National Hurricane Survival Initiative

Saving Lives & Minimizing Damage -- Is your community prepared?

When Typical Homeowners’ Insurance Isn’t Enough

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People want the best home protection possible for their families, and Floridians in particular understand how important this is when it comes to hurricane preparation. As a former Florida insurance commissioner, Kevin McCarty understands this better than most.

McCarty’s career with  the Florida Office of Insurance Regulation began right before Hurricane Andrew devastated much of South Florida in 1992, providing him a firsthand look at how severely a storm can impact the state. Through the intensity of the 2004 and 2005 hurricane seasons, when Florida was battered by eight named storms including hurricanes Wilma and Katrina, McCarty was witness to massive disaster areas with tens of billions of dollars’ worth of damages. McCarty knows how unexpectedly dangerous and damaging hurricanes can be.

“It is unfortunate that many people only learn the terms of their homeowners’ policy coverage after a catastrophic event occurs. Imagine their surprise and regret when they learn that things like spoiled food, evacuation costs, family mementos, luxury goods and similar items are not in fact covered under their standard policy,” McCarty says. “Fortunately, a new innovative new product allows homeowners to obtain affordable supplemental coverage with proactive claims processing that will put cash in their hands quickly and allow them to return to their normal routines as soon as possible, without the stress of the traditional claims adjusting process.”

To protect his own family, McCarty uses a supplemental coverage called StormPeace. Offered by Assured Risk Cover, StormPeace strengthens a homeowner’s policy with no inspections, adjusters, or deductibles by covering expenses that are normally excluded in homeowners’ policies. McCarty  recognizes the reality of many families in Florida who live paycheck to paycheck – as well as the urgency to resume their lives and the helpless frustration they feel over long claim times. StormPeace offers peace of mind in these situations; after Hurricane Irma, for example, 100% of StormPeace’s policyholders were paid,  with 98% of them receiving funds via direct deposit within 72 hours.

No Deductibles or Adjustments

StormPeace is available for homeowners, renters, and mobile homes. A claim and attestation of damage is all it takes to initiate payments, and a detailed listing of actual losses is available afterwards. The streamlined claim filing system has been modeled so the process is quick and hassle-free.

A Parametric System

StormPeace is what’s called a “parametric” insurance, meaning policyholders can receive payments once the specified parameters are met. StormPeace focuses on two predetermined factors: the distance between your property and the center of the hurricane, and the strength of the storm when it’s closest to your property.

Reduced Waiting Period

Since the parameters are easy to find out and verify, the claims process is simplified and access to funds is almost immediate. The National Hurricane Center provides real-time hurricane tracking, so once the payment conditions are met, StormPeace uses the GPS locations for insured properties to reach out to policyholders about their claims eligibility within 24 hours of the hurricane end. All that’s required is a claim and attestation of damages to receive your payment within 72 hours!

No Landfall, No Problem

All nearby hurricanes are eligible, even if they don’t actually make landfall. StormPeace understands that hurricanes can cause significant damage, regardless of landfall or not.

Not Your Typical Coverage

Payments can be used for any out-of-pocket expense that directly resulted from the hurricane, including water damage of all types, as well as  spoiled food, damaged pools, and fallen trees. Another potentially major expense that isn’t covered by most typical insurance policies is the cost associated with evacuating. A survey by the National Hurricane Survival Initiative revealed that 40% of respondents spent $500 or more as a result of evacuating for Hurricane Irma, and 58% stayed put despite evacuation recommendations.

Learn more about how StormPeace works here or visit www.stormpeace.com

Gwen Graham Joins REBUILD 850 Leadership to Boost Panhandle Recovery

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TALLAHASSEE, Fla. — Former U.S. Rep. Gwen Graham, whose Congressional district included many of the Northwest Florida counties and towns most devastated by Hurricane Michael, has joined the leadership team of the REBUILD 850 initiative. Graham will serve as co-chair of the effort, along with former Florida House Speakers Allan Bense and Will Weatherford.

“The people of North Florida have always been proudly self-reliant, but in the unprecedented aftermath of Hurricane Michael, they need all of Florida to pull together on their behalf,” Graham said. “REBUILD 850 will play an important role in rebuilding our communities and helping the families hit hardest by the storm, which is why I am proud to join this vital initiative and to serve with Speakers Bense and Weatherford.”

Bense said Graham’s deep history in the region and leadership skills will add valuable perspective as the affected communities work to recover and rebuild.

“Gwen’s caring leadership and deep connections to the region are why we asked her to co-chair REBUILD 850,” Bense said. “It doesn’t matter what part of Florida you call home – we’re all in this together, and all Floridians must pull together to help our neighbors in need.”

Added Weatherford: “Hurricane Michael didn’t care about the political affiliation of the people whose lives it impacted, and recovery must also rise above any divisions. There is nothing more important than helping our communities get back on their feet.”

REBUILD 850 unites the resources and efforts of Volunteer Florida, the Florida Department of Economic Opportunity, the Florida Chamber of Commerce, the Florida Chamber Foundation, the Florida League of Cities, the Florida Association of Counties, United Way of Florida, the American Red Cross, the Florida Press Association, the Florida Association of District School Superintendents, the FAIR Foundation, “Get Ready, Florida!”, the Florida School Boards Association, the Florida Society of Association Executives, United Way of the Big Bend, and the Greater Tallahassee Chamber of Commerce.

REBUILD 850’s objectives urge people to donate, volunteer, visit and invest in the affected region. The mission is to help residents of areas devastated by the power of Michael while promoting commerce in communities – ranging from Panama City Beach to Pensacola – that escaped the worst of the storm’s wrath and remain open for business.

Donations to REBUILD 850 will be administered by Volunteer Florida’s Florida Disaster Fund. The Florida Disaster Fund is the state’s private fund established to assist communities following disasters. The funds are distributed to approved organizations that are serving affected individuals throughout both disaster response and long-term recovery. During response, these organizations and volunteers are assisting with tree removal and debris cleanup, tarp installation, mucking out and gutting of homes, and food distribution. Long-term recovery includes rebuilding homes, businesses, and communities while offering financial guidance and planning services.

Individuals can donate or volunteer to help REBUILD 850 by going to www.rebuild850.org

Don’t Go Into Another Hurricane Season Without This Important Business Tool

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Speed of recovery means everything for businesses. You don’t want to wait days or weeks after a hurricane to reopen, because that’s lost income. What’s more, many businesses see a surge in demand after a hurricane, so they absolutely have to stay open or at least minimize downtime.

That’s why Assured Risk Cover created StormPeace for businesses. It’s designed to give business owners the cash infusion they need immediately after a hurricane so they can get back on their feet quickly.

Business interruption coverage is becoming increasingly popular, yet it has its limitations. Most commercial insurance policies require proof of physical damage before they will pay for business interruption. StormPeace, however, offers business interruption coverage with or without physical damage, because often all it takes is a power outage or evacuation order to force a business to close its doors.

Florida businesses are preparing for this hurricane with StormPeace – because the faster they recover, the sooner their customers and the local economy benefit. They can apply the funds toward a wide variety of expenses, including:

  • Temporary location rental
  • Transportation
  • Debris cleanup
  • New equipment
  • Business income loss or payroll expenses
  • Repairs

Like the StormPeace residential policy, applying for business coverage is simple. Just provide your business name and address and choose a policy limit, up to $60,000 and lower than your hurricane deductible, if you have one. There’s a simple, painless claims process and you’ll receive your payment within hours of the hurricane. The amount you receive is calculated based on the strength of the storm and its distance from your business location. It doesn’t matter how the loss was caused (e.g. by wind, flying debris, water, rain, storm surge, or mold from water), so long as the triggers are met.

According to FEMA, 40% of small businesses never reopen after a disaster, and another 25% that do reopen fail within a year. A small business can be extremely vulnerable to a major weather event, and it represents years of sweat equity and investment. The stakes are too high to leave anything to chance.

Get started at www.stormpeace.com today!

Parametric Insurance Puts Money in Your Pocket

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What’s the one thing you can’t live without? It probably took you .07 of a second to answer, “My phone, of course!”

Our phones are indispensable. Without our phone, we can’t look anything up, listen to music, communicate with others, or purchase anything. It’s our lifeline and your constant companion.

So why are we still asked to abandon the “smart” part of our smartphones and use the same old dialing method when transacting with insurance companies? Admittedly, some are getting better at putting the customer experience on the smartphone. There are some great examples, like Lemonade, Metromile, and GEICO.

But – and here’s the big but! – there’s still too much friction when you try to file a claim after disaster occurs. You have to look up a phone number, call the number, sit on hold, speak to three different people, provide your policyholder number (and who knows where to find that number anyway?) and wait another 15 minutes until you’re given some kind of assurance that you’re being taken seriously and someone will look into your claim.

Or maybe you go to your insurer’s website and open up one of those dreaded chat windows. You can bet the uncertainty and delays only get worse when hundreds of other people are trying to get answers online after a major disaster.

As J.D. Power notes, “most insurers’ digital offerings are lacking in insurance-specific capabilities such as processing claims, effective shopping and servicing of policies.”

It shouldn’t be this difficult for the consumer.

Fortunately, two breakthroughs have converged to ease the pain of the interminable claims process:

  1. Parametric insurance has shortened the time to payment.
  2. Mobile technology has made it immediate.

You can now have a claims payment hitting your bank account within hours, with no hassle or human interaction.

The problem has been around forever: Too many things happen during a disaster that aren’t covered by a typical homeowners policy. With the exception of the dwelling and contents, few things damaged or destroyed are covered. Historically that put consumers in a bind, until advanced data science and computing came along and made it possible to insure all these additional risks. In fact, if it doesn’t appear in your homeowners policy, a supplemental hurricane policy will cover it.

Here’s an example of how parametric and mobile are teaming up to help people recover faster. Let’s say you live in Florida and a hurricane passes through your town, toppling a huge tree in your driveway. Now you’re stranded because your car is stuck in the garage. To make matters worse, you lost power, your food is spoiling, and you can’t get out to restock until the tree has been removed.

Few of us would have the cash sitting around to take care of these urgent matters quickly. If you’ve been through a hurricane, tornado, or similar disaster, you know the first 24 to 48 hours can be paralyzing. Your world is turned upside down.

However, if you had purchased a StormPeace policy, you can get the money you need almost instantly. There’s a painless claims process because the computer instantly calculates how much dough you’re eligible to collect. The amount is based on the strength of the storm and its distance from where you live.

So, you’re sitting on your front step lamenting your situation when all of a sudden you get an email saying you’re eligible for a claims payment. All you have to do is click “accept” attesting to the loss claims amount, and the money is wired to your bank. It’s like “found money” because you even forgot you purchased that parametric policy! And it’s a good thing your insurer notified you electronically, because your phone is about the only thing you own that’s working at the moment.

Applying for a StormPeace policy couldn’t be simpler:

  • Submit your name and address
  • Select a limit
  • Click buy

Parametric insurance has been around for a while, used by many businesses. But StormPeace is one of the first companies to deliver this valuable tool to homeowners and other consumers. It provides the peace of mind that they’ll have money in their pocket to handle those surprise expenses that pop up, like needing to buy a generator, repair a pool cage or boat dock, or replant landscaping. They can also use the funds to meet their homeowners’ deductible, which can run into the thousands. Without meeting that deductible, repair work on your house will be delayed even longer.

Thanks to StormPeace, all you need is your smartphone to buy an insurance policy and get paid after the storm! You can still call us, too. Visit www.stormpeace.com to get started.

FedNat Provides Stability in the Unpredictability of Hurricane Season

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SUNRISE, Fla. —  Being a homeowner in Florida certainly has its perks — sandy beaches, sunshine, and tropical weather make for a vacation-like setting year-round. However, from June 1 to November 30 each year, the state becomes a perfect target for powerful storms like last year’s Hurricanes Irma and Maria. This unpredictable time of year calls for comprehensive homeowners insurance with a trustworthy, long standing and financially stable company. For this need, industry experts recommend FedNat Insurance Company.

With broad product offerings and a Florida focus, Floridians are wise to remember FedNat when preparing for hurricane season. As a sponsor of the National Hurricane Survival Initiative’s Get Ready, Florida! program, in partnership with the FAIR Foundation, FedNat understands the importance of providing education on how to best protect what matters most.

“It is crucial that Floridians meet with their agents to understand how they’re covered prior to hurricane season,” said Michael H. Braun, CEO and President of FedNat. “Our company is committed to providing peace of mind to policyholders through expedient claims handling and personalized protection.”

Having paid over $2 billion in claims in its 26 years, including approximately $500 million after Hurricane Irma in 2017, FedNat’s proven coverage allows policyholders to rest easy in the midst of even the worst storms. Jay Neal, CEO of the Florida Association for Insurance Reform, sees firsthand that all insurance providers in Florida are not created equal. When he had to make a choice for coverage on his own home, he turned to FedNat.

“Financial stability matters,” said Jay. “FedNat offers great coverage at a competitive price and backs it up with exceptional customer service.”

ABOUT FEDNAT INSURANCE COMPANY

FedNat Insurance Company has been providing individuals with peace of mind for more than 26 years. FedNat Insurance Company currently holds a Financial Stability Rating® of “A” (Exceptional) by Demotech, Inc. and an A+ by the Better Business Bureau. FedNat specializes in homeowners’ multi-peril (“homeowners”), dwelling fire, federal flood, personal umbrella and various other products in Florida. In addition, FedNat also underwrites homeowners’ and dwelling fire policies in Alabama, Louisiana, South Carolina and Texas through its partnership with SageSure Insurance Managers.