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Citizens Enters 2015 Hurricane Season with $7.5 billion in Surplus

The Mineo Salcedo Law Firm

The Mineo Salcedo Law FirmIn September of 2014, the Citizens Property Insurance Corp. decided to put an end to an Citizens assessment allocated to pay-off a bond issued by Citizens, a property insurer backed by the state. The bond was created following the 2004-2005 Hurricane season, which saw a total of eight storms. The bond, which was scheduled to be paid off in June 2017, puts Florida’s insurance regulators two years ahead of schedule.

The 2004-2005 Hurricane season was one of the most famous and most devastating of all time. The incredible amounts of damage from these storms left Citizens $1.7 billion short to pay damage claims. By ending the assessment, Florida Insurance Commissioner Kevin McCarty noted that Citizens is now back on track financially. Citizens reports it expects to enter the 2015 hurricane season with more than $4 billion in reinsurance coverage and about $7.5 billion in surplus available to pay future claims.

A spokesperson from Citizens said that based on the insurer’s current size and financial condition, it will enter the 2015 hurricane season with enough resources to withstand a one-in-one-hundred year storm.

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If you have an insurance claim filed with Citizens or any other insurance carrier and want to set up a free consultation call The Property Claim Lawyers of The Mineo Salcedo Law Firm. One of our attorneys will be happy to review your insurance policy and conduct a free inspection of your home.

Tips For Preserving Your Case For Appeal

Preserving Your Case For Appeal

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Practice Management

Appellate review differs significantly from litigation. Statistically, appeals stem from receiving the most undesirable outcome for a client. Appealing from a trial court decision can be daunting and confusing for attorneys who are not prepared. Attorneys are so busy preparing for and during trial that they tend to forget about preserving the case for appeal. Here are some tips for preserving your case for appeal.

There are some important questions you will want to consider when evaluating a potential appeal:

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How water damage affects your home

When a flood enters your home contact us about Homeowner's Insurance Claims

If your house was hit by a flood, it is important to learn how water damage affects your home.

Within Minutes:

  1. Water contamination spreads to additional areas, increasing the expense of restoration.
  2. Any stains released from furniture (especially antiques) stain the carpets permanently.
  3. Moisture-sensitive furniture finishes turn white.
  4. Paper goods are ruined due to moisture absorption, which causes swelling and warping.
  5. Latent animal urine odor becomes noticeable.

Within Hours:

  1. Furniture in direct contact with the water begins to delaminate or swell, legs begin to split.
  2. Swelling wood can cause finishes to crack.
  3. Sheetrock (drywall, gypsum board) starts to swell.
  4. Microorganisms begin to germinate, causing bacterial odor.
  5. Dyes from non-colorfast fabrics start to migrate.
  6. Metal surfaces start to tarnish.

Within Days:

  1. Mycelium fungi appears, along with their characteristic “musty” odor.
  2. Severe warping of wood finishes becomes apparent, and adhesive release forces delamination.
  3. Hygroscopic internal components in pianos and organs swell from condensed moisture absorption.
  4. Metal surfaces rust, pit, or corrode, causing permanent damage.
  5. Paint blisters, plaster dissolves, and wall covering adhesives release.
  6. Door and window casings swell and delaminate.
  7. Wood housing structures (decking, joists, studs) start to swell and warp.
  8. Persons with asthma or the infirm elderly start to develop hypersensitivity reactions.

Within Weeks:

  1. Due to prolonged dampness, mold roots into organic materials (jute backings, paper coverings on sheetrock, paneling, wood, contents) and destroys them.
  2. Wood components warp and split, while chemicals within the wood destroys finishes.
  3. Claim costs escalate drastically, as gutting the structure and replacing components becomes necessary.
  4. Occupants must be evacuated due to biological health hazards.
  5. Children may become sensitized to allergens arising from uncontrolled microorganism growth.

 

 

Source:  https://www.linkedin.com/pulse/how-water-damage-affects-your-home-coleen-schmitt

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