Category: Property Insurance

Flood Insurance Rate Increases: Who Will Be Affected?

April 1, 2017 brought the implementation of rate increases for flood insurance policies pursuant to the Biggert-Waters Flood Insurance Reform Act of 2012 and the Homeowner Flood Insurance Affordability Act of 2014. Premium increases are the result of the current deficit the NFIP is in, roughly 20 billion dollars. In addition to being an effort to raise the funds the NFIP needs to respond to... Read Article

Elevation Certificates

Anyone who has attempted to purchase a home requiring flood insurance has heard about elevation certificates.  And, as of recently, people who have tried to purchase flood insurance on a home that was built after the 1970s has also become familiar with elevation certificates.  Most people want to know, what are they? Elevation certificates are official documentation from a surveyor that certifies the Base Floor... Read Article

Flood Policyholders: Read Your FEMA Letter

Flood Policyholders: Read Your FEMA Letter     In an effort to comply with the Homeowner Flood Insurance Affordability Act (AFIAA), FEMA has begun mailing letters to all flood policyholders.  The purpose of these letters are to efficiently communicate flood coverage provided to the policyholder. We at Beckerman strongly recommend reading them upon receipt.  There are three main points that these letters are trying to convey... Read Article

What You Need To Know about Co-Insurance on Property Policies

If tangible property is an integral part of business operations, understanding the co-insurance clause in property insurance is important to ensure that, in the event of a total-loss, a claim payout will be equivalent to your purchased limits. This applies to a variety of property policies and adhering to the co-insurance clause is beneficial for both the carrier and the insured. It is important to... Read Article

Surviving the Property Claims Process

The entire purpose of purchasing an insurance policy is to be protected in the event of a loss.  However, risk management does not end with purchasing a policy.  The next step is to become acquainted with the claims process and prepare in the event of a substantial loss. From documenting belongings to communicating with the carrier and understanding the time frame of the process, there are... Read Article