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Are you covered for the next big quake? Yesterday’s 7.0 earthquake off the coast of Northern California was a big wake up call. Many believe standard homeowners insurance covers earthquake damage, but in California, a separate earthquake insurance policy is required. KBK’s Shant Karnikian and Annie Martin-McDonough break down how you can ensure you’re protected from the financial impact of potential losses in this Kiplinger article.

Earthquake Insurance: Do You Need It? What Does It Cover? Some homeowners are shocked to find out that their homeowners insurance doesn’t cover earthquake damage. Here's the lowdown on how earthquake insurance works. https://lnkd.in/gZCfVYVM

😵💫 The 5.8 earthquake in Yerington yesterday, felt across Nevada, serves as a powerful reminder: It’s time to review your earthquake insurance coverage😧 🤓 Did you know? Most standard homeowners, renters, and business insurance policies do not cover earthquakes. 📔 The Nevada Division of Insurance offers resources like the Nevada Consumers Guide to Earthquake Insurance to help you assess your coverage needs and take proactive steps to protect your property and family. 🤩 We encourage Nevadans to work with their agent or broker to ensure they’re ready for the next big shake-up. Start by exploring our resources: tinyurl.com/DOIEquake #EarthquakeInsurance #Preparedness #Nevada #Insurance

Major #earthquakes are rare for New York City, but small ones do occur and some researchers think NYC is due for a magnitude 5 or higher! It’s important to know that earthquakes are not covered by standard insurance policies. The recent quake in New Jersey that rattled NYC should be a wake-up call to learn about your building's insurance coverage and what may be missing. Understanding the nuances of earthquake policies can make a world of difference in protecting your home and #investments. Want to learn more? Check out this article for tips on what to review in insurance policies from experts Loretta L. Worters, vice president of media relations for the Insurance Information Institute, Philip Maltaghati from United Public Adjustors and Appraisers, and Dawn David, a broker at Corcoran. https://lnkd.in/gs4YC56t #NYCRealEstate #EarthquakeInsurance #StayProtected #RealEstateInsurance

Navigating earthquake insurance can be daunting, but these insights can help you make informed decisions. From understanding deductibles to FEMA's role, get the lowdown on this essential coverage. 🏠 #EarthquakeInsurance #FinancialPlanning

Shaking Things Up: What Recent Earthquakes Mean for South Texas Insurance Agents Did you feel the rumble near Pleasanton recently? While South Texas isn’t known for earthquakes, recent seismic activity has left homeowners with questions—and insurance agents with opportunities to educate. Let’s break it down.  What Happened? Recent earthquakes near Pleasanton were minor but noticeable, with residents feeling everything from subtle shaking to loud "booms." While not catastrophic, even small quakes can cause foundation cracks, structural shifts, and other costly damage.  The Coverage Gap Here’s the problem: standard homeowners and business property policies don’t cover earth movement. That includes earthquake damage and foundation issues related to shifting ground. Unless your client has an earthquake endorsement or a stand-alone policy, they’re likely footing the repair bill themselves.  In South Texas, many homeowners already deal with foundation issues due to clay soils that expand and contract. Add earthquake activity, and it’s a recipe for confusion and uncovered claims.  Why This Matters Now   Earthquakes in South Texas are rare but not impossible, especially near oil and gas sites. Even minor quakes can lead to structural damage, and repair costs can quickly add up.   - Older homes and slab foundations are especially vulnerable.   - Earthquake coverage is often more affordable in low-risk areas like ours, making it a great value for clients.  What Agents Should Do Want to stand out as a trusted advisor?   1. Educate clients: Explain the gaps in their standard policy, especially for foundation damage.   2. Review policies: Proactively check coverage and suggest endorsements where needed.   3. Highlight affordable options: Show clients that earthquake insurance can be budget-friendly peace of mind.  Recent quakes are a reminder that the unexpected happens. This is our chance to protect clients and build trust by addressing risks they didn’t know they had. Let’s make sure they’re covered before the next rumble.  💡 Are you ready to talk earthquake coverage with your clients? Let’s connect and get ahead of the shake-ups.  

🚨Navigating Earthquake Insurance in the Wake of Recent Tremors🚨 The recent 4.8 magnitude earthquake near Whitehouse Station, New Jersey, felt across the Tri-State area, has thrust earthquake insurance into the spotlight for property owners in New York and New Jersey. In the aftermath, many are left wondering about their coverage and the future implications on insurance policies and premiums. A review of various insurance policies reveals significant variances in earthquake coverage and deductibles. For instance, a Manhattan condo master policy carries a $100k deductible for earthquakes under the "Earth Movement" definition, without explicitly excluding earthquake damages. This indicates a substantial deductible but no outright exclusion. Conversely, policies for cooperative units and commercial buildings may include specific exclusions or endorsements for earthquake damage, often with significant deductibles relative to the property's value. The aftermath of this unexpected seismic event is a wake-up call to policyholders, especially as the insurance landscape in NYC and NJ has been grappling with rising premiums. The potential for increased premiums or stricter policy terms post-earthquake is a real concern, particularly for condo and cooperative boards that must balance budget constraints with the need for adequate coverage. This event raises several critical questions for property owners and boards: - How will increased premiums or higher deductibles for earthquake coverage affect the affordability of collective living? - What strategies can boards employ to manage potential increases in insurance costs? - How will these changes impact the real estate market values in affected areas? At United Public Adjusters & Appraisers, Inc., our team is dedicated to guiding policyholders through the complexities of their insurance coverage, including assessments post-natural disasters like earthquakes. Our expertise in policy review and claims management can help ensure that you are adequately protected and fairly compensated for any damages incurred. As we navigate this changing landscape together, it's crucial for property owners and boards to review and understand their current policies and to consider the long-term implications of their insurance coverage on their properties and communities. For claims assistance or questions, we can be reached at 📞 1-800-718-5677 (LOSS). United Public Adjusters & Appraisers, Inc. #EARTHQUAKE #PUBLICADJUSTER #INSURANCECLAIMS #NYREALESTATE #NJREALESTATE

Have you ever wondered about Earthquake insurance? The 5.1 quake we recently experienced has insureds asking more about earthquake coverage. The article below has some helpful tips on this topic. https://lnkd.in/g33YGTPY

What is Earthquake Insurance? Earthquake insurance is a type of property insurance specifically designed to cover the damage and losses caused by earthquakes. Unlike standard homeowner’s insurance policies, which usually do not cover earthquake-related damages, earthquake insurance provides coverage for the repair or replacement of buildings and personal belongings that are damaged or destroyed by seismic activity. Also, this insurance can cover residential homes, commercial properties, and their contents. Additionally, it may cover additional living expenses if the insured property is uninhabitable due to earthquake damage.

🌪️ Navigating the Storm: Challenges in Property Insurance and reasons for increased costs The property insurance industry is grappling with significant challenges: Catastrophe Losses: Major disasters like hurricanes, floods, and wildfires have caused over $100 billion in annual insured losses globally over the past four years, with 2023 alone seeing $118 billion. Severe convective storms accounted for 58% of these losses. Reinsurance Costs: Despite improved reinsurance capacity in 2023-2024, costs remain high due to catastrophic events, financial market volatility, and inflation, affecting customer premiums. Underinsurance: With rising material and labor costs, only 43% of business owners have adjusted their policy limits to current replacement values, risking inadequate coverage. High Construction Costs: Nonresidential construction costs have surged by 37% in four years, driven by steep increases in prices for steel and concrete, along with machinery and equipment. Skilled Labor Shortage: Wages have risen by 22% over four years, yet 77% of contractors still struggle to find skilled labor, leading to higher rebuilding costs and longer delays. Rate Increases Needed: Carriers are expected to raise rates again to keep up with escalating loss trends driven by severe weather and large fires. 📈 Stay informed and prepared in these turbulent times. #Insurance #Reinsurance #Construction #RiskManagement #PropertyInsurance #BusinessResilience https://lnkd.in/gvcHPxwV