All Forum Posts by: Chanté Owens

Unfortunately, Florida has some of the highest insurance rates in the U.S. Here are couple of articles about it: 

http://www.nbc-2.com/story/22912984/why-are-your-h...

http://www.housingpredictor.com/homeowners/

A lot of carriers have pulled out and won't even write policies in Florida anymore. The high level of natural catastrophes (hurricanes, flooding) just make it a difficult market to write policies in and not pay out more than they charge. Also, the increase of the flood insurance policies were said to be upwards of 68% higher rates! The governmental agencies are still duking this out, but the bottom line is that it's expensive to insure properties in Florida.

@Eric Belgau, @Mark Doyle , @Derek Kartchner all bring up extremely valid points. I am not going to go in great depth, because they've collectively, pretty much stated what recommendations I would make. The only caveat I'm going to throw in there (having been a Surplus Lines Claims Examiner for many years); if it's a commercial policy (which we are assuming it is), rest assured they will be doing an extensive investigation in the matter, specifically because the limits are likely significant. So while it may be an "open & shut case" from the outside, this is likely not going to be something settled in 7-10 business days where a check is issued. I've RARELY seen that happen in cases like this; especially since I'm more than certain that the driver of the vehicle will also be represented by his company's attorney(s) too.

What a lot of people may not realize is that while the insurance company has a responsibility to their policyholder to handle their claims, they also want to ensure (generally) that the claim is completely settled and that the claimants can not pursue their policyholder for deficiencies (hence them getting releases signed). If they feel that a settlement may not (potentially) be able to be settled within the policy limits; they alert the policyholder immediately and strongly encourage them to seek independent counsel as well.

Given that their are multiple issues here: families displaced; structural engineers looking at the property; the city/county involvement...this is going to take some time to get settled, because once a pandora's box like this is opened - EVERYBODY has their hands out trying to obtain a piece of the pie. 

I wish you the best of luck with this, and I'm hoping this is one of those times that a fast & full settlement can be reached quickly.

Just an FYI. Insurance policy rates are regional and can vary from state to state. There are a multitude of variables and even if you are comparing (what you think) is apples to apples; it's likely not going to be the same rate if you are in one state and the other property  you are comparing it to is in another state. Also, some carriers may be very competitively priced in one region, but not so in another region that may have higher risk exposures from natural catastrophe types of losses, i.e., hurricanes, tornadoes, etc.

You said that this property is a buy & hold, so I'm assuming you are going to be renting it out. The rates are different for a vacant/unoccupied property vs an occupied property. As others have pointed out above, there are higher risks of vandalism, attractive nuisance losses, i.e., kids playing on the property and hurting themselves; so the rates for the policies reflect the difference between being occupied vs. unoccupied.

Thank you for this detailed information. It's been a fantastic read!

There are many variables to take into consideration in regards to this matter, as a lot of things are state specific. Speaking strictly from a claims standpoint, (if you had a loss that you needed to file a claim) the umbrella would likely be the better option, as sometimes something that may be denied under your liability policy may be  covered under an umbrella policy. Again, it's all speculative until you actually have to file a claim and an investigation is undergone and completed. 

@Will BarnardI agree! I love that saying (paraphrasing), "Shoot for the moon, because even if you don't make it, you'll be among the stars." I'm a LONG way away from every even being in a realm of being able to put an offer on a 100 million dollar hotel! LOL, but I do love to dream big!

@Bryan R.  Yes, it's definitely in that larger scale realm. I'm interested in the Commercial side, so I'm interested.

@Justin Case I'm new to the area; something like this is still of interest to me, but I can see how it probably wouldn't be of interest to everybody. I just wanted to provide the info in case somebody else may find some value in attending too. Appreciate your feedback though.

 Kickbutt! I'm glad to hear that you are doing well, and hope you far exceed your goals and expectations. It appears you are on the right path, and there is nothing wrong with paying it forward. 

 You are right; hence the reason I said I'm a "realist" that dreams big. I've been in various aspects of insurance for my adult life that I can pick apart ANYTHING good and show you the bad =) but, I like being able to just dream big!

I appreciate reading about those like Will Barnard, who started out with absolutely nothing: no friends or family "investment money" and just forged ahead at smaller deals that have eventually led to his multi-million dollar deals. I know that NOTHING in this life (for me) has come come easy, and that a LOT of work is always necessary. 

Wishing you much continued success in your endeavors, as you are doing well for yourself too!

Elizabeth, that is AMAZING! Many kudos to you, and I hope that in your (what I'm sure is a frantic day to day) life, you give yourself some much deserved "pats on the back" for all you've accomplished, and are STILL looking to achieve.

To your point, you never know what is going to happen, and while I'm a realist in my heart, I still love to dream big!

Thank you for sharing!