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Tag Archives: Insurance Policy

What Does Flood Insurance Cover? Perhaps Not Much!

Posted in Flood, Flood Damage, Insurance Policy, Uncategorized

After a flood or other substantial water event, flood insurance policy holders are often surprised to learn what is covered by their flood policy – and more surprisingly, what is NOT covered under their flood insurance policy.  As I have written about before, flood insurance is totally separate from homeowners insurance, and both provide separate… Continue Reading

Why is the Mortgage Company’s Name on My Insurance Check?

Posted in Insurance, Insurance Policy, Uncategorized

Policyholders are often shocked to learn that the loss settlement check they receive from the insurance company is payable not only to the policyholder, but to their mortgage company as well.   Homeowners insurance policies are broken down into several types of coverage – whether for the building, personal property, liability, alternative living expense, or other… Continue Reading

Lightning Strikes – Florida’s Most Underrated Disaster

Posted in Insurance, Lightning, Roof Damage, Storm Damage, Uncategorized

Although it doesn’t get the same attention as Florida’s other natural disasters, lightning damage led to more than 10,000 insurance claims in Florida over the past year.  Florida ranks first in the nation for both injuries caused by lightning strikes and insurance claims caused by lightning related damage. The estimated total property damage caused by… Continue Reading

Switching to a Cheaper Property Insurance Company? Better Think Twice.

Posted in Citizens Property Insurance, Insurance, Insurance Policy, Uncategorized

Over the past few months, many Citizens Property Insurance policy holders received a notification that, unless they opted out within a certain time frame, their property insurance would be automatically transferred out of Citizens and into one of several small start-up insurance companies.  These newly formed property insurance carriers have been nick-named “take-out” companies because… Continue Reading

Tornado and Flood Damage in Florida – What to Do After the Storm

Posted in Flood Damage, Hurricane, Insurance, Insurance Policy, Roof Damage, Storm Damage, Uncategorized, Water Damage

Over the last few days, Central Florida has been pounded by torrential rain, tornadoes and high winds.  These damaging windstorms and tornados were especially violent in Manatee, Sarasota, Lee, Hillsborough and Pinellas Counties.  These thunder storms caused flooding in Shore Acres, wind damage in Siesta Key, and claimed the lives of two people in Duette…. Continue Reading

Wind Mitigation Credits – Save Money on Homeowner’s Insurance

Posted in Hurricane, Insurance, Insurance Policy, Roof Damage, Storm Damage, Uncategorized, Wind Damage

It may come as a surprise to many homeowners, but you may be able to substantially reduce your homeowner’s property insurance premiums by just looking through the provisions of your policy.  Specifically, most homeowner’s insurance policies set forth numerous premium “credits” for which you can qualify based upon the age and condition of your home…. Continue Reading

Flood Insurance Crisis – Possible Help on the Horizon

Posted in Flood Damage, Insurance, Legislature, Uncategorized, Water Damage

By now, most Floridians have heard about – or even experienced – the incredible spike in flood insurance premiums that are coming their way due to the Biggert-Waters Flood Insurance Reform Act.  In short, the Biggert-Waters act is a new federal law which attempts to address a $24 billion dollar deficit in the coffers of… Continue Reading

Citizens Denying Claims While Paying Its Lawyers Million$$ of Dollars

Posted in Citizens Property Insurance, Insurance, Insurance Policy, Sinkhole, Uncategorized

Citizens Property Insurance Corporation has been earning a reputation for systematically denying almost every insurance claim asserted by its policyholders.  Instead of honoring valid claims, Citizens spends millions of dollars each month “defending” claims – the same type of claims that other insurance companies would routinely pay without question.  Although those of us in the… Continue Reading

Water Damage – the Silent Destroyer of Homes

Posted in Flood Damage, Insurance, Insurance Policy, Uncategorized, Water Damage

Although hurricanes, earthquakes, and sinkholes get the majority of the attention in the news, the vast majority of insurance claims deal with water damage to property.  These claims are generally broken into two categories – flood damage and water leak/seapage damage.  Flood claims revolve around damage caused by “rising water”, as opposed to other types of water losses… Continue Reading

New Flood Insurance Law May Crush Florida’s Real Estate Market

Posted in Flood Damage, Insurance, Insurance Policy, Uncategorized, Water Damage

Pursuant to a new Federal law, premiums for residential flood insurance in Florida may soon be as high as $24,000 a year.  A new law, the Biggert-Waters Flood Insurance Reform Act, was enacted by Congress in 2012 as a knee jerk reaction to the recent large scale disasters such as hurricanes Katrina and Sandy.  Proponents of the new… Continue Reading