Understand Your Risk, Know Your Flood Insurance Options
With the Atlantic Hurricane season beginning June 1, now may be a good time to start reviewing your insurance policies. Since flood damage is not covered by a typical homeowners insurance policy, flood insurance can provide coverage for physical and structural damage caused by rising waters.
Also remember there’s a 30-day waiting period from date of purchase before a flood insurance policy goes into effect. To qualify for National Flood Insurance you must live in a community that participates in the National Flood Insurance Program. Flood maps can help families assess their risk. The levels are divided into three categories:
- High Risk: Homeowners in this area are usually required to buy flood insurance because the area has at least a one percent chance of flooding.
- Moderate-to-low Risk: Flood insurance is not required but recommended. The area has less chance of flooding annually.
- Undetermined Risk: A flood hazard study has not been conducted but a flood risk exists.
Flood insurance is sold by licensed insurance agents. You can call your agent or company to get a quote or visit
www.floodsmart.gov for more information.
Long-Term Care: What You Should Know
Long–term care refers to a wide range of medical, personal and social services. You may need this type of care if you have a prolonged illness or disability. This care may include help with daily activities, as well as home health care, adult daycare, nursing home care or care in a group living facility. Long–term care insurance is one way to pay for long–term care. It is designed to cover all or some of the services provided by long–term care.
Here are a few things you should consider before buying long-term insurance care:
- Age and Life Expectancy: A lower premium is likely when you purchase a policy at a younger age.
- Gender: Women have longer life expectancies and are more likely to need care.
- Family Care: Do you have a spouse or children that could care for you in your home? Make sure to buy a policy that fits your needs.
- Health status: Does your family history put you at risk for certain diseases?
Some states, including Louisiana, have long–term care insurance programs designed to help people with the financial impact of spending down to meet Medicaid eligibility standards. Under these “partnership” programs, when you buy a federally qualified partnership policy, you will receive partial protection against the normal Medicaid requirement to spend down your assets to become eligible. For more information on Louisiana’s program, please
click here.
For more information on long-term care, you can visit our website
www.ldi.la.gov/longtermcare.
Cover Your Bases Before Moving
Thinking about packing up and settling in a new space? The National Association of Insurance Commissioners has a few tips to keep in mind when making a move:
- While you’re stacking items in boxes it’s a good time to take inventory. A detailed list will help if some items are damaged or stolen.
- A moving company should be prepared to show proof of liability and worker’s compensation insurance.
- Don’t forget to give your auto and home insurer a phone call to update your policy, review coverage, and ask all necessary questions about insurance in your new location.
The goal is to remain covered until you’re out of your old home. Coverage should begin on a new residence the day you close on a deal. A home warranty could help with the cost of repairs to some appliances in a new home. Not all warranties will be regulated by a state’s department of insurance. Also, don’t forget about health insurance. Look for doctors and other emergency care in
your provider’s network. For more tips on how to make the process of moving easier
click here.
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