage

Collision insurance covers damage to your motorcycle if you are involved in an accident. Your insurance company pays for damages, minus your deductible, caused when you collide with another vehicle or object. Collision insurance usually covers the book value of the motorcycle before the loss occurred.

Comprehensive coverage

Comprehensive coverage pays for damages caused by an event other than a collision, such as fire, theft or vandalism. However, just like collision coverage, your insurance company will pay for damages, minus your deductible, and will cover only the book value of the motorcycle.

Keep in mind most comprehensive and collision coverages will only cover the factory standard parts on your motorcycle. If you decide to add on any optional accessories such as chrome parts, a custom paint job, trailers or sidecars, you should look into obtaining additional or optional equipment coverage.

Uninsured/underinsured motorist coverage

Uninsured/underinsured Motorist Coverage covers damages to you and your property caused by another driver who either doesn’t have insurance (uninsured) or doesn’t have adequate insurance (underinsured) to cover your damages.

This coverage typically pays for medical treatment, lost wages and other damages. If your uninsured/underinsured motorist coverage includes property damage, then your motorcycle would also be covered under the same circumstances. Check with your insurance professional to see if property damage is included or needs to be purchased separately.

Tips for the cost-conscious rider

Many factors can play a role in determining what your insurance costs will be such as your age, your driving record, where you live and the type of motorcycle you own, or being a graduate of a rider-training course.

• Many companies offer discounts from 10 to 15 percent on motorcycle insurance for graduates of training courses, such as the Motorcycle Safety Foundation (MSF) rider course. Riders under the age of 25, usually considered a higher risk, may see some savings by taking this course. It’s also a good idea for cyclists who have already had accidents.
• Maintaining a good driving record with no violations will also help reduce your premiums.
• In many northern states, riders may save money by buying a “lay-up” policy. With a lay-up policy, all coverage except comprehensive is suspended during winter months.
• Find out what discounts your insurance representative offers. Multibike discounts for those insuring more than one bike, organization discounts, if you’re a member of a motorcycle association, and mature rider discounts for experienced riders, are just a few possibilities. Discounts can range anywhere from 10 percent to 20 percent, depending on the company and your state. Availability and qualifications for discounts vary from company to company and state to state.
• Keep in mind that the type, style (such as a sports bike vs. a cruiser) and age of the motorcycle, as well as the number of miles you drive a year and where you store your bike may also affect how much you pay for your premium.

Courtesy of http://www.iii.org/press-release/what-do-women-business-owners-want-credible-accurate-insurance-advice-022616

Women have made great strides in the business world in the past few decades. And business insurance is essential to protecting their hard-earned capital, according to the Insurance Information Institute (I.I.I.).

Forty years ago women owned just 5 percent of all small businesses in the United States. Today, they own one-third, generating nearly $1.5 trillion in revenue and employing over 7.9 million people. Between 1997 and 2015, the number of women-owned firms increased by 74 percent, according to the 2015 State of Women-Owned Businesses Report. And the majority of new women-owned firms launched in 2014 were owned by minority women.

“Whether launching a new business, growing your business or competing in the global marketplace, it is essential that women business owners get the right type and amount of coverage,” said Loretta Worters, a vice president with the I.I.I. “Without adequate insurance, a natural catastrophe, employee lawsuit or even the death of a business partner could destroy what they’ve built,” she warned.

In recognition of Women’s History Month, the I.I.I. recommends the following six strategies to ensure that your business is financially protected:

1. Assess your risks. What business property, including inventory and equipment, do you own? Do you have employees? What is the nature of your business? This basic snapshot will help an insurance professional provide recommendations about the type of coverage your business needs.

2. Find the right insurance professional. When shopping for insurance most business owners use an insurance broker—you’ll want to find one who is familiar with the risks of your specific business. A qualified broker can help collect all the necessary information and paperwork to apply for a policy, and comparison shop among several options and quotes. Here are some tips for finding the right fit: Finding the Right Insurance Professional for Your Business.

3. Compare rates. As a general rule, you’ll want to get business insurance quotes from at least three different companies. Try to find policies that offer similar coverage so that you can clearly compare prices.

4. Evaluate insurers, policies and services. When purchasing business insurance, price is just one consideration. Make sure a potential insurer is reputable and in good financial condition. In addition, review and compare policies in depth. Does one policy have exclusions that another does not? In the case of litigation, does the insurer provide an attorney or reimburse you for an attorney you choose?

5. Lower your premiums. Choosing a higher deductible can lower your premiums significantly and insurers will often lower your rates for putting in place programs to minimize losses from fire, theft and employee and customer injuries. This is particularly important for start-ups that are low on initial capital.

6. Review your risks and insurance policies annually. Talk to your insurance professional prior to renewing you coverage each year to determine what adjustments should be made to your business insurance policies. If your business is expanding, you have purchased or replaced equipment or have started working with vendors internationally, you may have new liabilities that require higher insurance coverage.

Don’t Overlook These Coverages

Life insurance is vital to any business—both personal and for the company. Should you die prematurely, a personal life insurance policy can replace your income from the business and protect your family. In the event an owner, partner or key employee dies, life insurance will take care of your business.

Another key coverage is disability insurance. More than twice as many people will be disabled during their career as will die before they retire. “Income protection for small business owners is critical for the long-term security of the owner and the company if they cannot work due to an injury or illness,” said Worters.

 

Courtesy of http://www.iii.org/article/recovering-tornado

Protecting yourself and your family

• Keep calm. Stay in your shelter until after the storm is over.
• Check people around you for injuries. Begin first aid or seek help if necessary.
• When you go outside, watch out for downed power lines.

Protecting your property

• Make temporary repairs to prevent further loss from rain, wind or looting. These costs are reimbursable under most policies so keep the receipts.
• Keep receipts for additional living expenses such as temporary housing. These costs are reimbursable under most policies so keep the receipts.
• Make a detailed list of all damaged or destroyed personal property. Don’t throw out damaged property until you have met with an adjuster.
• Check utility lines and appliances for damage. If you smell gas, open the windows and turn off the main valve. Don’t turn on lights or appliances until the gas has dissipated. If electric wires are shorting out, turn off the power.
• Don’t be rushed into signing repair contracts. Deal with reputable contractors. If you’re unsure about a contractor’s credentials, contact your claims adjuster, Better Business Bureau or Chamber of Commerce for referrals. Make sure the contractor you hire is experienced in repair work – not just new construction. Be sure of payment terms and consult your agent or adjuster before you sign any contracts.
• Notify your insurance agent or company representative as soon as possible. If you have vacated the premises, make sure your representative knows where to contact you.

Courtesy of http://www.iii.org/fact-statistic/flood-insurance
A full moon and high winds caused significant tidal flooding during last weekend’s east coast blizzard.

Flood damage is excluded under standard homeowners and renters insurance policies. However, flood coverage is available in the form of a separate policy both from the National Flood Insurance Program (NFIP) and from a few private insurers.

Congress created the NFIP in 1968 in response to the rising cost of taxpayer-funded disaster relief for flood victims and the increasing amount of damage caused by floods. The NFIP makes federally backed flood insurance available in communities that agree to adopt and enforce floodplain management ordinances to reduce future flood damage. The NFIP is self-supporting for the average historical loss year. This means that unless there is a widespread disaster, operating expenses and flood insurance claims are financed through premiums collected.

The NFIP provides coverage for up to $250,000 for the structure of the home and up to $100,000 for personal possessions. Private flood insurance is available for those who need additional insurance protection, known as excess coverage, over and above the basic policy or for people whose communities do not participate in the NFIP. Some insurers have introduced special policies for high-value properties. These policies may cover homes in noncoastal areas and/or provide enhancements to traditional flood coverage. The comprehensive portion of an auto insurance policy includes coverage for flood damage.

A 2015 poll by the Insurance Information Institute found that 14 percent of American homeowners had a flood insurance policy. This percentage has been at about the same level every year since 2009. The percentage of homeowners with flood insurance was highest in the South, at 21 percent, compared with 20 percent in 2014. Eleven percent of homeowners in the Northeast had a flood insurance policy, which is unchanged from 2014. Nine percent of homeowners in the West had a flood insurance policy, compared with 8 percent in 2014, while 10 percent of homeowners in the Midwest had flood insurance, compared with 7 percent in 2014.

• As of October 2015, 79 insurance companies participated in the Write Your Own program, started in 1983, in which insurers issue policies and adjust flood claims on behalf of the federal government under their own names.
• As of August 2015, 67 percent of policies covered single family homes, 21 percent covered condominiums, and 6 percent covered businesses and other non-residential properties. Two- to four-family unitsand other residential policies accounted for the remainder.
• Superstorm Sandy,which occurred in October 2012, resulted in $8.0 billion in NFIP payouts as of October 2015, second only to 2005’s Hurricane Katrina with $16.3 billion in payouts.

Superstorm Sandy was the second costliest U.S. flood, based on National Flood Insurance Program payouts as of June 2015. The figures below are preliminary, as claims are still being processed.