Latest news with #homeowners
Yahoo
6 hours ago
- Business
- Yahoo
What is hurricane insurance, and what does it cover?
Insurance helps you avoid financial catastrophe if a hurricane strikes your home. But you may be surprised to learn there's no such thing as a hurricane insurance policy. Hurricane insurance usually refers to a combination of home, flood, and windstorm coverages that each come into play depending on the type of hurricane damage. If you live somewhere with frequent hurricanes, having home insurance isn't enough. A standard home insurance policy doesn't cover flooding, a common cause of hurricane losses due to storm surge. Your policy may also exclude wind damage, depending on where you live. Hurricane insurance doesn't technically exist, at least as a standalone policy. Usually, hurricane insurance refers to a patchwork of coverages, primarily homeowners insurance, flood insurance, and windstorm insurance (if wind damage is excluded by your policy) that kick in if a storm damages your home or personal property. Most home insurance covers damage from rain and wind, but for protection from flood damage, you usually need separate flood insurance. If you live somewhere vulnerable to hurricanes, you may also need additional coverage for windstorm damage. Hurricane insurance usually refers to policies that protect your home and the belongings inside. But you may need other types of insurance to safeguard your finances against a hurricane. For example, auto insurance only covers damage from a hurricane or tropical storm if you have comprehensive coverage. Hurricane travel insurance is a common benefit in trip cancellation and trip interruption policies, but coverage will only apply if you buy a policy before a storm is named. Learn more: Does car insurance cover flood damage? You can often get quotes for hurricane insurance online, by phone, or through an agent. Once you find coverage that meets your needs, you'll need to review and sign the contract. Below, you'll find specifics on how to shop for each type of hurricane coverage. To get homeowners insurance quotes, you'll need to answer some questions like: Who lives in your household? Have you had previous home insurance claims? How old is your home? What type of roof do you have, and how old is it? How much would it cost to replace your home? What upgrades have you made to the home? A good rule of thumb is to get several quotes to ensure your rate is competitive. Make sure you understand what your homeowners insurance covers, as well as your premiums, deductibles, policy limits, and whether your property is insured at the actual cash value (ACV) or the replacement cost value (RCV). Learn more: Actual cash value vs. replacement cost: Understanding the difference in home insurance Expert tip: In some circumstances, you may want to purchase add-ons called endorsements for additional coverage. For example, hurricanes can cause issues with sewage systems, but most homeowner policies exclude damage from sewer and sump pump backups. Some homeowners add a water backup endorsement or a standalone policy for extra protection. Coverage typically lasts a year. Your carrier is usually required to send you a renewal notice 30 to 60 days in advance. Flooding isn't covered by most home or renters insurance, so you'll need to buy a separate policy or add coverage through a rider or an endorsement. It's possible to buy flood insurance through the private marketplace. However, most policies are issued by the National Flood Insurance Program (NFIP), a federal program managed by the Federal Emergency Management Agency (FEMA). NFIP policies are sold and administered by a network of dozens of insurers and thousands of independent insurance agents. Unlike most types of insurance, it doesn't pay to shop around for NFIP coverage. That's because all insurers and agents use the same formula to calculate premiums. Rates are based on the same three factors that are specific to your home: Where it's built How it's built Estimated cost of replacing it You may be able to lower your flood premium by making various storm upgrades, which we'll discuss in more detail shortly. You can get a flood insurance quote using the NFIP's quoting tool, and then share the quote with an insurance agent or carrier to buy a policy. Learn more: How much does flood insurance cost in every state? NFIP policies last for one year, though there's a 30-day grace period after the policy expires. Coverage will still kick in if you file a claim during this window as long as you renew your policy and pay your full premium before the grace period ends. If you want a private flood insurance quote, you can contact insurers directly or work with an agent. Private flood insurance can be cheaper and offer higher coverage limits, but a private insurer can refuse to renew your policy or raise your rate substantially if it determines your property is at high risk of flooding. Also, forgoing an NFIP policy could mean you lose out on stable rates and cost-saving subsidies. Learn more: How FEMA flood insurance works If you live in a coastal area frequently threatened by hurricanes or a Midwestern region where tornadoes are common, you might need separate windstorm coverage. Otherwise, your homeowners insurance policy likely protects you against damage from high winds. If wind damage isn't covered under your homeowners policy, you may need a windstorm endorsement or a standalone windstorm policy. You can get quotes from several companies, including your home insurance provider, to ensure you get the best rate. However, in some especially high-risk areas, you may need to buy coverage through a Fair Access to Insurance Requirements (FAIR) plan, a state insurance pool for those who can't get coverage through a private carrier. A home insurance deductible is the out-of-pocket cost you pay before coverage kicks in. In the following 19 states plus the District of Columbia, separate and distinct deductibles apply to damage from a named storm: Alabama Connecticut Delaware Florida Georgia Hawaii Louisiana Maine Maryland Massachusetts Mississippi New Jersey New York North Carolina Pennsylvania Rhode Island South Carolina Texas Virginia Washington, D.C. In some other states, home insurance companies are allowed to charge separate hurricane deductibles. Insurers can also charge separate windstorm or wind/hail deductibles. Named storm deductibles are frequently assessed as a percentage of the home's value, often ranging from 1% to 10%, according to the National Association of Insurance Commissioners (NAIC). Suppose you have a 6% named storm deductible and your home is valued at $400,000. You'd be on the hook for $24,000 if a hurricane damaged your home before insurance would kick in. You'll also need to pay a deductible if you file a flood insurance claim. NFIP deductibles are usually between $1,000 and $10,000. Your annual premiums for various types of hurricane coverage depend on a host of factors, but here are some typical costs from various sources: Median cost of homeowners insurance for an HO-5 policy with $300,000 to $324,999 worth of dwelling coverage: $1,243, according to NAIC 2022 data Typical cost of home insurance in states with separate hurricane or windstorm deductibles, according to The Zebra: $349 to $2,000+ Median cost of flood insurance through NFIP: $786 Learn more: How much is homeowners insurance? A guide to lowering costs. You could get significant insurance discounts by making your home more hurricane-resistant. Here are some common ways to save money: Find out if your city or county participates in FEMA's Community Ratings System and nudge them to join, as participation could make you eligible for insurance discounts. Get an elevation certificate to show your home's elevation relative to the estimated height that floodwater could reach in a disaster. Elevate your home above the base flood level. You could earn discounts for each additional foot of elevation. Elevating a home just one foot above the base flood elevation could land you a 30% discount on NFIP coverage. Elevate your utilities, like your air conditioner or water heater, so they'll be less likely to be damaged by storm waters. Install storm shutters and impact-resistant windows to protect your home from storm debris and other wind-related damage. Fill in basements by backfilling them, as the NFIP won't allow or cover most basements. Upgrade your roof covering. Some types of roof covering, like asphalt or fiberglass shingles, concrete or clay tiles, or metal panels, could save you money on windstorm coverage. Add flood openings or vents in ground-floor crawlspaces on two or more exterior walls. Expert tip: Review insurance discounts specific to your home through NFIP's flood insurance mitigation discount tool. Nine of the 10 most costly natural disasters that occurred through the end of 2024 were hurricanes. Below, you'll find the most expensive hurricanes in U.S. history, according to the NAIC and the NOAA. Your home is often your most valuable asset, so maintaining adequate insurance is essential. Follow these tips to make sure your hurricane coverage offers sufficient protection: There's usually a 30-day waiting period before NFIP policies take effect. Most private carriers also put a moratorium on writing new policies in regions threatened by a natural disaster 24 to 48 hours before the expected weather event, so don't wait until a hurricane is on its way to get flood insurance. Remember, a standard home policy doesn't cover flood damage, and you'll need separate wind coverage in some high-risk areas. Review your insurance documents and talk to an insurance agent if you need additional coverage. Most renters insurance policies also exclude flood damage, so you'll need a separate flood policy to cover your personal belongings. Selecting higher deductibles is usually a good way to lower your insurance premium costs. For example, buying an NFIP policy with the maximum $10,000 deductible could lower your premium by up to 40%. But coverage doesn't kick in until you've paid your deductible out of pocket, so consider opting for lower deductibles and higher premiums if you can't afford to pay your deductible with savings. A standard home policy insures your home's structure at its replacement cost value (RCV), or the amount it would cost to rebuild your home. If you're concerned that the cost of rebuilding would exceed your policy limits, look into increasing your potential payout through extended replacement cost coverage or guaranteed replacement cost coverage. Your personal property is protected under a standard home or renter's policy, so make sure you document all your belongings. Taking photos and videos can be helpful. Most policies default to actual cash value (ACV) coverage for personal property, which reimburses you based on its market value, minus depreciation. However, you can usually get RCV coverage for an additional cost. Note that flooding damage to your belongings generally isn't covered by homeowner or renters insurance – you need separate flood insurance for that. Most homeowner and renters policies provide additional living expenses (ALE) coverage (also called loss-of-use coverage), which pays for costs like temporary housing and meals if you have to relocate after your home is damaged or destroyed. Many policies limit ALE reimbursement to a specific amount of time, but you can often buy extra coverage. Keep in mind, though, that loss-of-use coverage kicks in only if the type of damage is covered by the policy. That means you won't get help from your home or renters insurance carrier if you have to relocate due to flood damage. Unfortunately, NFIP policies don't provide ALE coverage, so you'd likely have to pay out of pocket if hurricane flooding forced you to temporarily move. However, some private insurers include loss-of-use coverage in flood policies. Any damage that occurs to the house or building you rent is covered by your landlord's insurance, while renters insurance covers your personal property, like clothing and electronics. Renters insurance will often cover hurricane damage to your belongings if it's caused by something like storm winds, hail or lightning. However, you'll need a separate policy to cover your belongings from hurricane-related flood damage. Your car insurance will only kick in for hurricane damage if you have comprehensive coverage. This type of insurance isn't mandated by law, but most lenders require you to carry it while you have an auto loan. Yes, you can get flood insurance during hurricane season, which runs from May 1 through Nov. 30. However, most NFIP policies have a 30-day waiting period before they take effect. Private insurers often issue a moratorium on writing new policies in an area while it's under threat of severe weather.
CTV News
11 hours ago
- General
- CTV News
How To Choose A Portable Air Conditioner
Learn how to choose the best portable air conditioner : key features, cooling power, and expert tips to stay cool all summer. Portable air conditioners are extremely popular products for getting rid of hot air in small rooms or houses/apartments without central air conditioning. Their cost, maintenance demands, and energy efficiency are often superior to that of standard whole-house air conditioning units, too, so they are great options for people who need cooling power on a budget. Whether you are getting advice from an associate in a store or doing your own shopping on Amazon, there are some questions you need to consider and a long list of features to prioritize. Overall, there's a lot that goes into choosing a portable air conditioner; let's investigate. Questions To Ask Yourself How Many Square Feet Do I Need It To Cover? Most portable AC units are window air conditioners, and they will require a fixed position for an exhaust hose to expel all of the heat and moisture they collect. As a result, you won't be able to move the machine easily daily. Considering the coverage area you need taken care of is therefore an important step before you start browsing, as you'll need to have an idea of the window unit's ideal size and cooling capacity. What Do I Need A Portable AC Unit For? Portable air conditioners actually have two functions: the main one is to create cool air, and the other is to dehumidify the air. Deciding the importance of each of these functions is a step you should take before committing to a purchase. Some models will have dehumidification as a minor secondary function that happens as a byproduct of cooling the air. If you need a machine that relieves the humidity in your home in addition to cooling the air, you'll want to look for a model that can actively dehumidify without changing the air temperature simultaneously. Will It Be Working With An HVAC System Or As A Standalone? Some people purchase a portable air conditioner as their sole relief from summer heat, but others choose to use it in conjunction with their central air system to target certain rooms that aren't cooling as effectively, have an excess level of warm air production from machines or appliances, or that require a cooler temperature than the rest of the home. Making this distinction before shopping for a portable window AC unit will help you narrow down the market to models that suit your airflow and square footage needs. How Portable Does It Really Need To Be? The best portable air conditioners are not always as portable as you'd expect, so it is a good idea to understand your needs before you start shopping. If the machine needs to be movable regularly, you'll want to avoid a model that comes with a window kit because it will be more difficult to get it mobile. Instead, a simple exhaust hose draped out an open window or sliding door will be best. If a more permanent solution is needed, a venting kit unit is ideal. Will A Professional Install It Or Is This A DIY Project? Most portable air conditioners can be installed with minimal hassle by the average individual. However, some machines will require a slightly more complex or permanent installation that you may be more comfortable handing off to a professional handyman. Being aware of your capabilities is important in order to ensure that you experience a successful and painless installation process. Features To Consider There is a wide range of portable air conditioners on the market, and they all have their own collection of features. Since it would be almost impossible to find a single unit that fits your budget, room size, and comes with all of the features you want, you'll have to prioritize. BTU Rating The BTU (British thermal units) rating of a portable air conditioner is a representation of its power and cooling capacity. For small rooms, a minimum of 7500 BTU is ideal. Medium rooms should be managed by a 10,000 BTU machine, and large rooms will require a machine with a rating of 15,000 BTU or more. Single-Hose Vs Dual-Hose The two main model types for portable air conditioners are single-hose and dual-hose. Single-hose units will be less expensive and simpler to install, but they will also be less effective due to their simpler design. Dual-hose models are often chosen for larger spaces due to their superiority in efficiency. They will be more expensive and more difficult to maintain, however. Programmable Timer and/or Thermostat Most modern portable air conditioners will have a built-in thermostat and/or timer that offers you the convenience of a 'set it and forget it' machine. Most timers will have a range of less than an hour to multiple hours that can allow you to effectively cool down a room when you need to leave without wasting any energy. Thermostat control allows you to set your ideal temperature and have the machine maintain it for you; this system will use more energy as the machine is always on to some degree, but it is more convenient. Self-Evaporative Vs. Gravity Drain Vs. Tank System Air conditioners work by using a compressor to generate refrigerant, and then cycling that refrigerant through condenser coils to draw moisture out of the air and cool down the temperature. There are three ways that a portable AC unit can get rid of this moisture. The most common option is a self-evaporative method; the moisture will be sent by evaporator coils to turn it back into water vapour so it can be expelled with the hot air. A gravity drain system uses a hose to constantly drain the water from the machine; this will require a bit more setup, but is also quite convenient. Tank systems aren't all that popular anymore, but there is still the chance that you'll come across a model that uses a water reservoir to contain the water until you dump it out. This will require vigilance on your part to ensure that it doesn't overflow. Remote Control or Wifi Connectivity It is not uncommon for portable air conditioners to come with a remote control. This enables you to control various settings without needing to physically touch the machine; the convenience of this speaks for itself. If you're looking for machine control that goes a step further, you may want to investigate units that offer WiFi connectivity. You'll be able to use an app on your smartphone to adjust settings rather than relying on a physical remote that you may end up losing. Dehumidifying Capacity The dehumidifying function of portable ACs is not a static feature. It varies depending on the size and purpose of a unit. Some models will function as passive dehumidifiers, meaning they only remove as much moisture as is naturally removed as the air is cooled down. Other machines can take a more active role and are actually capable of dehumidifying the air without adjusting the temperature. Noise Level/Decibel Rating If you plan on leaving your portable AC unit running constantly, especially overnight, the noise rating of the machine is an important consideration you need to make. Many Frigidaire, Whynter, and Black+Decker models use thoughtful designs to limit the noise of the machine and reduce the disruption to your life. The noise level of the fan is usually balanced in order to cover the noise of the compressor, but not affect your daily living. Fan Speeds Most portable air conditioners are outfitted with multiple fan speeds in order to adjust to the air quality and temperature. If the room air is very hot and humid, the machine should run at full capacity. If the air is just a bit warm and not overly humid, the lower settings will be more than capable of handling the job effectively and with limited waste of power. Energy Efficiency Energy efficiency is an important factor to consider when looking at a machine that is going to be running for long periods of time. You should always look for a unit that is Energy Star certified to ensure it is efficient with its energy usage and won't be too damaging to the environment or your wallet. Our Top Picks for a Portable Air Conditioner:
Yahoo
11 hours ago
- Climate
- Yahoo
Severe weather strikes Metro Detroit with 30k outages, flooded highways, and toppled trees
The Brief A fresh round of severe weather brought flooded highways, power outages, and toppled trees to Metro Detroit Tuesday afternoon. Several parts of Southeast Michigan were under thunderstorm warnings after a flurry of showers moved through the region. More showers are possible later in the evening. (FOX 2) - Severe weather moved through Michigan Tuesday afternoon, bringing gusty winds, downpours, and some destruction to homeowners. More than 30,000 lost power during the thunderstorms. Big picture view Severe weather impacted several corners of Southeast Michigan on Tuesday after thunderstorms cropped up, disappearing as quickly as they arrived. Left in its wake are tens of thousands of homes without power, flooded highways and blocked roads due to downed power lines, and at least a few homes with damage from fallen trees. The rain arrived at the tail-end of a heat wave that cooked the region for several days in a row. While the relief is near, more severe weather is expected for the rest of the week, meaning the threat of outages, flooding, and more property damage will remain. Local perspective Among those impacted by the severe weather was a home on Freda Street in Detroit. While the severe weather was brief, it brought with it enough force to take down a massive tree. When it fell, it lifted several feet of dirt and concrete, blocking access to the home and making a mess for those living at the residence. The homeowners told FOX 2 they had lived in the home for 30 years. Over that time, they had never seen something like the damage that arrived Tuesday around 3:30 p.m. Other trees were also brought down by the storms, which arrived with 60 mph winds and downpours of almost half an inch, according to the National Weather Service. By the numbers Clinton Township, Livonia, and other communities along the Eight Mile corridor were also hit. In southern Oakland County, Grand River Avenue became blocked by a power line that was brought down when the thunderstorms arrived. Flooding on I-75 choked off travel for both northbound and southbound drivers. According to DTE's outage map, more than 33,000 homes have lost power because of the severe weather. The outages are dispersed around Metro Detroit, including thousands of outages reported in southern Macomb County and western Oakland County. The blast of storms left flooding on highways around Detroit. Traffic jams were reported along some of the major arteries for getting around Southeast Michigan. Check out the map below for up-to-date traffic. While Michigan is finally ridding itself of the boiling temperatures that cooked it for the past four days, extreme weather is not done with us yet. The NWS is expecting thunderstorms throughout the rest of the week, starting with Tuesday night. Storms are possible before 11 p.m. and again by 5 a.m. Wednesday morning. Precipitation returns Wednesday morning with on-and-off showers and thunderstorm chances throughout the day, mostly before 2 p.m. On Thursday, more showers are expected in the late morning and early afternoon, as well as thunderstorms in the later afternoon. On Friday, a 60% chance of rain is present for the entire day. The Source Warnings from the National Weather Service as well as FOX 2's meteorology team were used while reporting this story.
BBC News
15 hours ago
- BBC News
Apology after 200 people turn up for 'wild party' in rental home
The owner of a holiday rental has apologised after hundreds of people turned up for what turned out to be a "wild party" at the house which was booked for eight guests. One of the owners of the five-bed house on Falcon Close in Rochdale, Greater Manchester said booking was made for what they were told was a gender reveal gathering on Wednesday he said he and his co-owner began receiving "concerned messages" from neighbours about loud music coming from the house at about 19:00 BST They arrived at the house and found around 200 people at the property, a live DJ playing and "huge speakers set up". He said: "We tried our best to shut the party down but our efforts failed due to the sheer amount of people at the house and people continuing to arrive."Police were called to the house to move on the partygoers, who then carried on into the streets until the early hours of Thursday, the co-owner said. He apologised for the disturbance, and said the party - believed to have been advertised on social media - was "completely against our house rules" and "not what our [house] was set up for". "We were lied to and were victims ourselves and received around £2,000 worth of damages to our home carpets and furniture," he said. Further measures were being put in place to prevent similar incidents in future, he said. Listen to the best of BBC Radio Manchester on Sounds and follow BBC Manchester on Facebook, X, and Instagram. You can also send story ideas to
Forbes
21 hours ago
- Business
- Forbes
Today's HELOC & Home Equity Loan Rates: June 27, 2025
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Home equity loans and home equity lines of credit (HELOCs) allow homeowners to tap into the value of their homes. A home equity loan is a fixed-rate, lump-sum loan that allows homeowners to borrow up to 85% of their home's value and pay that amount back in monthly installments. A home equity line of credit is a variable-rate second mortgage that draws on your home's value as a revolving line of credit. Both options use your property as collateral for your payments, which means your lender can seize your property if you can't repay what you borrow. $100K HELOC Loan Rates Ideal for Medium-Sized Projects A $100K HELOC is suitable for more extensive renovation projects or other significant financial needs. Compare the rates and terms to find the best fit for your situation. $250K HELOC Loan Rates Access More Funds for Major Investments For larger projects or investments, a $250K HELOC provides the necessary funds with various LTV options. Explore these rates to determine the right balance between borrowing capacity and risk. $500K HELOC Loan Rates Maximize Your Borrowing Power If you have substantial equity in your home and need significant financing, a $500K HELOC offers a great deal of borrowing power. Evaluate these options to find the optimal rate and term for your goals. Pros and Cons of a HELOC PROS CONS You can expect an average interest rate that's lower than other loan types You can expect variable interest rates that change over time, which may make it difficult to manage your payments HELOCs let you access your funds as needed compared to a traditional loan that's paid as a lump sum Lenders use your property as collateral, which means you can lose your home if you default on your loan Interest payments may be tax deductible if you meet IRS guidelines and prove that you will use the funds to buy, improve or build a home HELOCs charge several loan fees that usually equal 2% to 6% of your overall loan amount fees HELOCs can be an excellent option to consolidate your other debt payments into one monthly payment and boost your credit score If the property value drops, you can owe more on your HELOC than your home is worth See More See Less 5-Year Home Equity Loan Rates (60 Months) A 5-year term offers a shorter repayment period with typically higher monthly payments. These products are suitable for borrowers looking for a quicker payoff. 10-Year Home Equity Loan Rates (120 Months) With a 10-year term, borrowers can enjoy a balanced monthly payment while still building equity quickly. 10-year home equity loans are ideal for medium-sized projects or financial needs. 15-Year Home Equity Loan Rates (180 Months) A 15-year term provides lower monthly payments compared to shorter terms, offering more affordability while still progressing toward your financial goals. 20-Year Home Equity Loan Rates (240 Months) Offering longer repayment and lower monthly payments, 20-year home equity loans are suitable for larger investments and long-term financial planning. 30-Year Home Equity Loan Rates (360 Months) The 30-year term maximizes affordability with the lowest monthly payments. These options are best for substantial borrowing needs and long-term investments. Pros and Cons of a Home Equity Loan PROS CONS You'll pay a fixed interest rate that remains consistent during your loan term You put your property at risk of foreclosure since your home secures your loan against defaulted payments If you have a big one-off expense or an investment opportunity, home equity loans distribute funds in lump-sum payments, unlike a credit card or a HELOC Home equity loans have strict requirements that can make them difficult to qualify for Home equity loans are unrestricted, meaning you can use them for almost any expense, including home renovations or auto repairs Home equity loan lenders tend to charge expensive fees that include origination fees, appraisal fees and closing costs Interest paid on your home equity loan might be tax-deductible if you itemize your deductions If your home's value decreases over time, you could end up with a loan balance that's higher than your property's value See More See Less What Is Home Equity? Home equity represents how much you own of your home compared to what the bank or mortgage lender owns. If you've paid off your home in full, you have 100% equity. You can utilize your home's equity without paying off your home in full, whether through a home equity loan or a home equity line of credit (HELOC). You can use your home's equity for home improvements, repairs, debt consolidation and educational costs, among other things. Why Is Home Equity Important? Home equity is important because it signifies how much wealth you have based on how much of your home you own. The more equity you have, the more wealth you've accumulated. If you ever need to utilize your home equity, you can tap into it with a home equity loan or home equity line of credit. You might also want to explore a cash-out refinance as an option to use your home's equity. What Is a HELOC? A home equity line of credit, often referred to as a HELOC, lets homeowners convert the equity in a residential property into cash through a revolving line of credit that's secured by your home. When you get a HELOC, you can take the money available in installments as you need it and pay interest only on what you use.
