"I thought it was covered under my homeowners' insurance policy." This is a repeating refrain from people whose property gets damaged by water or mold after a flood. Unfortunately, that common misconception means many aren't covered when a storm hits and the waters rise. A separate flood insurance policy is what's needed to protect homeowners from the kinds of losses they experience after a flood.
One of the types of real estate individuals sometimes have are vacation homes. Vacation homes can raise some unique insurance issues as compared to primary residences.
Money can make people act very differently than normal. For example, individuals who are normally honest may be tempted to delve into dishonesty when money is involved.
One of the types of claims property insurance companies sometimes receive from policyholders are claims related to wind or tornado damage. How common are such property insurance claims in Louisiana? Some recent data from a major insurance company provides some insight into this.
Over the recent holidays, many individuals here in Louisiana and the rest of the U.S. received gifts from friends and family. Now, one might not think of holiday gifts as something that could trigger insurance issues. However, such gifts can.
The holiday season is upon us, with Thanksgiving just days away. Many homeowners are unaware of the risks they face during the holidays, and the increase in the number of property claims that are filed during this time of year.
There are many things people associate with Halloween: trick-or-treating, costumes, ghosts, jack-o'-lanterns, candy, etc. One thing one might not immediately think of when one thinks of Halloween is property insurance claims. However, the Halloween holiday season is a time of the year that can give rise to many such claims.
Louisiana has already seen the first severe storms move thought the state, and last weekend dangerous storms threatened the state and struck neighboring areas in Texas and Arkansas. In recent years, the predictability of storms seems to have been reduced, while the volatility has increased.
Most policyholders do not understand their insurance policies. Until they need them. Then, they begin to climb the learning curve. This can result in numerous policy coverage disputes, disgruntled policyholders, claims of bad faith and eventually, insurance litigation.
For insurance companies, when dealing with claims processing, one area that can be problematic is the valuing of some items of personal property that policy holders may claim as part of the damage inventory when the suffer a loss.