On Property Insurance Claim Tips Blog

Big Money Losses and the 50% Rule. Law & Ordinance Explained

Big Money Losses and the 50% Rule.  Law & Ordinance Explained

Almost two months into the 2017 hurricane season, most of the pundits have upgraded the likely number of tropical storms we can expect in the Atlantic basin this year. Of course, these experts can never tell us when and where the storms will impact a particular geographic area, but what we all can do is prepare as best we can based on the location of the property at risk. Just as the mantra for successful real estate investment is location, location, location the same applies in a disaster recovery plan. Know your location, the risk you are exposed to and understand the exposure you are facing.

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Is Boat Dock Damage a Covered Insurance Claim from Hurricane Matthew?

Is Boat Dock Damage a Covered Insurance Claim from Hurricane Matthew?
We are getting a number of inquiries from policyholders following the passing of Hurricanes Hermine and Hurricane Matthew about damages to docks, piers, and other manmade structures built over or close to the water.  As both of this year’s hurricanes remained offshore for most of their passing, the tropical storm forced winds nonetheless caused quite a bit of damage to coastal area structures, which included damage from wind, water and in some cases, collapse land subsidence which were holding up seawalls and bulkheads.Read More

South Carolina Flooding - Causation will become a key issue for insurance claims

South Carolina Flooding - Causation will become a key issue for insurance claims

While some media outlets are reporting that water is starting to subside in some of the hard hit areas of Columbia and Charleston, others are reporting on the dam failures that could compound matters and make things much worse.  If some of the media reports are correct, many of the good folks in South Carolina may be in for nasty surprises when they call their insurance agent or 800 numbers listed on their property insurance policies to file an insurance claim. As an example, Ben Berkowitz a reporter from CNBC posted South Carolina flood losses $1 billion and rising, about the damages and lack of homeowner flood insurance. 

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Surplus Lines Insurance Claims - Your Coverage May be an Illusion

Surplus Lines Insurance Claims - Your Coverage May be an Illusion

A few years ago I was invited to speak at a conference of insurance professionals in Rhode Island.  My topic was surplus lines insurance which at that time was a very hot topic, at least in Florida as there was a pending Florida Supreme Court case that had it turned out different, could have changed the surplus market insurance scheme in a big way.  As it turned out due to the Court’s ruling, the surplus lines carriers preserved their unique market position and the world in this insurance community did not stop or even wobble. Having been retained recently on a couple of large commercial fire losses and getting reacquainted with some of the nuances of surplus lines, I thought now would be a good time to revisit this unique line of coverage with a couple of case studies that hopefully will shed light on some of the practical problems for policyholders if they happen to be insured by a surplus lines carrier.

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Policyholder Question: Public Adjuster clarifies property insurance claim coverage question for a shower pan leak

Policyholder Question: Public Adjuster clarifies property insurance claim coverage question for a shower pan leak

Q. A shower pan leak caused wood floor damage. Our insurance company says damage from a shower pan is not covered. That seems absurd to me. There is no way we could have known there was a leak until we saw the wood warping. Should our insurance claim be covered?

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What you don’t know, you don’t know! Lessons learned from the 2015 Windstorm Insurance Network Conference

What you don’t know, you don’t know!  Lessons learned from the 2015 Windstorm Insurance Network Conference
The 2016 Windstorm Insurance Conference at the Roosevelt Hotel in New Orleans was a huge success with 850 in attendance. The annual event is all about the best of the best in the property insurance industry that volunteer their time to teach and educate attendees on the latest trends. As a side benefit, the networking with leaders in their field is incalculable. Unlike many other forums around the country, this is the only one I am aware of where you encounter three or four faculty in a workshop all representing a different perspective.  Got questions, ask the panel--no issue or questions are off limits.Read More

Understanding Your Property Insurance Coverage When you Have a Claim - A Simple Review Tool

The first thing many homeowners do when they experience a property loss is to dust off their insurance policy to see if they are covered. Quickly, they realize the complicated language property insurance policies can contain. It’s important to understand that the dynamics of a property loss are inseparable from the policy language when determining coverage. Even professionals can find interpreting policy language challenging. Read More

Property insurance claim denied? Using the insurance company’s expert may lead to a reversal

Let me explain with an example of a claim that came across my desk that should be instructive laying out the steps policyholders should take when the dreaded denial letter comes in the mail from your insurance company. First, don’t panic. You may be able to turn things around provided you have requested all the information you need to convince your insurance company of the errors of their ways. So let’s get started. It will require a little work on your part, but you can do it.

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Property Insurance Claim Question: Law & Ordinance Coverage

Q.  What would be a reasonable estimate one could make for in adding this Ordinance or Law coverage?  I read your paper Law & Ordinance Coverage, Is it Illusionary? (very informative/readable and liked his coined term "Nature's Casino") this is what an insurance company attached to their policy application. I was laid off from work and am working with extremely limited funds.  If you could direct me to a resource or person who could answer my question it would be sincerely appreciated. Read More