Need Insurance Recommendations???

[30A Skunkape]

All I am going to say is insurance is a neccessary evil. Many, if not all have been dragging their feet in making policyholders whole after the big K here. And to make matters worse, it is abundantly clear they are going to lobby the state legislature HARD this year to make it even more difficult for policyholders to collect. Makes me sick to see them getting the OK to raise rates through the roof, deny claims, lobby for restrictions that screw consumers ALL after they supposedly made adjustments after Andrew in 1992 that would 'prevent' liabilty following a big storm...all the while they are making big profits and leave folks in limbo. My 2 cents

 

[Beachlover2]

I would like to know how many of you have flood insurance when it isn't required by your mortgage company. If you do, do you think you will be able to collect if we get a huge storm surge from a Cat4 or 5?

The way insurance premiums keep going I am tempted to drop ours (since it is a condo and we are responsible only for the walls in). But then I think if we do get a huge storm sruge I will be kicking myself for not paying the extra $500.00 for flood insurance.


Toss a coin - do you feel lucky?

 

[jakenned]

I would like to know how many of you have flood insurance when it isn't required by your mortgage company. If you do, do you think you will be able to collect if we get a huge storm surge from a Cat4 or 5?

The way insurance premiums keep going I am tempted to drop ours (since it is a condo and we are responsible only for the walls in). But then I think if we do get a huge storm sruge I will be kicking myself for not paying the extra $500.00 for flood insurance.


Toss a coin - do you feel lucky?

What you describe would not be flood, but wind damage. The wind caused the surge...at least that is my understanding.

BTW- After IVAN I got great service out of Citizens...granted they had bigger issues to deal with...we sent the receipts, they sent the checks...no inspector.

 

[Beach Runner]

I would like to know how many of you have flood insurance when it isn't required by your mortgage company. If you do, do you think you will be able to collect if we get a huge storm surge from a Cat4 or 5?

The way insurance premiums keep going I am tempted to drop ours (since it is a condo and we are responsible only for the walls in). But then I think if we do get a huge storm sruge I will be kicking myself for not paying the extra $500.00 for flood insurance.


Toss a coin - do you feel lucky?

We just got flood insurance. Even though our neighborhood is not in a flood zone, after Katrina we've heard so many horror stories about disputes with insurance companies regarding flood damage versus wind damage that we decided we'd cover both ends. It's pretty cheap. I'd strongly recommend it.

 

[Smiling JOe]

What you describe would not be flood, but wind damage. The wind caused the surge...at least that is my understanding.

BTW- After IVAN I got great service out of Citizens...granted they had bigger issues to deal with...we sent the receipts, they sent the checks...no inspector.

If water causes the damage, there is a good argument, and ongoing battle between the insurance companies, that the flood insurance has to pay, even if the water is caused by penetrating rain that blew in due to the wind. They could fight for years on either argument.

Don't take an agent's word for your coverage. Make them put it in writing and sign and date. Also, make sure that the agent has the authority to make statements as such on behalf of the company.

 

[Beachlover2]

I was told by our agent that if we get flooded due to wind breaking out a sliding door or roof damage we are covered by the wind insurance. If we get flooded by storm surge - we aren't. The building has never been hit by storm surge - but I guess there is always a first time - especially with all the Cat 4 and 5 last year. We are across the street on Old 98 - but we are in the first row of condos facing the gulf. So we are up about 20'

 

[Beach Runner]

I was told by our agent that if we get flooded due to wind breaking out a sliding door or roof damage we are covered by the wind insurance. If we get flooded by storm surge - we aren't. The building has never been hit by storm surge - but I guess there is always a first time - especially with all the Cat 4 and 5 last year. We are across the street on Old 98 - but we are in the first row of condos facing the gulf. So we are up about 20'

The way I figure it is that while the insurance companies are deciding who is liable, one's property is subject to further damage until it is repaired. That is, unless you have a boatload of money and can afford to do the repairs out-of-pocket and just wait on the insurance companies to decide who pays. I'd rather not do that. For a few hundred dollars I can cover all possibilities and not have to deal with the above scenario.

 

[Beachlover2]

I think I basically agree with you BR - but I hate to part with money.

Thanks for the imput. Guess I will just write the check again.

 

[yippie]

What you describe would not be flood, but wind damage. The wind caused the surge...at least that is my understanding.

BTW- After IVAN I got great service out of Citizens...granted they had bigger issues to deal with...we sent the receipts, they sent the checks...no inspector.

The wind may have caused the surge, but if damaged occurs because of the surge, it is considered rising water, so flood would be the one to pay.

A note regarding Flood insurance. If you are located in a Coastal Barrier Zone, an area the government created in 1987 (??) to harbor coastal development, and you have flood insurance with anyone other than the state pool, it will never pay. Insurance agents are not suppose to be able to sell flood in the barrier zone.

Yet, many will sell you policies and many companies take the policies because they rely on the agent's knowledge of the boundary lines.

If you are in a Coastal Barrier Zone and you have been paying premiums, then you are entitiled to a full refund of any premium paid. My neighbor got her refund, but only after repeated phone calls and a lot of persistence!!! But a full refund regardless!!!

 

[yippie]

We just got flood insurance. Even though our neighborhood is not in a flood zone, after Katrina we've heard so many horror stories about disputes with insurance companies regarding flood damage versus wind damage that we decided we'd cover both ends. It's pretty cheap. I'd strongly recommend it.

I, too, am not located in a flood zone, however I AM located in the Coastal Barrier Zone, therefore, flood would not pay regardless.