A number of homeowners are suing insurance companies over inadequate Chinese drywall claims.
The drywall issues, which were found nation-wide, resulted in corroded plumbing and sick home dwellers. While thousands of homeowners are known to have been affected by the defective drywall, so far over 700 homeowners have filed a federal lawsuit, seeking indemnification for their losses.
A New York-based law firm, Anderson Kill & Olick, P.C., is representing homeowners who feel that they’ve been mistreated by their insurance companies. According to the complaint, the plaintiffs seek “a declaratory judgment that the insurance companies and the subcontractor insurance companies are obligated to indemnify the losses arising from claims against WCI Communities Inc.
12 Jan
Posted by: Admin in: Home Insurance
Last week it was revealed that according to FEMA’s new flood map, a few thousand in Southern California would be required to acquire flood insurance; however, FEMA has now announcedthat some of those residents don’t live in risky areas after all. The news comes as a relief to many residents who would have been on the hook for an additional insurance policy effective immediately.
According to the new flood map that FEMA drew up recently, thousands in the Southern California area would said to suddenly live in flood-prone area – even those who lived no where near water.
In total, residents in over 150 cities and unincorporated areas would have to purchase flood insurance in addition to their homeowners insurance in case a flood hit the area, which could have added as much as $500 to $1,700 to their policies per year.
This did not sit well with many homeowners, some of whom decided to fight the new flood map designations.
After FEMA decided to review its new topographic data, it decided to remove 876 parcels in the Parks Mesa Heights neighborhood.
12 Jan
Posted by: Admin in: Home Insurance
The intent of homeowners insurance is a form of protection of your dwelling and personal items from total disaster and loss. Anyone who has ever gotten a mortgage knows that presenting proof of homeowners insurance is one the requirements at closing. The borrower is at the very least required to purchase insurance for the value of the mortgage loan.
Nevertheless, you cannot make a decision as to how much homeowners insurance you are going to need simply based on the amount of the mortgage. You are going to need insurance that is adequate enough to protect you, your family and your possessions.
Should your home be totally destroyed, you are going to have to rebuild it or get a comparable home. Read more…
Sainsbury’s Home Insurance is bracing itself for a spike in claims now that the festive season is over. Christmas and New Year can prove costly for insurance companies, with figures suggesting that over £25 million could be paid out in Jan 2010. Last year, in the first week of Jan, the number of claims handled by Sainsbury’s was more than a third higher than a normal week and the amount paid out per claim was higher on average too by about one sixth.
All sorts of reasons have been advanced for the increase in claims. If homeowners are entertaining on Christmas Day, Boxing Day or New Year’s Eve their freezers can be stacked to the gills and if a power cut strikes the costs of ruined food can easily run into hundreds of pounds.
Many people are buying homeowner’s insurance (HOI). They buy this not because it is required by the lenders but also to protect themselves to the cost of damages brought about by the different hazards in life. Aside from that, this also helps them pay for any injuries that their homes has caused to other people, may be as guests or not. This kind of insurance is very important for this matter because the damage can be very expensive to pay out of pocket. With the help of insurance, the homeowner’s burden will be lightened a bit because all they would have to pay is the deductible (which is a fixed amount) and any excess of the full amount covered by the insurance. Read more…
04 Jan
Posted by: Admin in: Home Insurance
Insurance agents and brokers such as Trusted Choice and the Independent Agents & Brokers of America are offering tips to help families avoid winter risks that could increase homeowners insurance rates. By keeping your home out of danger’s way, you could avoid having to file claims, which in turn could increase your rates.
Here are the helpful tips from the insurers and brokers:
Ice dams are buildups of ice that block water drainage from the roof and the gutters. Unfortunately, these dams can cause leaks from ceilings and walls, causing other problems down the line, including mold. In order to prevent ice dames, you want to remove leaves, sticks and other debris from your gutters – or install gutter guards.