Commercial Property Insurance

Homeowner’s insurance, also called property insurance, protects you from damages to your:

Dwelling: A dwelling is the structure you live in. For coverage purposes, dwelling also includes any attached garages or units. A basic homeowner’s insurance policy may also cover damage to detached structures on your property such as a shed or swimming pool.

Personal property: Personal property includes furnishings and other belongings that you use, wear or collect. A basic policy insures these items from theft or peril-related damages. However, jewelry and other collectibles often require separate coverage.

Liability: Liability coverage pays for accidents that occur on your property for which you are held responsible. Liability includes a neighbor being hurt on your property or someone tripping on your child’s bike left on the sidewalk.

Living expenses: In case you have to live elsewhere while your home is being repaired for a claim, a basic homeowner’s insurance policy is likely to cover additional living expenses that you incur.

Like any other type of insurance, you pay a premium to buy a homeowner’s insurance policy. An insurance company bases your premiums on:

Claims in your area. An insurance company will look at the history of claims in your neighborhood to estimate a premium. For example, if your neighborhood has experienced a high rate of burglaries or wildfires, you will likely pay a higher premium.

Your claims history: If you are renewing a homeowner’s insurance policy and have made several claims, you should expect to pay a higher premium. In extreme cases, insurance companies may decide against renewing a policy.

Value of your home: You can obtain policy coverage for the replacement value of your home or its actual cash value. Replacement cost coverage protects you from inflation in home-repair costs. Actual cash value insures your home for its current value.

Actual cash value is likely to be lower than replacement-cost value for all but the newest homes since homes depreciate over time from age and use. Mortgage lenders generally require coverage for the replacement-cost value of your home.

Deductible: A deductible is the amount you pay before the insurer begins to pay your claim. By paying a higher deductible, you’re sharing the insurer’s risk of paying a claim on your home. As a result, the insurer is likely to offer a lower premium.

Safety measures: Installing fire detection, sprinkler and theft-deterrent systems can help you to lower your premiums. You can also take steps to reduce the possibility of an accident occurring on your property.

Be sure to read your policy carefully to see what perils are covered and what are excluded. Damage from storms, lightning, fire and smoke is generally covered in a basic homeowner’s insurance policy, but damage from earthquakes or floods is generally excluded. These perils, along with hurricane and tornado coverage, often need a separate policy or policy rider.

Together with auto insurance, homeowner’s insurance constitutes what is called property & casualty insurance. P&C is distinct from life and health insurance. Some insurers offer P&C insurance while others do not. You may find that your current auto insurer is willing to issue you a homeowner’s insurance policy.

Like all insurance in the U.S., homeowner’s insurance is regulated by state insurance commissions. The umbrella organization is the National Association of Insurance Commissioners (NAIC). The NAIC maintains a directory of state insurance commissions at its Web site.

If you have any questions concerning policy coverage, exclusions or limits, contact the insurance agent or company that sold you the policy or your mortgage lender.

For more articles on Home Insurance, please visit: http://www.bills.com/home-insurance-basics-article/

The State of Florida over the last twenty years, Public Adjusters (PA) have been very successful in helping policyholders recover all the money they are entitled to collect. Way too successful for the insurance companies’ liking. So, a major battle is looming in the State of Florida over the business practices of Public Adjusters.

Three insurance associations are supporting legislation to restrict how Public Adjusters operate. The Florida Insurance Council, Property Casualty Insurers Association of America and the Florida Property Casualty Association issued statements which criticize Public Adjusters…who represent homeowners in the professional preparation of insurance claims…accusing them of “inflating” claims, driving up costs for all policyholders.
But think about it for a moment, friends. The insurance companies enter into agreements with the PA and the policyholder to settle a claim. That means that “a buyer and a seller” agree on a price. Nothing forces the insurance companies to agree to a price they believe is too high. The insurance companies simply hate the fact that a policyholder goes into the marketplace and hires a claims professional to represent himself in the preparation of his claim. That is akin to the IRS getting mad at people for having their taxes prepared by an accountant.
State Senator Mike Bennett, R-Bradenton, and Rep. Janet Long, D-Seminole filed new legislative bills in February. The bills (S2264 and H1181) seek to:
• Prevent Public Adjusters from soliciting customers either by phone or in person unless both parties had a prior knowledge of one another or were family members.
• Prevent PAs from sending mail to prospective clients in the first 30 days after a storm. Further, the bill seeks to force Pas to label their letters “ADVERTISEMENT” in 14-point font red letters.
• Prohibit PAs from informing a prospective client of their firm’s success record in obtaining claim settlements for policyholders.
• Cap fees for PA services at 10% for hurricane claims, and a 20% cap for all other property claims.¹
It is a criminal restraint of trade to suggest that a Public Adjuster cannot attempt to make contact with a prospective client for 30 days after a storm. After a major hurricane, communications systems are usually broken for a time. In most instances, the only way a PA can contact a prospective client in the days after a storm is through either a personal visit or mail delivery.
Insured with damages have immediate needs for emergency board-up, mitigation of damages, Living Expenses and other policy benefits. The insured will need this kind of help immediately, not 30 days after the storm.
There is no legislation that prevents a building contractor from soliciting business right after a storm. Same goes for a roofer, tree removal company, or a debris hauler. So, no restriction should be imposed on PAs either. You don’t see a restriction on accountants in tax season. You don’t see restrictions on Personal Injury attorneys after accidents. Why pick on PAs?
Think about this also. Hurricanes happen in hot weather. Damages from water quickly become mold damages. Mold left untreated for 30 days could render a building entirely useless and could require demolition. Further, the insurance companies have written ironclad Mold Exclusions that you can be sure they would invoke.
The state legislators wish to deny policyholders the timely assistance in preparation of their insurance claims, under the guise of protecting the policyholders of the State of Florida. But this effort to too transparent not to be seen for what it is…a desperate insurance industry trying to maximize its own profits at the expense of the policyholders of the State of Florida.
A recent state study found that in the past six years, the Division of Insurance Fraud received 937 complaints about public adjuster-related fraud from insurers and policyholders. It investigated only 269 of the complaints and made 31 arrests from 2004 to 2009. Curiously, the study did not say how many complaints it had received from policyholders about their own insurance companies’ claims practices. Nor did the study show how many hundreds of thousands of claims had been filed from 2004 to 2009. But we do know that SIX major hurricanes struck Florida in that time period.
They were:
Charlie – Category 4
Frances – Category 3
Jeanne – Category 3
Dennis – Category 4
Katrina – Category 3
Wilma – Category 4
Let’s run some numbers to show how deceptive this report is and give some perspective.
Let’s say that the total number of property claims filed for all the listed hurricanes together over six years was 1,000,000 claims. You already know that this number is ridiculously small, since tens of millions of property owners suffered repeated losses in the hurricanes. But at 1 million claims, 937 complaints is less than 0.0937% of all the claims filed. That is less than one percent of a purposefully low estimate of claims. And in only 31 cases was there enough evidence for even an arrest, much less a conviction.
And 31 arrests…not convictions…over six years is not enough illegal activity to cause legislators to pass additional laws restricting the business operations of ALL Public Adjusters. Looks to me like the Public Adjusters, taken as a group, are paragons of virtue. They should be praised, not pilloried…lauded, not legislated…decorated, not demagogue.
I wonder if Senator Mike Bennett and Rep. Janet Long would open up their financial records and disclose how much money they have received in contributions from insurance industry-related donors. My guess is that these Florida solons are bought and paid for by the insurance lobby.

If you own a business using commercial vehicles to operate of course you must have car insurance coverage for your rides just like with your personal vehicle. Also similar with your own car you must avoid as much as possible any involvement with any sort of accidents. However unlike dealing with just your personal car, your commercial vehicles are driven not by you personally thus monitoring driver’s behavior is out of the picture.

Luckily today, this is no longer a problem for an emerging technology called telematics can address this monitoring need. Every move of the driver can be observed with this newest technology.Pakistan InsuranceIt works much like the global positioning system where a device is connected to the car’s monitor. The device will then transmit information like a loose engine belt, the car’s location, and pressure on the breaks and other such information to the software operated in an office computer.  Using this technology coaching drivers on what to do can be done.

According to the study done by the Virginia Tech Transportation Institute behavioral coaching combined with onboard safety monitor can reduce risky driving events. This significant reduce in risks taking is what property-casualty insurers and companies are after that is why they see this technology to be highly beneficial.

If you are one of the people who make use of several vehicles for business purposes having telematics can really serve some benefits.Pakistan InsuranceAside from being able to monitor your drivers’ behavior on the road and being able to guide them through “coaching” you can also earn discounts from auto insurers with installing telematics on your vehicles.