In this video, Owner & Agent Matthew Jones explains the process of transferring a flood insurance policy and how it can help you save on premiums. He discusses the changes made by FEMA in 2021 and the new rating system called Flood 2.0. He also shares a real-life example of a client who saved over $900 a year by transferring their policy. If you’re buying a home in a flood zone, this video will provide valuable information on how to keep your flood insurance premium down and benefit from the old rating system.
Americans have been dealing with inflation costs since 2021, from food, gas, housing and now auto insurance. Unfortunately for Floridians, Florida has the highest rate of auto insurance right now according to an article that was written by the Washington Post. It also stated that Florida has seen an 88 percent increase since 2013. Agent and Owner Matthew Jones expands on the rising costs of auto insurance in Florida.
What causes auto insurance rates to rise?
The main causes for rising auto insurance rates include several factors such as accident frequency, litigation, fraud, and severe weather. When it comes to Hurricanes everyone thinks about their homes and how the insurance world is going to impact home insurance, but we forget that everything else is affected too including auto and boats. There were at least 40,000 auto claim lawsuits filed each month in Florida this year!
Due to the flooding damage caused by Hurricane Ian in 2022, Florida insurance companies were forced to raise auto insurance rates to compensate for the cost of claims of more than 14 percent, which is the highest nationwide. Right now, the average cost of auto insurance is about $3,100 annually. That is 50 percent higher than the national average average, of $2,000.
So how do we get our auto rates to decrease?
If we are married, make sure the person with the best credit score is put first on the policy.
Ask your agent if the carrier is offering an device discount.
Pay your premium in full.
Pick a deductible that is best for your pocket, if you can afford a $1,000 deductible, select that and don’t pick $500.
Ask about a low mileage discount.
Most importantly shop your auto insurance. Carriers change rates all the time based on what they have on the books as far as liability in the area. So, it’s important to stay ahead of the rates and always ask your agent to shop for you.
These steps may lower your premium, but not take you lower then what you use to pay as there’s no guarantee. These steps will help you achieve the best possible policy for you and your family.
Living in Florida, with its tropical climate and proximity to the coast, residents are familiar with the potential risks of flooding and need for flood insurance. To protect homeowners and businesses, the state has implemented flood insurance requirements. As traditional homeowners insurance typically does not cover flood damage, getting flood insurance is crucial in safeguarding […]
Of course, you don’t need to insure your umbrella. But as an umbrella keeps off the rain, umbrella insurance helps keep off lawsuits from any liability claim once your policy is exhausted. How I like to explain it is that you can stuff as many policies with liability under an umbrella (auto, home, boat, etc.) to shield you from the suit. If you own a business it can add another layer of protection there as well. If you’ve got a lot to lose, this kind of coverage may be the most affordable way to protect yourself. See below what else it may cover for you. It’s a lot of coverage for very little money.
Extra Liability Insurance Liability limits on typical home and auto policies are fairly modest when compared to the value of new homes and cars. Clients can purchase umbrella insurance in increments for the right amount of extra protection at the right price.
Legal Defense You have a legal right to defend yourself against claims of injury or loss, but lawyers are expensive. Not only will umbrella insurance help you pay claims, it can help pay for legal defense.
Extra Coverage Some umbrella insurance policies can get modified to cover more unusual risks that are not typically mentioned in an ordinary policy.
Contact Us Do you have a house, retirement fund, and other assets that could be vulnerable to a liability claim? If so, contact us at your earliest convenience to discuss the reasons you need umbrella insurance.
Florida, known for its sunshine and sandy beaches, is facing a less glamorous reality as homeowners grapple with the escalating costs of home insurance. Floridian’s have seen premiums go up by more than 40 percent, 3.5 times the nation’s average and they are likely to keep rising due to a variety of factors. Homeowners with a mortgage […]
How much do you know about homeowner’s insurance coverage? If you are like most people, you have a policy but aren’t quite sure what it covers
Unfortunately, this lack of knowledge by the general public has caused some ugly misconceptions about insurance to spread — myths that could cost you and your family a ton of money. Here are three myths about homeowner’s insurance and their respective truths.
Myth #1: Your Homeowner’s Policy Covers Your Home-Based Business
Do you run a business out of your home? Maybe you sell vitamins, makeup, jewelry, or something completely different through a marketing program. Perhaps you handcraft items to sell at festivals or offer services to clients who visit you at your residence. Either way, you might believe the myth that your homeowner’s insurance covers your business endeavors.
This is a myth! Most homeowner’s insurance policies specifically exclude home businesses. This means that if you have an inventory of product stolen or a client becomes injured at your residence, you may not be covered. This problem is pretty widespread, too. According to Independent Agents and Brokers of America, nearly sixty percent of home-based business owners do not have appropriate insurance coverage.
Contact us for a complimentary consultation to discuss your business insurance needs.
Myth #2: Earthquakes and Floods Are Covered
Another fallacy is that a homeowner’s insurance policy will protect you against damage due to an earthquake, flood, or other natural phenomenon. The truth is that sadly many natural disasters are not covered under your standard policy. While some circumstances such as a hailstorm or a tornado are sporadic enough to warrant coverage, others that create widespread damage are not.
This is where having specialty flood coverage comes into play. These are special policies that are underwritten by a private insurer and backed by the government to fully protect your home and belongings against any damage due to named perils. Purchasing one of these policies is usually quite affordable and only takes a phone call to us to start the process.
Myth #3: Your Insurance will Cover Everything in the Event of a Disaster
One more myth that many people seem to believe is that homeowner’s insurance will cover everything you own in the event of a disaster. The truth to this myth is that having a policy only covers a portion of your belongings. Riders often need to be added to expand coverage for expensive electronics, guns, jewelry, and furs. If you own any of these items, it is worth talking to your agent about to ensure you have the coverage you need.
Do any of these scenarios apply to you? For more information or to discuss your unique situation, please contact us today.