It happens all too often. A vicious storm wipes through the region, causing damage to trees, vehicles, and homes. Maybe you were one of the victims, or maybe you were one of the lucky ones. A day or two following the storm, your family was approached by an individual offering to inspect your roof, replace the crack in your windshield or trim the tree in your front yard – for FREE. The individual holds out a form asking you to sign, promising to work with your insurance company so you don’t have to worry about a thing. Without giving it much more thought, you sign the form. You just became a victim of AOB fraud.
It goes without saying that June 1 has a special meaning to Floridians: the start of the Atlantic Hurricane Season. According to the National Oceanic and Atmospheric Administration, it’s shaping up to be “above average”, with 11-17 named storms! Besides those 17 tropical storms and hurricanes, NOAA notes there will be many other storms that can cause significant damage, especially for those living in the coastal states like Florida.
When it comes to preparing for the upcoming months of unpredictable weather, there’s no time like the present to make sure your home is ready to weather the storms. Here are three important steps to take now to make sure your property is protected:
If you’re considering a move to the Sunshine State, Florida residents will be quick to tell you that the quality of life is one of the highest, with a warm climate year-round and numerous beaches to choose from. When determining which city is right for your family, you should take into account amenities, schools, and crime rate. The lower the crime rate, the better the insurance rates you’ll most likely receive, as insurance coverage depends a lot on the area you’re residing. Keep these 9 cities in mind when deciding where to move, and live happier!
Roofing fraud is alive and well, and some contractors might try and take your money and run. The situation you could find yourself in can seem legitimate, however you need to be wary of a contractor claiming to take care of everything, including your insurance policy. These are specific warning signs you need to keep in mind when it comes to AOB fraud and roofers:
Are you a homeowner who is looking to make improvements to your home and thinking about investing in some exciting renovation projects? Renovations can make your home look and feel better. When thinking about home renovations, it’s a good idea to also consider the effects it may have on your homeowner insurance costs. Some renovations may result in an insurance increase, while others will result in a decrease in premium costs. We can help you get a better understanding on how your insurance rates may change when making changes to your home.
Insurance fraud is on the rise in Florida, especially during storm season when insurance claims are high. However, help is on the way to protect homeowners from shady contractors who have bilked insurance carriers and policyholders out of millions of dollars!
In February, the Florida legislature drafted a bill that addresses the Assignment of Benefits (AOB) clause found in homeowners insurance policies. The AOB allows an insured to assign policy rights to a third party. By doing so, the homeowner can no longer deal directly with the insurance carrier in the event of a claim. Once a homeowner gives up those rights, the policyholder allows claims to be paid directly to contractors. Claims adjusters can only legally negotiate with the contractor. Some home repair firms have been cashing claims checks without making any repairs to the insured’s home – which is then cited as AOB fraud. The bill seeks to crack down on the illegal practice.
Home insurance is a necessary expense that comes with owning a home. Homeowners insurance will cost the average person hundreds or even thousands of dollars per year. There are plenty of factors that contribute to the price you’re paying – whether it be your furry friend living with you or having an alarm system.
Whether you’re getting an insurance policy for your first home or renewing your current homeowners insurance policy, you may be able to substantially reduce your insurance rate by following a few simple guidelines.
Wouldn’t it be ideal if every home buyer only needed to pay the price on their mortgage label? In reality, there are several hidden costs attached to home loans. You may also need to create an escrow account in conjunction with your mortgage to accommodate these costs. This is done to safeguard the lender if the home owner does not pay the extra charges timely and fully. Here are some of the main additional expenses you may need to consider when budgeting and deciding on your new location:
Choosing a mortgage from the many types of home loans is potentially one of the largest financial decisions you could make. Interest rates are not the only deciding factor here. You’ll also need to take your lifestyle, finances, home ownership goals, and various mortgage attributes into account. As a home buyer, mortgage diversity enables you to tailor your loan to suit your existing, and future needs. Familiarize yourself with these primary types of home loans, and make choosing a little less overwhelming.
Being a Florida homeowner can come with a lot of risks – a lot of them being weather related. Before the 2017 storm season, you may need to consider getting work done on your house prior to or after a storm approaches. Before you hire a contractor, there are things you need to be aware of. Check out this list of important information regarding an Assignment of Benefits, and make sure you’re prepared before you sign an agreement.