LIFE INSURANCE 2018

Today, the Seattle Times published a warning about the risk of landslides due to recent heavy rains: Heavy rains bring increased risk of landslides, SPU warns . "With rain late Thursday and Friday morning, Seattle exceeded the official U.S. Geological Survey’s landslide threshold ." In addition to taking the steps outlined in the article, homeowners should take a look at the insurance policies. Homeowner policies typically do not cover damage caused by land movement or a landslide if the underlying case is excessive water. There are options for homeowners who wish to have coverage in the event of a landslide. Consumers can purchase a rider that covers the contents of their home from all perils, including landslides. Some companies also sell earth-movement coverage for any structures on your property. Flood insurance may cover landslide damage that is due to heavy rains. Your insurance agent or broker can tell you what type of coverage is best for your situation. Read more abo...

Yesterday, people in the Longview area experienced a tornado, a rare occurrence in Washington state. Luckily, there are no reports of injuries but there was some property damage to buildings and vehicles, according to news reports. Read more about the tornado in The Columbian newspaper .  Photo courtesy KING5.com Standard homeowner and commercial property policies typically cover damage caused by tornados or wind. Damage from tornados can damage building exteriors and roofs, which can leave them susceptible to water damage from rain, and can cause trees to fall on buildings and cars. Personal auto and commercial auto policies would need to have comprehensive coverage in order pay for damage caused by wind.   If you experienced any damage from yesterday’s tornado, contact your agent or broker to discuss what coverage you actually have and to get your claim started. If you have questions, you can contact our consumer advocates online or at 1-800-562-6900.

A report issued today found only 9 percent of insurers are well prepared to face the risks posed by a changing climate. Only two of those insurers are headquartered in the United States.   Ceres today released its 2014 climate preparedness scorecard , which ranks the nation's 330 largest insurance companies on what they are saying and doing to respond to escalating climate risks. The report is based on a 2013 survey of insurers with an excess of $100 million in direct written premiums conducted by insurance regulators in Washington, California, Connecticut, Minnesota and New York.   More results: 276 of the 330 companies that responded scored in in the bottom half. The top nine best-prepared companies are: ACE, Munich Re, Swiss Re, Allianz, Prudential, XL Group, The Hartford, Sompo Japan and Zurich. Only The Hartford and Prudential are headquartered in the United States. Overall, property and casualty (P&C) insurers are better prepared than life and health insurers, w...

The federal government this week banned a trade association from selling health care-related products to consumers. The OIC issued a cease-and-desist order against the same group in 2012 for selling discount health plans in Washington without a license. The Federal Trade Commission banned the Independent Association of Businesses (IAB) from selling any products that could be construed as health insurance or health care products to consumers. The group marketed its products as health insurance but consumers who purchased it were in fact enrolled in an IAB membership that included discounts on many services, including travel protection, identity theft protection and certain medical visits that were subject to broad exclusions and limitations. IAB indicated to our investigators that it had sold 190 memberships to 161 Washington consumers as of September 2010 and it was still doing business at the time of our order in February 2012, even though it knew it wasn’t legal to do so. Cons...