Sep 12
0

Applying for Homeowners Insurance: What You Need to Know

By | Uncategorized | No Comments

From: MyFloridaCFO


Homeowners Insurance Application 

When applying for homeowners’ insurance, your insurance agent will likely request that you complete multiple applications for several different insurance companies so that you can receive multiple insurance quotes and choose an insurance company that best meets your insurance and pricing needs. Each insurance company has its own questions and guidelines on their insurance application, and it is important to carefully review the questions when completing the application, as the information you provide to your insurance agent helps the insurance company determine if it is willing to offer you an insurance policy and the rate you will pay, also known as your premium. This process is called the Underwriting Process. 

 

Applicant Information

When applying for homeowners insurance, your insurance agent or insurance company will ask

for information specific to the person who is obtaining the insurance, known as the insured. The

insurance agent or insurance company will likely ask for the insured’s:

  • Full name
  • Date of birth
  • Social Security Number
  • Contact information

The insurance agent or insurance company will also need to know the physical address of the property that is being insured.

 

When Applying for Homeowners Insurance be Sure To:

 

1.     Consult with a licensed insurance agent and/or insurance company

  • Verify before you buy. Contact the Department of Financial Services’ toll-free Insurance Consumer Helpline to verify the insurance agent and insurance company is licensed before you apply for homeowners insurance.
  • Consider obtaining references or referrals on the insurance agent.

 

2.     Read all questions carefully and ask for clarification.

3.     Do not knowingly omit any information or knowingly provide incorrect information.

  • If the insurance company determines that your application was inaccurate, even after you have had the policy for several years and paid the premium, the insurance company may determine that a policy should not have been issued to you and cancel the policy back to the effective date, refund all of the premium that you paid, thus leaving you without insurance coverage and any claims you have filed may be denied based on the cancellation of the policy.

4.     Confirm with your insurance agent or insurance company that you are obtaining all the coverage types and coverage amounts that you requested.

5.     Know the difference between your hurricane deductible, all other perils deductible and roof deductible.

  • The Hurricane Deductible applies to damages sustained from a named hurricane declared by the National Weather Service.
    • Hurricane Deductibles are typically 2%, 5% or 10% of the policy dwelling/structure limits.
    • The Hurricane Deductible is only applied once per calendar year if you are insured by the same insurance company. If you experience damage to your home from two hurricanes for one year, you will only have to pay your Hurricane Deductible once, even though you have filed 2 claims with your insurance company. If you incur damages from a second hurricane during the calendar year, your insurance company will apply either your All Other Perils deductible stated on your policy or the amount left over from the first Hurricane Deductible, whichever is greater. If you met your entire Hurricane Deductible with the first hurricane claim, your All Other Perils deductible will apply to the second hurricane.
  • The All Other Perils Deductible applies to covered damage that was not caused by a named hurricane. This deductible is applied each time a claim is filed.
    • Some of the types of claims that may fall under the All Other Perils Deductible include claims involving damage from lightning, fire, hail, vandalism, or theft.
    • There may be times when you will be responsible for paying the Hurricane Deductible and the All Other Perils Deductible within a calendar year. This may happen if you have two or more claims, and one of the claims involves damage sustained from a hurricane while the other is a non-hurricane claim.
    • In this scenario, you would pay the Hurricane Deductible for your hurricane claim and the All Other Perils Deductible for the non-hurricane claim.
  • The Roof Deductible applies when you file a claim for damage to your roof. Property insurance companies are allowed to offer a policy with a separate roof deductible of up to 2% of the Coverage A (dwelling) limit or 50% of the cost to replace the roof, whichever is lower. When a roof deductible is applied, no other deductibles under the policy may be applied to the claim.
    • This deductible is optional, which means that you must be allowed to decline the roof deductible option by signing a form.
    • Insurance companies must offer a premium credit or discount for policies that have a separate roof deductible.
    • The roof deductible does not apply to a total loss caused by a covered incident, damage caused by a hurricane, damage caused by a tree or other hazard that damages the roof and punctures the roof deck, and damage requiring the repair of less than 50% of the roof.

6.     Be aware that most homeowners insurance policies do not include coverage for damage caused by a flood.

  • Discuss flood coverage with your insurance agent or insurance company to determine if it is included in your homeowners insurance policy or if a separate flood insurance policy is required.

7.     Understand the difference between replacement cost and actual cash value.

  • Be sure to ask your insurance agent or insurance company whether the policy you are applying for provides for Replacement Cost or Actual Cash Value. Florida law requires an insurance company to offer policies or endorsements based upon Replacement Cost, even if the insurance company also offers a policy based upon Actual Cash Value. You can obtain Replacement Cost coverage for your home based upon the amount of coverage you purchase. You have the option to obtain Replacement Cost coverage on your personal property for an additional premium, otherwise, your coverage for personal property will be based on Actual Cash Value.
  • When Actual Cash Value is offered in a policy, it means the policy will not pay for the decreased value of your items; it will only pay you the cost to replace the item minus the decreased value of the item.
    • For example, the refrigerator that you purchased for $3,000 five years ago was damaged from a lightning strike. Your insurance company determines that a refrigerator has a useful life of 10 years, and the same refrigerator today would cost $3,500. Your damaged refrigerator has 50% (5 years) of its useful life remaining since you bought it 5 years ago. To calculate the Actual Cash Value, you would receive from your insurance company to replace the damaged refrigerator, you would multiply the $3,000 original purchase price by 50% (the useful life remaining of your refrigerator). Your insurance company would pay you an Actual Cash Value of $1,500 to replace your damaged refrigerator ($3,000 x 50% = $1,500).
  • Replacement Cost means the policy will pay the cost to replace the item at the present time, regardless of the decreased value. 
    • Using the same damaged refrigerator example above, if your policy is based on Replacement Cost, your insurance company will pay you the amount needed to replace your damaged refrigerator with a similar refrigerator today. In the previous example, the insurance company determined a similar refrigerator would cost $3,500 in today’s market. With Replacement Cost, your insurance company would pay you $3,500 to replace your damaged refrigerator.

8.     Ask your insurance agent or insurance company about any discounts you may qualify for.

  • Each insurance company has its own guidelines for the types of discounts that are offered in their policies, but a few common ones are listed below:
    • Multiple Policy or Bundling: Discount for having multiple policies with the same insurance company (such as homeowners insurance and life insurance) or bundling several types of insurance into one policy with an insurance company. Bundling is commonly done with homeowners and auto insurance.
    • Loyalty: Discount for being a policyholder with the same insurance company for a specified length of time.
    • Claims-Free: Discount for not filing a claim within a specific length of time.
    • Home Improvement: Discount for certain upgrades to your home such as improvements to your electrical or plumbing
    • Hurricane Loss Mitigation: Insurance companies are required to offer discounts for making improvements to your home that make it more resistant to storm damage. Improvements such as specific roof coverings or connections; shutters; etc. may result in you receiving a premium discount.
    • Roof Age: Discount for your roof can vary from company to company. This discount will depend on the age, condition, and the type of roof. Typically, this discount may only apply to roofs less than 10 years old.
    • Roof Deductible: Insurance companies are required to offer a premium credit or discount if your policy has a roof deductible. You have the option to reject having a roof deductible and not receiving the premium credit or discount.
    • Home in a Gated Community: Discount because the insured residence is in a gated community.
    • Full Payment: Discount for paying your policy premium in full in one annual payment as opposed to paying it in monthly or semi-annual payments.
    • Alarm System: Discount for having an alarm or monitoring system installed in your home.
    • Fire Alarm System: Discount for having a fire alarm system installed in your home. Some insurance companies may include smoke detectors in their Fire Alarm System Discount or may offer a separate discount for smoke detectors. Ask your insurance agent or insurance company about potential discounts for smoke detectors.

9.     Know that animal liability coverage is often an additional coverage that must be requested.

  • Animal Liability Coverage usually provides liability coverage for bodily injury and property damage that are caused by animals you own or keep, such as dogs or cats. For example, if your dog bites a guest in your home, your Animal Liability Coverage will help pay for the medical expenses that are related to the dog bite and help pay for the legal costs if your guest decides to sue you.

10.  Ask your insurance agent or insurance company for a copy of the signed application to keep for your records.

  • Once you receive your policy, compare the coverages you requested on the application with the coverages that are listed in the policy. If there are any mistakes, contact your insurance agent or insurance company immediately.

 

Common Homeowners Insurance Coverages:

There are different types of coverages that are available and offered with homeowners insurance. When applying for homeowners insurance be sure to discuss your coverage expectations with your insurance agent or insurance company so they can recommend the most appropriate coverage amounts for your situation. The most common coverage types are:

  • Dwelling Coverage: Provides coverage for the physical rebuilding or repair of your home.
  • Personal Liability Coverage: Provides coverage for injuries that are sustained when someone who does not live with you is injured while on your property and you are found legally liable for causing the injury. This coverage would provide payments for pain and suffering and property damage.
  • Other Structures Coverage: Provides coverage for structures on your property other than your home, such as a fence, detached garage, or shed.
  • Loss of Use Coverage: Provides reimbursement for additional living expenses you may incur if your home is uninhabitable while it is being repaired or rebuilt.
  • Medical Payment to Others Coverage: Provides coverage for medical payments of a guest who is injured while on your property whether it is your fault. For example, this coverage would likely provide medical payments for a guest that injured themselves on your stairs. This coverage does not provide any payments for pain and suffering or property damage.

 

Deductibles

Homeowners insurance may have five different types of deductibles. Be sure to discuss the deductible amounts with your insurance agent or insurance company so you are aware of your deductible amount for damages from a hurricane, sinkhole, or other disasters.

  • All Other Deductibles: This deductible is applied when the covered damage is caused by anything other than a named storm or a sinkhole, such as a tropical storm, tornado, lightning, fire, hail, vandalism or theft.
  • Hurricane Deductible: This deductible is applied when the covered damage is caused by a storm that has been declared a named hurricane by the National Weather Service.
  • Roof Deductible: This optional deductible is applied when you file a claim for damages to your roof. This deductible does not apply if the damage was caused by a hurricane, a tree or other hazard that damages the roof and punctures the roof deck, or a total loss caused by a covered incident. When a roof deductible is applied, no other deductibles under the policy may be applied.
  • Sinkhole Deductible: This deductible is applied when the covered damage is caused by a sinkhole, if sinkhole coverage is included in your policy.
  • Water Deductible: Your insurance policy may include a deductible for non-weather-related water claims. These types of claims include damage to your home by water that is not due to a weather-related event, such as the accidental discharge or overflow of water from a pipe, plumbing system, or household appliance.

 

Underwriting Questions

Underwriting is a term that refers to the process of evaluating the risk of insuring your home. Every insurance company has its own underwriting guidelines. Underwriting is when an insurance company reviews the information you have given them when applying for insurance and calculates your premium using that information.

  • See common underwriting areas insurance companies look at when you apply for homeowners’ insurance include:
    • Your home’s building type
    • Your home’s construction type
    • How close your home is to the coast or a fire hydrant
    • The number of stories your home has
    • The year your home was built
    • The age of your roof or the year the roof was replaced
    • The square footage of your home
    • Whether your home is occupied or vacant

 

Examples of Common Underwriting Questions your Insurance Agent may Ask

  • Have you or any resident family member ever had insurance coverage cancelled or non-renewed for misrepresentation of facts, insurance fraud, or ever been convicted of arson?
  • Do you have a swimming pool, hot tub, trampoline, or skateboard ramp on the property?
  • Has there been any sinkhole activity on the premises whether it resulted in damage to the dwelling?
  • Is there a business or daycare on the premises?
  • Have you or any resident family member filed any claims in the past 6 years, because of damages to the home?
  • Do you have any vicious, dangerous or exotic animals, or animals with a history of biting or attacking on your property?
  • Have you or any resident family member filed for bankruptcy in the last 5 years?
Aug 14
0

Using Citizens’ Managed Repair Program

By | Uncategorized | No Comments

Damage to your home can happen anytime. When it does, you want fast, personal and professional service to protect and restore your most valuable asset.

 

Sudden Water Damage?

Citizens has two programs that may be available to help you on the road to recovery when your home has water damage caused by accidental discharge or an overflow of water or steam from plumbing, heating, air conditioning, automatic fire-protective sprinkler systems or household appliances. Depending on the situation, you may be eligible to take advantage of one or both programs. Your Citizens representative will be here to answer your questions and guide you through the process, from start to finish. Note: Examples that are provided do not guarantee coverage for situations that are described.

 

Citizens’ Managed Repair Program

The Citizens Managed Repair Program offers services to qualified customers to return their home to its pre-loss condition if their property has suffered damage due to water not related to weather.

 

Free Emergency Water Removal Services Program

Swift action to protect your home from further damage is crucial following a water loss. Citizens offers free water removal and drying services following eligible water losses. Emergency Water Removal Services provide water remediation to protect a policyholder’s home from further damage from a water loss not caused by weather. Contact Citizens First to report your claim and take any necessary steps to stop an active leak. We quickly determine whether this valuable service is available for your loss, and if you participate in this program, your policy deductible does not apply for this completely free service.

 

Managed Repair Contractor Network Program

Contractor Connection has a network of approved contractors who can handle permanent repairs for covered damage to your home. You work with local contractors who are vetted, licensed and insured. Any approved work is guaranteed with a workmanship warranty by the approved contractor for five years once all repairs are complete. Your policy deductible applies for the covered permanent repairs.

 

Steps to Filing a Water Damage Claim with Citizens

  1. First Notice of Loss

You notice water on the floor in front of the refrigerator due to a broken water line in the wall. After shutting off the water to stop the active leak, you Contact Citizens First to report your claim either by submitting it via myPolicy on Citizens’ website or by calling Citizens. The free emergency water removal services program information will be provided during the process.

If you choose to participate in the program, Citizens immediately contacts the mitigation vendor to request service. Within one hour of reporting your claim, the mitigation contractor contacts you to arrange dry-out services. If you choose not to participate in the program and use your own mitigation contractor, your claim is subject to a $3,000 limit for water mitigation services, less any applicable deductible.

 

  1. Emergency Water Removal Services

After calling to report your claim and accepting our offer of free water removal services, your mitigation contractor will schedule a time with you to arrive on-site to begin dry-out services. The dry-out process may take several days depending on the severity of damage. If you have accepted our offer to use this service and it is subsequently determined that the loss is not covered, you are not responsible for payment of the mitigation services.

If you have not reported your claim to Citizens already, do so immediately to ensure that you comply with policy requirements. Citizens will arrange to have an adjuster come out and inspect the damage to determine the cause of loss.

Using your own mitigation contractor? Coverage for reasonable emergency measures taken in response to a covered water loss is limited to a maximum of $3,000, less any applicable deductible.

 

  1. Inspection

After the dry-out is complete, a Citizens adjuster will inspect your property and determine the cause of loss. In this example, your loss is covered and the adjuster writes a repair estimate for permanent repairs. The estimate for repairs will be reviewed with you before work begins.

Even if you used your own mitigation contractor, your policy requires you to notify Citizens of the loss and allow a Citizens adjuster to inspect your property before repairs begin to determine the cause of loss and extent of covered damage. Your claim for water mitigation for a covered loss is limited to $3,000 after any applicable deductible. The amount paid for mitigation, up to $3,000, also reduces the amount of money available within the total $10,000 limit for the water loss. Should your loss not be covered and you have used your own mitigation contractor, your costs are not reimbursed.

 

  1. Managed Repair Contractor Network

While discussing the estimate for repairs, your Citizens adjuster lets you know about the Managed Repair Contractor Network Program. Having repairs made through the Contractor Connection network connects you with local contractors who provide a five-year workmanship warranty on covered repairs. If you choose to participate in the program, you must sign a repair contract with a local Contractor Connection contractor and pay them your policy deductible.

Even if you used your own mitigation contractor, you may be eligible for repairs through the contractor network. Ask your adjuster for details.

If you choose not to participate in the Managed Repair Contractor Network Program and hire your own contractor, your claim is subject to a $10,000 limit for permanent repairs, which includes any amount paid by Citizens for reasonable emergency measures if you also declined Citizens’ offer of free emergency water removal services.

 

  1. During Repairs

As work begins on the repairs, your adjuster will reach out to you to monitor progress and answer any questions you might have. They will work with you to set up a regular update call to ensure all repairs are progressing and meeting your expectations.

 

  1. Completion and Satisfaction

Once repairs are complete, you should ask your contractor to walk through everything with you to make sure everything has been completed to your satisfaction. Your contractor will ask you to sign a Certificate of Satisfaction. The contractor also should provide you information about the warranty for covered permanent repairs as well as contact information.

Once the contractor submits the signed Certificate of Satisfaction, we will issue a check payable to you and your contractor. You will receive a closing letter from Citizens in the mail to confirm the final process.

 

  1. Final Survey

Citizens will reach out after the entire process is complete to gather feedback and answer any questions you might have.

 

Need to report a claim?

Contact Citizens First

 

Report it online via myPolicy at www.citizensfla.com/mypolicy 24 hours a day, seven days a week  or call (866) 411-2742!

 

Original source: Citizens Property Insurance Corporation

 

 

 

CitizensLogo.png

Jun 26
0

Florida Association of Insurance Agents Convention

By | Uncategorized | No Comments

Last week, representatives from Florida Insurance Agency attended the Florida Association of Insurance Agents (FAIA) Annual Convention in Orlando. This premier industry event brought together agents, carriers, and service providers from across the state to collaborate, share knowledge, and explore the latest developments in insurance.

Our team engaged in valuable educational sessions, connected with key industry partners, and explored innovative tools and technologies designed to enhance client service and operational efficiency.

These insights further strengthen our commitment to delivering informed, personalized, and dependable insurance solutions to our clients across Florida.

We remain focused on staying at the forefront of industry trends so we can continue providing the high standard of service you expect from us.

Thank you for choosing Florida Insurance Agency — where Our Policy Is Great Service.

Sincerely,
The Florida Insurance Agency Team

 

 

Mar 24
13

Exciting News From Centauri Insurance!

By | Uncategorized | No Comments

>
>
> March 22, 2021
>
>
> Demotech Affirms the Financial Stability Rating
> Assigned to Centauri Insurance
>
>
>
> The Financial Stability Ratings® (FSRs) of A, Exceptional, assigned to Centauri Specialty Insurance Company and Centauri National Insurance Company have been affirmed by Demotech, Inc. This level of FSR is assigned to insurers who possess exceptional financial stability related to maintaining positive surplus as regards policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves (L&LAE), and realistic pricing.
>
> Demotech noted Centauri Insurance’s recent acquisition by Applied Underwriters has “replenished their balance sheets to provide the capacity to weather the impact of past natural disasters on inception to date operating results, respond to issues that may have arisen related to loss and LAE reserve development, and sustain the staying power of execution of business models so as to avail themselves of the future revenue benefit associated with rate revisions that are approved and in place. The acquirers will also supply managerial acumen to sustain business models focused on future profitability.” Demotech also stated “we believe they have ameliorated the impact of the operating results reported at year-end 2020 on their balance sheets, are positioned to record and report markedly improved operating results in 2021 that meet or exceed the financial metrics that Demotech deems consistent with carriers assigned an FSR at the A, Exceptional, level as well as successfully address other phases of our annual review process.”
>
> FSRs summarize Demotech’s opinion of the financial stability of an insurer regardless of general economic conditions or the phase of the underwriting cycle. FSRs utilize statutory financial data based on insurance accounting principles prescribed or permitted by the National Association of Insurance Commissioners (NAIC). Since 1989, FSRs of A or better have been accepted by the major participants in the secondary mortgage marketplace.
>
> Thank you for your continued partnership and business.
>
> Sincerely,
> Centauri Insurance
>

>
> Copyright © 2021 CENTAURI SPECIALTY INSURANCE COMPANY, All rights reserved. Insurance products are underwritten by Centauri Specialty Insurance Company and Centauri National Insurance Company. Insurance coverage is subject to underwriting review and approval. Products may not be available in all states.
>

Aug 22
1

What to do during a hurricane event

By | Uncategorized | No Comments

Now that you are completely prepared for a storm, it’s time to explain what actions to take when you receive a hurricane watch or warning alert from the National Weather Service for your local area. It also provides tips on what to do before, during, and after a hurricane.

First, it’s important to know the difference between a watch and a warning (click here for Hurricanes 101).
Hurricane watch = conditions POSSIBLE within the next 48 hrs.

Steps to take:

It’s time to review your evacuation route(s) & listen to local officials by monitoring local radio or television stations.
Then review the items in your disaster supply kit and add items to meet the household needs of children, parents, individuals with disabilities or other access and functional needs or pets.
Hurricane warning = conditions are EXPECTED within 36 hrs.

Steps to take:

Follow evacuation orders from local officials.
Check-in with family and friends by texting or using social media. Communication is KEY in alerting others of your plans and making sure you are safe.
Follow your hurricane timeline preparedness checklist below, depending on when the storm is anticipated to hit and the impact that is projected for your location.

Credit @Gulfstream Insurance

May 15
1

FedNat Hurricane Season Newsletter

By | Uncategorized | No Comments


>
>
>
> Are you prepared for Hurricane Season?
>
> Hurricane season is quickly approaching, and FedNat encourages our family of insureds to always stay alert and be prepared. Be sure to visit the Storm Readiness section of our Claims Center on the FedNat.com web page. Here you will find helpful tips and tools to ensure that you and your family remain safe during a Storm and the Hurricane Season.
>
> Storm Readiness Resources
>
> Now is a great time to sign up for online access and save money. Once you sign up, you will have access to view your policy, documents and claim information. Don’t forget to enroll in paperless, so you can save $10 on your policy renewal!
>
> Additionally, this is always a good time of year to contact your agent and review your policy coverages to make sure that you and your home are adequately protected. Also, it is important to ensure we have your proper e-mail, phone numbers and mortgagee listed on your policy to eliminate any unnecessary delays in the event of a claim.
>
> Register And Sign Up For Paperless
> Recently, we began utilizing technology that can help us process claims quicker and enables us to perform virtual inspections* should a storm hit during the Covid-19 Pandemic. In the event of a loss, FedNat has a devoted team of experienced field adjusters and emergency response partners that are ready to assist you as soon as possible. If you happen to sustain damage, you can reach us 24/7 on our First Report Line at (800) 293-2532 or report a claim online at FedNat.com.
>
>
>
> *Some losses and mitigation services will require in-person inspections.
> Report A Claim
> Protecting you from the unexpected since 1992.
>
>
>
>
>
>
>
> FedNat
>
> PO Box 407193, Ft. Lauderdale, FL 33340-7193
>
> Unsubscribe – Unsubscribe Preferences
>

Apr 29
2

Home Safe Home

By | Uncategorized | No Comments

Home Safe Home
March 20, 2020 | Tower Hill Insurance

Home Learning Center Home Safe Home

It’s the time of year again for spring cleaning! As you develop your plan of attack for cleaning indoors and out, be sure to add “safety” to the top of your checklist and consider how to poison proof these key areas of your home.
Be sure to keep cleansers out of reach of your children and pets; oven cleaners and drain openers are especially toxic. Often brightly colored or scented, children can mistake bottled cleaners for fruit drinks. Over-the-counter and prescription medications should also be secured and out of reach. Poisoning from common household chemicals and medications can be deadly, yet it is one of the easiest to prevent.

UTILITY ROOM: Increasingly popular because of their convenience, laundry detergent packets can be dangerous and should be kept out of the reach of children. Last year, more than 6,000 children were poisoned by exposure to these packets that contain highly concentrated detergent. Symptoms range from excessive vomiting to gasping for air and needing a ventilator to breathe. The colorful packets may look like candy to kids, but they can be deadly. Just in case the unthinkable happens, be sure to have the Poison Control Center’s phone number — 800.222.1222 — saved in your contacts list.
GARAGE & GARDEN: Hazardous items such as gasoline, paint, bug spray, antifreeze, and pesticides should be out of the reach of both children and pets. Garden equipment and other tools should be stored safely out of the way to help prevent injuries. Consider investing in a storage system for your garage or garden shed to organize items and tools before they become a danger zone. Check out these helpful tips for how to find and eliminate the hidden dangers in your garage.

Sent from my iPhone

Get Your Free Quote Today!