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Condo Rates To Go Up Sharply

dodess — Wed, 15 Feb 2012 15:47:59 +0000

Citizens Property Insurance Corp., the state-run insurer of last resort, soon will begin raising rates for many high-rise condominiums in South Florida by 21%. The affected policies are for condo buildings that would cost $10 million or more to replace and are insured with Citizens for fire, theft, hurricanes and other risks.

For many condo dwellers on fixed incomes, this increase could be detrimental to their financial stability let alone their faith in their insurance company protecting them in their times of need. Educate yourself before it’s too late. If you have questions about your insurance policy give us a call – we’d be happy to help!

You can check out this article below:

http://www.sun-sentinel.com/business/fl-condo-rates-rise-20120214,0,7332040.story

A Word to the Wise: Renters Insurance

dlowitz — Wed, 08 Feb 2012 20:22:55 +0000

Renting? Do you have renter’s insurance?It’s something you should definitely consider because it can cover you for certain weather events and losses – including liability protection! Generally there’s a misconception that your landlord’s policy will cover your possessions, but this is not always the case.

The good news is that renter’s insurance is less expensive than many people realize: a basic policy costs about $300 a year for around $50,000 worth of property protection!

So, what happens if you need to file a claim against your renter’s insurance? We recommend taking notes and asking for names on every conversation you have with the insurance company. If your claim is denied or you are offered less than what you think is fair, ask for a detailed explanation. Or you can call us, East Coast Public Adjusters, at 855-GET-ECPA to help guide you through the process.

The NY Times recently published this article solely on renter’s insurance that has really great information. Feel free to call us if you have any other questions!

Get Educated About Severe Weather

dlowitz — Tue, 07 Feb 2012 17:31:43 +0000

Severe Weather Awareness Week was an opportunity for Floridians to learn about the various weather hazards that frequently impact the state and how families and businesses can prepare for these natural events. Getting prepared beforehand can save you thousands of dollars on the back end. Below is a rundown of some of the severe weather threats for which Floridians should always be prepared…

Temperature Extremes and Wildfires

While wildfires can start at any time of the year, Florida sees a peak of activity during the early part of the year – beginning in January and continuing until the onset of more frequent rain during the wet season, usually in early to mid-June. A typical year in Florida will see over 4,600 fires burn nearly 110,000 acres of land. Florida is also home to a wide variety of temperatures that can reach dangerous levels. The hottest temperature ever recorded in Florida was 109 degrees Fahrenheit and the coldest temperature recorded in Florida was minus 2 degrees Fahrenheit.

Lightning

With an average of 1.4 million cloud-to-ground lightning strikes each year, no other state in the country experiences more lightning strikes than Florida. Lightning is very dangerous and can travel as far as 10 miles from a thunderstorm! So while it may not be raining at your location, lightning can still reach you. The key to remaining safe from a lightning strike is to keep an eye to the sky and watch for darkening skies on the horizon along with distant rumbles of thunder. The two main tips to remember about lightning safety are: being outside is never safe during a thunderstorm and if you can hear thunder, then you are close enough to be struck by lightning!

Tornadoes and Thunderstorms

Thunderstorms are one of the most exciting types of weather and Florida has more of them than anywhere else in the United States and North America. All thunderstorms are considered dangerous because they contain lightning and can also produce damaging winds, heavy rain which may cause flooding, tornadoes and hail. Florida tornadoes come in all shapes and sizes, and can occur year-round, although most occur in the summer during the afternoon. Florida is also home to nearly 300 waterspouts each year, which are tornadoes that occur over water.

Hurricanes and Flooding

The Atlantic hurricane season officially begins on June 1st and continues through November 30th. Although the number of tropical storms and hurricanes typically peaks during August and September, it is important to remember that Florida can be impacted by tropical weather systems any time during the six-month-long season. Hurricanes and tropical storms can bring very dangerous weather to areas near the coast, including strong winds, storm surge and coastal flooding, flooding from heavy rain, and tornadoes. For those away from the immediate coastline, inland flooding and tornadoes are often the most hazardous impacts from these systems.

With all of this in mind, what does you’re current home insurance look like? Do you know what would be covered in case severe weather affects your home? Give us a call, we’d love to help you!

Project Your Rights with Flood Insurance Claims

admin — Wed, 18 Jan 2012 02:55:49 +0000

Last summer, Hurricane Irene caused extensive flooding in the Mid-Atlantic and New England states. Today, many property owners who suffered damage from that devastating storm are finding it difficult to collect on their insurance claims. That’s because some adjusters are adding extra paperwork to complicate the process and pushing for settlements that minimize payments to policyholders.

Without the support of a public adjuster, a professional who represents the interest of the insured, the claims payment may fall far short of the amount needed to rebuild or repair the damage.

In the United States, flood insurance policies are issued by the federal government. They protect against financial losses that result from rising waters, such as overflows from a river, creek, canal or swimming pool. They do not cover damage related to a windstorm, such as a hurricane, tornado or thunderstorm. Therefore, when flood damage occurs, it’s important for the owner to document the source of the water, ideally through photos or videos.

Once a loss has occurred, the property owner can file a claim in accordance with the standard flood insurance policy and a flood manual prepared by the Federal Emergency Management Administration (FEMA). The policy and the flood manual are very clear about the documents that must be filed and the steps that must be taken in the event of a claim.

However, flood insurance claims, like those involving windstorm, fire and other perils, are investigated by private “independent” adjusters who are engaged by the carrier. Even though they are acting on behalf of the federal government in regard to flood insurance claims, they don’t always follow the government’s rules and procedures.

For example, some independent adjusters insist that an insured must use their own forms before they will process the claim. However, the federal flood policy specifically states, “The insurance adjuster whom we hire to investigate your claim may furnish you with a proof of loss form, and she or he may help you complete it. However, this is a matter of courtesy only, and you must still send us a proof of loss within 60 days after the loss even if the adjuster does not furnish the form or help you complete it.”

Another common tactic is to produce a number of additional documents and demand the insured’s signature on each one. Read them carefully, and file them away, but do not sign them. Remember that nothing other than the “proof of loss is required under the federal policy.

Undoubtedly, the most important issues for flood-affected owners is determining the extent of the loss. That can be a time-consuming process if it involves engaging a structural engineer to look at the building’s foundation or basement, or preparing a long total of the personal items swept away from the living quarters.

While a “proof of loss” must be submitted within 60 days after the incident, an owner is entitled to send in a form for a partial payment. This is a very important phrase for retaining your rights. So if you are unsure about the extent of your losses, be sure to include the phrase “partial payment” on your claim form and any other documents. It’s very difficult to go back and try to collect more money once your file has been closed.

Once the independent adjuster has reviewed your claim, be sure to read the report carefully. Do not assume it is filled out properly, as mistakes and errors occur frequently. If you disagree on the amount of the loss, you can file an appeal, seek legal counsel, and/or demand appraisal.

Because of the many nuances involving flood insurance claims, property owners can benefit from the knowledge of an experienced public adjuster.

Daniel Odess, GC, PA, is president of East Coast Public Adjusters, Inc., Miami, which assists clients throughout the United States and in international locations. For more information: www.ecpaclaims.com.