Sinkholes in Florida make finding the best home insurance in Florida difficult

Recently many individuals considering purchasing a home with prior sinkhole damage and/or real estate agents attempting to sell a home with prior sinkhole damage have approached our agency with questions regarding homeowners insurance in Florida.

Although it is possible to obtain homeowners insurance for a home with prior sinkhole damage, it is likely that your only insurance carrier option will be Citizens Property Insurance Corporation. Citizens insurance was created by the state of Florida to serve as a last resort for Florida homeowners who cannot otherwise obtain insurance from private carriers.

In order to verify the property’s eligibility to obtain insurance through Citizens, the following steps must be taken, and can be done through your insurance agent, permitting they have access to Citizens.

Step 1: With the assistance of your insurance agent, submit a homeowners insurance application to Citizens with “yes” selected for questions regarding existing damage.

Step 2: Along with the application, the following documentation must be submitted by your agent: (1) Scope of completed repairs. (2) Proof that the recommended or alternative repairs were made. (3) Full disclosure of the prior loss information on the application (including the date and the amount of loss). (4) A copy of the engineer’s investigative report verifying sinkhole activity as a cause of loss.

Please note, approval may take 2-4 weeks.

Step 3: This step is only necessary if you would like to add sinkhole coverage to your policy, which may or may not be an option.  An inspection is required to determine whether sinkhole coverage can be added back to your homeowners insurance policy; however, it is not likely that it will be able to be added back and you will be required to pay for half of the $180 inspection fee.

If you have further questions regarding sinkhole coverage on your Florida homeowners insurance policy, please contact our agency.

McGriff-Williams Insurance, info@mcgriffwilliams.com, (352)371-7977

For additional informaiton, check out our blogs:Florida sinkholes cause concern among homeowners” and “Does your insurance policy cover sinkholes?”

 

 

What makes McGriff-Williams Insurance GREAT

YOU make McGriff-Williams GREAT!

Today’s blog is not designed to promote a product, educate individuals about insurance, or about any insurance related topic for that matter. This week, we want to thank YOU. Whether you are a client, avid blog reader, Facebook follower, realtor or lender that refers business or just someone that has great things to say about McGriff-Williams, we are grateful for your contribution to our agency.

We are especially grateful for our clients, and without them we know we would simply be, well…non-existent. In the spirit of Thanksgiving, we would like to express our sincerest gratitude for our clients. We are grateful for your loyalty to McGriff-Williams, and we understand that there are many options to choose from when selecting an insurance agency. We hope that our level of service and the energy of our staff contribute to demonstrating just how grateful we are.

 

Insurance for Non-Profit Organizations

In this time of giving, non-profit organizations need to remember the importance of protecting their organizations and those involved.  Non-profits have liability exposures just like any other business.   Whether they have a physical location or not, they may still have exposure to General Liability losses such as bodily injury and property damage.

In addition to General Liability coverage, Directors & Officers Liability is another key coverage for non-profit organizations to obtain.  It is important to help protect those who make decisions for the organization. It is strongly advised that the Board purchase a Directors & Officers policy to provide coverage for those involved with the non-profit, in the event that there is a breach of duty on the non-profits behalf.

Directors & Officers Liability coverage generally includes actual or alleged acts or omissions, errors, misstatements, misleading statements, neglect or a breach of duty. If you choose to volunteer on the board of a Non-Profit, we also advise that you personally ask about the liability coverage provided to you as a board member.

All non-profit organizations should have their policies evaluated on an individual basis and tailored toward the non-profit’s risk exposures. Examples of common D&O claims include, but are not limited to: misappropriation or mismanagement of funds, misrepresentation of the organization, and even libel and slander on behalf of the non-profit.

 

What business owners need to know about flood insurance

 

As businesses begin to recover from the devastation Sandy brought to the northern United States, many business owners are finding themselves reviewing their business insurance policies in more detail. What many will unfortunately discover is that flood insurance is not included in a standard Business Owners Policy (BOP). Just as your homeowners insurance does not include flood insurance your business insurance policies does not either.

According to www.floodsmart.gov  almost 40% of small businesses never reopen following a disaster.

What you need to know as a business owner:

        Flood insurance is available for commercial property owners and commercial property renters.

        Coverage is available for your building as well as the contents of your building.

        There is typically a  30-day wait period from the date of purchase before the policy goes into effect, except in the event of a loan closing.

        Premium costs vary depending on how much insurance is purchased, what it covers, and the property’s flood risk. Click here for a link to commercial property rates provided by FloodSmart.gov

        Similar to flood insurance for your home, if your commercial property is in a high-risk area and you have a mortgage from a federally regulated or insured lender, you are required to purchase flood insurance.

If you have any questions regarding your current coverage or would like to receive a flood insurance quote, contact McGriff-Williams insurance by e-mailing info@mcgriffwilliams.com or by calling (352)371-7977.