 Finding property insurance with good coverage in Boynton Beach, Florida isn’t so easy, but your insurance agent should know the details of the policies they are selling. More specifically, what’s covered in the policy, if there are limits, and what is excluded from coverage.
Recently, I received a call from an insurance agent telling me his client needed my help with a property damage claim. He proceeded to explain that the policyholder sustained water damage to the interior of her home and that she needs a new roof. When I asked what the cause of loss was, he said the solar panels were improperly installed with incorrect screws and when it rained, the roof leaked. This was the reason he gave for why she need a new roof and needs to file an insurance claim. When I explained that the solar panel company is responsible for the damage, he said the company was out of business, so she needs to file a claim and have the insurance company pay for it. I explained to him that his client’s insurance company is not responsible to pay for damages that are the result of improper or faulty installation, and that it is specifically excluded in the insurance policy he sold to his client. When he responded, “I didn’t know that” and kept insisting she needed to file a claim, I was astounded because he should know and understand the policy he sold her. How could he not understand what I just explained? After asking him some additional questions, it was clear there was absolutely no wind created opening to the roof allowing the water to enter, which is a requirement for that policy. He was adamant that the water damage was from the wrong screws being used during installation of the solar panels. It’s unfortunate for his client that the company is no longer in business and that she has no recourse against them, because she will have costly out of pocket repairs to her property. You have all heard me say multiple times throughout my 20 years in this industry, that not all property damage results in a covered claim! It’s important that you work with an insurance agent that knows and understands the policies they are selling, and that they explain the coverages, limitations and exclusions within the policy so you know what policy you are purchasing. If you are unsure if you have a covered insurance claim, or you have an underpaid insurance claim, we are here to help. We will review your policy and explain your coverages. Contact us today.
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 There are times when a property owner calls me for help with their insurance claim, and their frustration level rises to an all-time high when I tell them their coverage is limited, or they are not covered at all.
Handling commercial and residential property damage claims throughout Florida for 20 years as a public adjuster, appraiser and umpire, I have witnessed numerous changes and the erosion of coverage to insurance policies. Throughout my career, many property owners that I come in contact with, do not fully understand their insurance policies. What I hear most is “how did this happen?” and “my agent never told me”. An experienced and ethical insurance agent will review the policy and explain to you what is covered, what is not covered, and also what has changed in your insurance policy. I would suggest initiating that call prior to your renewal and have your insurance agent review the policy coverages and any additional changes. You may ask yourself, how did this happen? But the most important question is how did the Office of Insurance Regulation (OIR) approve such changes to insurance policies? The OIR plays a crucial role in regulating the insurance industry and aims to protect consumers. With the constant erosion in coverage through the years, one would have to wonder who the OIR is really protecting. What I find interesting, is how silent the mortgage companies are about this. When you have an HO3 All Risk Policy, it’s supposed to be full coverage for your property. How do the mortgage companies allow such limited coverage? When you have a mortgage on your property, the mortgage company has a financial interest until you pay off your mortgage. You would expect that they would want their interest to be protected. So how are they not up in arms when a property owner has limited coverage, and they cannot afford the repairs to their property? Insurance premiums continue to soar and when you pay for insurance, you expect that you will be covered in the event you have to file an insurance claim. When CEO's of insurance companies take compensation in the tens of millions of dollars and property owners cannot afford their insurance premiums, there is something wrong and things needs to change. See Gulf Coast News article. Do your due diligence and make sure you understand what is covered, limited or excluded in your insurance policy. Also, whether you are in a flood zone or not, and if you are, make sure you have a separate flood insurance policy. Interior and exterior water damage from floods, when water enters from the exterior of your property inward due to flood/rising water, are not covered in a standard property insurance policy. If you are unsure if you have a covered insurance claim, or if you have an underpaid insurance claim, we are here to help. We will review your policy and explain your coverages. Contact us today. |
