Archive for the ‘Homeowners’ Category
Hurricane Discounts May Get Reinstated
Some homeowners who spent thousands of dollars on improvements to protect their homes against hurricanes and qualify for insurance discounts – only to have them revoked – may score discounts once again. That's because the Office of Insurance Regulation has clarified a form home inspectors and insurers use to verify discounts after construction industry officials complained there were too many gray areas that caused homeowners to lose legitimate discounts. But some inspectors say the new form is worse, and could lead to more discounts being revoked. For instance, they said homeowners would have a harder time qualifying for discounts for hurricane shutters. They said the new form also didn't eliminate a requirement that inspectors include photos and permits for most upgrades, which inspectors say is difficult and in some cases, impossible. For instance, it would be impossible in most cases to photograph the secondary water barrier under a roof between it's under the top layer of the roof. The Florida Cabinet will consider approving the new form Tuesday. Several changes to the form are expected to help homeowners qualify for discounts. The new form would effectively: Allow discounts for tile roofs. For years, ...
State Farm Passing The Buck…Literally
On October 19th, 2011, a story regarding State Farm's ongoing practice of dumping its homeowner's policies over to state-backed Citizens Property Insurance. News? Hardly. Certainly not to the hundreds of State Farm homeowners policyholders that are receiving renewal rates as high as triple that of last year's rate. A 2008 state law allows companies like State Farm to continue giving multiple-policy discounts to customers, even if the company only provides automobile insurance coverage and drops their homeowners' coverage. The catch? The homeowners' policy has to go to Citizens, not another private insurer. While that law may help improve State Farm's financial picture, critics say it's a bad deal for Floridians, who absorb costs for Citizens, Florida's insurer of last resort. Allowing State Farm to push policyholders to Citizens shifts the costs — and the liability for major-storm coverage — to the state's property insurance policyholders who pay fees to offset the insurer's deficits. But yet , under the same law, State Farm is allowed to keep the bundling discount it's offered to multi-policy customers by selling them their own auto coverage, but Citizens Home Insurance. Interesting though - the State of Florida ...
Hurricane-Proof Your Home For Free
A lucky few in South Florida will get, courtesy of the U.S. Government, new roofs, windows or doors to strengthen their homes against hurricanes. Broward and Palm Beach counties have several million dollars to dole out to homeowners on the lower end of the income scale. In Broward, the money will go to homeowners preparing their homes to better withstand high winds. In Palm, it will be spent to repair damage from Hurricane Wilma, which hit in 2005. "It's a great opportunity,'' said Patricia Stephenson at the non-profit Broward Alliance for Neighborhood Development (BAND). Her organization is one of two distributing $2 million for Broward, between now and August. Each homeowner could get up to $40,000, given in the form of a loan that would have to be repaid if the home were sold within 10 years. The Broward grants will go to homeowners who meet the income criteria — for a household of four, the maximum income would be $60,250 a year. Interested homeowners can call BAND at 954-581-9899. Or call Community Redevelopment Associates of Florida at 954-431-7866. Palm Beach County still has $2.3 million in federal disaster recovery money available for ...
Surprise! 10 Risks Your Homeowners Insurance May Not Cover
Think you know what your home insurance policy covers? You may be surprised to learn of some risks that often aren't covered. Several insurance experts helped us create a list of potential claims that people often assume are covered — but aren't. Their advice for homeowners: Read your policy carefully and pay special attention to the sections that list exclusions. If you still have questions, ask your insurance agent. Trampolines Few insurance companies in Florida or the nation will cover trampolines, said Paul Mack, president of Mack, Mack & Waltz insurance agency in Deerfield Beach. Owning a trampoline may even disqualify you from getting property insurance from some companies. Trampolines caused 92,159 injuries that required emergency room treatment in 2010, according to the Consumer Product Safety Commission. Insurance companies know that and are not interested in covering those injuries. Failing to tell your insurance company about your trampoline won't help. "An insurance company can deny coverage or cancel your policy if you do not follow the policy safety guidelines or do not inform the company when you install a pool or purchase a trampoline," according to a consumer guide from the National Association ...
Hurricane Irene Teaches Flood Insurance Lesson
Hurricane Irene has passed. The good news is the storm did not hit New York and New Jersey with the category 3 or 4 wind levels that we all feared; the bad news is that the majority of the $10 billion plus in damage will fall under the category of “flood”, which is typically excluded under homeowners policies. Much of the flood damage won’t be covered because few northeastern residents participate in the National Flood Insurance Program. Why? Because they never think it's going to happen to them. And because their mortgage lender didn't require they do so. Since the wind speeds were below estimates, only a small fraction of the losses occurred as a result of high winds, the majority of the damage came as a result of massive rainfall causing rivers to crest over 100 year highs, resulting in extensive wide-spread flooding. Experts say that with flooding the main culprit, a majority of items damaged will be not covered by insurance claims. This should be a wake-up-call to homeowners about the importance of having flood insurance. Hurricane Irene, was not as strong as feared, and the quick ...
More State Farm Customers Report Triple-Digit Increases
State Farm Florida policyholders have been complaining about triple-digit rate hikes since early June, and the complaints keep coming. Some policyholders said they’re convinced State Farm is looking to leave the state – or at least parts of it – even though it agreed to stay in Florida two years ago. The insurer hasn't sold new policies in Florida since 2008, except for existing customers who moved. State Farm Spokesman Chris Neal said the insurer is not trying to ditch the state: “That’s not our way of leaving. We’re just trying to get our rates right.” Some State Farm agents have said they have seen some premiums decrease. Regulators approved a 19 percent average statewide rate increase for the company in April, but average increases OKed for certain parts of South Florida are as high as 64 percent. State Farm Spokesman Michael Grimes has said policyholders should talk to their agents about the specifics of their policies. "Premium changes depend upon a number of factors such as location, risk, claims experience, coverages selected, deductibles selected, and qualifying discounts, to name a few," he said. Here are some of ...
Who’s Responsible For Condo Damage Repairs
The apartment below you has ceiling water damage from an apparent pipe leak above them, but you have no damage in your apartment. The condo manager along with the condo president has told you that you are responsible for the damage and to correct the leak in the pipe. The plumber has not been able to locate the leak, and wants to remove the tiles and wallboard in the bathroom. So...responsible for the pipes in the wall or is the condo association? As a general rule, unit owners are responsible for the repair of any utility that services solely their unit. For example, the main plumbing lines that bring water to your unit, at some point, branches off to several individual units. If the source of the leak is the main trunk line, then it is a common element, and the cost of the repair belongs to the association. However, if the source of the leak is the line that services only your unit, then you are responsible for the repair. That said, a court of appeals recently sent back for determination, based on language within the condominium documents, the very question you ...
5 Things You Should Know About Your Generator
Now is the time – if you haven’t already – to drag out the old gas generator to make sure it works if and when needed this hurricane season. So let’s get the point: Here are five things you should know about using your generator: 1. Never, ever use a generator inside a building, including homes, garages, crawlspaces and sheds. Levels of carbon monoxide may quickly reach deadly levels. 2. Read your instructions. Nobody does this and it’s a big mistake. It will take all of 15 minutes or less. If you tossed them, try typing in the manufacturer name and model into a Google search bar to search for online manuals. You may be able to get what you need from a similar model. 3. Generators may be dangerous in wet conditions, causing electrical shock or electrocution in the worst scenarios. Try to keep rain off the generator, using perhaps a canopy to allow for open ventilation while keep raindrops from the generator. Make sure hand are dry before touching the generator. 4. Never plug generator into a home wall outlet. That could be like putting a match to a gas-soaked rag. 5. ...
Home Insurers Request Rate Hikes
Seven home insurers have asked for statewide rate hikes since Gov. Rick Scott signed a sweeping property insurance bill into law on May 17. That’s according to an online database of rate requests made to the Office of Insurance Regulation. The insurers have nearly half a million residential insurance policies statewide, including 85,232 in Broward, Palm Beach and Miami-Dade counties. None of the seven used a provision in the new insurance law that speeds up the approval process for companies that want to raise premiums up to 15 percent to recoup what they spend on reinsurance, or backup insurance for insurers. Insurers can only make the reinsurance-related requests once a year so some have to wait. Since mid-May, some insurers asked to raise rates specifically for the sinkhole portion of their rates but they said they plan to keep statewide average rates flat by providing discounts to policyholders who refuse sinkhole coverage, according to their rate change proposals. Seven insurers proposed increasing their statewide average rates for varied reasons-projected increases in reinsurance costs, sinkhole claims costs and other expenses: Insurer % Increase Requested Universal Insurance Company of ...
State Farm’s SFL Customers Could See Rate Hikes Up To 64 Percent
State Farm customers in South Florida and the Orlando area can expect hefty rate hikes starting in July, some as high as 64 percent. The Office of Insurance Regulation on Friday approved a 19 percent average statewide increase for the company's 570,423 home insurance policies. That's less than the 28 percent the company requested. Average rate changes to homeowners' policies include: Hikes of 64 percent and 28 percent respectively for western parts of Broward and Palm Beach counties. Increases of 50 percent for coastal areas of Broward and Palm Beach counties east of the Intracoastal Waterway, higher than the 287 percent and 172 percent increases requested; and Decreases of 10 percent for property west of those coastal areas to the middle of Broward County and to Military Trail in Palm Beach County. Increases of more than 30 percent for Orange, Lake and Seminole counties; Increases of 50 percent or more for parts of Polk, Volusia and Osceola counties; No change for part of Polk County; and Increases of about 6 percent for part of Volusia County. Individual policyholders' premiums can change by more or less than the average approved for the state or for an area of the state. State Farm ...
Latest News
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Hurricane Discounts May Get Reinstated
Some homeowners who spent thousands of dollars on improvements to protect their homes against hurricanes and qualify for ...
-
State Farm Passing The Buck…Literally
On October 19th, 2011, a story regarding State Farm's ongoing practice of dumping its homeowner's policies over ...
-
Hurricane-Proof Your Home For Free
A lucky few in South Florida will get, courtesy of the U.S. Government, new roofs, windows or doors ...
