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Hurricane Sally left 500,000 without power!

Hurricane Sally came through! The most severe wind damage seemed to be limited to areas near the coast or open bay waters.  What I saw was mostly minor damage to roofs and siding, seldom structural, let alone catastrophic.  At one point though, more than 500,000 residents were without power in Florida and neighboring Alabama, where the Cat 2 storm made official landfall, with maximum winds of 105 mph and up to 30 inches of rainfall.  Storm surge was upwards of 7 feet in coastal Escambia County (Pensacola) and adjacent Baldwin County, Alabama.

AIR Worldwide, the Verisk catastrophe risk modeling firm, estimates Sally’s insured losses will range from $1 billion to $3 billion, with wind representing the majority of losses.  This is exclusive of National Flood Insurance Program losses, which are expected to be especially steep in Alabama, given more than two thirds of flood coverage there is federal.  AIR’s estimates include residential, commercial, industrial, and automobile property losses including contents.  Last Monday includes pictures of flood inundation of upwards of three feet in downtown Pensacola and exclusive drone video and images from a few hours after Sally made landfall on September 16.  You’ll also see the unfortunate damage caused by a loose barge to the newly built southbound span of the Pensacola Bay Bridge, linking Pensacola to Gulf Breeze, on the barrier beach.

 

Two big trees that seemed to know to fall away from nearby townhouses in the aftermath of Hurricane Sally in Pensacola, FL, September 21, 2020.

 

FEMA last week approved a major disaster declaration for the storm.  It includes public assistance for all categories in Escambia County and public assistance Category B (emergency protective measures) for Bay, Calhoun, Franklin, Gadsden, Gulf, Holmes, Jackson, Liberty, Okaloosa, Santa Rosa, Walton, and Washington counties.  The Florida Division of Emergency Management is continuing to conduct damage assessments in the 12 counties that did not receive all categories of Public Assistance.  The Division is also conducting damage assessments at individual residences and businesses and will continue to work with FEMA to apply for Individual Assistance.

The Governor has activated the Florida Small Business Emergency Bridge Loan program through the Florida Department of Economic Opportunity to support small businesses impacted by Hurricane Sally.  The program provides short-term loans up to $50,000, or in special cases $100,000, if warranted by the needs of the business.

 

Courtesy, AccuWeather

So we begin another process of filing and processing insurance claims.  The state has activated the Emergency Adjuster Licensing System to boost the number of insurance adjusters available to help residents with claims.  There are more than 150,000 adjusters currently licensed in Florida.  This activation allows insurance companies to bring in catastrophe adjusters from other states to help handle the increased demand.  Sally was the eighth named Atlantic storm to make landfall in the U.S. this hurricane season.

Contact Jones Family Insurance for all your Insurance needs. Serving Punta Gorda and Fort Myers Florida.

Florida renewals a “perfect storm” of challenges, warns Demotech

20th May 2020 – Author: Matt Sheehan

Financial analysis firm Demotech has warned that the Florida reinsurance renewals will bring a myriad of challenges for the market, with COVID-19 issues piling on top of a shortage of retro cover, continued loss creep, and legislative issues.Even before the pandemic, analysts had anticipated that 2020 would not be business as usual for Florida focused insurers.

Ongoing complications include jurisdictional risk, the competitive position of Citizens Property Insurance Corporation, and increases in the cost of catastrophe reinsurance, including the limited interest of those offering catastrophe reinsurance.

“Having been involved in Florida’s residential property insurance marketplace since 1996, our view is that the financial and market-based criteria affecting residential property insurance have never been more difficult to navigate,” Demotech stated.

Changes in business models and operating plans have already been announced by Capitol Preferred Insurance Company, People’s Trust Insurance Company, and Avatar Property and Casualty Insurance Company, and Demotech believes other carriers will respond in a similar manner.

“We have not experienced market conditions like we are seeing this year since 2006,” said Brian O’Neill, Partner-Client Executive at TigerRisk.

“We are a supply and demand economy, and given the shortage of retro cover available (especially low attaching cover), the loss creep from Irma and to some degree Michael, the lack of legislative reforms to fix the one way attorney fee statutes in the state, and then throw in a Global Pandemic – you have a perfect storm hitting the June 1st renewals,” he continued.

“The carriers in the state are truly performing their best to weather this storm. Support from core reinsurance partners will be critical in this environment along with creating unique risk management solutions and raising reinsurance capacity to optimally manage each carrier’s operational and financial needs.”

Six Ways to Lower Your Homeowners Insurance with Jones Family Insurance!

1st way to lower your Homeowners insurance is by doing your homework!  Jones Family Insurance works with about 10 different Homeowners companies and every company has their own type of home and situation that they like to insure. I say this because we always run your home if eligible with all our carrier, but we pick the best three to give you quotes on. Its not always about price either. We make sure that the companies we give you quotes for are all A admitted A rated companies through the state of FL.

Get a home owners quote now and save money with Jones Family Insurance. Offices in Punta Gorda and Fort Myers, Florida.

Wind Mitigation Inspection Reports

The state of Florida requires insurance companies to offer discounts to homeowners who protect their homes against damage caused by windstorms. The discounts are offered after a certified inspection is done on your home. Your insurance company or lender do not mandate wind mitigation inspections. These inspections, unlike mandated four-point inspections, are entirely optional. 

While optional, wind mitigation inspections can result in savings that cover the cost of the $75 inspection, so it makes sense to have it done. You can never be penalized for having safety features, so your premiums can only go down, not up. The wind mitigation credit is good for 5 years. After five years, a new inspection will be required to ensure you qualify for the credits based on new forms submitted by the Office of Insurance Regulation.

Wind Mitigation Inspectors Examine These Key Safety Features:

A certified inspector will look for specific factors in your home that would make it more resilient to becoming damaged in a windstorm. The inspector will look at the roof, doors, and windows specifically.

  • Roof Shape
  • Roof Bracing of Gable End
  • Roof Deck Attachment
  • Roof Covering
  • Roof-to-Wall Connections
  • Secondary Water Resistance
  • Doors
  • Protection of Openings (windows and other openings)

The current features of your home will be evaluated to determine how wind resilient it is. Homes in Florida with constructed after 2002, were built to certain safety codes and will most likely save you money. Homes built before 2002 with roofs replaced after 2002 should still have a wind mitigation inspection since some of the roof’s features may qualify for discounts.

You can take steps to safeguard your home and reduce your hurricane-wind premium with a few cost-effective measures; secure your roof with hurricane clips, hurricane-proof your windows, openings, and garage doors with protective wind impact-resistant glass.

 

Learn more about us at www.JonesFamilyInsurance.com