home insurance Archives - Recoop Insurance

A Year in Review: 2024 Disaster & Insurance Trends

As we approach the end of 2024 and look back on the year, it’s clear that severe weather across the United States has become increasingly unpredictable. From raging wildfires and record-breaking hurricanes to devastating floods, the impact of these natural disasters has been felt by communities across the country. The financial burden imposed on families and businesses is growing heavier, which has influenced insurance trends and shed light on new considerations for financial planning. In this blog post, we’ll explore the severe weather trends of 2024 and explore how the insurance industry has reacted to and evolved alongside these shifting patterns. Top Three Severe Weather Trends of 2024 As of November, the NOAA has confirmed 24 billion-dollar disasters across the U.S. this year, ranging from severe storms and tropical cyclones to winter storms and wildfires. While 2024 has brought on fewer disaster events than in 2023, the year has presented [...]

Flynn Wright2024-12-18T16:13:52+00:00Tags: home insurance, severe weather|

Understanding Your Insurance Coverage: Homeowners vs. Renters

Natural disasters strike without warning and without discrimination, plaguing homeowners and renters alike. A recent report from Realtor.com found that nearly half of all homes in the U.S., 44.8%, are at risk of damage from environmental threats. When it comes to protecting your property from severe weather, having insurance coverage is crucial. However, the type and extent of coverage can vary depending on whether you rent or own your home. In this post, we’ll discuss the differences in insurance coverage for homeowners versus renters, and how supplemental disaster insurance can provide peace of mind for both. Homeowners Insurance Homeowners insurance is designed to protect the policyholder’s investment from a variety of risks, typically including coverage for: Dwelling Protection: This covers the physical structure of your home and means that if a disaster such as a fire or storm damages it, your insurance provider can help cover the repair and rebuilding [...]

Flynn Wright2024-09-18T16:20:33+00:00Tags: home insurance, homeowner tips, natural disasters|

Navigating the World of Disaster Insurance: A Guide for First-Time Homeowners

Congratulations on becoming a homeowner! Owning a home is a significant achievement that comes with a sense of security and pride. However, homeownership also comes with its share of responsibilities and risks. One aspect of protecting your new investment is understanding and securing the right insurance coverage for you. In this blog, we’ll review tips for selecting your new policy and reasons to consider supplemental disaster insurance. Tips for First-Time Homeowners Assess Your Risk: Did you know that nearly one in four U.S. adults say they don’t have emergency savings and that there were a record 28 weather and climate disasters (costing $1B each) in 2023? Research the natural disaster risks most likely to affect your area and prioritize supplemental insurance accordingly to support your emergency savings. Compare Policies: More than 70% of disaster damage from the past 10 years has not been covered by insurance. Compare different insurance providers, [...]

Flynn Wright2024-07-02T19:21:49+00:00Tags: home insurance, homeowner tips, natural disasters|

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 [...]

Flynn Wright2023-11-30T15:59:55+00:00Tags: home insurance, homeowner tips, natural disasters|

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 [...]

Flynn Wright2023-10-18T19:52:25+00:00Tags: home insurance, homeowner tips, natural disasters|

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.

Flynn Wright2022-07-14T18:56:00+00:00Tags: coverage gaps, financial well-being, home insurance|

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 [...]

Flynn Wright2022-07-14T21:51:42+00:00Tags: home insurance, insurance claims, natural disasters|

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 [...]

Flynn Wright2022-07-14T20:07:22+00:00Tags: home insurance, insurance claims, natural disasters|