Florida Department of Financial Services

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Florida Department ofFinancial Services

• Division of Consumer Services
• Bureau of Outreach

Tom Gallagher, Chief Financial Officer
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What to do before disaster strikesWhat you
must do after a disasterResources of
assistance and help
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Wildfires
Floods
Tornadoes
Winter storms
HURRICANES
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Hurricane Season June through November
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Are You Prepared?
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• Home and Other Structures
• Contents
• Liabilities

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How are you covered if you are required to
Evacuate?
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Learn the name of your insurance company
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Sample Declarations Page
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Make an Inventory List!
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Keep Receipts
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Computer Stereo System Central Air
Conditioning System Heat Pump Swimming Pool
Room Additions Any Major Appliance Purchase or
Upgrade
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Keep important papers safe!
Keep a copy of your important insurance records
in a safe deposit box or with a relative or
friend. These include Insurance Policies
Inventory Records Contact Information
Computer Records
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Dont forget about your financial interests?
Here are some tips you need to be aware of
Withdraw money before a pending disaster.
Financial institutions will be closed at least
two days after a direct hit and ATMs could be out
of commission even longer. During all cash
withdrawals, be aware of your surroundings and
any suspicious persons. Get receipts for cash
purchases before and after a storm.
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Financial Tips Continued
Have a credit card on hand with at least
1,000 available. Use credit cards to finance
minimal repairs when necessary and document all
transactions. If you pay bills by phone or
online, pay them before a hurricane hits, even if
they are not yet due. If you pay by mail,
send payments at least two days before a
hurricane strikes, because the post office will
not pick up mail within 24 hours of a strike.
Keep copies of all payments mailed within three
days of a hurricane making landfall.
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Financial Tips Continued
After a storm, contact those youve sent
payments to and confirm they have received
them. Before you use any fast-cash lender, be
sure you understand what the fees will cost for
the service. Beware of anyone offering to help
after a storm, who wants cash only.
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PROPERTY!

• Remove all valuables
• Lock windows and doors
• Notify your agent or company of your temporary
  forwarding address and phone number

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Immediately Report Property Damage
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Make emergency repairs and document them.
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Windstorm Insurance
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Beware of Fly-by-Night Repair Businesses
https//www.myfloridalicense.com
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Adjusters estimate how much the insurer will pay
on your claim.
COMPANY ADJUSTER AN EMPLOYEE OF AN
INSURANCE COMPANY, PAID BY THAT COMPANY, TO
SETTLE CLAIMS.
PRIVATE OR INDEPENDENT ADJUSTER PAID
BY AN ADJUSTING FIRM HIRED BY AN INSURANCE
COMPANY TO SETTLE CLAIMS.
PUBLIC ADJUSTER PAID A NEGOTIATED
PERCENTAGE OF THE CLAIM YOU RECEIVE FROM THE
INSURANCE COMPANY.
NOTE Not all adjusters are the same!
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How Benefits are Paid
Purchased in 1993 500
Actual Cash Value Insurance company pays only
200.
Replacment Cost Insurance company pays 600.
Destroyed in 1999 Current Value 200
Cost to Replace 600
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• Dispute Resolution
• Contact the company
• ? Call the Department of Financial Services
• ? Non-binding mediation
• ? Binding arbitration
• ? Litigation

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Flood Insurance
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Dont wait Coverage will start 30 days AFTER
you buy a flood policy.
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Recent Legislative Changes

• The legislation built many new provisions into
  the Florida insurance code for homeowners, mobile
  homeowners and condominium policies including
• Prohibits non-renewing homeowners policies who
  have sustained hurricane damage until 90 days
  after the home is completely repaired.
• Ends the practice of paying only the lower actual
  cash value for repairs and contents and requires
  the full replacement cost amount to be paid up
  front.
• Creates a mandatory policy checklist that the
  agent must fill out, detailing what is covered
  and what is not covered by the policy.

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Legislative Changes Cont.d

• Requires insurance companies to spell out how
  much a hurricane deductible could potentially
  cost a policyholder and requires disclosure of
  all available discounts.  In December,
  legislation was passed limiting hurricane
  deductibles to one per season.
•  Requires a public hearing for requested rate
  hikes exceeding 15 percent.
•  Expedites the claims process by requiring an
  insurer to pay a claim or begin communication
  with the insured regarding the claim within 14
  days

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Premium Discounts
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FIRST Responders The Florida Department of
Financial Services
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I WANT YOU to protect yourself from insurance
fraud
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Consumer Helpline
1-800-342-2762
FREE
Consumer Guides
www.fldfs.com