House Passes Flood Bill

Business Hours: Monday-Friday 9am - 5 pm Flood Insurance Rate Relief

Flood Rate Relief in Sight Florida Property Insurance Trends for Realtors  By Matt Lehn Property Insurance in Florida  seems like it changes with the tides.  The purpose of this email is to keep local Charlotte and Sarasota County Realtors  and Real Estate related businesses up to date on the ups and downs of the local Property Insurance market. Flood Insurance-  As of 8 pm on March 4th the House of Representatives voted to pass  a bill, called the Homeowner Flood Insurance Affordability Act . What does this mean? •Prevents FEMA from raising the average rates for a class of properties above 15% and from raising rates on individual policies above 18% per year for virtually all properties. • Refunds homeowners who overpaid – Requires FEMA to refund policyholders for overpaid premiums. • Repeals the property sales trigger – Repeals the provision in Biggert-Waters that required homebuyers to pay the full-risk rate for pre-FIRM properties (Built prior to 1975 in most cases) at the time of purchase. This provision caused property values to steeply decline and made many homes unsellable, hurting the real estate market. Under the Menendez/Grimm Bill, homebuyers will receive the same treatment as the home seller. Same rates. • Repeals the new policy sales trigger – Repeals the provision in Biggert-Waters that required pre-FIRM property owners to pay the full-risk rate if they voluntarily purchase a new policy. This provision disincentivizes property owners from making responsible decisions and could hurt program participation. The Menendez/Grimm Bill allows pre-FIRM property owners to voluntarily purchase a policy under pre-FIRM conditions.  Homeowners wont be penalized if they let their policy lapse or change companies. • Reinstates grandfathering –  If grandfathering was terminated, property owners mapped into higher risk would have to either elevate their structure or have higher rates phased in over 5 years. The Menendez/Grimm Bill allows grandfathering to continue and sets hard caps on how high premiums can increase annually. • Affordability goal – Requires FEMA to minimize the number of policies with annual premiums that exceed one percent of the total coverage provided by the policy. What Now???  The Bill needs to be ratified by the Senate.  Once ratified, we can only hope for quick action by the National Flood Insurance Program. For more information on Flood or Property Insurance contact Matt Lehn of Lehn & Vogt Insurance at 941-698-8877 or by email matt@lehnandvogt.com Lehn & Vogt Insurance 2980 S McCall Rd Englewood, FL 34224 Click here to find out more.

Water Damage Exclusions

 INSURANCE CLAIM DUE TO WATER DAMAGE

You come home from a weekend away to find the house flooded. Now you’re confronted with a problem that needs immediate attention. Is the damage covered? More likely than not your insurance company will send out an expert to determine the source of the water, how long the water has been accumulating, and other issues that relate to whether or not your damage will be covered under your homeowner’s policy.

Time Restrictions Apply

The general rule is that most insurance policies penalize property insurance policyholders on water losses unless the property owner was present at the property for a period of time before the loss. Their argument would be that if you had been there at the home, the loss either would not have occurred, or if it did, the damage would not be as bad as it ultimately was. This is one of the only exclusions in insurance policies with this kind of condition and often catches homeowners off guard. Many people do leave their homes for 30 days or more, when it is a second home in another state.    .

Gradual, Seepage, or Sudden Burst?

Plus, not all of these water loss insurance policy exclusions are written the same way. For example, some of the policies focus on whether the leak was “gradual,” “seepage” of water over time. In this form of the exclusion, the primary concern will be whether the pipe was a drip or a burst. The biggest difference between this exclusion and others is that there are no time restrictions, as it does not require notice to the insurance company within a particular period of time. Other exclusions will require notice to the insurance company within 14 days of the first drop of water. These are difficult because many homeowners concede they do not necessarily note when the issue first presented itself.

Property Exclusions –

*Constant or Repeated Seepage or Leakage of Water or Steam or the presence or condensation of humidity, moisture, or vapor; which occurs over a period of 14 or more days, whether hidden or not.

*Accidental discharge or overflow of water or steam from:

1. Within a plumbing , heating, air conditioning or automatic fire sprinkler system;

2. Within a household appliance or water heater; or

3. Within a household appliance

This exclusion applies only while the dwelling is vacant “unoccupied” for more than 30 consecutive days or being constructed.

It is very important to utilize a property manager for you vacant or seasonal property.  A Bi-monthly walkthrough  will help ensure damage is mitigated before exclusions apply.

Tax Season Insurance Check Up

For more information, contact:

Matthew Lehn

Lehn & Vogt Insurance

2980 S McCall Rd Suite E

Englewood, FL 34224

Conduct an Insurance Check-up this Tax Season

How to Save, Avoid Risk

Englewood, FL — Tax season is a great time to reexamine your financial risk with your insurance adviser, says  Matthew, Agent, Lehn & Vogt Insurance . You may be wasting money on unnecessary coverage or not realize where you are vulnerable to serious losses. In addition, the insurance landscape has shifted since September 11^th, and prices and protections are changing in some key areas.

Because there are so many types of insurance available, consumers should sit down with a reputable insurance professional who can help sort through some of the confusion. Solid advice from a Trusted Choice^® insurance agency may save homeowners thousands of dollars by outlining which kind of coverage suits them. A comprehensive homeowners policy may even eliminate the need for other smaller, more specific personal insurance policies. Here are a few key issues consumers may want to explore when deciding if the insurance coverage they have is really right for them.   

AT RISK:  HOW COULD YOU BE UNDERINSURED?

Home-based business. At least 60% of in-home entrepreneurs are not properly insured, according to an IIABA study. Of those inadequately protected, nearly half didn’t realize they were at risk because they thought their homeowners insurance covered them. While a basic homeowners policy will cover a computer used at home for personal use, it won’t protect entire home-based firms. For example, homeowners’ policies typically provide $250 for computers off-site and won’t cover lost data or business liability. That leaves many people who use laptops for business and other entrepreneurs vulnerable.  

Valuable collectibles. “Standard” homeowners’ policies usually provide coverage for the “contents” of a home to 50% of the value of the house. So, people with extensive collections of silver, antiques, jewelry, dolls, etc. should consider additional coverage to protect these sentimental treasures. But the best way to buy this type of coverage is from the home insurance company—an “endorsement,” which is cheaper than a stand-alone policy. (For instance, a person with $100,000 coverage on their home will have its contents insured to $50,000. If that same person has $30,000 in antiques, that will significantly subtract from coverage for the rest of the home’s contents, such as clothing or furniture.) Many policies also set “sublimates” for contents insurance. For instance, most limit theft coverage on jewelry to $1,000 and firearms to $2,000. Those with more valuable jewelry, gun, or other collections should consider additional protection.

High income bracket. People lucky enough to have high-profile jobs or other accumulated assets should consider a comprehensive umbrella liability policy to protect against serious financial loss. Unfortunately, many people don’t have this coverage because they haven’t thought of it or they feel that their basic insurance programs are adequate. A good umbrella policy can cost as little as $150 per $1 million in coverage and insures against personal liabilities, including car- and home-related claims.

No replacement cost coverage on their property. Replacement cost coverage is 10 or 15% more expensive, but it replaces the item(s) with like kind and quality. Most standard home insurance policies provide replacement cost on the structure, but only “actual cash value” (ACV) on the property. ACV is the actual cost to replace the item, but after depreciation. With replacement cost coverage, a $1,000 TV set bought eight years ago would be replaced with a similar type of TV, regardless of depreciation.

Children in college. An IIABA national survey showed that 80% of college students who rent housing for the school year may not have adequate coverage to protect their belongings when away from their primary residence. Incidentally, it also revealed that one-in-seven college students lack health insurance coverage and that an alarming 85% of families thought their health insurance would cover a college student studying overseas for more than a month. In fact, most health policies do not extend abroad and families need to know they may be underinsured in that area. 

Home remodeling. Home renovation can leave homeowners vulnerable. One-in-four home remodeling projects increase the value of a home by more than 25%, but too few consumers consider increasing their homeowners insurance limits to reflect that increased value. Most insurance companies require homeowners to insure their home to a minimum of 80% of its replacement value to be eligible for full coverage. If coverage falls below that level and the homeowner experiences a loss, they will be penalized with a partial settlement. In addition, many people don't take basic steps to protect themselves from liability exposure while construction workers are in the home. Consumers should always ask for a certificate of insurance from anyone employed in their home and seek advice from a good insurance agent.

SAVING MONEY:  HOW COULD YOU BE OVERINSURED?

Both travel and flight insurance usually are costly and unnecessary short-term policies that simply aren’t needed for those who have broader health and disability insurance through an employer or other plan. Don't be lured by the flood of travel-related insurance offers since September 11^th. Most typical health or life insurance policies include anything offered in specific travel insurance packages. And incidentally, baggage insurance is usually covered by a homeowners policy.

Credit life insurance. Trusted Choice^® agencies recommend avoiding credit life insurance (for new furniture or credit card debt, for example) under any circumstance.  These policies, offered by credit card companies and other lenders, extend for the term of the loan and decrease in value over its life. They are designed to protect a third party if the consumer dies before the loan is paid off. However, they provide no protection to beneficiaries, only to the company that offered the credit or loan.

Deductibles are too low. The owners of an expensive home need to consider whether a low deductible makes sense. If someone steals the TV, it isn’t going to break the bank.  Those same consumers need lots of insurance for a total catastrophe or if they get sued. Therefore, they may want to take a $1,000 deductible and use the savings, which can be 10 to 20%, and buy an "umbrella liability" policy to give them $1 million or $2 million of coverage in case they’re sued.

Specific computer insurance policies. Though this coverage may seem like a good idea, because so many people now have computers at home, a standard homeowners policy will cover most basic personal computer equipment. If you have a home insured for $100,000, you typically have $50,000 of personal property coverage, including computer equipment not used for business. If used for business, the home insurance policy typically provides $1,500 or $2,500 of coverage for computers. Only people with home-based businesses, laptops used for business outside the home, or elaborate high-tech equipment need to consider extra coverage. But it’s cheaper to buy an endorsement to the home or home-business policy rather than a separate computer policy. (By the way, the same concept holds true for cancer insurance or trip-specific life insurance, and other specific policies. Broader coverage is cheaper in the long run and might be needed.)

DID YOU KNOW?

Renters insurance not only protects the contents of a rented property, but also almost always shields the policyholder from liability. And it’s not expensive (because you’re not insuring the building—that’s the landlord’s responsibility). A typical policy that offers $15,000 in property protection and $100,000-$300,000 in liability coverage can be as little as $150-200 a year.

Dog owners whose pets are known to be aggressive should never go without liability insurance or they may be in for a rude awakening if they get sued. Bites are by no means rare. Companies pay out about $1 billion in dog-related claims a year and estimate that one-third of all homeowners’ liability claims are due to dogs. 

Insurance discounts are readily available for consumers who combine family policies, use one insurance company for several types of coverage, or take other measures such as using property theft deterrents or maintaining good driving records. Consumers should consult with an independent insurance agent at least once a year to evaluate changing needs and look for cost savings.

ARE YOUR PERSONAL BELONGINGS AND AUTO “REALLY” COVERED?

DON’T HOPE SO…KNOW SO

Allow me to take this opportunity to introduce you to Lehn and Vogt Insurance Group,

Not just your typical insurance agency, our team of insurance agents and financial specialist’s has served our clients for over 13 years.  Formerly known as Lehn Insurance and Surfside Insurance and Financial Services, we have combined as a fully independent insurance agency and are now called Lehn & Vogt Insurance Group.  By partnering with independent insurance companies we are able to offer insurance solutions for you your family and your business.

A glimpse of our product offering includes:

Auto                          Life Insurance

Home/Flood              Medicare Health Plans

Renters                     Dental

Boat/Jet Ski              Annuities

Motorcycles              Disability

RV's & ATV's           Retirement and Business Planning

Golf Carts                 Long Term Care

Condo                        Liability

Commercial/ Business                    

Matthew Lehn & Jeffrey C. Vogt, CLTC

Agency Principals

2980 S.McCall Rd., Suite E Englewood FL 34224 Phone: 941.623.9190 ~ Fax: 941.698.8875  

Obamacare Blunders

Our agency has been trying to help customers navigate the treacherous rapids of the Affordable Care Act.
The so called "website repairs" still have not been resolved.  Subsidies are not transferring to policy premiums.  Insureds are ending up having to pay the entire premium in hopes the subsidy will be applied.  Appeals made to the Federal Government  contractor are in limbo. The Washington  Post has a great article on the problems.  Copy and paste the following link into your browser.
 http://www.washingtonpost.com/national/health-science/healthcaregov-cant-handle-appeals-of-enrollment-errors/2014/02/02/bbf5280c-89e2-11e3-916e-e01534b1e132_story.html

Towing a Tender from your Boat

Towing a Tender

By Randy Troutman On January 20, 2014 ·

Tenders are indispensable to boaters once they get to an anchorage or mooring. But they can also be bothersome while under way if you don’t have a davit system and you tow the tender behind your boat. Not to worry! Here are our tips for safely tying off your tender.

1. First, you need the right equipment. Make sure you have a long length of braided nylon line; this is the preferred line for towing because it has some stretch and will act as a “shock absorber” between the two vessels. It’s also very helpful if your tender has a reinforced tow eye or a bow cleat to which you can secure the line.

2. Next, take any loose articles out of your tender — oars, fishing gear, life preservers, seat cushions — and remove the outboard motor. These articles can come loose during transit and end up in the drink.

3. The most common method for towing a tender is to use a bridle. A bridle is a separate piece of nylon line that’s attached to both of the rear cleats of the towing boat. Leave enough slack so that the bridle becomes a “V” shape when the tow line is attached to its center. Make sure to attach your tow line to the bridle with a loop, or use a “D” ring, so that it can shift as the towing boat changes heading.

4. The opposite end of the line should be secured to the tow eye or bow cleat(s) of your tender. Run the line so that it comes directly off the craft’s bow. The tender should be towed a short distance from your boat. If you’re inland or entering a harbor, keep the line short so it won’t obstruct traffic. On the other hand, if you’re on open water, some extra distance is preferable as it will reduce tension on the line and splashes from choppy waters.

5. Tying buoys to the tow line will prevent it from sinking into the water and possibly fouling on your props or other debris, and will also help make it more visible to other boaters. The number of buoys needed will depend on the length of the line and size of the flotation devices, so test out your rig before you tow, tow, tow your boat.

Florida Approves Electronic ID Card for Auto Insurance

Florida is joining the ranks of 29 other states and allow drivers to show law enforcement officers their proof of automobile insurance through their cell phone and other electronic means.

In December, Gov. Rick Scott and the Florida Cabinet signed-off on an administrative rule change implementing a law enacted in 2013 that allows drivers to show their proof of insurance electronically.

Although the law went into effect in July 2013, a previous administrative rule still required drivers to carry and display a printed insurance card.

Under the new rule, drivers will be allowed to display their insurance information via their cell phone, laptop, tablet or other device.

The Florida Uniform Traffic Citation Statistics Bureau reported that in 2012 drivers were issued 326,000 tickets for driving without proof of insurance. However, more than 250,000 of those tickets were later dismissed when the driver later produced proof of coverage.

According to the Property Casualty Insurers Association of America, the 30 states that have adopted e-card laws and/or regulations are: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Minnesota, Mississippi, Missouri, North Dakota, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin and Wyoming.

From Insurance Journal

FEMA Flood Insurance Update

To much dismay Congress has yet to vote on amending the Biggert-Waters Flood Act.  Currently new home purchases in pre-firm areas are feeling the full premium affect of the act.  Premiums that used to be $1200 a year on a $250,000 home are now $3000 plus. Existing   homeowners that were getting rate relief are now seeing  25% rate increase that will continue for the next four years.   Coastal states are pushing for private flood insurance . While it sounds promising I wouldn't hold my breath.   LLoyds of London does offer a private market flood insurance policy. The rates are bit lower than the FEMA rates with comparable coverage. For more information on  a private market flood insurance policy visit our website or email us at
matt@lehnandvogt.com

www.lehnandvogt.com