What to Expect After Disaster Strikes

Those who have first-hand experience with natural disasters know how their impact can last well after immediate trouble has passed. Once you navigate the hurdles nature has thrown your way, attention promptly turns to getting everything back together so you can fully recover as quickly as possible. We often emphasize the preventative actions we can take in preparing for severe weather events, but what you do after disaster strikes is just as important. Let’s raise the curtain on the road to recovery after disaster strikes. Disaster Struck. Now What? Before all else, make sure that your loved ones are safe. This initial period will entail checking in on friends and family and seeking out temporary lodging if needed. Once you’ve secured your community and needs, you can begin the process of physical and financial recovery. Assess the Damages: If it is safe to do so, go around your house and [...]

The Damage Report: Unveiling the Top 10 Disaster-Prone States

Being prepared is the first step to protecting your loved ones, your home and your financial stability when disaster strikes. Severe weather can touch down at anytime, anywhere as it has only amplified in intensity and frequency over the last few years – leaving destruction in its wake. And while many homeowners and renters assume their traditional insurance policy has them covered after Mother Nature hits; they’d be surprised to know that their policy likely has major gaps that leave them having to fill it with their hard-earned emergency savings. At Recoop, we understand that the uncertainty of severe weather can be daunting, and that’s why we’re here to help. Our new series The Damage Report is designed to provide you with actionable, insightful and data-driven analysis of the top 10 states that faced the most disasters since 2000 according to the Federal Emergency Management Agency (FEMA). You may be [...]

Worth a listen: Recoop CEO on the common coverage gaps

Everyone loves a good origin story. And the kind folks at the Insurance Podcast recently let Recoop tell ours. Hear from our CEO and founder, Darren Wood, on: His background in insurance The 7 common perils “covered” by home insurance The costly gaps in traditional home insurance How Recoop fills those gaps The new way policyholders can get disaster recovery cash faster LISTEN NOW The Insurance Podcast highlights CEOs, brokers and agents, software companies, marketers and insurance innovators leading change within the industry. We were grateful for the invite … and the chance to get our insurance geek on.

The Ins And Outs of Multi-Peril Insurance

As you’re skimming – I mean, reading – your homeowners or renters insurance policy, you’ll come across the word “peril” quite frequently. But what exactly does peril mean in the insurance world? Well, we’re so glad you asked because it’s something we just cannot stop talking about. The folks over at the International Risk Management Institute define peril as a cause of loss (think windstorm or collision). The list of mishap events or perils your property will be protected against can be found outlined in your insurance policy; however, this doesn’t mean all the known, costly perils that could happen will be included in your plan. Okay, but what’s multiple-peril insurance? Let’s start by breaking down the two main types of multiple-peril policies: named peril and open peril. Named-peril plans are very strict and only cover what explicitly listed in your policy, while open-peril policies cover all losses except those [...]

Tick Tock: The Home Insurance Waiting Game

Whoever said patience is a virtue clearly never had to wait on a home insurance claim to be paid out. After a disaster touches down, you’re stuck dealing with the physical damage sustained by your home, trying to figure out a short-term housing solution, and grieving the loss of irreplaceable items, so waiting to receive the funds from your insurance claim can only make matters more stressful. In 2021 alone, natural disasters in the U.S. totaled approximately $145 billion – that’s billion, with a B. The fact of the matter is that weather-related disasters aren’t slowing down anytime soon, and they can spell financial ruin for many Americans who don’t receive financial assistance from an insurance claim soon enough. While you may think your homeowner’s insurance policy will take care of everything quickly, that’s not always true. Depending on where you live and state laws, an insurance claim can take [...]

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