stdClass Object ( [id] => 266 [franchise_id] => 113 [blog_title] => Hope for the Best, Prepare for the Worst: Homeowners’ Insurance 101 [blog_description] =>Buying a home is a big investment, and you’d probably like to protect that investment. That’s where insurance comes into play. Maybe you live in the Midwest where tornadoes are rampant, or maybe you live in quaint suburbia where, seemingly, nothing ever goes awry. But try to get into this mindset: anything could happen. That is the most basic reason behind homeowners’ insurance, and if you don’t know how to get started, we are here to help. Here are three important questions insurance agents are often asked.[meta_title] => Hope for the Best, Prepare for the Worst: Homeowners’ Insurance 101 [meta_description] => Buying a home is a big investment, and you’d probably like to protect that investment. That’s where insurance comes into play. Maybe you live in the Midwest where tornadoes are rampant, or maybe you live in quaint suburbia where, seemingly, nothing ever goes awry. [featured_image] => 1579891861_1.jpg [publish_date] => 2020-08-07 12:05:00 [blog_category] => 1 [status] => 1 [date_added] => 2020-06-18 11:33:05 [featured] => https://weinsurehosting.com/assets/featured/1579891861_1.jpg [blog_categories] => Blog, )
Is homeowners’ insurance mandatory?
If your home is financed by a mortgage lender, they may require some type of insurance to protect against natural disasters and unexpected situations. Additionally, if your home is paid off, you have the option of maintaining coverage or dropping your policy completely at your discretion. But from a financial standpoint, it may be wise to continue a policy for asset protection.
What does “Personal Liability” mean?
This is a subset of an insurance plan which covers the cost of damages caused by those included under your policy. If someone decides to take legal action, this section is responsible for the expense of court processes and any judgments found against you (within your policy limits). There are various situations covered under this portion, so be sure to speak with your insurance agent about how much coverage you may need.
What is not covered by homeowners’ insurance?
Certain exclusions apply in all insurance policies. For example, if your car sustains damage while parked at your residence, this claim must be submitted under your auto policy, not your homeowners’ insurance. Also, whereas most natural disasters are covered, not all of them are included. Floods and earthquakes are generally not built into a homeowners’ insurance policy and must be purchased separately.
When it’s time to buy a home, don’t forget to safeguard your assets. If you have questions regarding homeowners’ insurance, contact your local WeInsure agent today.
stdClass Object ( [id] => 321 [franchise_id] => 113 [blog_title] => You Are Focusing on the Wrong Asset! [blog_description] => You are focusing on the wrong asset!
Picture this if you will: a gentleman, aged 40, worked hard for his money, and finally built up some wealth. He has some money socked away in a 401k, has two nice cars in his driveway, a nice home, and a good income.
Not hard to imagine right?
Now picture this: He’s driving his F-150 in the rain. He’s late to work and going too fast, and suddenly he hydroplanes into oncoming traffic. His F-150 slams into two other cars, resulting in $60,000 in damages. The accident injures 3 people and the medical bills come out to $250,000. One of the drivers discovers that he has a little money in the bank, and because the car accident caused her "emotional trauma," she’s going to sue him for $350,000.
In seconds, that one accident cost him $600,000 in damages and injuries. He has $250,000 in liability coverage on his auto insurance, which means he needs to come up with the other $350,000 fast.
Where does this money come from?
Enter umbrella insurance. Instead of clearing your retirement fund, umbrella insurance will cover the remaining $350,000 your auto insurance didn’t cover and all the court fees associated with the lawsuit. You’ve worked years, even decades to build up your savings and investments. Decades! Unfortunately, that money could be gone in the blink of an eye because of a nasty lawsuit.
You have seen the commercials and billboards on the side of the highway while you are driving. “This Lawyer got me $500,000” “$600,000” etc…
Don’t risk it.
What Does Umbrella Insurance Cover?
Umbrella insurance covers you for lawsuits and very expensive claims. In particular, you’ll have extra coverage in the following four areas:
Whether your neighbors’ kid breaks his arm on your trampoline or your dog bites someone, umbrella insurance will help cover the medical bills or lawsuits that exceed the limits of your homeowner’s insurance. Injury to Reputation Slander. Libel. Defamation. If you injure someone’s reputation, whether in person or over social media, you could be sued for a large amount. Umbrella insurance will cover you if you lose these lawsuits. Property Damages If you get into an accident and the repair costs exceed the liability on your auto insurance, umbrella insurance kicks in to cover the rest of the costs.
That’s right. Umbrella insurance will even cover your lawyer fees when you have to defend yourself in a lawsuit.
Signs You Need Umbrella Insurance ·
stdClass Object ( [id] => 268 [franchise_id] => 113 [blog_title] => Becoming Well-Versed in Auto Insurance [blog_description] => Advertisements for low-cost insurance may intrigue you, but remember: the price of your auto policy is never as important as being an informed consumer. There are five major types of automotive insurance, and they’re all significant. Knowledge of the terms and conditions of your coverage may save you thousands in the long run.
When you’re responsible for an accident, Liability Insurance covers you for the cost of medical expenses from injuries sustained as well as resulting property damage. If your state has a minimum requirement for Liability Insurance, you may want to consider upping the coverage a bit. That way, you (and your wallet) are protected, and you won’t have to shell out sizeable amounts of money for claims surpassing your policy limits.
Uninsured/Underinsured Motorist Protection
This insurance helps cover expenses associated accidents in which the other driver is responsible yet possesses no insurance—or minimal coverage—and cannot afford to pay for the full cost of the damages.
Collision Coverage is responsible for the fees associated with auto repairs or for replacement of the car itself. However, if your car is totaled, this insurance will pay the car’s value. This coverage kicks in when your vehicle collides with another object or vehicle, rolls over, or your car is hit by another car while it’s parked.
Personal Injury Protection (PIP)
Sometimes referred to as “no-fault” insurance, PIP is coverage for the medical expenses of you, and any passengers, if you are injured in an accident. This insurance also encompasses injuries sustained as a passenger in someone else’s car, or if you’re hit as a pedestrian or while cycling.
Cars can be stolen, damaged by weather, collide with an animal, or be vandalized. Luckily, all of these incidents are protected by Comprehensive Coverage. If you reside in a high-crime area or a region prone to natural disasters, this insurance may be something to consider carrying. Also, most lenders demand that you hold Comprehensive Coverage until the car is paid off.
Our local agents are standing by to answer your auto insurance questions. Contact us today![meta_title] => Becoming Well-Versed in Auto Insurance [meta_description] => Advertisements for low-cost insurance may intrigue you, but remember: the price of your auto policy is never as important as being an informed consumer. [featured_image] => 1579891903_3.jpg [publish_date] => 2020-07-06 09:35:00 [blog_category] => 1 [status] => 1 [date_added] => 2020-06-18 11:32:30 [featured] => https://weinsurehosting.com/assets/featured/1579891903_3.jpg [blog_categories] => Blog, )
July 6, 2020
stdClass Object ( [id] => 320 [franchise_id] => 113 [blog_title] => Do you remember Hermine? [blog_description] => If we lived by the phrase “What are the chances?” then there would never be a need for insurance. Unfortunately, things do happen – like hurricanes. Do you remember Hermine? The sights and stories I have seen and heard were unreal. Unfortunately, the media didn’t seem to cover it too much, but this was in our own back yard.Parts of Crystal River were 3 feet under water. 2,694 structures sustained damage, of which 531 suffered major damage in Citrus County. Total losses in the county reached $102 million. Most of this damage was due to flooding. Hermine was not a strong hurricane – only a Category 1. But the storm surge and rainfall were enormous. In Cedar Key, Hermine produced 5.8 Ft. of storm surge. Sea water literally washed across the entire island. In Dixie County, the surge ranged from 8-9 feet. In Yankeetown (Levy County) over 40 homes and business were demolished by coastal flooding. And on top of this, Hermine dropped an earth shattering 23 inches of rain in less than 72 hours.And if you think it was an anomaly, the same thing happened in 1993 from the “No-Name Storm”. Some called that storm “The Storm of the Century”. Storm surges were measured up to 12 feet along the Florida Gulf Coast. 40 inches of rain was dropped over Citrus County in only 4 days. Over 18,000 homes in Florida were damaged – many, not by wind, but flooding.
It is estimated that a little north of 1 in 4 Floridians live in a moderate to high risk flood zone. Those numbers almost double as you get closer to the coast. Many didn’t believe they were even in a flood zone before Hermine, because they lived east of 19. Some still disagree, even though the new flood zone maps show that they are.Regardless, if you agree or not, flooding does happen in Citrus County, and up and down the Nature Coast. Flood insurance will help cover the cost of repairs, and to pay to put you in new housing as repairs are done on your home. And the best part is, prices have come down, a lot, as new companies have entered the Flood Insurance market to create more competition. If you haven’t looked in a while, take a second look to see how affordable I can be, you might be surprised. [meta_title] => Flood Insurance [meta_description] => It is estimated that a little north of 1 in 4 Floridians live in a moderate to high risk flood zone. Those numbers almost double as you get closer to the coast. [featured_image] => 1592494312_ht_hurricane_hermine_crystal_river_florida_01_mt_160902_16x9_992.jpg [publish_date] => 2020-06-20 11:25:00 [blog_category] => 1 [status] => 1 [date_added] => 2020-06-18 11:31:52 [featured] => https://weinsurehosting.com/assets/featured/1592494312_ht_hurricane_hermine_crystal_river_florida_01_mt_160902_16x9_992.jpg [blog_categories] => Blog, )
stdClass Object ( [id] => 267 [franchise_id] => 113 [blog_title] => Business Insurance Basics [blog_description] => When you own a business, there are multiple processes and procedures that must be followed. If you manage employees, their safety and security should be taken into consideration at all times. For a large company, you may have a collection of expensive equipment on hand that could bring business to a halt if damaged by a disaster. But no matter the size of your organization, no one is immune to accidental injury. Here’s what you need to know about covering these under a business insurance policy.
Worker’s Compensation Insurance
If an employee slips and falls on the premises, injures themselves while lifting a heavy box, or maybe becomes ill due to exposure to harsh chemicals, what do you do? Worker’s Compensation Insurance is available to protect businesses and employees after work-related illness or injury. Benefits could include payment for lost wages, emergency and ongoing medical care, or physical therapy, to name a few. In most states, a Worker’s Compensation Insurance policy is required for a business to operate.
Commercial Property Insurance
A pipe burst in your warehouse and no one was around to hear it. Did it make a sound? Probably, but it definitely damaged some equipment and important documents during the flood. Commercial Property Insurance is essential to a Business Owner’s Policy (BOP) for situations such as these. From computers and inventory to store signs and fence posts, your policy coverage can span from the inside of your building to the immediate perimeter. You developed this company from the ground up, so protecting your investments with a material-based policy may be a sensible decision.
Business Liability Insurance
Accidents happen, it’s true. But what if a customer or client is injured on your property? Does that make you liable? Business Liability Insurance—also called General Liability Insurance—covers you against claims that are made against you for injuries sustained during regular business procedures. This policy could also cover you against claims of property damage and advertising offenses such as libel or slander.
If you’re a businessowner looking to preserve the security of your company and its employees, WeInsure is here to help you. Contact a local agent today![meta_title] => Business Insurance Basics [meta_description] => When you own a business, there are multiple processes and procedures that must be followed. If you manage employees, their safety and security should be taken into consideration at all times. [featured_image] => 1579891880_2.jpg [publish_date] => 2020-06-08 10:30:00 [blog_category] => 1 [status] => 1 [date_added] => 2020-04-23 11:38:25 [featured] => https://weinsurehosting.com/assets/featured/1579891880_2.jpg [blog_categories] => Blog, )
stdClass Object ( [id] => 296 [franchise_id] => 113 [blog_title] => Why Are My Homeowner Insurance Premiums Going Up? [blog_description] => As a local agent here in Citrus County Florida, this is probably the most common question I come across – “Why are my insurance premiums going up?” The common answers I hear from people are “Greed” and “Hurricanes”. As I risk losing at least part of the readership right now, I can tell you that greed from the insurance companies has nothing to do with it. Hurricanes however, only have a relatively small contribution to the formula.
Before I dive deep into the explanation, I think it’s important to understand the rate increase process first. Insurance companies are required by state law to file their insurance rates for each year with the Office of Insurance Regulation (OIR). They are allowed to adjust their insurance rates without “getting permission” from the OIR by up to 15%. If however, they want to move the rates by more than 15% (either up or down) they have to prove to the regulators that the move is not only justified, but that they can financially afford to do so. It may come as a surprise to some of you that, in some cases, the insurance company may only be asking for a 20% increase, for example, but regulators force the company to increase their rates by 25%. Why? Because, regulators believe that the company will not remain solvent otherwise. Now, you may think the insurance company may be happy to take the bigger increase – “Bigger premiums mean bigger profits” right? Actually, it’s more of the other way around. Lower premiums mean more competitive rates, which mean more business written, which equals bigger profits.
So what is being said at these Rate Hearings before the Florida Office of Insurance Regulation board?
The same story of AOB (Assignment of Benefits) abuse and fraud, and lawsuit abuse was told time and time again. So what is happening? When a home is damaged, an insurance claim must be made to the carrier which can then assess the damage and provide the appropriate compensation based on the coverage held by the homeowner. However, unscrupulous contractors often make a practice of targeting homeowners after a storm or other event, promising to save the homeowner money by helping them avoid paying their deductible. All the homeowner has to do is sign an “Assignment of Benefits”, or AOB, form. Many homeowners don’t realize that by signing the form, they sign away their rights – allowing the contractor to inflate costs and then use an attorney to sue the insurance company if the carrier objects to the fabricated costs. This has been happening more and more over the past several years. Southeast Florida and the Orlando Metro have been the real hotspots for this activity. Last year had seen north of 260,000 lawsuits in relation to the AOB abuse – more than double the 126,000 filed in 2015.
If you want be part of the solution, never sign an AOB form.
If you want lower insurance rates, call We Insure Today, 352-355-4309 or email at David.Walls@WeInsureGroup.com [meta_title] => Why Are My Homeowner Insurance Premiums Going Up? [meta_description] => As a local agent here in Citrus County Florida, this is probably the most common question I come across – “Why are my insurance premiums going up?” The common answers I hear from people are “Greed” and “Hurricanes”. As I risk losing at least part of the readership right now, I can tell you that greed from the insurance companies has nothing to do with it [featured_image] => 1587648056_81560986_10156458885496930_481913120365740032_o.jpg [publish_date] => 2020-04-23 09:20:00 [blog_category] => 1 [status] => 1 [date_added] => 2020-04-23 11:36:06 [featured] => https://weinsurehosting.com/assets/featured/1587648056_81560986_10156458885496930_481913120365740032_o.jpg [blog_categories] => Blog, )
April 23, 2020
stdClass Object ( [id] => 289 [franchise_id] => 113 [blog_title] => Sinkholes vs. Catastrophic Ground Collapse What Every Floridian Should Know [blog_description] => Florida has more sinkholes than any other state in the nation, and if you live along the Nature or Suncoast, you live in what is nicknamed “Sinkhole Alley” – the part of Florida that has the highest concentration of sinkholes. Florida law requires insurance companies to cover “catastrophic ground cover collapse.” But even with this, damage caused by a sinkhole may not be covered by your policy. This is because the law defines catastrophic ground cover collapse differently from sinkholes.
Florida law defines a sinkhole as: “a land form created by subsidence of soil, sediment, or rock as underlying strata are dissolved by groundwater. A sinkhole may form by collapse into subterranean voids created by the dissolving of limestone or dolostone or by the subsidence as these strata are dissolved.”
“Catastrophic ground cover collapse” is defined as: “geological activity that results in all of the following: 1). The abrupt collapse of the ground cover; 2). A depression in the ground cover clearly visible to the naked eye; 3). Structural damage to the building including the foundation; and 4). The insured structure being condemned and ordered to be vacated by the government agency authorized by law to issue such an order for that structure.” This means that if your home is damaged by sinkhole activity, but does not meet all four criteria for catastrophic ground cover collapse – ie: you may have foundation cracks, or the stucco on the side of your home is cracked, but the home is still livable – your insurance may not pay for the damage if you do not have sinkhole coverage.
All insurance companies licensed to do business must offer sinkhole coverage, usually as a rider to an existing policy, and for an additional premium charge.
What this does not mean is, that as soon as you see some cracks in your foundation or side of your house, that you run to your insurance company and demand that they pay to fix it. Please, understand that most of the time, these cracks are cosmetic, not sinkhole related, cause no real damage to your home, and will not be covered by your insurance. It is normal for concrete and stucco to crack, as a house ages and settles. If you do have a crack that you are concerned about, a good general rule of thumb is, see if you can fit a penny in it. If you cannot, its just cosmetic. If you can, you may have a problem. But, most of all, know what your policy covers. There is nothing worse than filing a claim and finding out you did not have the right coverage.
If you need some help interpreting the industry jargon, bring the policy by our office, we are located at 1454 Highway 41 in the Inverness Regional Shopping Center. We would be happy to help and love the chance to earn your business. [meta_title] => Sinkholes vs. Catastrophic Ground Collapse What Every Floridian Should Know [meta_description] => Florida has more sinkholes than any other state in the nation, and if you live along the Nature or Suncoast, you live in what is nicknamed “Sinkhole Alley” – the part of Florida that has the highest concentration of sinkholes. Florida law requires insurance companies to cover “catastrophic ground cover collapse.” But even with this, damage caused by a sinkhole may not be covered by your policy. This is because the law defines catastrophic ground cover collapse differently from sinkholes. [featured_image] => 1585064477_download.jpg [publish_date] => 2020-03-24 11:40:00 [blog_category] => 1 [status] => 1 [date_added] => 2020-03-24 11:42:31 [featured] => https://weinsurehosting.com/assets/featured/1585064477_download.jpg [blog_categories] => Blog, )
March 24, 2020