Homeowners Insurance 8/5/12 - WKBT La Crosse

A huge tree fell on Michael Matra's house last summer during a hurricane. A year later, he's still trying to get the insurance company to pay for damages. Michael Matra, "They didn't come through with paying for damage of the landscaping, the rock wall, the sidewalk. There was some internal stuff that they have not taken care of yet at this point." Discrepancies between the payment a homeowner expects and what an insurer actually covers are not unusual, according to Consumer Reports National Research Center. It surveyed more than 11-thousand subscribers who've filed claims in the past few years. "We found for large claims - when the damage was $25,000 or more - 19 percent of the people we polled did not agree with the amount their insurers wanted to pay." Some of the lower-rated national insurers are big-name companies, including Farmers Insurance and Allstate. Amanda Walker, "But we also found most people were very satisfied with their insurer." Among the top-rated home insurers in Consumer Reports' survey are Amica and U-S-A-A, a company that primarily serves families with some connection to the military. Amanda Walker "If you've got a large claim and you're not happy with the amount your insurer is offering to pay - try disputing it. People with a large claim that did so received $6,000 more on average than those who did not." When disputing an insurance claim: - Request a meeting to review your estimate line-by-line. - Ask to see specific contract language if you're told your policy does not cover the damage. - As a last resort, consider getting a public adjuster. And be sure you read your policy over carefully before disaster strikes. Many companies have reduced their coverage, especially when it comes to hurricane damage. ."

• (Copyright 2012 by WKBT News8000.com. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Property insurance for a coastal community - Longboat Key News

ADAM TEBRUGGE
Guest Columnist
opinion@lbknews.com

The story is a familiar one. After paying premiums for 20 years without making a single claim, I was unceremoniously dumped by my property insurance carrier in 2006. Lots of phone calls later, it was apparent that the only carrier willing to cover my home was Citizens.

Citizens Property Insurance Corporation (Citizens) was formed by the Florida Legislature in 2002, precisely to address these situations. The private insurance market had begun to dry up, and thousands of homeowners were unable to purchase property insurance to protect their homes. Since mortgages require a property insurance backstop, the lack of private carriers threatened to destroy the real estate market as well.

Now the legislature has decided that Citizens must be "depopulated" in order to entice the private market back into our state. Led by Rep. Jim Boyd, the legislature has directed Citizens to provide less coverage and charge consumers more money in an effort to make the private market appear more competitive. But will these efforts really get at the real problem of insurance for our people?

The Sarasota Herald Tribune published a series of articles in 2010 that led to reporter Page St. John winning the Pulitzer Prize for journalism. In these articles, St. John exposed the reinsurance market that was treating Florida consumers like an ATM machine. The first paragraph of the series was telling: "Never before have Floridians paid so much to protect themselves against hurricanes. And never have they received so little benefit."

As documented by St. John, two-thirds of property insurance payments were leaving the state to unregulated offshore companies. She estimated that by June 2011, the tab would reach $19 billion. This money was not being held for the benefit of Florida consumers, to pay off claims in the event that disaster struck. This money was going to pay off shareholders and corporate executives. Additionally, overhead for Florida-based insurance companies was more than double the national average.

Not content with looting our state over the past five years, now the private market has its eyes on the reserves that Citizens has built up. As reported in the July 27 edition of the Tampa Bay Times: "Citizens Property Insurance Corp. has built up a massive cash surplus of about $6.1 billion. And private insurance companies want to get their hands on it." Essentially, the private market is proposing that they will take over thousands of policies from Citizens if they are paid millions of dollars and allowed to raise their premiums. This is a terrible deal for Floridians.

Instead of standing up for consumers, Gov. Rick Scott and Rep. Boyd are punishing Florida citizens. Boyd was one of 23 legislators who recently signed a letter urging the Citizens Board to significantly raise rates for new customers. Meanwhile existing customers are subject to repeated "inspections" that have resulted in rate increases for three out of four policyholders. Furthermore, Boyd was the sponsor of a bill that would have allowed unregulated "surplus line" carriers to take over policies without the consent of the property owner.

While the private market claims they can't compete with Citizens, they also reported a 40 percent increase in profits for the first quarter of 2012. What is becoming increasingly clear is that the private market has no interest in providing insurance in the traditional sense of the word. Instead it seems content to kill the golden goose after wringing out every last bit of profit for the benefit of its shareholders.

There are a few common sense solutions that would benefit consumers, the industry and the state of Florida. First there must be transparency when it comes to the reinsurance market. There should be no more accounting tricks when it comes to state regulators reviewing property insurance rate increase requests. The state should insist that private companies have adequate reserves to pay a substantial percentage of claims and not rely solely on unregulated reinsurance companies.

Finally, we should face the possibility that Citizens will be with us always, and therefore we should focus on improving and strengthening its business model. What we can't do is allow private insurance companies to continue to dictate policy for the state, or allow Citizens customers to be treated like second-class citizens.

Adam Tebrugge is a Democratic candidate for the Florida House of Representatives in District 71, which includes Longboat Key. Tebrugge lives in Sarasota and practices law in Bradenton.

Bribery and insurance shouldn't mix - Tampabay.com

It's been clear for years that brand-name property insurance companies will not cover more Florida homeowners no matter how high their premiums are set. But rather than create a different model for property insurance, the state-run Citizens Property Insurance Corp. has a new brainstorm to tempt the private market: bribes. The idea is as offensive as that description, and it ought to be abandoned before private insurers start naming their price.

Out of touch in Tallahassee, Gov. Rick Scott and many Republican legislators continue to sing the praises of competition and the private market place in a situation where free enterprise isn't working. Property insurance is either not accessible or not affordable in much of the state, yet homeowners with mortgages are required to purchase coverage. Now Citizens is pondering whether to pay private insurers to take some of its 1.4 million policies, presumably those with the least risk.

The bottom line for consumers: Millions of dollars in premiums they have paid to Citizens would be sent to private insurers. Then their policies would be transferred to those private insurers — and the private insurers would dramatically raise their rates. Nothing about that corporate welfare strategy is fair to Floridians who shouldn't be gouged based on fuzzy calculations about what might happen in a 1-in-100-year hurricane.

Florida has been on a lucky streak, with no hurricanes striking the state in six years. That has enabled Citizens to build more than $5.6 billion in reserves as it continues to raise premiums by up to the 10 percent cap set by the Legislature. That is a reasonable approach to gradually raise rates in a way that is predictable and most homeowners can manage. In fact, the state's insurance consumer advocate projects that Citizens could cover claims now from a 1-in-25-year hurricane without making any poststorm assessments while some private insurers could fail. It makes no sense to use premiums collected by Citizens to pay private insurers to take on Citizens customers — and then force those customers to pay more for coverage that may not be there when they need it.

Yet the governor continues to pressure Citizens to reduce its number of policyholders, and Citizens is determined to drive away its customers by making their lives as miserable as possible. It's one thing to seek to raise rates to roughly the 10 percent cap, as the insurer's board voted last week. But Citizens also is significantly scaling back what sorts of losses it will cover, unconscionably raising rates for sinkhole coverage and aggressively reinspecting homes to raise millions in premiums under the guise of weeding out fraud in hurricane mitigation discounts. At least the Citizens board rejected a sneaky plan last week to lift the rate cap on new policies and to limit nonflood water damage coverage to an inadequate $15,000.

Citizens is on a positive glide path, despite the reckless use by Scott and others of wild estimates of damage by record hurricanes that wipe out the state. The reality is that Florida homeowners cannot possibly afford premiums high enough to cover up-front the damage from 1-in-100-year hurricanes. The state always will need federal aid, assessments on policies and other assistance to help rebuild after a major catastrophe. Bribing private insurers with money paid by Citizens policyholders to take their policies away from Citizens and then jack up the rates is not the answer.

Yard sales raise key insurance issues - Chicago Daily Herald

Garage sales generate an estimated $1 billion in revenue each year, but it could turn out to be a costly proposition if a bargain hunter gets hurt while visiting the property.

Q. We are planning to have a garage sale soon, but my wife is a little worried that we'll get sued if a shopper trips and falls on our property. If that happened, would our homeowners insurance protect us?

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A. It should, but it's important to check with your insurance agent to make sure.

You have asked a timely question, because summer is the peak season for rummage sales, and Aug. 11 is National Garage Sale Day.

Most homeowners and renters insurance policies provide between $100,000 and $300,000 in protection if someone gets hurt on the policyholder's property. They also typically provide between $1,000 and $5,000 in "no fault" medical coverage, which allows a visitor who gets injured to submit his or her medical bills directly to the insurer for reimbursement rather than suing in court.

Your policy should protect you on your yard-sale day, provided it's a one-time-only event. But you might have to arrange additional coverage if, say, you plan on holding the sale over a series of weekends or if neighboring homeowners will be having their own sales in conjunction with yours. Again, check with your agent for details.

Plan your yard or garage sale with safety in mind, urges Jeanne M. Salvadore, a spokeswoman for the nonprofit Insurance Information Institute (www.iii.org) in New York. That includes repairing loose railings and cracked concrete that may cause injuries, placing sale items so that there is enough space for visitors to move about without tripping, and avoiding the placement of the stuff near stairs and ledges.

Keep sharp objects, such as knives and gardening tools, out of the reach of children. Don't sell items that you know are unsafe or hazardous, Salvadore adds, and make sure that your pets are kept safely indoors until the sale is over.

Also remember to call your local police department or city attorney to see if you will need to have a permit or must meet any other local requirements. Several cities and counties across the nation allow yard sales to be held only on certain days, while others have strict limits on the hours of operation.

Q. Our neighbors put their home up for sale the same week that we did, and both of the houses sat on the market for about two months. But then the neighbors starting advertising that they would pay a $2,000 bonus to any agent who brought out a buyer, and their home sold just three days later. Is this a common marketing tactic? Is it legal?

A. Yes, it's legal. And it also can be a wise marketing strategy, especially in areas where sales are slow or there are several properties vying for the attention of buyers.

Commissions, by law, are always negotiable. The seller typically agrees to pay a sales commission to the agent who lists the home, and the agent later splits the money with the broker who eventually produces a buyer.

Still, there's nothing to prevent you or any other seller from sweetening the pot by offering a bonus above and beyond the agreed-upon sales fee. The bonus usually is offered directly to the buyer's broker, and can be anything from cold cash to an all-expenses-paid vacation.

The idea behind offering such a bonus is to get more agents to tour the home and to give them a little extra incentive to sell it. Offering agents a bonus won't make an overpriced property sell, but it can make a house that's priced accurately sell faster.

Q. Is it true that, if my husband and I form the type of living trust you recommend and then put our home into it, we automatically would forfeit the right to keep some or all of our profit tax-free when we eventually sell?

A. No; creating a trust so your heirs could avoid costly and time-consuming probate proceedings after you die would have little or no impact on your personal tax situation while you are still alive. You and your spouse would still be able to keep up to $500,000 in home-resale profit if you file your taxes jointly, or $250,000 each if you file separately, provided that the home had been your primary residence for at least two of the five years before the sale.

You also would continue to be able to take your usual annual deductions for mortgage-interest charges, property-tax payments and the like.

REAL ESTATE TRIVIA: Developers made an average profit of 6.8 percent on their newly built homes last year, according to a recent survey by the National Association of Home Builders. That was down from 8.9 percent two years earlier and the lowest profit margin reported since the group began tracking such figures in 1995.

• For the booklet "Straight Talk About Living Trusts," send $4 and a self-addressed, stamped envelope to David Myers, P.O. Box 4405, Culver City, CA 90231-4405.

© 2012, Cowles Syndicate Inc.

The Hartford offers AARP Homeowners Insurance - Queens Chronicle

The Hartford recently recently announced that it is making its award-winning AARP®-branded homeowners insurance program available through Member Brokerage Service LLC.

Member Brokerage Service LLC, already authorized to sell the popular AARP auto insurance program, can now bundle that auto policy with The Hartford's AARP Homeowners Insurance Program.

According to research from The Hartford, 60 percent of consumers prefer to buy their auto and home insurance as a bundled policy. Based on this research and strong customer demand, The Hartford is now offering the AARP-branded home insurance program through select, authorized independent agents, allowing consumers to purchase both AARP-branded home and auto insurance from a local independent agency.

"For more than 25 years, the industry-leading AARP-branded homeowners insurance program from The Hartford has been extremely popular," said Jim Flynn, vice president, The Hartford. "Much of the success of this program is due to innovative product features and a commitment to truly understand and support our customers. We are thrilled to now be able to offer both home and auto insurance as a bundled package with our independent agent partners."

Member Brokerage Service LLC was chosen after satisfying a number of eligibility requirements, which included: demonstrating a commitment to community service; meeting a high-level of business and ethical standards; and completing a training program designed to address the needs of the 50+ population. These products were previously only available from The Hartford by phone, the Internet and by mail.

The AARP-branded home insurance program is designed in consultation with The Hartford Advance 50 Team, which helps to tailor products and services specifically to the interests and needs of Boomers and older adults.

Other unique hallmarks of the program include:

• Lifetime renewability — assures that the customer's insurance policy will not be dropped as long as a few simple requirements are met.

• Standard 12-month rate protection versus the traditional six month policies offered by most companies.

In addition, the program features unique optional coverage such as:

• Green Rebuilding Coverage — Offers additional coverage for using environmentally-friendly materials or processes to make repairs after a covered loss or making necessary replacements with more energy- efficient or environmentally-friendly property.

• The Hartford ID Restore Service — provides identity theft counseling and assistance, both preventive and post loss recovery.

Member Brokerage Service is located at 139-30 Queens Blvd. in Briarwood. They can be reached at (718) 523-1300 or emailed at Pl@MBS-LLC.com    

For Families, Peace of Mind Is Priceless - MarketWatch (press release)

MISSION, KS, Aug 02, 2012 (MARKETWIRE via COMTEX) -- (Family Features) American families understand the importance of protecting their assets and possessions. For a growing number of homeowners and renters, protection plans provide peace of mind that their possessions can be repaired or replaced if the unexpected happens.

Renters Insurance For about 37 million Americans, renting a house or apartment is more affordable, and sometimes even preferable, to home ownership. But there are some disadvantages to renting. According to the Bureau of Justice Statistics, renters are 50 percent more likely than homeowners to be robbed. Likewise, the National Fire Protection Association reports that 270 apartment fires break out each day in the United States. While homeowners are required to have insurance against these types of problems, most renters are not. In fact, a survey by Apartments.com found that 67 percent of respondents did not have renters insurance.

Why don't more renters insure their valuable possessions? Here are three common misconceptions that could be standing in the way of peace of mind.

-- "I can't afford it." The average renters insurance policy costs less than $200 per year, according to the National Association of Insurance Commissioners (NAIC). -- "I don't have anything worth protecting." Clothing, appliances and electronics can all be covered under renters insurance. The cost of replacing your computer, television, smart phone or gaming system will likely be higher than the cost of insuring them. -- "I'm covered by my landlord's insurance." Landlords carry insurance to cover structural damage to the building, but it does not cover your personal property. Nor does it protect you from liability for structural damage you might cause.

"Renters insurance is one of those things you hope you never need, but accidents do happen -- and it pays to make sure you and your property are fully protected," said Kathy McDonald, president, Property Solutions at Assurant Specialty Property. "In addition to protecting your possessions, renters insurance can protect you against personal liability, too. If you accidentally start a kitchen fire or flood in the bathroom and it damages your apartment, or a neighbor's apartment, you're the one that's liable, not your landlord."

Get the Right Coverage The amount of insurance you need will depend on what you want to protect and the types of hazards you want to safeguard against. Your insurance agent can give you specifics based on your state and the kind of policy you want. Ask questions such as:

-- What hazards are included? Do I need a separate policy for specific circumstances? -- Are my roommates covered by the policy?

-- What optional coverage is available (such as flood or earthquake coverage)? -- How much liability coverage is provided? -- Will I receive additional living expenses if I have to live elsewhere while my apartment is being repaired? -- Do I need additional coverage for damages or injuries caused by my pet? -- Does my policy cover items stolen or damaged while not on the property (i.e. stolen from your car)?

McDonald recommends making sure you are covered for replacement costs. "If you file a claim without replacement cost coverage, you'll get paid what the item is worth now, not for the cost of replacing it with a brand new item. It's definitely worth the investment," she said.

Learn more and get a quote at www.rentersecurity.com .

Protecting Your Possessions Whether you are a renter, a homeowner or are just living with one, it's likely that you have possessions that you care about. Extended service contracts can help you protect your valuable possessions from mechanical failure, breakage and other perils after the manufacturer's warranty expires.

Gaming systems, televisions, smartphones, tablets, laptops and other electronics are now an important part of everyday life, and you don't want to be without them for long. But when an electronic device gets damaged or simply breaks down, renters insurance won't cover it, and the manufacturer's warranty might not be enough to pay for repair or replacement. Many product warranties only cover parts and labor for up to 90 days after purchase.

"If you've invested your hard-earned money into an expensive electronic device, you want to know you can get it repaired quickly," said Joe Erdeman, president of Assurant Solutions' extended service protection business. "Extended service contracts provide important coverage for the items you just can't live without."

An extended service contract provides for normal wear and tear as well as accidental damage, and provides additional coverage that your renters insurance won't cover. You get 24/7 customer and technical support, coverage for 100 percent of the parts and labor cost, and assistance from licensed and insured trade professionals.

When looking for an extended service contract, ask yourself these questions.

-- What are the terms and conditions of the coverage? -- Does it provide toll-free telephone and/or online access to technical support? -- Who pays for shipping and handling if a product must be returned? -- Does the contract include a "no lemon" policy? -- Does it provide in-home service? -- Does the contract include accidental damage coverage?

Erdeman noted that extended warranties for computers now provide a variety of ways to get support. Online chat and telephone technical support provide services that range from basic troubleshooting to defragging drives, optimizing speed and addressing malfunctioning keys. At any time of the day or night, consumers won't be left in the dark. Help is always available to provide answers to common questions about computer troubles.

To learn more about protecting your possessions, visit www.assurantsolutions.com/extendedprotection or visit them on Facebook at www.facebook.com/AssurantSolutionsSocial .

Take Inventory A home inventory is one of the best ways to make sure your property is fully protected. A well-documented list of your possessions will help you get the right amount of coverage to fully protect your valuables. And the information stored in your inventory could help with repair or replacement if you need it. The NAIC recommends taking these steps to create your own home inventory:

-- Make a list of your possessions, including jewelry, electronics, fine art, family heirlooms, collections, furniture, toys, CDs, clothing, sports equipment, tools, etc. -- Photograph or videotape each item, and document a brief description including age, purchase price and estimated current value. Remember to open drawers and closets to document what's inside. -- Attach copies of original sales receipts and/or appraisal documents. Be sure to note model and serial numbers. -- Store your inventory and related documents in a safe, easily accessible place such as a secured online site, a fire-proof box or in a safe deposit box. You may want to share a copy with your insurance provider so he or she can make necessary updates to your coverage. -- Review and update your inventory annually and whenever you make a significant purchase.

The NAIC offers a free mobile app that captures and electronically stores images, descriptions, bar codes and serial numbers. You can download the myHOME Scr.APP.book app for iPhone users at the App Store.

About Family Features Editorial Syndicate This and other food and lifestyle content can be found at www.editors.familyfeatures.com . Family Features is a leading provider of free food and lifestyle content for use in print and online publications. Register with no obligation to access a variety of formatted and unformatted features, accompanying photos, and automatically updating Web content solutions.

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Copyright 2012 Marketwire, Inc., All rights reserved.

When health insurance problems hit home, politics don't matter - STLtoday.com

On a lovely private street in Ladue, a place where the winds blow gently but steadily to the right, Susan Vent is taking an apolitical look at the health care debate.

"It shouldn't be a Republican or Democratic thing," she said.

Perhaps health care should not be a partisan thing, but these days it is. At least until you find yourself facing life without it. Then it's personal.

In many ways, Susan is an unlikely person to find herself in such a position.

She is 50. She grew up in Boston and attended Skidmore College, a small liberal arts college in upstate New York. She graduated in 1984 with a degree in business.

Two years later, she married her college sweetheart. After he earned an MBA at the University of Virginia, the couple moved around the country for a few years before he took a job with a company in St. Louis. That job provided health insurance for the family as Susan stayed at home with the couple's two sons.

In 2009, Susan and her husband were divorced. By then, Susan had a job with the Clayton school district. She had health insurance through her job.

But Susan was looking for a career instead of a job. She went to Fontbonne University to get a master's in education. She wanted to become a teacher. She quit her job in Clayton in June of last year in order to fulfill her student teaching requirements.

She went on COBRA, which requires employers with group health insurance to offer former employees the opportunity to purchase insurance on the group plan for up to 18 months.

She graduated this May.

She couldn't find a teaching job. After all, the market is tight, and nobody wanted to take a chance on a 50-year-old first-time teacher.

She decided to substitute. That would give her some income and some experience. Unfortunately, it would not get her health insurance. She would have to buy that on her own.

She did not figure that would be a problem. She would describe herself as healthy. She swims a mile three times a week. She eats right.

However, she has scoliosis, a curvature of the spine. When she was 15, a rod was surgically implanted in her back.

That treatment is now considered outdated, and two years ago, she had surgery to essentially update the earlier surgery. In the testing leading up to the second surgery, doctors discovered she had a mild blood disorder. Her blood did not clot as quickly as normal. It was a mild enough disorder that she had never noticed it.

She applied for health insurance with Anthem Blue Cross and Blue Shield. She received a denial letter in July. It cited the blood disorder and the surgery.

She tried another insurance company. She told the representative that she had been denied by Anthem. "He asked if I had applied anywhere else," she said. She was denied again.

She called the AARP. No help there.

She did some research and found that there is a pool for Missourians with pre-existing conditions, but a person has to be uninsured for six months to get accepted.

"I'll just have to hope I don't get in an auto accident during those six months," she told me.

Of course, if she does — or if she becomes ill — she will receive treatment. She'll just face bankruptcy.

It does seem there has to be a better way.

Which, of course, brings us to politics.

Obamacare would solve Susan's problem. Insurance companies would not be able to deny her because of a pre-existing condition.

But to require that of insurance companies, the system requires an individual mandate. You can't let people opt in when they're sick, and opt out when they're well.

If that seems like common sense, credit the conservatives.

The individual mandate was first proposed in 1989 by the Heritage Foundation in an essay titled "Assuring Affordable Health Care for All Americans." It was meant to counter the liberals' proposals for a single-payer plan.

Four years later, 19 Republican senators co-sponsored a health care reform bill that included a mandate. That was meant to counter the Clintons' efforts toward health care reform.

And, of course, Mitt Romney included the mandate in his health care reform in Massachusetts.

But now that the Democrats have adopted the conservatives' plan, the Republicans oppose it.

For those of us with health insurance, it's easy to look at all this partisan posturing and shake our heads. We can dismiss it as politics.

Susan can't. To her, it's personal.