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When Typical Homeowners’ Insurance Isn’t Enough

March 1, 2019 by NHSI

People want the best home protection possible for their families, and Floridians in particular understand how important this is when it comes to hurricane preparation. As a former Florida insurance commissioner, Kevin McCarty understands this better than most.

McCarty’s career with  the Florida Office of Insurance Regulation began right before Hurricane Andrew devastated much of South Florida in 1992, providing him a firsthand look at how severely a storm can impact the state. Through the intensity of the 2004 and 2005 hurricane seasons, when Florida was battered by eight named storms including hurricanes Wilma and Katrina, McCarty was witness to massive disaster areas with tens of billions of dollars’ worth of damages. McCarty knows how unexpectedly dangerous and damaging hurricanes can be.

“It is unfortunate that many people only learn the terms of their homeowners’ policy coverage after a catastrophic event occurs. Imagine their surprise and regret when they learn that things like spoiled food, evacuation costs, family mementos, luxury goods and similar items are not in fact covered under their standard policy,” McCarty says. “Fortunately, a new innovative new product allows homeowners to obtain affordable supplemental coverage with proactive claims processing that will put cash in their hands quickly and allow them to return to their normal routines as soon as possible, without the stress of the traditional claims adjusting process.”

To protect his own family, McCarty uses a supplemental coverage called StormPeace. Offered by Assured Risk Cover, StormPeace strengthens a homeowner’s policy with no inspections, adjusters, or deductibles by covering expenses that are normally excluded in homeowners’ policies. McCarty  recognizes the reality of many families in Florida who live paycheck to paycheck – as well as the urgency to resume their lives and the helpless frustration they feel over long claim times. StormPeace offers peace of mind in these situations; after Hurricane Irma, for example, 100% of StormPeace’s policyholders were paid,  with 98% of them receiving funds via direct deposit within 72 hours.

No Deductibles or Adjustments

StormPeace is available for homeowners, renters, and mobile homes. A claim and attestation of damage is all it takes to initiate payments, and a detailed listing of actual losses is available afterwards. The streamlined claim filing system has been modeled so the process is quick and hassle-free.

A Parametric System

StormPeace is what’s called a “parametric” insurance, meaning policyholders can receive payments once the specified parameters are met. StormPeace focuses on two predetermined factors: the distance between your property and the center of the hurricane, and the strength of the storm when it’s closest to your property.

Reduced Waiting Period

Since the parameters are easy to find out and verify, the claims process is simplified and access to funds is almost immediate. The National Hurricane Center provides real-time hurricane tracking, so once the payment conditions are met, StormPeace uses the GPS locations for insured properties to reach out to policyholders about their claims eligibility within 24 hours of the hurricane end. All that’s required is a claim and attestation of damages to receive your payment within 72 hours!

No Landfall, No Problem

All nearby hurricanes are eligible, even if they don’t actually make landfall. StormPeace understands that hurricanes can cause significant damage, regardless of landfall or not.

Not Your Typical Coverage

Payments can be used for any out-of-pocket expense that directly resulted from the hurricane, including water damage of all types, as well as  spoiled food, damaged pools, and fallen trees. Another potentially major expense that isn’t covered by most typical insurance policies is the cost associated with evacuating. A survey by the National Hurricane Survival Initiative revealed that 40% of respondents spent $500 or more as a result of evacuating for Hurricane Irma, and 58% stayed put despite evacuation recommendations.

Learn more about how StormPeace works here or visit www.stormpeace.com

Filed Under: Get Ready, Florida, News Tagged With: Hurricane Coverage, insurance, Kevin McCarty, parametric insurance, StormPeace

Don’t Go Into Another Hurricane Season Without This Important Business Tool

August 31, 2018 by NHSI

Speed of recovery means everything for businesses. You don’t want to wait days or weeks after a hurricane to reopen, because that’s lost income. What’s more, many businesses see a surge in demand after a hurricane, so they absolutely have to stay open or at least minimize downtime.

That’s why Assured Risk Cover created StormPeace for businesses. It’s designed to give business owners the cash infusion they need immediately after a hurricane so they can get back on their feet quickly.

Business interruption coverage is becoming increasingly popular, yet it has its limitations. Most commercial insurance policies require proof of physical damage before they will pay for business interruption. StormPeace, however, offers business interruption coverage with or without physical damage, because often all it takes is a power outage or evacuation order to force a business to close its doors.

Florida businesses are preparing for this hurricane with StormPeace – because the faster they recover, the sooner their customers and the local economy benefit. They can apply the funds toward a wide variety of expenses, including:

  • Temporary location rental
  • Transportation
  • Debris cleanup
  • New equipment
  • Business income loss or payroll expenses
  • Repairs

Like the StormPeace residential policy, applying for business coverage is simple. Just provide your business name and address and choose a policy limit, up to $60,000 and lower than your hurricane deductible, if you have one. There’s a simple, painless claims process and you’ll receive your payment within hours of the hurricane. The amount you receive is calculated based on the strength of the storm and its distance from your business location. It doesn’t matter how the loss was caused (e.g. by wind, flying debris, water, rain, storm surge, or mold from water), so long as the triggers are met.

According to FEMA, 40% of small businesses never reopen after a disaster, and another 25% that do reopen fail within a year. A small business can be extremely vulnerable to a major weather event, and it represents years of sweat equity and investment. The stakes are too high to leave anything to chance.

Get started at www.stormpeace.com today!

Filed Under: Get Ready, Florida, News Tagged With: Assured Risk Cover, business, hurricane, insurance, parametric insurance, StormPeace

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