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  • South Florida Homeowners Challenge Insurance Giant and Win

    As reported by WTJV, a South Florida condominium company was awarded nearly $30 million in damages and attorney fees after taking insurance agency QBE to court.

    The verdict was of concern to Buckley Towers families whose damaged homes are in the middle of a condemnation proceeding by Miami-Dade County’s Unsafe Structures Board.

    The briefing provided information to families and other condominium, property and co-operative associations who may feel intimidated by their insurance company or may be questioning whether their insurance claims were properly adjusted.

    The main point of this case lies in the manner in which QBE, by alleging that Buckley Towers was committing fraud with their estimates and that damages may have been caused by the negligent maintenance by the building, as well as if the damages were up for exclusion in of themselves. These tactics are quite obvious in their effort to stifle complaint when a settlement is offered and to intimidate for the sake of saving the insurance company money. When making a claim, make sure that any settlements or documentation sent over by the insurance agency is read over thoroughly and that a legal expert is consulted before any deal is brokered.

  • Recent Fires A Reminder to Review Insurance Coverage

    While a recent string of fires in Pineville and Alexandria this week have led officials to warn Louisiana residents about fire safety and the like, it also serves as a reminder about insurance coverage. Not knowing if your home or property is covered in the event of a fire can lead to, at best, a lot of stress. At worst it can lead to a complete loss in the event of devastation.

    Precautionary tips on how to prevent fires in your home or property include:

  • Remain in the kitchen while cooking
  • Keep flammable objects away from cooking surfaces
  • Never leave BBQ grills unattended
  • Keep space heaters 3 feet or more from objects that may burn
  • Never leave a trash or leaf fire unattended
  • Have your chimney or furnace regularly checked and maintained
  • Douse cigarette or cigar butts with water before throwing away
  • Do not plug in an excessive amount of electronics to the same outlet

    • These are just some of the things you can do to prevent fire. However, to prevent a complete loss in the event of a fire, review your insurance policy and make adjustments as necessary to protect your home and property.

  • Texas Insurance Companies Going Under: What to do?

    As highlighted in recent articles regarding insurance companies going out of business and leaving policy owners “out in the cold”, it is important to know what to do in the event your policy provider goes out of business.

    While making whatever repairs necessary to keep your home in shape, and documenting closely the expenses, it is important to immediately contact the Texas Department of Insurance and find out what is going on with your insurance company. Should your insurance company fail, the Texas Property and Casualty Insurance Guaranty Association is in place to help those policy holders. The Texas Property and Casualty Insurance Guaranty Association can be reached at (512) 345-9335.

    It is important in such instances to also receive legal assistance or advice in the event your insurance company will have to be sued to get the claim you deserve.

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  • FEMA flood risk maps for New Orleans

    FEMA maps released this month indicate flood risks in the city of New Orleans at a block-by-block level of scrutiny. Downloadable here, the maps include the changes in flood risk after work done by the Army Corps of Engineers and detail what should be the status quo until 2011, when the Corps plans on completing levee improvements. The Louisiana Mapping Project, which features the maps and explanations of how they work, may be found online by clicking here.

    In an article written about FEMA’s release, the mayor’s office mentioned caution in assuming any sort of freedom from risk based upon the maps:

    “The thing to remember about these maps is that there are questions about their accuracy, ” said Maggie Merrill, director of policy for Mayor Ray Nagin. “We don’t want to create a false sense of security or of panic. And there will be substantial changes, and flood risk will be dramatically reduced for the city when the levees are complete.”

    The city may adjust elevation requirements in some areas, however, as Jefferson officials plan to do, Merrill said.

    That NOLA.com article may be read by clicking here.

    Enjoy your weekend!

  • Understanding Terms: Glossary

    When going about shopping for the right policy or making sure your policy protects you in the ways you need, it is important to understand insurance terms used. In educating yourself about the legal jargon employed by the insurance companies, you can be better prepared to combat an unfair claim payment or prevent your policy from being hijacked by vague language.

    Below, courtesy of the University of Illinois, is a wrap up of this blog’s glossary of insurance terms, ranging from the letter S to Z:

    Screening. Physical examination and health history taken by an insurer before the applicant is given the policy applied for.

    Settlement option. One of the several ways, other than immediate payment in a lump sum, in which the insured or beneficiary may choose to have a life insurance policy paid.

    Short-term disability income insurance. The provision to pay benefits to a covered disabled person as long as he/she remains disabled from their occupation up to a specified period not exceeding two years.

    Skilled Nursing Care. Daily nursing and rehabilitative care that can be performed only by or under the supervision of, skilled medical personnel.

    Stock life insurance company. A life insurance company owned and controlled by stockholders who share in the surplus earnings. The company issues, in general, nonparticipating life insurance.

    Stop-loss Provision. A provision under which an insured pays a certain amount of coinsurance after which the insurance company pays 100 percent of the remaining covered expenses.

    Surgical schedule. A list of maximum amounts payable under an insurance policy for specific types of surgery.

    Subrogation. The legal process by which an insurance company seeks to recover a claim it has paid from another company or person who is legally liable for it.

    Term life insurance. Insurance protection that pays death benefits to survivors but no cash value buildup.

    Term rider. Term insurance that is added to a whole life policy at the time of purchase or later.

    Title insurance. Insurance the seller or buyer buys to protect the lender, buyer, or both from the risk that a claim against the property is not discovered at the time of the title search.

    Total disability. The insured is unable to perform the duties of any occupation for which she or he is suited through experience, education, or training.

    Umbrella liability policy. A special liability insurance policy that provides further payment for liability claims after the liability coverage from other policies is used.

    Underwriting. Classifying applicants for insurance according to their degrees of insurability so that the appropriate premium rates may be charged.
    Uninsured motorist insurance. Insurance to protect one’s own bodily injury losses if ever hit by an uninsured motorist or a hit and run driver.

    Universal life insurance. A flexible premium life insurance policy under which the policyholder may change the death benefit from time to time (with satisfactory evidence of insurability for increases) and vary the amount or timing of premium payments. Premiums (less expense charges) are credited to a policy account from which mortality charges are deducted and to which interest is credited at rates that may change from time to time.

    Variable life insurance. This is a life insurance contract under which a portion of the premium is invested in mutual funds. The value of the accumulated funds varies on a daily basis based on the performance of the mutual funds. The policy has level death benefits.

    Viatical settlement. A transaction in which a life insurance policyholder who is terminally ill sells his or her rights to the policy in exchange for immediate payment of a portion of the death benefits.

    Waiver of premium clause. A policy provision that continues the policy without premium payment while the subscriber is ill or disabled.

    Whole life insurance. A cash value life insurance policy that provides level protection for a level premium as long as premiums are paid and includes a savings feature.

  • Governor Perry Urges FEMA Extend Aid Deadline

    Texas Governor Rick Perry has requested that FEMA waive or extend the deadline for FEMA aid to those whose lives have been disrupted by Hurricane Ike. KFDM reports:

    Gov. Rick Perry has requested the Federal Emergency Management Agency (FEMA) waive, or extend for 180 days, the deadline to file proof of loss requirements for flood insurance policyholders whose homes were damaged by Hurricane Ike.

    Due to the severity and magnitude of the disaster, FEMA granted an extension of the 60-day proof of loss deadline for flood insurance policyholders. Currently, policyholders are required to file proof of loss by March 12, 2009. An extension would allow Texans the same amount of time to file their claims as was allowed following Hurricane Rita.

    “With so many Texas homes suffering flood damage related to Hurricane Ike and so many families who have not yet been able to rebuild, a deadline of March 12 is unrealistic,” Gov. Perry said. “I urge FEMA to waive or extend the deadline so that Texans with flood insurance have adequate time to file their claims.”

    This extension would allow for more preparation and recovery for those harmed by the storm and extends the government’s assistance for some time. Insurance companies also have deadlines for their response to homeowner’s claims. It is essential that you make sure your insurance company reaches their deadlines on your Hurricane Ike or other property damage claims.

    (more…)

  • Galveston’s Slow Return Back

    A video making its rounds from CBS chronicles the rebuilding effort going on in Galveston in the wake of Hurricane Ike and is worth a look:

  • Understanding Terms: Glossary

    When going about shopping for the right policy or making sure your policy protects you in the ways you need, it is important to understand insurance terms used. In educating yourself about the legal jargon employed by the insurance companies, you can be better prepared to combat an unfair claim payment or prevent your policy from being hijacked by vague language.

    Below, courtesy of the University of Illinois, is a glossary of insurance terms, ranging from the letter O to R:

    Optionally renewable. An insurance policy renewable at the discretion of the company.

    Out of pocket payments. The percentage of medical expenses not paid by insurance company. Only approved, allowable expenses apply toward out-of-pocket.

    Outline of coverage. A description of policy benefits, exclusions, and provisions that makes it easier to understand a particular policy and compare it with others.

    Paid-up insurance. Insurance on which all required premiums have been paid.
    Partial disability rider. A policy addition that will pay disability benefits for a period of time when the insured is partially disabled.

    Participating policies. Life insurance policies that pay dividends.
    Participation limits. The maximum monthly benefit from all sources of which an insurer will write a portion.

    Peer review committees. Groups of physicians or other medical providers who advise insurers, patients, and physicians in disputes regarding what is a “reasonable and customary fee” for services rendered by medical providers other than those on the committee.

    Period of confinement. The time during which you receive care for a covered illness. The period ends when you have been discharged from care for a specified period of time, usually six months.

    Personal liability. Responsibility for the damage or loss to someone’s property or bodily injury of someone.

    Personal property. Property not considered real property, such as automobiles, clothing, and furnishings.

    Policy. The printed legal document stating the terms of the insurance contract that was issued to the policyholder by the company.
    Policyholder. The person who owns an insurance policy.

    Preadmission Testing (PAT). Laboratory and other prescreening tests and examinations prior to being admitted to a medical facility as an inpatient.
    Preexisting condition. A medical condition that the insured has prior to the effective date of the policy.

    Preferred Provider Organization (PPO). A prepaid health insurance plan where several hospitals and doctors agree to provide services at a discounted rate.

    Premium. The charge for insurance protection.

    Private Mortgage Insurance (PMI). Insurance that protects the lender from financial loss when the mortgager defaults. Allows a homebuyer to obtain a mortgage with little or no down payment.

    Reasonable and Customary Charge. Health care fees consistent with average rates or charges for identical or similar services in a specified geographic area.

    Reinstatement clause. A clause that lets the policyholder reinstate an insurance policy upon completion of reinstatement application accepted by the company and payment of back premium. The customer should check with the insurance company to see that the cash value of the policy was not reduced.

    Renewable term insurance. Term insurance providing the right to renew at the end of the term for another term or terms, without a medical exam. The premium rates increase at each renewal as the age of the insured increases.

    Replacement value. The claim settlement method in which the insured receives the full cost of repairing or replacing the damaged or lost items/property up to the policy limits.

    Residual disability benefits. Disability insurance policy benefits paid when the disabled individual returns to work and is able to earn only a portion of the former benefits. The benefits paid will bring the individual’s total income up to the former benefit level.

    Rider. An amendment to a policy that modifies the policy by expanding or restricting its benefits or excluding certain conditions from coverage. An example of a rider is additional insurance for valuables such as jewelry.

  • Hurricane Ike FEMA deadline approaching

    The Federal Emergency Management Agency’s fourth extension of time for individuals in Texas affected by Hurricane Ike created a new deadline of February 20th for claims to be made. This, in light of the fact 90% of applicants who have submitted applications as of late were considered ineligible by FEMA. Texas Governor Rick Perry requested the extension in order to give applicants more time to get their affairs in order and ask the state for assistance.

    To apply, go to www.fema.gov or pick up a phone and call 1-800-621-3362.

  • Understanding Terms: Glossary

    When going about shopping for the right policy or making sure your policy protects you in the ways you need, it is important to understand insurance terms used. In educating yourself about the legal jargon employed by the insurance companies, you can be better prepared to combat an unfair claim payment or prevent your policy from being hijacked by vague language.

    Below, courtesy of the University of Illinois, is a glossary of insurance terms, ranging from the letter J to N:

    Lapsed policy. A policy terminated for non-payment of premiums. Level premium life insurance. Life insurance for which the premium remains the same from year to year.

    Liability coverage. Insurance protection that pays for claims or judgments brought against the insured.

    Life expectancy. The average number of years of life remaining for a group of persons of a given age according to a particular mortality table.

    Limited payment life insurance. Cash value life insurance on which premiums are paid for a specified number of years but the insurance remains in force for life.

    Loan value. The amount which can be borrowed at a specified rate of interest from a cash value life insurance policy. If the policyholder dies with the debt partially or fully unpaid, then the amount borrowed, plus any accrued interest, is deducted from the policy’s face amount.

    Long Term Care. A comprehensive range of medical, personal, and social services delivered over time to meet the needs of chronically ill or disabled persons.

    Major medical insurance. Health insurance to cover medical expenses over and above that of a basic health insurance policy.

    Managed care. Prepaid health plans that provide comprehensive health care to members.

    Market value policy. A homeowner’s insurance policy that pays to replace, repair, or rebuild damaged property up to the maximum of the policy, which is set at the property’s market value. Materials used in making the repairs will be similar to, but not the same as, the original materials.

    Medicaid. A medical insurance program for low-income individuals that is paid by federal and state funds.

    Medical payments. Coverage under a homeowner’s policy that pays for some medical expenses for injuries to others caused by the insured, a family member, or pet.

    Medical payments insurance. Insurance coverage under an auto policy to pay for the insured’s medical and funeral expenses after an automobile accident.
    Medicare. A federal government health program available to people over 65 and some other citizens meeting specified requirements.

    Medigap insurance or Medicare supplement. Medicare supplement insurance, or Medigap (sometimes called MedSup), is private insurance that supplements or fills in many of the gaps in Medicare coverage. While MedSup policies typically cover Medicare’s deductibles and co-insurance amounts, they do not pay benefits for long-term care.

    Mortality table. A statistical table showing the death rate at each age, usually expressed as so many per thousand.

    Mutual life insurance company. A life insurance company whose board of directors is elected by its policy owners. The company issues, in general, participating policies.

    National Association of Insurance Commissioners (NAIC). NAIC is a national organization of the 50 state insurance commissioners for exchanging ideas, information, and coordinating regulatory activities. NAIC has no legal power but exerts a strong influence through its recommendations.

    No-fault insurance. Auto insurance that covers certain losses of the insured without considering who is at fault in the accident.

    Noncancelable. A policy that guarantees the premium will remain the same and the policy stay in force as long as the premium is paid.

    Nonforfeiture table. A cash value life insurance policy table listing the insured’s options to take the policy as extended term insurance, as cash, or as reduced paid-up life insurance.

    Nonparticipating policies. Life insurance policies that do not pay dividends.