My son’s Kindergarten teacher had some lighted reindeer stolen from her front yard in the middle of the night last week. My first thought was, “Who would do that?” And are some people putting out stolen lighted reindeer on their lawns, so passers-by can unwittingly enjoy the view of stolen property? Then I thought about home insurance. Theft is a problem that home insurance is intended to help with — even theft of items that you’ve left out on your lawn, like lighted reindeer and inflatable Santas. But home insurance won’t be much help in the case of stolen items that are worth less than your home insurance deductible. If you have decorations stolen from your yard and want to make an insurance claim, you’ll generally need to file a report with the police, then call your home insurer. You’ll get reimbursed for any amount over your deductible. It’s not even going to be worth the call to your home insurance company if your policy’s deductible level is more than the amount lost. So I'm guessing that the Kindergarten teacher’s home insurance won’t help her. She recently paid about $200 for reindeer, and her deductible is surely more than that.… (continue reading......)
California Insurance Commissioner Steve Poizner believes that insurance company investments are ultimately funding terrorism. In an annoucement on Dec. 2, he said that insurance companies licensed in California have admitted to holding more than $12 billion in investments in companies that conduct business with Iranian energy, nuclear, banking and defense industries. Poizner noted that 10 insurers didn't respond to his request for investment information, and he has sent them subpoenas. There is a new California law that prohibits insurance companies from "investing in countries designated as state sponsors of terrorism." Poizner says he will soon provide insurance companies with a list of companies doing business with Iranian industries, and at that point insurers will have 90 days to divest their holdings and disclose the amounts. Florida Insurance Commissioner Kevin McCarty says he is looking into whether this effort can become a nationwide requirement, reported National Underwriter, an industry trade publication. I expect that we'll see that $12 billion number increase exponentially once all is revealed. (continue reading......)
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