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Homeowners may learn limits of their insurance

Homeowners may learn limits of their insurance

Homeowners may learn limits of their insurance
News from Washington Post:

With rain flooding the Washington area, many homeowners may end up looking for insurance to cover water damage to their homes or belongings.

But standard homeowners insurance doesn’t cover flooding, warns the federal government Web site floodsmart.gov. That can be a costly omission.

“Just a few inches of water from a flood can cause tens of thousands of dollars in damage,” the government site says. “From 2007 to 2011, the average residential flood claim amounted to almost $ 30,000.” And nearly a quarter of flood losses take place in areas considered to have low to moderate risk of flooding, according to Allstate insurance.

Costs can run big for insurance companies because many people do think ahead and cover themselves. Last week, the shares of major insurance companies dropped as the hurricane looked set to batter the east coast. Allstate, the second-largest U.S. home and auto insurer, fell 0.9 percent last Friday, closing at $ 40.15 a share. Its shares fell further Monday on European markets. Last Friday, Travelers shares fell 0.8 percent and Chubb, which insures many expensive homes, sank 1.8 percent.

For homeowners, the time to have taken action to get flood coverage was a month ago……………. continues on Washington Post

… Read the full article


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