Last Updated Oct 11, 2009 2:10 PM EDT American companies have made an art form out of cutting employee salaries while making them work longer and harder. Insurers are not immune. A recent survey by Claims magazine showed that "stunted wages, heftier workloads and shriveling benefits" continue to plague its members. But occasionally these Les Miserables mount the barricades and revolt. That's what's happening at venerable Allstate Corp., where the normally good-natured good-hands insurance agents are taking on the country's largest publicly traded home insurer. The National Association of Professional Allstate Agents has published and distributed a petition to the Internal Revenue Service questioning whether Allstate lived up to its side of the bargain since it converted the majority of its sales force from employee to independent contractor status back in 2000. According to Insurance Journal the NAPAA represents about 10 percent of Allstate's agency force, which is about 14,700 … [Read more...] about Free the Oppressed Allstate Insurance Agents!
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(MoneyWatch) Last week I wrote about how most home insurance policies have limits on what they'll pay to rebuild your home in case disaster strikes and what folks must do to make sure they have enough coverage. But having enough coverage to rebuild your home isn't enough. You also want to ensure that your insurance covers loss of use and loss due to flooding, as well as your home's contents no matter what the reason for the claim. Contents coverage for all risks. For people with a single-family property, you need home insurance coverage called an HO-5 policy. Only this provides replacement cost coverage for contents damaged or lost due to all risks. This is particularly important if you have a larger home, expensive furnishings, jewelry, art, or a home office.How to insure your home against disaster Flood insurance. Standard home insurance policies don't cover flood damage. Homeowners in flood zones can buy flood insurance under the National Flood … [Read more...] about Do you have the right home insurance?
Last Updated May 23, 2011 9:26 AM EDT A few days ago, I wrote about how most home insurance limits the amount they will pay to rebuild your home and what you should do to make sure you have enough coverage. But having enough dwelling coverage isn't the end of it. You also want to ensure that the policy guarantees that your home contents will be covered no matter what the reason for the loss. This is particularly important if you have a larger home, many furnishings, jewelry, art, or a home office. For folks who own a single family property, you need to have a type of home insurance coverage called an HO-5 policy. Only this type provides replacement cost coverage for contents damaged or lost due to all risks. Flood Insurance National Flood Insurance Program through the Federal Emergency Management Agency, and any claims are often serviced by your insurance company. The maximum coverage for building property is $250,000 and $100,000 for loss of personal property. Losses are covered for … [Read more...] about Home Insurance: Are You Covered for a Flood or Tornado?
The recent storm in Buffalo, New York, dumped over seven feet of snow there, and as warm temperatures followed, the risk of local flooding due to rapidly melting mounds of the white stuff followed. Now folks in the Northeast are bracing for another winter storm over the Thanksgiving holiday. If you own a home, rental property or a business, you need to think about how your property is protected if it's damaged due to winter storms. The weight of accumulating snow can collapse roofs, ice buildup can cause melting snow to seep under shingles causing roof leaks and melting snow can cause water to leak into basements, causing significant damage. Fortunately, most home and business owners who carry modern insurance policies can take comfort in the fact that their policies cover damage caused by winter storms. According to USAA, if property damage is "caused by the weight of ice and snow, damage to buildings is typically covered, subject to your policy limits for this type of damage. But … [Read more...] about Is your home insured for winter storm damage?
Police were turning back cars trying to get through a flooded intersection just outside Bradenton, Florida. But State Farm agent Heath Marston was driving a four-wheel-drive truck, so they waved him on. He plowed through the water to his dark office, where he found seven dirty and disheveled employees who had been working for 36 hours with little sleep. Marston could relate to how they felt: Hurricane Irma tore half of his home's roof off. Then, magically, the power came on in the office, and they began answering the phones that rang without a break. This was one of those moments that good insurance agents live for. Instead of collecting premiums for a distant disaster that may -- or may not -- happen, they actually get to help people in need. It's a tradition dating back to the San Francisco Earthquake in 1906 when a Lloyds of London insurance underwriter was told he could avoid paying for the destruction since many of the buildings had been dynamited. His response: "Pay all our … [Read more...] about In Florida, insurance agents are scrambling, too