When securing a loan, the lender is taking considerable risk. By requiring a borrower to obtain Homeowners Insurance, the lender is minimizing that risk in case there is a hurricane, fire, or any other type of damage to the property. This will help ensure that any significant damage to the property will not go unrepaired and thus maintain the value that the bank has loaned.

Elevation Certificates are also used by insurance companies to determine several rating factors and are also used in determining the cost of insurance.

The amount of Flood Insurance coverage required by the Flood Disaster Protection Act of 1973, as amended by the National Flood Insurance Reform Act of 1994, is the lesser of the following:

1. The maximum amount of NFIP coverage available for the particular property type,
2. The outstanding principal balance of the loan, or
3. The insurable value of structure.

If the property is not in a high-risk area, but instead in a moderate-to-low risk area, federal law does not require Flood Insurance; however, a lender can still require it. In fact, nearly 1 in 4 NFIP flood claims occur in these moderate- to low-risk areas! Note that if during the life of the loan the maps are revised and the property is now in the high-risk area, your lender will notify you that you must purchase Flood Insurance.

-Source: www.fema.gov/faq-details/Mortgage-Lender-Requiring-Flood-Insurance

Yes, most companies offer payment plans. However, when purchasing a new home, most banks require that you pay the first years insurance in full as part of the conditions to close. After the first year, we can set up pay plan options to fit most needs

Elevation Certificates are also used by insurance companies to determine several rating factors and are also used in determining the cost of insurance.

The amount of Flood Insurance coverage required by the Flood Disaster Protection Act of 1973, as amended by the National Flood Insurance Reform Act of 1994, is the lesser of the following:

1. The maximum amount of NFIP coverage available for the particular property type,
2. The outstanding principal balance of the loan, or
3. The insurable value of structure.

If the property is not in a high-risk area, but instead in a moderate-to-low risk area, federal law does not require Flood Insurance; however, a lender can still require it. In fact, nearly 1 in 4 NFIP flood claims occur in these moderate- to low-risk areas! Note that if during the life of the loan the maps are revised and the property is now in the high-risk area, your lender will notify you that you must purchase Flood Insurance.

-Source: www.fema.gov/faq-details/Mortgage-Lender-Requiring-Flood-Insurance

A four point inspection is like a report card for the health of a home. It checks Roof, Plumbing, Electrical, and Air Conditioning. The majority of companies are requiring this when a home is over 30 years old. Based on the findings we may or may not be able to provide coverage. In the situation where we are not able to provide coverage due to the condition the home, we will work with the buyer and seller to help explain what needs to be done in order to be able to move forward.

Elevation Certificates are also used by insurance companies to determine several rating factors and are also used in determining the cost of insurance.

The amount of Flood Insurance coverage required by the Flood Disaster Protection Act of 1973, as amended by the National Flood Insurance Reform Act of 1994, is the lesser of the following:

1. The maximum amount of NFIP coverage available for the particular property type,
2. The outstanding principal balance of the loan, or
3. The insurable value of structure.

If the property is not in a high-risk area, but instead in a moderate-to-low risk area, federal law does not require Flood Insurance; however, a lender can still require it. In fact, nearly 1 in 4 NFIP flood claims occur in these moderate- to low-risk areas! Note that if during the life of the loan the maps are revised and the property is now in the high-risk area, your lender will notify you that you must purchase Flood Insurance.

-Source: www.fema.gov/faq-details/Mortgage-Lender-Requiring-Flood-Insurance

A wind mitigation inspection is used to determine that discounts a home qualifies for regarding a roof and shutters. There are many discounts available with regards specifically to your roof. Some of these include: roof covering types and if they are Florida Building Code compliant or Miami-Dade Product Approved, type of nails used and nail pattern applied when attaching the roof deck, method used for Roof to Wall attachment, your roof geometry (Hip, Gable, Flat), and if your roof was done with a specific type of protection to protect against water intrusion in the event of roof covering loss (Secondary Water Resistance).

There is only one discount available when it concerns hurricane shutters. Qualifying for this discount means that ALL openings (windows, doors, garage doors, side doors, sky lights, glass block windows, side lights, etc.) are protected with an approved product as per Florida Building Code Testing Application Standard (TAS) 201, 202, and 203 or Miami-Dade County PA 201, 202, and 203. This can apply with approved panels, accordions or impact glass.

Here are some of the most common reasons for not receiving a discount for hurricane shutters on your insurance policy:

• The garage door is not up to code and/or there is no documentation for the inspector to verify it,
• The front door is not up to code and/or there is no documentation for the inspector to verify it,
• The panels used are old and are not compliant with the code,
• There is 1 small window that does not have protection,
• There is a glass block feature in the bathroom with no protection,
• The skylight is not up to code and/or there is no documentation for the inspector to verify it,
• The inside garden windows/doors has no protection.

There is only one discount available when it concerns hurricane shutters. Qualifying for this discount means that ALL openings (windows, doors, garage doors, side doors, sky lights, glass block windows, side lights, etc.) are protected with an approved product as per Florida Building Code Testing Application Standard (TAS) 201, 202, and 203 or Miami-Dade County PA 201, 202, and 203. This can apply with approved panels, accordions or impact glass.

Remember, ALL openings must be protected with an approved product.

There are two deductibles in a standard Homeowner Insurance policy which covers windstorm. The All Other Peril deductible or AOP Deductible typically has $1,000, $2,500, $5,000 option and are activated when a homeowner presents a claim for perils such as fire, theft, and lightning. This deductible is incurred on a per claim basis.

The Hurricane deductible typically as a 2%, 5% or 10% option are activated when a homeowner presents a claim for hurricane damage. This deductible is incurred on a per year basis. The dollar amount for your deductible is determined by multiplying your hurricane deductible option by the coverage on your home.

• The garage door is not up to code and/or there is no documentation for the inspector to verify it,
• The front door is not up to code and/or there is no documentation for the inspector to verify it,
• The panels used are old and are not compliant with the code,
• There is 1 small window that does not have protection,
• There is a glass block feature in the bathroom with no protection,
• The skylight is not up to code and/or there is no documentation for the inspector to verify it,
• The inside garden windows/doors has no protection.

There is only one discount available when it concerns hurricane shutters. Qualifying for this discount means that ALL openings (windows, doors, garage doors, side doors, sky lights, glass block windows, side lights, etc.) are protected with an approved product as per Florida Building Code Testing Application Standard (TAS) 201, 202, and 203 or Miami-Dade County PA 201, 202, and 203. This can apply with approved panels, accordions or impact glass.

Remember, ALL openings must be protected with an approved product.