The Property Insurance Blog

One of the best things you can do for your home is to outfit it with all kinds of security and safety devices like a security system, fireproofing and a sprinkler system, termite proofing, and so on.

Another big advantage which people usually don’t notice, is that homes with these kinds of devices and treatments usually get lower home insurance premiums because of the low-risk nature these homes have, meaning that their owners are less likely to file lots of claims or cash in on their insurance anytime soon. And while you may ask what’s the point then, of having home insurance in the first place, it’s simple a matter of having somewhere to fall back on when things don’t work out - which will happen sooner or later. The big difference is that you won’t be paying hefty premiums for it.

The instability of the US economy has markets crashing and recovering in a matter of days, while staying at danger levels. If it were not for moves by the Federal Government, the outcome may have been worse. But could they have made it any better? many say yes but industry analysts say the government can only do so much, and that leaves companies to deal with the fall-out. The bailout funds are planned and allocated before they are even submitted for deliberation and that would not come easy for the president and his staff have to convince lawmakers that the money would be spent on the economy and not to pad the wrongdoing of the people who run it.
Many instances of firms receiving bailout funds have been found to have resulted in wrongful allocations along with fraud and many other cases of the money going to other than the desired recipients. Markets continue to slide and expectations are high, but reality has a way of playing out predictions, with recovery predicted to come after many more years. This may well have been one of the worst economic problems this modern day and age.

All over the globe, properties were being developed at so fast a speed cities sprung up in a year or so. Shanghai, Dubai, and elsewhere everybody wanted to build big and fast with no expenses spared. Then oil prices dipped and the economic recession in the US and UK complicates matters worse. Once hailed as wonders of construction become ghost towns as developers reel from the flames of economic slowdown.
Shutting down their doors indefinitely waiting for conditions to get better to resume work. Whole cities in China lose their main source of income overnight as casinos shut down and construction of new ones are halted sending hundreds of thousands out on the streets without anything to go back to back home often risking all just to migrate to another town or city for promise of a decent job.

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Property insurance protects a wide range of matters. It includes a business’s physical structure, the building and everything in it like money and securities, records of accounts receivables, inventory, machinery, furniture, supplies as well as intangible assets like trademarks when theft, loss or destruction happens. Other insurance companies sell property insurance by named peril like fire or theft. There are also policies that cover several perils like fire and theft but nowadays, business owners can also buy extra coverage if they think they need it like snow, ice or sleet damage. Some even buy an earthquake insurance plan when they think their place of business could be hit by an earthquake.

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Farm insurance, also known as agricultural insurance saves those engaging in agricultural business, like farmers, from losses caused by fire, flood or hurricanes. They also protect you from injuries you got while doing farm work like, burns, falls and pesticide poisoning or during natural disasters. This kind of insurance is created to safeguard the homestead and its needs. It is very important to small farmers because, their farm is also their home. If their farms are destroyed, they will be left both homeless and penniless. Farm bureau insurance may help a little but there is nothing like a comprehensive agricultural insurance. The ideal farm insurance should cover all the needs of the farm in the event of a catastrophy. But, the usual farm insurance only covers two or three out of a number that should be covered by the insurance. Examples would be crop insurance, homestead insurance and vehicle insurance.

Almost everybody is feeling the economic crunch these days. We can no longer afford to be frivolous, and any savings, however small, should be undertaken. One way to save money is to lower your insurance premiums. You can do this by “bundling” your policies through a single company. Bundling is purchasing your homeowner’s policy and car insurance coverage from the same insurance company. Many insurance companies will offer discounts to policyholders to opt to bundle. In fact, recent studies have shown that more than 70 % of property owners have bundled their insurance. Aside from the savings, the convenience of paying just one monthly bill for your insurance is another advantage as well. Policyholders who bundle are also more likely to be happy with their provider and often establish a long-term relationship with the insurance company. To find out more about the savings you can get, you’ll need to shop around with different insurance companies, to find out which of them can offer the best “package” for your needs.

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Insurance fraud is any act committed with the intent to fraudulently obtain payment from an insurer.

Insurance fraud can be classified as either hard fraud or soft fraud.

Hard fraud occurs when someone deliberately plans or invents a loss, such as a collision, auto theft, or fire that is covered by their insurance policy in order to receive payment for damages. Criminal rings are sometimes involved in hard fraud schemes that can steal millions of dollars.

Soft fraud, which is far more common than hard fraud, is sometimes also referred to as opportunistic fraud. This type of fraud consists of policyholders exaggerating otherwise legitimate claims. For example, when involved in a collision an insured person might claim more damage than was really done to his or her car. Soft fraud can also occur when, while obtaining a new insurance policy, an individual misreports previous or existing conditions in order to obtain a lower premium on their insurance policy.

Most, if not all, home and business insurances do not include flood losses in their policy coverage. The good news is, if your place is a member or participant in the National Flood Insurance Program (NFIP), your home or business insurance can be covered. Floods can happen anytime, anywhere, not just in places like near coasts, or along rivers. Even in the deserts, small or large sizes of tows and cities can be greatly affected by floods and flash floods. When there is flood in your area, you can not just be content on Federal Disaster Assistance only. Since a lot of people do not qualify for grants, you should consider a flood insurance which could come in handy when needed.

The 2008-2009 International Insurance Fact Book is now available from the Insurance Information Institute’s online store. The fact book contains statistics on the property insurance industries, as well as life insurance in 89 countries and provides the population, number of premiums, GDP and regulatory bodies of each country, as well as world rankings in terms of revenue and reinsurance. For more details of the insurance industry in the United States, the III store has the 2008 Insurance Fact Book, which details information across the states in handy almanac form, with updates on auto and home insurance claims and an added glossary.

The four higher financial security ratings merit the Security Circle icons, showing S&P’s confidence in the future performance of these companies.

An insurer with a BBB rating indicates Good financial security.

An A rating means the insurer has Strong financial security characteristics.

A rating of AA means that the insurer has Very Strong financial security characteristics.

The AAA rating, the highest issued by Standard & Poor’s, reflects the Extremely Strong financial security characteristics of the insurer.

A high rating does not always mean the the insurer will deliver the best service. It is still best to use the combinations of ratings and the experience of other users to decide which policies and companies to purchase.