Florida Florida Department ofDepartment of

Financial ServicesFinancial Services

Division of Consumer Division of Consumer ServicesServices

Bureau of OutreachBureau of OutreachTom Gallagher, Chief Financial Officer

••What to do before disaster What to do before disaster strikesstrikes

•What you must do after a •What you must do after a disasterdisaster

•Resources of assistance •Resources of assistance and helpand help

Wildfires

Floods

Tornadoes

Winter storms

HURRICANES

Hurricane Season: June through November

•Home and Other Structures

•Contents•Liabilities

Sample Declarations Page

Keep

$ $ $

Receipts

Computer * Stereo System * Central Air Conditioning

System

Heat Pump * Swimming Pool * Room Additions

Any Major Appliance Purchase or Upgrade

Keep a copy of your important insurance records in a safe deposit box or with a relative

or friend.

These include:

*Insurance Policies *Inventory Records

*Contact Information *Computer Records

Don’t forget about your financial interests? Here are some tips you need to be aware of:

$ Withdraw money before a pending disaster.

$ Financial institutions will be closed at least two days after a direct hit and ATMs could be out of commission even longer.

$ During all cash withdrawals, be aware of your surroundings and any suspicious persons.

$ Get receipts for cash purchases before and after a storm.

Financial Tips Continued…$ Have a credit card on hand with at least $1,000 available.

$ Use credit cards to finance minimal repairs when necessary and document all transactions.

$ If you pay bills by phone or online, pay them before a hurricane hits, even if they are not yet due.

$ If you pay by mail, send payments at least two days before a hurricane strikes, because the post office will not pick up mail within 24 hours of a strike.

$ Keep copies of all payments mailed within three days of a hurricane making landfall.

Financial Tips Continued…$ After a storm, contact those you’ve sent payments to and confirm they have received them.

$ Before you use any “fast-cash” lender, be sure you understand what the fees will cost for the service.

$ Beware of anyone offering to help after a storm, who wants cash only.

Remove all valuables

Lock windows and doors

•Notify your agent or company of your temporary forwarding address and phone number

Make Make

emergencemergency y

repairs repairs

and and

document document

them.them.

Windstorm Insurance

The “Hurricane

Insurance Affordability

and Availability Act”

offers a broader range

of deductibles for

homeowners to choose.

https://www.myfloridalicense.com

COMPANY ADJUSTER

$$$$$$$$$$$$$

AN EMPLOYEE OF AN

INSURANCE COMPANY,

PAID BY THAT COMPANY, TO

SETTLE CLAIMS.

PRIVATE OR INDEPENDENT

ADJUSTER

$$$$$$$$$$$

PAID BY AN ADJUSTING

FIRM HIRED BY AN INSURANCE COMPANY TO

SETTLE CLAIMS.

PUBLIC ADJUSTER

$$$$$$$$$$$

PAID A NEGOTIATED PERCENTAGE OF THE CLAIM YOU RECEIVE

FROM THE INSURANCE COMPANY.

Purchasedin 1993

$500

Destroyedin 1999

Current Value:$200

Cost to Replace:

$600

How Benefits are Paid

Actual Cash ValueInsurance company

pays only $200.

Replacment Cost

Insurance company pays $600.

Dispute Resolution Contact the company

Call the Department of Financial Services

Non-binding mediation

Binding arbitration

Litigation

Don’t wait:

Coverage will start 30

days AFTER you buy a

flood policy.

Don’t wait:

Coverage will start 30

days AFTER you buy a

flood policy.

Recent Legislative Recent Legislative ChangesChanges

The legislation built many new provisions into the The legislation built many new provisions into the Florida insurance code for homeowners, mobile Florida insurance code for homeowners, mobile homeowners and condominium policies including:homeowners and condominium policies including:

Prohibits non-renewing homeowners’ policies who Prohibits non-renewing homeowners’ policies who have sustained hurricane damage until 90 days have sustained hurricane damage until 90 days after the home is completely repaired.after the home is completely repaired.

Ends the practice of paying only the lower actual Ends the practice of paying only the lower actual cash value for repairs and contents and requires the cash value for repairs and contents and requires the full replacement cost amount to be paid up front.full replacement cost amount to be paid up front.

Creates a mandatory policy checklist that the agent Creates a mandatory policy checklist that the agent must fill out, detailing what is covered and what is must fill out, detailing what is covered and what is not covered by the policy.not covered by the policy.

Legislative Changes Legislative Changes Cont.’d…Cont.’d…

Requires insurance companies to spell out how Requires insurance companies to spell out how much a hurricane deductible could potentially much a hurricane deductible could potentially cost a policyholder and requires disclosure of all cost a policyholder and requires disclosure of all available discounts.  In December, legislation available discounts.  In December, legislation was passed limiting hurricane deductibles to one was passed limiting hurricane deductibles to one per season.per season.

  Requires a public hearing for requested rate Requires a public hearing for requested rate hikes exceeding 15 percent.hikes exceeding 15 percent.

  Expedites the claims process by requiring an Expedites the claims process by requiring an insurer to pay a claim or begin communication insurer to pay a claim or begin communication with the insured regarding the claim within 14 with the insured regarding the claim within 14 daysdays

Premium Discounts

FIRST

RespondersThe Florida Department of Financial Services

Consumer Consumer HelplineHelpline

Consumer Guides Consumer Guides

www.fldfs.com

FREE FREE 1-800-342-

2762