Dyman & Associates Insurance Group of Companies
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Dyman & Associates Insurance Group of Companies: Flood Re home insurance - News - Bubblews

Dyman & Associates Insurance Group of Companies: Flood Re home insurance - News - Bubblews | Dyman & Associates Insurance Group of Companies | Scoop.it
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Your questions answered

 

In the summer of 2013 the government and insurance industry came to an agreement about flood-prone homes, to allow owners of such homes to be able to buy affordable insurance. Under a scheme called Flood Re, annual premiums will be capped and payouts for flood damage will come from a central pool of money.

 

How do I know if my home is affected?

 

The scheme covers 350,000 households which the Environment Agency says are at high risk of flooding. You can use its interactive map to find out if your home is one of them.

 

What does this mean for homeowners on flood plains?

 

Unless your property is in council tax band H then the flood aspect of your buildings insurance will be capped from 2015. The Association of British Insurance says the cap will be £210 a year for properties in bands A and B, rising to £540 a year in band G. The premiums will go in a central fund and be used to pay out claims to any insurer. In theory, some people could see their costs go down once the cap comes.

 

It is important to remember that the cap is only on the flood element of your insurance – if other risk factors change, your premiums could be pushed up by them.

 

Insurers will also pay a levy into the fund equivalent to £10.50 a year on every home insurance policy.

 

Does this mean my premiums will go up?

 

If you are on a flood plain it could, although you have probably already seen premiums rise to reflect the risk. If you are not on a flood plain insurers say the cost of the levy won't be added to policies as homeowners are already paying some of their premium to subsidise other customers at greater risk of flooding. However, the cost of this year's flooding could mean higher premiums for everyone as insurers attempt to cover their bills.

 

Read more:

http://dymanassociatesinsurance.com/

http://dymanassociatesinsurance.com/#!/Insurance_Products

https://www.facebook.com/dymanassociatesinsurance

 

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Dyman & Associates Insurance Group of Companies: Why Aren't We Buying Insurance Against Global Warming?

Every responsible person carries insurance against all sorts of life's potential catastrophes. We don't think twice about buying health insurance, home insurance, car insurance, life insurance, liability insurance, and it goes on and on. From a gambler's perspective, these are all sucker bets. Insur…
Owen Lytle's insight:

Every responsible person carries insurance against all sorts of life's potential catastrophes. We don't think twice about buying health insurance, home insurance, car insurance, life insurance, liability insurance, and it goes on and on.

 

From a gambler's perspective, these are all sucker bets. Insurance companies make their big bucks by tipping the actuarial odds in their favor so that they can pay off far less in reimbursements than they receive in premiums.

 

We are willing to richly reward insurance companies in this way because they spread the risks across a large group. The individual pays the extra price to gain security and peace of mind. Which brings us to the two life or death questions now facing our species: Why we are failing to take out an insurance policy against global warming? Can we wise up before it is too late? The risks that we are causing and will suffer from a future environmental catastrophe couldn't be clearer. Atmospheric and oceanic carbon dioxide is rising at an alarming rate. Computer models predict drastic temperature and sea level changes with increasing certainty. The population explosion and the rapid growth in per capita consumption are together befouling our atmosphere and draining irreplaceable supplies of fossil water.

 

And the effects of global warming are likely already upon us. Year after year of record-setting world mean temperatures. Unprecedented droughts in California. Unprecedented rains in England. Atlanta colder in January than Anchorage. Supposedly once-in-a- hundred-year weather disasters happening every few years.

 

Read full article at http://tajpolly01.hatenablog.com/entry/2014/03/03/151756

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