The rising cost of insurance in Florida is a major concern for many, and it is essential to understand the details of your policy and take necessary steps to ensure proper protection and lower premiums. To start, Wind Mitigation, Replacement Cost Estimates, and Water Damage Prevention are all important steps to take to ensure proper protection and lower premiums. Additionally, cast iron piping is an outdated plumbing material and may not be covered by insurance. The good news is that homeowners can opt for alternatives such as Cast-Iron Piping Sleeve and Metal Roofs, both of which come with warranties. Finally, Insurance Requirements are essential to ensure that the property is properly insured and that the lender or insurance carrier is protected.
Episode Outline:
(00:00:04) Rising Insurance Rates
(00:06:04) Insurance Rates Increase
(00:11:58) Insurance Costs in Florida
(00:18:45) Rising Insurance Rates
(00:24:59) Wind Mitigation Savings
(00:30:44) Replacement Cost Estimate
(00:36:49) Water Damage Prevention
(00:42:38) Cast Iron Piping
(00:48:45) Cast Iron Piping Sleeve
(00:54:49) Insurance Requirements
Quotes:
(00:05:53) You don't need to know about this. That's what I'm here for or your agent is there to explain to you the intricacies of it and that you have options.
(00:11:47) Don't take it personally, but sometimes they're not buying it. You know what I mean?
(00:18:00) But you did touch on something that's really important, that the state of Florida has tried to mitigate. They made some changes to the law because there was an article called Bank Rate, and I think I might have mentioned this to you before, that Florida accounts for only 9% of the country's home claims, but 79% of the entire country's lawsuits.
(00:20:47) Citizens have kind of a bad reputation. People think, oh, citizens are citizens, but citizens have stuck around. Citizens always stick around.
(00:25:36) Every time I have a buyer, no matter what we're buying and where we're buying, I always encourage them to do a wind mitigation report, because that could potentially save you thousands of dollars.
(00:31:03) You don't want to be underinsured. You don't want to be over insured. It's kind of like taxes. You kind of want to be in the middle. You don't want to owe them; you don't want to overpay them. You want to be in the middle.
(00:41:48) Reasonable effort, people. That's the term of the day, absolutely reasonable effort.
(00:48:10) Water is the worst. So, if it's cast-iron plumbing, any kind of plumbing that it's made, definitely, it could be a detriment to you getting better pricing.
(00:52:41) I don't want water damage in the least. So, I want to get ahead of that, and I want to prevent catastrophe. Yeah.
(00:57:55) It's not all about you. There are so many other factors that so many people are unaware of that goes into this. Oh, yeah. It's astonishing.
Social Post:
Are you looking for a podcast that will give you real talk about insurance? Look no further than The Real Talk! In this episode, Raquel Ramirez and Mary Haughie discuss the importance of wind mitigation reports and how they can save you thousands of dollars. They also explain the difference between hurricane rated windows and impact windows, and how to get the same credit for both. Tune in to learn more about how to get the best insurance coverage for your home! #TheRealTalk #Insurance #WindMitigation #HurricaneProtection
Are you looking for a podcast that will give you real talk about the ins and outs of buying a home? Look no further than The Real Talk! In this episode, Raquel Ramirez and Mary Haughie discuss the importance of providing personal information when applying for a home mortgage, the impact of credit scores on insurance rates, and the risks of having cast iron plumbing. Tune in to get the real scoop on what it takes to buy a home! #TheRealTalk #HomeBuying #Mortgages #Insurance #CreditScores #CastIronPiping
Are you looking for real advice on how to properly insure your property? Look no further than The Real Talk podcast! In this episode, Raquel Ramirez and Mary Haughie discuss the importance of pressure cleaning your roof, changing out your water heater, and other small things you can do to make sure you're properly insured. Don't miss out on this valuable information - tune in now! #TheRealTalk #Insurance #Property
Blog Post:
Mary Haughie, a franchise owner of Triton Insurance Group in Miami, knows a thing or two about insurance. With her background in lending, auto, and real estate, she is well-versed in the intricacies of insurance and can provide options and savings for her clients. This year alone, twelve disasters have resulted in over a billion dollars in claims, and Florida is particularly vulnerable to hurricanes due to its location in 'hurricane alley'.
It is more important than ever to make sure you have the right coverage for your property. Mary explains that it is important to open mail from insurance carriers to check for non-renewals or emergency cancellations. She also suggests that homeowners can mitigate rising rates by opening their mail and calling their agent to check for credits, and by installing a water detection device.
Citizens was originally intended to be the carrier of last resort, but now has 1.3 million policies on their books. They asked for a 14% increase in rates in the state of Florida, and the last time they got a rate increase was 6%. Homeowners insurance rates have risen to as high as $7,000, $5,000, and $2,000. Newer homes generally have more carriers willing to insure them, but carriers have been shut down since 2020 due to insolvency. The state of Florida has stepped in to help with Citizens, finding another rating agency to get approved.
People are not used to providing their Social Security number and birth date when applying for a home mortgage, but insurance carriers are now using credit scores to determine rates for policies. If a person has a low credit score, their rate may be higher. Insurance carriers are now looking at the claim history of a home when purchasing a policy. If a home has had multiple water claims, some carriers will automatically deny the policy.
Cast iron piping is an issue for insurance carriers, as it corrodes and bursts easily. Insurance carriers will not replace the pipes, but will pay for the damage caused by them. Certain carriers will not insure a home with cast iron piping, and some will not insure a home with polybutylene piping. Citizens used to allow polybutylene piping, but have tightened their guidelines on it. Water damage is the worst, and can cause carriers to deny a policy.
Mary Haughie is an insurance professional who is knowledgeable about the process of insuring a property. She explains that insurance companies and lenders need to do their due diligence to ensure that they will be repaid. Raquel Ramirez mentions that insurance companies and lenders will look at pictures, sales, and the replacement cost estimator to determine the value of the property. Mary emphasizes that it is important to be prepared and provide the necessary information to the insurance companies and lenders. Mary states that it is important to pressure clean the roof and change out the water heater to make the property look new and reduce hassle with the insurance company. Mary explains that the internet is used to look up sales and pictures of the property. Mary emphasizes that it is a business, and the insurance companies and lenders need to make sure they are secure in their position.
My brother-in-law had an incident many years ago where he went on a trip and came home to a flooded property. He had to replace all of the floors, walls, and baseboards due to the damage. He now shuts off the main water valve anytime he leaves for more than 24 hours. Water claims are the bane of the insurance carrier world because it can get into so many places and cause extensive damage. Mary mentioned a water detection device that could be a solution for people who can't shut off the water. Insurance carriers may have mitigation companies for water extraction, but people need to be careful who they call and what they sign. Mary's client woke up to a foot of water in their house due to a tankless water heater burst. It is the responsibility of the insured to make reasonable effort to mitigate any other damage that's happening.
Mary Haughie's advice is invaluable for anyone looking to secure their property and protect their investments. She can explain the intricacies of insurance and that people have options. People are spending a lot of money on insurance and need to make sure they have the proper coverage. If a property is not insured, there is no way to recover it in the event of an act of God. Insurance rates have doubled or tripled, going from $3,000-$5,000 a year to $10,000-$13,000 a year. Catastrophic insurance is available to protect valuable assets from harm. People should have their policy handy, especially in Florida with hurricanes. It is important to keep a copy of the policy off-site, such as in the cloud or a safety deposit box. People should work with the right professionals to ensure they have the right coverage.
Mary Haughie is a knowledgeable insurance professional who can provide options and savings for insurance. She is a personal and commercial lines insurance professional who has been in the insurance business since 2009-2010. She has a background in lending and was going to be a real estate agent. She has also sold cars and has a background in auto. She was a wholesale mortgage banker for almost 15 years. Insurance is needed when financing a home to secure the property and protect the bank's investment.
Insurance rates have gone up all across the board, but Mary can provide options and savings for insurance. Her advice is invaluable for anyone looking to secure their property and protect their investments. Mary can explain the intricacies of insurance and that people have options. It is important to open mail from insurance carriers to check for non-renewals or emergency cancellations, and to work with the right professionals to ensure they have the right coverage. Homeowners can mitigate rising rates by opening their mail and calling their agent to check for credits, and by installing a water detection device. Mary's advice is invaluable for anyone looking to secure their property and protect their investments.
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