When disaster strikes, generally people are completely distracted when it comes time to file an Insurance claim. After a disrupting incident, like a fire or plumbing leak, it is difficult to navigate the murky waters of your insurance policy. While completely understandable, this is a time when you can make some serious mistakes that may cause you to lose out on some big money by saying the wrong thing to an insurance company. It often seems that people acting with the best of intentions end up suffering the most. When it comes to home repairs, sometimes contacting your insurance company about a seemingly basic home repair question can end up costing you dearly. A comparison of an insurance agent to a police officer would be apt. Talking to an insurance company is just like talking to a police officer:

Everything you say can and will be used against you.

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On Monday, April 27, 2015, a severe thunderstorm for Southeastern Broward County and Northeastern Miami-Dade County let to flooded streets, quarter-sized hail and lightning.

In North Miami, strong gusts of wind knocked down power lines, signs and a tree, which landed on top of a car. Branches and debris littered many neighborhoods and roadways.

Due to the inclement weather, residents in both Miami-Dade and Broward County lost power. According to FPL, as many as 2,624 Miami-Dade residents and over 3,000 Broward residents were without power. Luckily, no one was hurt.

High winds and rain also passed through North Bay Village and quarter-sized hail fell in Pembroke Pines.

If your home sustained damage as a result of the high speed winds or hail, or think you may have a property claim, 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.

Authorities have confirmed that a tornado touched down near Ocala, Florida last week, causing sever damage to dozens of homes. Luckily, no injuries were reported but at least half a dozen homes suffered heavy damage when the line of thunderstorms passed through the area on Monday afternoon.

Marion County officials estimate that the tornado had wind gusts between 86 and 109 miles per hour. Most of the damages were within the Palm Cay and Oak Run neighborhoods.

If you have any questions concerning your Homeowners’ insurance policy, or think you may have a property claim, 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.

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A series of South Florida Condominium Robberies committed by the same group of subjects has an estimated combined monetary loss of $2.5 million. The crimes are being investigated be three different counties, several agencies, and 20 detectives. The Hillsboro Beach Police met with Bay Harbor Police officials Tuesday as both departments have been forced to deal with the same issue – a group of at least six individuals they believe are working together to target high-end South Florida condominiums.

A surveillance video has been released from the police department showing persons of interest during a February break-in. Officers received tips regarding a break-in in Fort Lauderdale after 7News aired the video. Suspects were once again captured on camera. 

If your home has been burglarized or vandalized, you may have a claim. Call The Mineo Salcedo Law Firm for a free consultation and inspection at (954) 463-8100.

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Researchers predict the 2015 Hurricane Season will be a mild one. They are predicting only 7 storms, compared with the 30-year average of 12. It is also predicted that three of these storms will reach hurricane strength of at least 74 miles (119 kilometers) per hour. The season starts on June 1st and lasts through Nov. 30. Citizens Property Insurance Corp., known for providing coverage when other insurers won’t take the risk, is selling as much as $1 billion of municipal debt. It would be the insurer’s first bond sale in three years. In 2012, Citizens told investors that it writes policies in areas that “appear to be at the highest risk” of hurricanes and sinkholes. If a storm produces enough claims to consume reserves, Citizens can ask for a surcharge on property-insurance policies sold statewide, including those from other companies, to repay its bonds.

One risk is that regulators don’t grant the surcharge. With storms bypassing the state, the company earned net income of more than $1 billion the past two years, raising its surplus to $7.4 billion at year-end, compared with a deficit of $1.8 billion at the end of 2005, according to financial statements.

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There’s good news and there’s bad news. The good news is Florida’s foreclosure activity has declined by more then a third from a year ago. The bad news is it still ranks as one of the highest in the nation. A recent report from research firm Realty Trac shows one in 570 homes in Florida is in foreclosure. Read more about Foreclosures in Florida 2015 at http://bit.ly/19MaKdY

In 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.

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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Citizens Property Insurance Corp. reports it returned nearly $310,000 in refunds to affected policyholders in 2014 as part of its efforts to recover claims payments of $4.9 million by pursuing reimbursement from product manufacturers, contractors and other third parties responsible for the losses.

Citizens’ recovery unit was established in 2009. Its eight employees are charged with reviewing claim losses that appear to be the fault of someone other than Citizens’ policyholders. Common causes for recovery include defective products, improper installation and negligent actions of other responsible parties.

The recovery unit surpassed its 2014 goal of $3.3 million by more than 30 percent by taking back more than $12,000 per claim in 2014 compared to its rate of more than $10,000 per claim in 2013, according to the company.

Citizens’ ability to recover against parties that caused or contributed to losses sustained by policyholders gave Citizens the ability to refund a total of $309,335 in deductibles on 383 claims in 2014. Affected policyholders received an average refund on their deductibles of more than $800.

Kay Weldon, Citizens claims manager overseeing the recovery efforts says Citizens’ recoveries in 2014 had a direct impact on keeping premiums as affordable as possible while ensuring that Citizens policyholders receive all they are entitled to.

“The funds we recover either go to individual policyholders directly or are set aside to boost Citizens’ surplus to benefit all Florida policyholders,” she said.

Source: Citizens Property Insurance Corp. — http://www.insurancejournal.com/news/southeast/2015/02/20/358125.htm