[Thu, March 22, 2012] Are policyholders and taxpayers footing more of the bill for natural disasters? The Consumer Federation of American (CFA) today released a new study with insurance industry data that found that insurance companies have significantly and methodically decreased their financial responsibility for weather catastrophes like hurricanes, tornadoes and floods in recent years, shifting much of the risk and costs for these events to consumers and taxpayers. The report is being released as insurers in eleven states have requested large homeowners’ insurance rate increases of 18 percent or more.

The study, "The Insurance Industry's Incredible Disappearing Weather Catastrophe Risk" (.PDF), contends that insurers "have hollowed out the coverage they offer to homeowners by increasing deductibles and capping the amount they will pay if the home is damaged or destroyed. These coverage reductions expose taxpayers to higher disaster assistance payouts because homeowners have less money available to help themselves."

The CFA report says that policyholders have endured "significantly raised rates over the years" when it comes to buying protection. Insurers have also shifted coverage for homes in high-risk areas to state insurance pools, reducing the insurers' own financial jeopardy, according to the CFA.

Not only have insurers insulated themselves from their historic share of hurricane risk, they have made no serious effort to cover risks associated with floods or terrorism, which are entirely backed by federal taxpayers, CFA concluded.

The good news is that professional & licensed Public Adjusters such as Zevuloni & Associates are on the side of the homeowners, protecting them from catastrophe insurance disputes that the insurance companies don't want to settle. Homeowners do not have to give up when an insurance company tries to tell them that they don't have hurricane insurance coverage, or their claim simply isn't covered by the insurance policy. The insurance companies usually won't pay without a fight.

More people are now turning straight to a Public Adjuster when they have damage, but that is not the only time that their service and expertise may be necessary. In most states, a policyholder has up to five years to reopen an insurance claim. In this instance, a Public Adjuster will reevaluate the damage from a past claim and decide whether or not enough funds were given by the insurance company. A large sum of policy holders are finding out that, in fact, they were not paid properly for past damage and it is in their best interest, financially, to reopen the claim to try and recover those additional funds.

Whatever you decide, it is a good idea to seek the second opinion of a Public Adjuster on your past or present insurance claims.You may reach me for a complimentary consultation at 954.742.8248 or via email at joe@florida-pa.com

[Wed, March 7, 2012] As reported by the Claims Journal, insured losses from the tornadoes, hail and high winds that struck in late February and early March may climb into the $1 billion to $2 billion range, according to catastrophe risk modeling firm EQECAT.

The majority of the tornadoes affected Alabama, Indiana, Illinois, Kentucky and Tennessee, said EQECAT, which added that the tornado outbreak of Feb. 28-29 produced at least 36 tornadoes.

Tornado activity for the year is well above average with 272 tornadoes compared with the 2005-2011 average of 123, reported EQECAT.

Across Kentucky and Southern Indiana on Monday, insurance claim representatives continued fanning through tornado-stricken towns and rural areas, beginning to account for damages whose ultimate cost is still unknown.

The recent outbreaks of deadly, destructive tornadoes raise questions about insurance coverage: How does tornado insurance work, and why do homeowners often get stuck paying most of their tornado repair bills?

Unlike flooding, which can require a separate policy, most homeowner and business insurance policies include tornadoes as part of standard coverage for wind damage and severe weather, according to the Insurance Information Institute. In general, homeowners and renter's insurance covers property damage from tornadoes.

The type of insurance policy, and the amount of insurance purchased, affect how much an insurance company will pay for tornado damage. But even with tornado insurance, property owners will likely have to dig deep into their own pockets to rebuild.

Tornado damage must be carefully and professionally assessed, estimated and documented. The claim must then be correctly worded, presented and filed. The details of the way the claim is prepared & negotiated may significantly effect the settlement. Many business and homeowners wisely choose to employ the services of licensed Public Adjusters to handle every aspect of the claim process.

Please don't hesitate to contact me if you have any questions about your property damage or insurance claim associated with the latest disasters. Licensed in the states of FL, TX, GA, SC, NC, MD, CT, RI, ME, I have vast experience with tornado damage claims.

You may also call my office anytime at 1.877.ZEVULONI or visit www.florida-pa.com.