The Colony Group

Up to Eight Hurricanes Forecast for 2012: U.S. forecasters said that this year’s hurricane season was expected to generate an average number of tropical storms, in the range of nine to 15, including four to eight hurricanes. The forecast was the initial outlook released by the National Oceanic and Atmospheric Administration (NOAA) for the six month season beginning June 1. The NOAA said that as many as three of the storms could become major hurricanes with winds of 111 miles per hour or higher. The forecasters do not expect the upcoming season to be as active as last year, which was above average. Federal officials called on coastal residents to make evacuation plans and to gather hurricane supplies. Gerry Bell, the lead seasonal forecaster at NOAA’s Climate Prediction Center, said that no one should think that the threat of hurricanes was diminished simply because the center was predicting a near normal season.

Flood Program Renewal Goes Down to the Wire Again: Repeating a pattern that has become all-too-familiar over the past decade, we are now one day away from expiration of the National Flood Insurance Program (NFIP) absent a final vote on a 60-day extension. Last week, the Senate passed a 60-day extension bill. The House – which returns to session May 30 – must also pass it in order to avoid a suspension of the program just as the hurricane season is about to begin. The House of Representatives is expected to consider legislation extending the National Flood Insurance Program (NFIP) sometime during the afternoon or evening of Wednesday May 30. The NFIP’s authority to issue new policies, issue increased coverage on existing policies, and issue renewal policies will expire at midnight on May 31, 2012, unless Congress passes a reauthorization.

AEP begins Oct. 15th and will run through Dec. 7th. This is when you can make changes to Medicare Advantage and Part D Drug Plans. Let us help!

Groups that employ less than 20 employees now have to offer “state continuation of coverage to their employees”.  This works very similar to “Cobra” in that the terminating employee can choose to continue his/her coverage and pay the entire premium for up to 12 months.

The Colony Group was presented the North Star Community Beautification Award by Newport News Vice Mayor Madeline McMillen for it’s efforts at the 13185 Warwick Blvd office building.  Barry Layman received the award on 7/22/10 at the regular meeting of DWBA. (www.dwba.org)

Five of the Property & Causalty companies that Colony represents made the Ward’s Top 50 P&C Company list. They are Erie, Goodville, Philadelphia, Progressive and Travelers. This helps you be assured that Colony represents solid, quality companies for your best protection.

For more information go to their website www.wardinc,com.  You might be amazed at what companies are not on the list.

An earthquake with a 3.6 magnitude hit Friday July 16, 2010 and was centered in Germantown, Maryland. The epicenter of the quake was approximately three miles below ground and was reported to be felt in a widespread area over four states and the District of Columbia.

Standard property insurance policies do not cover earthquake damage. However, you can add on this coverage for an additional premium.  Most companies have a waiting period for adding the coverage.

It is a good thing to review your insurance policies from time to time (I recommend every 2-3 yrs) and get comparable proposals.  However, rates are not the only thing to compare.  Coverage can vary drastically from company to company.  If one only looks at the declaration page of a policy, they are not seeing the whole policy.  Other factors to consider are: Financial Rating of the company, who handles the claims, agent involvement of changes and claims, and whether or not you are getting a proposal or just a quote.

Most people think all Homeowner Insurance policies have a percent deductible for storm related damage.  This is NOT true!  I have seen as high as 5%.  On a $300,000 home, this is a $15,000 deductible!  Our major companies offer policies without this percent deductiible.

This is the first post of our new blog.  Keep checking our website blog page for regular postings.  Thanks!