Happenings Archives - Insurance Agency Singapore | Commercial Insurance and Personal Insurance

How to Get Money If You Don’t Have Flood Insurance

29 May 2018 By admin Leave a Comment

Home insurance does not pay to repair the house or replace belongings damaged by flooding. Flood insurance is separate coverage. Most flood policies come through the National Flood Insurance Program and are serviced by private insurers (like your home insurance company).

Comprehensive car insurance, an optional coverage, pays for flood damage to a vehicle. If you have purchased only the minimum liability insurance required by your state, you don’t have coverage for flood damage to your car.

Getting help if you don’t have flood insurance

If your home and belongings are flood-damaged and you don’t have flood insurance, some help may be available from the federal government through small grants and larger low-cost loans.

The maximum amount of FEMA grant money for repairs is $33,000 for a household. Up to $200,000 is available through loans from the U.S. Small Business Administration. You don’t have to own a business to qualify. Federal help is available only for a primary home, not for second homes.

Low-cost loans from the SBA

You might be eligible for a low-cost loan through the U.S. Small Business Administration if your home or stuff was damaged. The money is only for uninsured losses and if the damaged home is your primary residence. The maximum interest rate is 4% if you can’t get credit elsewhere and 8% if you can get credit from another lender. The terms are for up to 30 years. Here’s what’s available, along with some of the restrictions:

Loan of up to $200,000 to repair or replace your primary home. You can’t use the loan to make upgrades or additions, unless they’re required by building codes.
Loan to refinance up to $200,000 of a mortgage. This is available only if you can’t get credit elsewhere, suffered uninsured damage and plan to make repairs.
Loan of up to $40,000 to replace damaged belongings, such as clothing, furniture, cars and appliances. Renters and homeowners can apply.

By BARBARA MARQUAND

See Full Story at www.nerdwallet.com

Do College Students Need Renters Insurance?

10 May 2018 By admin Leave a Comment

When you’re packing for college, you may be thinking more about clothes, gaming consoles or the perfect laptop than insurance. Whether you’re heading to a campus dorm, renting a house or leasing an off-campus apartment, it’s important to protect your possessions.

Don’t make the mistake of thinking you’re too poor to need coverage. Many students have personal items – such as electronics, furniture, sporting equipment and clothes – worth thousands of dollars. Plus, college parties are prime opportunities for trouble, including injuries to a guest or property damage to your place.

What renters insurance covers. A common misconception about renting is that the property owner is obligated to reimburse you in the event of a catastrophe, such as a theft, fire or storm. As empathetic as your landlord may be, his or her insurance never covers you.

In other words, it’s your problem if something valuable is stolen from your rental, or you return to discover your possessions destroyed by a fire. It’s not a pretty picture – or an affordable one – especially for a college student.

Fortunately, renters insurance is a bargain for the protections you get in a basic policy:

Personal property. Protects the value of your belongings from a covered event anywhere in the world, such as damage from a natural disaster, loss or theft. Common exceptions include flooding and earthquakes.
Liability. Protects you against a claim or lawsuit if you accidentally hurt someone, or a visitor is injured in your rental.
Additional living expenses. Pays for temporary housing and meals if you can’t live in your rental while covered damages are repaired.

By Laura Adams

See Full Story at money.usnews.com

Top five tips to help save you hundreds on your car insurance

12 December 2017 By admin Leave a Comment

car insurance

“Sometimes going direct to an insurer can be cheaper but in many cases motorists will get a lower price by going through a broker – particularly where they don’t perfectly match the big insurance companies’ target customers of Mr and Mrs, 40-year-olds, with full no-claims bonuses, no penalty points and driving a VW Golf,” said Brian McNelis, director with the Irish Brokers Association (IBA).

“A huge proportion of motorists will end up paying more if they don’t ask a broker to price their insurance for them. Also, should you need to make a claim, you need an independent person such as your broker to advise you on what you’re entitled to. Relying on an insurer to show you the small print that could make a big difference in the outcome of your claim seems somewhat illogical.”

McNelis, however, also said there is fierce price competition in the direct-insurance market (where consumers buy their insurance directly from an insurer instead of from a broker). “It can be hard for brokers to compete with direct Irish insurers [on price] – unless they go outside the country to a non-direct insurer,” said McNelis.

Commissions also come into play. Car-insurance brokers typically earn commissions of between 5pc and 10pc, according to the IBA. A discussion paper published by the Central Bank last June found that motor insurance brokers typically earn between 7.5pc and 10pc commission. Furthermore, “better rates of commission have been negotiated individually by some brokers and the Central Bank also observed some profit-share arrangements between general insurers and some larger intermediaries”, said the paper.

It is always worth contacting different insurers and brokers to see if you can get a better deal on your car insurance – particularly if you’re facing a steep price increase. Be sure to highlight your claims-free history (if you have one) when shopping around – some insurers offer a bigger no-claims bonus than five years so you may get a better discount if you have not made a claim for the last seven or more years.

By Louise McBride

See full story at www.independent.ie

Tips to ensure your insurance claims are processed after severe weather conditions

16 November 2017 By admin Leave a Comment

Recent severe weather has cursed South Africa with disastrous hailstorms, rain and strong winds. The country witnessed roofs being torn off houses, roads being flooded and sweeping everything in their path, cars overturned and involved in accidents, uprooted trees and walls and most regrettably, people losing their lives. As those affected by the severe weather try to pick up the pieces, homeowners and insurance companies are experiencing a massive increase in insured losses.

South Africa has seen a marked increase in the frequency and intensity of severe weather conditions over the last six years and there is no denying the impact of climate change in the insurance sector.

The recent weather conditions reminded one of the hail storms that took place last year in Bedfordview during November, which claimed lives and caused massive damages to property and vehicles.

Mandy Barrett, insurance broker and risk advisors at Aon South Africa, said, “With much of October and November still ahead of us, traditionally the months that have tallied the most severe weather events and financial losses, there is a need for extra precautions.

The severity of the flooding and damage we are seeing is alarming and while there is little that you can do to prevent a flood, there are some important tips that can help protect your personal safety and assets in such freak weather conditions.”

Barrett advised the following:

On the road

Take note of weather warnings and if possible, avoid being on the road or out during such times.
Avoid driving in heavy downpours. Never attempt to drive through a flooded area of the road.
If caught in a flash flood on the road, get yourself to safety as quickly as possible. If you can, get out of the vehicle and get to high ground. Don’t close all the windows as the water will cause a vacuum and trap you in the car.
Many car accident claims are due to slippery roads and potholes. Tyre damage is a common occurrence and is normally not covered by a motor insurance policy unless another part of the vehicle is damaged at the same time.
Check your tyre tread and replace worn tyres, an accident claim could potentially be repudiated if the tread is deemed insufficient to have stopped the vehicle in time. The legally required minimum tread depth is 1.6mm.
Increase your following distance and reduce your speed to allow enough time to react.
Watch out for potholes as they are filled with water in rainy conditions. Heavy rainfalls can also cause potholes to appear where there weren’t any previously.
Watch for motorists swerving to avoid objects on the road and be prepared to do the same.
Many traffic lights are out of order during heavy rain, so drive carefully.
Roads are congested with many tempers fraying, keep your cool.

By Andile Dlodlo

See full story at randburgsun.co.za

Insurers urged to increase insurance penetration through technology

24 October 2017 By admin Leave a Comment

Insurance companies in the country have been urged to embrace technology to deliver value-added services to customers.

This according to the Managing Director of Ghana Reinsurance Company Limited, George Mensah, would enable them to withstand the growing competition in the financial sector.

He made the call at the 8^th Cedants Awards Night on the theme: ‘Embracing Technological Innovations for the growth of the Insurance Industry’ at the Kempinski hotel in Accra.

He underscored the need for insurers to take advantage of the growing trend in technology to remain relevant in the business environment.

This, Mr. Mensah stressed would help them address challenges and remain a step ahead of their competitors.

Citing Ghana Re as an example, he said they have connected their officers virtually within the company and this has helped staff no matter their location to work productively across organizations using a common IT infrastructure.

“We further consider the automation of our workflow as a key to moving towards a more digital environment to add value and improve customer service” he added.

In future, Mr. Mensah revealed they intended to put in place a secure and convenient way for storing and accessing its IT services through the ‘Cloud’ to place the company at the doorstep of their cherished clients.

He maintained that adapting quickly to the new technologies will give businesses the opportunity of interacting with business solutions that will drive their businesses whilst providing value for their customers.

See full story at www.myjoyonline.com

Households risk financial disaster by failing to update home insurance

12 October 2017 By admin Leave a Comment

As storms, floods, fires and earthquakes make headlines across the world, research group Canstar has found that four out of 10 Australians with home and contents insurance have less than $350,000 of total cover, while average national values are more than double this.

Almost 80 per cent of those people feel they have enough to cover their home and contents if their home is totally destroyed, it found.

Finance specialists say homeowners are failing to account for the costs of rebuilding and demolition, or the surge in expensive technology items in homes in recent years.

“I would be very confident in saying people are massively underinsured,” said Canstar group executive financial services Steve Mickenbecker.

“It’s the replacement value of the home and $350,000 doesn’t get very far in this day and age,” he said.

“They insured for an era when the fridge and the TV were the expensive items, and would be underestimating just how much electronic stuff is in the home today.”

The median value of all dwellings in Australia ranges from $383,000 in Hobart to $910,000 in Sydney, according to CoreLogic.

While home and contents insurance doesn’t have to cover land values, it does have to pay for demolition, rebuilding and replacing all items.

Consumer finance specialist Lisa Montgomery said many people did not think they would ever suffer a total loss of property, and instead guessed the level of cover they might need.

By Anthony Keane

See full story at www.adelaidenow.com.au

Hurricanes And Travel Insurance: What You Need To Know

5 October 2017 By admin Leave a Comment

As Hurricane Irma barrels toward Florida, first of all, stay safe! And once you are safe, if you’re a visitor to the storm zone you might well be considering travel insurance to cover your expenses from the trip.

But what kind of insurance? There’s a variety of types, and the type you get may determine whether you’re covered and how much.

One of the most important factors is timing. “Once a storm is named, it’s too late to buy travel insurance to cover it,” says Dan Durazo, director of communications for travel insurance provider Allianz. Irma, for example, received her name on August 30. At that point she became what insurers call a foreseeable event, and policies purchased after that wouldn’t cover losses due to the storm. That’s why Durazo advises buying travel insurance as soon as possible.

So does Chris Carnicelli, CEO of insurer Generali Global Assistance. “Travelers should always be aware of the possibility of weather-related events affecting their vacation plans.” This seems to be all the more relevant as weather patterns get more severe and the timing more erratic.

Then there’s the question of what travel insurance actually covers. Depending on the plan, benefits might include coverage for transportation, emergency assistance, concierge services, reimbursement for medical and dental expenses, and 24-hour assistance call centers. Some plans cover a percentage of your loss or stipulate that you must cancel within a certain time period, so it’s important to check the terms and conditions before buying.

Broadly, travel insurance coverage applies to three major scenarios: your trip being canceled completely, interrupted after you’ve left or delayed due to storms.

By Andrew Bender

See full story at www.forbes.com

How the Insurance Industry Can Push Us to Prepare for Climate Change

28 September 2017 By admin Leave a Comment

Climate change risk is rising, and yet behavioral economics research argues that we are collectively underinvesting in protecting ourselves. In The Ostrich Paradox: Why We Underprepare for Disasters, Robert Meyer and Howard Kunreuther point to several personal traits that expose us to greater risk from natural disasters. First, individuals focus on short time horizons and thus underprepare for future threats. Second, when major disasters do occur, individuals are shocked but quickly begin to let their guard down again. Third, people are over-optimistic and thus underestimate their own risk exposure.

And the risks are real: Zillow’s research predicts that $400 billion dollars of real estate value in Florida could be at risk from climate change by the year 2100.

It might seem, then, that private insurance can be of little help in addressing climate change. There’s concern that for-profit insurers won’t want to insure risky properties, and that individuals won’t have the wherewithal to buy insurance plans in the first place. It’s certainly true that private insurance is not enough, on its own, to mitigate and adapt to climate change. Nor can insurance fully prevent the massive harm caused by storms like Hurricane Harvey, which recently struck Houston, killing at least several residents and causing considerable damage.

Nonetheless, private insurance has a significant role to play. And we believe that the concerns raised by behavioral economics are overblown. Sure, we aren’t perfectly rational. But the emerging challenge of reducing risk exposure for coastal residents creates new opportunities for firms that can innovate and provide new solutions. Innovations in spatial sciences, combined with big data, raise the possibility of the insurance industry introducing innovative pricing strategies that induce private real estate owners and local governments to take efforts that together yield a more resilient real estate capital stock. In short, the insurance industry is adapting in order to profit from climate risk, and in doing so it will help society adapt as well.

By Matthew E. Kahn, Brian Casey and Nolan Jones

See full story at hbr.org

What Homeowners Insurance Won’t Cover If a Hurricane Hits

26 September 2017 By admin Leave a Comment

Having homeowners insurance is no guarantee against major losses for those who live in Hurricane path.

What was once a straightforward arrangement has become less generous and more complicated over the last quarter century as U.S. insurance companies shifted risks and costs onto their customers.

Most standard homeowner policies cover damages involved when winds blow the roof off, a tree falls on the roof or flying debris breaks windows. Most also provide protection from fire, lightning, hail, vandalism, explosions and theft, according to the Insurance Information Institute, a trade group.

They typically don’t cover flooding, which can become a major issue during hurricanes. Other exclusions include earthquakes, volcanic eruptions, war and damages that result from an owner’s neglect. Sometimes wind damage can be excluded in coastal areas or if flooding and high winds wreck a home at the same time.

Homeowners bracing for a hurricane’s devastation may not even realize they need a separate flood policy for losses from surging ocean waves or an overflowing river.

WHAT IS/ISN’T COVERED

Damages typically covered by homeowners insurance:

Fire
Winds (unless winds and floods cause damages at same time)
Hail
Explosions
Riots
Aircraft
Vehicles
Smoke
Vandalism
Theft
Falling objects
The weight of ice, snow or sleet
Volcanic eruption

Damages typically not covered by homeowners insurance:

Earthquake
Floods
Mudslides
Landslides
Power failure
Neglect
War
Nuclear hazard
Government confiscation or seizure
Wind damage (if flooding and wind damage happen simultaneously)

Note: This list is based on the standard homeowners policy considered the most popular, as provided by Insurance Services Office Inc. Other types of policies can cover fewer or more protections.

By Leslie Scism

See full story at www.wsj.com

All wet! 6 flood insurance myths debunked

22 August 2017 By admin Leave a Comment

People tend to associate floods with a total loss, but the average flood claim for U.S. homeowners is about $39,000, according to the flood insurance program.

Here are six other persistent myths about flood insurance — and the truths you need to know.

1. To get a policy, you must live in a flood plain

Not true. If you live in a flood plain, your mortgage company will likely require you to buy flood insurance. But you can purchase it even if you don’t live within a flood zone.

“Almost anybody can get flood insurance who wants flood insurance,” says Chris Hackett, director of personal lines for the Property Casualty Insurers Association of America.

The price through the federal flood insurance program is based on standardized rates and depends on the home’s value and whether or not it’s in a flood plain, says Don Griffin, vice president of personal lines for the Property Casualty Insurers Association of America.

2. Flood insurance is just for high-risk areas

Merle Scheiber’s dream home wasn’t in a flood plain, and he didn’t have flood insurance.

Just after completing a three-year renovation project for his 1,800-square-foot cabin-style home, flooding put it underwater for almost four months.

Scheiber, who happened to be South Dakota’s director of insurance at the time, says he had to tear the home apart and put it back together all over again.

He urges that all homeowners — even those who do not live in designated flood plains — weigh the dangers and their options and seriously consider buying flood insurance.

By DANA DRATCH

See full story at www.bankrate.com

Insurance Agency Singapore | Commercial Insurance and Personal Insurance