Employers: Don’t Let Consumers Get Swept Up in Financial Challenges This Tornado Season

In 2021, the U.S. recorded just shy of 1,400 tornadoes – which was up more than 300 from the previous year. Not only do severe weather events like this cause billions of dollars in damage and destruction, but they also leave tons of communities without power, internet, and other utilities. Many people are then left picking up the pieces, creating a financial burden to quickly bounce back from a tornado; that’s not something every person can afford to do. You may be thinking to yourself, “Okay, where do I come in as an employer?” The way we see it, you have excellent opportunities to show up for your employees and support them in the event of a tornado. Let’s break it down. It’s an office. No, it’s a home Today’s work environment gives employers and employees more flexibility than ever before, which comes with many benefits. For example, if you [...]

What Disasters at Home Mean for Our Work-From-Home Climate

In 2021, the contiguous U.S. states suffered 20 separate billion-dollar weather disasters. With widespread destruction and damage caused by severe weather, many communities are left facing internet, power, and other utility outages. This data shows the alarming truth: No one is immune to the realities of natural disasters. The destruction leaves more than damage to the home; it creates a financial burden for us regular folks to recover our property – an instability few can afford. The emotional stress brought on by severe weather is only compounded in today’s work-from-wherever era. Now that our homes often doubling as the “office”, the blows of severe weather at home is more than just a homeowner problem. It’s the employer’s problem, too. For example, employers have less say in the type of risk-mitigation efforts and preparedness their employees take against natural disasters. Maintaining a secure, connected workplace becomes a moot point when a [...]

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 [...]

Peril Know-How: Winter Storms

Each year, the snow, ice, freezing, and flooding that comes with winter weather causes billions of dollars in insured losses along with a whole host of headaches (double ouch). According to the Insurance Information Institute, winter weather caused a record $15.1 billion in insured losses in the first few months of 2021. And, in much of the country, freezing temperatures and ice storms can last well into what we may have typically called “spring.” AccuWeather reports parts of the country are likely to experience extended winter weather this year. With all of this in mind, it’s important to not only prepare your property to weather the winter before the season but to monitor and maintain your home to handle all the season has to throw at it. Before the Season Starts Heading into winter storm season, it’s essential to get your home in order to help avoid – or even mitigate [...]

Insurance Watch-Out Words

The most tedious part of reviewing insurance policies? The fine print. It can be full of loopholes and exemptions that, let’s be honest, we may overlook or not quite understand. Although it’s not the most exciting part of insurance, it’s imperative you dig into it, so you know what your policy covers and leaves out. Terms like “eligibility”, “limits of coverage”, and “exclusions” usually jump off the page when you’re scouring through your plan, but there’s so much more. You need a firm understanding of your policy so you can plan for risks or even identify necessary, additional coverage to protect your home.We put together this helpful list of words you should keep an eye out for when reviewing natural disaster protection within your policy: Sneaky deductibles: Did you know you can be hit with a special deductible when filing a claim depending on where you live? Yep, that’s right. [...]

2022-06-30T18:54:32+00:00Tags: |

Americans Are Flirting With Disaster

The truth of the matter is that natural disasters are becoming more and more common. While you may not have been affected by a disaster like a tornado, hurricane, or earthquake yet doesn’t mean you’re immune. In fact, 97% of the U.S. population has been impacted by a federally declared disaster since 2010. To add to the growing concern, about $60 billion in uninsured losses were reported in 2021 alone. It’s clear the perfect storm is brewing for financial strain in the wake of a natural disaster, making the right coverage more important than ever. It’s why we created Recoop. Instead of rolling the dice and hoping Mother Nature leaves you alone, start by diving into what your current homeowner’s policy covers – and leaves out. By searching for terms like “limits of coverage”, “eligibility”, and “exclusions”, you can start to identify where your current plan leaves you hanging and [...]

2022-06-30T18:57:43+00:00Tags: , |

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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