Flood Insurance is Vital

This article illustrates from today's Palm Beach Post once again the dangers of going without flood insurance. The Federal Government subsidizes the flood insurance program, thus making premiums very affordable. Flood insurance in high risk areas are much more affordable than standard homeowners insurance and premiums in preferred zones are only $348 for $250,000 in coverage. E-mail me today at p_mcnama@bellsouth.net to find out more about flood insurance.

Tropical Depression #7

Once again South Florida should be on the alert- we are now in the cone of uncertainty of Tropical Depression #7 (soon to be Tropical Storm Gustav). Tropical Storm warning have already be issued for Haiti and South Florida is in the 5 day cone. Click Here to link to the National Hurricane Center and track the storm.

Flood Insurance

Tropical Storm Fay has illustrated why it is so important for Floridians to have flood insurance. All of Florida is in a flood zone- it is just to what degree your home is in one. Flood insurance is relatively cheap and can be purchased from just about any licensed insurance agent. There is however a 30 day waiting period before a flood insurance policy goes in to effect. So the earliest you can purchase a flood insurance as of today is September 21. To purchase a flood insurance policy please e-mail you contact information to p_mcnama@bellsouth.net

Deductible's for Tropical Storm Fay

Because Tropical Storm Fay did not reach hurricane status, the All other Perils deductible will apply for homeowners insurance policies instead of the higher hurricane deductible. Julie Patel outlines this in today's Sun-Sentinel.

Binding Moritorium

As many of you know, insurance companies will not bind policies when your area is under a Tropical Storm watch or warning or Hurricane Watch or Warning. This article from today's Sun-Sentinel reiterates this point and how it may effect Realtors. As the storm has passed, I already have a few companies lifting the binding restrictions with business getting back to normal.

Tropical Storm Fay Forms

The National Hurricane Center during its 5:00pm advisory announced the formation of the season's 6th named storm- Tropical Storm Fay. Interests in South Florida need to pay particular attention to storm's path as South Florida is now in the "cone". Keep checking the National Hurricane Center for updates.

Hurricane Season Getting Active

As we enter the busiest portion of hurricane season, the Tropics are beginning to get very active. This is the latest image from the National Hurricane Center. The enter east coast of the United States should begin paying attention to the forecast. The first disturbance is forecast to make a northern turn at the Bahamas- possibly as a hurricane. This would mean while South Florida would be spared, the rest of the East Coast could be in the path of this storm. Stay tuned and continue to check the updates from the National Hurricane Center.

Is flooding from a Hurricane covered with Homeowners Insurance?

Despite catastrophes such as Hurricane Katrina and predictions of more frequent and severe hurricanes, nearly one-third of Americans still mistakenly believe that flooding from a hurricane is covered under standard homeowners and renters policies, according to the Insurance Information Institute (I.I.I.). Flooding (defined as rising water) is not covered by homeowners insurance- you must get a separate flood insurance policy. Because flood insurance is subsidized by the Federal Government it is relatively inexpensive. All of Florida is in a flood zone and just because it is not required by your mortgage company does not mean you do not need it. Most flood policies are below $400 per year for coverage of $250,000 for the dwelling and $100,000 for the contents. E-mail me today- p_mcnama@bellsouth.net to get information on your flood zone.

According to the Federal Emergency Management Agency (FEMA), over 90 percent of all United States natural disasters include flooding. To be caught without this important coverage.

To read the rest of the Insurance Information Instituter's findings click here.

"We are definitely not off the hook with this system."

The above are the words of Jack Beven of the National Hurricane Center with regard to the Tropical System out in the Atlantic passing near the northern Leeward Islands, or about 1,100 miles southeast of Miami. While I don't want to panic anyone- Everyone should pay close attention to the development of the system and be ready to act if needed. We are in the time of year when we need to pay close attention to the Tropics. Here is the article from today's Sun-Sentinel. This link to the National Hurricane Center is a great way to track all the activity in the tropics.

Hurricane Charley Recovery

The West Coast of Florida, and particularly Punta Gorda, continues to recover from Hurricane Charley, a Category 4 hurricane that destroyed thousands of structures in Charlotte County, Florida. This story discusses their progress. Proper insurance coverage is a vital part of recovery for every family and business. It is imperative that everyone confirm they are covered for the right amounts and the right coverages. Please e-mail me at p_mcnama@bellsouth.net to see how Hurricane Insurance Experts can help make sure you have the right coverage.

Homes Valued at over $750,000 required by Citizens to have Shutters

One of the new laws passed by the 2008 Florida Legislature requires homeowners with homes covered for more than $750,000 to have hurricane shutters. All homeowners will be informed by Citizens that they must comply with the new law by July 1, 2009. New policies with an effective date of January 1, 2009 must meet the new requirement. Below is some verbage from the Agency Bulletin issued by Citizens.

Effective January 1, 2009, personal residential structures (written on HO-3, DP-1 or DP-3 forms) located in the “wind-borne debris region” (WBDR) with an insured value of $750,000 or more will not be eligible for coverage with Citizens unless the structure has opening protections (such as storm shutters) that comply with Florida Building Code requirements.

New policies with an effective date beginning January 1, 2009, must meet the new opening protection requirements.
Current policyholders whose policies will expire beginning on July 1, 2009 will be nonrenewed by Citizens until acceptable proof of opening protection compliance is provided.

Windstorm Insurance Advisory

Citizens is forcing 350,000 windstorm customers to re-apply for coverage. If you currently have your windstorm coverage through Citizens you will receive a notice from Citizens that your policy will have to be re-issued upon renewal. This means you will have to complete new applications and have the replacement cost on your home verified. Periodically confirming you are properly covered in the event of a total loss is a good idea anyway. This is also a good time to review your coverage’s and see if you can find coverage with another carrier. Here is Julie Patel's article from today's Sun-Sentinel.

Hurricane Insurance Experts advises all homeowners to use Citizens as only a last resort. Admitted carriers in Florida provide better coverage and generally at better rates. If you are located in the wind pool (generally east of 95 in South Florida) Citizens may be your only option but, research your options thoroughly before you commit.

Available Coverage

As most people find out when they move here- Florida's insurance market is unlike most other states. Name brand, national insurance companies are not generally writing in the state leaving the bulk of new coverage to smaller companies headquartered in Florida. This article from today's Miami Herald discusses the advent of the new smaller insurance company and their emergence as the only companies writing personal homeowners coverage in Florida. Please e-mail me at p_mcnama@bellsouth.net if you would like a quote from one of these companies.