Have You Ever Read Your Insurance Policy?

Having a homeowner’s policy will essentially give you peace of mind. Any homeowner ought to read their insurance policy. However, if you have not read your policy then you may end up shocked when you are left financially responsible and devastated because a sudden loss that occurred on your property is not covered.

A standard homeowner’s policy covers losses towards water, fire, storm damage, and other named perils. It will pay for repairs, lack of use, liability claims, and medical payments. The losses can be covered by either replacement cost value (RCV) or actual cash value (ACV) depending on the policy. Having ACV on the policy will repair or replace the damages to your property and personal belongings minus depreciation of the item. Having RCV on the policy will repair or replace the damages to your property and personal belongings at these today’s marketplace price.

Upon reviewing your policy, you will observe a section for what is excluded from coverage in your policy. A standard homeowner’s policy will exclude, damage from war, vandalism, nuclear accident, wear and tear, earthquake, flood, frozen pipes, vandalism, pets, and so forth.

For these exclusions you may get an endorsement or policy rider to have coverage for them. Of course, any additional endorsements will come with an additional premium. There are also separate policies one can purchase like for earthquake coverage or for flood coverage.

Here are some examples of endorsements:

  • Earthquake: This endorsement will cover earthquake damages for the home and additional structures, consisting of garages or fences. Most policies encompasses costs to bring your home up to current building codes which is very beneficial.
  • Theft: This endorsement provides against theft of your personal property. Coverage for theft is written differently for each insurance company. For jewelry as an instance, the majority of insurers would require an appraisal for coverage whilst others have a limited amount no matter the appraised coverage.
  • Inflation Guard: An inflation guard endorsement will help you maintain with yearly raising inflation because in case you insure your property for the price you paid for it, inflation increases might not can help you have enough insurance to replace your entire home if there is a complete loss in the future. The insurance amount for inflation guard is routinely increased every 12 months to maintain with the inflation.
  • Sewer Backup: A fairly cheap endorsement to cover a problem of sewer backup that can cause major water damage and a dangerous health problem.

Choosing any of these or other endorsements will cost you more, but it may be worth it in the long run. Either way you’ll never know what coverage you have and don’t have until you read your policy.

At Florida Claims Resources, we pride ourselves in helping our clients understand their policies. We offer free home inspections to assess your damages. Contact us today at 954-345-7676 to schedule your free consultation today!

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Your Condo Association’s Master Insurance Policy…What Does it Cover?

You bought a condo, obtained a mortgage loan, and are presently prepared to move in to your new home. Be that as it may, what happens when you have property damage in your unit? Would it be advisable for you to call the insurance company or your Condo Association? Is it accurate to say that you are secured by your Condo Association’s master insurance policy? What sort of insurance is required under your mortgage? Is it true that you are required to have a HO-6 insurance policy? All these significant inquiries should be answered before you move into your new home.

 

To begin with, does your Condo Association hold a Master Policy of Insurance (“Master Policy”) and, provided that it does, does it cover your unit? Typically your Condo Association should hold a master or blanket type of insurance policy. Thus, except if a slip-up was made, you can assume that your Condo Association has a Master Policy and it will probably fall under one of these classes:

  1. Single Entity;
  2. All-In; or
  3. Bare Walls.

The followings definitions come from Investopedia:

“Single entity coverage is a type of insurance policy that covers all real property in a condominium, including both the common areas shared by all property owners as well as the individual units. Single entity coverage is used for condominiums (or condos), a type of residential property in which some common elements, such as the entryway or light fixtures, are used by all residents of the building, while other elements are only used by the condo unit owner.”

“Bare walls coverage is an insurance policy that applies to communally used features in multi-family residential buildings. Bare walls coverage is generally found in master policies for condominium associations.”

“All-in coverage is a type of insurance coverage that applies to communally used features in residential multi-family buildings as well as the structures inside the individual units. All-in coverage, also called all inclusive coverage, is used for condominiums (or condos), a type of residential property in which some common elements, such as the entryway or light fixtures, are used by all residents of the building.”

Your mortgage company may require you to obtain a HO-6 policy especially if the Master Policy does not cover interior improvements to your condo. It is therefore important that you are familiar with what the Master Policy covers and what is required by your mortgage company. Otherwise, you may find yourself in violation of what your mortgage company requires. You could potentially lose everything.

If you need to file a claim for property damage call Florida Claims Resources to get help filing your claim and using the terms that are correct to assure your coverage is not limited. Florida Claims Resources ensures that your insurance company pays you the maximum amount for your claim. We represent YOU! Contact us 954-345-7676.

 

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Denial of Roof Claim by Insurance Company due to finding no Opening Created by Wind Damage on the Roof. Is it Possible?

Sure, it’s far possible to be in this kind of situation. Unless there is proof of interior water damage resulting from rain getting in thru a wind-created opening on the roof, most policies will limit or deny coverage.

For instance, you’ve got damages in your kitchen due to a roof leak due to a hurricane. Soon after the loss is reported the insurance company sends an adjuster to inspect your property. After the inspection and the loss is documented, the adjuster determines there is no roof damage as a result of the hurricane. Therefore, there’s no coverage for the interior damages in the kitchen. You will receive a denial letter which includes a common policy exclusion to deny coverage. The following policy language should be known by all policyholders:

“This policy does not provide coverage for damages caused by wear and tear to the roof. Additionally, this policy does not provide coverage for rain, snow, sleet, sand or dust to the interior of a building unless a covered peril first damages the building causing an opening in a roof or wall and the rain, snow, sleet, sand or dust enters through this opening. Please refer to specifically, SECTION I- PERILS INSURED AGAINST. Therefore, we are unable to provide coverage for this claim.”

Having a claim denied is very stressful. Florida Claims Resources has years of expertise in assisting with roof claims especially with hurricane damage. We can guide you on how to properly mitigate the loss and proceed as per your insurance policy.

We have helped many clients who have had their claim denied. If your claim for property damage was denied and you have a valid claim, Alex De Aza will re-open the loss, negotiate with your insurance company, and insist they pay you. We are fully committed to the public. We do not represent or aid the Insurance Company.  We represent YOU, the policyholder exclusively.

Hurricane Irma made landfall on September 10, 2017. Most policies allow 3 years after a hurricane to report hurricane damage. You still have time. If you have roof damage this is the time to call now. Florida Claims Resources ensures that your insurance company pays you the maximum amount possible for the damages in your home or business. We do not represent the insurance company, we represent YOU! Call for a free inspection. No obligations. Call today 954-345-7676

No recovery, no fee!

Visit us on the web: http://floridaclaimsresources.com/
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What is a public adjuster and how can Florida Claims Resources help you?

What is a Public Adjuster? How can they help you and your family in the event that you have property damage due a broken pipe or other similar factors?

A public adjuster is a professional claims handler who advocates for the policyholder in appraising and negotiating a claimant’s insurance claim. A public adjuster works to make sure you have the necessary funds to bring your home back to the condition it was prior to the loss.

Why should you hire a public adjuster when your insurance company has an adjuster?

Your insurance company employs an adjuster to work on its behalf. These adjusters are paid and mostly trained by your insurance company. Whereas public adjusters work for YOU, the insurance policyholders, to help with many of the complex provisions and processes involved with a typical insurance property claim. Our job includes the preparation of building damage estimates, contents inventory lists and documenting your other losses. We handle all the tedious tasks of compiling, filing and settling claims.

Many claimants hire public adjusters to help document, expedite, file their claim, and to assist them through the entire claims process. Most importantly they represent the policyholder to the insurance company to ensure that the claim is handled fairly, quickly, and with maximum financial restitution.

Why Florida Claims Resources?

We don’t work for the insurance company, we work directly for you with ONLY your interests in mind…let Florida Claims Resources fight for you! When you have damages to your home or business and need to file a claim, Florida Claims Resources is here to assist you through the entire insurance claim process. We are the most trusted public adjusters here in South Florida Our licensed public adjusters ensure that your claim is properly evaluated and documented to acquire the maximum settlement you rightfully deserve. Don’t hesitate in getting the funds you deserve. Visit our website 4insuranceclaims.com and call us today.  954-345-7676

In the event your home incurs damages, what should you do?

First review your insurance policy. What does it cover? Does it cover floods? Does it cover wind mitigation? Unfortunately, standard homeowners’ and renters’ insurance policies often cover wind damage, but not groundwater flooding. That requires separate coverage from the National Flood Insurance Program or a private insurance company.

Second, document your losses! This is very important. Not doing so can impact your claim. If it is possible, take pictures and video. Include a list of damages and personal items. This could range from clothes to electronics.

Let’s say for example you have water damage. Do you know what it will take to get your property back to the pre-loss condition after suffering a water loss? Did the water wick up your walls? That’s right, it can and does soak up into your drywall like a sponge which can eventually lead to mold growth.

The bottom line is after water damage, property owners often face enormous repair bills and obstacles that can lead to an even larger loss. You don’t have to face your insurance company alone. Call Florida Claims Resources and let us be with you step by step in handling your claim with your insurance company to get you the maximum amount of coverage that you deserve. Our number is 954-345-7676. You can also visit us on the web at 4insuranceclaims.com.

Homeowners continue to struggle with their Irma claims

Hurricane Irma impacted Florida a little over a year ago. As Hurricane Harvey’s impact on Texas drew many adjusters away to assess the storm damages, insurance companies weren’t ready for Irma. According to Miami Herald, “Under an emergency declaration signed by Gov. Rick Scott, the state loosened regulations on who could serve as an adjuster.” This led to many inexperienced adjusters inspecting properties which complicated and delayed the claims process. Nancy Dominguez, manager of the Florida Association of Public Insurance Adjusters stated, “I understand they had to get boots on the ground. You can’t wait six months to get to someone’s house. But at the same time, that was detrimental to policyholders.”

Now here we are in 2018. While many homeowners have had their Irma claims settled, there are still thousands of homeowners still waiting for the funds necessary to make repairs. Many have turned to public adjusters or lawyers to force the insurance companies to pay for repairs. According to Miami Herald, “The state’s biggest windstorm insurers, Citizen’s Property Insurance Corporation, has reopened almost half of its 70,000 Irma claims, and nearly 10,000 cases remain open and unresolved.”

It is very tough for homeowners who are waiting on their checks as repairs can’t be made until the claim is resolved. Many have to live elsewhere because of the excessive damages. Dr. Doug Mader, who lives across the street in a neighbor’s vacation home stares at his ruined home everyday. Melinda Goodro and her family are still living in their RV in front of their home. Homeowners savings dwindle as the extra expenses keep on piling up. Paul Handerhan, senior vice president of public policy at the Florida Association for Insurance Reform stated in the article, “It isn’t the first time the state has dealt with a shortage of experienced adjusters. Part of that is due to the boom and bust nature of the business. It isn’t practical for insurance companies to keep a huge roster of adjusters on staff year round if storms only come every few years, so most rely on independent adjusters that show up whenever a storm hits.”

So what can you or someone you know who still waits for the insurance company to send enough funds or even have their claim denied do? Contact us, Florida Claims Resources. We are public adjusters. After Irma’s impact, we were ready. We immediately went out to inspect our clients properties and start the claim process right away. As of today, we have settled over 100 Irma claims and are helping many more. Let us fight on your behalf and get the funds you need to make repairs.

If you haven’t filed a claim yet, you still have time to do so. Under Florida Statute Section 627.70132, you have 3 years from when a hurricane caused damage to your property to open a claim, a supplemental claim, or reopen your claim.

If you have any questions, call us 954-345-7676.

 

Source: https://www.miamiherald.com/news/state/florida/article217393010.html