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Posts Tagged ‘Property’

Protect your property from ice dams this winter

December 31, 2015 Leave a comment

ice_dam_2015According to the Insurance Information Institute, claims for winter storm damage in the U.S. totaled $2.3 billion in the first quarter of 2015. Property owners can avoid business interruption, limit financial losses, and other adverse effects of winter weather by planning in advance. One of the most damaging winter threats that people often forget to take precautions for is ice dams.

An ice dam is a buildup of ice at the edge of a roof and prevents melting snow from draining. Failure to properly remove snow from your roof may cause an ice dam to develop that is large enough to prevent water from draining off the roof. This pooling water can then back up underneath roof shingles and seep inside the property.

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Improving a tested method to combat the California drought

According to the California Department of Water Resources, the state is in the midst of its fourth year of drought.  As a result, Governor Edmund G. Brown Jr. signed a $1 billion emergency drought package in March to accelerate emergency food aid, conservation awareness, infrastructure and flood protection funding, drinking water, species tracking, water system modeling, and water recycling.  The Governor also ordered the first mandatory statewide reductions on April 1 due to the lowest snowpack ever recorded, and no end in sight to the drought.  These courses of action were taken in addition to Governor Brown declaring a Drought State of Emergency on January 17, 2014, as well as a Proclamation of a Continued State if Emergency a few months later on April 25, 2014. Read more…

Exploring the risk of electric vehicles

The benefits of electric cars may be widely known, but the risks are often not talked about. There have been a few areas worth exploring when it comes installing charging equipment, how homeowners policies respond to charging stations and more importantly how drivers are treated following an accident.

With the increase of electric vehicles on the road over the past few years, the National Fire Protection Agency (NFPA) has begun to train firefighters across the U.S. on how to approach and handle these unique cars when they are involved in accidents. Electric vehicles are tricky because it is difficult for emergency responders to hear whether the engine is on or off. Attempting to free a person who is trapped within a running electric vehicle could potentially cause electrocution. Read more…

Is your Landlord’s tenant information open to a data breach?

October 29, 2014 Leave a comment

Fitch Ratings-recently reported that while the potential long-term effects of Essex Property Trust’s data breach are not yet known, the incident may serve as a harbinger of future problems for multifamily Real Estate Investment Trusts (REITs).

A REIT is a type of real estate company modeled after mutual funds. REITs were created by Congress in 1960 to give all Americans the opportunity to invest in income-producing real estate in a manner similar to how many Americans invest in stocks and bonds through mutual funds. Income-producing real estate refers to land and the improvements on it, such as apartments, offices or hotels. Read more…

Senate’s TRIA extension threatens insurers with rate hikes

flag_capitolRenewal efforts for  TRIA (the federal terrorism insurance backstop) moved forward last month with a legislative proposal in the Senate that would extend the law for another seven years. The bill, introduced by Senator Charles Schumer, D-NY, and co-sponsored by a bipartisan group of members in the Senate Banking, Housing and Urban Affairs Committee, would reauthorize the federal backstop program for an additional seven years. TRIA is currently set to expire on Dec. 31, 2014, which could leave buyers and carriers facing huge spikes in stand-alone and embedded terrorism insurance rates if the U.S. Government halts coverage.

The new measure, brought to the Senate floor just days before the one-year anniversary of the Boston Marathon Bombings includes two major changes to the program that would increase deductibles and co-pays for insurers. Still, some insurer groups are hesitant about the bill’s Read more…

Congress to NFIP: keep flood premiums in check

floodedEarlier this month Congress passed legislation scaling back major hikes in flood insurance premiums sending the bill to the White House where it is expected to be signed into law by President Obama in the coming weeks. The bill effectively halts many of the changes outlined in the Flood Insurance Reform Act of 2012, which was passed with the goal of making NFIP financially solvent; at the time, the program was $30 billion in debt from claims from Hurricane Sandy and other major storms.

The 2012 changes, frequently referred to as The Biggert-Waters Flood Insurance Reform Act, included provisions requiring the NFIP to raise premium’s to an actuarial sound basis for flood risks. Biggert-Water’s also called for re-mapping of flood zones, moved hundreds of thousands of homeowners into new, high-risk flood areas, thus eliminating subsidized premium rates they had previously benefitted from. In addition, the reform repealed the property sales trigger, which prevented new homeowners from keeping the very low pre-FIRM rates on new purchases.

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TRIA: Planning ahead to be prepared for 12/31

February 20, 2014 Leave a comment

riskWith the Terrorism Risk Insurance Act (TRIA) set to expire on December 31, 2014, buyers and carriers of terrorism insurance must be on the lookout for marketplace changes and disruption if Congress opts to let the federal backstop program expire. As speculation continues about the Act’s renewal, the terrorism marketplace is starting to shift from one that has been relatively steady with abundant capacity to a much more aggressive and opportunistic arena. Experts say that the Act’s uncertainty means stand-alone rates could also jump by at least ten percent, while embedded terrorism insurance rates could potentially spike if the U.S. Government halts TRIA coverage.

TRIA (now known as the Terrorism Risk Insurance Program Reauthorization Act, or TRIPRA, of 2007) deals exclusively with losses arising from acts of terrorism that are within the parameters Read more…