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    The Importance of a Catastrophe Review

    Posted by Soules Insurance on Wed, Mar 27, 2019

    Over the past few years, the United States has suffered a number of serious and devastating catastrophes from hurricanes to wildfires and even volcanoes. As always, multiple insurance issues arise whenever there are catastrophic losses. The past few years are no exception.

    We are very familiar with issues arising after a hurricane: the fact that homeowners policies do not provide coverage for flood, that people severely underestimate their flood risk, and the overall lack of coverage in force when a hurricane occurs.  In order to cope with these events, insureds need to understand their risks and coverages. 
     
    Continue reading to find out how you can be prepared for when the unthinkable happens.
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    Tags: Flood, Wildfires, Flooding, Insurance Coverage, Flood Insurance Coverage, Catastrophe & Restoration, Wildfire, Hurricanes, Underinsurance, catastrophe review, Additional Coverage

    Government Funding Lapse Affects Issuance of NFIP Flood Policy Transactions

    Posted by Soules Insurance on Fri, Dec 28, 2018

    Despite Congressional approval for NFIP Re-authorization extended through May 31st, 2019, the partial government shutdown has prompted FEMA to suspend all transactions on the sale or renewal of flood insurance policies backed by the National Flood Insurance Program.

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    Tags: flood insurance, Flood, Flooding, NFIP, Flood Insurance Coverage, National Flood Insurance Program, Prepare for flooding, Government Shutdown, Policy Renewal

    News Update - National Flood Insurance Program Re-authorized through May 31, 2019

    Posted by Soules Insurance on Wed, Dec 26, 2018

    As of Friday, December 21st, Congress has re-authorized NFIP until May 31, 2019.  The President is expected to sign the reauthorizing legislation.

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    Tags: flood insurance, Flood Damage, Floods, Flooding, NFIP, Flood Insurance Coverage, FEMA, Flood Reform, National Flood Insurance Program, Federal Emergency Management Agency, Lapse, Flood Insurance Program Reinstated, Congress has re-authorized NFIP, National Flood Insurance Program Re-authorized

    Breaking News - Important NFIP Reauthorization Update

    Posted by Soules Insurance on Fri, Dec 21, 2018

    As of Friday, December 21 Congress has not yet acted to reauthorize the National Flood Insurance Program. The NFIP authority is set to expire tonight at 11:59 pm. Should reauthorization not occur prior to 11:59 pm tonight, the program will fall into a lapse period. 

    Congress must now reauthorize the NFIP by no later than 11:59 pm on Dec. 21, 2018. 

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    Tags: flood insurance, Flood Damage, Floods, Flooding, NFIP, Flood Insurance Coverage, FEMA, Flood Reform, National Flood Insurance Program, Federal Emergency Management Agency, Lapse

    Prepare for incoming storms with this checklist

    Posted by Soules Insurance on Thu, Sep 13, 2018

    As Hurricane Florence continues to intensify, there is no question that its damage to the East Coast will be astronomical. It’s threat to lives, homes, agriculture and the waning tourist season have prompted multiple governors to declare a state of emergency, as well as mandatory evacuations throughout the coastal areas of the Carolinas and Virginia.

    During Hurricane season it is especially important to prepare for possible flooding. In an effort to help minimize the damage that may occur as a result of flooding, Allianz Risk Consulting has developed a checklist, meant to be used as a guide, that should be completed before, during and after a flood.

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    Tags: flood insurance, Flood Damage, Flooding, Hurricane Season, Hurricane Preparedness, Flood Insurance Coverage, Hurricane Tips, Hurricane Season 2018, Prepare for a Hurricane, Preparing for a tropical storm, Tropical Depression, Tropical Storm, Flooding from Hurricane, Prepare for flooding

    5 Things to Know About Insurance Coverage After Hurricane Harvey

    Posted by Soules Insurance on Tue, Aug 29, 2017

     

    It will be weeks before damage estimates from Hurricane Harvey are finalized, but there is no doubt that insurers will see figures in the billions of dollars.

    After Hurricane Katrina, the National Flood Insurance Program (NFIP), a federal program managed by the U.S. Federal Emergency Management Agency (FEMA), experienced more than $15 billion in losses in Louisiana and Mississippi.

    For the first five months of 2017, the average claim payment for a flood loss was $24,698. CoreLogic, a global property information and analytics firm, conducted an analysis that found 52% of commercial and residential properties in the Houston metro area are at a "high" or "moderate" risk of flooding.

    For homeowners and renters impacted by Hurricane Harvey, it will be important to document the loss and file a claim with their insurer or the NFIP, if they have the appropriate coverage. Here are some things to consider:


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    Tags: flood insurance, Insurance Coverage, Hurricane Season 2017, Hurricane Harvey, Flood Insurance Coverage