October 23, 1997 - The most powerful El Niño in recorded history (1982-83) caused
more than $1.27 billion in damages ($13.1 billion globally).
Heavy rains and possible flooding can occur in much of the western and
southern U.S .
Increased snowfall in the western mountains; melting in the spring causes
floods.
This year's was expected to have begun in late September, is expected
to peak around Christmas and continue through the winter.
A typical El Niño lasts 14-22 months; it slows when there is no
longer enough warm Pacific water to sustain the cycle.
Remember: Homeowner's insurance doesn't cover floods or mudslides. Flood
insurance is available only through the National Flood Insurance Program
(NFIP).
You can find out if you are in a flood plain by contacting your local
public works department or your insurer.
Learn how to drain your swimming pool.
Check and clear gutters.
Check storm drains in your street; report any blockage to your local
public works department.
Prepare you home for even the smallest of flooding; ready a furniture
elevation plan, preferably a second story, to hold valuables from lower
levels.
Prepare sandbags and have them ready to use; even runoff from a street
can enter a home through doorways.
Source: Western Insurance Information.
Homeowner's insurance terms you should know:
- Actual Cash Value: Market value, usually measured by the replacement
cost less the depreciation of the home or property.
- Agent: A person authorized, by and on behalf of an insurer, to sell
insurance.
- Binder: A temporary or preliminary agreement which provides coverage
until a policy can be written up.
- Broker: A person who, for payment of a fee by you, looks for insurance
on your behalf.
- Claim: Notification to an insurance company that payment of an amount
is due under the terms of the policy.
- Deductible: The amount of the loss which the insured is responsible
to pay before benefits from the insurance company are payable. You may
choose a higher deductible to lower your premiums.
- Depreciation: A decrease in value due to age, wear and tear, or obsolescence.
- Endorsement: An amendment to the policy which is used to add or delete
coverage.
- Exclusion: Certain causes and conditions listed in the policy, which
are not covered.
- Insured: The policyholder or the person(s) protected in case of loss/claim.
- Insurer: The insurance company.
- Peril: The cause of a possible loss (i.e., fire, theft, hail).
- Premium: The sum paid for an insurance policy.
- Quote: An estimate of the cost of insurance, based on information supplied
to the insurance company by the applicant.
- Replacement Cost: The full cost to repair or replace the damaged property
with no deduction for depreciation, subject to policy limits and contract
provisions. Guaranteed Replacement Cost pays the full amount needed to
repair or replace the damaged dwelling with like or equivalent construction
regardless of policy limits.
© Copyright 2008 The Miller Law Firm. All rights Reserved.
If you experience problems or have questions, contact us at Info@ConstructionDefects.com.
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