{"id":8829,"date":"2018-07-20T05:00:00","date_gmt":"2018-07-20T05:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/many-owners-lack-sufficient-insurance-to-cover-disasters\/"},"modified":"2022-08-29T22:42:23","modified_gmt":"2022-08-29T22:42:23","slug":"many-owners-lack-sufficient-insurance-to-cover-disasters","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/many-owners-lack-sufficient-insurance-to-cover-disasters\/","title":{"rendered":"Many Owners Lack Sufficient Insurance to Cover Disasters"},"content":{"rendered":"

 <\/p>\n

\"Sufficient<\/a><\/p>\n

Lack of sufficient insurance coverage for many homeowners in Texas, Florida, Puerto Rico .<\/h2>\n
\n

Many homeowners have limits on their home insurance<\/strong><\/a> policies that are too low to cover the full cost of repairing or rebuilding in case of a natural disaster\u2014and the problem is particularly alarming in areas at risk of hurricanes and flooding<\/a>, The Wall Street Journal<\/em> reports.<\/p>\n

Catastrophic damage left in the wake of Hurricanes Harvey, Irma, and Maria last year revealed a widespread lack of sufficient insurance<\/strong> coverage for many homeowners in Texas, Florida, Puerto Rico, and elsewhere, according to the Journal<\/em>. The problem is that while many homeowners may have home insurance<\/a>, their policies are too low or they don\u2019t have flood coverage, which generally must be purchased under a separate policy. \u201cMany people thought that they had a fully insured home or fully insured business\u201d before last year\u2019s storms, says Iraelia Pernas, executive director of Acodese, an industry group for insurers in Puerto Rico. \u201cThey discovered that there were some exclusions in their policies.\u201d<\/p>\n

In Houston, which was ravaged by Hurricane Harvey last September, about 70 percent of flood-related damage was not covered by insurance, according to real estate<\/a> data firm CoreLogic. Of the 717,000 claims insurers received from Harvey victims by Oct. 31, 2017, about a third were closed with no payment made. Similarly, in Florida, where Hurricane Irma hit, insurers received nearly 1 million claims and did not pay out a third of them.<\/p>\n

Too often, homeowners don\u2019t realize they need to increase their policy limits if they expand or upgrade their homes, insurance<\/a> regulators told the Journal<\/em>. Also, homeowners may learn that their policy limits are insufficient for rebuilding, as the cost of construction materials<\/a> and labor continues to rise.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

  Lack of sufficient insurance coverage for many homeowners in Texas, Florida, Puerto Rico . Many … Many Owners Lack Sufficient Insurance to Cover Disasters<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":8830,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[697],"tags":[4751,15239,2890,12908,543,1253,627,127,698,6829,4593,4594,6845,6830,6831,6856,6832,6833,6846,6834,6835,6836,6837,6850,6851,4614,4615,6857,6838,6839,6840,6847,6848,6849,6858,6852,4596,6853,6859,4600,6841,4602,6842,6843,6844,4606,6854,6855,1287,1007,41,84,1288,15296],"class_list":["post-8829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance","tag-amazing","tag-chase","tag-construction","tag-home","tag-home-buying-guide","tag-home-insurance","tag-homeowners","tag-homes","tag-insurance","tag-insurance-act-1936","tag-insurance-and-go","tag-insurance-assessor","tag-insurance-broker","tag-insurance-brokers","tag-insurance-brokers-dublin","tag-insurance-capital-standards-clarification-act-of-2014","tag-insurance-companies","tag-insurance-companies-belfast","tag-insurance-companies-near-me","tag-insurance-compare","tag-insurance-comparison","tag-insurance-europe","tag-insurance-excess-cover","tag-insurance-expert","tag-insurance-in-america","tag-insurance-industry","tag-insurance-industry-news","tag-insurance-law","tag-insurance-on-electric-cars","tag-insurance-on-vintage-cars","tag-insurance-online","tag-insurance-quotes","tag-insurance-rates","tag-insurance-rates-for-cars","tag-insurance-regulation","tag-insurance-restoration","tag-insurance-risk-manager","tag-insurance-rules","tag-insurance-sales","tag-insurance-terminology","tag-insurance-to-drive-any-car","tag-insurance-travel","tag-insurance-types","tag-insurance-uk","tag-insurance-uk-car","tag-insurance-usa","tag-insurance-website","tag-insurance-work-from-home-jobs","tag-natural-disaster","tag-owners","tag-property","tag-real-estate","tag-sufficient-insurance","tag-target"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/07\/07_20_18_Hurricane.jpg?fit=1200%2C572&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3143,"url":"https:\/\/amazingproperty.com.ng\/blog\/most-consumers-are-wrong-about-home-insurance\/","url_meta":{"origin":8829,"position":0},"title":"Most Consumers Are Wrong About Home Insurance","author":"Amazing Property","date":"April 7, 2017","format":false,"excerpt":"Survey by \u00a0insurance Quotes of about 1,000 consumers shows a lot of misunderstandings when it comes to home insurance policy . 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