Three Secrets Your Lowcountry State Farm Agent doesn’t want you to know…

April 4, 2019 Andrew Muller

You’ve been living in the Lowcountry for a long time or maybe you just moved here from the midwest or northeast and your Homeowner’s Insurance is with State Farm. You feel great, right?

After all, you’re with a “giant” insurance company that you constantly see tv commercials for.

Please don’t take this with any disrespect but you may want to think twice about who is insuring your home in coastal South Carolina. Now let me preface everything I say below with THERE IS NOTHING WRONG WITH STATE FARM AS A COMPANY (my grandpa actually worked for State Farm back in the day!). The purpose of this article is to expose some secrets that your State Farm agent in South Carolina does not want you to know.

Are you ready to hear these secrets?

Make sure you are sitting down because these are some whoppers that could cost you BIG TIME.

#1 – Check your deductibles. From our research, State Farm clients have deductibles that are TWICE the average of other insurance companies that write on the coast in South Carolina. What does this mean for you? In addition to your premium that you pay, you will have higher out of pocket costs. This makes your “true cost” of insurance much higher than your neighbors and friends. Don’t find out after a loss that your claim is simply not covered because you haven’t reached your high deductible yet.

In addition to your deductible, you may even have a separate “wind and hail policy” through SCWHUA (aka the wind pool). This is a HUGE SECRET your State Farm agent won’t tell you…this is literally a “last resort” option…you can read for yourself on their website. In many cases, State Farm agents don’t have the option to write the wind insurance on your homeowner’s policy so they must resort to this high cost, minimal coverage option.

Andrew’s Tip: You are going to have multiple deductibles on your policy. One is for “wind or named storms or hurricanes” and the other is for “all other covered losses”. Make sure you understand ALL deductibles.

Often times the wind deductible can be $20,000+ and you don’t even realize it!

Secondly, if you do have a separate “wind and hail policy”, you should strongly reconsider reviewing this policy with an independent insurance agent so you fully understand the limitations and restrictions this policy has.

#2 – Check your pricing. From our research, coastal South Carolina State Farm clients are paying on average 35% more than non-State Farm clients. Think about this, you could possibly be paying 35% more each and every year. Over a ten year period, that could be thousands or tens of thousands of dollars wasted!

Andrew’s Tip: State Farm doesn’t have the ability to “shop” your insurance with multiple companies. We recommend finding a really good and trusted “independent insurance agency” because they do offer “options” to fit your precise needs and wants. Make sure that you are paying a fair price, receiving low deductibles, and are with a trusted company. Here is a list of the trusted companies that we work with at Mappus Insurance.

#3 – Flood Insurance. When it comes to flood insurance, State Farm can only “refer” their clients directly to FEMA through the National Flood Insurance Program (NFIP) for quotes. In

addition, State Farm cannot access any private flood insurance companies. Our research shows that by not having private flood options, you could be paying a lot more for your flood insurance and be limited on coverage for things like detached structures, swimming pools, and loss of use coverage. Again, costing you more if a loss occurs.

In one example, a downtown Charleston client was paying over $4,000 through FEMA and only $489 through Mappus. Think about that for a minute…

Andrew’s Tip: Similar to #2 above, because State Farm doesn’t have the ability to “shop” your flood insurance for the best pricing and coverage needs, you are at a disadvantage. We recommend finding an “independent insurance agency” that can find you options to confirm your peace of mind with coverage and pricing needs. Not only do we recommend an independent insurance agency, but we also recommend one that specializes in flood insurance as flood insurance on the coast in South Carolina can be extremely confusing and stressful to navigate.

In closing, homeowners insurance and flood insurance can be very tricky and extremely tough to navigate in coastal South Carolina. Many people “assume” that because they have been with State Farm for their entire life, that State Farm is the best option for them in coastal South Carolina. We recommend to do your research, collect the data, make informed and educational decisions, and make sure you can trust your agent. After all, we are insuring your largest asset, right?

What the heck is a BOP!?

November 22, 2018 David Watson

Be honest, when you saw BOP, you flashed back to the 90’s!

Okay, just me? Let’s move right along then!

BOP Insurance

I get asked a good bit by new Business Owners and also Business Owners who have been in Business for years, “What the heck is a BOP!?” Well, in a brief overview – it’s built to make your life easier! You see, as a Business Owner, you probably have a LOT of areas that your Business can be at risk when it comes to what your Business does day-to-day. If you would, let’s take a look at what BOP Insurance does for you and get a better idea of if it’s a good fit for your Business.

What is BOP Insurance?

BOP Insurance, also known as Business Owners Policy Insurance, is a package put together to protect your Business from Property and Liability or Lawsuit risks. This package assembles the basic coverages required by a Business Owner all in one bundle. The great news for you is that by doing this, it will save you money over buying the coverages separately. We have a BOP package for almost any kind of Small and Medium-Sized Business.

What coverage options does BOP Insurance have?

A Business Owners Policy can include the following:

General Liability Insurance, which helps cover any damages resulting from Business Operations, these most likely would be Physical Injury, Property Damage, or Personal and Advertising Injury to a third-party.
Commercial Property Insurance, which helps protect you building (leased or owned), equipment, and inventory.
Business Income, this coverage helps you pay the Bills and your Employees when your Business has to temporarily close.
Crime Insurance, this coverage helps protect your Business from fraud, theft, and forgery.

Make sure to ask us how we can enhance your BOP Insurance by combining it with other coverages such as:

Commercial Auto
Inland Marine
Commercial Umbrellas
Workers Compensation
Cyber Liability
Employment Practices Liability
Accounts Receivable
Equipment Breakdown
Personal and Advertising Injury
Rented Vehicles

Would your Business benefit from a BOP?

Auto Repair Shops, Retail Stores, and Accounting Firms are just a few of the Small and Medium-size Businesses that a BOP can help. A Business Owners Policy can be tailored to your Business’s specific needs. A BOP could make sense for your Business if:

It’s located outside of your home
It has a 100 or less employees
It has under $5 Million in sales
It has property and/or equipment that needs coverage

BOPs don’t work for every type of business nor industry but that doesn’t mean we don’t have an option for you. The best think you can do is fill out the form below and chat with me about your Business’s needs.

Get a Quote on BOP Insurance

Looking for more information on BOP Insurance? Click Here

Looking for more information on your Business Insurance plan overall? Click Here

The Case For Hacker Liability Insurance

November 16, 2018 David Watson

Hacker Insurance

A growing threat to today’s Business Owner’s is one that they may never see coming. Cyber Hacks are becoming more and more common, in fact, according to USA TODAY – 61% of all Cyber Hacks were targeted towards Small Businesses which is up from the previous year of 53%. As a Business Owner, you purchase Insurance to mitigate your risks and trust it to handle things that are outside of your control. Unfortunately, if you’re Business’s plan was not set up correctly you could be leaving yourself open for a HUGE threat to your Business. Continue reading as we give an overview of what a Cyber or Hacker Liability Insurance plan with Mappus Insurance Agency can do to protect your Business.

What does a Mappus Insurance Hacker Liability Insurance Plan do for you?

Can cover Third-Party Liability for financial loss
First-hand coverage for the Hack’s related expenses
Coverage for the required notifying of the impacted individuals and credit monitoring for them
Coverage for the Forensic Expenses for your computers
Business Interruption coverage
Lost Income coverage
PCI fines, Penalties, and remediation expenses
Free risk management services provided to policyholders

Claims Examples from one of our Partners, Evolve

An Outback Steakhouse in Northridge, California notified employees of a data breach when the location was burglarized. The individuals managed to steal computer equipment including their point of sale computer terminal and back office computer. The POS computer contained information that included employee time sheet information and files that contained names and Social Security numbers. The company is now offering ID Experts theft protection for one year for free.

In June 2016, King of Prussia Dental Associates started experiencing problems with their computer network and hired a forensics firm to investigate. The forensics firm determined that a third party may have gained access to their server, compromising the protected health information of their patients including names, dates of birth, Social Security numbers, treatment details, and patient account numbers. King of Prussia Dental Associates has notified their patients, taken steps to improve their web server security, and reported the incident to law enforcement.

Immediately prior to his departure from an insured law firm, an associate who had resigned by email wiped out all of the hard drives available to him and removed the firm’s intellectual property and proprietary information from storage devices and backup systems. The insurance company’s cyber security response team worked closely with the law firm to recreate all of the applications and information that had been erased, a process that took about 1,100 man-hours to complete. The law firm was reimbursed approximately $300,000 in costs.

Unfortunately, we could go on-and-on about the impacts that a Hack has had on Businesses throughout the country. It’s important to have the right policy in place to protect your Business. That’s why Mappus Insurance offers Cyber or Hacker Liability Insurance to its clients.

Some General Small Business Cyber Security Statistics from Small Business Trends

60 Percent of small companies go out of Business within six months of a cyber attack
48 Percent of data security breaches are caused by acts of malicious intent. Human error or system failure account for the rest
Only 14 Percent of Small Businesses rate their ability to mitigate cyber risks, vulnerabilities, and attacks as highly effective

Get a Quote on Hacker Insurance

Looking for more information on Hacker or Cyber Liability Insurance? Click Here

Looking for more information on your Business Insurance plan overall? Click Here

NFIP Flood Insurance Community Rating Discounts Update

October 31, 2018 Andrew Muller

Those people that have flood insurance, specifically in South Carolina, know that when they look at their flood policy they will find some discounts. So what are these discounts? Well, communities (counties, cities, towns) can apply for various discounts with FEMA if they meet certain guidelines. All NFIP flood policy holders will get the associated discount applied to their NFIP flood policy. For some, this can be hundreds of dollars of savings a year.

The updated community discounts are available and are below. The one I want to point out is that which affects Hanahan, South Carolina. Why is this important? Because Hanahan has never been given a discount. Now that discount is 15% for A and V flood zone (5% for X zones). This can be huge some many homeowners to put money back in their pockets.

Below you will find out more of the details as it relates to all the communities both positively and negatively affected by the new community rating system updates.

Please reach out to our office should you have any questions and you can do so very easily by completing the form at the end of this post. Answer a few questions and we can make sure that FEMA (or the private flood insurance market) is the best flood insurance option for you.

THE SKINNY
		The National Flood Insurance Program (NFIP) has released an entirely restructured manual reflecting the rule changes previously announced in agency bulletin 18-H-26 and updates to the list of communities participating in the Community Rating System (CRS) program. For those not familiar with the CRS program, communities can qualify their residents and business owners for discounted flood insurance premiums if they adopt building code, flood hazard mitigation, record retention and communication standards exceeding those required for participation in the NFIP.

		Please route this bulletin to anyone in your office who works with Flood insurance.

NFIP MANUAL RESTRUCTURING
		The NFIP Manual has been completely restructured to make it easier to find information. Please note, however, that in addition to incorporating the previously announced program changes effective October 1, 2018, inadvertent changes were made to some the NFIP manual rules. These inadvertent changes are being identified and addressed with the NFIP. At the present time, whenever a rule description in the October 1, 2018 version of the manual differs from the corresponding rule description provided in the April 1, 2018 manual, and that rule was not specifically addressed in NFIP Bulletin W-18008, the April 1, 2018 rule is to be used.

COMMUNITY RATING SYSTEM UPDATES
	The listing of qualifying communities and earned discounts has been updated. The Auto-Owners Flood system will apply the updated discounts automatically to premium quotes, issued policies and renewals. We offer them here to help identify changes that might impact your flood insurance clients.

	Communities qualifying for a new or increased discount are listed in the following chart.

	State		Communities with Increasing Discounts	Previous Discount % A or V Zones / B, C or X Zones	New Discount % A or V Zones / B, C or X Zones
	AZ		Town of Patagonia	0 / 0	5 / 5
	AZ		City of Phoenix	20 / 10	25 / 10
	AR		City of Arkadelphia	5 / 5	10 / 5
	AR		City of Fayetteville	5 / 5	10 / 5
	AR		City of Springdale	0 / 0	10 / 5
	CO		Eagle County	10 / 5	15 / 5
	CO		City of Littlejohn	15 / 5	25 / 10
	FL		City of Daytona Beach Shores	20 / 10	25 / 10
	FL		Jackson County	10 / 5	15 / 5
	FL		City of Lake Alfred	0 / 0	15 / 5
	FL		City of Lake Mary	15 / 5	20 / 10
	FL		City of Palmetto	10 / 5	15 / 5
	FL		Town of Pembroke Park	0 / 0	5 / 5
	FL		Village of Royal Palm Beach	0 / 0	20 / 10
	FL		City of South Daytona	15 / 5	20 / 10
	FL		City of West Palm Beach	20 / 10	25 / 10
	GA		City of Augusta – Richmond County	0 / 0	15 / 5
	GA		City of Hinesville	15 / 5	20 / 10
	IL		Village of Bartlett	15 / 5	20 / 10
	IL		DuPage County	0 / 0	20 / 10
	IN		City of Columbus	10 / 5	15 / 5
	IA		Charles City	0 / 0	5 / 5
	KS		City of Riley	0 / 0	5 / 5
	KY		City of Augusta	0 / 0	5 / 5
	KY		City of Richmond	5 / 5	10 / 5
	KY		City of Salt Lick	5 / 5	10 / 5
	MI		City of Ann Arbor	15 / 5	20 / 10
	MO		City of Blue Springs	0 / 0	5 / 5
	NE		City of Scottsbluff	0 / 0	5 / 5
	NC		Town of Carolina Beach	15 / 5	20 / 10
	NC		Town of Caswell Beach	15 / 5	20 / 10
	NC		City of Gastonia	0 / 0	5 / 5
	NC		Guilford County	10 / 5	15 / 5
	NC		Morehead City	10 / 5	15 / 5
	NC		New Hanover County	10 / 5	15 / 5
	NC		Town of Oak Island	10 / 5	15 / 5
	NC		Pitt County	10 / 5	15 / 5
	SC		City of Hanahan	0 / 0	15 / 5
	TN		City of Franklin	5 / 5	10 / 5
	UT		City of Santa Clara	5 / 5	10 / 5

	The Community Rating System discounts have been reduced or eliminated in the communities listed in the chart below. As a result, flood insurance premiums for policies issued within these communities will experience increases exceeding the annual increases adopted by the NFIP.

	State		Communities with Increasing Discounts	Previous Discount % A or V Zones / B, C or X Zones	New Discount % A or V Zones / B, C or X Zones
	FL		City of Anna Maria	25 / 10	15 / 5
	FL		City of Apopka	15 / 5	10 / 5
	FL		Town of Hastings	10 / 5	0 / 0
	GA		Coweta County	10 / 5	5 / 5
	ID		City of Hailey	15 / 5	10 / 5
	ID		Shoshone County	15 / 5	0 / 0
	IL		City of Crystal Lake	20 / 10	15 / 5
	KS		Harvey County	5 / 5	0 / 0
	NC		Town of Cedar Point	10 / 5	5 / 5
	NC		Wayne County	20 / 10	10 / 5
	UT		City of Centerville	15 / 5	0 / 0


EFFECTIVE DATE
	The above revisions apply to new business and renewals effective October 1, 2018 and after.

Make sure that the NFIP flood program is right for you OR if you should be in the private flood insurance market by answering a few simple questions! Start saving as soon as tomorrow!

FEMA Flood Law Changes October 2018 – Now You Can Move to Private Flood Insurance At Any Time

October 2, 2018 Andrew Muller

Many people in coastal South Carolina in areas like Mount Pleasant, Charleston, Isle of Palms, Sullivan’s Island are unaware of the new FEMA flood rule that allows one to move their FEMA flood policy, at any time, to the private flood insurance market. So what does this mean for YOU?

Due to this massive change (FEMA flood rule 26 – part of the WYO Bulletin W-18008), you can now move your flood insurance policy from FEMA to a private flood insurance company that can possibly save you 50% or more in many cases. There are a few specifics that one must follow in order to do so, but it is not that hard when you are working an agency that understands the new rules and what needs to happen.

Below is a brief overview of the rules and guidelines in order to make this move and start saving. We know this can sound confusing but again, if you are working with an agency that specializes in flood insurance, they can help make this process go as smooth as possible for you.

The private market/non-NFIP policy must be for building coverage on the same building that is insured by the NFIP policy being canceled.
Cancellation Effective Date: The date cancellation request is received by The Flood Insurance Processing Center
Cancellation Request: Must be received within the current NFIP policy year
Refund will be pro-rata less the Federal Policy Fee and Probation Surcharge (if applicable). Only the current year premium is eligible for the refund
Required Documentation: A copy of the non-NFIP policy declaration page and a statement from the mortgagee, if any, accepting the non-NFIP policy as a replacement
Contents only policies are not eligible for this cancellation type

So what should you do next?

We recommend to contact us (below) and provide us with a copy of your current flood insurance policy. If you have an elevation certificate, please provide that as well. We will do the research from there and help you determine which of our private flood insurance companies will be best for your situation and we go from there. Fair enough?

DID YOU GET YOUR $1,000 FROM FEMA

September 11, 2018 Andrew Muller

Many people are unaware of a coverage that exist on flood policies that allows you to get $1,000 back from FEMA even if you don’t have a flood loss. WHAT?! Yes, that is correct. You can receive $1,000 for reasonable expenses associated with mitigation a flood loss from occurring. Keep reading further to understand the details and how South Carolinian’s can receive this money.

WHAT’S COVERED UNDER A STANDARD FLOOD INSURANCE POLICY?

National Flood Insurance Program flood policies will cover up to $1,000 in reasonable expenses incurred to protect a policyholder’s insured property, and up to $1,000 to move the policyholder’s insured property away from a flood or imminent danger of a flood. To be eligible for this benefit, the insured property must be located in a community where:

a general condition of flooding in the area exists; or
an official has issued an evacuation order or other civil order for the community requiring measures to preserve life and property from flooding.

WHAT IS ELIGIBLE?

EXPENSES TO PROTECT PROPERTY

Sandbags (including the sand to fill them)
Fill to create temporary levees.
Water pumps.
Plastic sheeting and lumber used in connection with any of these items listed above.
Labor – a policyholder may claim labor, including their own or a family member’s labor, at the federal minimum wage. Labor charged by a professional may also be reimbursed.

EXPENSES TO MOVE PROPERTY TO SAFETY

Up to $1,000 for the reasonable expense to move insured property in order to protect it from flood, or the imminent danger of flood.

WHAT DO POLICYHOLDERS NEED TO KNOW?

Personal property that is moved must be placed in a fully enclosed building or otherwise protected from the elements.
Any property removed, including a moveable home (that meets the definition of a building in the flood policy), must be placed above ground level or outside of the special flood hazard area.
Property removed is covered by a policyholder’s flood policy for 45 consecutive days from the date the move begins.
A deductible does not apply to these limits.
The coverage does not increase the policy limits of the liability.

Not a Mappus client yet? Want to see how we can help you? Complete the form below.

Worried About Your Teen Driver Impacting Your Car Insurance Premium In South Carolina?

August 14, 2018 Andrew Muller

Car insurance in South Carolina is going crazy right now, let’s face it. Many insurance companies are taking double digit increases on an annual basis. When you add your teen drivers into the mix, this increase can be a major cost to many families.

Below are some solutions to help you reduce your costs while not reducing your coverage, when dealing with car insurance in South Carolina. ***Please note that if Mappus Insurance Agency works on your auto insurance, we also must review and write your homeowners insurance…but the good thing there is that we represent many high quality home insurance companies in which we can probably put you in a better position there as well!

This is a re-post from one of our top insurance company partners, SAFECO, a Liberty Mutual Company.

Adding a teen driver to an auto policy can be a disruptive event for a customer and agent. Safeco offers these discounts that incentivize safety with driver education and provide opportunities to save.

We help you manage the cost of a teen driver

Good student – Customers with youthful drivers that can provide certification of certain scholastic achievements qualify for a good student discount on their auto policy for up to 24 months.

Distant student – Customers with a youthful driver in their household qualify for a distant driver discount on their auto policy if the driver is a resident student at an educational institution over 100 miles away from home and without a car.

Driver training – Customers with drivers under age 21 who complete a driver education course may qualify for a driver training discount. (Not available in NY). This discount does not apply if:

Your customer is taking a course in response to a court order for a penalty or resulting from a traffic violation;
During the past 36 months, your customer has been involved in an at-fault vehicle accident or convicted of, or has plead guilty to, a moving traffic violation for which points may be assessed against their driver’s license.

New Teen or Tenure Reward (state dependent)

For states with the New Teen Discount, customers that have been with Safeco for more than one year earn a substantial price break when adding a teen to their policy—up to 27% based on policy characteristics. States have the Tenure Reward discount in lieu of the New Teen discount, which offers similar potential savings with a required policy tenure of two or more years. Refer to your state product guide for details.

Newly independent discount

In select states, a policy level discount applies to drivers who are listed on an existing Safeco policy and are purchasing their own Safeco policy. This offers individuals such as recent college graduates who are moving off their parents’ policy a way to save.

Safeco RightTrack®

Safeco’s telematics program, is an excellent teen driver coaching tool that offers an opportunity for significant premium savings. Parents and their teens are provided feedback on driving practices via an online portal, allowing for improved driving behavior, and the ability to earn a discount on their Safeco Auto policy after a 90-day participation period. RightTrack evaluates a driver’s mileage, acceleration, braking and nighttime driving, resulting in a final vehicle-level discount between 5% and 30% that will remain for as long as the vehicle (or replacement vehicle) is on the policy.

Road ahead

Help parents and teens prepare for the road ahead with tips about learning to drive, obtaining a license, driving in variable weather conditions, what to do in an accident and more. Included in the guide is a parent-teen contract that helps your customers set clear expectations, rules and responsibilities with their teens before they get behind the wheel.

Safeco® RightTrack® is a great way to promote safe driving and improve driving behavior for the whole family.

Ready to get started on saving money and protecting your family?

What Is Car Insurance Medical Payments Coverage in South Carolina?

April 20, 2018 Savannah James

What is Medical Payments Coverage in South Carolina? Do I need it if I have health insurance? These are questions that we get all the time here in South Carolina.

The simple definition of Medical Payments Coverage, also known as “Med Pay”, is that it pays medical bills up to your coverage limit for you, your family, and others riding in your vehicle in the event of an accident, whether you are at fault or not. It also follows you while you’re walking, riding in a friend’s car or on public transportation, etc. It has no deductible. auto-insurance-Mount Pleasant-South Carolina

At Mappus, we highly recommend this coverage for South Carolina car insurance. If you’re injured in an accident that the other driver cause, there is no telling how long it could take for their insurance company to pay your medical bills, especially if they have a cut rate insurance company. During that in between time, you health insurance might pay, but what if you have a high health insurance deductible or co-pay? Accidents are never planned, so this could leave you in a financial lurch until the insurance company pays. The great thing about Med Pay is that it kicks in as soon as the accident happens. It can go toward paying your medical bills, health insurance deductible, and co-pay. It can also be used to pay other expenses that might not be covered under your health insurance, such as ambulance fees.

In addition, South Carolina is a “double dip” state, meaning that even if another party is responsible for your medical bills (they were at fault), you can still seek reimbursement from your own policy, in addition to their policy. For example, if you sustain $3,000 of medical bills and you have $3,000 of Med Pay coverage, the other party will pay you the $3,000 and your policy will pay you $3,000 totaling $6,000…bet you didn’t know that!

The premium for Med Pay is so low for the peace of mind that you’re getting. For my six month Travelers policy, the Med Pay premium is $35 TOTAL.

In conclusion, this is something we definitely recommend that you carry on your auto insurance coverage. You spend way more on your liability coverage to pay for another driver’s injuries if you’re at fault in an accident, make sure that you are covering yourself, your family, and your friends as well. If you would like to review your current South Carolina auto insurance, please fill out the form below.

Flood Insurance Rate Changes Effective April 1, 2018

March 23, 2018 Andrew Muller

Are you interested in how your Coastal South Carolina flood insurance rates might change in 2018.

Below provides all (ok, most) of the answers you are looking for related to flood insurance rate increases in 2018. Do you live in Charleston, Mount Pleasant, Sullivan’s Island or Isle of Palms and you are worried about your flood insurance premiums? If so, give Mappus a call (or inquire below) and one of our advisors can walk you through all your options.

Yes, options. Not only do we represent the FEMA flood program, unwritten through the National Flood Insurance Program (NFIP), but we also represent roughly ten+ private flood insurance companies. By having options, we can evaluate your situation and deliver the most impactful results ever.

If you follow this article to the end, you can complete a form to start the process. Mappus is not only here to save you on your flood insurance premium but provide you with powerful advice to help you with your primary, secondary, rental, or investment properties.

flood-insurance-Mount Pleasant-South Carolina

Rate Changes: The rates charged for many NFIP flood policies will be increasing per the chart below. There will be no change to the Federal fees and surcharges included within NFIP flood insurance premiums. As a result, most individual policies will see overall premium increases below the percentages indicated on the chart.

Rating Method	Occupancy or Flood Zone	Rate Change
Pre-FIRM (Zones beginning with A or V rated without an Elevation Certificate)	Primary Residences	5% Increase
	Non-Primary Residences	24% Increase
	Non-Residential Business, Substantially Improved and Severe Repetitive Loss properties	25% Increase
	Other Residential	5% Increase
	Other Non-Residential	5% Increase
Post-FIRM (Zones beginning with A or V rated with an Elevation Certificate)	AE, A1-A30	1% Increase
	AO, AH, AOB and AHB	Unchanged
	Unnumbered A	3% Increase
	All V zones	11% Increase
	A and V Rated With Tentative and Provisional Rates	Unchanged
Standard	B, C or X	2% Increase
Preferred Risk	B, C, X, A99, AR	Unchanged
Newly Mapped	B, C, D or X	15% Increase at Renewal
Increased Cost of Compliance (ICC)	All Policies	Varying Increases

Special Note: Premiums for certain pre-FIRM rated policies (see the chart above) have been increasing by about 25% since 2013 and they will continue to experience similar increases each year for the foreseeable future. With each policy renewal, it is becoming more likely affected policyholders will benefit from obtaining an Elevation Certificate. As a reminder, Elevation Certificates can benefit clients through lowered premiums, or by qualifying the surveyed building for a Letter of Map Amendment exemption from the Special Flood Hazard Area. If you haven’t already done so, we encourage you to make clients with pre-FIRM A or V zone rated policies aware of the potential benefits of obtaining an Elevation Certificate.

Primary Residency Determination: The NFIP will now allow insureds to have two primary residences to recognize situations where an insured occupies a residence more than 50% of the year and their spouse resides at another residence more than 50% of the year. Previously, an insured and spouse were only allowed to declare one primary residence regardless of the actual time spent at each residence.

It remains extremely important for your clients to provide the primary residency documentation required by the NFIP in order to be rated as such. The premiums charged for flood coverage on non-primary residences rated with pre-FIRM A or V zone rates are considerably higher than for primary residences, and all non-primary residences are charged a $250 HFIAA surcharge compared to the $25 surcharge applied to primary residences.

Policy Reformations for Use of an Incorrect Policy Form: The NFIP has published guidance for the reformation of policies determined to have been issued under for the incorrect policy form. For example, a policy issued under the General Property form that should have been issued under the Residential Condominium Building Association Policy form. In such occurrences, following the cancellation of the incorrectly issued policy, the issuance of the corrected policy and the application of its policy provisions, the policyholder will be given 30 days to pay any additional premium required to restore the policy limits to the levels in effect prior to reformation. If the use of the incorrect policy form is discovered during the investigation of a claim, the additional premium required to maintain the current policy limits can be deducted from the claim settlement.

Non-Sufficient Fund (NSF) Payments: The NFIP has revised the policy effective date rule applicable to situations where a premium payment is made with an instrument later determined to have non-sufficient funds to cover the amount of the payment. Upon being notified of an NSF payment, the policy or transaction for which the payment was made must be immediately canceled and notice sent to the interested parties. If a valid repayment is received, the transaction will be completed in accordance with the effective date rules of the NFIP applicable to the specific transaction type. For example, if the initial transaction involved a new policy or coverage increase subject to the standard 30 day waiting period, the new effective date will be set at 30 days from the date of the valid repayment.

Other NFIP Manual rules have been revised to be easier to read and to provide additional guidance.

Please note we’ve only highlighted the NFIP changes we see as the most impactful on policyholders in this bulletin. All changes are highlighted in the NFIP manual, which you can access through the Auto-Owners flood system. First click on “Help” in the upper right corner of any screen, and then on “Links”. Note that this bulletin may precede the release of the updated NFIP manual.

EFFECTIVE DATE

The above revisions are effective April 1, 2018 for new business and renewals.

Unlock your options and saving here!

Information provided by Auto-Owners Insurance, the no problem people!

Home-Sharing & Homeowners Insurance: What You Need to Know

February 9, 2018 Gretchen

The “Home-Sharing” Homeowner

Those of us lucky enough to live in the Lowcountry, specifically Charleston, Mount Pleasant, Daniel Island, Isle of Palms, and Sullivan’s Island understand why it remains a top travel destination for people from around the world. In fact, it was just last year that Travel + Leisure magazine rated Charleston the best city in the world (the first U.S. city ever to claim the honor).

With more tourists than ever traveling to the state of South Carolina, it’s natural that the ways to accommodate them have changed.

While Charleston still boasts some of the world’s finest hotels, many visitors find their “home away from home” on home-sharing sites. Companies like Airbnb, HomeAway and VRBO are part of a booming, multi billion-dollar web-based industry providing short-term home rentals.

This new “sharing” economy makes it easy and affordable to do more of the things people enjoy, like travel. However, it also introduces new challenges and risks – especially when it comes to insurance.

It’s important to understand that not all homeowners insurance policy extend the same coverage. Your homeowners policy may or may not cover damage done by or injuries to short-term renters while they are in your home. Most likely, the answer is NO COVERAGE. This is because most insurance companies view “home-sharing” as a business, and business activities are specifically excluded under a homeowners insurance policy. This could mean major gaps in coverage and your claim being denied! This could put you and your assets on the line.

While many homeowners insurance companies, like SageSure Insurance Managers, are adapting to the new economy by providing coverage for home-sharing through a policy endorsement, others exclude this exposure entirely or sell a separate policy. The only way to be sure you have adequate coverage to protect your home in a home-sharing situation is to talk to your licensed local independent insurance agent.

Just a few minutes of consultation could save you from finding yourself uninsured in the middle of a disastrous claim.

For a complementary coverage review of your homeowners insurance policy, call Mappus Insurance Agency today at 843.763.4200 or complete the form below to get the process started!

Blog

Are you ready to hear these secrets?

Often times the wind deductible can be $20,000+ and you don’t even realize it!

In one example, a downtown Charleston client was paying over $4,000 through FEMA and only $489 through Mappus. Think about that for a minute…

Be honest, when you saw BOP, you flashed back to the 90’s!

What is BOP Insurance?

What coverage options does BOP Insurance have?

Would your Business benefit from a BOP?

BOPs don’t work for every type of business nor industry but that doesn’t mean we don’t have an option for you. The best think you can do is fill out the form below and chat with me about your Business’s needs.

Get a Quote on BOP Insurance

Looking for more information on BOP Insurance? Click Here

Looking for more information on your Business Insurance plan overall? Click Here

What does a Mappus Insurance Hacker Liability Insurance Plan do for you?

Claims Examples from one of our Partners, Evolve

Some General Small Business Cyber Security Statistics from Small Business Trends

Get a Quote on Hacker Insurance

Looking for more information on Hacker or Cyber Liability Insurance? Click Here

Looking for more information on your Business Insurance plan overall? Click Here

Many people in coastal South Carolina in areas like Mount Pleasant, Charleston, Isle of Palms, Sullivan’s Island are unaware of the new FEMA flood rule that allows one to move their FEMA flood policy, at any time, to the private flood insurance market. So what does this mean for YOU?

Below is a brief overview of the rules and guidelines in order to make this move and start saving. We know this can sound confusing but again, if you are working with an agency that specializes in flood insurance, they can help make this process go as smooth as possible for you.

Other questions that have come up to us thus far:

So what should you do next?

WHAT’S COVERED UNDER A STANDARD FLOOD INSURANCE POLICY?

WHAT IS ELIGIBLE?

EXPENSES TO PROTECT PROPERTY

EXPENSES TO MOVE PROPERTY TO SAFETY

WHAT DO POLICYHOLDERS NEED TO KNOW?

Not a Mappus client yet? Want to see how we can help you? Complete the form below.

Adding a teen driver to an auto policy can be a disruptive event for a customer and agent. Safeco offers these discounts that incentivize safety with driver education and provide opportunities to save.

Ready to get started on saving money and protecting your family?

The premium for Med Pay is so low for the peace of mind that you’re getting. For my six month Travelers policy, the Med Pay premium is $35 TOTAL.

Are you interested in how your Coastal South Carolina flood insurance rates might change in 2018.

Unlock your options and saving here!

The “Home-Sharing” Homeowner

For a complementary coverage review of your homeowners insurance policy, call Mappus Insurance Agency today at 843.763.4200 or complete the form below to get the process started!

Mappus Insurance protects Charleston, Mount Pleasant, and the entire state of South Carolina

Contact Information

Connect With Mappus Insurance!