Property Insurance Won’t Cover Mudslides, Landslides
Posted: March 11, 2025
Businesses and homes located in areas that have been hit by wildfires have another risk they face after the fires subside: flooding, landslides, debris and mudflows. And these events are not covered by a standard business property or homeowner's insurance policy. Areas affected by wildfires have a significantly increased risk of landslides, mudslides and mudflows due to the destruction of vegetation, which leaves the soil...
Expect to See Surcharges on Your Policy for the L.A. Fires
Posted: March 4, 2025
Even if you have a business or a home that was not affected by the recent wildfires in Los Angeles, you will likely see a surcharge to help pay for them on your next property insurance policy renewal. The state-run California FAIR Plan, which is the market of last resort when policyholders are unable to find coverage from private carriers, expects its total loss from...
More Contractors Increase Deductibles to Reduce Insurance Premiums
Posted: February 25, 2025
As construction projects become larger and more complicated, contractors are taking on more of the risk by increasing their builder's risk insurance deductibles, according to a recent report. Michael Cusack, executive vice president of insurance broker Alliant Specialty, told Insurance Business magazine that contractors are willing to take on more of the risk as those that have strong internal risk management regimens will be rewarded with...
Don't Neglect Your Car's Tires; They Are Lifesavers
Posted: February 18, 2025
If you own a car you know it's never fun to fork out money to fix things like replacing worn-out parts or parts that break, such as a belt or drive shaft. Maintenance is also part of the package. While some maintenance tasks may not be urgent, there are four items on the car that you should replace when they are worn or damaged: your...
Trends Pushing Auto Insurance Rates Higher
Posted: February 11, 2025
Automobile insurance companies are struggling to keep up with the rising cost of collision insurance claims, and that's forcing them to raise rates at a steady clip. In 2019, the industry paid out $62.6 billion in losses for damage to personal vehicles and $5.4 billion for commercial vehicles. By 2023, those numbers had risen to $95.4 billion and $8.2 billion, respectively. Insurers have responded by...