Strong winds require strong protection

Hurricanes are powerful. Winds reaching 140 miles per hour can exert an inward push of 1,000 pounds on a typical exterior door. They can blow water nearly six inches up a wall and drive gallons through the smallest cracks. They can transform harmless roof shingles and lawn furniture into flying missiles.

What’s the best way to tackle such an awesome force? Be prepared and start with the right homeowners insurance protection from one of our carriers get a fre quote now.

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Wind Mitigation Inspection

“Florida law requires insurance companies to offer homeowners discounts or credits for existing building features or home improvements that reduce damage and loss from hurricanes. Florida insurance companies are required to file these discounts with the Office of Insurance Regulation”.
The state has issued a new FL Wind Mitigation Inspection form on 2/1/2012. Most admitted carriers will require this new form for all new policies beginning February 1^st, and may also start requiring re-inspections on existing policies to utilizing the standards as set forth in the new form.

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Florida Passes PIP Reform Bill

Gov. Rick Scott got the legislation he wanted to reform Florida’s mandatory motor vehicle no-fault law and crack down on the abuses in personal injury protection cases that have led to skyrocketing increases for coverage.

Whether the new measure will be effective remains to be seen.

The personal injury protection (PIP) law was adopted in 1972 to make sure anyone injured in an auto accident would quickly get money to treat their injuries. The legislation provided that a driver’s insurance company pay up to $10,000 to cover medical bills and lost wages after an accident, no matter who is at fault.
PIP costs have risen by $1.4 billion since 2008, largely because of the runaway fraud that threatens the system, most notably in the metropolitan Miami and Tampa areas. Florida ranks first nationally in staged accidents.
The legislation requires an accident victim to obtain treatment within 14 days in an ambulance or hospital, or from a physician, osteopathic physician, chiropractic physician, or dentist. The full $10,000 PIP medical benefit is available only if a physician, osteopathic physician, dentist, or a supervised physician’s assistant or advanced registered nurse practitioner determines that the insured has an “emergency medical condition.” Otherwise, the PIP medical benefit is limited to $2,500.

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How Suicide Is Covered By Term Life Insurance Policies

One of the questions from my life insurance clients is about suicide.  Is suicide covered? They always asked.  So I decided to write a little blog about it.

Each life insurance policy is different, but most contain a suicide provision. The suicide provision states that if the person covered by the life insurance policy dies as the result of suicide within two years from the policy issue date then any beneficiaries would not be able to collect the death benefit. Otherwise, after the two year suicide provision period, the policy should pay the death benefit to the beneficiaries. But, again, check the policy's exclusions section, since the suicide provision can be different for each policy.

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Florida Regulator Slashes Sinkhole Rate Hike, Lowers Others

Florida residents who have sinkhole insurance through the state-backed property insurer will not have to pay a proposed statewide average 447 percent increase.
Citizens Property Insurance Corp. customers will also be spared big price hikes for standard coverages under several rulings by Insurance Commissioner Kevin McCarty.

Instead of the approving the requested 447 percent average increase in sinkhole rates, McCarty approved a statewide average 32.8 percent increase for Citizens, an increase he said is viable until there is more data from the reforms contained in this year’s property bill.

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Board of Florida’s Citizens to Meet Today on Sinkhole Rates

The board of governors of Florida’s Citizens Property Insurance Corp. has called for an emergency meeting today to consider phasing in a proposed statewide average 429 percent sinkhole rate increase.
Newly-named Chairman Carlos Lacasa has called for the meeting in response to the growing controversy surrounding the issue. The meeting comes just one day before a public hearing on the issue in Tampa.

A Citizens’ staff proposal calls for no change in the overall sinkhole rate increase. However, the staff is recommending that the increase be phased-in over a yet to be determined number of years.
“The implementation plan developed by our actuarial staff would result in an overall average statewide and territorial premium increase for sinkhole coverage of 50 percent for the first year,” states the staff proposal.
The board will also take into consideration the sinkhole provisions contained in SB 408, the primary property insurance bill enacted earlier this year. Among other things, the bill created a statutory definition of “structural damage,” placed a two-year limit on claims, and created a number of fraud provisions.
Insurance Commissioner Kevin McCarty has said that Citizens failed to take these reforms into effect when setting sinkhole rates.
A Citizens’ staff analysis states that while it is difficult to project the impact of SB 408 on sinkhole losses next year,  it is projecting that the sinkhole provisions will result in a 60 percent reduction in sinkhole premium for 2012.
In 2010, the state-backed insurer collected $32 million in sinkhole premium, but paid out roughly $250 million in claims.

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Do elevation certificates reduce flood insurance premiums?

• Very often, flood insurance premiums are reduced through the use of elevation certificates. In the absence of the data and information provided on elevation certificates, flood insurance companies assume the worse case scenario and charge the highest rates. Many property owners elect to purchase elevation certificates for pre-FIRM homes and buildings in the high-risk flood zones to determine if the flood insurance premium rate would be lower when rated according to post-FIRM rules.  It is however in your best interest to consult your insurance agent prior to conducting an elevation certificate, also before grandfathering if you wish to do the opposite and get a post-FIRM building rated as pre-FIRM.

For more information and to request a quote for Flood Insurance
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