FORT LAUDERDALE, Florida. In just two days, Hurricane Michael escalated from a tropical storm to a category 4 hurricane. The result was that many Florida residents in the path of the storm had little time to prepare. Some didn’t even have the time to evacuate. According to the New York Times, researchers have gotten quite good at predicting the path of storms, but they are still working to get better at predicting how storms intensify and how fast these storms might intensify. Warmer seas over the Gulf of Mexico may have contributed to the storm’s intensification. Storm trackers had initially believed that wind shear would prevent the storm from intensifying, but the storm quickly moved from a tropical storm to a storm whose winds were just two miles shy of a category 5 storm.
Hurricane Michael’s size and intensity contributed to the devastation. According to the Times, the path of devastation extends for 200 miles. The damage was far-reaching. Some homes were inundated up to...
FORT LAUDERDALE, Florida. Condo insurance is a little different than home insurance. Your HOA may have insurance to cover the building. But the building’s insurance may not cover damage that occurs to your individual condo unit. If you have a mortgage, your bank will require you to have individual insurance in addition to having your condo’s HOA insurance coverage. Even if you don’t have a mortgage, it may be a good idea to purchase condo insurance. Why?
According to Nerd Wallet, after a storm or natural disaster, your HOA association will not pay to cover damage to your individual unit. If your property is damaged or if you must repair items within the unit, you will be responsible for these costs. This is where individual condo insurance comes into play. Personal condo insurance is known as an H-06 policy.
The kind of condo policy you’ll need will depend on how thorough your HOA’s insurance policy is. If your HOA has an “all in” policy, everything will be covered, in...
FORT LAUDERDALE, Florida. Many people who suffered flooding after Hurricane Florence may not have coverage. According to the New York Times, it is estimated that millions of people might have experienced flooding, but only 335,000 homes might actually be protected with flood insurance. While homeowners in listed flood zones are required to have flood insurance, some areas that might be prone to floods might not be listed as flood zones. Homeowners may not be aware of their risk and, because they are not required to purchase flood insurance like those who do live in flood zones, these homeowners might find themselves footing the bill if their homes get flooded.
Today, flood insurance is managed by the National Flood Insurance Program, which is under FEMA’s umbrella. When people take out mortgages on houses in flood zones, they are often required to take out insurance by their bank. Yet, if your home happens to be outside the listed flood zone, you may not always be required to take ...
FORT LAUDERDALE, Florida. If you have been in affected by Hurricane Florence or if you have suffered home damage due to a recent weather event, it is important to make a claim with your homeowner’s insurance as soon as possible. According to AJC, in the aftermath of a storm, hundreds or even thousands of other people might be filing claims with insurance companies. To get your claim handled as soon as possible, it is important to file your claim as soon as you can.
Hurricanes can damage your roof, walls and windows. In some cases, you may need to make repairs to these structures to prevent further damage to your home. Homeowner’s insurance may not cover damage to your home that occurs after the initial storm event if you do not take steps to secure your home or may deny coverage completely due to your failure to “mitigate” your damage. You also may not want to make repairs until the insurance company has had an opportunity to inspect and before you speak to an attorney as you ...
FORT LAUDERDALE, Florida. CNN reports that hurricane Florence might hit North and South Carolina this week. Residents in other states are closely watching the tropics for other looming storms. As these states put emergency preparations in place to get everyone ready for the hurricane, homeowners can take steps now to prepare themselves for the possibility that they may need to eventually make a claim after the storm hits. What are some things you can do today to prepare yourself for the possibility that you might have to make a hurricane homeowner’s insurance claim? Here are a few things to consider:
Gather the phone numbers, policy numbers, and policy documents for your homeowner’s insurance and put them in a safe place. Some people keep their policy information in a waterproof sleeve and others put their policy documents in safe deposit boxes. The key is that you know where this important policy information is located.
Gather receipts and photos. Your property may be cove...
FORT LAUDERDALE, Florida. While Hawaii avoided a direct hit from Hurricane Lane, CBS News reports that the hurricane dumped about four feet of rain on the Big Island. The flooding damaged homes and businesses and put people at risk. Now, as homeowners assess their damages, they may find that their homeowner’s insurance may not cover them for all the damage they have sustained.
According to CNBC, Hawaii homeowner’s insurance policies generally exclude coverage for hurricane damage. This means that homeowners would have had to purchase separate coverage to protect their homes. Because hurricanes are such a rare event in Hawaii, some homeowners may find that they do not have adequate coverage to protect them from damage they sustained from Lane.
While most banks will require homeowner’s to have hurricane coverage, if owners purchased their homes in cash or don’t have a mortgage, they may discover that their homeowner’s policy is insufficient.
Furthermore, many policies that ...
FORT LAUDERDALE, Florida. According to Airbnb, the company provides hosts with insurance coverage that protects hosts from liability. However, the coverage is subject to limitations and exclusions, and the policy could impact your ability to make a claim against your homeowner’s or renter’s insurance. For example, it is possible to see a situation arise where a guest gets hurt on your property and the Airbnb coverage tries to pass the ball onto your personal homeowner’s insurance or renter’s policy. Yet, if your homeowner’s insurance or renter’s insurance company learns that you rent your home through Airbnb, they may pass the ball onto Airbnb, saying Airbnb’s insurance is responsible for settling your claim. Going back and forth between two sets of insurance adjusters, each with their own policies and exclusions can be a headache in itself. Add to this the stress of having a situation where a person was injured on your property and the anxiety can quickly mount. If you ...
FORT LAUDERDALE, Florida. The New York Times reports that the Mendocino fire is now the largest in state history. It has already damaged and destroyed 143 buildings and is threatening residential areas. As we enter fire season, we may see more fire claims arise. California is not the only state at risk of fires. As summer goes on, we are likely to see more fires erupt across the country. Have you checked your fire insurance policy lately? Now might be a good time.
When fire damage completely destroys a structure, the claims process can be more straightforward. When a structure is only partially destroyed by a fire, the claims process can be more complicated. According to Up Help a partial fire damage claim can include other losses, like water damage, if water enters a burned structure, smoke damage, ash damage, and mold if moisture was able to enter a building after the fire. In the aftermath of a fire, you should document all the damage to your home and property and file a claim as...
FORT LAUDERDALE, Florida. According to the Insurance Information Institute fire damage in 2007 (the most recent year reported) resulted in $24,399 in property loss. The fires currently blazing in California are being called the most destructive in the state’s history. We’re likely to see more destructive fires like this in the future as the climate continues to change, places get warmer, and as more people move closer to the wilderness. According to the New York Times, California has experienced about a month of higher temperatures.
California is not the only state at risk of fires. While Florida’s fire risk remains low to moderate, areas like South Florida, central Florida and the west coast of Florida show a moderate risk of fire, according to the Florida Forest Service.
As the risk of fire increases across the country, insurance companies might try to increasingly cut corners to save money on fire insurance claims. There are some things you should consider when making a clai...
FORT LAUDERDALE, Florida. Every insurance policy is different in terms of what is covered and what your responsibilities and duties will be. However, most insurance policies include a list of “duties after loss” and conditions that must be met for the policy to be valid. Failure to meet these duties or to meet these conditions can result in denial of coverage and benefits. What are some common duties after loss?
According to the American Bar, two of the most common duties and conditions include requirements for the policy holder to provide notice of loss and to cooperate with adjusters. What do these two clauses mean for you?
Notice Clauses: In order for your insurance company to investigate damage and pay for your claim, the company must be notified that damage has occurred. Don’t assume that just because Hurricane Irma damaged 99% of the houses in your neighborhood that your insurance company will automatically know that your home was also damaged. You must inform the...
