Monday, October 28, 2013

Top Best Auto Insurance Firms – Ranking, Claims Dependability, Reviews

Below is MarketConsensus’ 2013 list of the top rated Auto Insurance firms. We started out with a more comprehensive list of over 28 car / auto insurance companies. After applying various criteria (customer rankings, pricing, dependability and ease of claims) we were able to narrow the list down to the below top best insurance companies.
 
Dependability when it comes to paying out claims was a big criteria in our selection of the top insurance firms. Consumers make monthly payments (premiums) with the expectation of getting their claims paid in the event of an accident. However, a simple Google search reveals many consumer complaints about insurance companies that were not dependable when it came time to pay a claim.
 
 
A top rated insurance company should not only be dependable in handling claims, but should provide a quick and painless claim process, support you in scheduling an appraisal, and work with you to have your vehicle repaired and restored in a timely manner.
 
List of the Top Rated Best Insurance Firms
     
  1. Nationwide
  2. Geico
  3. Liberty Mutual
  4. Progressive
Other top insurance firms include: Esurance, State Farm, Allstate, and USAA.
 
Click HERE to read the Overview of the Best Ranked Insurance Firms

Monday, October 21, 2013

Rising Flood Insurance Rates Take Effect Amid Government Shutdown

Land-owners in low-lying flood zones were dealt a huge blow on. Oct. 1, as current law is letting National Flood Insurance rates rise as high as 25-percent a year over the next five years, unless the government moves on the law it passed last year. Despite the lapse of the new rates, a bipartisan group of U.S. Senators and Reps, including members of Louisiana's delegation, has pledged to continue to fight for lower flood insurance rates.
Flood insurance for Louisiana homeowners (and many other areas in the Gulf states) is simply a fact of life. But as the increase of incident continues to rise, the costs associated with repairing and reimbursing for flood damage has gone up. So says the numbers compiled by the Government, and indirectly led to the Biggert-Waters Flood Insurance Reform Act, passed last year.
"After 45 years, flood risks continue and the costs and consequences of flooding are increasing dramatically," says the FEMA fact sheet on the 2012 legislation. "[So] In 2012, Congress passed [Biggert-Waters Act] which calls on FEMA to make a number of changes to the way the NFIP is managed...Key provisions of the legislation will require the NFIP to raise rates to reflect true flood risk, make the program more financially stable, and change how FIRM updates impact policyholders."
 
These updates have come up often over the last year, as Louisiana and other federal legislators have fought to reign in those rates, mostly with success. But now the fight over flood insurance rates stalled right along with the budget bill that wrought the current government shutdown, meaning that many homeowners could see their rates continue to rise by as much as 25-percent per year, until the newly calculated risk is met.
Louisiana finds both Sen. Mary Landrieu and Sen. David Vitter looking to recalculate the risk, and more importantly, the out of pocket expense for homeowners of the region.
"Our message is very clear today: The government may be in the process of shutting down, but my colleagues and I have our eyes on finding a solution for the five-million Americans—and almost 500,000 Louisianians—who have flood insurance policies that are facing significant rate increases today," said Sen. Landrieu at a press conference held this week. "Our flood insurance program is not functioning the way it should and is putting a great number of people at risk."
Landrieu pointed out that this problem was manufactured by Congress—and partly by the FEMA elevated flood zones–and that is needs to be fixed by Congress.
"My colleagues and I are working very hard and across party lines to find a solution. Whatever solution we find and agree to, we want to make it retroactive to help homeowners who are facing rate increases today. They should not be punished because Congress has not fixed this problem."

Monday, October 14, 2013

Did You Know...

FRACKING DAMAGE IS NOT COVERED
 

 
This article was released in 2012:
 
Nationwide Mutual Insurance Co. has become the first major insurance company to say it won't cover damage related to a gas drilling process that blasts chemical-laden water deep into the ground.
 
The Columbus, Ohio-based company's personal and commercial policies "were not designed to cover" risk from the drilling process, called hydraulic fracturing, or fracking, Nationwide spokeswoman Nancy Smeltzer said Thursday.
 
The process injects chemically treated water into wells to fracture shale thousands of feet underground and release trapped gas or oil. There are rich shale deposits in parts of Pennsylvania, New York, Ohio, West Virginia and elsewhere.
 
Health and environmental groups claim fracking can contaminate drinking water. The gas industry says it's safe if done properly. Nationwide said risks involved in fracking operations "are too great to ignore" and apply to policies of commercial contractors and landowners who lease property to gas companies.
 
The Nationwide policy first came to light when an internal memo detailing underwriting guidelines was posted on websites of upstate New York anti-fracking groups and landowner coalitions seeking gas leases. Smeltzer confirmed that the memo was genuine but said it wasn't intended for public dissemination.
 
The memo reads: "After months of research and discussion, we have determined that the exposures presented by hydraulic fracturing are too great to ignore. Risks involved with hydraulic fracturing are now prohibited for General Liability, Commercial Auto, Motor Truck Cargo, Auto Physical Damage and Public Auto (insurance) coverage."
 
It said "prohibited risks" apply to landowners who lease land for shale gas drilling and contractors involved in fracking operations, including those who haul water to and from drill sites; pipe and lumber haulers; and operators of bulldozers, dump trucks and other vehicles used in drill site preparation.
A spokesman for a research and outreach program of the Independent Petroleum Association of America, whose members drill most of the nation's oil and gas wells, said nothing in what Nationwide said represented a change in policy for the company. Simon Lomax, the research director for Energy In Depth, said insurers don't sell products specific to individual steps of the oil and gas development process.
 
"But practical implications aside, the fact that the company would send out a statement this reckless, and this uninformed, should tell us a lot," Lomax said in an emailed statement. "For starters, it tells me that I won't be buying home and car insurance from this company."
 
Opponents of fracking point to some highly publicized accidents that resulted in contamination.
 
In late 2010, Houston-based driller Cabot Oil & Gas Corp. settled for $4.1 million with residents of Dimock, Pa., over gas found in their water. State environmental regulators determined Cabot contaminated the aquifer underneath homes with explosive levels of methane. A Cabot spokesman said levels of contaminants found didn't pose a threat to human health or the environment.
 
Jeffrey Hanneman, the Texas-based director of environmental practice at the insurance broker Aon Risk Solutions, said the Nationwide move was "really unique" and he doesn't expect it will be the beginning of a trend.
 
"To date, all we've seen are some that were hesitant to write environmental coverage," Hanneman said. "But the Nationwide is sort of a broader ban on all the ancillary services related to it (fracking)."
 
Hanneman noted that there haven't been any substantial claims that targeted companies other than those that own and operate the wells or the contractors who do the drilling. And even those claims have been few and far between.
 
He said one factor that may be driving Nationwide's decision is that increasing publicity — much of it negative — surrounding fracking makes it possible that any damage claims would go beyond the big oil and gas companies to include the hundreds of supporting businesses such as haulers.
 
Mike Elmendorf, president of the general contractors' group Associated General Contractors of New York State, said the Nationwide decision was unwelcome news for his members who do work for the gas industry and was not based on facts.
 
With a record of shale gas development having been done safely, "it is hard to fathom the rationale for this decision," Elmendorf said. "It would seem Nationwide is not on job creation's side."

Monday, October 7, 2013

UNDERSTANDING YOUR INSURANCE POLICY

Let's face it, reading your insurance policy is not like curling up with a good book. It's a fairly complex document that tries to explain all the things you're covered for, and all the things that are excluded when a loss occurs.
 

Luckily, many companies now provide insurance policy information that is easier to understand, but you still need to review the document carefully. Here are some general guidelines that can help explain how to read an insurance policy.
 
The common parts of an insurance policy include:
  • Policy declarations – The declarations page is basically the first page of the policy package. The page states who is insured and the time period the policy provides coverage. It also gives the primary general information, such as a description of what’s insured, the coverages and primary coverage limits.
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  • Definitions – This section gives you the definitions of words and phrases you’ll see in the policy. For example: “Motor vehicle” and “Deductible” are two terms often found in an auto policy. Words with definitions may appear in bold print throughout the policy. That helps you know what to look up if you don’t know them already.
  • Policy coverages – This section describes the specific insurance provided by listing what property is covered and for what perils. For example, a boat owner's policy may cover direct physical loss or damage to the boat and motor, portable equipment and other specified property. It can also provide liability coverage.
  • Policy exclusions describe what coverage limits exist or how coverage may be eliminated depending on how a loss occurs. Insurers may allow policyholders to buy back coverage for some exclusions for additional premium. For example, earthquake coverage may be excluded for people who live in an area where earthquakes are unlikely to happen. However, if a customer would feel more comfortable with the coverage, they could buy it back.
  • Limits and special limits – This section explains how much the insurer pays for particular losses or types of property. So, while something is covered, it may be covered for a specific dollar amount or for a limited percentage of the entire loss.
  • Conditions – This section tells you what the insurer’s responsibilities are, and what your responsibilities are as the customer. This includes how to cancel a policy, subrogation and payments plans.
  • Duties after a loss – This area gives guidance on what to do when a loss occurs. It includes notifying your insurer as soon as practical, notifying the police, if appropriate, and protecting your property from further damage.
  • Endorsements – This area defines optional coverages available for additional premium. Endorsements change your policy to help better fit the policy to meet your needs. Amendatory endorsements may also be added by the insurance company to clarify policy terms and language.
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Insurance terms, definitions and explanations are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in individual insurance contracts, policies or declaration pages, which control coverage determinations. Such terms may vary by state, and exclusions may apply.