insurance coverage Archives - Real Estate Investing in Florida

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Investors want to know that their properties are insured against any unforeseen damages. The last thing a real estate investor wants to do in the event of an emergency is argue with their insurance company over an insurance claim. Insurance companies are a business and all businesses look towards minimizing costs. If damages occur, most insurance companies will attempt to mitigate costs on an insurance claim in order to avoid costly expenses, but this can hurt investors trying to recoup loss of income on a property.

Ray Altieri III is Vice President of Business Development for Altieri Transco American Claims Corporation. Together with his company, Ray strives to ensure that insurance policyholders receive proper payment in the event of an insurance claim. As public adjusters, Altieri Transco represents insurance policyholders throughout a claim to guarantee that they receive proper recompense from insurance companies. This episode Ray discusses how investors can avoid getting burned when making an insurance claim on an investment property.

When to Get a Public Claims Adjuster?
- A.S.A.P – A Public adjuster should be brought in on a claim as soon as possible to build an accurate cost for coverage from the ground-up. Adjusters for insurance companies will attempt to minimize costs for coverage
How Are Public Adjusters Compensated?
- Typically, public insurance claim adjusters receive a percentage of the overall settlement, usually 10%
Tips for Investors
- Insurance Applications – Investors should be aware of the information entered into insurance applications. Incorrect or missing information may result in a voided insurance claim
- Emergency Services – Costs for emergency services on an insurance claim are not paid by insurance companies, they are paid by the policyholders. Investors should understand these costs and how they affect coverage on a claim

For more insurance claim information or to find out more about Ray’s services visit Altieri Transco’s website at www.altieritransco.com or you can reach Ray by phone:

Personal: 813-695-8718

Office: 813-247-8757

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Jay Smith, CEO of A Snoop Inspections, is a veteran in his field of property inspection. Jay possesses over 30 years in property inspection experience as well as hands-on knowledge of building construction. Jay has an invaluable insight into the key concepts of inspecting properties.

Property inspections can cause even the most seasoned real estate investor to shudder. Not only do inspections have the potential to turn up devastating issues for investors close to finalizing a deal, under-qualified inspectors may cost an investor thousands of dollars in corrective aggravation. Recent changes to insurance policies and coverage in Florida have led to increased concern over property inspections and their impact on real estate investment. Commercial investors need to be especially careful as there are many more aspects to commercial property inspection as opposed to residential. This episode will cover six hot spots or areas of focus for any investor to cover when inspecting properties.

Electrical
1. Out-dated wiring methods may preclude properties from meeting current insurance requirements
  1. Aluminum wiring dating mid 1960s-1970s a prevalent issue; Cloth wiring; Knob-and-tube wiring
  2. No safety outlets by water areas source of concern
Roofs
1. Major area of concern when inspecting properties. Damage can be detrimental to property and repairs costly.
  1. Look for flat roofs or areas where water pools
  2. Leaks cause major damage
  3. A/C units on roofs – water damage from condensation, impede accessible roof maintenance. New FL building codes require roof-units be on raised platforms
Insurance Changes
1. Changes to FL insurance coverage a important concern for new buyers
  1. Standards for coverage have changed over recent years
  2. Require more detailed inspections, won’t insure certain construction methods/materials
  3. Insurance coeerage under previous owner will not extend to new buyer
Sinkholes
1. Costly and potentially dangerous inspection issue
  1. Look for long, horizontal cracks in and around structure
  2. $2000 geo-technical survey
Mold
1. Serious issue in FL
  1. Difficult to asses severity or extent of infestation
  2. Especially an issue in vacant or untended properties
Inspector Due Diligence
1. In FL especially, determine certifications of inspectors prior to selecting
  1. FL requires Home Inspector license only
  2. International Association of Home Inspectors – largest H.I. association in U.S.
  3. For specific issues, contact specialists (i.e. mold inspector, master electrician, professional roofer)

To contact Jay for information on inspecting properties or to inquire about his own property inspection services, visit his website: www.a-snoop.com or call (813) 345-2600