Is there a component of homeowners insurance that is getting more expensive because of a rise in a certain type of disaster?
Since the hurricanes of 2005, many hurricane and wind deductibles have increased. This has become such a big problem that some of the larger insurance companies are pulling out of Florida because they can’t make money.
What can homeowners do to increase their coverage?
First, it is vital that homeowners verify they are properly covered for all the different losses they may incur. For example, many people believe if they don’t live in a flood plain, they shouldn’t have flood coverage. However, if a storm drain clogs and causes water to leak into a home, that is considered a flood by the insurance company.
Additionally, a homeowner should ensure the policy has proper Law & Ordinance (L & O) coverage (e.g., code upgrades). If it’s an older house, it should have at a minimum 25 percent L & O coverage. This type of coverage is important because it will provide funds to meet any new code upgrades that may have changed since the home was constructed (e,g., framing tie downs, windows, insulation, etc.). As an example, if the dwelling coverage is $100,000, then there will be an additional $25,000 specifically for code upgrades. Note: these funds can only be used for code upgrades and the insurance adjuster will require documentation from the contractor.
As hurricane season nears, Scott will provide disaster preparedness tips to make sure you’re ready for severe weather. Look for Scott’s tips here on our blog, on our Facebook fan page and on Twitter, beginning May 1!
What are some of the most important natural disasters homeowners should be concerned about in 2010 and why?
Undoubtedly, water damage and fires are the most common damage for homeowners. It is important to understand the differences between flooding and water damage; they are two different types of losses and thus covered two separate ways by insurance companies. Flooding is considered rising water from the outside, and is considered a category 3 water loss (also called black water). This type of disaster is typically in addition to your normal homeowner’s coverage. An example of general water damage would be a supply line breaking, roof or windows leaking, etc.
Why is this problem especially prevalent or worrisome this year or next?
As people try to save money, homeowners and investors choose to skimp on necessary repairs in order to prolong the use of a specific appliance or part. This, in turn, only increases the risk of failure. One area people fail to do is buy flood insurance. Low cost, and vital if flood occurs which happens in a Tropical Storm. Summer is vacation time, and people fail to turn off their water while traveling.
Do you have any other questions you would like to ask one of our resident experts? Feel free to send us an email or post a comment to this posting and we will get it answered right away!
Scott McCurdy and Ben Zeigler spoke at the First Coast Apartment Association Disaster Preparedness Seminar on April 20. They covered a variety of topics including emergency preparedness for property managers and Coastal’s Rapid Response program. This three-credit-hour course provided important information about the different types of severe weather that can affect Florida and the next steps to take if damage occurs.
For example, do you know:
• What your insurance policy covers and its deductible?
• How to turn in a claim?
• If your company has a plan to follow during natural disasters?
• Who to contact if a building sustains damage?
Now is the time to answer these questions. Property managers should manage residents, Coastal Reconstruction Group can manage your disaster.
Scott also provides survival tips like:
• Never seek shelter in your bathtub during a storm.
• Keep at least one gallon of drinking water on hand for each person per day.
We hope to see you at our next seminars:
FALA Disaster Seminar NW Region, April 23
AAGO “Master your Disaster,” May 19
Hurricane season is on its way – and with it comes the threat of destructive wind and rain. While each hurricane season is largely unpredictable, the best defense against these storms is a good offense. Management should begin preparation before a hurricane even develops by creating a plan for remediation and establishing a relationship with a contractor. These critical maneuvers will help ensure the quickest feasible recovery, should storm damage occur.
You have questions. We have answers.
What: On April 23, Scott McCurdy of Coastal Reconstruction Group will discuss disaster preparedness tips and tell you how to best prepare your facility for severe weather. Ron D’Addio, of Plastridge Insurance, will provide information on the “In’s-and-Out’s of Insurance Policies.”
When: April 23, 12:00 to 3 p.m.
Where: Clare Bridge of Tallahassee
1980 Centre Pointe Blvd.
Tallahassee, FL 32308
To better connect with our clients – and anyone interested in disaster reconstruction – we recently launched Facebook, Twitter and LinkedIn pages. Each page provides the viewer with company information, as well as up-to-date event and tradeshow information and news.
Have a question about disaster reconstruction? Send us a message through Facebook, Twitter or LinkedIn and we’ll be happy to provide you with an answer. We’re changing up the content daily, so let us know if there’s something you’d like to see! We would love for you to become our fan or follow us today!
We can help. Coastal Reconstruction Group offers Rapid Response – a program to help property managers and building owners recover efficiently and quickly after a disaster in order to decrease business interruption.
What: Scott McCurdy of Coastal Reconstruction Group will discuss disaster preparedness tips and tell you how to best prepare your property for severe weather. Included are the top “27 Tips for Disaster Preparedness”.
According to an article in the Orlando Sentinel, this upcoming hurricane season will be busier than normal. Experts predict 15 named storms, including eight hurricanes – but it only takes one powerful storm to devastate a community.
Of course, nothing can be done to stop a hurricane from coming, but property managers and building owners can make advanced preparations to ensure quick repairs. Now is the time to sign-up for programs that promise a timely response when disaster strikes. Check out Coastal Reconstruction Group’s Rapid Response program to plan ahead this hurricane season.
Thank you to everyone who attended Scott McCurdy’s disaster preparedness seminar at the Coastal Reconstruction Group corporate office in Jacksonville, FL yesterday for the Florida Assisted Living Association (FALA)!
Lunch was great, and everyone enjoyed Scott’s fun approach to a serious topic. One of the main points Scott taught during the seminar was regarding generators. Did you know that your building has to be pre-wired to accept the special generator plugs? If not, contact Scott McCurdy at smccurdy@coastalreconstruction.com to find out how to get your building prepared!
Stay tuned for an update on other FALA Disaster Preparedness Seminars that will be taking place around the state of Florida in the weeks to come…hurricane season is less than 60 days away!!!
Coastal Reconstruction Group will unveil our new booth at the First Coast Apartment Association (FCAA) trade show. We’ll have information about our Rapid Response program, plus fun giveaways! Stop by and say “hi!”
Mention this blog posting for a chance to win a $100 Visa gift card!
The event is on April 8 from 5:30pm to 9:00pm. The FCAA trade show is located at the Jacksonville Fairgrounds.
DIRECTIONS TO THE JACKSONVILLE FAIRGROUNDS:
Take I-95 to Union Street Exit thorough downtown approx. 13 blocks, stay in the left lanes, to the A. Philip Randolph exit on the right. Take a right on A. Philip Randolph and the Fairgrounds entrance is immediately on the left.
