Real Life Examples of Cyber Security Threats

Title: Unveiling Cyber Threats: 7 Attacks You Need to Know

In an age where technology is an integral part of our daily lives, the surge in cybercrime poses a growing threat to individuals and businesses alike. Sandra Viveiros, in her article, sheds light on seven types of cyber security attacks, accompanied by real-life examples, emphasizing the pressing need for vigilance and protection.

1. Malware: A Stealthy Invader Malware, encompassing viruses and Trojans, infiltrates devices through unsuspecting clicks or email attachments. A prime example occurred in 2016 when a Japanese travel agency suffered a massive data breach due to an employee opening a malicious document received through a phishing email.

2. Ransomware Attacks: Holding Data Hostage Ransomware takes control of systems and blocks access to files, demanding compensation for restoration. The infamous WannaCry attack in 2017 affected over 200,000 organizations worldwide, serving as a stark reminder of the importance of system updates to counter vulnerabilities.

3. Man in the Middle Attacks: Intercepting Data Unseen In this attack, cybercriminals intercept data during transmission. The 2017 Equifax breach highlighted how attackers used this method to access personal data through a man in the middle attack on the company's apps.

4. Distributed Denial of Service (DDoS): Overwhelming Systems DDoS attacks aim to overload systems with traffic, causing crashes and downtime. The recent colossal attack on Russian tech powerhouse Yandex in 2021 exemplifies the potential repercussions, with a record 22 million requests per second.

5. Password Attacks: Cracking the Digital Code From manual guessing to sophisticated brute force attacks, cybercriminals employ various techniques to steal user passwords. The Canada Revenue Agency experienced a significant password attack in 2021, compromising over 5000 accounts due to the technique called credential stuffing.

6. Drive-By Download Attacks: Silent Intruders Drive-by attacks occur when malware code is downloaded unknowingly while browsing. Often manifested through deceptive ads on websites, this attack, if successful, can lead to malware infiltrating your device.

Stay safe out there,

Sincerely,

Your Family Union Family! :) <3

Difficulty Insuring Your Kia or Hyundai? There’s a Solution!

The difficulty of obtaining and maintaining auto insurance is becoming prevalent for Hyundai and Kia owners in Kansas and Missouri. In this article, we’ll help you understand why rates are climbing and what you can do to get coverage.

Theft Issues and Vehicle Vulnerability

Theft-related issues, primarily concerning vehicles produced between 2011 and 2021. Models like the Kia Soul and Sorento, as well as the Hyundai Tucson and Elantra, have been particularly susceptible to theft due to security vulnerabilities. These vehicles lack engine immobilizers, making them easy targets for thieves armed with nothing more than a screwdriver and a USB cable.

Major auto insurance providers have begun raising premiums or declining to issue new policies for most Hyundai and Kia models. The rationale behind this decision was to mitigate the heightened risk associated with insuring these vehicles. Many vehicle owners are reporting significant increases in their policy renewal premiums.

Software Upgrades and Their Challenges

In response to the theft problem, Kia and Hyundai have been rolling out software upgrades designed to prevent hotwiring by thieves. However, the upgrade is voluntary and must be completed at a Hyundai dealership. While this initiative is commendable, millions of vulnerable vehicles have yet to receive the update. Consequently, theft rates remain high in many areas, especially Kansas and Missouri.

The Solution

The good news is, we are still able to write new policies for many Kia and Hyundai owners! Your first step is to assess if you qualify for the free dealership security upgrade through a quick google search of your car's year, make, and model. Most Hyundais and Kias will qualify. If you qualify, you’ll want to get on the schedule with your closest dealership to get the update done. Once you’ve completed the upgrade, contact Family Union Insurance, and we’ll shop for you to find the best rates and coverages for you.

If you find that you do not qualify for the free security upgrade, but your vehicle has a push start, still reach out to us. We’ve been able to help many Hyundai and Kia owners stuck in the middle of these security system issues.

Don’t pay too much or spend all your time searching for auto insurance in Kansas City and reach out to Family Union Insurance!

Phone: (816) 287-8597

Email: service@familyunioninsurance.com

Auto Insurance for a New Car: A Comprehensive Guide for Kansas City

When it comes to protecting your valuable assets, such as your new car and your home, having the right insurance coverage is paramount. In this guide, we will delve into the world of auto insurance. If you’re about to purchase a new car, then you’re in the right place.

When To Buy Insurance for a New Car

Purchasing a new car is an exciting experience, but along with that excitement comes the responsibility of securing insurance coverage. In most cases, you'll need to have insurance before driving off the dealership lot, as dealers usually require proof of insurance. However, the timing of obtaining insurance can be influenced by whether the dealer offers a grace period. A grace period typically lasts anywhere from seven to 30 days from the purchase date, allowing you some time to arrange for a new insurance policy.

Factors affecting the presence of a grace period include your insured status and the insurance company you choose. Different insurers have varying policies regarding grace periods; some might offer a 30-day window, while others might not provide any grace period at all. To determine your specific situation, it's essential to review your contract or consult an insurance agent.

Securing Your New Car Insurance Policy

Getting insurance for your new car is a straightforward process. By following these steps, you can ensure a smooth transition from dealership to road:

1. Gather information: Have essential details ready, including the vehicle's VIN number, purchase price, and your contact information.
2. Compare quotes: Going through an insurance broker and working with an agent will make this step a lot faster. This step helps you find the best combination of cost and coverage.
3. Choose a provider and plan: Select the quote that aligns with your coverage needs and budget.
4. Provide proof to the dealership: Share your new insurance card, often available through mobile apps, with the dealership to finalize the purchase process.

What Factors Influence Car Insurance Rates

Understanding the factors that influence insurance costs can help you make informed decisions and potentially save money. Several variables contribute to insurance premiums:

• Age and Driving History: Younger and less experienced drivers tend to pay higher premiums. A clean driving record, free of accidents or violations, can lead to lower rates.
• Credit Score: In states where allowed, insurance companies may consider your credit score when determining premiums.
• Location: Your geographic location plays a significant role in insurance rates, with urban areas often having higher premiums.
• Coverage and Deductibles: The types of coverage you choose and the deductible amounts you opt for will affect your premium.
• Discounts: Many insurance companies offer discounts for bundling policies, safe driving records, and other qualifying factors.

Understanding New Car Insurance Coverage

Auto insurance coverage for new cars is similar to coverage for other vehicles. However, specific factors, including state requirements and lender mandates for financed vehicles, can influence coverage needs. State minimum requirements vary, so it's crucial to understand your area's regulations.

Typically, state minimum requirements include:

• Bodily Injury Liability Insurance: Covers medical expenses for other parties in an accident where you're at fault.
• Property Damage Liability Coverage: Pays for damages to other vehicles and property if you cause an accident.
• Personal Injury Protection (PIP) and Medical Payments (MedPay): Cover medical expenses for you and your passengers, regardless of fault.

Lenders might require additional coverage options, such as collision coverage, comprehensive coverage, gap insurance, and loan/lease payoff coverage.

Standard coverages you will also want to consider are:

• Collision Coverage: Ensures that your vehicle is protected in the event of an accident, regardless of who is at fault.
• Comprehensive Coverage: While collision coverage handles accidents, comprehensive coverage goes the extra mile. It shields your vehicle from a range of non-collision incidents.
• Roadside Assistance: Roadside assistance coverage is a practical addition to your insurance policy. It provides assistance when you encounter roadside emergencies.
• Rental Reimbursement: Rental reimbursement coverage is especially valuable if your car is undergoing repairs due to a covered incident.

By understanding insurance requirements, coverage options, and cost factors, you can make well-informed decisions that suit your needs and budget. Remember to compare quotes from multiple providers and select a policy that offers the right balance between cost and coverage. An insurance agent can speed up this process and help you to identify discounts you might not be aware of. Whether you're a seasoned insurance buyer or a first-time purchaser, these insights will help you navigate the complex world of insurance with confidence.

Ready to talk with an insurance agent? Give Family Union Insurance a call at (816) 287-8597

Guide to Navigating Property and Casualty Insurance for First-Time Home Buyers

Navigating the intricate world of property and casualty insurance is like embarking on a journey to protect what matters most - your home, your sanctuary, and your loved ones. Let's dive into the considerations for first-time home buyers, so that you can get the best rate with the right coverage level for you.

Choosing the Right Coverage

While the cheapest option might appear appealing, it could potentially be a fleeting triumph. It's crucial to know that insurance isn't just about the now; it's about safeguarding your future self from unforeseen calamities. Consider the importance and use of insurance for you. Explore ways to make insurance more manageable without compromising on the essential coverage. Installing a security system, paying premiums upfront, or bundling home and auto insurances can all be steps toward finding a balance between cost and security.

Understanding Coverage Gaps

Life has an uncanny way of springing surprises, and not all of them are pleasant. The standard home insurance policy might cover the fiery dance of flames or the capricious gusts of wind, but it doesn't necessarily embrace every twist of fate. For example, standard policies often neglect flood damage, a reality that confronts more than three-quarters of Federal disasters. It's imperative to know your surroundings and the potential threats.

Moreover, if your home boasts a pool, trampoline, or an exuberant pup, you're stepping into a realm of risks. While your insurance may provide a safety net, the cost of accidents can sometimes surpass its protective confines, particularly if injuries occur. In such instances, umbrella insurance could be your saving grace, offering an expanded layer of coverage.

Consider the Options

In the maze of insurance decisions, the path isn't always linear. Your realtor's recommendation is valuable, but seeking the opinion from a professional in the insurance industry is a good move. Diverse carriers offer a spectrum of products and price tiers. Homes vary in size, shape, and value. There's no one-size-fits-all formula in this realm; every policy should be tailored to fit your unique circumstances.

Utilize an Insurance Agent's Expertise

When you’re purchasing your first home, there’s a lot of new things to learn. Don’t be afraid of enlisting the help of your insurance agent to analyze the risks of your home and make sure it’s adequately covered. This will not only help you long term, making sure your home is properly covered, but can also take the stress and guesswork out of the process.

Conclusion

In conclusion, buying your first home has a lot of steps and can feel overwhelming. When it comes to insurance, seeking tailored solutions from an insurance agent can help to simplify the process of safeguarding what’s most important to you - your home, your sanctuary, and your loved ones.

Rising Car Thefts in Kansas City: Auto Theft Prevention Tips

Auto theft is becoming a real concern. Statistics are alarming, as Missouri continues to rank among states with the higher vehicle theft rates. Also concerning are the widespread issues with Kia and Hyundai security systems. Being vigilant and taking preventive measures to keep your car safe is more important than ever for residents of the Kansas City area.

Prevention Tips

Lock Your Doors

It may seem obvious, but locking your car doors is the first and simplest step to deter a thief. Make it a habit to check that your doors are locked every time you park your vehicle, even if it's in your driveway or a seemingly safe area.

Avoid Leaving a Spare Key Near Your Vehicle

While it might be tempting to stash a spare key under your car or in the glove box, thieves know where to look. Taking your keys with you when you leave the vehicle eliminates the risk of a thief finding an extra key and making off with your car.

Close the Windows Completely

Leaving even a small opening in your car's windows can be an invitation for a thief to reach in and unlock the door. Always ensure your windows are fully closed when you leave your vehicle.

Park in Well-Lit Areas

Parking in well-lit areas where passers-by can easily see your car is a good deterrent for thieves. Opt for parking spots under a light and in busy areas whenever possible.

Install an Audible Alarm System and Anti-Theft Device

An audible alarm system can startle potential thieves when triggered, attracting attention and scaring them off. Additionally, visible anti-theft devices, like steering wheel locks or window etching, can discourage thieves from attempting to steal your car.

Install a Vehicle Immobilizer System

These systems prevent thieves from hotwiring your car by disabling the ignition. Using smart keys, kill switches, or wireless ignition authentication, immobilizer systems make it much more challenging for thieves to make off with your vehicle.

Consider Installing a Tracking System

A tracking system, or vehicle recovery system, can be a valuable asset if your car is stolen. These systems emit signals using wireless or GPS technology to help the police locate and recover your vehicle quickly.

Don't Leave Valuables in Your Car

Leaving valuables, such as purses or cell phones, in plain sight can attract thieves. Always take your valuable items with you or keep them out of sight in the trunk before you arrive at your destination.

Stay Alert

Be aware of your surroundings when parking your car. If you feel uneasy about the safety of the area or notice suspicious activity, it's best to find another parking spot.

What to Do if Your Car Is Stolen

If, despite all precautions, your car is stolen, act quickly. Contact the police immediately and provide them with essential details such as the car's make, model, color, license plate number, and Vehicle Identification Number (VIN). Also, inform your insurance company within 24 hours to initiate the claims process.

Insurance Coverage: Protecting What Matters Most

Whether you're looking for auto insurance quotes in Kansas City, Missouri, or seeking comprehensive home insurance coverage, knowledge is power. As you explore insurance options, it's essential to remember that being price-conscious doesn't mean compromising on quality.

Comprehensive Auto Insurance

When shopping for auto insurance, consider the coverage you truly need. While opting for the minimum required coverage might seem cost-effective, it could leave you vulnerable to significant expenses in the event of an accident. For example, a basic liability policy may cover damages to others, but it won't protect your vehicle if it's stolen.

Instead, look for comprehensive auto insurance that covers a range of scenarios, including theft, accidents, and even natural disasters. Yes, comprehensive coverage may have a higher premium, but it offers you peace of mind, knowing that you're financially protected in various situations.

By taking preventive measures to keep your car safe from theft and making informed decisions about insurance coverage, you can place yourself and your family in the best position to avoid and navigate the rising number of car thefts effectively.

Protecting Your Property During Storm Season: Tips from an Insurance Agent

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In the Midwest it’s a beautiful time of the year, but it also brings with it the uncertainty of storm season. Year after year, we prepare ourselves for the potential onslaught of bad weather, knowing that it can lead to property damage and, in some cases, unforeseen expenses. One of the most common types of property damage we encounter is roof and siding damage, often caused by heavy winds and hail.

Simple and Effective Precautions for Storm Season

While we can't control the weather, there are simple and effective precautions that can significantly minimize property damage during storm season. As an insurance agent, I've seen the difference that basic upkeep can make in protecting homes and families. Let me share some wisdom and specific examples to illustrate my point.

Address Missing or Damaged Shingles Promptly

It's crucial to address missing or damaged shingles promptly. Damaged shingles are more susceptible to break free during high winds, and gaps caused by missing shingles create opportunities for even more damage. Properly installing or replacing shingles with proper nailing techniques is key to their stability. Whether your roof is made of shingles or metal, both types require attention after a hailstorm. Our crews frequently replace both shingle and metal roofs damaged by hail, indicating that the material alone doesn't guarantee immunity from storm-related harm.

Secure Loose Siding

Likewise, loose siding can be a significant vulnerability during storms. Ensuring that your siding is in good condition will add an extra layer of protection to your home.

Clear Gutters and Direct Downspouts Away from Foundation

Keep your gutters clear and ensure that downspouts direct water away from your foundation. Water damage is one of the fastest ways to diminish the value of your property, so taking the time to maintain proper drainage is crucial.

Maintain Your Sump Pump

Maintaining your sump pump is also essential, especially before the rainy season. A functional sump pump can prevent basement flooding and provide you with peace of mind during heavy downpours. For those seeking extra reassurance, having a backup sump pump can be a game-changer in safeguarding your home.

Seal Doors and Windows

Sealing doors and windows may seem like a minor task, but it can have a significant impact during a storm. Even a small opening can allow powerful winds to get underneath shingles or siding, causing severe damage. And in the event of tornadic winds, a small opening in your windows or doors could enlarge and compromise your home's integrity.

Secure Fence Posts

It's not just the roof and siding that need attention—fence posts are often overlooked in storm preparations. Loose fence posts can become dangerous projectiles in high winds. A quick check and tightening of fence posts can prevent potential hazards.

Trim Trees Regularly

Trees on your property can also pose risks, especially if their limbs are not regularly trimmed. Strong winds can cause branches to snap and damage property, vehicles, or even neighboring homes.

Secure Projectiles

A proactive approach to protecting your property involves walking around your premises and identifying items that could become projectiles during a storm. Lawn furniture, tools, flower pots, or other yard debris can be moved indoors or secured in a garage or shed. It's a small effort that can make a significant difference in minimizing potential damages.

Consider Having a Generator for Power Outages

Additionally, consider keeping a generator on hand in case of power outages. A generator can help preserve your food and maintain the livability of your home until power is restored. Investing in standby power can be a wise decision, especially during extreme weather conditions that might disrupt power sources for an extended period.

Protect Your Home, Loved Ones, and Neighbors' Properties

By implementing these tips, you can protect your home, your loved ones, and your neighbors' properties during storm season. Remember, the key to minimizing property damage and expenses lies in preparedness and proactive action. For those seeking comprehensive insurance coverage to bolster their storm protection efforts, reaching out to us to have a knowledgeable insurance agent review your coverages.

Why Car Insurance Premium are Skyrocketing: Tips for Finding a Better Deal

Car insurance premiums are on the rise, prompting many people to seek more affordable policies. With auto insurance rates contributing to inflation in the U.S. economy and prices increasing significantly over the past year, it's crucial for consumers to explore their options. This article aims to shed light on the reasons behind rising car insurance rates and provide tips for finding a better deal.

Understanding the Factors Driving Rate Increases

Insurance companies are raising premiums due to several factors. One primary reason is the escalating costs associated with repairing and replacing vehicles. Today, new cars and vehicle repairs are significantly more expensive than in previous years, which directly affects insurance rates.

Additionally, the rising costs of medical expenses and a surge in serious accidents contribute to increased insurance prices. According to a recent government report, fatalities from vehicle accidents have seen a sharp rise of 17.7% compared to 2019. Impaired and distracted driving, speeding, and other poor decisions on the road are major contributors to the alarming increase in accidents.

Tips for Switching Car Insurance

If you find that your car insurance premiums have skyrocketed, it may be time to consider switching to a more cost-effective policy. Here are some tips to help you find a better deal:

1. Shop and Compare: Comparing prices and coverage quality will provide you with a better understanding of the options available to you. The easiest way to get quotes is to have an insurance agent shop a variety of carriers for you to find the best rate for you.
2. Plan Ahead: It's advisable to switch insurance providers when your current policy comes up for renewal. Typically, auto insurance policies renew every 6-12 months. Planning ahead can get you an advanced quote discount!
3. Assess Your Insurance Needs: Every driver has unique insurance requirements. Evaluate your needs and consider factors such as the value of your vehicle, your driving habits, and your financial situation. This assessment will help you determine the most suitable type of policy for your specific circumstances.
4. Consult an Insurance Agent: While this article provides general guidance, it's always beneficial to seek assistance from an experienced insurance agent. An agent can assess your individual needs, answer your questions, and guide you towards the most appropriate insurance options.

As car insurance premiums continue to rise, it is essential for consumers to take proactive steps to find more affordable coverage. By comparing quotes, planning ahead, assessing your needs, and seeking the advice of an insurance agent, you can navigate through the complex landscape of car insurance policies and find the best option for your situation.

While the tips provided in this article can offer a starting point, remember that each individual's circumstances are unique. To ensure you make informed decisions and receive personalized assistance, reach out to Family Union Insurance today.

What You Need to Know About Earthquake Insurance in Missouri

Living in the beautiful state of Missouri comes with its fair share of natural wonders and potential risks. While most Missourians are aware of the possibility of an earthquake, not everyone knows whether they have insurance protection against the losses caused by such a disaster. In this article, we will explore the importance of earthquake insurance, its availability, and the factors to consider when obtaining coverage.

The Need for Separate Earthquake Insurance

It's crucial to understand that earthquake insurance is not included in standard homeowners' policies. Similar to flood insurance, earthquake coverage must be purchased as a separate policy. While this may seem like an additional expense, it ensures that you are protected in the event of an earthquake-related loss.

Challenges Faced by the Insurance Industry

The insurance industry faces unique challenges when pricing earthquake insurance, especially in Missouri. Serious earthquakes are rare, making it difficult to accurately determine the associated costs. As a result, insurers offer specialty policies, such as floater policies, which can include earthquake coverage. Even if you haven't specifically purchased earthquake endorsements, insurers will often honor claims resulting from a major earthquake.

Tailoring Coverage to Individual Risks

It's worth noting that not every home or business in Missouri faces the same risk from earthquakes. If the cost of coverage were built into all policies, many individuals would end up paying for insurance they don't actually need. This is why insurance companies utilize special policy endorsements, allowing them to tailor coverage to those who require it. By doing so, insurers can effectively manage their exposure to earthquake risks and protect their financial stability.

Earthquake Coverage for Different Property Types

Earthquakes can damage both permanent homes and mobile homes. Fortunately, insurance coverage for earthquakes is available for both types of properties. Some companies offer mobile homeowners a variant of the traditional homeowner's policy with earthquake coverage as an option. Other companies consider mobile homes as vehicles and automatically include earthquake coverage in their policies.

What Your Homeowners Insurance Generally Covers

In the unfortunate event of an earthquake, the damages often extend beyond the initial tremors. Gas lines rupture, boilers overturn, and fires can break out, causing further destruction. The good news is that the standard homeowner's and business owner's policies cover losses resulting from these fires, providing a layer of protection against such eventualities.

Deductibles and Coverage Limits

Unlike traditional policies with fixed deductibles, earthquake insurance typically has deductibles based on a percentage of the total insurance limit. For example, a five percent deductible means that if your home is insured for $60,000 and the total covered loss amounts to $60,000, the insurance company would pay $57,000, and you would be responsible for the remaining $3,000. If the loss is less than the deductible, you would need to cover the damages yourself.

Need Earthquake Coverage?

In conclusion, as a price-conscious and informed consumer, it is essential to be prepared for the unexpected. Earthquake insurance is a vital component of your overall property and casualty coverage, especially if you reside in an area prone to seismic activity. Although earthquakes are relatively rare, their potential impact can be significant. By obtaining earthquake insurance, tailored to your specific needs, you ensure that you and your property are protected in the event of a seismic event. To learn more about earthquake coverage and determine the best options for your circumstances, we encourage you to contact your local insurance agent today.

Remember, life is full of surprises, but with the right coverage, you can face them with confidence and peace of mind.

Buying Your First Home? What You Need to Know About Homeowners Insurance

If you're shopping for your first home, you may have questions about homeowners insurance. You might be wondering if you’re required to have homeowners insurance in Missouri and, if so, when in the home buying process should you purchase it. At Family Union Insurance, we’re here to provide some insights to help you make an informed decision.

Is Homeowners Insurance Required?

While there's no law that requires home insurance, mortgage lenders do require you to have home insurance coverage before they agree to finance your home purchase. This requirement is understandable because home insurance protects the lender's investment. It provides the necessary funds to repair or rebuild the home if it's damaged or destroyed by a covered event like a fire, lightning storm, tornado, or other such occurrences.

What Does Homeowners Insurance Cover?

A standard homeowners insurance policy typically covers three main areas: your house, your belongings, and liability protection. Your house is a significant investment, and homeowners insurance can help pay for repairs or rebuilding in case of damage from a covered loss. It's essential to understand the extent of coverage for your house and other structures on your property, such as a detached garage or a storage shed.

Your possessions also deserve protection, and homeowners insurance can come to the rescue if they're damaged or destroyed. Whether it's your comfortable couch or delicate china, knowing that you can replace them in case of a covered loss brings peace of mind.

In unfortunate situations where your home becomes uninhabitable due to damages, your homeowners insurance policy may include additional living expenses (ALE) coverage. This coverage helps pay for a hotel or other lodging while your home is being repaired or rebuilt. It ensures that you have a place to stay and maintain a semblance of normalcy during trying times.

Beyond property damage, homeowners insurance also offers liability protection. Accidents happen, and if a guest slips on your walkway and you're held liable, your homeowners insurance can cover medical bills, legal costs, and potential court awards. It's wise to review your policy and determine the dollar limit set for this coverage.

What Homeowners Insurance Doesn’t Cover

While a standard homeowners policy provides broad coverage, it's important to note that certain events like earthquakes and floods are typically not included. Depending on your home's location, your lender might require you to purchase additional insurance for these specific risks. Moreover, if you possess valuable items like fine jewelry or an art collection, you may want to consider a Personal Articles Floater (PAF) to secure proper coverage for those items.

When Should I get Homeowners Insurance?

Ideally, you should start shopping for homeowners insurance as soon as you sign a contract to buy a home. This timeframe allows you to explore different quotes, compare coverage options, and ensure that your policy is in place before the closing date. Usually, you'll have around a month or more between signing the contract and the closing day. It's important to note that you'll typically need to provide proof of payment for the first full year of premiums at closing.

How Long Does it Take to Get Homeowners Insurance?

Speaking of timelines, you might be wondering how long it takes to get homeowners insurance. Well, the process is generally quick and convenient. Starting the process typically takes just a few minutes. It can take one to three days to get coverage in place.

Why do I Need Homeowners Insurance

Once you've made your last payment, your mortgage lender no longer has a say in whether you carry insurance. However, it's important to consider the value you've built in your home over the years. Should a loss occur, having insurance in place is essential to protect your investment. Your home holds cherished memories, serves as your sanctuary, and provides security for your family. By maintaining homeowners insurance even after paying off your mortgage, you can safeguard your home well into the future.

Consequences of Not Having Homeowners Insurance

Lastly, let's touch upon the consequences of not having homeowners insurance in the event of damage to your home. If your home or property is damaged by a fire, windstorm, or other covered event, your homeowners insurance would typically cover the necessary repairs. However, without insurance, you'd have to pay for repairs out of pocket or seek alternative resources to rebuild your home. In the worst-case scenario, you could risk losing your entire investment. By maintaining active homeowners insurance, you ensure that you have the means to cover the costs of repairing or replacing your home and belongings in the event of a covered loss.

How to Get Homeowners Insurance

Homeowners insurance is a vital protection for your home, your belongings, and your financial well-being. While it may not be legally mandated, it's a smart choice considering the potential risks and the importance of preserving your investment. To make the process easiest, contact Family Union Insurance to have an insurance agent shop a variety of carriers and compare the rates for you!

The Importance of Rideshare Insurance: Bridging the Gap for Uber and Lyft Drivers

If you drive for Uber, Lyft or Rideshare, it’s time to consider rideshare coverage. Rideshare coverage makes all the difference if you find yourself in a car accident. While rideshare companies do offer some coverage, it may not be enough to protect you from steep car repair and medical bills, leaving you with potential out-of-pocket expenses.

The Importance of Rideshare Coverage

One of the first things you should know is that your personal car insurance policy typically excludes rideshare driving. Personal auto coverage is designed with the assumption that you're driving yourself, relatives, and/or friends, without earning money or putting excessive mileage on your vehicle. Therefore, when you're "at work" as a rideshare driver, your personal auto policy won't provide coverage. Fortunately, many insurers now offer Rideshare coverage as an addition to your policy.

Gaps in Rideshare Company Insurance

While the insurance provided by rideshare companies may seem satisfactory, especially if you have only the minimum personal auto insurance required by your state, there can still be significant gaps in coverage. For example, rideshare companies typically don't provide collision or comprehensive insurance while you're waiting for a ride request with the app on. Your personal auto policy, which may include collision and comprehensive coverage, may also not cover this period. Consequently, if you accidentally back into a pole during this time, you could be left with no insurance to cover the damage.

The Role of Rideshare Insurance

This is where rideshare insurance becomes crucial. It helps bridge the gap between the coverage offered by the rideshare company and your personal auto coverage. A rideshare endorsement, or add-on, for your personal auto insurance policy is needed for most rideshare drivers. This endorsement can fill the gaps in coverage, such as paying the deductible difference between the rideshare company's collision coverage and your own collision coverage. For instance, if the rideshare company has a $1,000 deductible for collision coverage and you have a $500 deductible, the rideshare endorsement can cover the $500 difference.

Why You Should Disclose That You’re Driving Rideshare

Now, let's address a significant concern: hiding your driving gig from your insurance company. It's crucial to be transparent and disclose to your insurer that you're a rideshare driver. Failing to do so can have negative consequences, including claim rejections for damages sustained during a crash if you don't have a rideshare policy or endorsement. In extreme cases, your insurer might even drop you as a customer, leaving you without any financial protection. The responsibility falls on rideshare drivers themselves to take the necessary steps to ensure they have the right protections while working.

Need Auto Quotes With Rideshare Coverage?

Rideshare insurance is a wise choice for any driver working for companies like Uber or Lyft. It helps bridge the gap between personal auto insurance and the coverage provided by rideshare companies. By obtaining rideshare insurance, you can safeguard yourself from potential financial hardships resulting from car accidents, repair costs, and medical bills.

It's important to note that rideshare insurance availability and coverage specifics may vary by state, so make sure to speak with your insurance agent to ensure you’re fully covered to drive rideshare. Your agent can provide you with the necessary guidance and help you make an informed decision based on your unique circumstances and location.

Understanding Basement Flooding and Your Homeowners Insurance

Basement flooding can be a nightmare for homeowners, leading to significant damage and financial loss. Many homeowners assume that their standard homeowners insurance policy will cover basement flood damage, but the reality is more complex. In this article, we will delve into the nuances of homeowners insurance coverage for basement flooding and explore the scenarios where coverage may or may not apply.

Review Your Insurance Policy and Communicate with Your Agent

First and foremost, it is essential for homeowners to carefully review their insurance policy and engage in open communication with their insurance agent. Every policy is unique, and understanding the specific perils covered and excluded is crucial to avoid any unpleasant surprises when filing a claim.

Situations Covered by Homeowners Insurance

Pipes Bursting

One of the situations where homeowners insurance typically covers basement flooding is when it is caused by burst pipes. If a pipe bursts due to freezing temperatures or a plumbing fixture malfunctions, resulting in a flood, your policy is likely to provide coverage. However, certain conditions must be met, such as maintaining a minimum temperature in the home and ensuring proper maintenance of the pipes. Neglecting pipe maintenance may lead to claim denial.

Broken Appliances

Similarly, if a broken appliance, such as a water heater, causes flooding in the basement, homeowners insurance generally covers the resulting damage. However, if the appliance was poorly maintained or the damage was ongoing, the claim may be contested. It is advisable to practice preventive maintenance and ensure all basement appliances are in good working condition.

Sudden or Accidental Overflows

Localized overflows, such as those caused by sink or tub overflows, may be covered by homeowners insurance if they are sudden and accidental. However, if the insurer can attribute the flood to a maintenance problem, the claim may be denied. Some policies may even exclude this type of scenario from coverage. To clarify the coverage for overflows, homeowners should review their policy and consult their insurance agent.

Situations Not Covered by Homeowners Insurance

Flooding From A Storm

While there are situations where homeowners insurance covers basement flooding, there are also instances where coverage does not apply. One such situation is flooding from a storm. Regardless of whether a property is located in a flood zone, if a storm causes basement flooding, regular home insurance policies typically do not cover the damage. Homeowners with basements may want to consider purchasing flood insurance through the National Flood Insurance Program (NFIP) or a private insurance company to protect themselves from this risk.

Sump Pump Backup

Sump pump backups are another common cause of basement flooding that is not covered by standard home insurance policies. Homeowners can consider adding an endorsement to their policy specifically for sump pump coverage. Most insurance companies offer this coverage at an additional cost, and it can prove beneficial in mitigating financial losses due to sump pump failures.

Sewer Backup

Sewer backups present another challenge for homeowners. If the flooding is caused by an external sewer backup, often involving pipes not on the homeowner's property, it is typically not covered by homeowners insurance. However, many insurance companies offer sewer backup insurance as an endorsement, providing coverage for such incidents. Given the potentially high costs associated with sewer backups, homeowners should seriously consider adding this coverage to their policy.

Water Seepage and Foundation Issues

Occasional or chronic water seepage into basements, often resulting from high water tables or cracked foundations, is generally not covered by homeowners insurance. Insurers typically consider this a maintenance issue and deny related claims. Homeowners should be aware of this limitation and take appropriate measures to address seepage problems.

Maintenance Issues

Maintenance issues play a significant role in determining coverage for basement flooding. If a flood is caused by negligence in maintaining appliances, pipes, or other home components, homeowners will likely be denied coverage. It is important to promptly address leaks and mitigate water damage to avoid claim denials.

Optional Coverages and Endorsements

Considering the limitations of standard homeowners insurance policies regarding basement flooding, homeowners have several coverage options to explore. Some optional coverages to consider are:

• Water backup coverage: an optional addition to the primary homeowners policy that protects against damage caused by drain or sump pump backups.
• Service line coverage: another endorsement worth considering, as it covers utility pipes (water and sewer lines) in case of damage from covered perils.
• Flood insurance: a separate policy that can be obtained through the NFIP or private insurers. It is especially crucial for homeowners in flood-prone areas or those who have experienced previous flooding incidents.
• Replacement cost contents coverage: an endorsement that ensures personal belongings stored in the basement are covered at their replacement cost value, allowing for the purchase of newer versions of damaged items without depreciation.

Conclusion

In conclusion, homeowners should be aware that basement flooding coverage varies depending on the cause of the flood and the specific terms of their insurance policy. Reviewing the policy, understanding its limitations, and discussing coverage options with an insurance agent are essential steps to ensure adequate protection against the financial repercussions of basement flooding. By making informed decisions about insurance coverage and taking preventive measures, homeowners can better safeguard their homes and belongings from the risks associated with basement flooding.

Understanding Personal Property Coverage in Homeowners Insurance: What It Covers and How It Works

What is Personal Property Coverage?

When it comes to homeowners insurance, many people are aware that it covers the structure of their home. However, it also contains a component for personal belongings known as personal property coverage.

What Does Personal Property Coverage Insure?

Personal property coverage insures the contents of your home, including furniture, appliances, electronics, clothing, and more. Certain high-value items, such as jewelry and artwork, may have limited coverage and require an endorsement.

Business vs Personal use

In homeowners insurance, personal property insurance is intended for items used for personal purposes only. If you run a business in your home, you may need separate business personal property insurance.

Understanding Coverage Limits and Valuation

The amount of personal property coverage is generally a percentage of the overall dwelling limit. However, your policy may have specific limits. It's important to understand how the value of your items is calculated, whether actual cash value or full replacement cost.

After meeting your deductible, the insurance company will help pay for losses covered under your policy. Homeowners insurance companies offer personal property insurance in different levels of coverage. When purchasing a policy, you can choose your level of coverage based on the total value of your items.

Personal Property Coverage and Limitations

Your personal property policy covers all of your belongings, wherever you keep them, with some limitations. This includes the interior of your house, yard, shed, car, garage, and even in hotels when you travel. However, your items are protected only from covered losses.

Choosing a Homeowners Insurance Policy

When selecting a homeowners insurance policy, consider whether you want an open peril policy or a named peril policy. An open peril policy covers your personal belongings from any type of accidental damages not explicitly excluded. A named peril policy is less expensive but covers only certain losses specified in your insurance policy.

Reimbursement Options: Actual Cash Value vs. Replacement Cost Value

Another factor to consider is how your insurance policy calculates reimbursement. An actual cash value (ACV) policy factors in depreciation when determining the value of your items. A replacement cost value (RCV) policy does not factor in depreciation and pays to replace damaged or destroyed items based on their current market value up to your policy limit.

Making the Best Choice for Your Family

Understanding how personal property coverage works and what it covers is crucial for homeowners looking to insure their belongings. By considering the type of policy, level of coverage, and reimbursement calculations, you can make informed decisions that fit your needs and budget.

Tips for Adding a Teen Driver to Your Car Insurance Policy

Having a teen driver in the house is a nerve-wracking experience. Not only does adding a teen driver to your car insurance policy cause stress and anxiety, it can also be a significant drain on your wallet.

Reducing Insurance Premiums

Insurance companies charge significantly higher premiums for young drivers under age 25 due to the increased risk of an at-fault accident, which is influenced by age, gender, and driving habits. However, there are ways to score discounts and minimize the impact on your auto insurance rates.

Driver Training Courses

One way to decrease premiums is by enrolling teen drivers in safe or defensive driving courses. Most auto insurance carriers offer a discount on driver training courses completed through certified instructors. It may require some upfront expenses, but the resulting certification can lead to reduced rates for years to come.

Good Student Discount

Another way to save on auto insurance premiums is to ask for a good student discount. Teen drivers who bring home solid report cards may be eligible for discounts. A good student discount usually applies to high school through college students too, and can even last beyond graduation.

Low Mileage and Distant Student Discounts

Teenage drivers with low mileage commutes to school and back may be eligible for low mileage or distant student discounts as well. For college students who live on campus but keep their cars at their permanent address, there are many other discounted rates available.

Car Insurance Telematics

To get even deeper discounts, parents can opt into car insurance telematics to allow insurers to track their teen's driving habits. By installing an app or device, parents can ensure that their teen drivers behave safely behind the wheel. However, parents must also know that the tracking data could be used to increase rates if teens don’t drive safely.

Shopping Around

Another way to reduce premiums is to shop around before adding a teen driver to an insurance policy. It's worth asking an insurance agent about other discounts and carrier options. When looking for a new car, it's also important to research insurance quotes for each make and model before purchasing one for a teen driver.

Family Auto Insurance Policy

Finally, the most cost-effective option is to add teen drivers to the family auto insurance policy rather than having them purchase their own. It's typically three times cheaper for a teen driver to be added to the family policy, and most major car insurance companies require young drivers to be 18 or older before allowing them to purchase insurance. As long as young drivers live at the same address as their parents, they can remain on the family insurance policy.

Conclusion

Adding a teen driver to your car insurance policy can be a stressful and costly endeavor, but there are options to decrease premiums and ensure safety on the road. By taking advantage of discounts and being conscientious about driving behavior, parents can rest a little easier knowing their teen drivers are covered.

Reducing Car Insurance Costs in Kansas: Tips and Insights

Car insurance in Kansas can be a costly endeavor for many residents due to a variety of reasons. However, it is not all bad news for drivers in Kansas, there are options to reduce your rate. In this article, we will take a closer look at why car insurance is expensive in Kansas and provide tips on how drivers can reduce their premiums without compromising coverage.

No-Fault State and Personal Injury Protection

One of the primary reasons for car insurance being expensive in Kansas is the fact that it is a no-fault state and requires personal injury protection. With personal injury protection, drivers are required to purchase additional coverage to ensure they are covered financially if they become injured in a car accident. The state’s personal injury protection is designed to cover medical expenses and loss of income for those involved in a car accident regardless of who was at fault. While the additional coverage is helpful for those involved in an accident, it can also add to the overall cost of car insurance.

Rising Accidents, Claims, and Payouts

Another factor contributing to the increase in car insurance prices is the rise in the number of accidents, claims, and payouts in Kansas. People are driving more frequently, which, in turn, increases the risk of accidents, regardless of fault. With more accidents, insurance providers must pay out more claims, and the cost is often spread out among all policyholders in the state. Additionally, auto repairs are becoming increasingly costly due to the additional technology and features in newer vehicles, causing insurance providers to raise their rates to offset the increased cost.

Increase in Uninsured Drivers and Healthcare Costs

Moreover, more people in Kansas are driving uninsured. As car insurance rates continue to rise, more drivers take the risk of driving without car insurance. In 2019, 11% of drivers lacked even minimum liability insurance in Kansas, placing further financial strain on insured drivers as the costs of uninsured motorists are passed on to them through higher premiums. Similarly, healthcare costs in Kansas are on the rise, with healthcare spending increasing by an average of 5.5% every year, causing car insurance companies to pay out more claims involving medical bills, which is again reflected in increased car insurance rates.

Severe Weather Events

Lastly, Kansas is experiencing more severe weather events, such as severe storms, droughts, and floods, which are increasingly causing insurers to pay out a higher number of claims. These payouts are generally more expensive and more unpredictable. As a result, insurance providers are raising their rates to keep up with the costs.

Other Factors Affecting Car Insurance Rates

While these factors are primarily responsible for the increasing cost of car insurance in Kansas, there are other reasons why your rates may be high. These include your age, location, driving patterns, financial responsibility, and claims history. Drivers under 25 and over 65, people living in population-dense cities, and drivers with poor credit scores generally pay more for auto coverage. Additionally, drivers with numerous recent claims for relatively small amounts may end up paying higher premiums.

Tips to Reduce Car Insurance Costs

Fortunately, there are ways to reduce your car insurance costs in Kansas. Keeping a clean driving record is crucial to lower your insurance costs. Obeying traffic laws and avoiding accidents resulting in claims can help keep insurance rates down. Other ways to save include shopping around for the best rates every three to five years, ensuring that you maintain the best credit score possible, and taking advantage of any discounts that you are eligible for. Comparing rates from at least three insurance companies can potentially save thousands of dollars.

In conclusion, car insurance in Kansas can be costly due to several factors, including being a no-fault state, increasing accident rates, more people driving uninsured, rising healthcare costs, and more severe weather events. To keep your car insurance costs down, it is essential to maintain a clean driving record, shop around for the best rates, and take advantage of any discounts you are eligible for. Additionally, working with an insurance agent that can shop many carriers and help drivers make informed decisions about their car insurance policy.

Exploring the Benefits of Home Insurance Endorsements: Enhancing Your Coverage

Homeowners, have you ever wanted to tailor your policy to fit your needs? Standard homeowners insurance policies may have limitations and exclusions that leave policyholders vulnerable in certain situations. This is where home insurance endorsements come into play. Endorsements offer policyholders the opportunity to customize and enhance their existing coverage without the need for a separate standalone policy. In this article, we will delve into the concept of home insurance endorsements, their benefits, and common types available to homeowners. We will also discuss the importance of understanding your policy's coverage to make informed decisions regarding endorsements.

Expanding Coverage with Common Home Insurance Endorsements

Homeowners often seek endorsements to address gaps in their standard policies and secure additional protection against specific perils or possessions. Let's explore some of the most common types of home insurance endorsements:

Earthquake Insurance

Standard homeowners insurance typically excludes damage caused by earthquakes, leaving homeowners potentially responsible for repair costs. However, policyholders can assess their risk and add an earthquake endorsement to include this peril in their coverage. In earthquake-prone areas like California, separate earthquake insurance policies may be required.

Windstorm Coverage

While many home insurance policies cover certain types of wind damage, such coverage may be limited or excluded in specific regions. Tornadoes and hurricanes are often excluded, but homeowners can obtain an endorsement to ensure protection against these perils.

Sewer Backup/Water Backup Coverage

Damages resulting from sewer or water backups are typically not covered under standard home insurance. However, endorsements can be added to provide coverage for the costs and damages associated with these events.

Personal Property Replacement Cost Coverage

While personal property coverage is typically included in standard home insurance policies, the replacement cost coverage may not be. This endorsement ensures that policyholders can replace their belongings at their current market value, rather than receiving depreciated cash value.

Sinkhole Coverage

Damage caused by sinkholes is commonly excluded from standard home insurance policies. However, residents in areas prone to sinkholes can opt for a sinkhole endorsement, which covers damages to the home, possessions, and even repair costs for the affected area.

Service Line Coverage

Service line endorsements extend coverage to damaged service lines such as phone, power, sewer, gas, and water pipes. Since standard policies often provide limited coverage for repair or replacement, these endorsements help fill the gap.

Identity Theft Coverage

While standard home insurance may cover certain aspects of identity theft, such as replacing a stolen wallet, it often falls short of covering the financial damages caused by thieves using stolen personal information. Identity theft coverage endorsements offer a more comprehensive level of protection against these crimes.

Valuables Coverage

Expensive possessions like jewelry and high-end electronics may surpass the coverage limits provided by standard policies. With a valuables coverage endorsement, policyholders can ensure these items are adequately protected by adding them at their full value.

Additional Home Insurance Endorsements

Beyond the commonly mentioned endorsements, there are several others worth considering:

• New home construction endorsement: Covers a home and materials during the construction phase.
• Functional replacement cost: Replaces the function of an item rather than the specific item itself.
• Assisted living facility coverage: Helps cover a loved one's living expenses in an assisted living facility.
• Ordinance or law coverage: Covers the extra construction costs required to comply with local building codes when repairing or rebuilding a home.

Home insurance endorsements offer homeowners the opportunity to strengthen their coverage by adding specific protections tailored to their needs. These endorsements fill gaps in standard policies, ensuring comprehensive financial security in the face of various perils. By working closely with licensed agents and comparing endorsement options from reputable insurance companies, homeowners can make informed choices that optimize their insurance coverage and provide peace of mind. Remember, while endorsements may increase insurance costs, the enhanced protection they provide can prove invaluable in times of unexpected events and emergencies.

Captive vs. Independent Insurance Agents: Understanding Your Options | Family Union Insurance

When you’re in the market for insurance, whether it’s home, auto, or commercial insurance, you typically work with an agent who can help you find a policy that meets your needs. But most people don’t realize that there are two different kinds of insurance agents—captive and independent.

Captive Insurance Agents

Captive insurance agents, as the name suggests, are contractually obligated to work with one insurance company only. This means that they can sell only that insurer’s policies. Captive agents are experts in understanding the different policies available only with the company they’re contracted with. In Missouri, insurance companies such as State Farm, Allstate, and Farmers use captive agents to sell their insurance products. Working with a captive agent tends to be more expensive overall due to additional fees that the insurance company charges.

Independent Agents

Independent agents, on the other hand, partner with various insurance companies of their choosing, selling policies from each provider. For example, an independent agent might contract with Nationwide, Travelers, and Progressive Insurance etc to sell any of their auto and home insurance policies. This means that working with an independent agent will give you more options, which also means a wider price range. Independent agents have in-depth knowledge about numerous carriers, whereas captives only need to learn about one. Additionally, independent agents tend to cost less because they don't have significant additional fees to support a parent company.

Choose the Right Agent for Your Needs

Working with an independent agent also helps you shop around for plans before settling on one. As insurance is a critical component of one's financial plan, it's essential always to choose the right kind of agent. Before choosing an insurance agent, take the time to understand your options and choose the one that works best for you. When you’re ready to have an independent agent shop a variety of carriers for you, reach out to Family Union Insurance.

Protect Your Recreational Toys with Toy Insurance: Find Coverage in Kansas City | Family Union Insurance

Recreational toys are undoubtedly enjoyable, but they can also be expensive. One of the most critical responsibilities is making sure that they’re adequately covered with a toy insurance policy in the event of an accident. Motorized toys include RVs, boats, motorcycles, and ATVs. Not everybody in Kansas City, MO needs toy insurance, but if you own one or several of the items above, you need toy insurance, and here's why.

Protecting Your Assets

Firstly, protecting your assets is essential. Your toy is an expensive asset that may cost lots of money to replace if not adequately covered. You want to make sure that you can still get a new one in case anything happens. A toy insurance policy provides you with peace of mind as the coverage protects your assets against fire, burglaries, loss, and other natural disasters.

Liability Coverage

Secondly, it's essential to have liability coverage when it comes to toy insurance. Accidents happen everywhere, but that shouldn’t be a problem if you have the right toy insurance. For coverages, liability coverage should be your priority. Whether you have passengers or not, your toy may lead to endless lawsuits in the event of property damage or bodily injury. Remember, you’re supposed to be financially responsible, especially if you drive a luxury vehicle or motorcycle.

Advantages of Toy Insurance

Lastly, toy insurance has some clear advantages. However, it's essential to purchase a policy from an insurance provider with a proven track record. At Family Union Insurance, you can sit back, relax and let them do the hard work as they are here to help with all your toy insurance needs. They have insurance agents that can help you find the best coverage that suits your needs.

Conclusion

To conclude, recreational toys are fun to have, but they come with significant responsibilities. That's why toy insurance is important. It provides coverage against theft, accidents, and other natural disasters. Plus, it offers liability coverage to protect you financially in case of an incident. At Family Union Insurance, they know how expensive recreational toys can be, and that's why they are dedicated to helping you find the best coverage to protect your assets. So, if you're looking for Auto & Home Insurance Quotes in Kansas City, Missouri, Family Union Insurance has got you covered.

Rising Multifamily Property Insurance Costs Impact Affordable Housing and Tenants

First came supply-chain-fueled higher construction costs. Then came inflation and interest-rate hikes imposed by the Federal Reserve. Now, multifamily property operators are seeing their property insurance premiums rise at a time when the cost to build and finance a commercial real estate project remains elevated, even though most material prices have stabilized since pandemic peaks.

Ripple Effect in the Multifamily Industry

In my time in the insurance industry, I've seen many changes and trends. The recent spike in insurance costs that have risen 26% on average among respondents during the past year will have a significant ripple effect within the multifamily industry, ultimately leading to higher rates being passed on to tenants. But more limited options to offset those higher costs are available for income-restricted housing or rent-controlled apartment markets.

The National Multifamily Housing Council's survey found that:

• 61% of respondents had to increase their deductibles during the past three years to maintain affordability
• 57% reported new policy limitations by their insurance carriers to reduce their exposure
• 34% of respondents said their insurance carriers limited or reduced coverage amounts

Reasons for Higher Costs

The cost of insurance isn't a new issue for multifamily operators, but conditions have worsened in recent years, with internal insurance dynamics, industry consolidation, carriers departing some markets, and climate change all contributing to the higher costs. The higher premiums now seen since the start of 2023 come on the heels of Hurricane Ian, a Category 5 hurricane that battered Florida in September, causing an estimated $60 billion in insured property damage.

On top of that, insurance carriers have increased their rates and have become more selective about where they insure property, pulling out of some markets altogether. Bloomington, Illinois-based State Farm Insurance, for example, recently became the latest insurer to exit California, with a decision in late May to stop accepting homeowner, business property, and casualty insurance applications.

For companies like The NRP Group LLC, which manages 15,334 affordable units nationally, rising insurance costs are taking a toll on existing portfolios and new construction. Debra Guerrero, senior vice president of strategic partnerships and government affairs at NRP, said the company has seen its insurance rates increase 18% to 20% annually. Companies like NRP are now looking at costs within their control, including utilities, staffing, marketing, and potentially some amount of deferred maintenance at their properties.

Consequences for Affordable Housing

Affordable-housing owners across the sector are likely to produce fewer affordable units, owing to elevated costs across the board. While NRP properties haven't had to be canceled outright owing to higher insurance costs, the overall higher-cost environment may cause delay or businesses to walk away from development deals. At NRP, some prospective deals have been abandoned owing to insurance costs.

Risk Management and Loss Control

The real estate industry must now be in the risk-management and loss-control business, whether they like it or not. Real estate owners need to be proactive in providing building replacement costs and high-quality data, while insurers are more stringent on their underwriting requirements. Everyone is now required to directly report adequate insurable rebuilding costs for all buildings, which is driving up the total insurable value of assets and creating a compound effect on premiums.

The NMHC is talking to policymakers about the impact insurance costs are having on housing affordability, and the group is advocating for a reauthorization and reformation of the national flood insurance program. The NMHC also is advocating for ways to boost and incentivize greater participation by carriers in the multifamily insurance market and devising ways to bring more capacity to the domestic reinsurance market.

Conclusion

In conclusion, multifamily property operators are facing higher premiums for property insurance, at a time when building and finance costs remain elevated. Not only will this lead to higher rates being passed on to tenants, but it could also affect property valuations and disrupt transactions. Companies that work in the affordable-housing sector, like The NRP Group LLC, are trying to figure out ways to offset higher insurance premiums. For affordable-housing owners, there’s a real danger that existing affordable housing will not be sustainable in the long run. It is important for real estate owners to be proactive in providing building replacement costs and high-quality data, and for policymakers to take action to mitigate insurance costs within low-income housing.

Kansas Insurance Department Recovered $7.6 Million - Protecting Kansans from Insurance Malpractice

Protecting Consumers

Faced with the complexities of the insurance claims process, it's not uncommon for policyholders to find themselves lost and unsure of their rights. That's where the Kansas Insurance Department steps in. By investigating complaints lodged between the consumer and the insurance company, they are able to uphold the policies and ensure that benefits are paid out accordingly. The fact that the department has made its largest-ever single-year recovery highlights the importance of their mission and their success in carrying it out.

Protecting Policyholders' Rights

Take, for example, an individual who has been involved in an automobile accident. Having sustained injuries and damages to their car, they file a claim with their insurance company. As the process unfolds, they realize their claim is being met with resistance from the insurance company. With nowhere else to turn, they approach the Kansas Insurance Department for help. Through the department's investigation, the policyholder's rights are upheld, and they receive their rightful benefits.

Acting as an Intermediary

It's stories like these that emphasize the significance of the Kansas Insurance Department's role in protecting citizens from insurance injustices. By doing so, they have acted as an intermediary in difficult situations between policyholders and insurance companies, helping to prevent further disputes and ultimately saving time and money in the process.

Enlisting the Help of an Insurance Agent

For support in the general claims process, I strongly recommend enlisting the help of an insurance agent. Doing so not only helps ensure that you are fully protected with the right policies, but it also provides an expert to assist you in navigating the claims process. Should something go wrong, they can get you connected with the Kansas Insurance Department for your next steps to resolve your claim.

Conclusion

The Kansas Insurance Department's record-breaking recovery of $7.6 million in a single year is a shining example of their tireless efforts to protect the rights of Kansans. Through their investigation of complaints and their commitment to upholding insurance policies, they stand as a beacon of hope for those struggling with the intricacies of property and casualty insurance. Should a dispute ever arise, don't hesitate to approach the Kansas Insurance Department - they may just be the solution you need.

Who Needs Life Insurance? Factors to Consider and Coverage Explained

The question of who needs life insurance

Nags at many of us the moment we hear it. Some may dismiss it as an unnecessary expense, while others may feel like it's a necessary security blanket. However, the truth is that there are a variety of factors that determine whether or not you need life insurance. In this article, we break down who might need life insurance coverage.

Primary Breadwinners

If you're the primary breadwinner in your household and your income supports your family's way of life, then you should definitely consider life insurance coverage. In case of an unexpected death, your loved ones might find themselves in a challenging financial situation, so a life insurance policy can help cover their expenses in the aftermath.

Stay-at-Home Spouses or Parents

Stay-at-home spouses or parents may not earn a traditional income, but they offer invaluable services such as cooking, cleaning, or child-rearing that are costly to replace. Life insurance coverage can help ensure that your family can cover their everyday expenses without sacrificing their quality of life.

Parents or Grandparents with Dependents

Another group of people who may need life insurance coverage are parents or grandparents with dependents. If you have young children or dependents with disabilities, they may require long-term support that your income provides. A life insurance policy can help secure your family's financial future, even if you're no longer around.

Small Business Owners

Small business owners who play an integral role in their companies should also consider life insurance coverage. If your business relies heavily on you, then your passing could have a significant financial impact on your employees and investors. A life insurance policy can help minimize the impact of your loss on your small business by covering expenses such as buying out your share of the company, paying rent or wages to new employees.

Final Expenses

Additionally, people who want to cover their final expenses may also opt for a life insurance policy. With the median cost of a funeral with a viewing and burial clocking in at $7,848, a burial life insurance policy is a wise investment for peace of mind. It can help take the burden off of those responsible for fulfilling your final wishes.

Assessing Your Need

On the other hand, if no one in your life relies on your income to cover expenses or debt, then you may not need life insurance just yet. In this case, it might be better to invest your money elsewhere. Remember that the younger and healthier you are, the more affordable life insurance is, so it's worth exploring your options early on.

Group Life Insurance and hen to Apply

Another important factor to keep in mind is whether or not your employer offers group life insurance as a benefit. Even if the coverage isn't as comprehensive as you would prefer, it's still a valuable resource to have. If your employer offers free group life coverage, you should consider accepting it and perhaps supplementing it with additional coverage.

Conclusion

The decision to purchase life insurance isn't a one-size-fits-all approach. It's best to evaluate your situation and assess whether or not your death would have a financial impact on those around you. If it would, then investing in life insurance coverage might give you and your loved ones peace of mind.