Insurance Recovery Group Presents: Hurricane Preparedness with Phil Sanov & Edson Briggs | Summary and Q&A

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June 3, 2020
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Morgan & Morgan
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Insurance Recovery Group Presents: Hurricane Preparedness with Phil Sanov & Edson Briggs

TL;DR

Understand the importance of being the named insured on your homeowners insurance policy, consider getting separate flood insurance if you live near a body of water, and be aware of the implications of a right to repair or preferred contractor clause in your policy.

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Key Insights

  • 🎮 Ensure you are the named insured on your homeowners insurance policy to have full control and ownership.
  • 💦 Consider purchasing separate flood insurance if you live near a body of water to be adequately covered for flood damage.
  • 🗯️ Be aware of the implications of a right to repair or preferred contractor clause in your policy, as it may limit your options and control over the repairs.
  • 🥇 Lender-placed insurance policies are typically more expensive and provide limited coverage compared to policies in your own name.
  • 📜 Document your personal property and keep receipts in case of flood damage.
  • 👋 Selecting your own contractor for repairs gives you more control and ensures you have the best service.
  • ❓ Review your insurance policy before hurricane season to ensure you have the appropriate coverage.

Transcript

  • All right, and we are broadcasting live. Welcome to Phil's First Party Parlay where we talk all things timely and topical in the insurance restoration industry. I'm Phil Sanov, trial lawyer with Morgan & Morgan's Insurance Recovery Group. In Morgan & Morgan's Insurance Recovery Group, I have got 55 of the most awesome attorney colleagues you woul... Read More

Questions & Answers

Q: Why is it important to be the named insured on your homeowners insurance policy?

Being the named insured ensures that you have full ownership and control over the policy, allowing you to exercise your rights and receive the full range of protections and benefits.

Q: How does flood insurance differ from homeowners insurance?

Flood insurance is separate from homeowners insurance and is administered by FEMA. It provides coverage specifically for flood damage, which may not be included in standard homeowners insurance policies.

Q: What is a right to repair or preferred contractor clause?

Some insurance policies may include a clause that allows the insurance company to select the contractor for repairs in the event of a claim. This may save you some money on premiums but limits your control over the repair process.

Q: What are the implications of having a lender-placed insurance policy?

Lender-placed insurance policies are typically more expensive and provide limited coverage compared to homeowners insurance policies in your own name. It is important to ensure that you are the named insured on the policy to have full control and ownership.

Summary & Key Takeaways

  • Ensure that you are the named insured on your homeowners insurance policy to have full control and ownership of the policy.

  • Consider purchasing separate flood insurance if you live near a body of water to be adequately covered for flood damage.

  • Be aware of the implications of a right to repair or preferred contractor clause in your policy, as it may limit your options and control over the repairs.

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