OPEN finance expert Mike Periu on the insurance industry and its ability to pay out claims for Sandy. The insurance industry was not prepared for Hurricane Katrina, which caused over $75 billion in insured losses (in 2012 dollars). For Hurricane Sandy, it's a far different story. While the overall economic damage has yet to be calculated, insured losses are estimated at only $10 billion, ranking it as the 7th or 8th most costly hurricane. According to the Insurance Information Institute, the … [Read more...]
The Hidden Costs of Hurricane Sandy Far Exceed Insured Losses
OPEN finance expert Mike Periu on successfully rebuilding your small business and the hidden costs of hurricane sandy. The Hidden Costs of Hurricane Sandy Far Exceed Insured Losses Costs of hurricane Sandy are expected to cause between $10 and $20 billion in damages. This only addresses the explicit damage, such as broken windows, flooded houses and cars crushed by trees; it doesn't take into account the far larger opportunity costs borne by consumers, businesses and government agencies that … [Read more...]
Be Aware of Your Hurricane Deductible
Financial expert Mike Periu on your insurance's hurricane deductible. October 29, 2012 In order to compensate for increased coastal development, state insurance regulators in many states allow insurance companies to add a Hurricane deductible to their homeowners' insurance policies. These deductibles apply only to damage caused by hurricanes and typically range between 1 percent and 5 percent of the home's insured value. You can confirm if you have a Hurricane deductible by reviewing the … [Read more...]
How Hurricane Sandy Will Raise Your Insurance Premiums
OPEN's finance expert Mike Periu Hurricane Sandy Will Raise Your Insurance Premiums. Since 2007, homeowners' insurance premiums have risen 22 percent with the average premium now exceeding $1,000 for the first time. This trend will likely be exacerbated if Hurricane Sandy leads to billions of dollars in covered losses for insurance companies. Unlike the Gulf Coast, many homeowners in Sandy's path are insured by private companies that are under greater pressure to raise premiums as a way to … [Read more...]
Why You Need Personal Disability Insurance
Tragedy can strike leaving you injured and broke. Personal disability insurance can help offset healthcare costs. When most business owners decide to buy insurance to protect their families, they automatically think of life insurance. Few business owners also consider the purchase of disability insurance—67 percent do not have any type of disability insurance. This is a big mistake. Personal disability insurance is just as important as life insurance and should be considered part of your … [Read more...]