Life Insurance Quote Overview

For homeowners in the Southeast, now is the time to review insurance coverage, as hurricane season gets underway. For homeowners in California, it's always time to think about landslide insurance.

North Carolina Insurance Commissioner Jim Long wants citizens in his state to be aware of what kinds of insurance they need in order to be fully covered. The typical homeowners' policy does not provide protection for many of the threats that accompany a hurricane or tropical storm.

"The two largest storm threats not covered by a standard policy are flooding and landslides, and North Carolinians have seen their share of both of these in recent years," Long said.

Homeowners should consult with their agents to assess their needs for flood and landslide insurance. Flood insurance is readily available through the National Flood Insurance Program, but coverage for landslides is not included in flood policies.

"Now is the time to review your insurance coverage and to make sure you have enough to fully cover your property," Long said. "You don't want to wait until after a storm hits and you've suffered losses to find out that your property was not covered. By then it's too late."

The most costly hurricane in recent North Carolina history, Hurricane Floyd, caused an estimated $1.4 billion in insured damages. That figure does not account for property lost that was not covered by insurance.

The National Flood Insurance Program (NFIP) was established by Congress in 1968 in response to the rising cost of taxpayer-funded disaster relief for flood victims and the increasing amount of damage caused by floods. It is administered by the Federal Emergency Management Agency (FEMA). More information is available at http://www.fema.gov/nfip/whonfip.shtm.

Landslides, Mudslides
Unfortunately, landslide insurance is not nearly as easy to get. Each year, many California homeowners learn to their dismay that landside damage is not covered by their homeowners' insurance.

In a landslide, the earth crumbles, falling on your home or causing your home to fall. That isn't covered by flood insurance. Sink holes, where the earth caves in and swallows a home, are also covered by landslide policies.

But the bad news is landslide insurance is expensive -- about 40 cents per year for every $100 of coverage -- or $1,200 on a $300,000 house, according to Insurance Brokers of America West.

The reason it's so expensive is that landslide damage is usually catastrophic.

In recent years, landslides have caused an average of $100 million worth of structural damage in California, according to David Howell, a spokesman for the U.S. Geological Survey. That includes damage to commercial buildings, bridges and highways as well as homes. There are no figures available for homes alone.

Mudslides, another California nightmare, occur when muck and mire are carried by floodwaters along the surface of the land. They're covered by flood insurance.

There is only one landslide-insurance program available to California residents. It is marketed by Montgomery & Collins, a San Francisco insurance brokerage, and underwritten by Lloyds, the international specialty-insurance syndicate.

Many independent insurance agents can write a landslide policy.

Referred from: (http://www.consumeraffairs.com)