National Risk Management and Associates

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Hurricanes Insurance Resources

Hurricane Insurance StoryCourtesy of iii.org

Following a hurricane or other disaster, getting back to normal can take some time. To assist in the recovery process, the Triple-I has compiled useful information around post-disaster safety and insurance coverage questions, with detailed guidance on how to file a claim.
https://www.iii.org/article/background-on-hurricane-and-windstorm-deductibles
https://www.iii.org/article/background-on-insurance-fraud#Catastrophe-related
https://www.iii.org/article/boat-insurance-and-safety
https://www.iii.org/article/do-i-need-flood-insurance-for-my-home
https://www.iii.org/article/does-my-business-need-flood-insurance
https://www.iii.org/article/environmental-liability-insurance

Safety and resources for recovery

Following a hurricane, new perils brought by the storm can pose risks. And if you have evacuated, it might not be safe to go back home. The following articles provide information and guidance to keep you and your loved ones safe in the aftermath.
https://www.iii.org/article/florida-recovery-resources
https://www.iii.org/article/frequently-asked-questions-about-fema-disaster-assistance
https://www.iii.org/article/health-safety-following-a-flood

What does insurance cover?

In the aftermath of a hurricane or natural disaster, policyholders may have questions about the insurance process, including what is covered and what isn’t. Here are some answers to many of these common questions about home, auto, flood and other coverages.
https://www.iii.org/article/understanding-the-insurance-claims-payment-process
https://www.iii.org/article/understanding-your-insurance-deductibles
https://www.iii.org/article/what-covered-basic-auto-insurance-policy
https://www.iii.org/article/what-covered-standard-homeowners-policy
https://www.iii.org/article/what-public-adjuster

Claims

After a disaster, you want to get back to normal as soon as possible, and your insurance company wants to help. You may get multiple checks from your insurer as you make temporary repairs, permanent repairs and replace damaged belongings. Here’s what you need to know about claims payments, including how to file a claim, what to expect during the process, and detailed explanations of what hurricane deductibles are, and how they work.
https://www.iii.org/article/how-settlement-amount-determined
https://www.iii.org/article/how-to-file-a-homeowners-claim
https://www.iii.org/article/hurricane-insurance-and-recovery-resources
https://www.iii.org/article/hurricane-insurance-faq
https://www.iii.org/article/infographic-how-to-file-a-flood-insurance-claim
https://www.iii.org/article/infographic-hurricane-deductibles
https://www.iii.org/article/insuring-co-op-or-condo
https://www.iii.org/article/is-food-spoilage-covered

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Woman Business Insurance

Women and Business InsuranceCourtesy of http://www.iii.org/press-release/what-do-women-business-owners-want-credible-accurate-insurance-advice-022616

Women have made great strides in the business world in the past few decades. And business insurance is essential to protecting their hard-earned capital, according to the Insurance Information Institute (I.I.I.).

Forty years ago women owned just 5 percent of all small businesses in the United States. Today, they own one-third, generating nearly $1.5 trillion in revenue and employing over 7.9 million people. Between 1997 and 2015, the number of women-owned firms increased by 74 percent, according to the 2015 State of Women-Owned Businesses Report. And the majority of new women-owned firms launched in 2014 were owned by minority women.

“Whether launching a new business, growing your business or competing in the global marketplace, it is essential that women business owners get the right type and amount of coverage,” said Loretta Worters, a vice president with the I.I.I. “Without adequate insurance, a natural catastrophe, employee lawsuit or even the death of a business partner could destroy what they’ve built,” she warned.

In recognition of Women’s History Month, the I.I.I. recommends the following six strategies to ensure that your business is financially protected:

1. Assess your risks. What business property, including inventory and equipment, do you own? Do you have employees? What is the nature of your business? This basic snapshot will help an insurance professional provide recommendations about the type of coverage your business needs.

2. Find the right insurance professional. When shopping for insurance most business owners use an insurance broker—you’ll want to find one who is familiar with the risks of your specific business. A qualified broker can help collect all the necessary information and paperwork to apply for a policy, and comparison shop among several options and quotes. Here are some tips for finding the right fit: Finding the Right Insurance Professional for Your Business.

3. Compare rates. As a general rule, you’ll want to get business insurance quotes from at least three different companies. Try to find policies that offer similar coverage so that you can clearly compare prices.

4. Evaluate insurers, policies and services. When purchasing business insurance, price is just one consideration. Make sure a potential insurer is reputable and in good financial condition. In addition, review and compare policies in depth. Does one policy have exclusions that another does not? In the case of litigation, does the insurer provide an attorney or reimburse you for an attorney you choose?

5. Lower your premiums. Choosing a higher deductible can lower your premiums significantly and insurers will often lower your rates for putting in place programs to minimize losses from fire, theft and employee and customer injuries. This is particularly important for start-ups that are low on initial capital.

6. Review your risks and insurance policies annually. Talk to your insurance professional prior to renewing you coverage each year to determine what adjustments should be made to your business insurance policies. If your business is expanding, you have purchased or replaced equipment or have started working with vendors internationally, you may have new liabilities that require higher insurance coverage.

Don’t Overlook These Coverages

Life insurance is vital to any business—both personal and for the company. Should you die prematurely, a personal life insurance policy can replace your income from the business and protect your family. In the event an owner, partner or key employee dies, life insurance will take care of your business.

Another key coverage is disability insurance. More than twice as many people will be disabled during their career as will die before they retire. “Income protection for small business owners is critical for the long-term security of the owner and the company if they cannot work due to an injury or illness,” said Worters.

 

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Car Insurance & Teens

Teen Car InsuranceCourtesy of iii.org

For parents, the excitement of having a first-time driver in the house is usually tempered with worry. With little driving experience, immature drivers are at a higher risk for accidents. Of course, safety concern is uppermost in most parents’ minds but other stressors—like the high cost of insuring your new driver and the financial liability implications of a teen driving mishap—can be reduced with these steps.

Before getting a learners permit, make a call to your insurance professional

Your agent or rep can clearly explain the costs involved in insuring a teenage driver. The good news is, as your teenager gets older, insurance rates will drop—providing he or she has a good driving record. Therefore…

Involve your teen in the car insurance discussion

From the outset, it’s important to talk to your kid about the relationship between driving a car and the attendant responsibilities, including insurance costs. Explain and reinforce driving safety tips and the serious consequences of driving infractions or accidents, including increasing the cost of insurance.

Encourage positive behaviors

Auto insurers offer discounts or reduced premiums to:

  • Students who maintain at least a “B” average in school
  • Teens who take a recognized driver training course
  • College students who attend school at least 100 miles away from home and don’t bring their car to campus

Choose the right auto insurance company

It’s generally less expensive for parents to add teenagers to their auto insurance policy than it is for teens to purchase one on their own. By insuring your teenager’s car with your insurer, you may also qualify for a multi-vehicle discount. That said, insurance companies differ in how they price policies for young drivers, so do some research into prices to be sure to find the best fit for you and your teen.

Assign your teen to the right car

Find out how your insurer assigns drivers to cars—some insurers will assign the driver who is the most expensive to insure (generally the teenager) to the car that is the most expensive to insure. If possible, assign your teen to the least valuable car.

Note that with this kind of arrangement there can be no exceptions; your teen must use only the car to which he or she is assigned, even in an emergency. If your teenager is involved in an accident with an unassigned car, penalties could be imposed and your own premiums might increase.

Increase your liability insurance for greater protection

If your teen gets into an accident, state minimums for liability insurance will not be enough to fully protect you from lawsuits. Consider purchasing higher amounts of liability coverage—if your teenager is found negligent in an accident and the damages exceed your insurance limits, you will be held financially responsible and could be sued in court for those amounts not covered by your insurance. Depending on the value of your financial assets, you may even want to have the extra protection that a personal umbrella liability policy provides.

Raise your deductible to save on your premium

The higher your deductible, the more money you can save on your premium, so consider raising your deductible from the minimum amount required. You may want to use those savings to increase your liability insurance.

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Reminding All Homeowners, Flood Insurance is a Separate Policy

Flood InsuranceCourtesy of iii.org.

Homeowners and businesses in California’s Butte, Sutter and Yuba counties who have flood insurance will be covered if the Lake Oroville Dam’s auxiliary spillway fails, according to the Insurance Information Institute (I.I.I.). Revised forecasts call for about 10 inches of rain heading to the area according to the LA Times.

Roughly 50,047 single- and multi-family residential homes could be damaged with an estimated reconstruction cost value of $13.3 billion if the Oroville Dam in California were to fail completely, according to new data analysis from CoreLogic that included the six primary counties in that area.

“The potential for flooding poses a significant threat to life and property in these northern California counties and forced the evacuation of almost 200,000 of residents,” said Janet Ruiz, the I.I.I.’s California Representative. “Standard homeowners, renters and business insurance policies do not cover flood-caused damage. A separate flood insurance policy is needed.” Lake Oroville Dam is in Butte County.

Flood insurance is available from FEMA’s National Flood Insurance Program (NFIP) and a few private insurance companies. NFIP policies have a 30-day waiting period before the coverage is activated. Excess flood insurance policies are also available from some private insurers if additional coverage is needed above and beyond the basic FEMA NFIP policy. To learn more about flood insurance, visit the FloodSmart.gov.

If your home or business is near a river, lake, stream, creek, dam or other body of water, the I.I.I. recommends taking these three steps in order to assess your property’s flood risks.

  • Contact your insurance professional. Take the time to ask questions and be sure you understand all of your insurance options. It will help you make informed decisions about your insurance coverage.
  • Prepare an emergency plan. The I.I.I.’s free mobile app, Know Your Plan, makes it easy to be ready when disaster strikes. Preparedness information is also available from FEMA’s Ready.gov and the National Oceanic and Atmospheric Administration’s (NOAA) Weather Ready Nation.
  • Conduct a home inventory. Documenting your belongings will help you buy the right amount, and type, of insurance. A home inventory also makes claim filing easier and can be used to document financial losses when filing tax returns or applying for post-disaster financial assistance. Using the I.I.I.’s Know Your Stuff app will ensure you have an updated home inventory, accessible anywhere, any time.

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Hurricane? Here’s What To Do

Courtesy of iii.org

Hurricanes are violent and dangerous to your family and your home. When a hurricane threatens to bear down, make sure that you know how to batten down your hatches and protect yourself, your loved ones and your property.

When it’s hurricane season

Hurricane season starts June 1 and runs through November 30. But don’t wait until a warning—take steps to prepare in advance for a potential hurricane—it’s the best way to protect your family, your home and your business.

For more preparedness tips, handy checklists (including ones you can personalize yourself) and evacuation planning advice to cover a variety of disasters, get the I.I.I.’s Know Your Plan app. It’s a great tool to help get you and your family—including pets—organized and ready to act more quickly if a hurricane or other emergency strikes.

When a hurricane watch is issued

A hurricane watch is issued when there is a threat of a hurricane within a 24-36 hour period. At that time, you should:

  • Purchase any emergency supplies that you don’t already have on hand. Hit the stores early, as items such as batteries, candles and flashlights will get snapped up quickly.
  • Prepare your yard by removing all outdoor furniture, lawn items, planters and other materials that could be picked up by high winds. If you haven’t already, remove weak branches on plants and trees. Lower antennas and retractable awnings.
  • Fully charge your cellphone.
  • Fill your car’s gasoline tank.
  • Jot down the name and phone number of your insurer and insurance professional and keep this information handy in your wallet or purse.

When a warning is issued

A hurricane warning is issued when hurricane conditions are expected in 24 hours or less, which means a storm is imminent.

  • Stay informed of the storm’s progress by listening to the radio or TV. Even better, listen to a NOAA Weather Radio for critical information from the National Weather Service (NWS).
  • Install hurricane shutters, board up or otherwise securely shutter large windows and draw drapes across windows and doors.
  • Get off the boat—never remain on a boat during a hurricane! Check mooring lines of boats in water.

If evacuation becomes necessary

Hopefully, you’re fully prepared with an evacuation plan. Also remember:

  • Don’t wait until the last minute—shelters might be full or the roads might be jammed. If you have pets, consider traveling before an evacuation is ordered—otherwise, you might be ordered by officials to leave your pet home.
  • Take along survival supplies from your list.
  • Keep important papers with you at all times, including your home inventory and make sure you have the name and phone number of your insurance professional.
  • Take warm, protective clothing for the whole family in case you get stuck.
  • Lock all windows and doors on your home. Don’t compound hurricane damage with the threat of possible looters.
  • Keep all receipts for anything that might be considered to be an additional living expense (ALE) in the event your home is destroyed or damaged and rendered uninhabitable.

If you remain at home during a hurricane

Stay indoors. Don’t go out even during the brief calm when the eye of the storm passes over as wind speeds can increase dramatically in seconds.

  • Stay away from windows and glass doors and move furniture away from exposed doors and windows.
  • Stay on the downwind side of house. If your home has an “inside” room, stay there during the height of the hurricane.
  • Keep the television or radio tuned into information from official sources.

After the hurricane, beware of the dangers that remain

The storm may have passed, but it likely has created new dangers.

  • Beware of outdoor hazards like loose or fallen tree limbs, loose signage or awnings that are in danger of breaking off and falling.
  • Keep away from loose or dangling power lines, and report them immediately to the proper authority.
  • Walk or drive extra cautiously as washouts may weaken road and bridge structures.
  • In the event of a power outage, throw out food that may be spoiled.
  • Boil municipal water before drinking until you have been told it is safe.

If your home is damaged

Notify your insurance professional as soon as possible of any losses. If you had to relocate, let your representative know where you can be contacted. In addition:

  • Make temporary repairs—if they can be made safely—to protect property from further damage or looting; for insurance purposes, keep all receipts for materials used.
  • Get written estimates for any proposed repair jobs and use only reputable contractors. Be especially careful of building contractors who want huge deposits up front or encourage you to spend a lot of money on temporary repairs. Ask for their references and check with the Better Business Bureau on complaints.
  • Gather any other receipts for expenses that will be covered by insurance or will be tax deductible.

Business Hours

Monday – Friday: 9 AM- 5 PM

 

24 Hour Hotline: (407) 415-8528

National Risk Management & Associates
220 Magnolia Avenue
Sanford, FL 32771
Phone: (407) 767-2950