Shepard on Insurance Current events and feedback on insurance

http://usnews.msnbc.msn.com/_news/2012/02/29/10536654-13-killed-as-tornadoes-rake-midwest-states

As we continue to see nicer weather everyday in February and into March, we must not forget that conditions can change instantly. The article linked above shows that severe weather is just around the corner. Tornadoes ripped trough the Midwest at an alarming rate last night and caused serious damage.

Hundreds of homes were destroyed, a mounting number of injuries, and a confirmed 13 people were killed overnight. States such as Tennesee and Missouri were hit the worst, but winter weather is headed our way.

http://www.greenwichtime.com/news/article/Snow-headed-this-way-3369815.php

Just a reminder to all that necessary precuations are important and can mean saving lives and quicker response from authorities. Be consciensious of emergency numbers when bad weather is upon us. Again, please don't hesitate to contact us with any questions, concerns, or claims that may happen as a result of the weather.

Did you ever wonder why home values and construction costs are not directly correlated? If so, you are not alone. While housing prices continue to fall in the wake of the sub prime mortgage crisis, construction costs due to a number of contributing factors continue to escalate.

Residential construction costs are driven by commodity prices, which in turn are influenced by global supply and demand, as well as the strength of the dollar. Iron and steel alone both increased roughly 15% over the last 12 months, while copper (7%) and diesel (37%) jumped as well. These increases are essential in understanding the difference between the housing market drop off, and the increase in construction costs.

Is weather affecting construction? That’s right, you may not have ever have guessed it but the increase in catastrophic events like tornadoes, earthquakes, and hurricanes place an increased demand on: softwood lumber, plumbing fixtures and fittings, and siding. “Overall construction material prices have risen 5.6% in the last 12 months” (Engineering News Record).  If most home losses are paid during major catastrophes, both labor and material cost are exacerbated due to a lack of supply and high demand.  Materials are the primary component to the construction cost increase and with emerging countries continuing to develop there may be no relief insight.

Local factors affecting construction cost include time of loss, time constraints, and limited availability of contractors.  When you have a major claim you want your house rebuilt quickly, and as good, if not better then when it was destroyed. Construction and building codes interestingly enough can be just as influential in construction costs with contractors required to comply with current codes not before needed in older homes.

Insurance companies recognize that while it may not necessarily agree with the market value of your home, construction costs continue to grow annually. All of the factors mentioned create a need for the industry to increase costs; just be conscientious of why and how this is happening and you won’t be surprised to see the rebuilding costs increased from year to year.

We all held our breath when Hurricane Irene rolled thru Connecticut and the tri-state area as Tropical Storm Irene, with much lower winds than anticipated.   Wind aside Irene proved to be a problem with flooding and power outages that knocked out sump pumps leading to more water damage.  Insult to injury when Lee dropped 10 inches of rain just a few days later.

The real drama of the storms was the insurance companies response.  I am aware of only one company that identified the storm as a Tropical Storm, not a Hurricane, waived any wind deductibles and stepped up to cover

And to date, nearly 3 weeks later out of the 40+ property insurers, one is still holding out, applying the larger wind deductibles to several hundred insured who suffered damage during the storms.  Their comment is, " we are aware of the Insurance Department’s concern, we continue to talk with them". 

I would call this poor judgment,

Very unfortunate but true.

With the recent weather in Connecticut and the northeast, ice dams are forming and causing problems for homeowners.

Please take a minute and click on the link below , it may save you some headache this winter.

Preventing Ice Dams and other Water Damage

If you have an emergency,  the town has asked that you call 203-622-8003   Greenwich Emergency Assistance, instead of 911

If you would like to report a claim, below are the claim numbers for all of the appropriate insurance companies

Chubb: 800-252-4670

ACE   800-945-7461

Utica: 800-216-1420

Progressive: 800-274-4499

Travelers : 800-238-6225

Fidelity Flood: 800-725-9472

Thank you

Steve Shepard  x 104

The phone number at our office to report a claim is 203-637-6655. If power is down you will need to call the Emergency Response Phone direct line 203-517-8185 for assistance from our office.

With the hurricane season upon us, and the potential for activity in the northeast over the next few months, we thought it would be helpful to remind you of the claim phone numbers for the companies that insure our personal and business clients. Please make a note of your company information, in the event you have a claim and prefer to call them directly.
 
Ace:  800-945-7461
Utica: 800-216-1420
Chubb: 800-252-4670
Progressive: 800-274-4499
Travelers : 800-238-6225

Fidelity Flood: 800-725-9472

Emergency Response Phone direct line 203-517-8185
 
As always, if you have an emergency or need to report a claim after hours, you can continue to call 203-637-6655 and chose option #5, where you will be directed to our after hours live support.
 
Thank you

The federal Emergency Management Association has published it's new flood mapping for 2010. Without question this redraw of the flood maps is an evolutionary process built on what is clearly flood prone areas, and the surprises that are the result of the extreme weather that we are experiencing. For owners, it more than likely means that more new homeowners with a mortgage will be required to include Flood insurance in their coverage. Checking a location ahead of a new purchase is a simple effort that can be done by your agent, to avoid a surprise after you have gone to contract and inherit this requirement.

The federal Emergency Management Association has published it's new flood mapping for 2010. Without question this redraw of the flood maps is an evolutionary process built on what is clearly flood prone areas, and the surprises that are the result of the extreme weather that we are experiencing. For owners, it more than likely means that more new homeowners with a mortgage will be required to include Flood insurance in their coverage. Checking a location ahead of a new purchase is a simple effort that can be done by your agent, to avoid a surprise after you have gone to contract and inherit this requirement.

The federal Emergency Management Association has published it's new flood mapping for 2010. Without question this redraw of the flood maps is an evolutionary process built on what is clearly flood prone areas, and the surprises that are the result of the extreme weather that we are experiencing. For owners, it more than likely means that more new homeowners with a mortgage will be required to include Flood insurance in their coverage. Checking a location ahead of a new purchase is a simple effort that can be done by your agent, to avoid a surprise after you have gone to contract and inherit this requirement.

The federal Emergency Management Association has published it's new flood mapping for 2010. Without question this redraw of the flood maps is an evolutionary process built on what is clearly flood prone areas, and the surprises that are the result of the extreme weather that we are experiencing. For owners, it more than likely means that more new homeowners with a mortgage will be required to include Flood insurance in their coverage. Checking a location ahead of a new purchase is a simple effort that can be done by your agent, to avoid a surprise after you have gone to contract and inherit this requirement.