Latest Blogs

By Kerin Dodd, Stefan Latzko, 02/20/2019
In many general aviation businesses, the use of independent contractors is common: Flight departments utilize independent contractor pilots when employed pilots are not available Flight schools use Certified Flight Instructors (CFIs) who may instruct for other schools Extra maintenance technicians, line...
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By John Meisenbach, 02/15/2019
In 1980 there were 32,194 Centurions (those over 100 years old). By 2010 that number had grown to 53,306. That’s a 65% jump over a period of just three decades. Clearly, people are living longer. In some cases, they are flat out-living their life insurance. Many holders of life insurance have paid...
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Is Your Water Damage Claim Now Subject to a Higher Deductible?
01/09/2019

Our recent blog discussed the hazard of frozen water pipes and included tips on how to mitigate potential damage.  There are a number of other circumstances where water damage can occur in your center – flood waters, backup of sewers and drains, overflow of pipes, sprinkler leakage to name a few.  

Property insurance carriers have seen an uptick in the number of water damage claims in recent years.  In response to this, insurance carriers may choose to amend the definition of flood to include other types of water damage situations.  Insurance carriers may also choose to include a separate water damage deductible that is higher than the property deductible. Thus, any claim submitted that involves water damage would be subject to a higher deductible.

Deductible Defined
A deductible is an amount of money that you are responsible for paying toward a covered loss. The amount of the deductible is subtracted, or “deducted,” from your claim payment. Deductibles are the way in which a risk is shared between you (the policyholder) and the insurance carrier.

AssuredPartners Senior Living has access to an internal team of flood insurance experts.  Together, we are able to review flood maps of your center locations which may help us in determining if an increased water damage deductible is warranted.  Recently, we have been able to successfully negotiate away increased water damage deductibles and the amended definition of flood.  We closely examined the flood maps and explained to the insurance carrier why there was not an increased exposure for water damage claims.  Contact an AssuredPartners Senior Living expert and let us help you navigate the ever-changing realm of property insurance.

Source: https://www.iii.org/article/understanding-your-insurance-deductibles