Thousands of under-insured homeowners in the path of Hurricane Katrina learned first-hand the financial devastation of flooding. Every home in the United States has a one in four chance of experiencing some type of flood damage every three decades according to the Federal Emergency Management Agency (FEMA). With the increase in global warming, more intense storms with their severe flooding will alter the financial future of those with no or minimal insurance for rising waters.
Flood zones are categorized by FEMA by their likelihood to experience flooding based on a once-in-a-century model that states a flood having a one-percent chance of being equaled or exceeded in any year. Areas rated an “A” are at the highest risk and all potential mortgage lenders offering a loan in an “A” flood zone will require the borrower to obtain flood insurance. Locals labeled “B”, “C”, “D”, “V” and “X” carry lower risks and the possibility that mandatory insurance might not be required.
However, lower risk doesn’t mean that you shouldn’t diminish the opportunity for severe flooding. Evolving weather patterns offer areas that historically have predictable precipitation and storm patterns experiencing record rainfalls and flash flooding that haven’t implemented wide ranging flood control infrastructure. Flood damage can also be caused by overwhelmed storm sewer systems backing up into your home.
Rates for policies vary from two to seven hundred dollars a year, based on your flood risk level. Plans restrict coverage amounts to $250,000 for structures and $100,000 in personal property. Florida leads the country with the largest number of flood insurance policy holders. The visual images of the homes in the path of Katrina should offer a stark reminder of why flood insurance in a benefit not a cost.
Mark Nash is the author of five real estate books, new for 2007; Real Estate A-Z for Buying & Selling a Home. William J. Sittig, Chief of the Science, Technology and Business Division of The Library of Congress has invited Mark to make a presentation on 1001 Tips for Buying and Selling a Home to the members, public and staff of the Library on March 21, 2007. Nash has been featured on Bloomberg Video-on-Demand, CBS The Early Show, CNN, and The Today Show. He is a syndicated columnist for RealtyTimes.com and reviews books for MyShelf.com and The Midwest Review of Books.To subscribe to his free monthly ezine; Agent to Agent visit: http://www.AgenttoAgentezine.com.
By Mark Nash
Wednesday, February 14, 2007
Credit Card Insurance: Is It Overpriced?
The answer to the question of whether credit insurance is overpriced depends whether you are looking at it as a whole or whether you are looking at it in terms of what other credit card issuers are charging. Even if your credit card issuer charges more than that of another issuer, you have to look at the benefits that are part of the package before drawing any conclusions. For example, Credit Card Issuer A may only charge 1.5% for disability insurance but requires that you be out of work the usual thirty days but will only pay for six months, whereas Credit Card Issuer B charges 4%, still requires a thirty-day wait but pays for one year. You need to consider these things before you determine that your credit card issuer charges too much for credit card insurance, and as such, make the decision not to purchase it.
Credit card insurance is an open market, and you have to remember that the credit card companies themselves are not financing the insurance, but are contracting with an insurance company to provide the benefits. Because of this, there is going to be a fluctuation between different credit card issuers because they will be using a different insurance company in most cases. Even if they use the same company, there may be different reasons why rates are different with credit card issuers, one of the most likely be the amount of participation. One of the rating factors that insurance companies use for premiums is the number of participants in a group, meaning the more participants, the lower the rate will be. This is why group rates for any kind of insurance are lower than that of an individual policyholder. The amount of claims is also a contributing factor, which may be another reason different credit card issuers have different rates for credit card insurance.
Before making a decision based on the rates your credit insurer charges, make sure you consider all of the possibilities and look at what the future may hold for you if for some reason you need the insurance and it is not there. Remember, once you become ill or injured, you cannot suddenly decide to take the insurance in order to cover that incident. The insurance must be in force prior to the incident in order for it to be covered.
Mark Justice has developed many websites over the years in many different business areas. He has a free Blog on Credit Card Insurance Tips. Visit his blog at: http://creditcardinsurance.blogspot.com/
By Mark Justice
Credit card insurance is an open market, and you have to remember that the credit card companies themselves are not financing the insurance, but are contracting with an insurance company to provide the benefits. Because of this, there is going to be a fluctuation between different credit card issuers because they will be using a different insurance company in most cases. Even if they use the same company, there may be different reasons why rates are different with credit card issuers, one of the most likely be the amount of participation. One of the rating factors that insurance companies use for premiums is the number of participants in a group, meaning the more participants, the lower the rate will be. This is why group rates for any kind of insurance are lower than that of an individual policyholder. The amount of claims is also a contributing factor, which may be another reason different credit card issuers have different rates for credit card insurance.
Before making a decision based on the rates your credit insurer charges, make sure you consider all of the possibilities and look at what the future may hold for you if for some reason you need the insurance and it is not there. Remember, once you become ill or injured, you cannot suddenly decide to take the insurance in order to cover that incident. The insurance must be in force prior to the incident in order for it to be covered.
Mark Justice has developed many websites over the years in many different business areas. He has a free Blog on Credit Card Insurance Tips. Visit his blog at: http://creditcardinsurance.blogspot.com/
By Mark Justice
Monday, December 11, 2006
Farmer Insurance - Crop Disaster Will Take Place, Protect Yourself
Farming is possibly the riskiest occupation possible. Farmer insurance acts as protection and stability in case of not only accident, but loss. For instance, crop insurance is a must to protect against the loss of your livelihood.
Accidents and weather are notorious for adversely effecting crops. If crops are destroyed or output is low, farmer insurance will aid in this financial burden. Thankfully the government took measures to protect farmers by helping to develop the availability of farmer insurance.
The Government's Role In Farmer's Insurance
In 1938, the Federal Crop Insurance Corporation was formed. The government helped form this program to help farmers after the Great Depression. The Great Depression was devastating to farmers and this government program helped farmers get back into the game. However, in 1980 with the Federal Crop Insurance Act the Federal Crop Insurance Corporation was completely altered.
The point of the additional insurance act in 1980 was to include even more crops and growing areas. In 1994 the government further expanded its farmer insurance acts with the Federal Crop Insurance Reform Act. This act helped address the ad hoc bills that had been passed, which helped farmers from crop failure due to drought and rain. The government tried to make farmer insurance mandatory, but in 1996 this stipulation was let go.
Private versus Government Farmers Insurance
The Risk Management Agency was created in 1996 to act as an authority to agree to contracts with private insurance companies. The RMA was established in 1996, but the government did not allow private companies to offer farmer insurance until 2000. The RMA researches and develops programs that are suitable as farmer insurance.
The RMA acts as a reviewer of farmers insurance policies developed by third parties. Not only do they review policies, but they help to make sure that farmers are able to get insurance each year. Policies are renewed each year automatically. Even when a farmer purchases insurance through a private company, the policy is still underwritten by the government.
How Farmers Insurance Differs by State
Different states grow different crops and therefore diverse insurance needs. Each state carries farmers insurance geared toward these needs. If crops are grown in northern states, frost damage is a concern.
The same goes for southeaster states. The very southern states are known to have hurricane occurrences. Every state carries farmer insurance that covers farmers in case of crop loss due to a downfall in market prices. If insurance was not available, business would be difficult to continue from one year to the next.
Summary:
Farmer Insurance is most necessary for anyone who owns a farm. Unforeseen forces cause many losses each year. Crop damage is considered a loss either weather damage or lowering market prices. Insurance is a means of protection that allows farmers to continue year after year despite crop ruin. The government has long had an active roll in developing insurance products for farmers in all states.
by Brooke Hayles
Accidents and weather are notorious for adversely effecting crops. If crops are destroyed or output is low, farmer insurance will aid in this financial burden. Thankfully the government took measures to protect farmers by helping to develop the availability of farmer insurance.
The Government's Role In Farmer's Insurance
In 1938, the Federal Crop Insurance Corporation was formed. The government helped form this program to help farmers after the Great Depression. The Great Depression was devastating to farmers and this government program helped farmers get back into the game. However, in 1980 with the Federal Crop Insurance Act the Federal Crop Insurance Corporation was completely altered.
The point of the additional insurance act in 1980 was to include even more crops and growing areas. In 1994 the government further expanded its farmer insurance acts with the Federal Crop Insurance Reform Act. This act helped address the ad hoc bills that had been passed, which helped farmers from crop failure due to drought and rain. The government tried to make farmer insurance mandatory, but in 1996 this stipulation was let go.
Private versus Government Farmers Insurance
The Risk Management Agency was created in 1996 to act as an authority to agree to contracts with private insurance companies. The RMA was established in 1996, but the government did not allow private companies to offer farmer insurance until 2000. The RMA researches and develops programs that are suitable as farmer insurance.
The RMA acts as a reviewer of farmers insurance policies developed by third parties. Not only do they review policies, but they help to make sure that farmers are able to get insurance each year. Policies are renewed each year automatically. Even when a farmer purchases insurance through a private company, the policy is still underwritten by the government.
How Farmers Insurance Differs by State
Different states grow different crops and therefore diverse insurance needs. Each state carries farmers insurance geared toward these needs. If crops are grown in northern states, frost damage is a concern.
The same goes for southeaster states. The very southern states are known to have hurricane occurrences. Every state carries farmer insurance that covers farmers in case of crop loss due to a downfall in market prices. If insurance was not available, business would be difficult to continue from one year to the next.
Summary:
Farmer Insurance is most necessary for anyone who owns a farm. Unforeseen forces cause many losses each year. Crop damage is considered a loss either weather damage or lowering market prices. Insurance is a means of protection that allows farmers to continue year after year despite crop ruin. The government has long had an active roll in developing insurance products for farmers in all states.
by Brooke Hayles
Friday, December 8, 2006
Cheap Travel Insurance for Backpacker: Be Safe On Backpacking
Planning to go on a low budget, independent, off-beaten-track-traveling--- which is the backpacking traveling? Then insure yourself with a cheap travel insurance policy for backpackers.
The name backpacking itself implies that, this travel is for all the youthful travelers who want to explore the whole planet at a limited budget. They are different from all the normal travelers because instead of traveling to a specific and conventional destination, they prefer going to unusual and unconventional places. They may go hiking and camping, seek out low cost options such as sharing lifts, youth hostels, buying food from the super markets abroad instead of going to restaurants.
This unconventional way of traveling can affect your health to a great extent. The food you take, the places you visit etc can make you fall ill. Apart from that traveling on a budget inevitably means that backpackers are at greater risk for accidents and injury when abroad. Again your scuba driving or trekking can also put you in great risks. You may even need medical attention in that foreign country. All this might need large amounts of money; but since you are on a limited budget, you might not be able to pay the required amount for these treatments.
Apart from the risks involved in backpacking travel, you might face other problem that happen with a normal travel plan; like lose of documents, lose of baggage, flight cancellation, flight delays, emergency evacuation etc. Thus, to ensure that you stay safe while on your backpacking spree, it is essential that you purchase a cheap travel insurance policy for backpacker before you leave. Cheap travel insurances for backpackers are specially designed to meet all your needs.
Locating a suitable but a cheap travel insurance policy for backpacker will require lot of research and study. This will involve; visiting various companies that will provide you with travel insurance for backpackers, comparing various policies and finally choosing the best from all these policies. With internet facilities, you can now easily locate one. You can compare different cheap travel insurance policies for backpackers just by sitting in your home and later, when fully satisfied; you can buy a travel insurance policy for backpackers.
by Henry Bell
The name backpacking itself implies that, this travel is for all the youthful travelers who want to explore the whole planet at a limited budget. They are different from all the normal travelers because instead of traveling to a specific and conventional destination, they prefer going to unusual and unconventional places. They may go hiking and camping, seek out low cost options such as sharing lifts, youth hostels, buying food from the super markets abroad instead of going to restaurants.
This unconventional way of traveling can affect your health to a great extent. The food you take, the places you visit etc can make you fall ill. Apart from that traveling on a budget inevitably means that backpackers are at greater risk for accidents and injury when abroad. Again your scuba driving or trekking can also put you in great risks. You may even need medical attention in that foreign country. All this might need large amounts of money; but since you are on a limited budget, you might not be able to pay the required amount for these treatments.
Apart from the risks involved in backpacking travel, you might face other problem that happen with a normal travel plan; like lose of documents, lose of baggage, flight cancellation, flight delays, emergency evacuation etc. Thus, to ensure that you stay safe while on your backpacking spree, it is essential that you purchase a cheap travel insurance policy for backpacker before you leave. Cheap travel insurances for backpackers are specially designed to meet all your needs.
Locating a suitable but a cheap travel insurance policy for backpacker will require lot of research and study. This will involve; visiting various companies that will provide you with travel insurance for backpackers, comparing various policies and finally choosing the best from all these policies. With internet facilities, you can now easily locate one. You can compare different cheap travel insurance policies for backpackers just by sitting in your home and later, when fully satisfied; you can buy a travel insurance policy for backpackers.
by Henry Bell
Wednesday, December 6, 2006
Multi Trip Travel Insurance: Be Safe While Traveling
If you or any of your family members travel more than once a year to different countries, then multi-trip travel insurance is the best travel insurance policy for you to buy.
Today, due to development in the system of transportation, more people are traveling oversees more than once a year for business purposes, visiting relatives who are spread all around the world or just for vacationing. If you fall in this category of frequent traveler there is apparently no need for you to buy a single trip travel insurance as it can really add up to a huge amount. Therefore it is a sensible decision to purchase a multi trip travel insurance policy at the beginning of the year to cover you for all your planned or unplanned trips to different places.
While you are traveling, you will always want to make sure that you pack one of the best multi-trip insurance policies available; one that can meet every emergency and give you true peace of mind. A normal multi-trip travel insurance policy will give you coverage for: Medical emergencies: If you fall ill or get injured in any foreign country, your multi-trip insurance policy will reimburse the costs that you will have to shell out from your savings account; be it hospital bills, prescription bills etc.
Theft, mugging, loss: Your personal belongings can get stolen or lost. Apart from that you may lose your documents. All these loss will be covered by your multi-trip insurance policy. Apart from these two basic covers, your multi-trip home insurance cover will provide you coverage for emergence evacuation, flight cancellation, flight delays etc.
To find the perfect multi-trip travel insurance cover, you need to undertake a systematic study of all the companies that provide you with multi-trip travel insurance. There is often a limit on the length of the trip you take which may be sixty or thirty days. Therefore, always check the fine print. You can easily locate multi-trip travel insurance in the internet. Many insurance companies have information on their websites; you just have to visit those pages and gather the required information from these websites. So do you think you need to delay any longer? Go get a multi-trip travel insurance policy today.
by Henry Bell
Today, due to development in the system of transportation, more people are traveling oversees more than once a year for business purposes, visiting relatives who are spread all around the world or just for vacationing. If you fall in this category of frequent traveler there is apparently no need for you to buy a single trip travel insurance as it can really add up to a huge amount. Therefore it is a sensible decision to purchase a multi trip travel insurance policy at the beginning of the year to cover you for all your planned or unplanned trips to different places.
While you are traveling, you will always want to make sure that you pack one of the best multi-trip insurance policies available; one that can meet every emergency and give you true peace of mind. A normal multi-trip travel insurance policy will give you coverage for: Medical emergencies: If you fall ill or get injured in any foreign country, your multi-trip insurance policy will reimburse the costs that you will have to shell out from your savings account; be it hospital bills, prescription bills etc.
Theft, mugging, loss: Your personal belongings can get stolen or lost. Apart from that you may lose your documents. All these loss will be covered by your multi-trip insurance policy. Apart from these two basic covers, your multi-trip home insurance cover will provide you coverage for emergence evacuation, flight cancellation, flight delays etc.
To find the perfect multi-trip travel insurance cover, you need to undertake a systematic study of all the companies that provide you with multi-trip travel insurance. There is often a limit on the length of the trip you take which may be sixty or thirty days. Therefore, always check the fine print. You can easily locate multi-trip travel insurance in the internet. Many insurance companies have information on their websites; you just have to visit those pages and gather the required information from these websites. So do you think you need to delay any longer? Go get a multi-trip travel insurance policy today.
by Henry Bell
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