Courtesy of iii.org With burglaries constituting approximately 50 percent of all on-campus crimes, it's important for college students and their parents take steps to prevent theft, adhere to safety measures—and review their insurance coverage. Campus coverage basics It's best to consult your insurance professional for the details of your family's specific coverage and where you might need additional protections, but here are some general guidelines: Students who live in a dorm are covered under their parents' standard homeowners insurance policies – That is, their possessions are protected by "off premise" coverage. However, some homeowners policies may limit this amount of insurance, so make sure you understand your own policy. Students who live off campus are likely not covered by their parents’ homeowners policy – Your insurance professional can tell you whether your homeowners or renters policy extends to off-campus living situations. If it does not, to …
Insurance
Are You Prepared for A Hurricane?
Courtesy of iii.org Florida accounted for 13 percent of all U.S. insured catastrophe losses from 1987 to 2016: $70.8 billion out of $364.3 billion, based on data from the PCS division of ISO. (Adjusted for inflation by ISO using the GDP implicit price deflator.) Six of the 10 costliest hurricanes in U.S. history have impacted Florida. Four of these storms occurred within just two years: 2004 and 2005. (See chart.) The costliest hurricane, based on insured property losses to Florida, was 1992’s Hurricane Andrew. It caused $25.4 billion in damage to Florida and Louisiana (in 2018 dollars). (See chart.) Standard homeowners policies typically do not cover flood damage. Flood insurance is covered by the federally managed National Flood Insurance Program, but private flood insurance is becoming increasingly available. Florida leads the nation in the number of flood policies, according to the National Flood Insurance Program, with about 1.8 million policies in force in …
Do You Need Insurance Protection?
Courtesy of iii.org June weather in New York City can be fickle. As the I.I.I.’s own Brent Carris reported, this fickleness can lead to chaos for the city’s outdoor music festivals, like the recent fiasco at this year’s Gov Ball. Carris noted that event organizers will often have event cancellation insurance to protect themselves financially. But this got me thinking: is there rain insurance? Weather insurance The answer: yes, actually. It’s usually called “weather insurance” – and covers financial losses resulting from adverse weather, including rain. Typically, weather insurance is useful if you’re planning an outdoor event, like a wedding or a bar mitzvah. Commercial events can also buy this insurance, like fairs or festivals. According to Trusted Choice, weather insurance is often tailored to a specific event’s needs. For example, a sailing regatta in San Francisco might want to be covered for excessive fog, whereas a baseball tournament in Arizona might want to be …