Is Flood Damage Covered By Homeowners Insurance?

September 17, 2019 By W3 Insurance

Water, water everywhere: Unless you’re lounging on a boat or swimming laps, it’s not a good scenario––especially in your home. Insurance to protect against flooding is a specific coverage election and that’s why the policy is specifically labeled ‘flood insurance.’ So, why do you need it? Reason number one is that water can wreak havoc upon a home, and all are susceptible.

Water Damage from Rising Surface Water

If excess rising surface water makes its way indoors, that means homeowners’ insurance will take care of the damage, right? This is a common misconception. Water damage from rising surface water will not be covered by homeowner’s insurance. Rising surface water constitutes a flood and therefore is covered by flood insurance only.

Forget the part-tsunami, part-tidal wave catastrophic flood image. Just an inch of water inside your home will do major damage. It doesn’t take a dramatic event to douse the savings you’ll need to access to repair that floor, built-in cabinetry, baseboards, etc. Often, water damage from rising surface water comes not from a rush, but a continuous flow.

We all Live in a Flood Zone

You read that correctly: We’re all in this together. The sooner homeowners realize that they, too, live in a flood zone, the sooner they’ll realize purchasing Florida flood insurance is non-negotiable. Sure, some of us are more at risk than others. The house on the shore of Anna Maria Island is, of course, going to be located in a higher potential flood zone than the Pinellas Park bungalow. However, a well-placed storm can do major damage anywhere.

Flood Insurance at a Glance

How do you know what your Florida flood insurance covers? For the quick and comprehensive answer, contact your W3 insurance advisor. Our staff is trained to assess your exact flood insurance needs and suggest the policy that fits. Remember: The question is not whether you need to purchase a flood insurance policy – it’s which policy you should select.

Basic flood insurance is likely going to cover the actual façade of the home. The prior example of permanent flooring damaged due to flood is covered with this type of policy in effect. The architectural integrity of the residence and more are protected as defined in the actual flood policy.

Dwelling and Contents Coverage

Concerned about valuables being damaged because of a flood? Comprehensive Florida flood insurance coverage may be your best election. This ‘upgraded’ coverage means that should the couch be harmed by a flood, you’ll be compensated. Homeowners with valuable possessions such as antiques find these policies to be a vital part of their insurance plan. It’s important to purchase dwelling and contents coverage for flood protection.

Flood insurance is most frequently purchased through the National Flood Insurance Program (NFIP) or a private market company. The insurance company underwriting your home insurance may offer it as an endorsement to your home policy.

While being fully covered is the optimal solution, some flood coverage is better than none at all.

Are You Covered?

If you aren’t sure, it’s time to ask the experts. Our advisors will review your policy at no charge to ensure you are fully covered.

The Bare Necessities: Food, Water, Shelter….Life Insurance

September 17, 2019 By Amy Hammond

We can all agree that food, water and shelter are the most important elements needed in order to sustain life. What comes next on that list? It’s life insurance. A policy isn’t a luxury item to be purchased only if surplus cash is available; it’s a vital protection for those you love.

If you haven’t yet opted for a life insurance policy, make this the day you do. Here’s a sampling of instances where life insurance makes a huge difference:

Homeowner – If you pass away, a life insurance policy can cover your mortgage. This would allow your family to remain in the home and eliminate stress caused by having to move due to financial strain.

Loans – If you are a cosigner on a loan, who is going to assume your portion of debt if something happens to you? A simple life insurance policy would allow this financial burden to be fulfilled.

Business Owner – Many businesses carry debt or the legal responsibly to buy shares back from the deceased partner’s estate. Unless you want to be business partners with their heirs, life insurance is used to fund the buy-sell agreement. The business would then use life insurance proceeds to buy the shares back from the deceased partners estate. This is a win-win for both sides.

Breadwinner -You are the sole provider for your family. If something happens to you, where does that leave them? If you opt for life insurance, income protection can ensure the lifestyle they are accustom to.

Stay at Home parent – The job of a stay at home parent carries with it an intangible value; after all, that person raises the next generation. Many households forget that there is a financial value this person brings to the table. If they were not able to take care of the children, clean, cook, or perform all the duties they currently do, it would have to be outsourced. By taking out a life insurance policy, quality child care can allow you to keep the same working hours and thus provide the same lifestyle for your family.

Guardian of a Special Needs Child – Special needs children may remain with a guardian over the course of a lifetime. When the guardian passes away first, having the policy in place that will ensure a high standard of care can make a huge difference.

Divorced parent – Child support that continues even after you’re gone? -It’s possible with life insurance. Show your child that even if something happens to you, you will still continue to support them.

Have questions for what type of protection is best for your financial needs? It’s important to talk with a knowledgeable life insurance agent. Contact Abbey Bowersox, CLU at W3 Insurance for a free review and quote: 727-522-7777 x150.

W3 Insurance Included in IIABA’s Best Practices Study – W3 Earns Corresponding Best Practices Designation

September 11, 2019 By Amy Hammond

St. Petersburg, FL – W3 Insurance is part of an elite group of independent insurance agencies named to the Independent Insurance Agents & Brokers of America (IIABA) Study Group. The annual survey and study of leading independent insurance agencies documents the business practices of the highest performing agencies and urges others to adopt similar practices.

More than 1,300 independent agencies throughout the U.S. were nominated to take part in the annual study; only 267 agencies qualified for the honor. To be chosen, the agency had to be among the top-performing agencies in one of six revenue categories. The agency was nominated by either a Big “I” affiliated state association or an insurance company and qualified based on its operational excellence.

“W3’s inclusion in this study demonstrates our commitment to all aspects of company excellence,” says Jonathan Hammond, W3’s chief operations officer. “To be examined as an agency model is testament that we perform at a consistently high level worthy of emulation.”

Each year since 1993, IIABA and Reagan Consulting, an Atlanta-based management consulting firm, have joined to study the country’s leading agencies in six revenue categories. The agencies comprising the study groups are selected every third year through a comprehensive nomination and qualifying process and awarded a Best Practices Agency designation. The selected Best Practices Agencies retain their status during the three-year cycle by submitting extensive financial and operational data annually for review.

W3 Insurance was founded in 1925 and offers Commercial, Employee Benefits, Personal, Marine & Life Insurance products as well as Risk Services Consulting.

Founded in 1896, IIABA is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of more than 300,000 agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance – property, casualty, life and health – as well as employee benefit plans and retirement products. Web address: www.independentagent.com.

Does Homeowners Insurance Cover Water Damage?

August 29, 2019 By W3 Insurance

Flooding from a Hurricane If you’re asking, “Does homeowners insurance cover water damage?” we sincerely hope that you are not already ankle-deep in H2O. Answering the water damage coverage question is nuanced; whether your homeowners insurance will cover water damage depends on a number of factors. Let’s dive in.

Types of Water Damage Commonly Covered by Homeowners Insurance

From overflowing dishwashers to water damage after a fire, the following items are typically covered by homeowners insurance.

Plumbing – Burst pipes, resulting damage from faulty work and accidental overflow are usually covered.
Fire – Extinguishing a blaze demands water to douse the flames. The resulting damage will be covered.
Leaky roof – Sorry to all those who were looking to get a new house-topper! While repairs needed due to leaks from lack of maintenance or wear and tear are not covered, if the wind removes a portion or all of your roof and lets the rain inside, your home insurance responds.
Accidental overflow – Should an appliance or fixture malfunction, you are likely in luck regarding recompense. This is one of those classic “thank goodness I purchased insurance” moments when the damage is an absolute surprise. Be aware that some policies limit or exclude water damage. Check your policy for specific terms and conditions.
Mold – When left undetected long enough, mold can pose a significant respiratory hazard. If mold is the result of a covered water damage loss, eradication expenses will be paid. Policy limits for water damage and mold coverage will vary depending on your policy form. This is another important reason to review your policy each year and to speak with your personal insurance advisor if you have questions.
Vandalism – The creative list of possibilities in this category is endless. Luckily, your homeowners insurance will most likely cover the damages.

Types of Water Damage Not Covered by Homeowners Insurance

Now for the not-so-great news: Not all water damage is covered by homeowners insurance. Here are a few items that are not.
Ground seepage – When rain falls to the ground, it doesn’t travel straight down. It moves underground and sometimes resurfaces in low-lying home areas. Damages from ground seepage are not covered by homeowners insurance.
Poorly maintained pipes – You are held to a certain level of care regarding your home. If those pipes are exceedingly old or the repair work on them is shoddy, your coverage is likely not going to help you.
Water or sewer pipe backup – Avoid this scenario by keeping your pipes in good working order.
Flooding (rising surface water) – This comes as a surprise to many, but damage from rising surface water will not be covered by homeowners insurance.

Why Flood Insurance is so Important for Florida Homeowners

Repeat the following adage as many times as it’s necessary to convince yourself that flood insurance is a necessary protection: Everyone lives in a flood zone. Even if you don’t have a view of the Gulf, you are still susceptible to nature-led flooding. Let’s talk hurricanes. Florida is the ultimate tourist destination for hurricanes, and these unwelcome storms bring massive flood potential with them. We also live in a state with massive rainfalls. These events can happen anywhere and at any time. Lastly, storm surge and tidal waters can easily flood or even level an entire home.

Not Sure if You’re Covered? Ask Your W3 Advisor.

At W3 Insurance, our advisors know protection. Specifically, our team understands the nuances of flood coverage and can direct you to the policy that is right for you. Before the flood, there’s W3. Contact us for a review of your current policy or to elect new coverage.

Shoo, Hurricane Dorian: A letter from the W3 Insurance Experts

August 29, 2019 By Amy Hammond

Dear Hurricane Dorian,

You might as well head back out to fizzle in the Gulf; Floridians are not rolling out the Welcome mat for you. This isn’t some Disney-caliber homecoming. Expect storm shutters, LED lanterns, and hordes of prepared Southerners waiting out your wrath with plenty of batteries and board games. We have cases of Cheetos that our kids can’t wait to eat. Our water supply could satisfy a whale. And thanks to the tips shared by your nemesis, W3 Insurance, we’re as prepared as we possibly could be for you.

So go away, Dorian. If you do insist on landfall here in the Sunshine State, here’s what you can expect:

Millions of Floridians with solid hurricane insurance coverage. W3 Insurance advises clients to prepare long before that first blip on the radar. How? By putting together a comprehensive coverage program. ‘Hurricane insurance’ does not truly exist, but by combining the right policies, protection against high winds and rain is possible. Remember: Florida flood insurance is not the same thing as Florida homeowners insurance. W3 Insurance advisors know this and have directed their clients to purchase add-on policies accordingly.
We’ve checked our supply lists – and we’ve checked them twice. Floridians are no stranger to this game of storm roulette. Most of us can recite the necessities of physical preparation in our sleep: enough water and food stockpiled to last each member of the family at least three days. A log of possessions. Necessary medicines close at hand. Important documents gathered together, ready for quick evacuation if need be.
Thanks to W3 marine advisors’ foresight, Florida watercraft is ready too. In an attempt to minimize losses, our boat owners properly secure boats before a huge storm hits. These security measures can include placing the boat in storage, removing loose items such as canvas and more. Our clients understand hurricane haul out coverage and don’t hesitate to call our W3 Marine advisors to inquire as to whether it’s time to use it.

Dorian, whether you hit W3 clients as a blazing Category 3 or a piddling tropical storm (which we still acknowledge can cause significant damage), we Floridians are ready for you. And after you leave, W3 advisors will be at the ready to answer policy questions and more. We can’t change the weather, but we can change the way we handle it. And that’s where W3 Insurance advisors truly shine.

Hope to see you never, Dorian.

-Florida