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BY ANGELA GREILING KEANE, BLOOMBERG
May 6, 2014
(Bloomberg) -- More than half the U.S. population lives in coastal areas that are “increasingly vulnerable” to the effects of climate change, which will ripple throughout the U.S. economy, a White House advisory group’s report concluded.
The report released today enumerates the impact across the U.S., including a 71% increase in heavy rain and snow in the Northeast during the past half-century and an increased risk from hurricanes linked to higher sea levels.
Flooding is nature's most common natural disaster. The average homeowner is five times more likely to incur flood damage than fire damage. If you live in a high-risk zone, you have a one-in-four chance of experiencing flood damage. Almost 25% of all flood claims come from low- to moderate-risk areas and 90% of all presidential-declared disasters involved flooding. Homeowner's policies may not cover the flood damage, and the out-of-pocket costs can be burdensome.
Flood insurance is designed to provide an alternative to disaster assistance to reduce the escalating costs of repairing damage to buildings and their contents caused by floods. While your homeowner's policy may cover fire, tornado, or even earthquake damage, most EXCLUDE damage caused by flooding. Those that cover SOME flood damage do so by specific endorsement and only for a certain dollar amount. Check with your insurance agent to see what coverage is available.
To learn more about flooding, flood risks, residential coverage, commercial coverage, preparation, recovery, etc., visit our Flood Insurance page.
BY LAURA MAZZUCA TOOPS, PROPERTYCASUALTY360.COM
December 12, 2013
1. What types of risks are most common with vacant properties?
The most common risks with vacant properties are vandalism, theft and water damage. Top vandalism losses include: stolen air conditioner units, stolen cooper pipes and stolen wiring. Vandals and squatters can also break into vacant properties and cause several types of damage, such as water damage if the water has not been shut off or they may start a fire trying to keep warm in the winter.
Published: Monday, 2 Dec 2013 | 10:09 AM ET
By: Andrew Osterland, Special to CNBC.com
All three financial advisors interviewed say the wild card—and potential budget killer—is health care. According to Ward, a couple over age 65 can expect to spend $600 per month each between contributions to Medicare, any Medicare supplemental plan and out-of-pocket medical costs.
"It's the biggest expense for retirees," he said.
If a health crisis necessitates long-term care, the expenses can be crippling. Long-term care insurance costs approximately $200 per month per person; people should determine whether they want coverage now or will pay for potential costs out of their own pockets should the time come. Wealthy, poor and single people may choose the latter option, but insurance is probably a good idea for the bulk of middle-class married couples.
"We generally recommend long-term care insurance for most people," Edelman said. "It's usually health care that causes a crisis for people in retirement."
—By Andrew Osterland, Special to CNBC.com
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HOW TO PREPARE BEFORE A FLOOD
Before a Flood
What would you do if your property were flooded? Are you prepared?
Even if you feel you live in a community with a low risk of flooding, remember that anywhere it rains, it can flood. Just because you haven't experienced a flood in the past, doesn't mean you won't in the future. Flood risk isn't just based on history; it's also based on a number of factors including rainfall , topography, flood-control measures, river-flow and tidal-surge data, and changes due to new construction and development.
Flood-hazard maps have been created to show the flood risk for your community, which helps determine the type offlood insurance coverage you will need since standard homeowners insurance doesn't cover flooding. The lower the degree of risk, the lower the flood insurance premium.
In addition to having flood insurance, knowing following flood hazard terms will help you recognize and prepare for a flood.
To prepare for a flood, you should:
FRIDAY, JULY 13, 6:30-9:30pm at The Falmouth Art Center, 137 Gifford Street, Falmouth
Cocktails, sumptuous hors d'oeuvres by Chef Roland, music, and a fantastic Silent Auction at the Falmouth Art Center in the gallery and under a magical tent on the back lawn. Reservations are $75 per person. Call 508-540-3304, or Register Online to make reservations. Please note that tickets are not mailed; your name will be held at the door.