Introducing the Tower Hill Private Flood Program

Natural Disasters

What to Do AFTER the Storm

June 7, 2016  |  Tower Hill Insurance

While storm preparation is key, it’s also important to understand what you should do post-storm so you can begin the rebuilding process quickly.

• Notify Tower Hill of damage as soon as possible at800.342.3407 to start the claim filing process.
• Make temporary repairs in order to help avoid further damage, such as placing tarps on damaged roofs or boarding up broken windows. Hire only licensed, reputable repair companies and be sure to keep receipts for all repairs to provide to your claims adjuster.
• Take photos or video of damage prior to cleanup. If possible, do not throw away damaged items until the claims adjuster has reviewed them.
• Have your household inventory available for the claims adjuster, complete with photos/videos, receipts, and important information such as make and model numbers.

In partnership with Tower Hill, your insurance agent and claims adjuster are committed to helping you through the claims process step-by-step. Our goals are two-fold: your complete satisfaction and helping you repair and rebuild as quickly as possible.

How to insurance a home that does not pass a 4 point inspection.

How do I get insurance if my home can't pass a 4-point inspection?

   Most insurance companies require a satisfactory 4-point inspection report be submitted to them before they will insure an older home—typically more than 40 to 50 years old or so, depending on the company. The purpose of the inspection is to determine if there are any deteriorated or unsafe conditions in the home that have developed due to its age, which have the potential to cause an insurance claim in the future. The four “points” are: roof, plumbing, electrical, and heating/air conditioning. 

   But if the inspector turns up so many defects during the 4-point inspection that the insurance company declines to insure the property until they are fixed, there is another option. It’s called a “builder’s risk” or, sometimes, a “vacant property” or “surplus lines” policy, and is often purchased by remodelers that buy uninhabitable houses in order to have insurance while they are repairing them for resale.

   One company that writes this type of policy is Tapco Insurance Underwriters. You cannot buy the policy directly from the company, and need to find a local independent insurance agent that represents them.

   There are limited requirements to secure this type of insurance. The policy is not cheap; so you only want to use it for as long as it takes to get the house improved sufficiently to pass a 4-point inspection. The minimum policy term offered is usually 6-months.

   As far as we know, no company offers this type of policy for a manufactured/mobile home. Also, many policies include a clause that does not allow you to get a refund for the unused portion if you complete your repairs quickly, and want to cancel and switch to standard homeowner’s insurance before the end of the policy term.

www.lehnandvogt.com

Lehn & Vogt Insurnace

2980 S McCall Rd

Englewood, FL 34224

Florida Hurricane Check List

Your Hurricane Prep Checklist

August 28, 2015  |  Tower Hill Insurance

Erika is forecast to impact Florida late Sunday or early Monday. Here’s a quick list of everything you’ll need to be ready!

(Click infographic to download a printable version.)

 

WWW.LEHNANDVOGT.COM

2980 S McCall Rd

Englewood, FL 34224

941-698-8877

The Claims Process: What Can You Expect?

June 25, 2012  |  Tower Hill Insurance

So, you have damage to your property. Tower Hill and CastleCare are here to help! Here’s a step-by-step summary of what to do and how the claims process works.

• To file a claim, call our 24-hour Claims hotline at 800.342.3407 or file a claim online as soon as possible after it occurs.
• If you have a Tower Hill flood policy separate from your homeowners policy, please contact Torrent Flood at 877.254.6819.
• At the time a claim is first reported, a claim number is assigned and provided to you. It is helpful to have your current policy number and contact information available prior to placing the call.
• You can be immediately referred to Tower Hill’s CastleCare Team at 844.TOWER.11 (844.869.3711) for the repair and restoration process to begin. CastleCare provides emergency services, such as water removal and roof tarping, plus a full-service contractor network for both residential and commercial properties.
• During hurricane season and depending on the severity of storm damage, Tower Hill may set up a temporary Catastrophe Response Center in affected areas. In addition, the Department of Insurance often designates “Insurance Villages” to assist customers in those areas hardest hit by the catastrophe. Tower Hill will publish this information on THIG.com’s News Alert page and via Facebook and Twitter.
• Following receipt of a claim, they are sorted by severity and assigned to an adjuster for inspection.
• The Tower Hill adjuster will call you to schedule a time/date to inspect the damages. CastleCare works closely with your Tower Hill Claims adjuster to help determine the assistance needed. NOTE: Minor damages that do not require an inspection are often handled by our in-house staff; you will be contacted by telephone.
• Prior to the meeting with the adjuster, you should complete a home inventory list of damaged items, take photos or video tape of the damage, compile available receipts for damaged items and temporary repair expenses, etc. Providing a copy of this information to the adjuster will help speed up the claim review process.
• For repairs to your home, the CastleCare network contractors in your local area handle all project details, from start to finish.
• After a complete review and inspection, the adjuster report is submitted to the Tower Hill Claims Representative for review. CastleCare representatives submit all required documents relating to their services directly to Tower Hill.
• Following review, the claim is settled and payment is made.

Your complete satisfaction matters to us! If you have questions or concerns about your claim, please contact your Adjuster directly or call our Claims Customer Service Center at 800.342.3407 between 8am and 6pm (ET) Monday through Friday.

2016 FEMA Flood Changes

Learn about New Rates and Other Changes Affecting Your Clients Starting in April Beginning April 1, 2016, the National Flood Insurance Program (NFIP) will begin implementing additional flood insurance program changes resulting from reform legislation. These changes may significantly affect what your clients pay for their flood insurance. While some property owners may see minimal policy cost increases, others will experience larger premium increases—for example, clients with buildings in high-risk areas built before that community’s first Flood Insurance Rate Map (pre-FIRM). Be sure to tell your clients about these increases and other changes before they go into effect. A summary of all of the changes is below, but you can find more details in the recent April 1, 2016, Program Changes NFIP Bulletin. Premium Increases Overall, average premiums will increase by 9 percent. On April 1, 25 percent annual increase for pre-FIRM business properties begins. Rate Increases for Buildings Newly Mapped into High-Risk Zones Buildings newly mapped into a high-risk Special Flood Hazard Area (SFHA) will receive premium rate increases using a FEMA multiplier that will change every January 1 (beginning January 2017) based on the year the new map became effective. You will need to be aware of which multiplier to use when writing your client’s policy to ensure that you apply the correct increase. Certain Lapsed Policies Now Rewritten at Full-Risk Rates (with two exceptions) Lapsed policies on pre-FIRM subsidized-rated buildings or policies rated using the Newly Mapped procedure will be rewritten using full-risk rates if coverage has lapsed more than 90 days or lapsed twice, regardless of the number of days, unless: The lender no longer required the insured to obtain and maintain flood insurance at the time of lapse or cancellation; OR The insured was in a community that was suspended from the NFIP, and the coverage was purchased within 180 days of the community‘s reinstatement. This change also applies to policies written after April 1, 2016, on policies that lapsed prior to this date. FEMA will also count as a lapse coverage that was switched from a NFIP policy to a non-NFIP policy. Change in Reformation of Coverage Procedure Starting April 1, 2016, how a policy is re-rated changes if a rating error is discovered: If a rating error discovered at claim time is found to be due to an incorrect Base Flood Elevation (BFE) or flood zone and an additional premium is needed, the policy only has to be re-rated going forward (called prospective reformation). If any other rating error is discovered at claim time, only the current term needs to be re-rated. If any other rating error is discovered—other than at claim time—only the current term needs to be re-rated, unless the discovery occurs within 60 days of renewal; in that case, the correction will be made effective at the next policy renewal. Communicating Flood Risk Determinations In response to recent reform legislation requiring FEMA to clearly communicate flood risk determinations to policyholders, WYOs and the NFIP Direct Servicing Agent will re-underwrite all policies receiving pre-FIRM subsidized premium rates, standard X-zone-rated, Preferred Risk Policies, and policies rated using the Newly Mapped procedure, so that FEMA can begin providing additional information to renewing policyholders regarding their flood risk, starting with October 2016 renewals. Agents should be aware they may be asked to help. FEMA will also provide this information to new policies starting April 1, 2016. Be sure to visit Agents.FloodSmart.gov. to access tools and resources that help you protect your customers and build your business.

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