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Amity Insurance Newsletter – Feb 5, 2013

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Featured Articles

Insuring Your Home - The Importance of Replacement Cost vs. Market Value
Unfortunately, disaster can strike at any time. No one is immune to the threat of losing his or her home due to any number of possible hazards. But a recent survey found that most homeowners are seriously underinsured.  Marshall & Swift/Boekh, a leading insurance data services company, found  that 66 percent of homeowners had inadequate coverage by an average of 18 percent. That works out to $36,000 for a typical $200,000 home. While few people would willingly choose a policy with a $36,000 deductible, that is the net result of being underinsured by that much on what may well be their most valuable asset...More>>

Why Insurance Premiums are Increasing
Insurance premiums are a function of these factors: The perception of future risks, recent catastrophic claims and the return available on investment. Huge fires and other disasters factor in, such as the Colorado Springs blazes earlier this year and other natural disasters have also forced large payouts. Even the devastating Japanese earthquake and tsunami from 2010 affects insurance premiums in the United States, since insurance companies routinely purchase re-insurance coverage from very large companies. And these reinsurance companies, such as General Re, have been increasing their rates. In addition, jury awards and settlement costs in a variety of commercial fields have put pressure on insurance company reserve funds...More>>

How Much Commercial Property Insurance Do I Need?
The whole idea behind insurance is protection. When you buy property insurance for a building, the goal is to have enough coverage so that your insurance claim will put you in roughly the same economic position you were - or as close to it as possible - before disaster struck...More>>

Recovering From a Disaster
What if you went to the office one morning to find nothing there? A flood, tsunami, earthquake, tornado or terrorist attack turned your office into a trash pile. It's not a purely academic question: Thousands of business owners are confronting this very problem all across the eastern seaboard in the wake of Hurricane Sandy, which devastated the New Jersey and New York shorelines with storm surges up to 20 feet high. And it wasn't hypothetical for businesses in New Orleans in areas destroyed by the Katrina flooding, nor for dozens of businesses who had significant operations in the World Trade Center on 9/11/01. In the latter case, tragically, many businesses not only lost their offices, but people as well...More>>