If payroll records are lost before an insurance audit, employers should notify auditors, attempt to reconstruct data, and ensure compliance. Learn how to avoid penalties and protect payroll records for future audits.
Explore the differences in flood insurance policies and understand the various flood zones to ensure your property is fully protected. This guide covers everything from NFIP to Hiscox FloodPlus definitions and the significance of each flood zone.
This post provides instructions on preparing for, responding to, and recovering from a flooding event, including having supplies ready, evacuating if ordered, avoiding floodwaters, listening to authorities, starting the insurance claims process, and cleaning up safely afterwards.
1.Stability. The NFIP (The National Flood Insurance Program) for years has had significant financial issues and has yet to solve them, with legislators “kicking the can down the road” every time proposed reforms come up. The NFIP is fiscally not sustainable and, despite billions of dollars in prior bailouts, according to the U.S. Government Accountability Office, it owes $20+ billion to U.S. taxpayers. Private insurers offer the stability and financial strength insureds are looking for in a flood program. 2. More Coverage. NFIP offers a maximum of $250,000 of flood coverage for a structure and $100,000 maximum for contents coverage whereas with… Read More »5 Reasons Why Private Flood Insurance Is a Better Option than NFIP for You
As the mountain snows melt, spring rains begin to fall and hurricane season rapidly approaches, it is important to remember that flood insurance typically is not a covered peril in a traditional homeowner’s, dwelling, condo or commercial property policy. As the property market continues to harden in 2020, it is more important than ever to understand your true risk of flooding and confirm you got adequate coverage options to protect what is probably one of your largest assets.
Flooding is the most common and costly natural disaster in the United States, with 90% of natural disasters in the U.S. involving flooding. This isn’t just coastal flooding, either. In fact, 98% of all U.S. counties were impacted by a flood event in 2018.
Yet, most property owners do not think their building is susceptible to flood. Common stances on flood insurance include, “I’m not in a flood zone;” “My realtor told me I am in a preferred flood area;” or “It hasn’t flooded in this area in years.” Because mortgage mandatory purchase requirements exist ONLY for buildings deemed to be in high-risk flood zones, most property owners assume that if it is not required, then the threat does not exist. This could not be more incorrect. The highest-risk areas have at least a 1% annual chance of flooding. To compare, the average chance of a home fire is 0.33%…nearly three times less likely to occur in any given year! Even many low-to moderate-risk areas see an annual risk greater than that of a home fire, with ranges between 0.2% and 1% in the 500-year flood plain.Read More »Standard Flood Insurance Bootcamp – All You Need to Know
Generally, Ordinance or Law insurance coverage provides limited protection for costs associated with repairing, rebuilding, or constructing a structure when physical damage to the structure by a covered cause of loss triggers an ordinance or law.
According to Adjuster’s International Disaster Recovery Consulting, compliance with ordinances and laws after a loss can add 50% or more to the cost of the claim*.
Insureds should take a proactive approach to their insurance program and the coverage provided by the program. Learning about important exclusions and limitations after a catastrophe strike will cause the Insured to experience frustration and anxiety. Insureds should always read their policies, and in some states, may be required by law to do so.
Most property insurance policies will have an Ordinance or Law exclusion. The exclusion applies to both physical damage and time element coverage.Read More »Ordinance or Law Insurance Coverage
What actions should property owners in the predicted path of the storm take to prepare?
The Federal Emergency Management Agency (FEMA) provides invaluable advice on what you should do when you receive a hurricane watch or hurricane warning alert from the National Weather Service for your area.
As the hurricane approaches, here’s a checklist of what to do as the storm approaches, broken down by hours:
– Review your evacuation route(s) & listen to local officials.
– Review the items in your disaster supply kit; and add items to meet the household needs of children, parents, individuals with disabilities or other access and functional needs or pets.Read More »Step-by-Step Hurricane Preparation
Small businesses in a handful of counties in California are now eligible to apply for low interest federal loans to help offset the costs of prolonged drought.
The U.S. Small Business Administration announced that non-farm businesses may qualify for loans up to $2 million.
Agency director Tanya Garfield says eligibility will be determined on financial impact of the drought and not on any property damage.
Drought loans bear interest rates of 4% for businesses and roughly 2.6 percent for non-profit organizations.
Applicants may apply online at the Small Business Administration website.
Read More »Emergency Loans for Drought Available for Small Businesses in California
Would you rather pay $129 now – or $5,000 later? Just a few inches of water can cause thousands of dollars in damage to a home. Our customers are eligible for a Preferred Risk Policy (a policy with fixed coverage and premium amounts for properties in low-risk flood zones) with premiums as low as $129 annually. That’s a small investment for protecting the home you worked so hard to earn. Our access to guaranteed flood zone determinations and rapid Map-It functionality give us the tools we need to quickly offer the most accurate and competitive rates to our customers. We… Read More »Cheap Flood Insurance from $129 Annually
This video presents an overview of the Biggert-Waters Flood Insurance Reform Act of 2012 (BW12). It relates the current changes to the original 1968 Act and subsequent reforms enacted by Congress over the past 45 years. The main goals of BW12 are discussed as well as specific changes taking place in 2013. Finally, the future impact of the legislation is introduced. FULL VERSION (18:56) Getting To Know Flood Reform. Or watch the video in three parts… Getting to Know Flood Reform – Part 1 of 3 (8:43) Part 1 introduces the NFIP – the Program’s history and how it operates.… Read More »NEW FLOOD INSURANCE REFORMS