Archive for September, 2010

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Simple Home Maintenance Can Help You Avoid Water Damage, Travelers Says

September 21st, 2010 by Iris | Comments Off | Filed in advice and how-tos, flood insurance, homeowners insurance, insurance specialists

Last week, the Insurance Journal reported on some interesting survey results from Travelers insurance. It seems that even though most homeowners are more afraid of fire damage, most homes – even if they’re not in a coastal or riverfront location – are ten times more likely to be damaged by water.

While no one is suggesting that homeowners should be able to control the weather, there are a few home maintenance tasks that can help decrease the likelihood of serious water damage. After analyzing data from a large number of claims filed by Travelers policyholders in North Carolina, the insurer’s claim and risk management professionals have created a list of easy steps homeowners can take to help prevent many non-weather-related water damage causes. Here’s a list of the top four:

Leaks from washing machine hoses: Washing machine hoses should be inspected annually and replaced every five years – or immediately, if there are any signs of cracking or bulging.

Leaky plumbing around water heaters: Plumbing should be inspected annually and repaired if there are any signs of leaks or corrosion. When possible, water heaters should be installed in an area with floor drains to minimize damage if leaks should occur.

Leaks from refrigerator ice machines: Ice maker connections, usually located behind the refrigerator, should be inspected annually and hoses replaced if they appear cracked or corroded.

Clogged drain lines on air conditioning units: Air conditioning drain lines should be checked yearly.

Ron Stephens, Regional Vice President for Travelers reiterates, “When considering annual household cleaning projects, it’s a great time to inspect and perform maintenance on household systems and appliances. Checking washing machine hoses, ice maker connections and the plumbing around water heaters are a few simple actions you can take to prevent both damages and a lot of headaches.”

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Representative King: Blood Oaths and Government Shutdowns to Repeal Health Care Reform

September 20th, 2010 by Iris | 1 Comment | Filed in health insurance, insurance news

Steve King Demands ‘Blood Oath’ From Boehner To Shut Down The Government

ThinkProgress made headlines in today’s Huffington Post with a story about the radical agenda of right-wing congressman Steve King (R-IA) who made a splash earlier this year when he introduced a discharge petition in the House of Representatives meant to repeal the health care reform legislation known informally as “ObamaCare.” So far, he’s garnered 173 signatures, including one Democrat, Representative Gene Taylor (D-MS) who signed last week. Both TP and HuffPo report that King told a conservative blogger, Ed Morrissey, that he feels more Democrats will join his cause.

King’s main concern, however, is that the leadership of his Republican caucus won’t carry through on a pledge to repeal the Obama administration-backed health care reform legislation that was enacted last March, especially since some of them have said they won’t campaign for a full health care reform repeal. Congressional Roll Call reports that because of this, King is demanding a “blood oath” from House Minority Leader John Boehner that will guarantee the inclusion of verbiage repealing health care reform in every appropriations bill next year, even if the result of such a tactic is a government shutdown.

His words, quoted directly by ThinkProgress, with its commentary are:

“We must not blink,” he said, noting that money cannot be spent without the House voting to pass it. “If the House says no, it’s no.”

Their new tea party backers won’t tolerate anything less than a full repeal of the health care law, he said.

“They will leave us if we go wobbly,” he said. “I am worried about that, but that’s why I think it’s got to be a blood oath.”

King added that if there is a government shutdown, he plans to ensure that, “…there wouldn’t be a repeat of 1995 where the House caved.” In support of King’s agenda, Representative Lynn Westmoreland (R-GA) said earlier this month, that shutting down the government would be the appropriate action, even if veterans benefits were put on hold as a result.

The Washington Post also tracking this story, have reported that there is no word from the Republicans about, “… what would replace” health care reform if it were repealed. They have however, noted that, “…a GOP bill rejected by the Democratic-led House last year is the closest thing to a starting point. That plan would cover an additional 3 million people by 2019, compared with nearly 33 million under the Obama health-care law.”

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Friday Filmstrips: Fire Insurance Claim Tips

September 17th, 2010 by Iris | Comments Off | Filed in advice and how-tos, fire insurance, friday filmstrips, homeowners insurance

A house fire is one of the worst things most of us can imagine, but the trauma is even greater if you file a fire insurance claim incorrectly. For this week’s Friday Filmstrip, courtesy of YouTube and the Property Claim Tip guys, we offer a video on fire insurance claims. Enjoy!

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Health Care Reform = Tax Credits for Many

September 16th, 2010 by Iris | Comments Off | Filed in health insurance

A study released by Families USA, according to Modern Healthcare, says that as a result of this year’s healthcare reform law, almost 29 million Americans will be eligible for new tax credits in 2014. The total tax break, researchers estimate, will reduce family income taxes by more than $110 billion in just the first year.

In a teleconference with the press, Ron Pollack, executive director of Families USA said that the healthcare reform measures amounted to, “…one of the largest middle-income tax cuts in history…” and that it will enable many U.S. citizens to “…afford premiums that stretch family budgets….”

The study that found these results, called Lower Taxes, Lower Premiums, found that most of the families that will be eligible for these tax credits will employed mainly by small businesses, and will have annual incomes between $44,100 and $88,200 for families of four, or two to four times the the 2010 federal poverty level. “However,” the report said, “because the size of the tax credits will be determined on a sliding scale based on income, those with the lowest incomes will receive the largest tax credit, which will ensure that the assistance is targeted to those who need it the most.” Under these guidelines, a four-person family with annual income of $60,000 that purchases a $15,000 family insurance plan in 2014 would receive tax relief of about $10,200, while a four-person family with annual income of $35,000 would receive tax relief totaling about $13,600.

The roughly 13.8 million people who have no insurance coverage will be eligible for a premium tax credit, and about 14.8 million people with insurance coverage will qualify for the credit, the study said.

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New Orleans: Housing Stock Down 13%

September 15th, 2010 by Iris | Comments Off | Filed in flood insurance, homeowners insurance, insurance news

5 years post-Katrina, and several months after the BP oil spill, the city of New Orleans is still in recovery, but still has other problems. One of them is housing.

According to a report in the Insurance Journal the New Orleans metropolitan area has suffered a 13% decrease in available housing since the hurricane five years ago. The survey results were released on Monday by the U.S. Department of Housing and Urban Development (HUD), which also found that cost of housing in the Crescent City had increased by roughly 33%, from $662/month in 2004 to $882/month last year.

According to HUD, the 2009 survey is the most comprehensive such analysis of the area’s housing stock in the last five years.

The results also showed that eight of the parishes in the greater New Orleans area have lost about 75,000 housing units since Hurricane Katrina, and that there are about 72,500 housing units currently vacant.

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Happy Life Insurance Awareness Month

September 14th, 2010 by Iris | Comments Off | Filed in insurance news, insurance specialists, life insurance

We’re already mid-way through September, and we’ve neglected to mention that it’s Life Insurance Awareness Month. While there are no greeting cards or themed foods to celebrate this, we agree with the folks at the Life Insurance Blog that this is an excellent time to review your life insurance policy, and consider adding coverage. If you don’t have a life insurance policy, it’s never too soon to consider it.

What else should you know before you go shopping for life insurance? Well, most experts agree that a significant number of Americans are underinsured. More specifically:

  • Half of U.S. households say they need more life insurance. This is the highest such number ever, and represents about 58 million households.
  • 11 million households with children under the age of 18 – the very demographic that needs it most – has no life insurance at all.
  • Only 44% of American households have individual life insurance, and this number represents a 50-year low.
  • It’s not just the economically challenged who are underinsured. One third of all households considered affluent (annual income over $100,000) say they don’t have enough life insurance coverage.

If those numbers represent your situation, consider this: the best way to celebrate Life Insurance Awareness Month is by making sure you and your family have life insurance.

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Hurricane Igor Gaining Strength

September 13th, 2010 by Iris | Comments Off | Filed in flood insurance, insurance news

Weather.com is reporting that even though its strength is likely to fluctuate over the next few days as it crosses the Atlantic Ocean, it’s still maintaining strong category 4 winds.

As of 11:00 EDT this morning, the hurricane was located in the mid-Atlantic, traveling west at around ten miles an hour, and sustaining winds of 150 miles mph (just five mph shy of category 5).

According to the National Hurricane Center, while the storm’s intensity will show some variance over the next 48 hours, it’s likely to remain a powerful hurricane for several days. Of some concern is Tropical Storm Julia, which is trailing Igor, and may strengthen as well.

At this point, there are no storm watches or warnings for the east coast of the United States, and predictions say it will miss the coast when it turns north later tonight or tomorrow, but people in Bermuda should take care.

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