Condo Media - December 2014 - 37
the insurance industry that my previous agent led me to believe I was. This
new agent easily found me a new carrier
with coverage on a par with my other
policy. He also guided me through the
transition. I was pleased to learn that my
premiums and coverage would be on a
par with those of my former provider.
Although I am pleased to report a
favorable outcome for me, many other
homeowners have not been so lucky.
Hurricane Katrina alone cost insurance
companies $123 billion ... the all-time
record. Unfortunately, there have been
additional disasters. In 2011, a series
of catastrophes, including earthquakes,
floods, and tornados generated $116
billion in claims. Because of their loss
obligations, the homeowners insurance
industry is becoming increasingly picky
with regard to whom they insure. We
are, apparently, at their mercy in this.
it. I did, however, make a careful check
the second time around.
The Point
There is no doubt that one should
procure an HO6 insurance policy. Not
to do so leaves one mortally vulnerable,
financially, in the case of a catastrophic
event. However, you can be a savvy
consumer by doing a little background
research before signing on the dotted
line. Don't depend solely on the advice
of an independent agent who may or
may not have your best interest at heart
when suggesting you sign with a certain
company. Finally, file a claim only when
the damage is so severe that you cannot
possibly absorb the cost. In other words,
do as I say ... not as I did! CM
Barbara Reilly is a community association volunteer leader having served as
president of the Conrad Condominium Association. She is a CAI-NE board member.
After the Rude Awakening
It was suggested to me that I check out
the web page of consumer expert Clark
Howard. People often ask him for guidance in financial matters. He cited a blog
that ran in The New York Times, written
by J.S. Schultz, offering some advice on
whether or not to file a claim.
"Never involve your home insurer in
a very minor claim. Pay out of your own
pocket instead. In fact, you should raise
your deductible as high as your mortgage
lender permits. That will help you resist
the temptation to make a small claim that
could lead to higher premiums or your
insurer dropping you altogether."
Heeding that advice will certainly keep
you on good terms with your current
insurance company.
Howard also referenced a March 2014
update of Consumer Reports in which
the best and worst home insurers in the
business are rated. Not surprisingly to me
now, my former insurer is right there in
the "worst" category. I would encourage
anyone considering obtaining new insurance of any kind to do some background
research before making such an important selection. I did not and sorely regret
Condo Media * December 2014
37
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Condo Media - December 2014
Table of Contents for the Digital Edition of Condo Media - December 2014
Contents
From the CED’s Desk
President’s Message
CAI News
CAI Regional News
Asked & Answered
Homeowner’s Corner
Words of Wisdom
Meetings
Legal
Homeowner Column
Legislative Update
Industry Perspective
Classifi ed Service Directory
Advertisers Index
Condo Media - December 2014 - Cover1
Condo Media - December 2014 - Cover2
Condo Media - December 2014 - Contents
Condo Media - December 2014 - From the CED’s Desk
Condo Media - December 2014 - 3
Condo Media - December 2014 - President’s Message
Condo Media - December 2014 - 5
Condo Media - December 2014 - CAI News
Condo Media - December 2014 - 7
Condo Media - December 2014 - 8
Condo Media - December 2014 - 9
Condo Media - December 2014 - 10
Condo Media - December 2014 - 11
Condo Media - December 2014 - 12
Condo Media - December 2014 - 13
Condo Media - December 2014 - CAI Regional News
Condo Media - December 2014 - 15
Condo Media - December 2014 - 16
Condo Media - December 2014 - 17
Condo Media - December 2014 - 18
Condo Media - December 2014 - 19
Condo Media - December 2014 - Asked & Answered
Condo Media - December 2014 - 21
Condo Media - December 2014 - Homeowner’s Corner
Condo Media - December 2014 - 23
Condo Media - December 2014 - Words of Wisdom
Condo Media - December 2014 - 25
Condo Media - December 2014 - 26
Condo Media - December 2014 - 27
Condo Media - December 2014 - Meetings
Condo Media - December 2014 - 29
Condo Media - December 2014 - 30
Condo Media - December 2014 - 31
Condo Media - December 2014 - Legal
Condo Media - December 2014 - 33
Condo Media - December 2014 - 34
Condo Media - December 2014 - 35
Condo Media - December 2014 - Homeowner Column
Condo Media - December 2014 - 37
Condo Media - December 2014 - Legislative Update
Condo Media - December 2014 - 39
Condo Media - December 2014 - Industry Perspective
Condo Media - December 2014 - 41
Condo Media - December 2014 - Classifi ed Service Directory
Condo Media - December 2014 - Advertisers Index
Condo Media - December 2014 - 44
Condo Media - December 2014 - 45
Condo Media - December 2014 - 46
Condo Media - December 2014 - 47
Condo Media - December 2014 - 48
Condo Media - December 2014 - Cover3
Condo Media - December 2014 - Cover4
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