All Forum Posts by: Carol Kilpatrick

Great advice from Jeffrey Donis - and make sure that you are learning and using source documents, for example property appraiser site will give you important relevant information on how the property is zoned, square feet, etc. So ask where to find the info you are being given so you can "trust and verify" and learn more for the next. Little tidbits like what the walls are made of, concrete block vs frame, etc. will also be important to your insurance broker.

You are on this, heat will need to be on if pipe freezes for insurance claim, love prevention. 

A Home Inspector completes the 4 point and wind mit. 

This is the perfect time to bring in your Insurance Broker, as they have experience in what is important because, well, because who has more data than the insurers. They will also help you understand the difference between necessary and nice reports that may cost extra. They understand the key factors that will help you obtain insurance for best value.  

Business insurance for an auto is reasonable, commercial auto insurance is much more expensive since autos are typically used more and harder. What is the busines?  

Insurance thoughts - see if your family member has 1) Florida Wind Mitigation(in last 5 years) and 2) 4 Point inspection (preferably in last 6 months) and 3) Elevation Certificate (not matter age) or flood policy if they have one. You will need these to shop for insurance, it will cost about $200 to get wind mit and 4 point if needed. Citizens (Florida Government) is about the only company that will write a dwelling policy with wind. You'll also want to get a flood determination and quote, super easy with address. You will want to build your insurance costs into the rent always. If you do without wind or flood, cost could be as low as about $1,700, however agree wind is preferred. PM if questions.

Hi Jose, first, so sorry you are going thru this. Here are some thoughts and feel free to pm me for more.

1. -What was the origin and cause of loss, did the insurance company retain an origin and cause expert or is a well-known cause. Important because of 1) you want to be able to purchase insurance again and this will be on your record for three to fire years, so secure docs stating what happened and 2) Subrogation - if origin and cause is determined and money collected, not only may you get your deductible back, you're more likely to make it thru underwriting 
2. -40% burned is a lot if not just smoke damage - check with the building department in your jurisdiction, if it costs 50% or more to rebuild, they are likely to require a teardown and rebuild due to safety code
3. - Are you in an Agreed Value State - so where there is a fire and nothing to build on, i.e. teardown, will they give you the stated value. Different states have different rules, so consider that - case law matters to, for example in Georgia, there is verbiage similar to substantially damaged. 
4. -Use a contractor who focuses on Fire Restoration if not a teardown.
5. -If you have a mortgagee you have replacement cost, so yes, you absolutely have options to teardown and not rebuild, rebuild, pay off mortgage and get cash, and many offer options to buy somewhere else and use the replacement cost. Talk to your adjuster. 
6. -Ordinance and law - if you have this coverage and you should unless super new, it will cover additional costs to bring to code up to 10%, 25% or 50%. Just today spoke with a client who was forced to bring foundation up a full foot after hurricane, all from tree falling on house and changes in code.
7. -Financials - Fair rental value - what's the difference between continuing and non-continuing expenses. That one number. What is the cost to tear down (often 5% to 6%), clean lot and sell and buy another rental or rebuild.
8. Hope this helps!

You'll also want to line up your property and liability dwelling policy in advance. I recommend a broker, up to 4 units goes on a regular landlord policy. A great broker will talk your thru the process, discuss your risks/coverages and help you know if you will be able to get insurance on the property or if any updates will need to be done. Thanks so much and pm me any questions! 

Interesting that the claims are still open, once the final replacement cost benefits are paid the claim should be closed - maybe it is administrative. Consider asking about the claims, they can provide you with documentation to support what happened, check permits to verify history, you can even ask what contractors were used. What was the origin and cause, has the cause been fixed. Did you get an inspector, consider going back to him/her with the additional info as appropriate. You certainly laid this out so that others can learn. Contacting your broker and inspector at the same time is gold standard for Florida, especially with the Florida reports like 4 points and wind mitigation certificates which may be required. Oftentimes we'll find that clients contact their agents to ask a question and the agent turns in a claim. Look for an experienced broker that you can trust for guidance with experience in the claims world, so you can contact them for guidance. Having water damage in your three year history of the house reduces the number of carriers, this will fall off as the claims age. Feel free to IM me with questions.

Franklin, I worked in insurance claims in Austin and Pflugerville years ago, still in insurance. I remember an engineer telling me that there was rock on the west side of 35 and victorian clay soil on the east. The clay soil expands and contracts causing movement. I'm guessing you hired the structural or engineer to give you his opinion and vetted him prior. Sounds like there is a question of if the foundation was designed for that area, or did the owners have proper maintenance, such as water around the foundation at dry times. He has given you his opinion, I would listen, then consider ROI as well as any personal reasons. This sounds like a significant repair that he questions they properly repaired.