The Policyholder's Advocate®
Many state statutes and condominium bylaws require the purchase of reasonably available property insurance which covers all direct physical risks of loss on an extended and replacement cost basis. One issue I have heard associations and their insurance agents ask: “Is flood insurance reasonably available” so that it has to be insured.
This question was…
Whether from a hurricane, a broken dam, or a rising river, floods are one of the most common and most costly causes of loss. Because flood insurance is so difficult to obtain, floods are also one of the most feared causes of loss.…
Continue Reading Zurich Announces it will Offer Excess Flood Insurance
Few coverages are more important than flood insurance. Whether it is storm surge from a hurricane, rising rivers, torrential rains, or broken levees, floods occur in every part of the United States. Unfortunately, as most people know, flood insurance is difficult to find. Since most private insurers specifically exclude flood from coverage, the majority of flood coverage is purchased from the National Flood Insurance Program, which is instituted and administrated by the federal government. Unfortunately this vital program has been short on funding for years, leaving many to wonder if the program can survive.…
Continue Reading National Flood Insurance Program To Be Extended Again
While some areas sustained substantial wind damages from Hurricane Irene, a large portion of the losses are related to floods caused by the storm. Anyone insured through the National Flood Insurance Program should read their policies carefully and pay close attention to the time requirements mandated in the provisions.…
Continue Reading Irene Flood Victims Should Fill Out Proofs of Loss Now
