Insurance Claims

Tips to Reduce Home Insurance Costs in South Florida?

Are you a home buyer in Florida looking to save money on your insurance costs? Here are some expert tips to help you reduce your home and wind insurance expenses.

Shop Around: Don’t settle for the first insurance quote you receive. Take the time to compare prices from multiple insurers. By doing so, you can find the best coverage at the most competitive rates.

Increase Deductibles: Consider raising your deductibles to lower your premium. While this means you’ll pay more out of pocket in the event of a claim, it can significantly reduce your monthly insurance costs. Make sure you take on a deductible that won’t leave you financially overwhelmed when you need to make a major claim.

Improve Home Security: Installing security measures such as alarms, deadbolts, and smoke detectors can make your home safer and lower your insurance premiums. Insurers often offer discounts for homes with enhanced security features.

Bundle Policies: If you have multiple insurance needs, consider bundling your auto, umbrella, home and wind insurance with the same provider. This can lead to substantial savings on your premiums.

Maintain a Good Credit Score: Believe it or not, your credit score can affect your insurance rates. Pay your bills on time, keep your credit utilization low, and regularly check your credit report for errors to maintain a good credit score and potentially lower your insurance costs.

Consider Wind Mitigation Measures: Living in Florida means being prepared for hurricanes. By fortifying your home against wind damage with measures like impact-resistant windows and reinforced roof trusses, you can qualify for wind mitigation discounts.

Avoid Making Small Claims: While insurance is designed to protect you from significant financial losses, making multiple small claims can lead to higher premiums. Consider handling minor repairs out of pocket to avoid impacting your insurance rates.

Look for Discounts: t’s easy to miss a discount you’re eligible for. Homeowners often have the stress of the home-buying process in the background when they get coverage, meaning insurance could be one thing hurriedly checked off the list. You can qualify for discounts if you:

Have a residence with no smokers
Pay your premium upfront
Pick paperless billing
Sign up for automatic payments

Remember, every insurance policy is unique, so it’s essential to speak with a qualified insurance agent to find the best ways to lower your home and wind insurance costs in Florida. Don’t let high premiums take away from the joy of homeownership – take action today and start saving!

Filed under: 4 Point Inspection, Blog, Boca Raton real estate, Exclusive Buyer Agency, Exclusive Buyer Agent, First Time Homebuyers, Flood Insurance, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Maintenance, home safety, Homebuyer Advice, Homeowners Insurance, Hurricane Preparedness, Insurance Claims, Real Estate, real estate news, South Florida Real Estate by Kim Bregman
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Hurricane Preparedness Before Your Vacation

As a Floridian, you already know the drill: hurricane season runs June 1 through November 30 each year, and certain hurricane preparations are needed to protect your home when storms appear to be heading your way. But what happens if you are some distance away, or even out of state, when this occurs? You can still prepare ahead of time – and a few extra steps is all it takes to secure your home while you’re away.

Performing the following hurricane preparation before vacation will allow you to relax and enjoy family time, or the scenery wherever you’re vacationing.

Insurance Coverage. Every year, you should review your homeowners, flood, and wind insurance policies to make sure you will have the coverage you need should your home be in the path of the next major hurricane or storm surge. Ideally, this is done before hurricane season begins, but should absolutely be done before you leave on vacation.

Home Safety Measures. Whatever hurricane preparedness you might normally do if you were home when a storm was approaching, do before you leave on vacation. This includes closing/installing your hurricane shutters, trimming trees, and bringing in any outdoor furniture or other items subject to becoming projectiles during a hurricane. Doing all of this before a storm is even on the horizon might seem like overkill – but the peace of mind it provides should bad weather threaten while you’re away will be priceless. Especially since you won’t be able to do much from a distance.

Electronics, Water & Gas. Consider unplugging valuable electronics and appliances to avoid potential power surges as the result of a hurricane or tropical storm. Alternatively, you could opt to turn the power off at the breaker. To avoid potential leaks, you may also want to consider turning off the main water and gas valves to your home.

Inform a Trusted Neighbor or Friend. Let someone you trust know about your vacation plans, including when you’ll be away, how you might be contacted, and any relevant details about your home security or other systems. They may be able to keep an eye on your home in your absence should a hurricane develop.

Ready the Emergency Kit. Stock up on supplies you would rely on if you were home during a hurricane, such as flashlights, batteries, first-aid kits, nonperishable food, and an ample supply of bottled water. This hurricane preparedness will be helpful if you return home without power or access to supplies are limited. Store a small version of this kit in your car, and top off the tank.

Have a Backup Plan. Should you be unable to get to your home upon your return from vacation, or if your home is damaged by a hurricane or tropical storm, have a contingency plan of possible friends or nearby locations you may be able to shelter in until your home is safe to return to.

‍Stay Informed. Even with all the right hurricane preparedness before you leave on vacation, you’ll want to monitor weather conditions from afar, especially once a hurricane or tropical storm has been identified. You’ll be able to make the best decisions when they are informed by as much information – and preparation – as possible.

Filed under: Blog, Exclusive Buyer Agency, First Time Homebuyers, Flood Insurance, Home Buyer Advice, Home Maintenance, home safety, Homebuyer Advice, Homeowners Insurance, Hurricane Preparedness, Insurance Claims, Uncategorized by Kim Bregman
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Beware of Polybutylene Pines in Older Homes

Think twice about purchasing a home with Polybutylene (PB) pipes. Polybutylene (PB) pipes were widely used in Florida residential construction from 1978 to 1995. Billed as a less expensive alternative to traditional copper pipes, up to 10 million homes across the United States were outfitted with PB piping during this period. Polybutylene pipes tend to degrade over time, creating small fractures and pinhole leaks. Any single fracture could eventually result in sudden failure, which generally ends up causing extensive damage to the home. A class-action lawsuit in 1995 resulted in nearly $1 billion being awarded to affected homeowners but the class action is no longer an option for compensation by current homeowners.

Many experts will tell you that PB pipe failure is not a matter of if, but when, and if you currently have polybutylene pipes in your home they have been there for many years. Polybutylene pipes take about 10-15 years to deteriorate, and sometimes you may not know you have a leak, especially if the pipes are behind sheetrock.

These leaks are a serious risk because they can create:

Mold
Water damage
Or even flooding

Ways to tell if you have PB pipes:

PB pipes used for interior applications are generally gray in color but may also be black. PB pipes used outside may be gray, blue or black.
PB pipe is flexible, not rigid.
PBpipes may be stamped with the code: PB2110.

The easiest places to see polybutylene pipes in your home are…

Near the water heater
Connecting to sinks and toilets
At the main shut-off valve or water meter

A home inspection and/or 4-point inspection will determine if there existsPB piping, but only if it is visible. No home inspection, for the purpose of purchasing a home, will open walls to determine the existence of polybutylene piping. I advise my clients to assume that it exists if the home was built between 1978-1995.

If PB pipes exist in a home, you basically have 2 options:

1. Replace the pipes with PEX (a more reliable type of plastic pipe)

2. Wait until they rupture and pay for expensive water repair AND then re-pipe the home.

To replace polybutylene pipes or copper pipes, you’ll have to remove them and re-pipe your home’s entire plumbing system. This will likely involve opening walls and even floors. Re-piping generally requires takes 1 – 2 days, dependent on the size of the home, followed by 2 – 4 days of drywall repair and floor repair and painting to return the home to its original appearance.

I advise my clients to think twice about purchasing a home with polybutylene piping unless you plan on doing extensive renovations. The home may be uninsurable in today’s insurance environment until this work is completed and as a result excludes buyers needing financing to purchase the home.

Filed under: 4 Point Inspection, Blog, Exclusive Buyer Agency, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, home Inspections, Homebuyer Advice, Homeowners Insurance, Insurance Claims, PB Pipes, PEX piping, Polybutylene pipes, Real Estate, Real Estate Investment, real estate news, South Florida Real Estate, What Buyers Should Check When Buying an Older Home by Kim Bregman
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2022 Hurricane Preparedness Guide

2023 Hurricane Preparedness Guide

Look carefully at the safety actions associated with each type of hurricane hazard and prepare your family disaster plan accordingly. But remember this is only a guide. The first and most important thing anyone should do when facing a hurricane threat is to use common sense.

Know Hurricane Terms:

Hurricane Watch – A hurricane is possible within thirty-six hours. Stay tuned for additional information.

Hurricane Warning – A hurricane is expected within twenty-four hours. You may be advised to evacuate. If so, evacuate immediately.

Storm Surge – Storm surge is simply water that is pushed toward the shore by the force of the winds swirling around the storm. This advancing surge combines with the normal tides to create the hurricane storm tide, which can increase the mean water level 15 feet or more.

Ask your local emergency preparedness office about evacuation plans. Learn evacuation routes.

Plan a place to meet your family in case you are separated from one another in the hurricane.
Assemble a disaster supplies kit ( See information below)
Board up windows. Permanent storm shutters and impact glass offer the best protection. Also, you can use 5/8″ marine plywood. Tape does not prevent windows from breaking.
Know how to shut off utilities.
Make a record of your personal property (take digital photos or video tape the contents of your home and/or business and keep in a waterproof container with you along with your homeowners insurance policy or better yet, upload everything to the Cloud)
Be sure trees and shrubs around your home are well trimmed.
Clear loose and clogged rain gutters and downspouts.
Determine how and where to secure your boat.
Reduce the water level in your pool by about 1 foot. DO NOT drain your pool.
Charge cell phones and back up batteries
Get extra cash since ATMs will be inoperative if power is lost.
Consider flood insurance and purchase it well in advance.

Have a Place To Go:

Develop a family hurricane preparedness plan before an actual storm threatens your area. If your family hurricane preparedness plan includes evacuation to a safer location for any of the reasons specified with in this web site, then it is important to consider the following points:

If ordered to evacuate, do not wait or delay your departure.

If possible, leave before local officials issue an evacuation order for your area. Even a slight delay in starting your evacuation will result in significantly longer travel times as traffic congestion and weather deteriorates worsens.

Select an evacuation destination that is nearest to your home, preferably in the same county, or at least minimize the distance over which you must travel in order to reach your intended shelter location. In choosing your destination, keep in mind that the hotels and other sheltering options in most inland metropolitan areas are likely to be filled very quickly in a large, multi-county hurricane evacuation event.

If you decide to evacuate to another county or region, be prepared to wait in traffic.

The large number of people in this state who must evacuate during a hurricane will probably cause massive delays and major congestion along most designated evacuation routes; the larger the storm, the greater the probability of traffic jams and extended travel times.

If possible, make arrangements to stay with the friend or relative who resides closest to your home and who will not have to evacuate. Discuss with your intended host the details of your family evacuation plan well before the beginning of the hurricane season.

If a hotel or motel is your final intended destination during an evacuation, make reservations before you leave. Most hotel and motels will fill quickly once evacuations begin. The longer you wait to make reservations, even if an official evacuation order has not been issued for your area or county, the less likely you are to find hotel/motel room vacancies, especially along interstate highways and in major metropolitan areas.

If you are unable to stay with friends or family and no hotels/motels rooms are available, then as a last resort go to a shelter. Remember, shelters are not designed for comfort and do not usually accept pets. Bring your disaster supply kit with you to the shelter. Find Pet-Friendly hotels and motels.

Make sure that you fill up your car with gas, before you leave.

Preparing Your Pets for Emergencies Makes Sense.

Get Ready Now.

If you are like millions of animal owners nationwide, your pet is an important member of your household. The likelihood that you and your animals will survive an emergency such as a fire or flood, tornado or hurricane depends largely on emergency planning done today. Some of the things you can do to prepare for the unexpected, such as assembling an animal emergency supply kit and developing a pet care buddy system, are the same for any emergency. Whether you decide to stay put in an emergency or evacuate to a safer location, you will need to make plans in advance for your pets. Keep in mind that what’s best for you is typically what’s best for your animals.

If you must evacuate, take your pets with you if possible. However, if you are going to a public shelter, it is important to understand that animals may not be allowed inside. Plan in advance for shelter alternatives that will work for both you and your pets.

Make a back-up emergency plan in case you can’t care for your animals yourself. Develop a buddy system with neighbors, friends and relatives to make sure that someone is available to care for or evacuate your pets if you are unable to do so. Be prepared to improvise and use what you have on hand to make it on your own for at least three days, maybe longer.

Disaster Supply Kit

I personally prepare a hurricane closet in May with all the needed supplies and materials so that there is never a last minute rush to the store when the shelves have been cleaned out.

Water :

Plan on one gallon of water per person per day for at least 3 days, for drinking, washing, cooking, and sanitation. Extra water for pets
Store as much as possible in plastic containers such as soft drink bottles.
Avoid using breakable containers, such as glass bottles or mason jars.
Fill bathtubs with water for bathing and washing dishes

Food :

Store at least a three day supply of non perishable food.
Choose foods that do not require refrigeration or cooking.
Choose foods that are healthy and high nutrition type. (Canned meats, fruits and vegetables, protein or fruit bars, dry cereal or granola, peanut butter, dried fruit, nuts, crackers, canned juices, non-perishable pasteurized milk, high enery foods, vitamins, food for infants and pets, comfort/stress foods)

Supplies and Equipment:

A battery operated radio with extra batteries
NOAA Weather Radio with tone alert and extra batteries
A flashlight with extra batteries
Blankets or sleeping bags ( store in trash bags to keep dry)
Paper plates and utensils, including a non electric can opener
Candles and matches in a waterproof container
Plastic sheeting and duct tape to shelter-in-place
Toothbrushes, toothpaste, soap, moist towelettes, and other personal grooming items
Paper towels and toilet paper
First aid kit and medicines ( ask your pharmacist or drug supply company for a one month hurricane supply and store in water proof container)
Fire extinguisher
Wrench or pliers to turn off utilities
Cell phone and plug in battery operated charger
Infant formula and diapers
Books, games and toys to keep kids occupied ( remember those batteries)
Important family documents such as copies of insurance policies, identification and bank account records, COVID Vaccine Passport, in a waterproof, portable container
Complete change of clothing including long sleeved shirt, long pants and sturdy shoes
Insect repellent and sun-screen
Paper and pencil
Local Maps
Make sure to keep all of your medications filled.

Business Preparedness

* Have an emergency communication plan in place before the storm hits. How will co-workers stay in contact if the physical location of a business is damaged?

* Turn off all non-critical work devices before the storm hits.

* Alert a third party about business evacuation plans in case a storm makes it impossible to get to your place of business.

* Protect important business documents that you may need quickly, such as property insurance policies.

* Have cash on hand to pay employees or contractors after the storm.

* Know which employees are certified in CPR, EMT, etc.

* If possible, disconnect a building’s main electrical feeds.

* Have a plan to notify all employees, post-storm, about damage and how you’ll move forward.

* Review contracts that are date sensitive and have a backup plan in place to handle potential problems.

* Assess all functions that could be impacted by a lapse in business – cash flow, bills, budgets and any upcoming events.

Links to Hurricane Information:

National Hurricane Center

NWS Hurricane Awareness site

FEMA Hurricane Info

American Red Cross

FEMA

Filed under: 2022 Real Estate, Blog, Boca Raton real estate, Exclusive Buyer Agency, First Time Homebuyers, Flood Insurance, Home Buyer Advice, Home Buyers, home safety, Homebuyer Advice, Homeowners Insurance, Hurricane Preparedness, Insurance Claims, real estate news, South Florida Real Estate by Kim Bregman
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Pros and Cons of Self-Insuring For Wind Coverage

On average, the cost of homeowners insurance in Florida has gone up by 32.5% since 2016. This is more than three times higher than the average rate change than the rest of the country experienced during this time (10.9%).

More and more of my clients are analyzing the pros and cons of self-insuring instead of carrying a wind insurance policy. Self-insurance entails setting aside money for a potential loss in lieu of purchasing a third-party insurance policy. Depending on the losses your home faces, this could either save or cost more money than conventional insurance coverage.

The logic behind self-insurance is that providers calculate premiums based on forecasted risk. These figures are designed to profit the insurance company by bringing in more money than they are likely to pay out. Under this reasoning, a homeowner should theoretically be able to set aside funds in case an incident occurs, thereby protecting themselves without an insurance company taking a cut. Even with wind coverage a homeowner has a minimum deductible of 2% that they will have to pay out-of-pocket before insurance covers any damages.

All forms of insurance are essentially risk transfer strategies. When you purchase an insurance policy, you are paying a third-party to shoulder some of the risk. If you self-insure, however, you are choosing to retain the risk yourself.

Pros:

Interest: The funds you earmark for self-insurance can accumulate interest until you need them, growing substantially if you don’t have infrequent losses.

More Control: With self-insurance, you’re not bound to insurance policy fine print that contains specific exclusions and stipulations. You can spend the designated funds to cover virtually any wind incident.

Cons:

Potential for Significant Loss: Some types of claims can be extraordinarily expensive. That’s a very risky proposition for most people.

Self-insuring is normally only an option if there is no bank mortgage on your home. When you have a mortgage held by a financial institution, they want to make sure their investment is protected. The mortgage holder will insist on seeing proof of insurance coverage, so dropping your coverage is not typically an option.

How high could repair costs go?

Even for the people with no mortgage, self-insuring is a risky strategy and requires you to have liquid assets set aside for repairs. It’s hard to plan for the financial impact of hurricane damage. In South Florida, we can go several seasons without getting a wind event; but when a major storm hits, like Andrew (1992), Wilma (2005) or Irma (2017), it’s impossible to predict in advance how much damage will be left in the storm’s wake.

You may have heard how construction costs are already sky-high due to material shortages. Just imagine how high those costs will climb if a major storm hits our area. Replacing a tile roof in South Florida is one of the most expensive repairs a homeowner can face. That cost could easily double after a storm. Without insurance, will you have enough cash or liquid resources on hand to pay for that, let alone cover months of temporary housing in this ultra-competitive rental market while you make repairs?

Other Options:

Talk to your homeowner’s insurance agent to explore other options like raising your hurricane deductible (typically 2% in Florida to 5%). Also, consider wind mitigation measures like impact glass windows and doors and installing a whole home generator, which can help protect your home and reduce premiums. If your home is located east on or near the water, hefty insurance costs may simply be a fact of life. The only way to reduce costs may be to relocate to a less hurricane-prone area ( which is not South Florida).

And one final thought – don’t forget the importance of flood insurance. Without flood insurance, you are not protected from rising water. In past years, 25% of actual flood claims have been on properties classified as low flood risk. A small investment in insurance can protect you from major expenses.

Pocketing extra money instead of paying a premium to an insurer sounds like a great idea in theory, but it doesn’t always work out in the long run. The cost of your monthly premiums over the years could end up being less than what you’ll pay for rebuilding your home on your own.

Consulting a qualified insurance professional can help you decide whether self-insurance is a viable option in your situation.

Filed under: Blog, Boca Raton real estate, Exclusive Buyer Agency, Exclusive Buyer Agent, First Time Homebuyers, Flood Insurance, Florida Real Estate, Home Buyer Advice, Home Buyers, home safety, Homebuyer Advice, Homeowners Insurance, Hurricane Preparedness, Insurance Claims, Real Estate, Real Estate Investment, real estate news, South Florida Real Estate by Kim Bregman
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What Is Not Covered Under Standard Homeowners Insurance?

Until it happens, most homeowners think of disasters as something that won’t happen to them. Disasters can be as minor as a tree branch falling and breaking a few windows, or as concentrated as a pinhole roof leak slowly dripping water into a residence—causing mold or other ripple effects. Sadly, too many people who experience disaster on a large or small scale may find the trauma continues when it’s time to file an insurance claim.

You need to be knowledgeable about what your Homeowner’s Insurance does and does not cover. These common held assumptions about insurance are items that are NOT covered and may require additional insurance or riders.

Wear and Tear Is Covered-Myth

Fact: Coverage typically includes damage from fire, weather and theft, not damage due to general wear and tear or neglect. As a policyholder it’s up to you to maintain your home, including making routine repairs and protecting your home from pests. If you neglect to take care of your property ( a leaky roof) you may not be covered.

You’re Insured in Case of Flood Damage, Earthquakes, Tornadoes and Hurricanes-Myth

Fact: Although some weather-related damage is generally covered, such as from hail, other storm related damage from wind or water may not be.

Floods require specific flood insurance from the Federal Government. Earthquakes might be covered, but sometimes they require additional insurance. Hurricane and tornado damage requires a separate windstorm policy. Sinkholes, mudslides and other earth movement (except in CA) requires a separate endorsement.

All Personal Belongings Are Fully Covered-Myth

Fact: Homeowners insurance typically covers furniture, clothing and other personal items, but more valuable items like jewelry and artwork may require an add-on policy. Homeowners should routinely inventory belongings to determine if policy limits meet their coverage needs.

You Have Protection Against Any Injuries That Happen at Home -Myth

Fact: Your policy’s liability coverage protects you if a guest is hurt in your home, but if a family member is injured at home, it’s normally covered by health insurance.

Home Businesses Are Part of the Package -Myth

Fact: A home business requires business insurance to cover property damage and liability; homeowners should consult with their insurance carrier or agent to be sure they’re fully covered from disasters large or small

You Can Rebuild For The Amount Of The Insurance Coverage-Myth

Fact: Unless you insured for “replacement value” you may be under insured to rebuild your home. “Ordinance of Law” exclusions may not cover to the changes to building codes and the additional costs of bringing the property up to code if damaged.

Overflows of back-ups from your sump pump, sewer or drain are covered-Myth

Fact: A standard policy does not include coverage for these issues and require a separate endorsement.

It may not seem like particularly interesting reading material, but it’s better to take the time to thoroughly understand what your insurance policy covers than to be stuck in a situation where you’re not sure when you really need it.

Filed under: Blog, Boca Raton real estate, Exclusive Buyer Agent, First Time Homebuyers, Flood Insurance, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Maintenance, Homebuyer Advice, Homeowners Insurance, Insurance Claims, Real Estate, Real Estate Investment, real estate news, Real estate trends, South Florida Real Estate by Kim Bregman
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What do to if your pipes Freeze

What to Do When Your Pipes Freeze

Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Home Buyer Advice, Home Buyers, Home Maintenance, Homebuyer Advice, Homeowners Insurance, Insurance Claims, Real Estate, Real Estate Investment, real estate news, western north carolina real estate by Kim Bregman
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Buying a generator: Tips to know before you make a purchase

After Hurricane Irma, much of Florida lost power. And during Hurricane Maria, all of Puerto Rico is in the dark.
The one-two punch of storms reminded Floridians of the importance of owning a generator. If you’re shopping for a power source, here are factors to consider:

How much do you want to spend?

Stand-by generators can power your whole house and usually run on natural gas or propane. They typically cost $5,000 to $10,000, according to Consumer Reports. And you’ll need to start planning the installation months in advance. Most homeowners opt for portable generators, which usually won’t run central AC and cost $400 to $1,000. (However, Consumer Reports’ top-rated portable generator is a Honda that goes for $3,999.)

What do you want to power?

If you want to run a fridge, a fan and a few lights, a small portable generator will do the job. If you hope to keep living as if the hurricane never hit, you’ll need a stationary generator. And if you’re willing to rough it but would like to run a window AC unit, you’ll want to make sure before the storm that your generator has enough juice to run your AC. Another caveat: Cheap generators can produce power surges that will fry expensive electronics.

How much noise can you stand?

Or, put another way, how many decibels do you want to bombard your neighbors with? In general, the more expensive the generator, the quieter it is.

Technology is getting better.

For decades, Floridians have been buying portable generators that were the mechanical equivalent of muscle cars, says Paul Hope of Consumer Reports. Now, though, manufacturers are designing fuel-injected engines for generators. These models are quieter, more fuel-efficient and emit less carbon monoxide. They’re also more expensive.

The smart move, says Hope, is to shop for a generator between storms or after hurricane season. That gives you time to research what you need — and to hire an electrician to install a transfer switch or interlock device that lets the generator power your house.

Filed under: Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Maintenance, Homebuyer Advice, Insurance Claims, Real Estate, Real Estate Closings, Real Estate Investment, real estate news, Real estate trends, Relocation, South Florida Real Estate by Kim Bregman
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Flood insurance: Facts and Fiction

If a flood swamps your home, will insurance cover the damage? That depends on the value of your home, the amount of water damage and whether you have a flood insurance policy.

Let’s look at some persistent myths about flood insurance.

Myth: You must live in a flood plain to get coverage.

If you live in a flood plain, your mortgage company will likely require you to buy flood insurance. But you can purchase it even if you don’t live within a flood zone. “Almost anybody can get flood insurance who wants flood insurance,” says Chris Hackett, director of personal lines for the Property Casualty Insurers Association of America. The price through the federal flood insurance program is based on standardized rates and depends on the home’s value and whether or not it’s in a flood plain.

Myth: Flood insurance covers everything.

When it comes to the physical structure of your house, federal flood insurance policies top out at $250,000. If you have a $300,000 house that’s a total loss because of a flood, the most you can recoup through the program is $250,000 to cover the structure itself. For your personal possessions, the cap is $100,000 under the federal program.

Myth: My homeowners policy covers floods.

“Unfortunately, a lot of folks may be under the impression that their standard homeowners policy might cover flood damage,” Hackett says. But the standard policy does not! The typical home insurance policy doesn’t cover earthquakes or floods. So a homeowner wanting coverage for either of those disasters will need to pick up separate, specific coverage against those types of disasters.

Myth: Water damage is water damage. When it comes to your insurance, not all water damage is the same.

If there’s a storm and your “roof comes off and water comes through, that would be covered under your homeowners policy,” Hackett says. “Versus a flood situation where the water is rising from an over flowing riverbank overflows or an unnatural amount of rain that is rising from the street.

Myth: Flood maps don’t change.

Flood plains (and flood plain maps) change and evolve. Just because you weren’t in a flood plain when you bought your home a few years ago doesn’t mean you’re not in one now.

For more information, visit FloodSmart.gov.

Filed under: Blog, Exclusive Buyer Agent, Flood Insurance, Florida Real Estate, Home Buyer Advice, Home Buyers, Homebuyer Advice, Homeowners Insurance, Insurance Claims, Real Estate, Real Estate Investment, real estate news, South Florida Real Estate by Kim Bregman
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Managing the post-storm insurance claims process

Florida, Georgia and North Carolina residents affected by Hurricane Matthew will begin surveying damages to their property and belongings.

Florida Chief Financial Officer Jeff Atwater and Insurance Commissioner David Altmaier put together the following tips to help Floridians begin the process of filing insurance claims for damaged property and belongings and this may prove useful to residents in other states as well:

Tip 1: Locate all applicable insurance policies. This may include a homeowners’ policy, flood policy (flood coverage is not covered under a typical homeowners’ policy and is separate coverage), and an automobile policy (may cover damage to your car from flooding).

Tip 2: Document all damaged property and belongings. Take photos or shoot video footage before attempting any temporary repairs. When you file an insurance claim, you may be asked for visual documentation of damages.

A photographic home inventory is a handy resource for this situation. A free smartphone app developed by the National Association of Insurance Commissioners called “MyHome Scr.APP.book” can help you take and store a room-by-room log of photos.

Tip 3: Contact your insurance company or insurance agent as soon as possible to report damages.Insurance policies require prompt reporting of claims, so it is important to act as soon as possible.

Tip 4: Cover damaged areas exposed to the elements to prevent further damage. Your insurance company may reimburse the expense of these temporary repairs, so keep all receipts.

Do not dispose of any damaged personal property until your insurance company adjuster has had an opportunity to survey it.

Florida consumers who have questions about their insurance coverage are encouraged to call CFO Atwater’s Department of Financial Services, Division of Consumer Services’ Insurance Helpline. Helpline experts can be reached by calling 1-877-MY-FL-CFO (1- 877-693-5236), or online at: myfloridacfo.com/hurricanematthew.

Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Maintenance, Homebuyer Advice, Insurance Claims, Real Estate, real estate news, South Florida Real Estate by Kim Bregman
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