Mon, September 10, 2012 | link
Good News for Florida Properties Damaged
[Tue, September 11, 2012] Florida Insurance Commissioner Kevin McCarty has issued
the following informational memorandum (OIR-12-05M) on August 30, 2012 with instructions on the applicability of the hurricane
deductible as it relates to property losses sustained from Hurricane Issac:
The purpose of this informational memorandum is to advise property insurers that Tropical
Storm/Hurricane Isaac was declared a hurricane by the National Hurricane Center of the National Weather Service on Tuesday,
August 28, 2012, at 11:20 A.M. CDT.
Tuesday, August 28, 2012, at 11:20 A.M. CDT, Tropical Storm/Hurricane Isaac was classified as a Tropical Storm. Section 627.4025(2)(a),
Florida Statutes, specifically defines hurricane coverage as coverage for loss or damage caused by the peril of windstorm
during a hurricane and furthermore (2)(b) provides Windstorm for purposes of paragraph (a) means wind, wind gusts, hail, rain,
tornadoes, or cyclones caused by or resulting from a hurricane which results in direct physical loss or damage to property.
Insurers are hereby
notified that the hurricane deductible shall not apply to property losses associated with a Tropical Storm/Hurricane Isaac
damage claim that occurred prior to Tuesday, August 28, 2012, at 11:20 A.M. CDT.
For these property losses, all insurers must apply the
deductible that is unrelated to hurricane, generally referred to as the all other perils deductible or other than hurricane
deductible. An insurer that fails to apply the appropriate deductible is subject to administrative action.
For a PDF copy, please visit: http://www.fslso.com/publications/press/OIR/OIR.12.05M.pdf
So why and how does this affect you? Well, did you know that a typical home-owner's
insurance policy in Florida carries a higher deductible for hurricane related claims as opposed to other property damage losses.
Although unfair and devastating to many property owners, because of this higher deductible, insurance companies pay out less
on damages caused by a hurricane - forcing property owners to accept the financial burden to fully cover all repairs and restoration
The good news for those Floridians hit by Tropical Storm Isaac is that most damage in
Florida (with the exception of the Western Panhandle) has occurred prior to declaring Isaac a hurricane, therefore the high
hurricane deductibles will not apply to their storm related claims! This allows property owners to pay lower deductibles and
get the much needed help and relief.
With the help of this blog, please stay informed of all
news pertaining to property damage and insurance claims if you own or rent a home or a business office. Keep safe and do contact me if you have any questions, suggestions or comments. You may also contact my co-workers at Zevuloni & Associates Public Adjusters who have been helping property owners with storm related claims since 2005 and are experts in the field.
Wed, September 5, 2012 | link
Tropical Storm Isaac & Hurricane
Isaac - The Aftermath
[Wed, September 05, 2012] As insurance claims from Tropical Storm Isaac and Hurricane Isaac have
started to come in, EQECAT estimates Isaac’s insured damages in the U.S. as between
$500 million and $1.5 billion. Other sources within the insurance industry assess the losses from Hurricane Isaac to over
Hurricane Isaac caused severe damage along the northern Gulf Coast of the United States
in late August 2012. Isaac reached hurricane strength the morning of August 28.
At least 9 fatalities have been confirmed in the United States—5 in Louisiana and two each in Mississippi
and Florida. Widespread wind, water and flood damage along the Mississippi, Louisiana and Alabama coast, as well as severe
flooding in South Florida has impacted many residential and commercial property owners.
According to InsuranceJournal, "State Farm Insurance Cos., the largest insurer in Louisiana and Mississippi, said it had received
4,266 homeowners’ insurance claims in the two states — 3,805 in Louisiana and 461 in Mississippi. The company
had received 1,144 automobile claims — 998 in Louisiana and 146 in Mississippi. Allstate Corp., which is the second
largest insurer in Louisiana and third largest in Mississippi, declined to release the number of claims it has received so
Most of the damage from Isaac was flood
and water damage - caused by the heavy rains and storm surge which reached up to 9 feet in some areas of New Orleans. What
is the difference between flood and water damage? In general, wind-driven rain and water that comes into your home through
the roof, windows, doors or holes in the walls is water damage and is covered by homeowners insurance. However, water damage
from the bottom up -- such as the overflow of a body of water or damages caused by a storm surge (flood) – is most likely
not covered – as you may need separate flood insurance coverage for that.
If you aren’t sure whether the damage is covered under your policy, contact your insurer or call a licensed
Public Adjuster to assess the damage and review your policy.
expert team of Public Adjusters at Zevuloni & Associates are licensed in the states of FL, TX, GA, SC, NC, MD, CT, RI and
ME and have vast storm experience with assisting policyholders through Katrina, Rita and Wilma. Stay safe, educated
and prepared when it comes to storms and insurance claims.