Top 10 Misconceptions about Insurance!

Unknown facts that could leave you in the dark!

  1. I don’t need flood insurance; I’m not in a flood zone – Did you know that all of Florida is considered a flood zone? When someone says they are not in a flood zone it usually means that they are in a low risk zone and their mortgage company is not forcing them to have the coverage. However, each year floods within these low risk areas make up 25% of the claims. For a small amount of money you can make sure your covered either way.
  2. They can’t take my home if I’m sued – This is correct but one thing is left out; they can place a lien against the property! If you’re found at fault and your only asset is your home the court can allow a lien to be placed against the home. If and when the home is sold the lien would be paid off before any transfer of the property.
  3. Uninsured motor-ist’s coverage within my auto policy isn’t very important – You control your own destiny after an accident. With the proper coverage you won’t be shackled to the cover age chosen by someone else. UM coverage pays for items that your health insurance won’t cover.
  4. My jewelry is cov-ered under my home-owner’s policy – Alt-hough there is some coverage for jewelry, there are many exclusions and the coverage is limited to a very small amount. Also, there is almost no coverage if the pieces are stolen off the premises or if they disappear!
  5. I live in a no fault state, so why should I carry liability insurance – No fault only pertains to the first $10,000 of coverage. Once that $10,000 is exhausted the party that was at fault is responsible for the remainder of the loss.
  6. I wasn’t at fault, why am I being subpoenaed – We live in a comparative negligence state. It is never 100% at fault for one party and 0% for the other. In almost every case there is “shared negligence”.  So even if you’re not issued a citation, you can be held liable to some degree.
  7. Personal Umbrella’s are only for the wealthy – Just be-cause you may not be wealthy doesn’t mean that you don’t have enough assets to warrant an umbrella. Also, in some cases the court may award monies for future earnings by garnishing wages of the at fault party.
  8. Mold is covered un-der my policy – Most policies today have some coverage for mold but it is very limited. If a person is concerned about the risk of mold extra coverage can be placed on most homeowners policies.
  9. My screen enclosure is always covered during a hurricane – Although most companies will extend some coverage if not all for screen enclosures, there are many companies that unless added will not cover them at all. The best thing you can do is call your agent and make sure that all of your property is covered correctly.
  10. As long as I have a policy my agent doesn’t really matter – Just like a knowledgeable attorney or a skilled doctor, having an insurance agent that understands the market and can educated their client is essential. If the proper coverage wasn’t in place at the time of the claim it doesn’t matter how good your attorney is or how great your doctor is if you can’t afford to pay these individuals. Your agent is your first line of defense after a claim!

Flood or not Flood, that is the question!

Anywhere it rains, it can flood.  A flood is a general and temporary condition where two or more acres of normally dry land or two or more properties are inundated by water or mudflow. Many conditions can result in a flood: hurricanes , overtopped levees, outdated or clogged drainage systems and rapid accumulation of rainfall.

Just because you haven’t experienced a flood in the past, doesn’t mean you won’t in the future. Flood risk isn’t just based on history, it’s also based on a number of factors: rainfall, riverflow and tidal surge data, topography,  flood control measures, and changes due to building and development

Flood-hazard maps have been created to show different degrees of risk for your community, which help determine the cost of flood insurance. The lower the degree of risk, the lower the flood insurance premium.

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I would like to thank you for your assistance in placing my home owner’s coverage. I was concerned when I received a notice of non-renewal from Liberty Mutual because they are reducing their overall hurricane coverage in Florida. You and your staff were able to place my coverage at a very competitive price. Thank you for answering all my questions in such a professional matter.
Amy Pikulski