Actual - Real Estate

Homeowners’ insurance is a must for any owner of residential real estate. It has been around for many years, coming to the rescue of many real estate homeowners. Leaky pipes and their subsequent damage have been causing homeown

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

ers grief for an even longer time. Homeowners’ insurance has alleviated such problems by underwriting the cost for repairs.

I remember as a child my father making repairs with money from our homeowner’s insurance policy. He to

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

d me that there was never a claim too small, unless it was within the deductible range.

While my father’s information was correct for the times, the rules for small claims on residential real estate have changed. Submitting a

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

small claim today, especially for water damage, could cost you multitudes more in the future.

A California Insurance Department study showed that 25 percent of insurance companies refused to renew policies for residential rea

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

estate owners, who made one or two non-water damage claims within the past three years. The figure rose to 32 percent, when the claims were water damage-related. This means the insurers are paying the legitimate claims but are

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

apt to drop those real estate customers at policy renewal time.

Additionally, all insurers share claims information through the Comprehensive Loss Underwriting Exchange (CLUE) database. Not only are you apt to be dropped by yo

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

ur current residential real estate insurer, but others may not approve you. The study also showed that 62 percent of the top 13 insurers in the state of California refused applicants with only one-to-two claims in the past thre

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

years.

If another insurer does approve you, it will most definitely be at a much higher premium rate that will add up over the years to a much larger amount than the small water damage claim you made.

So, what has changed?

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

oxic Mold

Litigators have jumped on the toxic mold lawsuit bandwagon. Toxic mold comes from water damage repairs that were incorrectly made or only partially cleaned up. It can literally make the real estate residents very il

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

l. Some toxic mold is created by homes that were not quality built and allowed water to seep in between the outer and inside walls. There have been a few multimillion-dollar homes in California that had to be totally leveled du

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

to toxic mold.

Insurance companies generally are expected to pick up the tab and then sue the repair contractor or original builder for reimbursement. This attitude has caused a lot of litigation — between insurers and reside

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

tial real estate owners, as well as between insurers and parties assumed to be responsible for the toxic mold. They often lose court cases for reimbursement, as well as incurring attorney fees and court costs. Is it any wonder

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

insurance companies have become gun-shy of small water damage claims that could lead to costly repairs and litigation later.

Administrative Costs

Another reason for the change in attitude toward water damage claims is the cha

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

ge in real estate insurers’ business practices. Since the early 90s, real estate insurers have looked for more practical ways to increase profits. Through studies, they found that small claims created the same large administrat

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

ve costs as the larger claims, even though the payouts were small. They now weed out residential real estate customers who make small claims.

Alternative Game Plan for Real Estate Homeowners Today, it is better not to make sm

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

all damage claims of any type. Real estate homeowners should increase their deductibles to $1,000 or $2,500. This reduces their premium costs by as much as 30 percent. They are covered for large damages but not paying for servi

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

es (small claims) that they are not receiving.

With the larger deductible, the premium savings can be placed into a savings account to pay for small claims that would earlier have been submitted to the insurer. Whenever used,

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

he money should be replaced as soon as possible.

After seven-to-ten years of submitting no claims, most real estate insurers will qualify you for a claims-free discount, saving you even more money.

Is It Worth It?

In decidin

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

g if you should submit a claim (even a larger one), first determine if it is worth the possibility of losing your policy and/or paying higher rates. Add up all the repair costs. Determine how much the real estate insurer will p

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

y, based on your policy. Subtract your deductible. Is the remainder only a couple hundred dollars or substantially more? Now, determine if it is worth it. Remember, even moving to another state will not escape the CLUE database

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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