Flood Insurance Premiums

Pensacola Flood

Rainy season is here, and parts of Florida know it all too well as some areas experienced heavy rainfall in the past 24 hours – with more on the way, almost daily. And, that reminds me that my flood insurance premium is due.

Renewing flood insurance coverage should be a no-brainer for those living anywhere near a body of water.

“Framed” in a minor fender bender

Dot bumper

A picture says a lot, so look at the photo above of my Camry’s bumper after a fender bender last week. Connect the dots. It’s a perfect outline of a spiked license plate frame available at most big-box retailers for about $10. Absent that frame from the front of the SUV that rear-ended me, there would have been zero damage to my car.

An inside view of flood damage


You’ve probably seen numerous dramatic photos of the recent flooding in Texas. Cars underwater, buckled roads, smashed houses. The photo below is what it looks like when the water recedes and a home doesn’t wash away. If you ignore the piles of soggy carpet, limp drywall and damp possessions awaiting the trash man at the curb, the homes look fine on the outside. On the inside, it’s a mess.

I was in Houston last week, helping share information on disaster recovery. In a flooded neighborhood along one of the bayous, home after home was deep into the drying out process. It’s a shared experience none of them wanted, and several of them had been through it before. Tropical Storm Allison affected the same neighborhood in 2001. Interestingly, I saw only one home that was elevated more than a few inches. There likely were more, but this one stood out because it stood UP high and dry above the others, at least 3 feet.

Houston homeowners who had flood damage are learning about an ordinance that requires them to elevate their homes if their damage exceeds 50 percent of the structure’s market value. This is something that Floridians need to think about, too. Do you have enough insurance to rebuild after disaster, taking your local ordinances into account? Don’t wonder about it. Be sure! Call your insurance professional to ask about your law and ordinance coverage.

Price Optimization: What it is & what it isn’t

Florida regulators issued a memorandum to insurers recently to eliminate the use of something called price optimization. That’s probably an unfamiliar term to most people. It’s interesting that the memo had to define what “price optimization” is in order for insurers to stop doing it. Simply, the memo from the Florida Office of Insurance Regulation was to stop a practice that few insurers are using in the first place and that may actually help lower insurance costs.

Price optimization is a tool that other industries have used for years,

Business owners: Review insurance coverage before hurricane season


At the Governor’s Hurricane Conference this week, we delivered a presentation on what small-business owners need to know about insurance. It was titled “Coulda, Woulda, Shoulda” because, unfortunately, that’s a lament heard after disaster. If you own a business, do everything you can now to put your business in a position to survive.

There are dozens of business insurance coverage options, and a small business probably doesn’t need them all.

Ugly mob brings havoc; insurance brings restoration

Although Baltimore is a thousand miles away from Florida, because of the images of rioting, it feels closer.

Although Baltimore is a thousand miles away from Florida, because of the images of rioting, it feels closer.

Last night’s evening news overflowed with coverage of the riots in Baltimore. Today’s news is focused on the aftermath and cleanup. including the insurance that comes into play. Although Baltimore is a thousand miles away from Florida, because the images of rioting and the subsequent damage are seen so vividly in our own homes and businesses, it feels closer. And, it is prompting questions about property losses, which the team at the Insurance Information Institute has been fielding all day.