A Letter from Michael to Floridians

October 13, 2018 By W3 Insurance

Dear People of Florida:

Excuse me for being a tourist. I don’t understand why you’re shocked at my visit; doesn’t everyone want to vacay in Florida? Those of you without adequate insurance coverage didn’t seem happy to see me at all. Honestly, I’m hurt. If everyone would just understand the Flood + Home Insurance = HURRICANE PROTECTION equation, we’d all be better off – and I could sweep down to Orlando for a little R&R at Disney World.

But no. Here we are, fashionably late in hurricane season, and fortifications are still not the norm. We’re not talking sandbags, bottled water and nonperishable stockpiles of corned beef hash. I mean insurance. Here’s a tip: my friends might be coming over after I tell them how great this state is, so you’d better consider coverage. Your self-declared ‘hurricane season’ dictates that all of us (and by ‘us,’ I mean hurricanes) have until November 30 to plan an unforgettable Florida trek.

It’s too late to roll out the Welcome mat for me. Here’s how to prepare for the arrival of other potential 2018 storms:

Understand and act upon this equation: Flood + Home Insurance = HURRICANE PROTECTION. If you only carry homeowners’ insurance, waste no time in purchasing a flood policy. Most flood coverage does not become active until thirty days after purchase. Just a few inches of water in a residence can cause severe damage. That goes for more than just homes in coastal areas. My girlfriend Florence proved that in North Carolina. She’s such an overachiever.
Be thankful for the ‘hurricane deductible,’ which decreases the total cost of damages based on unwelcome visits from storms like me. It’s really important to talk with a knowledgeable insurance advisor about what to expect in the aftermath of a hurricane. To give yourself the best possible outcome in the worst possible scenario, plan, plan, plan. And go one step further: actually purchase coverage.

I understand your reticence. Insurance isn’t sexy. You’re not going to zoom around town yelling, “Look at this snazzy coverage!” But still – in the very real possibility that the next hurricane chooses to retire in the land of citrus and palm – I welcome you to hold that policy high and declare “I am the champion!”

Or something like that.

Talk with a W3 Insurance advisor today at 727-522-7777 or visit w3ins.com. The W3 team finds coverage for auto, home, life, flood and more. Most importantly, they insure against damages caused by unwelcome visitors.

Sincerely,

Hurricane Michael

Suffered a Loss? Here’s What to Do.

October 9, 2018 By W3 Insurance

Whether you’ve suffered a loss due to storm surge, fender bender or another insurable situation, you can take charge. Begin the recovery process immediately by choosing to act. A Florida insurance remedy for the unfortunate event is in your future. Here’s how to reach it as quickly as possible.

When you suffer a loss, complete the following steps:

First, make sure you are in a safe space. Calling your Florida insurance agent in the midst of a hurricane to declare that the roof has just been torn off your residence is not advisable. Instead, exercise caution. Report the devastation as soon as you are able and to the best of your ability. In most cases your insurance policy has a claims hotline accessible 24/7. The most efficient way to report your claim is directly with the insurance company. If you prefer contact with your agent first, you’ll likely need to wait to call during normal business hours.
Every insurance policy places the duty to protect property from further damage upon the insured. Become familiar with your duties in the event of a loss as shown in your insurance policy preferably before or right after you suffer a loss.
Take pictures. List any and all affected items, and if you must order any immediate repairs, keep all receipts. *Take note that extensive repairs are not advisable until you have spoken with your insurance representative. Often, the carrier will supply you with a ‘preferred list’ of contractors.
Get ready to file a claim. You’ll need to provide the following information: policyholder’s name, policy number, address of affected property (if this filing is in response to a homeowner claim), loss date and damage description.
Your claim is filed – congratulations! Now what? It’s time for an adjuster examination as to the scope of damage. Answer the professional’s questions fully and completely. Too much information is much better than erring on the side of too little.
A claims report will be compiled by the adjuster. No two losses are the same, so your report will be unique. Your agent will monitor the outcome of the claim and be available to assist you.
Remember that you may have a deductible to pay before the insurance company takes care of other charges.

Have questions throughout this process? Call your insurance agent. Working with a W3 insurance professional is a great way to ensure that you receive the assistance you deserve. From initial quote through claim fulfillment, our Florida insurance team is with you every step of the way.

Florence Called, Florida: You Need Flood Insurance Now.

September 18, 2018 By W3 Insurance

The lesson from Florence is clear: Florida residents need flood insurance, and they need it now. Waiting for that tropical system to appear on the radar is not wise; the National Flood Insurance Program usually imposes a 30-day waiting period before issuing coverage. By that time, multiple storms could loom on the horizon. If you didn’t know that a typical homeowners’ policy does not cover flooding, you do now.

Water has yet to recede in North Carolina; adjusters can’t push through the dreaded surge to evaluate the extent of the damage. Flood insurance coverage is not the norm in the affected area, so even cautious damage estimates are in the low billions. The Associated Press reports that a mere 35% of properties located in ‘flood hazard areas’ were insured when Florence hit.

Florida does not have to face the same level of devastation after such a storm. Here’s how to find a flood policy that’s right for you:

If you don’t currently have flood insurance, contact an insurance advisor to learn about options. This professional will discuss with you the differences between private flood insurance and flood insurance obtained through the National Flood Insurance Program.
Consider going private. The same waiting period does not usually apply in the private marketplace, and this avenue offers additional benefits.

Contact your W3 Insurance advisor today and cross ‘obtain Florida flood insurance’ off your To Do list. We’ve witnessed the devastation from Florence in the beautiful state of North Carolina. Let us all in the Sunshine State be prepared if such a storm turns our way.

Flood Insurance on the Eve of Hurricane Season: We’ve Got You Covered.

April 25, 2018 By W3 Insurance

We’ll say a reluctant “hello” to hurricane season June 1. Are you ready? Cross an item off your “Hurricane Preparation To Do” list by calling Wallace Welch and Willingham for advice. We offer multiple types of Private Flood and NFIP policies. Which one is right for you – and do you really need flood insurance? Let’s talk.

What is a flood, exactly?

Generally, insurance carriers define flooding as a “rising and overflowing of a body of water onto normally dry land.” For insurance purposes, the word “rising” in this definition is the key to distinguishing flood damage from water damage.

How are Flood Zones determined?

Developing a flood map is a complicated process done by the NFIP (National Flood Insurance Program) under the strict supervision of the Federal government. The development of flood maps is crucial for communities to plan infrastructure and to prepare for the worst-case scenario Mother Nature may bring.

Who is at risk for a flood?

Everyone! Don’t think you are only at risk for a flood if you are located within a flood zone. More than 20% of flood claims come from homeowners living in low to moderate flood zones. Flood is one of the most common natural disasters, and Florida homes are frequently at or below sea level. No one is truly exempt from the possibly extensive damage a flood may cause.

How do I find a flood policy?

This part is easy. Protection is a quick phone call away. Contact Wallace Welch and Willingham at 727-522-7777.

Don’t pay your flood insurance renewal payments late!

June 22, 2016 By Doris Sova

Flood Payment Due Now it is more important than ever that your NFIP flood policy renewal payment is received on time*. If your payment is late, your premium could be adversely affected.

For all renewals effective April 1, 2016, the following rules have been added by the National Flood Insurance Program (NFIP):

For properties in special flood hazard areas (flood zones beginning with an A or V) that are currently rated with subsidized rates (no elevation certificate is used for rating), OR being rated under the Newly Mapped Program may lose their subsidized rates or Newly Mapped rates when the renewal payments are received as follows:

If the premium payment is received after the 30-day grace period, but within 90 days following the expiration date on or after April 1, 2016:

1^st time, the policy will be reinstated and the effective date will be 30 days from the date the insurer receives the payment (no change to rating).
2^nd time, the policy will no longer be eligible for subsidized rates or the Newly Mapped rates. The effective date will be 30 days from the date the insurer receives the payment and a new application and/or an elevation certificate may be required to rate the policy.

If the premium payment is received more than 90 days after the policy expiration date, the policy will no longer be rated eligible for subsidized rates or with the Newly Mapped rates and a new application and elevation certificate will be required and the standard waiting period for new business will apply.

The above rules apply to flood premiums whether paid by you or your lender. Therefore, it is important that your renewal payments are made timely. If your lender pays your renewal premium, verify that your loan number and lender are correct and your payment has been processed.

Keep on top of flood insurance renewal payments—we want to help you stay safe and pay less.