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Severe weather events, such as hailstorms, have become increasingly more common and devastating in recent years. As we enter an era where the cost of insured losses from severe storms continues to rise, it becomes crucial for property owners to act promptly after a date of loss. Get ready to explore the significance of taking immediate action in the wake of extreme weather like this year’s hail storms, gain insights on the rising costs of storm damage, and discover valuable guidance on protecting your property.

Why Acting Promptly Matters

When faced with property damage caused by hail or other severe weather, time is of the essence. Acting promptly allows you to:

Mitigate further damage: Addressing issues quickly can prevent additional damage to your property and save you from costly repairs.
Expedite the claims process: Reporting the loss promptly helps initiate the claims process, ensuring you receive compensation in a timely manner.
Preserve evidence: Acting promptly allows you to document the damage before it worsens, providing crucial evidence for your insurance claim.

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The Soaring Costs of Severe Weather:

Hailstorms have had a significant financial impact, with insured losses skyrocketing in recent decades. Gallagher Re, a reinsurance firm, reports insured losses from hail exceeding $10 billion since 2008. In 2023 alone, insured losses from severe convective storms are projected to surpass $30 billion. With the growing number of severe weather events, it’s crucial to be proactive in protecting your property and securing the necessary coverage.

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Protecting Your Property:

To safeguard your property and ensure a smooth claims process, consider the following steps:

Document the damage: Take photographs or videos of the property damage immediately after the event, providing visual evidence for your insurance claim.
Consult with a Public Adjuster: Seeking assistance from a licensed Public Adjuster can help streamline your claims process. They will advocate for your rights, assess the damage accurately, and help negotiate a fair settlement with your insurance carrier based on your states guidelines.
Mitigating further damage: Take reasonable steps to prevent additional damage to your property, such as covering exposed areas or making temporary repairs. Keep receipts and document the expenses incurred.

Acting promptly after a date of loss is essential to protect your property and ensure a smooth claims process. With the increasing costs of severe weather events, it’s crucial to be proactive in securing the necessary coverage and taking immediate steps to mitigate further damage. By documenting the damage, reporting the loss promptly, and seeking assistance from a Public Adjuster, you can navigate the claims process with confidence.

Remember, time is of the essence when it comes to protecting your property from severe weather-related losses. Act promptly, protect your investment, and fight for the coverage you deserve. If you have any questions, please reach out to our team today.

As hurricane-prone regions brace themselves for another potentially intense season, recent news about insurance carriers making policy changes has raised concerns among policyholders. In a surprising move, Farmers Insurance is no longer serving Florida policyholders, leaving thousands of residents in search of new coverage options. This decision serves as a stark reminder of the importance of reviewing your insurance policy before hurricane season arrives.

“Florida requires affected policyholders to receive a 120-day notice that their policies aren’t being renewed,” Ramishah Maruf, CNN. According to the state’s regulations, this provision ensures that homeowners have ample time to prepare and seek alternative coverage options before their existing policies expire. The non-renewals will play out over several months.

The Business Decision Behind Farmers Insurance’s Exit:

Farmers Insurance explained its decision to exit the Florida market as a necessary step to manage its risk exposure in the hurricane-prone state. While “Farmers is the 11th company to pull out of Florida since 2019. Farmers’ decision affects more than 100,000 customers,” Dave Elias, NBC. Individuals utilizing Farmers Insurance’s owned subsidiaries, such as Foremost Signature and Bristol West, will not experience any disruption in coverage. It is crucial for policyholders affected policyholders by the termination to review notifications and explore replacement coverage options.

Insurance Challenges in Florida:

Farmers Insurance’s departure highlights the challenges faced by insurance companies operating in Florida. Over the past 18 months, numerous insurers have imposed moratoriums on new policies, while others have voluntarily withdrawn from the market or faced insolvency. The situation is exacerbated by a legal system that some insurers claim encourages litigation abuse and excessive claims, leading to financial strain within the industry.

The Need for Legal Reforms:

Recognizing the need for change, the insurance industry successfully advocated for reforms aimed at curbing litigation abuse. Despite these efforts, insurers’ outlook remains uncertain due to the surge in lawsuits filed before the new laws kicked in. Nearly 300,000 lawsuits have flooded the marketplace, creating an enduring challenge that may force regional insurance companies out of business. While legal reforms have been implemented, market conditions continue to pose a significant challenge.

Florida’s Vulnerability to Hurricane Damage:

Florida’s geographical location and low elevation make it particularly susceptible to hurricane damage. As the Atlantic hurricane season approaches, it is crucial for homeowners to assess their insurance coverage adequately. The National Oceanic and Atmospheric Administration predicts a normal hurricane season this year, but there is still a 30% chance of an above-average season. The devastating impact of hurricanes in recent years, such as Hurricane Ian, which caused $114 billion in damage, serves as a stark reminder of the importance of being prepared.

Reviewing your insurance policy before hurricane season is crucial to ensure you have the necessary coverage and avoid potential disruptions. Farmers Insurance’s decision to exit the Florida market is a reminder for property owners to stay vigilant. By staying informed and considering replacement options if needed to protect your property during hurricane season. Remember, being proactive can make all the difference when it comes to safeguarding your property against potential storm-related risks.

In light of Farmers Insurance no longer serving Florida policyholders, Premier Claims understands the concerns and challenges faced by policyholders. With hurricane season approaching, it’s crucial to have the right coverage for your home and belongings. We recommend a third-party expert review of your policy. If you’re a Farmers Insurance policyholder, explore new coverage options well before your policy expiration date.

A new law, signifying a significant development for policyholders in Louisiana, has passed, forbidding property insurance policies from containing provisions that deny an insured individual’s right to hire a public adjuster. Before the introduction of this new law, insurance policies with anti-public adjuster clauses prevented policyholders from hiring a public adjuster. The legislation aims to provide all policyholders and businesses with greater control and expertise in navigating insurance claims.

On June 12, 2023, Louisiana Governor John Bel Edwards signed into law a bill from Sen. Royce Duplessis, D-New Orleans, and Rep. Ray Garafalo, R-Chalmette, that prohibits insurance carriers from inserting anti-public adjuster clauses into property insurance policies. The new law (SB156) in Louisiana will take effect on August 1, 2023, and allow all policyholders to hire public adjusters.

Benefits for Policyholders:

Removing the anti-public adjuster clauses is a significant win for policyholders in Louisiana. Here are some key benefits that policyholders can expect:

Expertise and Representation:

Licensed professionals with in-depth knowledge of insurance policies and claims processes, public adjusters actively operate. They can assess the full extent of damages, and strive for fair compensation per the policy.

Time & Stress Reduction:

Navigating an insurance claim can be a complex and time-consuming process. By engaging a public adjuster, policyholders can offload the burden of handling paperwork, documentation, and negotiations. This allows them to focus on other important aspects of recovery, such as restoring their property or business.

Maximizing Claim Settlements:

Public adjusters skillfully value losses accurately and ensure fair compensation for policyholders. They can help policyholders avoid potential underpayments or claim denials, leading to maximized settlements.

Rules and Regulations for Public Adjusters in Louisiana:

While the new law in Louisiana enables policyholders to hire public adjusters, it’s important to understand the existing rules and regulations governing their operations. Here are some key points to note:

Licensing:

Public adjusters in Louisiana are required to obtain a license from the Louisiana Department of Insurance (LDI). Additionally, the licensing process involves meeting certain criteria, including background checks and the successful completion of an examination.

Fee Limitations:

Public adjusters charge fees for their services, typically calculated as a percentage of the insurance claim settlement. In Louisiana, these fees are regulated and should conform to state guidelines. Policyholders should discuss fee arrangements with the public adjuster before signing any contract.

Contractual Agreements:

Public adjusters must provide written contracts to policyholders, outlining the terms and conditions of their services. The contract must clearly state the fees, scope of work, and any additional expenses that policyholders may incur during the claims process.

Prohibited Activities:

Public adjusters are prohibited from participating in any deceptive or fraudulent practices. Furthermore, they have a fiduciary responsibility, must act ethically and in the best interests of the policyholders they represent. Violations of these regulations can lead to disciplinary actions by the LDI.

Louisiana’s new law granting policyholders the ability to hire public adjusters is a significant step toward empowering individuals and businesses when dealing with insurance claims. With the expertise and representation provided by public adjusters, policyholders can expect a smoother and more favorable claims experience. By leveraging this new legislation, policyholders can navigate the complexities of the insurance world with confidence, knowing they have dedicated professionals on their side.

Premier Claims Louisiana #765044

Is your property at risk of hail damage?

Knowing how to identify hail damage and the signs can save you time, money, and a lot of headaches.

Our expert team has put together an invaluable video guide that walks you through the process of how to identify hail damage on your property. From common indicators to safety precautions and essential tools, this video is a must-watch for anyone concerned about the integrity of their property following a hailstorm. Don’t miss out on these expert insights—watch now to protect your investment!

https://www.youtube.com/watch?v=US8M-_aZEUM

For more articles related to hail damage, check out the following:

The Impact of Hail: Understanding Size, Formation, and Damage

Importance of Acting Promptly After a Date of Loss

Bacon’s Furniture

Port Charlotte, Florida
Hurricane Ian
September 2022

Our team stepped in when the policyholder faced challenges securing a fair settlement, largely due to an insurance policy that fell short in covering the asset. Despite the policy’s limitations and the insurance carrier’s attempts to underpay significant parts of the claim, we remained undeterred- even when the carrier employed delay tactics by bringing in three new adjusters and two engineers to reassess the damage from Hurricane Ian. Our expertise and persistence led to a 520% increase in the settlement, totaling $13,955,000. Beyond that, we offered invaluable advice to the policyholder on securing a more robust insurance policy for future protection.

Insurance Carrier Offer: $2,251,000

Premier Claims Settlement: $13,955,000

The post-recovery after a hurricane can be a challenging and stressful experience. Understanding damage assessment, contacts, and expectations post-hurricane as a local resident can ease recovery burdens significantly.

Assessing Hurricane Damage & Mitigation

Prior to the storm, we recommend following a detailed checklist, having your property inspected, and accurately documenting the current condition of the property. (Read Prepare before the storm, Review Your Policy, Tips & Dangers or Mitigation for more information)

After the storm has passed, your responsibility as a policyholder will be to assess the damages to your property and mitigate further damage. We recommend inspecting the exterior of your property looking for any broken or loose materials. In addition, inspect the interior of your property for water leakage or pooling water. Early connection, detailed documentation of damage, and mitigation strategies are vital for your insurance claim process.

Important Contacts After the Hurricane

In regards to property damage after a hurricane, there is a significant need for mitigation professionals, inspectors, and contractors in the community. Insurance carriers will also experience an increase in call volume and claims coming in from the community. Prior to the storm, we advise having a list of important contact information including your insurance carrier, mitigation companies, contractors, government authorities, medical assistance during a disaster, and your local Red Cross.

Our team is readily available during a hurricane. In the aftermath of the storm, we take over the communication, scheduling, and coordination with your insurance carrier, inspectors, mitigation companies, and contractors. We take the burden of handling the devastating damage from the hurricane so you can have a full focus on your family, health & safety following the storm.

What to Expect as a Resident

As a resident, you can expect the recovery process to take time. The immediate aftermath of a hurricane can be chaotic and challenging, often requiring a great deal of patience and persistence. Communities will come together to overcome the struggles of power outages, limited access to food and water, as well as the extensive damage to homes, businesses, and natural resources.

Keep informed about the latest updates and instructions from location authorities to help you navigate the recovery process. The days and weeks following a hurricane may result in delays of power recovery and availability of essential services. It’s important to be prepared to live without essential services for a period of time, and to come together as a community to support one another as you navigate the recovery from the hurricane’s impact.

Hurricanes are nothing short of a devastating event for infrastructure, property, and those unlucky enough to be within its path. When a hurricane strikes, access to essential services may be limited or completely unavailable, which is why it is so critical to have the proper supplies on hand to get you through the storm and its aftermath. We’ll explore some critical supplies and how having them will aid you through the hurricane, as well as potential consequences of not having necessary supplies.

Critical Supplies for a Hurricane

Water: Perhaps the most essential supply of all is water. The accepted rule of thumb is one-gallon of water per person per day. Hurricanes being the unpredictable creatures they are, you never know what might be affected. According to an article in the New York Times in the aftermath of Hurricane Ian, Stefanie Arcangelo of the Red Cross says, “You don’t know what is necessarily going to happen due to the storm’s impact. The storm could impact the public water system.”
Non-Perishable Food: Access to fresh food or power to store perishables may be limited or non-existent, which is why it’s important to prepare for the hurricane by stocking up on non-perishable items such as canned goods, peanut butter, crackers, or freeze dried foods.
First Aid Kit: Hurricanes cause broken glass and flying debris, any of which can cause injury. With emergency services unavailable, you need to be prepared to aid injuries until medical attention can be sought. It’s advisable to have bandages, gauze, antiseptic, wipes, and at least a few day supply of medications.
Flashlights and Batteries: Losing power is almost guaranteed in the event of a hurricane, so it’s vital to have a proper supply of batteries and flashlights or lanterns. Candles aren’t a good option due to the risk of fire.
Portable Radio: A NOAA Weather Radio that is either battery operated or hand cranked is ideal to keep up-to-date on important information on the hurricane and aftermath.
Cash: With power outages being a common occurrence during a hurricane, cash may be required if ATM machines or other electronic payment processing machines are unavailable.

Consequences of not stocking supplies for a hurricane

Not properly preparing or stocking the necessary items for a hurricane can lead to severe consequences.

A lack of water can lead to dehydration that can exacerbate pre-existing health conditions or add additional health issues.
A lack of food leads to hunger and can weaken the body’s immune system making you more susceptible to illness.
Without flashlights or batteries, assessing injuries in the dark may be impossible.
If you’re without a First Aid Kit, you may not have what you need to avoid infection.

It is especially important to prepare adequate or special supplies for elderly residents, young children, and pets. For a hurricane preparedness checklist for download, click here.

Hurricanes are among the most destructive natural disasters, bringing devastatingly high winds, heavy rainfall, and storm surges that can cause widespread damage and loss of life. These powerful storms can strike coastal areas and inland regions with little warning, and leaving residents with only a short amount of time to prepare. In this blog, we’ll explore the dangers & tips for a hurricane so that you can weather the storm.

Dangers

Understanding some of the most severe dangers posed will better prepare you for anything the storm throws your way.

- Devastating Winds: A hurricane can be accompanied by strong winds up to 200 miles per hour. These winds can cause significant damage to buildings or completely destroy them. Vehicles, infrastructure, power lines, and trees are all susceptible to immense damage and can become airborne, which poses its own dangers.

- Heavy Rainfall: Alongside devastating winds, hurricanes bring flood-inducing rains potentially causing landslides. Rising sea levels have provided hurricanes with an ample supply of water to produce monstrous storm surges.

- Storm Surges: When water level rises dramatically at abnormally high levels storm surges occur and they have the ability to travel several miles inland. Storm surges wreak havoc and leave destruction for miles.

In the aftermath of Hurricane Ian, Governor DeSantis of Florida surveys the destruction that spread across Fort Myers. In an interview with BBC, DeSantis comments, “To see a house just sitting in the middle of Estero Bay, literally must have gotten picked up, flown because of the massive wind speed and the storm surge and depositing in a body of water.”

Tips

It’s clear hurricanes are forces to be reckoned with, destructive, dangerous, and downright terrifying. For your safety, it is important to properly prepare and have plans in place.

- Evacuate: If local authorities have given the order to evacuate, listen and follow the prescribed protocols. Don’t wait.
- Supplies: Stock up! The time to prepare is before the storm (previous post link). This is important whether you evacuate or stay, but it’s all the more crucial if you weather the storm. You need several days, to weeks, of supplies to be prepared.
- Secure your Property: If you haven’t read our Day 3 Post for Hurricane Preparedness Week, Review Your Policy– We discuss the importance of reviewing your policy and why it’s important to not only protect your property from potential damage, but document it.
- Stay Informed: Always have access to current weather information from your local authorities and the National Hurricane Center. FloridaDisaster.org recommends an NOAA Weather Radio that is battery operated or hand cranked. For a downloadable checklist, click here!
- Stay Indoors: The volatility of a hurricane poses too high a risk to venture outdoors once the hurricane hits. Avoid windows and doors.

Be informed and prepared to endure the devastatingly high winds, heavy rainfall, and storm surges hurricanes bring. Widespread damage will be imminent. However, employing these tips and knowledge about this destructive natural disaster gives you the best chance at safety and security. For more information on the dangers & tips for a hurricane, please visit Prepare before the storm.

To protect yourself in the event of a future hurricane, one of the most important ways you can prepare is by reviewing your policy coverage. For Hurricane Preparedness Week, we will outline a few of the key aspects to consider in your policy: deductible, building coverage, and the importance of inspecting your property with photo documentation.

Deductible

Hurricane coverage deductibles are either be a fixed dollar amount or a percentage of the insured value. Percentage deductibles are more common as they will not increase premiums as much as a fixed dollar amount deductible. However, if you’re located in a hurricane prone area, it is crucial to know what type of deductible is in your policy and the financial responsibility you would have if a hurricane damaged your property.

For instance, say you have $400,000 in coverage to your building and your policy has a 2% deductible. After a hurricane, your insurance claim is settled at $50,000 for property damage, but you receive a check for $42,000 — You’re responsible for paying the percentage deductible of $8,000 out-of-pocket to restore your building.

Reviewing of policy information.

Building Coverage

Building coverage is an essential part of any policyholder’s insurance policy. It provides protection for the structure of your home, including the roof, walls, foundation, and other structures such as a garage or shed. In the event of a hurricane, this coverage will help you repair or rebuild your home if it is damaged.

The amount of building coverage you need will depend on a variety of factors, including the size of your home, the materials it is made of, and the cost of construction in your area. As a general rule, you should have enough coverage to rebuild your home from the ground up if it is completely destroyed. An Actual Cash Value policy pays what your property is worth today, whereas a Replacement Cost Value policy will pay the cost to repair or replace your property without deducting for depreciation. To learn more, visit our blog “What is Recoverable Depreciation?”

Flood Damage Insurance

Another factor to consider when purchasing building coverage is whether your policy includes coverage for flood damage. Flooding is a common occurrence during hurricanes, and it can cause significant damage to your home. If you live in a flood-prone area, you may want to consider purchasing a separate flood insurance policy to ensure that you are fully protected.

Coverage Limits and Exclusions

When purchasing building coverage, it’s important to read your policy carefully and understand the coverage limits, and exclusions. For instance, a roof exclusion could specify that the insurance carrier will not pay for damages to the roof as a result of wind or other events, such as a hurricane. A cosmetic exclusion could put you at risk of having to justify the necessity for repairs or replacement if the insurance carrier classifies the damage as cosmetic.

Policy Requirements

You should also be aware of any requirements your insurance company may have for hurricane preparations, such as installing storm shutters or reinforcing your roof. Failure to do any hurricane preparations can put you at risk for a denied or underpaid claim. Read more in yesterday’s blog “Prepare before the storm”

Aerial view of roof inspection on commercial property.

Property Current Condition

One of the most important steps that is often overlooked by policyholders is to get their property inspected and take pictures before a hurricane hits. Doing so can provide solid evidence of the condition of their property before the hurricane and make it easier to assess the damage caused by the hurricane.

Here are a few reasons why it is essential to get your property inspected and take pictures before a hurricane:

Documentation of property condition: By getting your property inspected and taking pictures, you can document the condition of your property before the hurricane. This can be helpful when filing a claim with your insurance carrier, as it provides clear evidence of the state of your property before the storm hit. This includes documenting and taking pictures of personal property that is included in your policy.
Evidence of damage: By having pictures of your property before the hurricane, you can provide solid evidence of the damage caused by the hurricane. This evidence can help expedite the process and ensure that you receive the compensation you deserve.
Accurate assessments: By having pictures of your property before the hurricane, you can ensure that inspectors and adjusters have an accurate picture of the extent of the damage caused by the hurricane. This is critical when negotiating estimates and showing every aspect of the structure that needs to be repaired or replaced per your policy.

The Good News

Our team provides free policy reviews and property inspections. If you have concerns over your current insurance policy, our team of legal experts will complete a thorough review and outline potential gaps in coverage or risks. Our inspection & adjusting team will gather the necessary documentation and pictures required prior to any hurricane damage. In addition, we will continue to monitor your property, and in the event you experience severe damage, we begin the claim process on your behalf immediately to get you paid faster. Contact us today to get your free policy review and inspection!