Fuller Insurance Blog

Florida Vacation Rental Home Insurance

The Emerald Coast needed 2011. After the collapse of the housing market in 2008 and 2009, and the BP oil spill in 2010, we needed a great year - 2011 has been a come back year.

Just ask our long-time customer Dr. Michael O'Donnell ... in this Destin Log article, he says his Emerald Waters Village vacation rental home "stays booked from March till November and despite the down economy he enjoyed his busiest year ever in 2011."

Do you own a Florida vacation rental home? Are you thinking about taking the vacation rental approach? Dr. O'Donnell said "it has actually worked out really well for us."

If you are getting ready to purchase a Florida vacation rental home, you generally need to purchase a dwelling-fire insurance policy instead of a homeowners policy. A dwelling-fire policy is written on homes that are rented out to other people, as opposed to a homeowners policy, which is written on owner-occupied homes.

Depending on the location of your vacation rental home and the distance from tidal water, you may need a separate windstorm policy and possibly a separate flood insurance policy. If you have an umbrella policy, you will need to ensure your vacation rental home insurance satisfies the liability requirements on your umbrella policy.

Would you like some professional guidance on Florida vacation rental home insurance? Call Shelley Carmichael at our office. She will be more than happy to answer your questions.

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Florida Renters Need Insurance Too

With the collapse of the housing market in Florida, more people are renting their home now than ever before. If you rent your home, whether it is a single family home, an apartment, a townhouse, or a condominium unit, you need a renters insurance policy.

Renters insurance does 3 big things for you:

1. covers your contents or personal property
2. provides additional living expense if your home is severely damaged
3. includes liability coverage in case someone is injured in your home

Fuller Insurance offers Florida renters insurance that will cover you for fire, theft, burglary, vandalism, and windstorm (hurricane or tornado). If you are in a high risk flood zone, you may also need a flood insurance policy to cover your contents from flood waters.

If you need renters insurance, give us a call. Remember we cannot issue new insurance policies when a tropical storm or hurricane is approaching, so call us today while the Gulf is still quiet!

 

It's Hurricane Season - Are You Ready?

This year National Hurricane Preparedness Week runs from May 22 through May 28. Take some time now before the official start of hurricane season to make repairs to your property, make an action plan should a hurricane approach, and review your Florida homeowners insurance policy.

A hurricane brings many different hazards: storm surge on the coast, high winds, tornadoes, and inland flooding.

First, make necessary repairs to your property, such as repairing loose shingles, trimming overgrown trees, and sealing any cracks in stucco or exterior coverings. It is common for beach-front homes and condominiums to suffer wind driven water damage, so inspect and repair any broken seals around windows and doors.

Destin, Miramar Beach, and Santa Rosa Beach Florida are difficult areas to evacuate when a Hurricane Watch or Warning is issued. You need to plan on where you would evacuate to and how you will get there. A few years ago my family and I had to evacuate due to a hurricane and because the traffic was so bad on Highway 331 North, we decided to drive all the way to Panama City Beach and head north on Highway 79 - it took hours! 

Your Florida homeowners insurance policy does not cover you for flooding and it may not cover you for wind damage, so its important that you review your homeowners insurance policy now. Questions to ask yourself include:

1. Do I have enough coverage on my home and contents?
2. What is my hurricane or windstorm deductible?
3. What phone number do I call to file a claim?
4. Do I have Loss of Use coverage?

Still have questions about your Florida homeowners insurance policy? Call Fuller Insurance in Santa Rosa Beach for a personal insurance review. ###

 

 

National Flood Insurance Program: Top Ten Flood Facts

1. Everyone lives in a flood zone.

You do not need to live near water to be flooded. Floods are caused by storms, melting snow, hurricanes, water backup due to inadequate or overloaded drainage systems, as well as broken water mains.

2. Flood damage is not covered by homeowner policies.

You can protect your home, business, and belongings with flood insurance from the NFIP. You can insure your home with flood insurance up to $250,000 for the building and $100,000 for its contents.

3. You can buy flood insurance regardless of your level of risk.

It does not matter whether your flood risk is high or low. Anyone in a community that participates in the NFIP can buy building and/or contents coverage, with very few exceptions. Some Costal Barrier System (CBRS) areas, Otherwise Protected Areas (OPAs) and buildings principally below ground or entirely over water are not eligible for National Flood Insurance. It is a good idea to buy even in lower risk areas because 25 to 30 percent of flood insurance claims come from low-to-moderate risk areas.

4. The low-cost Preferred Risk Policy is ideal for homes and businesses in low-to-moderate-risk areas.

Homeowners can insure buildings and contents for as little as $119 per year. Business owners can insure buildings and contents for as little as $550 per year. Residential renters can insure contents for as little as $39 per year.

5. Flood insurance is affordable.

About 90 private insurance companies nationally offer affordable flood insurance backed by the federal government. Contact your local agent. Policies are available to homeowners, condo owners, apartment owners, renters, and business owners alike.

6. Flood insurance is easy to get.

You can buy flood insurance from private insurance companies and independent insurance agents; call yours today! You can purchase flood insurance with a credit card.

7. Contents coverage is separate, so renters can also insure their belongings.

Up to $100,000 contents coverage is available for homeowners and renters. Whether you rent or own your home or business, make sure to ask your insurance agent about contents coverage. It is not automatically included with the building coverage (except under the Preferred Risk Policy).

8. Up to a total of $1 million in flood insurance coverage is available for non-residential buildings and contents.

Up to $500,000 of coverage is available for non-residential buildings.

Up to $500,000 of coverage is available for the contents of non-residential buildings.

9. There is usually a 30-day waiting period before coverage goes into effect.

Plan ahead, so you are not caught without insurance when a flood threatens your home or business.

10. Federal disaster assistance is not the answer.

Federal disaster assistance is only available if the President declares a disaster. Flood insurance pays even if a disaster is not declared.

The Cost of Flooding

Still thinking about purchasing flood insurance? I found a great tool today from the National Flood Insurance Program that will show you how much a flood might cost you.

The Cost of Flooding Tool asks you to select either a 1,000 or 2,000 square foot home and select how high a flood to estimate damages on. You can select as low as 1 inch of water in the home all the way up to 4 feet of water.

The tool then calculates the different items that will probably be damaged from the given flood waters, including your personal contents and the interior of the home. It then gives you an estimate of how much a flood like that would cost you.

Now is a great time to start thinking about flood insurance. The flood insurance rates will be increasing on May 1, so purchase your policy today and lock in the current rates for a year.

Use Google Earth To View Flood Insurance Information

Do you ever wonder how FEMA decides where a flood zone starts and ends? If you could get a "bird's eye view" of the area you could see the natural tidal flows, streams, lakes, and other features that go into determining the flood zones. Now with Google Earth and FEMA's Stay Dry application, you can see the topography and the flood zones in your neighborhood.

How do you get started? First, download Google Earth and install it on your computer (it is free). Then download the Stay Dry application from FEMA's website (save it to your desktop so you can find it later). You can also download the FEMA NFHL application, but it has much more data and can be a little more difficult to use. If you are just interested in looking at flood zones, then the Stay Dry application is the way to go.

After you install Google Earth and Stay Dry, simply double click the Stay Dry icon. Google Earth will launch and load the Stay Dry application - instructions will display to tell you how to use the program and read the maps. If you are a real estate agent, mortgage broker, banker, or work in the real estate business you need to have this loaded on your computer - it's great information.

For more information about flood insurance give us a call at Fuller Insurance toll free: 877-397-6681.

All Clear Restoration and Remediation: Who To Call When You Have Water Damage

I know how scary water damage can be, especially when the damage is to your own home. Whether it is a pipe that suddenly bursts, a frozen pipe that cracks, or a hurricane, water can quickly ruin a home. So, who do you call when you have water damage?

I recommend you call All Clear Restoration and Remediation in Santa Rosa Beach, Florida. Mark and Laura Wichern, owners of All Clear Restoration and Remediation, are the water damage professionals you need in an emergency.

Mark Wichern is a leading industry expert, consultant, and national instructor for the Institute of Inspection, Cleaning, and Restoration Certification (IICRC). In fact, Mark operates a National IICRC Training Facility in Santa Rosa Beach (in case you are interested in getting into the business of cleaning and restoration).

All Clear Restoration and Remediation can handle whatever kind of water damage you have, including:

1. mold remediation
2. sewage remediation
3. structural drying
4. complex drying (gymnasiums, bowling alleys, marble floors)
5. carpet and upholstery cleaning

Water damage can occur anytime of the year. If you need professional 24/7 Emergency Response to your water damage situation, call All Clear Restoration and Remediation at 800-603-5971. Mark Wichern and team will take care of your water damage and give you peace of mind too!

Walton County, Florida and the New Flood Insurance Rate Map

In a previous flood insurance post on this blog, I wrote about the new Flood Insurance Rate Map (FIRM) that was effective on 9/29/10.

My primary concern was that the Special Flood Hazard Areas (SFHA), which are usually flood zones AE and VE, would be expanded. Expanding the Special Flood Hazard Areas would prompt mortgage companies to require homeowners located in those areas to purchase flood insurance

However, in my Miramar Beach neighborhood, we have actually seen several homes taken out of the Special Flood Hazard Area, that is, the flood zone changed from flood zone AE to X. Flood Zone X is not a Special Flood Hazard Area.

If you have a mortgage and flood insurance, then you  may receive a letter similar to this one from your mortgage company (this is the letter I received from my mortgage company, Bank of America). They advised me that my home is no longer in a Special Flood Hazard Area and that I could contact my insurance company to cancel my flood insurance policy.

Rather than cancel my flood insurance policy, I decided to keep it and change it from a Standard Flood Policy to a Preferred Flood Policy. As a Preferred Flood Policy, I will receive the same or more coverage for less money. And, if FEMA or the flood map surveyors are wrong about where the flood zone lies, I will still have my flood insurance to cover me the next time a big hurricane hits our area.

Another useful tool I came across is the Insurance Outreach Toolkit for Flood Map Updates. This website is primarily designed for insurance agents, real estate agents, mortgage companies, lenders, builders, and community officials. If you are involved in the real estate industry, this would be a great web site to review to better understand the flood map update process.

Still not sure why you need flood insurance? Check out FloodSmart.gov  or give us a call at Fuller Insurance, and discover why flood insurance is a really big deal, especially along the Emerald Coast!

Thoughts About the 2010 Hurricane Season

Today is June 1 - the start of the 2010 Hurricane Season. If you watch the news, you will find plenty of commentary about what kind of hurricane season this might be, what you should be doing to prepare, or what might happen if a hurricane collides with the oil spill.

But, as your Local, Trusted Choice insurance agent, I thought I would bring a couple of items to your attention:

1. If you don't have flood insurance, consider purchasing it now. The flood insurance program is a federal government program. As such, Congress decides how the program works. Since Hurricane Katrina hit almost 5 years ago, Congress intended on reworking the flood insurance program to improve it. Yet, something else always comes up and Congress can never seem to get the job done. So what happens is Congress extends the flood insurance program a few months hoping to get to it, they don't get to it, and for whatever reason the flood insurance program lapses! Congress then has to reinstate the flood program retroactively. 


2. A flood insurance policy provides a maximum of $250,000 of coverage on your home. If the replacement value of your home is more than $250,000, and you have a flood insurance policy, consider purchasing excess flood insurance. If you suffer catastrophic flooding from a hurricane, and your home is condemned by the county, you will be out of luck without excess flood coverage.


3. You did not buy windstorm insurance? Buy it now and take a higher deductible to save money. A hurricane will produce two kinds of damage to your home: wind damage and flood damage. You need to have both windstorm coverage and flood coverage to be properly insured. If you declined windstorm coverage because it is too expensive, take a high (or the highest) deductible option to save money. At least you will have most of the coverage you need in case the big one hits. You can also pay in quarterly installments.


4. You rent your home? Cover your contents in case of rain, wind, or flood damage. With the economy, many people now have to rent their home. Plan ahead and purchase a renters insurance policy that includes windstorm coverage. The premiums usually start at about $300-$400 per year and you can pay monthly or quarterly. If you live near the beach, bay, bayou, or a flooding area, you should purchase a flood insurance policy too. (BONUS: The renters insurance policy includes loss of use coverage in case there is damage from wind - it will help you pay for a temporary place to live).

These are just a few thoughts that crossed my mind today, the first day of the 2010 Hurricane Season.

Walton County: New Flood Insurance Rate Map Effective 9/29/10

The Federal Emergency Management Agency (FEMA) has remapped the flood zones in Walton County, Florida. Under the "Map Modernization" project, FEMA is producing an all new Digital Flood Insurance Rate Map (or D-FIRM) for Walton County. The effective date of the new flood insurance rate map is 9/29/10. Here are the  details:

State:

Florida

Note: * Dates are not final. These are projected dates as final dates have not been determined.

County:

Please select county...Baker CountyBay CountyBradford CountyBrevard CountyBroward CountyCalhoun CountyCitrus CountyClay CountyCollier CountyColumbia CountyDade CountyDeSoto CountyDixie CountyDuval CountyFlagler CountyFranklin CountyGadsden CountyGilchrist CountyGlades CountyGulf CountyHamilton CountyHardee CountyHendry CountyHernando CountyHighlands CountyHillsborough CountyHolmes CountyIndian River CountyJackson CountyJefferson CountyLake CountyLee CountyLeon CountyLevy CountyLiberty CountyMadison CountyManatee CountyMarion CountyMiami-Dade CountyNassau CountyOrange CountyOsceola CountyPalm Beach CountyPasco CountyPinellas CountyPolk CountyPutnam CountySanta Rosa CountySarasota CountySeminole CountySt. Johns CountySt. Lucie CountySuwannee CountyTaylor CountyUnion CountyVolusia CountyWakulla CountyWalton CountyWashington County

Community Name	Prelim Date	Appeal Start	Appeal End	Actual LFD Date	Effective Date
DEFUNIAK SPRINGS, CITY OF	03/28/2008	09/04/2008	12/03/2008	03/29/2010	09/29/2010
FREEPORT, CITY OF	03/28/2008	09/04/2008	12/03/2008	03/29/2010	09/29/2010
PAXTON, TOWN OF	03/28/2008	-	-	03/29/2010	09/29/2010
WALTON COUNTY *	03/28/2008	09/04/2008	12/03/2008	03/29/2010	09/29/2010
Walton County-wide	03/28/2008	-	-	03/29/2010	09/29/2010

Source: FEMA's MIP Ad Hoc Reporting System (MARS)

If a home or property is remapped to a Special Flood Hazard Area (Flood Zones A or V), and there is a mortgage on the property, the bank or mortgage company will require the purchase of flood insurance. In addition, a surveyor will  need to complete an Elevation Certificate for the property.

If you have questions about flood insurance or would like a flood insurance quote, give us a call at Fuller Insurance - we are your flood insurance experts!