March 9th, 2010
The Insurance Journal is reporting that State Senator Stephen Urquhart of Utah is trying to change the law on automobile insurance coverage in his state by proposing three bills with address un- and under-insured motorist coverage, liability insurance, and arbitration for accident claims.
Senate Bill 62 would require a written response to a covered driver’s compensation demand “within a reasonable amount of time” from all insurers providing uninsured and underinsured motorist coverage. In addition, the companies should pay drivers’ or insurers’ demands “immediately.” If a carrier does not pay the full amount of the driver’s demand for compensation, the driver would then be eligible to litigate or arbitrate the remaining claim.
The Senate passed this bill and it was sent to the House.
Senate Bill 70 modifies Utah’s current Uniform Driver License Act by altering provisions relating to the liability limits imposed for damages caused by a minor operating a motor vehicle. Under the new bill, both the owner of a vehicle, and the minor who was allowed to drive it, can be held jointly and severally liable for any damages caused by the negligence of the minor, when an accident occurs.
In addition to this change, Urquhart is also proposing that the owners’ liability be limited to the amount of their liability insurance if a crash involves the injury or death of one person, and to $100,000 if more than one person is injured or killed. Currently, according to the Senator, the potential liability is unlimited.
This bill passed in the Senate and is waiting for the governor’s signature.
Senate Bill 105, which is also waiting for the governor’s signature, modifies the state Insurance Code by amending provisions relating to the use of arbitration for certain motor vehicle accident claims, and increasing the arbitration award limit an injured person can get from an insurance company from the current $25,000 to $50,000.
Tags: Auto Insurance, liability, utah
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March 5th, 2010
South Carolina’s innovative program for coastal homeowners who have taken measures to protect their homes against hurricane winds has surpassed its 1,000th awarded grant. Specifically, according to Scott Richardson, director of the South Carolina Department of Insurance, said that the SC Safe Home Program has awarded a total of 1,010 grants worth roughly $4.6 million to coastal residents in the last two years.
Homes that have been retrofitted to withstand hurricane-force winds are considered better risks by insurance companies, Richardson explained. He also said that homeowners who completed such mitigation projects have reported up to 24% savings on their property insurance premiums.
Under the SC Safe Home Program, grants of up to $5,000 are available for owner-occupied homes either on a matching or non-matching basis. To date, grants have been awarded to homeowners in eleven different coastal counties.
Reports from FEMA (Federal Emergency Management Agency) indicate that there is a savings of $4 in possible losses and reconstruction costs for every dollar spent on mitigation. Based on that information, said Richardson, Safe Home has reduced the potential loss and future reconstruction cost from a hurricane or severe wind event by more than $18.2 million.
What’s the best mitigation step a homeowner can take? Officials in the insurance industry say the best bet is to replace the existing roof with a stronger, safer roofing system. 76% of grant recipients have chosen to do that with their Safe Home funds. Homeowners who have selected additional replacements, including impact resistant window systems and hurricane shutters, have reported an additional savings of up to 29% on energy costs.
According to Richardson, Safe Home has also created construction and home improvement jobs in South Carolina. So far, there are 81 certified inspectors and 58 certified contractors are working with the program.
Tags: hurricane insurance, South Carolina
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March 3rd, 2010
Amidst rumors that the economy is improving, albeit slowly, there lies a stark reality: insurance is expensive.
While we’d like nothing more than to wave a magic wand and make all coverage available to all people at a reasonable price, we don’t have that power. What we can do, however, is provide you with the tools and information that will help reduce what you spend on premiums while empowering you to make better choices about coverage options.
On our website, you’ll find a wealth of information about different kinds of insurance, so whether you need to learn the ins and outs of insuring a teen driver, or want to become an expert on reading condo insurance policies, you’ll find an article to lead you down the correct path.
Here on the blog, we’ll be sharing important industry information, from changes in local legislation and insurance requirements, to breaking news in the ongoing battle for health care reform. Even better, we’ll do it in language that’s easy to understand, and without clouding the issues with too many personal opinions.
We may run an insurance website, but we’re also consumers, and – like you – we want finding cheap insurance to be easy.
As easy as (cheapinsurance) 1-2-3.
Tags: CheapInsurance123, welcome
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