Lake City News

We all remember the story of the Three Little Pigs and the Big Bad Wolf.   The Big Bad Wolf seems to be coming to life these days as it is getting harder and harder to find insurance on “stick” buildings.  We are finding it increasingly difficult to insure older frame structures.   If you are planning on purchasing an older wood frame house or business, you may want to reconsider.  The new catastrophe model following Hurricane Ike several years ago has led insurance companies to assume greater damage inland than before.  This means, more and more, we in Columbia County will be affected by coastal wind restrictions and premium increases from insurance companies.

How long has it been since you cleaned your dryer vent duct?  Did you know there are 2,900 fires caused by clothes dryers every year in the US?  Failure to clean the vent and connecting duct was the cause for 34 percent of those fires.  According to the National Fire Data Center, accumulated lint leads to reduced airflow and poses a fire hazard.  Reduced airflow can also occur when foam-backed rugs or athletic shoes are placed in dryers.  Clothes dryer fires can be prevented by periodic cleaning and visual inspection.  Also, by cleaning your dryer vents periodically, your dryer will operate more efficiently, saving you money on your power bill.

2011 was an epic year for tornadoes, wind and hail storms.  Because with every action, there is always a reaction; hold on to your checkbooks.  Premiums for property insurance are sure to rise.  While Florida was spared last year from the worst of the worst, we do no escape the financial effects of these storms.   This map illustrates the storms that caused property damage in 2011.

If you have a homeowner policy, your stuff is covered while you vacation anywhere in the world.  This is a broad coverage, but there are a few limitations of course.  There is a $1,500 limit on jewelry, unless you have a special jewelry schedule.  There is a $2,500 limit on theft of guns.  There is a $1,500 limit on electronic apparatus, such as computers and cell phones, and there is a $200 limit on loss of money.   Check with your insurance agent if you have specific questions, as coverage can vary from company to company.

The water is slowly receding, houses are starting to dry out and many home owners are negotiating with contractors to restore their home.  Before you start writing checks, know this.   You and your property are ultimately required by law to make sure everybody gets paid on your project.  This means it is your job to make sure your contractor pays all suppliers and subcontractors.  If any subcontractor or supplier is unpaid for any reason, they can put a mechanic’s lien on your home and force you to pay them directly, even though you already paid your contractor in full.   Getting a lien on your house can mean a clouded title and sometimes result in foreclosure.

The best way to avoid the problem above is to get signed lien waivers from all suppliers and subcontractors each time you make a payment to your primary contractor.

The rain is coming down.  The water is coming up.  Can you get flood insurance?  The answer is yes, but you may have to wait a while.  Unless you are buying flood insurance in connection to a real estate closing, there is a 30 day waiting period on new flood policies.  This means, if you purchase a flood insurance policy today, coverage will not be effective until 30 days from today.  It is the harsh reality of Federal Flood Program rules.   Let’s pray the rain slacks off soon.   Go away Tropical Storm Debby.