Impact Investments at RWJF的动态

Many homeowneers and businesses have been terribly impacted by Hurricane Helene. For those dealing with these losses here is as list of recommended First Steps prepared by policyholder advocate group United Policyholders : - Take photos BEFORE clean-up, disposal or repairs.?Photo document all damage.?? - Keep a daily journal?with notes?on conversations with insurance, repair, government, and other professionals, names, phone numbers, email addresses. - Focus on drying/cleaning out, avoiding further damage?and getting the damage inspected, measured, and estimated by qualified and reputable experts. - Get a complete copy of your current home insurance policy?and any other separate policies you may have in place such as auto, flood, wind, water line insurance, etc.?Check your deductibles. - If the damage is above your deductible, notify your agent and they’ll get your claim started.?If you bought your insurance direct through an insurance company, notify them and they will open a claim and assign you a claim number. If you had only minor damage, it’s best to pay for repairs out of pocket. - Most home policies cover damage from wind-driven rain and trees but exclude coverage for flood damage. - Flood insurance policies have different deadlines and rules than home insurance policies. - If you have a flood insurance policy, it’s probably a standardized “NFIP” (Nat’l Flood Ins. Program) policy.?It also may be a “private” flood insurance policy (not NFIP). - You may have damage that’s covered by both your home and flood policies.? - If an adjuster says damage isn’t covered, get an independent professional opinion?before giving up on getting some or all of your claim paid. - Give your home and/or flood insurer a chance to do the right thing, but advocate for yourself and be prepared to get?professional help?if you’re not being treated fairly. - Register with?FEMA?even if you don’t plan to apply for aid or an SBA loan. Speak “UP”?(politely push for fair treatment)?If you hit a wall,?file a complaint with?your state insurance oversight agency?and get?qualified, reputable professional help. Please fee free to reach out to me with any questions.

As communities begin to recover from recent storms, many homeowners may be taken aback to discover that flood damage is treated as a distinct issue. Insurance professionals have consistently emphasized that standard home insurance policies often do not cover flood-related damages, despite the reality that flooding can occur in virtually any area that experiences rainfall. It's important to recognize that flooding encompasses more than just seawater inundating the land; it also includes water overflowing from rivers, mudflows, and the effects of heavy downpours. Understanding these nuances is crucial for homeowners seeking to protect their properties effectively. https://lnkd.in/gxPkC32H

In a surprising revelation, a mere 22% of homeowners consider themselves vulnerable to the potential devastation of flooding, as uncovered by a recent study conducted by Munich Re and the Insurance Information Institute. The survey also highlights that even among those who acknowledge their risk, only 78% actually purchase flood insurance. Tim Brockett, EVP and head of specialty for Munich Re US, emphasizes the pervasive nature of floods, stating that "Ninety percent of all natural disasters include some type of flooding." However, inaccurate flood maps and wishful thinking have contributed to homeowners underestimating their vulnerability to this hazard. Cost and administrative burden are often cited as reasons why homeowners refrain from purchasing flood insurance. According to the NFIP, one inch of flood damage can cause $25,000 worth of damage - a cost that could outweigh the inconvenience and premium associated with flood insurance, especially for homeowners who are not in a designated flood zone. Here in Florida, it's also important to remember that storm surge generally poses the greatest threat to life and property, and flood damage is not covered by standard home insurance policies. The time to discuss this important coverage with your insurance agent is now, before a storm threat is looming off the coast of Florida. https://lnkd.in/eRJgM8Rn

In a surprising revelation, a mere 22% of homeowners consider themselves vulnerable to the potential devastation of flooding, as uncovered by a recent study conducted by Munich Re and the Insurance Information Institute. The survey also highlights that even among those who acknowledge their risk, only 78% actually purchase flood insurance. Tim Brockett, EVP and head of specialty for Munich Re US, emphasizes the pervasive nature of floods, stating that "Ninety percent of all natural disasters include some type of flooding." However, inaccurate flood maps and wishful thinking have contributed to homeowners underestimating their vulnerability to this hazard. Cost and administrative burden are often cited as reasons why homeowners refrain from purchasing flood insurance. According to the NFIP, one inch of flood damage can cause $25,000 worth of damage - a cost that could outweigh the inconvenience and premium associated with flood insurance, especially for homeowners who are not in a designated flood zone. Here in Florida, it's also important to remember that storm surge generally poses the greatest threat to life and property, and flood damage is not covered by standard home insurance policies. The time to discuss this important coverage with your insurance agent is now, before a storm threat is looming off the coast of Florida. https://lnkd.in/eRJgM8Rn

Homeowners are rushing to file insurance claims after Hurricane Helene left?a trail of destruction?across six states. Many of them will likely be left empty-handed. Property insurers in recent years have hollowed out coverage and?sharply increased rates?to make up for steep underwriting losses driven by natural disasters. Owners of homes and businesses slammed by Helene could be in for a nasty shock when they check the small print of their policies. “Insurers have become significantly tougher on hurricane claims,” said Rick Tutwiler, a claims adjuster for property owners based in Tampa, Fla. “We’ve moved to an era dominated by exclusions, diminishing coverages, and even harsher policy terms.” Helene is one of the?deadliest and most destructive?hurricanes to hit the U.S. in recent years, with property damage pegged at $15 billion to $26 billion by ratings firm Moody’s. The insured loss, however, will likely be at the lower end of initial forecasts, which ranged from around $5 billion to $15 billion, according to?John Neal, chief executive of the Lloyd’s of London insurance marketplace. Much of the shortfall is because typical home insurance policies don’t cover flooding, and most people?don’t have separate flood insurance. Another reason is an increase in coverage restrictions. Policies in hurricane-prone areas are now more likely to have higher deductibles for wind damage, reduced payouts for older roofs, limits on interior water damage and exclusions for damage from wind-driven rain, according to insurance agents. Helene’s reach could mean yet more price increases are on the way for property owners in hard-hit inland areas?such as Asheville, N.C., that previously weren’t seen as particularly vulnerable to extreme weather. “The hurricane and storm surge path proved that no one is safe,” said Alexandra Glickman, global head of real estate and hospitality at insurance broker?Arthur J. Gallagher. “It’s going to be much more difficult for owners of small businesses and multifamily properties as they rebuild to find insurance that isn’t three or four times what they were paying before.” Helene is the latest storm to expose the gap between flood risks and flood coverage. Fewer than one in 100 households in the worst-flooded inland counties have flood coverage, said?Mark Friedlander, spokesman for the Insurance Information Institute, an industry group. Even in Florida, where more flood insurance is sold than in any other state, more than 95% of homes in Helene’s path across the Big Bend, in the northern part of the state, lack such policies. Homeowners and businesses affected by Helene might struggle to recoup their losses, even if they think their water damage isn’t directly from flooding.?

my latest for WIRED is on our absolutely broken insurance system, and how some homeowners whose houses were destroyed in Hurricane Helene probably won't see a penny in payout, even if they had what they thought was a robust policy. less than 4% of the country has federal flood insurance, which you need to purchase separately from your main private home insurance policy —?and which isn't mandated, or even recommended, for folks buying home in the mountains, despite the catastrophic flooding in western North Carolina that we saw from Helene. even more surprising for me was how home insurance policies don't cover "earth movements" —?aka landslides or mudslides. anyway, our existing system is extremely bad!!! https://lnkd.in/e8fAnFXV

Our inability to create an effective NFIP is without question the greatest failure revealed by these latest hurricanes. NFIP failures aren't news, of course...but do we really consider WHY it's failing? These storms have been particularly revealing. And really, it's not that complicated. - Only homes inside the 'regulatory floodplain'… - which ALSO have a mortgage…and - which ALSO haven’t been "free-boarded" above the base flood elevation… ...are REQUIRED to have flood insurance. But all homes can flood. That the ‘floodplain’ is a real thing is a misconception. Everywhere it rains, it can flood. Just a matter of time. (Sometimes where it doesn’t rain, it also floods.) We’ve flubbed the terminology here, nearly beyond repair... ...and the public IS NOT to blame for how this alters their perception. Add to this that NFIP's “Risk Rating 2.0” created a whole new disincentive to countering adverse selection (when only the riskiest people purchase insurance). See the sample autogenerated quote for a Zone X home (outside the "floodplain", and thus not required to have a policy). 3 years ago...this would've cost $700. Insurance ONLY works when low risk policies spread risk. But the NFIP can't help but disincentivize. Moving forward, NFIP has to: 1) Incentivize low risk policies, as before, AND 2) Mandate participation of ALL homeowners Because ALL homes carry some catastrophic risk! We stay deliberately blind to the fact that the MAJORITY of flood damages occur outside the "floodplain". By count, it's 25%, but this is skewed b/c nearly 100% of floodplain homes have NFIP policies while less than 4% outside of it do. And if these few insured homes constitute 25% of ALL NFIP CLAIMS…think how many non-covered homes are being impacted... It's a HUGE number. But if you've read last week's news, you know that. In our country's ongoing pursuit for resilience, this is THE watershed moment. Can we recognize it for that? This is the next 'Healthcare Problem'. And we solved that one - with bipartisan support to boot. Secure housing is just as critical of a community ‘value’ as health...perhaps even a right. So why haven’t we passed an ACA-like program to address catastrophic risk? Nationwide participation will drive EVERYONE’S premiums down, and shifts much of the housing burden away from the DRF, and from Congressional emergency supplementals. Insurance isn't perfect - but do we really think disaster aid is the most efficient path to recovery? Congress needs to pass a mandatory cat-risk insurance program similar to the ACA which allows the most economically vulnerable to participate. Nobody who loses their home in a disaster, rich or poor, should be faced with no clear path to recovery. We can't forget that a community is only as resilient as its most vulnerable residents. #VBEM #NFIP #RESILIENCE

Is it “Flood” or “Homeowners” insurance insurance? Depends!! Only 18% of Florida residents carry Flood insurance. Some tips when filing your hurricane damage claims: In the aftermath of a hurricane, understanding your insurance coverage is crucial. Here's what you need to know: 1. **Insurance Companies Must Respond Promptly**: Florida state law requires insurers to acknowledge your claim within 14 days of filing. 2. **Types of Insurance at Play**: After a hurricane, two main policies come into effect: - **Homeowners Insurance**: This typically covers damage from wind, such as rain entering through a damaged roof, windows, or doors. This should be referred to as water intrusion with water damage. If you use the word flood-the company most likely deny you immediately. So be cautious of your wording while filing your claims. However, it will not cover water damage from flooding or storm surges. - **Flood Insurance**: Standard homeowners insurance excludes flood-related damage. Be cautious when describing water damage to avoid claim denials due to incorrect wording. Flood insurance will cover flood damage but usually has its own limitations. 3. **Filing a Claim**: Before filing, assess your situation. If your deductible is $6,000 and your damage is only $7,000, consider whether filing a claim for $1,000 is worth the potential rise in premiums next year. Sometimes it’s better to absorb smaller losses out of pocket. 4. **Documentation is Key**: Take as many photos and videos as needed to document the damage clearly. Your agent is your best resource during this time. Don’t hesitate to reach out for guidance on how best to proceed with your claims. Stay safe Florida and Carolina friends and good luck with your claim experience

Protecting your property from floods goes beyond #flood and #homeowner insurance. A little preparation goes a long way. Here are a few steps you can get started with today https://ow.ly/e4sV50RG1yu

ATTENTION FLOOD VICTIMS WITH FEMA FLOOD INSURANCE Many homeowners and businesses sustained flood damages in connection with Hurricane Francine. FLOOD DAMAGE IS NOT COVERED BY YOUR HOMEOWNER’S POLICY. Flood damage is not considered a form of wind damage. Standard homeowners insurance doesn’t cover flooding associated with hurricanes, storms and heavy rains. Most flood policies are issued by FEMA, with an insurance company simply serving as a third-party administrator. However, the coverages and filing deadlines for FEMA flood policies are totally different and not related to the state laws applying to homeowners insurance policies. In prior floods, we received numerous reports that flood adjustors provided incorrect information that could prevent a flood victim with FEMA flood insurance from collecting a full payment or supplemental payment.?Initial payments paid by the flood insurer for structure and contents are often low.?However, the flood adjustors have incorrectly told unsatisfied homeowners if repayments are deficient, supplemental payments will be made after the completion of the work.?However, the flood insurers do not inform the policyholder that the policyholder must file a timely FEMA-designated Proof of Loss Claim to preserve the maximum extent of damages. In our weekly radio show, we will provide more information and answer questions about flood claims. Tune in on Sundays from 8:00 a.m. to 10:00 a.m. on WWL 870AM/ 105.3FM, WWL.com, or the WWL 870 mobile app. Programming note: Our radio show will return on Sunday, October 6, since our show is preempted by the New Orleans Saints pre-game coverages the next 3 Sundays. Also, you can call Attorney Doug Sunseri at?504-837-1304 or his cell at 504-957-5734 if you have any questions.