State Farm Home Owners Insurance Lawsuits

How Much Insurance Do You Really Need?

Last month, for example, Home Value Insurance introduced a policy that promises to protect Ohio homeowners from tumbling property values. The firm plans to expand its offerings across the U.S. Great American Insurance Group, meanwhile, in August started selling policies that provide supplemental unemployment insurance, pitched as a way to guard against sudden job loss.

And earlier this year,

It is only natural to want to protect your family. But some insurance products that sound good don't hold up to closer scrutiny.

Loading up on policies "makes sense as a psychological phenomenon, but it doesn't make financial sense," says Zur Shapira, a professor of management at New York University who has studied insurance. After all, the more money you spend on protection, the less money you will have left to protect.

"If you can afford to replace it, don't insure it," says J. Robert Hunter, director of insurance for the Washington-based Consumer Federation of America and a former Texas insurance commissioner.

Christine Schmitz, a certified financial planner in Owing Mills, Md., recommends focusing on getting the most value from traditional insurance policies and skipping the rest. "Make sure you have great health insurance," Ms. Schmitz says. "Don't spend the extra $100 buying piecemeal insurance coverage."

Start by asking the following questions, says Scott Simmonds, an independent insurance consultant in Soto, Maine: How long will I have to wait before the coverage kicks in? What is excluded from coverage? How long will the coverage last? Then weigh those answers against the policy's cost.

Also, ask a prospective insurer for the "loss ratio," which measures how much of your premiums are paid out in benefits, says Glenn Daily, a New York-based insurance consultant. The higher the number, the better the value. But be prepared: Firms aren't required to provide that information to policyholders, Mr. Daily says.

Here is a guide to the insurance policies you can safely skip and those you shouldn't be without.

Lawsuit Filed Against State Farm Florida for Wind Damage to a Roof ...

My client's home is insured by State Farm Florida.  On July 1, 2010, there was a significant wind event in east Orange County, Florida.  My client submitted the claim to his homeowners insurer.  The homeowners insurer hired an engineering firm to inspect the house.  The engineers hired by the insurance company wrote a report that there was no wind damage on the roof, and that any problems with the roof were due to the fact that the roof was over 20 years old.  

However, prior to the July 1 storm the roof was not leaking and was otherwise functioning fine.  The roof has substantial wind damage.  (Such damage is relatively easy to see.  For an article I wrote on how to determine if a roof has wind damage click here  http://www.floridainsuranceblog.com/articles/insurance-coverage-homeowners/roof-claims/   The article also has a video showing a roof inspection, and how to prove wind damage to a shingle roof.)

In many homeowners claims, an insurance company will hire engineering firms to write them a report.  Often those reports are quite favorable to the insurance company.  If this happens to you DO NOT get discouraged.  The fact that an engineering firm says that there is no wind damage, or no sinkhole damage, etc is not the end of the inquiry, IT IS JUST THE BEGINNING.  Essentially, every insurance case I've ever won started with a denial letter. 

My deal with people is simple:  Never evaluate an insurance denial on your own.  I will look at any insurance denial for free.  If the insurer is correct I will let you know, and if they are wrong I will let you know that also. 

In this case, because of the refusal to pay for the wind damage, I filed a lawsuit today for breach of the insurance policy. 

As with most of my insurance claims, if I win this case the insurance company will have to pay my fees and costs, and if I lose, I'll work for free.

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