An often-overlooked deduction may help turn a major property-casualty loss into a tax time gain. The standard deduction for unreimbursed casualty and theft losses allows taxpayers to include certain uninsured property losses among their itemized deductions.

In the past, qualifying for the disaster loss deduction meant that the taxpayer had to have sustained substantial financial losses. Insurance deductibles or gaps in insurance coverage -- from fire, flooding or earthquake, for example -- could qualify for tax deductions

With winter storms causing widespread damage, the Insurance Information Network of California® offers answers to frequently asked storm questions:
Question: Rising water flooded my home. Am I covered?
Answer: A standard homeowner policy does not cover flood damage. However, a flood insurance policy, which compliments your homeowner policy, would provide coverage for damage caused by flooding. Flood insurance is typically available from your agent through the National Flood Insurance Program (www.floodsmart.gov or (800) 427-9662). Keep in mind that it takes 30 days from the time you purchase the policy for it to take effect.

After two sizeable earthquakes book-ended the state last week, Californians got a jarring reminder of their unsettled landscape. But with roughly 12 percent of California homeowners purchasing earthquake policies, are their finances also on shaky ground?

In today’s financial climate, walking away from disaster losses may not be a viable solution for homeowners.

A financial review may not be at the top of everyone’s New Year resolution list. But as homeowners start 2010, they should add “insurance policy checkup” to their to-do list.
 
During the course of a year, many changes could affect the insurance coverage. The addition of a room or a major room remodel; new appliances or electronics bought or received during the holidays; or a homeowner retiring from a job and now spending much more time at home could all be changes that affect the cost and type of homeowner insurance needed.

Local law enforcement handed out citations – of merit – to area bartenders today for concocting alcohol-free drinks honoring designated drivers.

Los Angeles-based mixologists squared off in the Battle of the Bartenders® to decide who could create the very best “mocktails” and promote responsible holiday hospitality. Their creations were judged by local food critics and officers from the Los Angeles Police Department and the California Highway Patrol. The beverages were judged for taste, presentation, creativity and simplicity.