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Homeowners Insurance

Forced placed insurance is not for YOU!

Wednesday, February 5th, 2014

Forced placed insurance is not for YOU!

 

I have been in the insurance business since 1978. One of my biggest frustrations is that so many folks think that we here at Nusurance are only trying to sell policies to rip them off. In June of last year a gentleman who was frustrated with Florida’s high cost of insurance decided as we call it “Go Bare” and let his policies lapse. When we called him to follow up he informed us that the Bank had “Given” him coverage at one third of what we were charging him.

His home was insured for $188,000 and the balance of his loan was only $55,000. On the phone he says he was told by the customer service representative that this was the same kind of insurance as we had sold him. Now frankly this was true but what the service rep failed to explain was although the coverage was the same the policy would only cover for the limit of $55,000. The $55,000 was only to cover “Their Interest” which was $55,000.

On January 18 of this year, his home burned to the ground. He called me last week to see what I can do. He was told that his mortgage was paid off and he would be receiving a satisfaction of mortgage letter. But that is the only thing he would receive from the insurance. His home would not be replaced, his personal property would not be replaced and he would have to pay for the hotel his family has occupied for the last week.  Under a standard homeowners policy his home would be replaced up the policy limit, he would be able to go shopping for all new persona property up to ½ of the limit for his home and we would have an additional bag of money of at least 10% (up to 30%) to pay for his hotel and expensed he incurred while out of his home.

Of course he is now looking for someone to sue, we have our communication and copies of quotes we have sent him he beef is with the bank but unfortunately the person was truthful, the coverage was the same what was omitted was the limit and the person who was to be covered. Here the bank was “the person” covered for their interest and THEIR INTEREST ONLY!  His policy had been lapsed for over 7 months – we had called him and quoted alternatives, there was nothing else we could do.

 

 

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Sinkhole or Catastrophic Ground Collapse – A Florida Dilemma

Saturday, August 6th, 2011

Most of the questions we get either by phone or email is about the New Florida Sinkhole Law.  Do I have Sinkhole coverage or not?

A recent change in Florida law requires authorized insurers to cover “catastrophic ground cover collapse,” but damage caused by a sinkhole may not be covered by your policy. More Confused? – Let me see if I can explain. If you have a Homeowners policy in the state of Florida (issued by an admitted authorized carrier) you have coverage for “Catastrophic ground cover collapse.” That is “geological activity that results in ALL of the following:

All of the above conditions must be met including the “Condemnation” of your home to “Trigger” coverage.

The next question is what is NOT covered?

If your damage does not result in the above, including “condemnation” but does “cosmetic” damage the policy will not respond unless you purchase “Sinkhole” Coverage.

Some companies do not offer “Sinkhole” Coverage, others do but require and inspection. Some companies will charge you for the inspection some will not, in either case you will not have any coverage until the company inspection is completed and coverage is “bound” by the company.

More Questions?

Call us 813 514 6982 or email us at info@nusurance.com

Important Florida Sinkhole information – Click here for Download  Link

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Happy Hurricane Season

Wednesday, June 29th, 2011

OK folks, here we go again. June 1, 2011 stared another Wind Storm season. Most media outlets, TV Stations and newspapers are distributing Hurricane Preparedness List and Tracking maps. Go out today to pick one up and do what they tell you.

 Stock up on food, water, and batteries; make sure you have at least a 30 day supply of your prescription. My personal favorite, always make sure you have a hand cranked can opener. But I want to address a few things that are not listed in those publications.

 If you have to evacuate make sure you take the right things. Your jewelry, your computer, big screen TV and sound systems are things that will be covered by your insurance. What you need to keep safe are your memories like wedding pictures, art work (if not specifically added on your policy) and keepsakes.

 Things that need to be done prior to the storms hitting include:

 First, Digitize your photographs, scanners are only a few dollars, spend a weekend scanning all your pictures into your computer. A Back-up/off site program such as Carbonite or Mosi will cost you less than $50 per year, well worth the money.

 Second, Open a Gmail or Yahoo Email account. Remember to use a strong password. Scan your important document and store them on you online account. As long as you use a strong password it would be secure.

 Third, Purchase a strong plastic storage box; the ones with the locking top are best. Should you have to evaluate take your pictures and keepsakes put them in the box, put your name and a contact number inside, snap it shut and then duct tape the top in place. The duct tape will make the storage box water tight. If it is lost chances are it will stay intact until someone finds and opens it.

 Please be vigilant, remember for less than $15 you can purchase a weather band radio. Let’s hope we have a very un-eventful hurricane season.

For information or to review your insurance please call us at 800 604 7249 or drop us a note.

Christopher Kazor, CIC – NuSurance

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Posted in Homeowners Insurance, Riskywire | 3,880 Comments »

How much homeowners insurance should I buy?

Friday, January 7th, 2011

We feel like we are getting ripped off, my insurance agent wants me to insure my home for more than we paid for it. Can you help?

Probably not. It is imperative that agents and companies take the time to insure “your” property to the correct value. It was not long ago that I was fighting with loan officers wanting us to insure a home with a replacement value of $285,000 for $550,000. This would have been “over insured”.

The good news- in Florida and many other states, banks and mortgage companies are forbidden to force a client (on a residential property) to over insure. But now the “Market values” have changed where the cost of “Repairing or Replacing” the home has either stayed the same or in some cases increased.

The insurance contract for homeowners obligates the insurance company to “Repair or Replace” your home with “like and kind” materials. Strangely enough in some cases the cost to repair part of the home may be close to the cost of a new home.

In today’s market the companies use very sophisticated tools to help establish the value of your home. In defense of the agents, they have little or no control over the outcome of the number.

The systems are married with the tax records and with the exception of asking, do you have a pool cage? the system establishes the value.

If you have further questions, please call us at 813.514.6982. It is our pleasure to assist you.

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Flood insurance coverage, do I really need this?

Saturday, September 25th, 2010

Some of my neighbors have said to me ” Will I need flood insurance? I’m concerned that with heavy rains my swimming pool could overflow and flood into my house.” Yes that is a concern but let’s
look at the real definition of flood as it is defined in a typical flood insurance policy. Flood is defined as “a general and temporary condition of partial or complete inundation of 2 or more acres of normally dry land OR 2 or more adjacent properties at least one is your dwelling from:

A) overflow of inland or tidal waters.
B) unusual and rapid accumulation of runoff of surface waters from any source.
C) mudflow ”

So if the above conditions are not present then a swimming pool overflow would not be covered under
a flood policy or any homeowners insurance policy. What should also be remembered is that any loss under a flood policy a separate deductible applies to the structure and another deductible would apply to the contents or personal property of the owner. Deductibles can be as low as $500 and up to $5000.

The good news is that if the home is your primary residence and you live there at least 80% of the year
then a loss can be paid on a replacement basis rather than a depreciated or actual cash value basis.
Many areas in Florida are in a preferred area so premiums are relatively inexpensive. Let us know – we will give you a quote.

Chuck Robson, CIC
Nusurance
crobson@nusurance.com
Sarasota – Manatee Agent – 941.685.6261

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