FACTS:

• Floods are the most common hazard in the US
• Most homeowners insurance does not cover flood damage
• Everyone is at risk of flooding

THE SMARTEST AND SAFEST WAY TO GO IS: BUY FLOOD INSURANCE.

Premiums can be as low as $119 for low risk areas. Cost of flooding can be very expensive over $7,800 in many cases.

For more information on how to get flood insurance and learn more about FEMA and The National Flood Insurance Program visit these web sites.

If you or anyone you know has a property east of US1 or 1-95, you probably have a wind-only policy through Citizens Insurance Company. You will also be receiving shortly, if you haven’t gotten it yet, a cancellation notice from Citizens Insurance.

All customers of Citizens Insurance with a wind-only policy will be receiving a cancellation notice or intent to non-renew directly from the company.

Citizens Insurance (wind-only policies) with be discontinuing their current program. As customers of Citizens, all you have to do is contact an insurance agent of your choice and have them re-apply, on your behalf, for this coverage. Most customers do not have to do anything right now. Your current agent should contact you within 30-60 days of your policy’s expiration date to do the paperwork necessary.

You should take this opportunity to review your current coverage and any discounts you might be entitled to.

Here at EWM Insurance we are here to help you out and assist you in reviewing your policy and making sure that you are getting the right coverage at the right price. Call 305-960-3060.

Helpful Insurance Documentation

Here are some helpful tips to make the insurance part of a sales transaction easier for your customer. When ordering a home inspection, order all insurance documents that will be needed at that time.  This will save time and money for the customer.

1)                 If the property has hurricane protection order Mitigation Inspection (again at the time of the home inspection).

2)                 If it’s an older home, but the roof has been replaced (after 1994), they will qualify for another discount on their insurance.  Once again, the Mitigation Inspection will be needed, so order it at the time of home inspection.

3)                 If you are dealing with an older home (usually over 25 years old) insurance companies will require a 4 point inspection.  The 4 point inspection is a condensed version of the updates that have been done to the home.  The insurance company wants to know updates on the roof, a.c., electrical and plumbing. They want to know if they are in good working order and their life expectancy. Most home inspectors are qualified to do this inspection.

4)                 When the customer moves into home and they have a central station alarm system, they can get an additional discount. They can provide an alarm certificate to the insurance company for additional discount.  The credit will be pro-rated back to the customer.

Your best bet is to get these documents early into the process, so it will it will maximize the savings on your customer’s insurance policy.  Ordering them at the same time of the home inspection, will help them save money.  Remember the more inspections they order at once, the less it will cost them.  If you need a list of qualified home inspectors, please give us a call at 305-960-3060.

]]> http://blog.ewm.com/2009/02/05/helpful-insurance-documentation/feed/ 0 http://blog.ewm.com/2009/01/30/new-condo-insurance-law/ http://blog.ewm.com/2009/01/30/new-condo-insurance-law/#comments Fri, 30 Jan 2009 13:10:54 +0000 Gisela Acosta-Castro http://blog.ewm.com/?p=14863 Effective 1/01/2009, by Florida Statue 718.111, requires the owner of a condo unit to provide evidence of a current hazard and liability insurance policy upon the request of the condo association.  The association cannot require evidence of insurance more than once per year.  If the unit owner fails to provide the evidence of insurance within 30 days, the association may purchase an insurance policy on behalf of the unit owner.  The unit owner will be responsible for the cost of the policy and for any reconstruction costs incurred by the association.

Florida Statue now mandates coverage for individual unit owners, but it has always been a good idea to buy a Condo Owner’s Policy.

Did you know that the condominium association’s insurance policy only provides coverage for commonly owned property, such as the building (outside walls), partitions within units, common areas, pool and pool area, recreation room etc? If the interior of a unit is damaged due to fire, hurricane, water damage or theft, the condominium master policy may not protect you properly.

Buying Building Property Protection under the Condo Owner Policy protects the items that are permanently attached inside the unit, like wall coverings, floor coverings, cabinets, additions and alterations.  This covers real property for which you are responsible for according to the Florida Statues (718.111).

Personal Property protects your belongings like furniture, clothing and electronics within your unit.

Personal Liability protects your assets in case you are legally responsible for property damage or bodily injury to others. This includes water damage caused by your location to another unit.  If your water heater, toilet, dishwasher or a pipe causes damage to another unit, this portion of your Condo Owner Policy will protect you and pay for damages.

Give EWM Insurance a call @ 305-960-3060 for a free insurance quotation.

Simply put, owning a condominium can bring you carefree living, buying a Condo Owner Policy can add peace of mind.

]]> http://blog.ewm.com/2009/01/30/new-condo-insurance-law/feed/ 3 http://blog.ewm.com/2009/01/25/new-rules-for-condo-financing-hard-on-south-florida/ http://blog.ewm.com/2009/01/25/new-rules-for-condo-financing-hard-on-south-florida/#comments Sun, 25 Jan 2009 13:38:11 +0000 Arlyn Mendoza http://blog.ewm.com/?p=14790 As if trying to finance a condominium purchase in Miami wasn’t difficult enough, the new FNMA guidelines just add insult to injury. The Miami Herald article in Saturday’s paper lists the new requirements for mortgages sold to FNMA and FHLMC and it just makes a bad situation that much worse.

These changes apply only to Florida, what a surprise! These new requirements hit our market especially hard since we are already singled with our own “risk category” all to ourselves. The South Florida condo market is already classified as ” non insurable” by PMI companies and therefore any condo purchase requires a 20% or greater down payment. Many of the condo buildings that are most in need of new buyers, are now finding that the buyers can’t get financing, regardless of down payment or credit scores.

The new rules now require that a condo association not have more than 15% of the unit owners more than 30 days past due on their association fees. Considering the foreclosure ratio in some on these buildings, this new rule will make it impossible to finance in many buildings in our market.  This is just one of the new requirements, but I think it is the most damaging.

In addition to the FNMA/FHLMC changes, there is also the new requirement put in place by the State of Florida regarding insurance. As of January 2009, the condo governance rules require that the Condo Associations require the unit owners to maintain and show proof of coverage on the interior of the units. In other words, all condo owners must have their own insurance coverage in addition to the Master association policies. So far, only the associations are responsible for enforcing this and is not a part of the mortgage process. But, I’m wondering if that isn’t just a matter of time also….

It seems that we should be processing pre approval certificates on the condo’s instead of the borrower! Be prepared to do the homework before signing that contract! It will save a lot of time and aggravation knowing that the condo meets the new requirements.

BRK

Think about what you’d grab…  were you told to evacuate…   Photos, jewelry, treasures, memories?  Worth giving some thought to.   It’s not an easy decision, made in haste.  You’ll need pillows & blankets. Clothing. Shoes. Medicines. Toiletries. (Games, books and toys for the kids). Stock  enough supplies to last a MINIMUM of 3 days.  Food …  non-perishable packaged or canned goods (a manual can opener), snack items (nuts, dried fruit, cookies, crackers, cereal, peanut butter)… and… fresh fruit.  At least 1 gallon of water per person/per day (at the very minimum). Juices/gatorade/soda.  Secure your homes… board up early… and stay safe.

Submerge patio furniture in the pool.  Secure loose objects.  If you need help or supplies, reach out.  Ask your neighbor!  If you have special transportation needs the number to call is:  (305) 263 -5406.  And if you are without power the number is 1 (800) 4-OUTAGE  – to contact FPL.   Check with your neighbors who may need your help… before (and after) the storm.

According to the Miami Herald, “Although homeowners won’t see any immediate rate relief, lawmakers hailed the bill’s increased consumer protections, such as more notice on cancellations and the ability to sue an insurer if the company doesn’t pay an undisputed claim within 90 days.”

The current Citizen Insurance rates will remain frozen until January 1, 2010.

Gov. Crist is expected to sign this bill. Hopefully tax reform is just around the corner.

Stop the bleeding! Contact www.MySafeFlorida.org; and if your home is eligible, as was mine, you may be entitled to a $5000 grant towards hurricane shutters so that you can have that neighborhood cookout to get rid of your plywood. Also, this grant might allow your getting the garage door replaced with one that is “to code” as well as getting your roof rafters and roof nails secured “to code.”

To apply: http://www.mysafefloridahome.com/

My hurricane history:

• Slept through Hurricane Donna in Hialeah, Florida, as a small child (1960);
• Slept through Hurricane David, who just glazed the coast (1979);
• Lost my entire house in Perrine, Florida, during Hurricane Andrew (1992); (Later that year, I met Brian Norcross in Pollo Tropical in Coconut Grove, and like the gentleman that he is and his mouth full of chicken, rice and beans, he stood to shake my hand as I thanked him for all his much-appreciated hard work during Andrew!)
• Boogied North in my Isuzu pick-up truck with my precious belongings in the back as the bed-cover flapped in the breeze during both Hurricanes Floyd (1999) and Irene (1999);
• Tried to barbeque leftover lasagna during Hurricane Katrina until I gave up and drove North (2005);
• Slept through a couple of hours of Hurricane Wilma, (which my mother still cannot believe and still talks about) — I gave up a little more quickly than during Katrina, and I flew North in my Nissan (2005).

You think I would have learned SOMETHING by now! This year, I will not get caught with my “shutters” down!