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Transcript of Florida Department of Financial Services Division of Consumer Services Bureau of Outreach Tom...
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