Case Law Wednesdays – What is Appraisal?

When reviewing an insurance policy, you might come across an appraisal clause that usually states that appraisal is mandatory when properly demanded by the insurance company or the insured after property damage. Appraisal is a method of determining the amount the insurance company should provide for loss to your property. This appraisal clause can be raised by the insurance company or the insured. After appraisal Read More

Knowledge Monday – Homestead Exemption

If you are a property owner in Florida you may be eligible for an additional benefit that can reduce your property tax liability, the homestead exemption. To be eligible for the homestead exemption, you must be an individual that (1) owns a property, (2) has made that property your permanent residence, and (3) is a Florida resident. Receiving a homestead exemption can decrease your property’s taxable value by as much Read More

Case Law Wednesdays – Can a Public Adjuster Appear at an EUO?

Insurance policies typically contain post loss obligations that the insured must abide by before filing a lawsuit. Post loss obligations are conditions that the insured must perform after they have experienced a damage. These obligations can include providing prompt notice of the loss, providing a sworn proof of loss, and/or attending an examination under oath. An examination under oath is a formal proceeding where Read More

Knowledge Mondays – Buyer v. Seller Defaults

A default in a real estate purchase contract occurs when a buyer or seller fail to complete a promise in the contract on time or at all. When a buyer and seller enter into a purchase contract, they have obligations that they must meet within a certain time frame. However, a situation might arise where the buyer or seller do not complete the obligation(s). This could delay the closing, harm the buyer or seller, and Read More

Case Law Wednesdays – Prompt Notice?

Insurance policies typically contain post loss obligations that the insured must abide by before filing a lawsuit. Post loss obligations are conditions that the insured must perform after they have experienced a damage to their property. These obligations can include providing prompt notice of the loss. Prompt notice is not defined in insurance policies; thus, it has been up to Florida courts to interpret what Read More

Knowledge Mondays – Open Permits During a Closing

Open permits on a property may cause unexpected headaches in the event a homeowner sells or refinances their property. An open permit must be fully resolved before closing on a property. If an open permit is not resolved or discovered before closing, the open permit becomes the responsibility of the new owner. The new owner will be responsible for paying the fees and/or fines that come with closing the permit on the Read More

Case Law Wednesdays – Can a Public Adjuster Act as an Appraiser?

When reviewing an insurance policy, you might come across an appraisal clause that usually states that appraisal is mandatory when properly demanded by the insurance company or the insured after property damage. Appraisal is not arbitration, instead it is a method for determining the amount the insurance company should provide for loss to your property. After appraisal is demanded, each side must choose an Read More

Knowledge Mondays – Appraisal Contingencies in Real Estate Contracts

A contingency in a real estate purchase contract is a condition that is legally binding. This condition must be met before or at the time of closing so that the purchase of the contract is complete. An appraisal contingency in a purchase contract typically states that the property must be appraised at the sales price or higher. If the appraisal of the property is lower than the sales price, the buyer may walk away Read More

Case Law Wednesdays – Marring: What Does it Mean?

Most insurance policies cover losses on an all risk basis if a claim is the result of a direct physical loss. However, insurance policies typically contain a section describing what an insurance policy expressly excludes from coverage. In most common policy forms, there is a section similar to the section below: In Gamero v. Foremost Insurance Company [1], the insured sued his insurance company after a vase Read More

Knowledge Mondays – What you Need to Know about FHA Loans?

A Federal Housing Administration (FHA) Loan is a mortgage that is insured by the Federal Housing Administration. FHA loans are extremely popular with first time home buyers because they allow down payments of only 3.5%. With an FHA loan not only is the down payment amount minimal, but the credit score required can be as low as 580. Although FHA loans are popular with first time home buyers, any buyer may apply for Read More