When do you need Personal Property Insurance?

Everybody knows that you need certain kinds of insurance, such as for your home, automobile, and healthcare. But what if you lose an expensive family heirloom or your home entertainment system gets destroyed in a fire? Expensive or valuable personal property can be insured, too. If you’re wondering whether you should insure a piece of property, ask yourself the questions below to determine how important it is to protect your valuables.

Can your Personal Property be Easily Replaced?

The primary reason to purchase personal property insurance is to make sure you can get compensation should an expensive item be replaced. This includes luxury items that represent a significant investment on your part, such as a large television and entertainment center or a rare set of antiques. It also includes items that might have a high level of personal value, such as an engagement ring or family heirloom. In the case of a disaster, theft, or other incident that causes you to lose those items, you won’t necessarily be able to repair or replace it with the insurance, but you will be able to buy something comparable or even commission a replica for an item that you can’t bear to be without.

Is your Personal Property Easily Damaged?

Consider the fact that when you buy personal property insurance, you will be paying a regular fee for the life of the property you own. Now you have to weigh that against the possibility that you will need to use it. Items that are extremely durable or which have a reputation for longevity, such as jewelry that contains stainless steel or items that already have a long-lasting warranty. These items probably won’t get significantly damaged and thus don’t need to be covered. However, if you have something that contains fragile parts or which can get easily lost, such as a glass item, a piece of art that might get damaged by light over time, or small jewelry, it might be worth purchasing insurance.

Will your Personal Property become Obsolete?

You shouldn’t bother to insure something that you’re planning on replacing within a few years. For example, even if you have a top of the line computer, smartphone, or tablet, that expensive investment tends to have a high level of depreciation. The best property to insure tends to be the “evergreen” items that you will enjoy just as much ten years from now as you do today. That doesn’t mean that you should only insure items that are eternal. A large entertainment system, for example, might be worth insuring over a period of some years if the total premium cost you pay during that time would be significantly less than the cost of replacing it. Do your math and think about the long-term prospects.

As with all other forms of insurance, it’s important to shop around for your personal property insurance. To find the best possible insurance rates in Florida, point your browser to CheapInsuranceFL.com and take advantage of the deals you find there.

5 Common Insurance Mistakes you can Avoid

Once you reach adulthood, you are going to have to deal with the thorny issue of insurance one way or another. This is even true in Florida, which has a high percentage of uninsured or under-insured individuals but still ranks in the top half of the country when it comes to claims processed. When you start thinking about your insurance situation, try to make sure you avoid these five common pitfalls.

1: Not Getting Insurance While you’re Young

Florida has an older median population than most of the rest of the United States, and many Floridians wait until their 40s or 50s before thinking about things like life insurance or really taking an interest in their health insurance plans. Young people represent less of a risk for insurance companies, so they can usually get better rates. While your rates will climb as your health or driving ability deteriorates, you can still get a better long-term deal if you get insurance while you’re young.

2: Not Shopping Around

Even if you are happy with the insurance policy you have now, you should always be on the lookout for a better deal. This fact applies to health, home automobile, life, and any other kind of insurance. New deals become available all the time, and you can save a lot of money by keeping your eyes open. For starters, try going to CheapInsuranceFl.com to find out what deals might be available to you.

3: Not Reporting Changes

Nothing destroys your ability to get an insurance claim processed in a timely manner like having a major change to your property, vehicle, or health that you didn’t report to your provider. Even if reporting a change means that you might have to deal with increased rates for a while, it’s important to let your provider know about it so you don’t risk running into a lot of red tape when it comes time to put in a claim.

4: Over-Insuring Yourself

While many people in Florida are under-insured, there are plenty of individuals out there who have the opposite problem. You need to look at what your annual insurance expectations are and be willing to take reasonable risks. Is your used car worth the extra cost that would come with getting comprehensive insurance? Does your home policy need protection against earthquakes if one hasn’t struck your area in decades? These are the sort of questions you need to ask yourself whenever if comes to purchasing insurance.

5: Not Staying Educated about your Policy

Take a good look at the information that your company provides not only in the initial policy statement but through updates you get in the mail or with your statements. This may seem like tedious paperwork, but it’s all part of the important education process about your insurance. Far too few people know the details about their insurance policy and make the mistake of assuming they are automatically protected in any situation. Staying informed helps you avoid risks and save money in the long run.

Don’t let yourself fall into the insurance traps that so many people do. Follow the tips above to make sure you go into any situation with the best possible knowledge and preparation.

Tips for Reducing your Car Insurance Costs

Car insurance can be extremely costly, especially if you meet certain demographic requirements or have a car that is deemed a higher risk. Rather than let the insurance companies take control and dictate to you what your rates will be, you can try these tips to lower your insurance premiums and save some money.

Request Higher Deductibles

Insurance companies protect themselves from risk by balancing premiums and deductible amounts. Because the company has to pay more if a person has a low deductible, they tend to increase premiums in order to make a profit. It’s you’re having trouble meeting your premiums, you can request a higher deductible from your company. This has some risk, since it means you will have to pay more in the case of an accident, but it can save you a lot of money in the long run, especially if you are generally a safe driver.

Maintain a Good Credit Score

Your credit score can affect your insurance rates if it is very high or very low. If you start to stumble in terms of credit payments or accrue a high amount of debt, insurance providers will start to see you as a risk and will increase your premiums by as much as 50 percent. Talk to your credit providers right away if you find yourself in a bad debt situation. You can usually arrange a favorable situation that will also help you keep your premiums low.

Cut Down on your Miles

One of the things auto insurers look at when determining customers’ premiums is how often the car is on the road. Ideally, you should keep your annual mileage total to about 12,000 miles or fewer. If you are traveling more than that, look at your driving habits and consider what you can do to reduce that total. Carpooling on work trips or using public transportation when possible will help save you a lot of money on your insurance premiums.

Install a Theft Deterrent System

Any way that you can decrease the odds of your car getting stolen will also decrease your premiums. A theft deterrent system can be fairly costly, but it pays for itself within a period of about one to two years. This is also a very good move to make if you plan to purchase a new car soon. You can buy a car with a theft deterrent system preinstalled, meaning that you start saving money immediately.

Shop Around

Just because you’ve been with an insurance provider for a long time doesn’t mean you shouldn’t keep looking for a better deal. Look into what other providers have to offer, especially when you make a change such as the purchase of a new automobile. If you want a place to start looking for premium comparisons, check out. www.cheapinsurancefl.com, which can help anybody in the state of Florida.

Auto insurance premiums can be intimidating, but there are ways to keep them under control. Follow these tips and you’ll put yourself in a much better financial position.

Understanding the Affordable Care Act in Florida

Unless you’ve received an extension, the enrollment period for the Affordable Care Act (ACA) has ended. Whether they stuck with their previous plan or not, many Floridians are asking, “What now?” While life goes on as normal for most people regardless of changes in their health coverage, not everybody will make a seamless transition into the new insurance world. Here’s a look at what’s changed, what’s stayed the same, and what the future holds.

Marketplace Changes

As of the March 31st enrollment deadline, approximately 440,000 Floridians had completed ACA enrollment. Another 125,000 were determined to be eligible for Medicaid. Those individuals now have access to health insurance, some for the first time. However, whether you previously had health insurance or not, it is now more important than ever to make sure you read and review your policy. Many insurance providers have taken advantage of the confusion around the healthcare rollout by changing their price structures or altering plans. If your plan has been changed in a way you don’t like, you do have options available. Cheapinsurancefl.com can give you a price comparison of different plans.

What’s Remained the Same

While some individual insurance policies have changed under the ACA, the majority of Floridians won’t necessarily feel a change. The 440,000 Floridians that signed up by the end of March deadline account for only about 2.3% of the state’s total population. There are an additional 125,000 people who previously didn’t receive Medicaid but who now qualify, but they account for less than 1% of the total state population. That means that for about 97% of insurance-receiving Floridians, nothing changes. The main goal of the ACA is to provide assistance for those who didn’t receive health insurance previously. If your employer already provides insurance, you might not feel any real impact.

What the Future Holds

Many people feel very passionate about the effects of the ACA, with the act’s proponents matched in their passion by those who oppose it. Now that the act is in motion, it probably isn’t going to be stopped anytime soon. The first year or two are likely to be quite chaotic as people get used to the act. Employers might look at reducing their full-time workforce, while insurance companies might change the pricing of their policies. Even if you aren’t immediately affected by the ACA, you owe it to yourself to keep an eye on your insurance policy. Read any mail you get from your provider carefully and be hands-on when talking to your employer about insurance. Things can change quickly, so be prepared.

The best thing that you can do to handle the post-ACA world is to make sure you stay updated on what’s going on. Even if you’re not among the half-million Floridians affected by this piece of legislature, you might feel some fallout as people learn to work within the new system. You should not only keep an eye on your own insurance policy, but also look for other options regularly. It’s very likely there are cheaper alternatives; all you have to do is look.

Protecting your Home Against Water Damage

As the rainy season rolls in, many homes will find water spots on their floors thanks to leaky roofs or inclement weather. Water damage is something everybody faces sooner or later, and it can usually be repaired easily. However, the rain, dampness, and humidity can eventually cause bigger problems. You can protect your home and your family against these issues through vigilance and preparation, as detailed below.

Identify Potential Hazards

If you want to protect against water damage in your home, the first thing you need to do is know where potential danger zones might emerge. Are you in a low elevation area? Consult your public works office about whether or not you would be considered to be in a flood zone. How old is your home? If it’s more than 20 years old, check your pipes to see if there is any significant rust or corrosion that you should be aware of. What sort of material do you have on your roof? A metal roof protects against all water provided that it isn’t starting to rust. Asphalt shingles protect well for up to 25 years but will need more regular maintenance and replacement.

Know your Home History

Whether you are purchasing a new home or have owned your house for years, you should make sure you know the history of your house. When was it built? Are there any public records on file that indicate it was part of a previous disaster? The purpose of learning your house’s history is so you can get an idea as to how certain problems happened. For example, if your roof looks like it got damaged in a windstorm, knowing when the roof was installed can help you when talking with your insurance company. An older roof is more likely to be ruled as damaged through wear and tear, thus denying you a claim, while one that has been installed or repaired recently is more likely to be reimbursed.

Seek Out Insurance

The catch with water damage is that you have to prepare for it ahead of time because typical insurance policies will often have gaps in coverage. Flood damage is not a part of typical home insurance policies, even in areas where flooding is a major hazard. Leaky pipes are often filed under typical wear and tear, as is roof damage. Unless something hits your house and causes direct and traceable physical damage, you will probably be left footing any repair bills yourself. Luckily, if you know you home history and risk factors, you can get the extra coverage you need. Talk with your insurance broker about extending your coverage to include floods and pipe or roof damage, and you might even get a package discount.

If you do suffer water damage even after preparing as thoroughly as possible, you should make sure to contact a plumbing expert to assess the damage. Get a breakdown indicating how much of the work will be parts and how much is labor, then consider your options. And remember, shopping around for a better deal never hurts.

What Insurance do you Need for the Spring?

Springtime is just around the corner. While Florida has had it much easier than many other parts of the country during this harsh winter, the weather still hasn’t been as pleasant as normal and everybody is looking forward to better days ahead. However, the coming of spring does have some unique challenges of its own that require unique insurance. As you look forward to the approach of longer days and better weather, consider these springtime insurance needs.

Flood Insurance

Even though it doesn’t get a lot of melting snow or runoff like many other states do, Florida still has its share of floods in the springtime. The Miami area, for instance, typically gets as much as 73% of its annual rainfall in May through October. The spring tends to bring a lot of rainfall in most of the state, which in turn leads to potential floods. Therefore, flood insurance is an absolute must, especially if you live near the coast or wetlands. Even if you aren’t in a flood area, you should still consider flood insurance. Flash floods are extremely common even in higher elevations, and the insurance itself costs little enough that it’s well worth having. Remember that most home policies don’t cover flooding of any sort.

Road Hazards

Springtime brings some extreme weather changes, especially when it comes to wind and rain. Debris is more likely to land on roofs and in roads, and the rain produces a variety of dangerous runoffs. Additionally, there is more road construction going on as the spring and summer seasons approach. Because of this, you should make sure you have your auto insurance updated and current. The increased road hazards mean occasionally dangerous driving conditions. If your house is located near a busy street, you should also make sure that you are protected against the chance of vehicles running off the road and onto your property. This can be an insurance and a home improvement matter.

Danger to Landscapes

When planning for the spring, it’s important to know exactly what your current insurance covers and what dangers your property might be exposed to. As mentioned above, most homeowners’ insurance doesn’t reimburse for flood damage. To add to that, most flood damage only covers your house, not your yard or other property. That means that if you have a large garden or landscape that cost you a lot of money to put together, a single storm might wipe out all your hard work. You can usually amend your insurance policy to cover parts of your land that you value, but you need to be proactive in doing so. If your provider won’t work with you on this, look for another one who will.

Springtime in Florida is a wonderful thing, but it’s still something you need to prepare for. Extreme weather, distracted drivers, and more can become a problem if you don’t have the right insurance. Speak with your insurance provider about the limits of your current policy and decide whether or not you should look into additional coverage.

Finding the Right Insurance for your Home Improvement Projects

One of the great benefits of being a homeowner is the ability to handle do-it-yourself projects that improve the value of your home. With some careful planning, you can customize your home to fit the vision you have always wanted. However, these projects do come with some hazards, especially if you are only moderately experienced. Before you get started, consider the following factors and decide if you need to purchase some extra insurance ahead of time.

How Old is your Home?

Older homes have more concerns than more modern buildings due to their age and the fact that some hazardous building materials weren’t outlawed until rather recently. If your house is more than 50 years old, you need to worry about the possibility of asbestos in the insulation, piping, and other key areas. If your home is more than 35 years old, you might have lead-based paint on the walls. There are all manner of other concerns as well, and most insurance companies will want to make sure you are aware of these potential hazards. If you’re unsure of what your old home might contain, talk to a home inspector. Knowing the hazards now will help you avoid insurance snafus later.

What Insurance Might you Need?

The exact type of insurance you will need to invest in will depend on what sort of dangers you might be working with on a given project. For example, if you plan on doing something that involves rewiring your home, you should make sure you have fire insurance just in case. Similarly, landscaping work should lead to a look at some more insurance for the physical structure of your home so you can protect against a fallen tree or other problem that might damage your home. Look at your project from a big picture standpoint. Consider everything that might go wrong and wrong through a couple of worst case scenarios in your mind. Then make sure your insurance is sufficient to see you through those scenarios.

Look at the Provider’s Limits

Insurance companies won’t blindly cover home projects without some limitations in place. For example, Progressive’s policies rarely extend to houses that are over 100 years old, no matter what the circumstances. You should check with your current company’s policies and limits, then compare them to other businesses. Always shop around, even if you like your current provider. If you do find a better deal, you should also consider waiting before jumping ship. If you would prefer to stay with a company that has been good to you, contact that company directly and tell them about the situation. In a lot of circumstances, your company will be willing to give you a better deal to keep you with them.

If you want to make sure you get the best insurance deal before starting a home improvement project, it’s all about preparation. Know your risks, know your home, and know your provider. You’ll be surprised as how much smoother everything else goes once you have the proper protection.

What Kind of Florida Insurance is needed to Rent out a Home?

Not everyone lives in Florida all year, and renting out a home in the Sunshine State is quite common. Whether renting out your home on a short-term or long-term basis, it is important to make sure you have the right Florida insurance coverage. A homeowner’s policy may not provide adequate financial protection when you are renting out your primary residence or vacation home.

Short-Term Rentals

Homeowners who plan to rent out their primary residences on a short-term basis have a couple of choices when it comes to selecting Florida insurance coverage. It is possible that the existing homeowners’ policy will cover short-term rentals, but it is important to confirm that with an agent. If the homeowners’ current insurance policy does not cover short-term rental, the company may allow for the purchase of an endorsement that will provide the necessary coverage.

Regular Rentals

Another option may be a scenario in which a homeowner rents out a primary residence for short periods of time, but on a regular basis. For example, a Florida resident might rent out a home every year during Biker’s Week, the International Food and Wine Festival or some other regular Florida event. The insurance company might consider this regular rental activity a business transaction. In that case, it would be necessary for the homeowner to purchase a Florida insurance policy for a business, such as a bed and breakfast inn.

Long-Term Rentals

Florida homeowners who wish to rent out their homes for 6 months or more will most likely need a landlord or rental dwelling insurance policy. Typically, landlords need more financial protection than homeowners. Consequently, landlord insurance costs about 25% more than a standard homeowners’ insurance policy. Renting out a vacation home or investment property would also require a landlord or rental dwelling policy.

What do Landlord Policies Provide?

Florida insurance policies for landlords provide financial protection in a number of vital areas. Property insurance is designed to cover physical damage to the property that is caused by fire, wind, hail, ice, lightning and other covered perils. It can also cover personal property owned by the landlord, but left at the rental location, like lawnmowers and appliances. Liability is another vital coverage for landlords. In the event a tenant or guest is injured on the property, this coverage would provide financial protection for medical expenses and legal fees. A landlord policy can also provide coverage for loss of rental income while a home is being repaired or rebuilt following a covered peril.

It is important for all tenants to understand that the landlord’s Florida insurance coverage is only for the structure of the home. It does not provided financial protection for the tenant’s personal belongings. It is a good idea to require tenants to purchase a basic renter’s insurance policy to cover the contents of the home. Often landlords ask tenants to show proof of renter’s insurance before being allowed to sign a lease agreement.

Lightning Strikes and Florida Insurance Claims

As Spring emerges, bringing warmer weather, it is time to think about those Florida lightning storms, and make sure you have safety precautions in place to prevent strikes on your property along with resulting Florida insurance claims. The State of Florida has more lightning casualties than any other state in the nation, and lightning is responsible for more weather related deaths in the Sunshine State than all other weather hazards put together.

Lightning Alley

The area stretching from Tampa to Titusville is known as “Lightning Alley” by meteorologists across the country. According to the National Severe Storms Laboratory, the highest frequency of cloud-to-ground lightening in the U.S. happens between Tampa and Orlando. The abundant moisture in the atmosphere of that area, combined with the high surface temperatures result in strong sea winds and violent lightning storms. About 1,000 people are struck by lightning in the U.S. each year – far more than suffer shark attacks. Lightning is a serious hazard than can cause life-changing injuries and even death, as well as Florida insurance claims for property damage and medical care.

Effects on Florida Homeowner’s Insurance

According to the Insurance Information Institute (III), the average lightning claim is between $4,000 and $5,000 and there are around 200,000 each year. The damage caused by lightning strikes can be anything from a fallen tree, to blown circuits in electronic equipment, all the way to an entire home destroyed by fire. Filing a Florida insurance claim on a homeowner’s policy due to a lightning strike can cause an increase in future premiums.

Common Lightning Myths

You cannot believe everything you have heard about lightning, particular in Florida. For example, it has been said that lightning never strikes twice. This is blatantly false. In fact, lightning often strikes the same places over and over again, particularly tall, isolated objects. Another common myth is that lightning rods attract lightning. This is not true. Lightning rods actually provide a path for the lightning to travel to the ground where the electricity can safely be discharged. Some people incorrectly believe they are safe from lightning if it is not cloudy or raining. In fact, Lightning often strikes several miles from a storm, even when there are no storm clouds.

Protection against Lightning

There are certain precautions people can take to avoid lightning strikes, and the resulting Florida insurance claims. The sound of thunder is the best clue. According to the National Oceanic Atmospheric Administration, the sound of thunder travels a mile every five seconds. When you hear thunder, simply count the seconds between the sound of the thunder and the flash of lightning to determine the distance of the lightning. Always go indoors when you hear thunder, or seek shelter in a car. Immediately administer cardio pulmonary resuscitation (CPR) to someone who has been struck by lightning, and call 911.

Sometimes Florida insurance premiums for homeowners can be positively impacted when policy holders take the initiative to install a lightning protection system in their homes, especially if they own expensive electronics or other high dollar items. Such a system is a good investment for Florida homeowners given the frequency of lightning strikes in the state.

Do you need Florida Travel Insurance?

Extreme weather in the U.S. and even Florida, caused by historic snowfalls and polar vortexes, has resulted in record numbers of delayed or cancelled flights. Consequently, travelers have been forced to delay and even cancel long awaited vacations. The unprecedented weather patterns have sparked a new interest in Florida travel insurance among people planning and embarking on expensive vacations. But how do you know if you really need it?

Questions to ask Yourself

When determining whether or not Florida travel insurance is a necessary item to add to your vacation budget, there are some questions to consider. If the trip has to be cancelled due to harsh weather, will you lose money? Will flight delays cause you to miss any expensive events you have paid for in your vacation package? If flight delays and other cancellations cause a tour operator to go bankrupt, will you lose your deposit? Are you taking an adventurous vacation that involves a higher risk of injury, such as a whitewater rafting trip or a rock climbing excursion? Depending on your answers to these questions, you may need Florida travel insurance.

Insurance for Trip Cancellation, Delay or Interruption

Florida travel insurance for trip cancellation, delay or interruption can provide financial protection for a variety of scenarios for vacationers taking the trip of a lifetime or just a nice much-needed vacation.

• Policies usually include coverage for cancellations due to illness, weather, death or delayed luggage.
• Most polices provide some kind of coverage for injury or illness that happens during the trip, and this often includes reimbursement for the portion of the trip that was missed.
• Some policies may provide coverage if a tour operator or cruise line goes bankrupt before the scheduled trip.

24-Hour Assistance Coverage

Companies that provide travel insurance can include 24-hour assistance in the policy, which usually covers several items.

• The coverage typically assists vacationers in arranging alternate accommodations, finding doctors if an illness or injury occurs on the trip or contacting families or other forms of assistance in the event of an emergency.
• Luggage and personal effects coverage is designed to provide financial assistance if luggage or other personal belongings are lost or stolen during a vacation.
• Accidental death insurance provides coverage if a member of the group dies while on the vacation trip.

Medical Insurance/Medical Evacuation

Vacationers never know what kind of catastrophe might occur during their travels. It is important to consider any health challenges of the individuals in the group, and any potentially dangerous excursions in the vacation package.

• Medical coverage can provide for healthcare if someone becomes sick or injured and needs to see a doctor.
• Evacuation coverage can provide for emergency transportation due to illness or a natural disaster.
• Special accommodations such as stretchers or IVs needed on a commercial airline can also be covered by a medical insurance/medical evacuation policy.

When purchasing a Florida travel insurance policy, it is also important to know what is not included in the policy. The cost of travel insurance is typically based on the age of the traveler, the cost of the vacation trip and specific coverage options that are selected. Vacationers can expect to pay approximately 5% to 7% of the cost of the trip for travel insurance coverage.