Category: Water Damage Insurance


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Homeowners: Watch Out for Water Exclusion Clauses

 
If you’re a homeowner, you don’t need to be told just how expensive it can be to make major repairs to your property. Even things that seem small can sometimes end up costing thousands, and bigger jobs easily climb into the tens of thousands – especially if there’s structural damage or changes to theplumbing or electrical wiring are involved. That’s why there’s homeowner’s insurance—by making regular payments to your insurance company, you’re getting the peace of mind that if disaster does strike, you won’t be footing the repair bill yourself. But what if you dutifully pay your insurance premiums every month only to discover that when you need to file a claim, your insurance company denies your claim based on an exclusion clause?…

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With Flood Insurance Rates Skyrocketing, Let’s Hope Unusually Slow Hurricane Season Continues

 
Image: http://pixabay.com/en/key-west-florida-hurricane-dennis-81665/
 
Despite Predictions, Florida Hurricane Season Is Quiet
 
Last spring, meteorologists had Florida residents worried with predictions of an unusually active hurricane season in the state.
 
They forecast between 13 and 20 named tropical storms with up to 11 of them developing into hurricanes. However, here we are over halfway through hurricane season, and we have not seen a single storm. Experts warn, however, that we are not through, and a storm could yet strike. Hurricane season lasts until November 1, and there is plenty of time for a serious or even record-breaking storm to develop. Since meteorologists began recording hurricanes in 1851, there have been 20 incidents of inactive hurricane seasons that suddenly burst into life after September 3.…

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Many Fort Lauderdale residents own condos that they rent out to tourists. When a hurricane causes water or other damage, the property owner not only suffers a loss to the actual property, but to potential income, as well. Because substantial water and structural damage from a storm can take a good amount of time to repair, the loss of income can be substantial. Most property owners insure against loss of rental income, but insurance companies will sometimes quibble over claims as to how much the actual income would have been if the water damage had not occurred.
 
Insurance companies require detailed information from owners to substantiate claims for loss of income.…

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