Need Insurance Recommendations???

[DBOldford]

Don't assume that it doesn't matter which policy pays. Wind insurance has a very high deductible, ours is $10K. Flood insurance, by contrast, carries a $500 deductible. I understand that the wind carrier will argue as long as possible if there was any water involvement whatsoever, including wind blowing a window in and damage attributable to rain entering the structure after.

 

[Smiling JOe]

Don't assume that it doesn't matter which policy pays. Wind insurance has a very high deductible, ours is $10K. Flood insurance, by contrast, carries a $500 deductible. I understand that the wind carrier will argue as long as possible if there was any water involvement whatsoever, including wind blowing a window in and damage attributable to rain entering the structure after.

If I remember correctly, after Ivan '04, it didn't matter who was supposed to pay (in some respect) because the wind and flood insurance companies argued for so long, that the homeowners had to find a way on their own to cover the damages until the companies decided who owes what more than a year after the loss. Life sure sounds more simple with an Airstream that you just hook to the back of the Cadillac and take with you to escape the coming storms. No need to get that hotel room either. ;-)

 

[pk305]

This time I have 2 questions....does anyone have any knowledge of this insurance company....AMERICAN STRATEGIC? Today we received our first quote from one of the recommended local agencies on this board and the Hazard insurance is through this American Strategic. They do not have S&P rating at all. Also, is it correct that the only flood insurance that one can get is through National Flood Service for a max of $250k for the dwelling?
(the quotes were not as bad as we had anticipated...I was honestly afraid to open the email!)
THANKS AGAIN!!

 

[whosyodaddy]

Stay Away from William West and Waterfield and Assoc

I still am contemplating litigation against William personally and his firm that he works for. He let our policy lapse and blames it all on American Superior who went bankrupt. I blame it on him personally for not notifying us that the company had gone belly up and that we needed to seek other insurance. Instead, I discovered it only too late and we had to ride out two hurricanes that hit the Gulf Coast wondering if we were going to be detroyed or not with absolutely no coverage. Once the hurricanes were out of the box we could not get insurance because we were not currently covered. I had to go thru the State of Fl and tons of red tape just to get insurance. William nor his company returned phone calls and seemed generally disinterested in our problem- which they seemed to think they had no involvement in. I'd let Enron do my taxes before I let him do anything for me. Like an elephant, I've got a long memory.

 

[SHELLY]

Here's the LATEST on the 2nd part of the Citizen's Bailout:

Homeowners Will Have to Pay for Citizen's Deficit

"The 2005 deficit for Citizens Property Insurance will likely be at least 50 percent higher than originally estimated, surpassing $1.7 billion.
That's bad news for all insured homeowners in Florida: By law, they have to pay the tab.
For sure, there will be a 10 percent surcharge on all homeowner policies this year, covering about half of Citizens' escalating deficit. That means an extra $100 charge for every $1,000 of premium.
To cover the rest of the shortfall, the state-run insurer will need to pass an emergency assessment -- and it could go as high as another 10 percent.
The bottom line: A homeowner with a $3,000 premium -- from any home insurer -- could be hit with about $600 in assessments, and that is on top of the string of double-digit rate increases that have been arriving in the mail.
Yet, there's a sliver of good news: The second surcharge won't hit all in one year. Citizens' board can portion out an emergency assessment over several years."

(Again folks: $12.50 per hour ain't gonna cut it! Pardon me while I go and have a good stiff shot )

 

[SHELLY]

This time I have 2 questions....does anyone have any knowledge of this insurance company....AMERICAN STRATEGIC? Today we received our first quote from one of the recommended local agencies on this board and the Hazard insurance is through this American Strategic. They do not have S&P rating at all.

Here's a little blurb about American Strategic (when they filed to increase rates in Florida) that says Best's (another insurance rater) rates their financial strength as B++ (Very Good): Blurb

 

[Beach Runner]

This time I have 2 questions....does anyone have any knowledge of this insurance company....AMERICAN STRATEGIC? Today we received our first quote from one of the recommended local agencies on this board and the Hazard insurance is through this American Strategic. They do not have S&P rating at all. Also, is it correct that the only flood insurance that one can get is through National Flood Service for a max of $250k for the dwelling?
(the quotes were not as bad as we had anticipated...I was honestly afraid to open the email!)
THANKS AGAIN!!

We had American Strategic for two years when they cancelled on us for no apparent reason. We had Northpointe until we received a letter in November saying they were canceling our insurance because the house wasn't on a well-traveled road.

It is true that the max amount of FEMA flood coverage you can get is $250K. But you can get additional flood insurance to cover the amount over that from whoever writes your main insurance policy.

To whosyodaddy: We had a problem with WW and a lack of response from the agency and were quite annoyed. But that was just before he went on leave - I assume he was unreponsive because he was ill. But his replacement was the one who told us that Citizen's is the only company that covers wind. When we checked around and found out that this wasn't true, we went with another agency. I really don't like being given misinformation.

 

[yippie]

To clarify a few of the above statements.

First, the homeowners are not required by law to contribute to Citizens deficit. The other Insurance companies are required by law, however, they will pass the problem on to you. The majority of companies are charging a 6% premium, not 10%.

Other wise advice. READ the policy. Mine included a page on things that would allow you to receive a discount, including a metal roof.

I notified my agent, of an A class no doubt, of my installation of a metal roof, and am still waiting to see what the discount will be. It is apparent that you now must fight not only for a claim, but for discounts they offer in writing.

Regarding WW, whether on leave, on vacation or what, I have spotted him a number of times at O'Quigley's in Destin in no shape to handle any insurance need for anyone. I understand it is a regular occurrence.

 

[yippie]

Oh, I forgot to mention. I see a lot of posts using the word, Cancelled.

If shopping for other insurance, please do not use this word. You need to say you were nonrenewed.

It makes a HUGE difference when speaking to prospective insurers.

I am not an insurance agent, but feel as if I have gone to school for a license in the last couple of years. It was a very rude realization when I calculated that I am paying out 20% of earnings on various insurance!!!!! :shock:

 

[SHELLY]

First, the homeowners are not required by law to contribute to Citizens deficit. The other Insurance companies are required by law, however, they will pass the problem on to you. The majority of companies are charging a 6% premium, not 10%.

The 6% was for the year 2004 deficit...there is ANOTHER charge coming down the pipe for the 2005 deficit. My guess is that the insurance companies will pass that on to the customers too.

Renters of vacation homes and condos aren't required by law to contribute to the owner's increase in insurance...however, they may be more generous than the insurance companies and chose NOT pass the increase on to the vacationers (?)