Florida Rules Against Insurer in Concurrent Loss Case

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Florida’s Supreme Court ruled in favor of policyholders seeking coverage on claims where there is the possibility of multiple concurrent losses but with at least one of the losses covered under their policy.

On December 1st the case of American Home Assurance Co. v. Sebo, 141 So. 3d 195 (Fla. 2d DCA 2013) was underway. In this case homeowner, John Robert Sebo, sought a review of the decision from the Second District Court of Appeals that ruled in favor of the insurer, American Home Assurance Co., Inc., which denied coverage on his $8 million “all risks” homeowners policy.

The Florida Supreme Court stated that it is undisputed that Sebo’s all-risk policy included exclusions against faulty, inadequate or defective planning, including for design, materials, and maintenance, as well as the fact that the rainwater and hurricane winds combined with the defective construction to cause the damage to Sebo’s property.

 

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Protect Your Family and Secure Their Future

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If you are new to buying any type of life insurance, you will need to know how it works and have a good understanding of the types in order to choose the coverage that will be best for you and your family. If you live in Naples, Bonita Spring or Marco Island the team at American Accord Insurance is willing and able to assist you.

A life insurance policy is basically a contract between you and the insurance company. You make payments on the premium and in exchange for the insurance company providing a lump sum payment – also known as a “death benefit” – to your beneficiaries when you, or the insured party, passes away.

In a typical situation, the life insurance type will be determined by the goals and needs of the policy owner. The type known as term life insurance will provide the protection only for a specific amount of time. The more permanent type, like whole or universal life insurance, provides coverage for a lifetime. One more thing that is important to know is that the death benefits from life insurance policies are typically tax free.

 

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Benefits of Homeowners Insurance

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Southwest Florida, namely Naples, Bonita Springs and Marco Island have some truly beautiful homes, and its beautiful weather and proximity to the ocean means that those homes are likely to increase in value as more and more people escape the cold winters up North.

While homeowners insurance may seem like just another bill you have to pay, it’s worth remembering that there are far more reasons to appreciate it rather than resent it.

1. Protecting Your Investment

Homeowners insurance is what saves you from having to make all of the repairs after harsh winds or rains come tearing through your neighborhood, or having to replace your possessions should you be targeted by thieves or vandals. The wealth in Naples and Marco Island makes these areas very attractive to criminals, and having the right protection can be crucial to keeping protecting the accumulated value of your property.

 

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