Understanding Structured Insurance Settlements

Simply put, a structured insurance settlement occurs when an insurance company releases the amount of money that was settled upon or ordered by the courts in a series of installments rather than in a single lump sum. There are many ways in which these payments can be made and some things about them that everyone should understand.

How Payments are Made

There are several ways in which structured insurance settlements can be paid out. First, the company may issue a series of lump-sum cash payments over the course of a year, two or even three. Cash settlements may also be provided but, more often than not, it is going to be a series of flat-rate payments that are made monthly, bi-monthly, semi-annually or annually. The way in which a particular person will receive his or her money depends upon the agreement between the individual and the insurance company or the order of the court.

What are the Advantages?

Although many people believe that receiving all of the money to which they are entitled up front is the best way to go about things, this is not always the case. There is a certain amount of financial security that comes from receiving structured insurance settlement payments on a regular basis. Not only does this financial security begin as soon as the first payment is received, but it also lasts well into the future whether an illness, injury or personal situation should arise.

What are the Disadvantages?

There are two real disadvantages associated with structured insurance settlements. First and foremost, if the party’s initial medical bills are quite extensive, then low payments over time may not be enough to prevent late fees, collection calls, and perhaps even refusal of treatment. The other disadvantage is that the cash value of the settlement amount will depreciate over time as the economy changes and everyday items – gasoline, housing costs, groceries, etc. – become more and more expensive.

Is a Structured Insurance Settlement a Good Idea?

Whether or not a structured insurance settlement is right for you depends upon several factors, and it is best that you discuss your situation with a legal representative prior to accepting any offer from any insurance company. These individuals can help you determine what your initial medical expenses will be and fight for at least one lump-sum payment at the beginning. Of course, there are some third party companies out there that will offer you a lump-sum payment if you are receiving structured payments or an annuity, but there are significant charges for this. It is best to determine what will work best for you in the beginning rather than waiting several years down the road to obtain a lump sum of cash.

Structured insurance settlements can bring peace of mind to anyone who is worried about bills after an accident or injury, but they certainly aren’t the best idea for everyone in every case. Be sure to consider your unique situation carefully before making a final decision. 

Your Insurance and the Holiday Season

The holidays are both a wonderful and stressful time of year for many people. While the spirit of the holiday makes for good fun and cheer, the increases in traffic, theft and even identity fraud can be a burden to us all. Ensuring that your Florida insurance is adequate for covering you in the event of some holiday accident or theft is very important.

Outdoor Lights

Though it occurs rarely, faulty wiring on your outdoor holiday lights can cause a fire. This is a tragic event during the holidays and one that hopefully never occurs, but you should still be prepared if it does. Experts state that as long as you have fire coverage in your homeowner’s insurance policy, a fire that is caused by faulty wiring in your outdoor lights will be covered.

Stolen Gifts

Believe it or not, there are thieves out there who wait for the opportune time to slip into your home and steal the gifts right out from under your tree. Though it is sad and discouraging, your insurance company is there for you. Holiday gifts or no, this is still a theft that has occurred in your home. Make sure that you have receipts on hand for your purchases so that you can prove which items were stolen.

Auto Accidents

Outdoor holiday decorations are certainly beautiful and many people make it a point to drive around admiring them each year. Of course, with all of the increased traffic on the roadways, the chances that an accident may occur go up significantly. With this being said, if you’re out and about looking at the lights and you accidentally rear-end the car in front of you, this should be covered by your automobile insurance.

Woe is Wii

The Wii is one of the most popular video game consoles among children today, but because it requires physical activity while holding a moderately heavy controller, accidents can and do happen. If your little one accidentally lets go of the controller and it smashes through your HD television screen, don’t fret. Chances are that this may be covered by your homeowner’s insurance. Of course, if the deductible for the year has not been met, take the time to consider the amount of your deductible and the value of the television. Sometimes, a claim isn’t the best idea.

Windy Mishaps

Let’s face it: the wind in Florida can be fierce at times. As such, a storm or strong gust of wind has the potential to knock over your large outdoor decorations and fling them in multiple directions. If your automobile is damaged by flying decorations, this should be covered under your auto insurance policy. However, if your six-foot Santa crashes into the neighbor’s car, you’ll likely need to file a homeowner’s insurance claim, instead.

While the odds of some of these things happening may be quite low, they can and do happen to plenty of Americans each and every holiday season. Take the time to make sure that your insurance policy has you covered and you’ll be able to better enjoy the holiday season. 

How to Tell if an Auto Accident was Staged

Though it sounds a bit far-fetched, there are more and more drivers out there who are being involved in staged auto accidents. Essentially, what appears to be an accident was actually a calculated effort for the other driver to receive money or other benefits. Listed here are some ways to tell whether or not your auto accident may have been staged.

An Invisible Car in the Intersection

There are a few tactics that crooks use to trap unsuspecting drivers in intersections, but they all involve suddenly swooping into the intersection from what would appear to be absolutely nowhere. In some cases, one driver may motion for you to go ahead through the intersection but then pull out and block your path as you try to proceed, allowing a second fraudster to crash into you – purposely. Another tactic involves a driver who sits idle on the right side of the road just prior to a stop sign and then hits the back of your car as you turn right. Then, the driver will tell the police that you ran the stop sign and caused the collision.

Jump-Ins

One of the best ways to tell if you have been involved in a staged auto accident is if other people appear from seemingly nowhere and jump into the car that you hit. These people will then feign injuries – sometimes slight, others more severe – so that they can get money from your insurance company. You should also be very wary of anyone who claims to have severe pain or injuries after a very minor accident that results in only a small amount of damage to the vehicles involved.

Sudden Stops

There are two ways that crooks will use what is known as the ‘swoop and stop’ to their advantage, but because the result is a rear-end collision, the innocent driver is always found to be at fault. Here, it is important to stay alert and drive defensively at all times. In the first, a car will pull up beside you in another lane and block your ability to merge while the car in front of you slams on its brakes, causing a collision. In the second and more daring staged auto accident, the driver will simply pull out of you and stop dead in the center of traffic.

Fake Witnesses

Finally, it is important to quickly assess the situation any time you are involved in an accident and determine who is in the other car and who may have been able to see the accident occur. If someone else pulls up at the scene a moment later, steps out of his or her car and backs up everything the other driver says but wasn’t anywhere near the scene of the actual accident, it is likely that you are being swindled.

While you may find it difficult to argue your case, particularly if there are false witnesses or you have been involved in a rear-end auto accident, it is important to point these things out at the scene to the responding officer and to your insurance agent, as well. If necessary, an investigation can be implemented and real witnesses can be questioned. 

Protecting Yourself and Others from Dog Bites

Although unfortunate, being bitten by a dog is one of the most common causes of injury – especially in children. It is important to not only protect your own family from being injured, but it is also necessary to make sure that you have ample insurance to cover any bites that may be inflicted by your own furry friend.

Statistics about Dog Bites

There are some 78 million pet dogs in the United States and according to the CDC (Centers for Disease Control and Prevention), 4.5 million people are bitten each year. Of these, 885,000 bites require medical attention and a vast majority are suffered by children who are between the ages of five and nine years old. Similarly, it was documented in 2012 that dog bites made up almost a third of all of the homeowner’s insurance claim dollars that were paid to consumers that year.

Your Own Pet

In order to prevent a claim from being filed against you due to your own pet, it is important to properly train your dog and also teach your family how to play with him or her. It isn’t in an animal’s nature to bite someone, but rough games like tug-of-war can teach your pet aggression and this may lead to bites. It is better to play games such as fetch and teach your dog basic obedience – sit, stay, and heel – than to encourage your dog to be hyperactive or aggressive toward anyone at all.

Someone Else’s Pet

It is also important to remember that you should never attempt to pet a dog you are unfamiliar with, and this is a lesson that should be taught to all children at a very young age. No matter how well-mannered the animal may seem, it may be skittish about being approached by a stranger and bite. You should always ask the dog’s owner before attempting to pet a dog, and you should never try to catch a dog that appears to be a stray. Rather, contact your local animal control or authorities so that trained professionals can help.

Dog Bites – The Numbers

About one fifth of all of the pet dogs in the United States are adopted from shelters, and this increases the likelihood that these pets may be aggressive due to prior abuse or mistreatment. More than 80% of the children who are bitten are bitten by their own pet or a neighbor’s pet, and a good number of these animals were adopted from shelters. 75% of the fatal dog bites that occur are inflicted upon family members or guests on another person’s property, and only 7% of all of the bites that occur are work-related, meaning they were inflicted upon postal workers, meter readers or other personnel.

With all of this information in mind, you should always make sure that your liability insurance is enough to cover any injury that your dog may cause on your property. Similarly, you should always take the time to train your pet to be well-mannered and never assume that a stranger’s dog is friendly. 

Preparing for the Next Hurricane

While there are many things that Floridians can do to prepare for the next hurricane, such as creating an emergency kit, stocking up on batteries and creating a family-wide preparedness plan, it is also important to take stock of all of the important items throughout the home. There are several ways in which this can be done.

When to Make Changes

First and foremost, it is important to remember that homeowners cannot make any changes to their insurance policies while the state of Florida is under a hurricane watch or warning. This means that any necessary changes will need to be made prior to the start of the season in order to be safe. As such, Floridians should ensure that all of their important assets (namely, those that are pricey and expensive to replace) are covered by their policies. During the off-season, all homeowners should take the time to compare the value of such assets with the amount that their insurance policies will cover in the event of a loss.

Use a Digital Camera

The absolute best way to record the number of assets in the home is with a digital camera. Homeowners should first ensure that the date stamp feature is turned on so that each photo is marked with the date it was taken; this will help in the event that a claim needs to be made. It is also important to make sure that brand names and important aspects of the items are captured in the photos as this can make a huge difference when it comes time for the insurance company to fulfill your claim. Finally, consumers should always be sure to make a copy of the photos on some form of removable media and store it in a disaster-proof location or even online. 

Make a Physical List

Now that the record has been captured digitally, consumers can make a physical list of this property by hand or on a computer. This way, it is easy to estimate the value of such items, write the values down, and total them up at the end. This is the figure that homeowners should consider when they are purchasing coverage for their personal effects like computers, smartphones, televisions, home entertainment systems, furniture and more.

Make Changes Accordingly

While everyone should update their insurance policies at least once a year – and preferably not during hurricane season – it is also necessary to contact the insurance provider if a significant purchase is made. For instance, if a consumer invests $15,000 in new furniture throughout the home, then it is important to contact the provider and make changes to the policy, if necessary, to ensure that there is enough coverage there to take care of the purchase in the event of a loss. Even a slight change can make a huge difference when the next big storm comes along.

If you have questions about your insurance policy such as the amount that is covered in the event of a loss, please do not hesitate to contact your agent right away. These individuals can help you make changes to your policy that will help you and your family weather any storm. 

Winter Insurance Tips for Floridians

While it certainly doesn’t get as cold in Florida as it does in other parts of the country during the winter months, there are still some things that Floridians can do to save money on their insurance costs. In fact, these tips are great for people who live all across the country and choose to winter in Florida due to the warm, moist climate.

Reduce Insurance on Non-Driven Cars

One thing that Floridians (or tourists and part-timers) can do to save money on their insurance during the course of the winter is to reduce coverage on the vehicles that are not being driven. A two-car couple who comes to Florida for three months out of the year may only bring one car with them; they could save hundreds of dollars by simply reducing the coverage on the non-driven car. This should be considered carefully, though. If a tree limb or hailstorm damages the car, nothing short of full coverage automobile insurance will cover those damages in most cases.

Roadside Assistance

Anyone who does not already have roadside assistance in the winter months should consider the benefits. For less than $20 per month, individuals receive assistance if they get a flat tire, lock themselves out of their cars, run out of gas or even slide off the road into a ditch. While snow and ice aren’t as much of a concern in Florida as they are in other states, it does occur from time to time. The winter months in the state can get cold, so dead batteries and flat tires are commonplace. Having roadside assistance may help Floridians reduce their insurance costs because their vehicles will not be left alongside the road in the event of the unexpected.

Increase Coverage on Frequently Used Cars

If there is one vehicle that will be used more than the others during the winter months, it is worth taking the time to consider increasing comprehensive and collision coverage. Even though wintry precipitation isn’t much of a threat in Florida, the winter months are often quite rainy and wet. This alone often leads to an increase in the number of accidents that are reported, and no one wants to be in an accident only to find that they have to pay out of pocket for any damages or injuries that may have occurred.

Boat and RV Insurance

If the boat and RV will be garaged during the winter months, then there is really no purpose of carrying the maximum coverage on these. In fact, if they are in the homeowner’s garage, it may be possible that these are covered under the homeowner’s insurance policy in the event of fire, natural disaster or theft and paying extra for insurance may not be necessary as long as they are not being used. People who own boats and RVs can check with their agents to find out what is covered under each policy and what changes can be safely made during the winter months.

Saving money on insurance in the winter is quite possible, but it is always recommended that consumers speak with their agents prior to making such changes so that they are informed of all of the possible risks. Saving money is important, but so is protecting valuable assets.

Handling Florida Sinkhole Claims

Because of its geography and terrain, Florida is a state that is prone to sinkholes. More and more homeowners are battling this phenomenon, but many are finding that their insurance providers are refusing to pay claims that a sinkhole has caused damage to the homeowner’s property. There is a process outlined for handling Florida sinkhole claims, however, that can help you get back on track if your claim is denied.

Neutral Evaluation

The Florida Department of Natural Resources has set up what is known as the Neutral Evaluation program to help homeowners who experience denied Florida sinkhole claims. The process itself involves the help of a state-licensed Neutral Evaluator and is authorized through Florida State Statute 627.7024. You will not be required to pay any of the costs associated with the evaluation; this falls on the insurance company which denied your claim. Essentially, the Evaluator is a professionally trained, unbiased engineer or geologist who can survey your property and determine whether or not a sinkhole is responsible for any damage to your home.

Legally Admissible

It is important to keep in mind that the Neutral Evaluator’s decision or recommendation does not in any way require the insurance company to pay – or refuse to pay – for any claim. The opinion offered by this individual is not final, and both you and your insurer will still have the right to take the matter to court. However, the professional opinion of the Evaluator is admissible in court as evidence. Similarly, it is possible for you and your insurance company to settle the matter out of court during this process.

Evaluator’s Findings and Legal Fees

If the Evaluator verifies the existence of a sinkhole, he or she will research further to determine the scope of the damage that has occurred as well as any damage that may occur in the future. This information will be presented in a report that is provided to both you and your insurer. If the amount of money that it will take to cover any losses and repairs is more than what the insurance provider has offered to pay for these Florida sinkhole claims, then the insurance provider will be required to pay up to $2500 in attorney’s fees for the attorney’s role in the Evaluation process.

Requesting an Evaluator

If you would like to request a Neutral Evaluator to research your Florida sinkhole claims, you can find the Request for Neutral Evaluation form on the Florida Department of Natural Resources website. Then, you will be provided with a list of Evaluators operating in your vicinity and you and your insurer must mutually agree upon one of the listed Evaluators within 10 days. Otherwise, the DNR will choose one from the list and appoint him or her to your case. Once he or she has been assigned, you will be notified within five days of the place and time the initial conference will be held, and this can occur no more than 45 days following the initial request for Evaluation services.

If you cannot afford an attorney but you still want to fight a denied Florida sinkhole claim, you have the right to request that a DNS insurance specialist be present for all of the proceedings free of charge. This individual can help you through the process, but he or she cannot provide any legal advice.  

Tips for Purchasing Life Insurance for Young Parents

Having children is often the primary catalyst that propels consumers into purchasing life insurance for the very first time in their lives. However, unlike established families who have had their policies in place for years, there are some special considerations for young parents.

Cover Both Spouses

One of the most common mistakes that young families make when purchasing life insurance is failing to cover both spouses. Even if one of the parents stays home to take care of a small child or children, the other spouse will be left to shoulder all of the burdens of the household in the event of his or her spouse’s death. This means that stay-home parents need life insurance, too. Think of it this way: the surviving parent would likely need to pay for daycare, cleaning services and other things in order to compensate for the responsibilities of the stay-home spouse.

Consider Child Care Costs

In the event that both parents are working – or even if one parent stays home – it is absolutely crucial to figure in the amount that childcare would cost when purchasing life insurance because this will have an impact on the size of the policy purchased. Childcare costs are often highest for children under five years of age because they do not yet go to school full time. Young parents need to figure these costs very carefully and make sure that their life insurance policies cover these costs completely for at least one or two years’ time.

Purchase Policies for Children

When purchasing life insurance, young families should also consider the benefits of purchasing policies for their children – even newborn babies. Policies for very young, healthy children are incredibly affordable and can build cash value over time. This way, the policy that parents purchase for their children can be borrowed against in the future to help pay for college or even to provide a savings nest-egg when the children venture out into the world on their own for the first time.

Whole vs. Term Insurance

Money is often very tight for new parents because, let’s face it, children are expensive. Whole life insurance pays a handsome death benefit and can be borrowed against, but it is much more expensive than its term life counterpart. When purchasing life insurance, young parents should consider the amount of money they can afford to spend per month. After all, it is better to have some life insurance in place than none at all, and a term policy can be incredibly affordable in this regard. It is always possible to upgrade to a whole life policy in the future, too.

Stay in Good Health

Young parents are often very healthy primarily due to their age. However, in order to make sure that life insurance costs stay low, these individuals need to continually monitor their health. Quitting smoking, keeping an eye on cholesterol, having regular physical examinations and more can all have a huge impact on anyone’s health. The healthier the parents are, the more coverage they can purchase for the same amount of money.

When it comes to purchasing life insurance, healthy young parents have it made. They have access to inexpensive policies for both themselves and their children and can help to build savings for their kids long before they are ever out of diapers. 

Putting Together a Hurricane Kit to Protect Your Home and Family

While your Florida homeowner’s insurance is designed to help you recover any losses you may sustain in a hurricane, taking the time to put together a hurricane kit can make all of the difference. Late spring 2014 marks the beginning of a new season, and everyone should be prepared.

Fresh Water

One of the primary things you will need to add to your hurricane kit is fresh water and food. While it is possible to purchase fresh water and store it for a period of time, you may find that it is difficult to keep enough water on hand. You should have enough to last everyone in your family at least a week, and many sources state that each person should have access to at least three to five gallons per day for drinking, cooking, washing and more. A great alternative is to purchase a filtration system that fits directly into your home’s bathtub. All you have to do is add water to the tub and pump it through the filter as you need it.

Food

Another thing that is important in the event of a hurricane is the storage of food. A hurricane kit should include non-perishable food items, and preferably those that are canned since they last longer. While things such as dried rice, beans and even pasta last a long time, too, these require long cooking times and more fuel than you may be able to spare for a while. You should store enough food to feed everyone in your family for at least a week, but more is always better than less. Make sure that the goods you choose to keep need only minimal cooking, as well.

Boards and Nails

Now that you have fresh water and food, you’ll need to protect your home. Part of your hurricane kit should always be boards and nails. You’ll want to board up your windows and doors securely prior to the arrival of the hurricane to protect them and reduce the size of the claim you will need to make through your Florida homeowner’s insurance company. There are plenty of websites and even tutorial videos you can find online for the proper way to board up your home prior to a hurricane.

Gadgets and Appliances

There are some things that can certainly help you during a hurricane, and these include some sort of cooking device that is propane or oil powered, a generator and fuel, flashlights, plenty of fresh batteries, a battery-powered weather radio to stay on top of the latest weather updates and alerts, and anything else that your family will need to stay as comfortable as possible during this time. While being without power for a long period of time can certainly be bothersome, you and your family can stay safe and make the best of it.

Finally, it is important that you remember to keep a well-stocked first aid kit and make sure that you have all of your family’s prescriptions filled and in a safe place prior to the arrival of the hurricane. A hurricane kit may not only help you save money on your Florida homeowner’s insurance kit, but it can also save your life. 

Life Insurance in Florida and the Buy-Sell Agreement

If you own a business, then you have likely put plenty of hard work into making sure that your business provides income for you and your family, jobs for your employees, and perhaps even a stream of income for your shareholders. You may have also set up what is known as a buy-sell agreement in order to protect your family in the event of your death. Your life insurance in Florida may actually help in making sure the buy-sell process is a smooth one.

How the Idea Works

In order to use life insurance in Florida along with a buy-sell agreement, each of the co-owners of the business will need to take out life insurance policies on all of the other co-owners, excluding themselves. If there are no co-owners, then the policy can be purchased by the company itself. In the event of your death, then each of the co-owners of your business, or even the company, would receive a benefit based upon those policies. This money would go to your family to assist them after your death and your company’s continuity would be ensured. It is important to consider, however, that there are some advantages and disadvantages to doing things this way.

Advantages

Some of the advantages of using life insurance in Florida alongside your buy-sell agreement include the creation of a lump sum of money to fund the buy-sell agreement after your death and the fact that most life insurance proceeds are also tax exempt.  Since the funds from life insurance policies are generally paid fairly quickly, the buy-sell transaction will not have to be postponed. Finally, if you have managed to build cash value in your life insurance policy, then this can be used in the event that you need to step away from your company for the purposes of disability, illness or even retirement.

Disadvantages

There are also a few disadvantages to consider before you purchase. While the proceeds from the payment of the benefits are tax-free, the premiums must be paid with after-tax dollars because they are not tax exempt. In order to keep the policy effective, payments must be made regularly and on-time. In the event that the co-owners of the business are purchasing policies on each other, it must be considered that some co-owners may be uninsurable due to age or illness. Finally, if the ages of all of the co-owners vary a great deal, then the younger co-owners will be paying much higher premiums for the older co-owners.

Final Considerations

There are a few other things to consider when it comes to using life insurance in Florida to back up a buy-sell agreement. If you choose to go this route, then you should make sure that the policy or policies you purchase fully fund the agreement. It is also important to remember that the value of your business can change over time, so you will want to review your insurance policies annually to make sure that you are not overpaying – or perhaps even underpaying in the event that your business grows.

While it is a good idea for many companies to use life insurance in Florida to fund buy-sell agreements, you should never use your company’s group life insurance to do this. These premiums are tax deductible for your company, but if you choose to make the business itself the beneficiary, then this is no longer the case.  

Florida Homeowner's Insurance and the Slow Economy

In today’s slow economy, it is important for everyone to save money wherever and however they can. However, if you are considering making changes to your Florida homeowner’s insurance so you can pinch a few pennies, you should understand your policy and the things you shouldn’t go without.

What Insurance Covers

Florida homeowner’s insurance is intended to cover the actual cost of rebuilding a home in the event of a fire or natural disaster, cover things within the home in these events and in case of theft, and even protect you from liability in the event that a visitor on your property is somehow injured. However, the most important thing for you to consider is the actual cost of rebuilding your home – especially in today’s market. This is where many Florida homeowners are already underinsured, and it’s exactly where any changes should be very carefully considered.

Market Value

Your Florida homeowner’s insurance is designed primarily to rebuild your home in the event of a fire or natural disaster. However, insurers will often only cover you up to the market value of the home. In a slow economy, and particularly with today’s housing market, the cost of rebuilding your home is likely more than your home’s actual market value. This means that, even with your insurance, you will likely still be paying for part of this construction out of pocket. For this reason, you may want to consider purchasing more insurance rather than cutting back on coverage to save money.

Why Rebuilding Costs More than Market Value

There are two reasons why the cost of rebuilding your home in a slow economy is more than your home’s actual market value. First and foremost, in a slow economy, American consumers aren’t able to borrow as much from banks – nor can they borrow as easily. This makes purchasing homes more difficult and drives realtors to lower the prices on homes in order to turn them over, thereby reducing overall market value. Rebuilding your home would involve taking care not to disturb existing lines that provide utilities, demolition, waste removal and more prior to beginning the process of actually building. This makes new builds cheaper than rebuilds in the long run.

Where Can You Save?

If you are still interested in reducing your Florida homeowner’s insurance premiums, there are a few things you can look into. If you have flood insurance, for example, but you do not live in an area where flooding is a concern, you may be able to cut back on this coverage. Similarly, if you are carrying an abundance of liability insurance in the event that a guest is injured on your property, you could possible save a few dollars by reducing the amount of this coverage type; you should never do away with your liability coverage completely, though.

Before you make changes to your Florida homeowner’s insurance policy, you should first determine your home’s market value and the estimated amount it would cost you to rebuild your home. Then, you should fill in any gaps in coverage to make sure that you aren’t stuck with thousands of dollars in expenses in the event of a fire or natural disaster. 

Understanding How Your Credit May Affect Your Florida Insurance Premiums

It is possible that your credit score could have a profound impact on the amount that you are expected to pay for not only your automobile and homeowner’s insurance, but also for your health and life insurance in the near future. Here, we will analyze the ways in which your credit score can affect your Florida insurance premiums.

The Debate

The common debate among insurance analysts when it comes to customers’ credit ratings has to do primarily with bad credit. Many of these specialists feel that individuals who have bad credit pose a higher risk when it comes to their cars and homes, and this causes their Florida insurance premiums to spike somewhat. However, there are also some analysts who believe that an individual’s credit is not a reflection of his or her risk to the company at all and cite that things such as divorce, a job layoff or even a serious illness can lead to bankruptcy – even for the most responsible people.

Automobile Insurance

According to recent studies, about 92% of automobile insurance check consumers’ credit histories prior to issuing them policies. This is a surprising number for many people, but it should be considered that the result of a credit check is only one of the factors used to determine the Florida insurance premiums for these customers. Credit information can be used to determine whether or not to issue the policy and, if the policy is issued, how much the premiums will be. Insurers also take information about the vehicle, the driver’s record of accidents and violations, the average number of miles driven monthly as well as annually, and more.

Homeowner’s Insurance

When it comes to homeowner’s insurance, almost every consumer can expect to have his or her credit checked before the policy will be made effective. Again, and much like automobile insurance, the result of this credit check will have some impact on the individual’s Florida insurance premiums. Some other things that insurers will check in order to come up with a premium amount include the age of the home, its location, the construction type and any prior losses that have been associated with the particular home.

In the Future

Although most insurers do not use credit information when setting Florida insurance premiums for health or life insurance as of yet, the numbers are slowly climbing. Insurance companies are being led to believe that if a person has bad credit, he or she is likely to be irresponsible when it comes to his or her health. Some analysts have even cited that those who are risky with their finances may also be risky when it comes to actions that could threaten their health or even their lives. Of course, this is not always the case. Bad credit can happen to even the most responsible people.

The best way to avoid increased Florida insurance premiums due to bad credit is to shop around for a provider who does not take your credit into consideration or at least one that considers other things, such as your driving record, first and foremost. 

Strange and Funny Florida Insurance Claims

Although insurance is a subject that should always be taken very seriously, there are some Florida insurance claims that are laughable simply because they are so outrageous. Listed here are some of the funniest, most absurd and rib-splitting insurance claims in the history of the state.

The Insured Cigars

A notable Floridian lawyer, after having won his first big-money case, purchased a large box of very expensive cigars. After taking the time to insure them against flood, fire, theft and everything else imaginable, he proceeded to enjoy his investment for about three months. Afterward, he filed a claim with his insurance company touting that his cigars had been ruined by a “series of small fires.” Needless to say, the insurer refused to pay the claim since it was assumed that the cigars had simply been smoked. However, this is one of the most absurd Florida insurance claims because the judge inevitably ruled that the insurance company has not clearly defined what was considered an ‘unacceptable fire’!

Totalled by a House

A driver in the Tallahassee area was parked on the side of the road waiting for traffic to clear so he could head home from work. While waiting, a very large truck that was relocating a manufactured home essentially ‘dropped’ the home on his car. The driver of the car stated, “One minute I was in my car, and the next I was in a living room. It was strange!” The house moving company’s insurance company eventually paid, but it goes down as one of the funniest Florida insurance claims because the paperwork clearly stated that the man’s car had been totalled by a house.

The Intentional Hail Damage

Back in the 1990s, after a hailstorm that caused a huge influx of Florida insurance claims, an agent for a well-known company was contacted by a man who wanted to be reimbursed for hail damage. Upon examining the car, the agent was sure that the perfectly-round dents in the car could not have been caused by hail and supposed that they had been intentionally put there by what is known as a machinist’s hammer. When the car’s owner was called out on the folly, instead of dropping the claim out of sheer embarrassment, he went on to file a police report that someone had vandalized his car. In the end, the insurance agent was forced to pay the claim because he couldn’t prove that the damage was, in fact, intentional.

Last, but Not Least

Finally, a man who is a native of the Florida Keys was driving home from the grocery store one day when he had what is perhaps the strangest and unluckiest experience of all. As he was travelling down the street, he claims a child ran out in front of his car, causing him to step on the brake. He was lucky enough to avoid this accident, but he stated that an apple somehow came out of a bag, rolled underneath the driver’s seat, and became lodged under the brake pedal. This, he says, is exactly how he ended up parking his car in his living room rather than in his driveway.

There likely hundreds of other strange and funny Florida insurance claims out there, but these are the ones that really stand out from the crowd. It just goes to show you that you never know what could go wrong and why your insurance is so important in your everyday life! 

How to Get Florida Term Life Insurance if You Have Diabetes

If you are one of the millions of Americans who have diabetes, then you may be concerned that you won’t be able to find Florida term life insurance or that it will be too expensive for you to afford. This doesn’t have to be the case; there are some things you can do to help secure life insurance at affordable rates.

Understanding the Expense

Anyone who has diabetes should be prepared to pay higher premiums for Florida term life insurance than someone who is otherwise healthy. This is because the risks associated with diabetes present greater risks to insurers for various reasons. However, it is still possible to get into a great rating class with excellent premiums, even if you are currently being treated for diabetes. You should understand a few statistics, what insurers are looking for, and what you can do to get the best results possible.

Diabetes Statistics

As of 2013, more than 26 million Americans are living with diabetes and this is a staggering 8% of our country’s population. It is estimated that there are almost six million more people who are living with the disease and don’t even know it, and doctors have determined that there are 57 million people nationwide who have what is known as pre-diabetes. These are the people who have the precursors for developing the condition. The statistic that worries insurance companies the most is that 65% of the people who have diabetes die prematurely of heart attack or stroke.

What Your Insurer Wants to Know

When you apply for Florida term life insurance, you will likely need to take a medical exam and tell your insurer that you have been diagnosed with diabetes. You will need to explain when you were diagnosed, how old you were at the time, the exact diagnosis you received, how advanced the condition is, how well you have responded to treatments, how well your diabetes is controlled, the type of treatments you have received in the past, the treatment you are receiving now, whether or not you use tobacco and if you have any other medical condition. These things will help the insurer determine your overall level of health.

Saving Money

Statistically, several studies conducted with multiple Florida term life insurance providers have concluded that premiums were lower for those who regularly followed up with their physicians, changed their lifestyles, and kept their diabetes under strict control with diet and medication. On the same note, premiums were almost always much higher for those who failed to follow up with a doctor regularly, who did not change their diets, or who did not take their medications as directed. Thus, it can be determined that individuals who are concerned with and who control their diabetes are those who can secure the lowest premiums.

In any case, it is always recommended for you to secure a Florida term life insurance policy with an affordable premium at first. You can always make changes to your diet and lifestyle, better control your diabetes, and work your way into a better rating class as you go. 

A Statistical Analysis of Florida Traffic Accidents

If you are wondering how much and what sort of automobile insurance you need, it may help to review some of the basic statistics regarding Florida traffic accidents. These statistics will help you better understand how many people are involved in accidents and what types of accidents are most common.

Annual Accident Total

Every year, there are more than 200,000 Florida traffic accidents involving cars, pedestrians, bicycles and motorcycles. The following sets of statistics will take a peek into how many drivers and passengers are killed in accidents annually, how often alcohol plays a role in the accident, and even how many injuries are reported each year. We have also provided some advice for staying safe if you are a pedestrian, riding a bike, riding a motorcycle or driving a car.

Deaths and Injuries in Vehicular Accidents

Of all of the different types of Florida traffic accidents, there are an average of between 2,500 and 3,000 deaths reported per year. Similarly, some 200,000 people are injured in these accidents. This includes all drivers, passengers, pedestrians, motorcycle drivers and bicycle riders. In order to reduce this number, it is important to always remain aware and alert behind the wheel. Drivers should never text, drink, eat or perform any other task when they are driving, and they should always anticipate the errors of other drivers on the road. Defensive driving courses are highly beneficial in preventing accidents like this.

Pedestrians

In 2008, there were 502 pedestrians killed in accidents and more than 7,800 crashes involving pedestrians. While it is true that the pedestrians are sometimes at fault, there is plenty that drivers can do to prevent these deaths and injuries. It is imperative to slow down at intersections and any time they see a pedestrian attempting to cross the road. Pedestrians always have the right of way, whether they are crossing in a crosswalk or in the middle of the street. Pedestrians should be sure to always use sidewalks and crosswalks, however, and they should be sure to anticipate cars that may come through blind intersections.

Bicycles and Motorcycles

Drivers must share the roadways with bicycles and motorcycles. In 2008, 118 bicyclists and 502 motorcyclists were killed in Florida traffic accidents; thousands more were injured. If you are a driver, remember that bicycles and motorcycles have the right to be on the road just as much as you do. You should always anticipate their needs and treat them with respect. If you are riding your bicycle or motorcycle on the road, you should learn and obey all of the various traffic laws that are designed to keep you and other drivers safe.

Alcohol Use

In 2009 alone, there were more than 20,000 Florida traffic accidents that involved the use of alcohol. Of these, more than 14,000 people were injured and 1,004 died. To avoid these accidents, drivers of cars and motorcycles alike should remember that the legal blood-alcohol limit for operating a motor vehicle in the state of Florida is 0.08%. Of course, it is always better to avoid drinking at all if you will be driving.

Florida traffic accidents have decreased somewhat over the years, but they are still responsible for taking thousands of lives annually. Drivers, bicycle riders, pedestrians and motorcyclists should always be aware and alert of their surroundings and avoid drinking and driving. 

Florida Insurance Tips for Business Travelers

If you are one of the thousands of Florida residents who are almost always on the road and moving from one hotel to the next, you may have different insurance needs. Here are some Florida insurance tips for business travelers that could help you save money while ensuring that all of your needs are covered.

Your Car

If you travel a lot for your business, you will want to make sure that your car and all of its contents are covered in the event of an accident or theft. You will likely have several different options from which to choose, but this only applies in the event that you are driving your own car. If you are driving a company car, then the company for which you work is responsible for the insurance coverage. Another thing that you should consider is whether or not your Florida insurance – or even your employer’s insurance – will cover expensive items like laptops or cell phones if they are in the car. You may need to have these covered under your homeowner’s or renter’s policy, instead.

How Your Rates are Set

When it comes to Florida insurance, your rates are set based upon a multitude of factors and this is particularly true for business travelers. For instance, things like the type of car you drive, how your car is used primarily (whether for business or personal use), the number of miles that you drive your car in a year, the location in which you live as well as the locations to which you travel most frequently, and your overall driving record will impact the amount you can expect to pay as far as premiums go. If you use your own car to travel for business, your insurance company needs to know this so that you can get the best coverage possible.

Consider Travel Insurance

If you travel more than you are at home, then some form of travel insurance may be helpful to you. You should look into insurance components like emergency medical coverage, lost luggage, repatriation, trip cancellation or delay, rental cars, evacuation and more. All of these things, while unlikely in most circumstances, are still possible and can cost you an arm and a leg if you are not properly covered. You could look for a plan that is designed specifically for your situation or speak to your agent about adding these components to your existing policies.

Understand Your Health Insurance

Finally, you will need to understand your health insurance policy very well – especially before you travel outside of the country. Your plan likely covers you if you are injured or become sick somewhere within the United States or its territories, but you may find that you have absolutely no coverage in a foreign country. In the event that you are in another country and you need medical help, you will be expected to pay up front ; this can be incredibly costly. If you are planning to travel abroad for business, you should look into short-term supplemental Florida insurance that will cover you in this case.

Business travelers have a lot to worry about. They have to get to their destinations on time, build a good rapport with their leads and finalize sales in order to be successful. Florida insurance should not be a worry, so make sure that you have all of the coverage you need today. 

Discussing Florida Life Insurance with Your Children

A recent study published in September 2013 by a leading automobile insurance provider revealed that the majority of parents are more comfortable talking to their children about drugs than Florida life insurance. While this may seem strange, there are some very important things to consider – especially if you need to discuss life insurance with your own children.

The Statistics

Believe it or not, only 38% of the parents nationwide that were polled stated that they would feel ‘extremely comfortable’ talking to their children about life insurance. However, more than 55% stated they were comfortable discussing drugs and alcohol with their kids openly. To put this into even further perspective, three out of 10 parents stated that they were comfortable discussing puberty and related subjects with their children. Why is Florida life insurance such a difficult subject to discuss?

The Implications

When asked in detail about why they did not feel comfortable discussing Florida life insurance with their children, a vast majority of the parents reported that death and dying were considered ‘taboo’ subjects and that it was ‘bad luck’ to discuss such things. Of course, when discussing life insurance, this is the route that the conversation will inevitably take. However, as your children grow older and begin to take on more responsibilities – and particularly when they leave to go to college – it is necessary to discuss the importance of Florida life insurance.

Why It is Important

Something else to consider is that more than 30% of the households in the United States lack life insurance coverage. Often times, this is not because the premiums are too expensive; it is because the members of the household simply do not think about the importance of covering their final expenses and making sure their loved ones are financially stable after their deaths. By having this conversation with your children early, perhaps as young as 14 years old, your children will learn the importance of this insurance and are more likely to purchase it as adults.

What to Say

If you are looking for ways to discuss Florida life insurance with your child, there are many routes you can take. It is best to simply be honest but to use terms that will not cause your child to feel a sense of impending doom. You could explain that you want your child to be taken care of in the event that something tragic happened to you. You may also choose to explain to your child that if you should pass away, bills would still need to be paid and your child would still need to have money for college. All of these things are great conversation starters, but your child will likely ask some questions along the way, too.

There is no reason for Florida life insurance to be a taboo subject at family meetings. While it isn’t something that you will need to address all the time, a conversation once per year about the importance of life insurance and why it is in place will help your child feel more secure in the long run. 

Florida Health Insurance for Early Retirees

Early retirement is meant to be an exciting part of life and not one that is fraught with stress. Fortunately, finding Florida health insurance benefits after early retirement does not have to be as daunting as it seems. There are plenty of ways to make sure that the coverage you select is both comprehensive and affordable.

If You Already Had a Plan

If you already had a Florida health insurance plan that you were paying for on your own rather than from your employer, then there is nothing you need to do. You may need to report your retirement to your insurance company, but this will not affect your premiums in any way. People who purchased their own health insurance do not need to worry about any health conditions they will develop in the future, either. This is the best way to preserve health insurance benefits after an early retirement.

Separate the Family when Applying for New Coverage

If your employer-provided insurance coverage will terminate after your early retirement, then you can save money on your new insurance plan by separating your family. Sometimes, the premiums you will pay for a family insurance plan are based upon the age of the oldest member of the family. Thus, if you are 54, your wife is 49 and your college-aged child who is still covered under your plan is 22, then separating the family may actually save money. If you still choose to go with a family plan, be sure that the insurance policy is in the younger spouse’s name. This way, things are much easier for you when you decide to switch to Medicare.

Check out State Pool Insurance Programs

In some cases, the premiums for individuals aged 55-65 who are purchasing Florida health insurance for the first time are so high that it may be better to actually look into state-guaranteed programs that are funded from a pool. Although these programs are usually intended for individuals who are considered unhealthy or otherwise uninsurable, they present a great opportunity to save money on premiums while still receiving ample coverage. You may need to provide a letter from a reputable insurance agent that states you would have been rejected had you applied for coverage, though.

Negotiate with Your Employer

Perhaps the best thing you can do if you are faced with the problem of finding Florida health insurance after early retirement is to negotiate with your employer to see if you can receive ongoing health benefits. Chances are, however, that your employer is paying double—or even triple—the amount for your insurance premiums than it is paying for your younger coworkers. However, even with this being said, the costs associated with the group plan are likely less than what you would pay on your own. You may be able to convince your employer to allow you to pay these premiums in full out of pocket to save you money.

Florida health insurance for early retirees can be complicated and expensive. If you have questions or you aren’t quite sure which route to take, please speak with your insurance agent and your employer prior to retiring. 

Florida Homeowners' Insurance and Your College-Aged Child

Although it is advisable to review your homeowners’ insurance policy once per year, it is well worth your time to review it again when your child leaves for college. There are many reasons for this, but making amendments to your Florida homeowners’ insurance policy when your child moves away will protect your child's valued possessions. 

Your Child's Possessions

By the time your child is old enough to go to college it is likely that he or she has collected thousands of dollars’ worth of possessions which may include computers, televisions, stereo systems, mobile phones, tablets and more. Then, there are clothes, books, bicycles and things that you purchase for your child over the years. When your child moves out and goes to college, you will want to determine whether or not your existing Florida homeowners’ insurance policy will cover those items or if you will need to purchase renter’s insurance for your child. Although renter’s insurance is an added expense, it is certainly a lot less expensive than replacing all of the things it is designed to cover.

Common Insurance Clause

A common clause that is found in many Florida homeowners’ insurance policies is one that states that the insurance policy will only cover the possessions of the college-aged child as long as he or she resides on campus. This means that if your child lives in a dormitory, the items will likely be covered and an additional policy will not be necessary. However, if your child chooses to take an apartment off-campus or live in an off-campus fraternity or sorority house, then the policy will not cover the items and you will be better off purchasing renter’s insurance to cover your child’s belongings.

Take an Inventory

Before your child goes to college, it is important to inventory all of his or her costly possessions. First and foremost, take a pen and paper and write down all of the items that your child owns that cost more than $25 or $50. For the more expensive items like bicycles, computers, televisions and stereos, you should be sure to take pictures and keep receipts for these items. This way, in the event of a disaster or robbery, you have solid evidence to support your claim so that you can be reimbursed for your losses.

Talk to Your Child

When your child leaves to go to college, it is a fantastic time to discuss the necessity of having homeowners’ or renter’s insurance. It is likely that your child has never lived outside the home up to this point, and he or she likely does not understand the full importance of protecting these valuable items. You should also explain that the coverage of these items should not in any way be conducive to reckless behavior; Florida homeowners’ insurance rates go up after a certain number of claims and there are limits on the monetary value of the policy itself, as well.

When your child leaves for college, it can be exciting and stressful all at the same time. However, when you check with your agent about making changes to your Florida homeowners’ insurance policy, you can reduce some of this stress and focus on what really matters: helping your child make this important transition into adulthood. 

A Guide to Planning with Florida Life Insurance

If you are considering the purchase of Florida life insurance, you should view it as an investment and a means of protecting your family rather than an obligation or just another bill to pay. The following guide will help you plan for your future as it pertains to life insurance.

Term vs. Permanent Life Insurance

The first decision you will need to make is whether you want to purchase term or permanent life insurance. There are several differences to consider but, in the long run, the differences are easy to understand. Term life insurance is a great option for young people who need lower premiums, but the premiums will rise as you age. Permanent life insurance is more expensive, but the premiums will not increase as you age and the policy will gain cash value over time. You can even borrow against the cash value of your life insurance policy in the future.

How Much Insurance Do You Need?

After you have decided whether to purchase term or permanent insurance, you’ll need to decide how much Florida life insurance you will need. There are several factors that you will need to consider, and your insurance agent can help you calculate the best option for your individual situation. In general, young, single individuals who have no dependents can get by with a minimum amount of insurance. However, individuals who are married or who have children will need more insurance since these individuals will need ongoing financial support.

Adding More Insurance

No matter what sort of insurance policy you choose now, or if you already have insurance that you feel may be inadequate for your needs, you may be put in a position to decide whether or not you need to add more. Inflation is a huge factor when it comes to Florida life insurance, so if you purchased a policy in 1990 for $100,000, you may want to decide whether or not that $100,000 will still be enough in 2013 with the rising costs of just about everything. Similarly, if you have had another child, gotten married or even gotten divorced, you may need to make some changes.

Future Planning

When you go to purchase a life insurance policy, you are likely just thinking about planning for immediate expenses that may occur in the event of your death. However, if you have a family, you need to think about how they will be supported without your income. If your children are young, you will need to think about how long your life insurance money will need to support their needs. Finally, your permanent life insurance policy may be able to provide you with enough money to help pay for a child’s college tuition, place a down payment on a house or even start a savings account for a loved one.

Florida life insurance should never be viewed as another obligation to pay every month, and you should never go with simply the ‘bare minimum’ in order to save money. You should sit down with your insurance agent and discuss your needs—both now and in the future—in order to determine the right type of insurance and the amount that will best suit you. 

Is Your Florida Whole Life Insurance Policy Still a Good Investment?

Florida whole life insurance is very popular because it builds cash value as policyholders pay their premiums. However, these consumers often want to know exactly how much cash their policies will generate over time; this is known as a rate of return. Here, we have provided some helpful information for determining the rate of return on a whole life insurance policy.

Obtaining a Projection

In order to figure out how much your policy will yield over a period of time, insurance agents will typically come up with what is known as an internal return rate, or IRR. They come to this figure by calculating how much your policy is expected to grow each year, and this rate can change dramatically based upon the length of time that your policy has been in place. If this rate is too low, you’ll know that it’s time to shop for a new policy elsewhere. However, it should be noted that determining the amount of money a policy will yield is quite difficult.

Insurance Illustrations

When you receive a Florida whole life insurance projection from your agent, there are several things that this should include. You should be able to review things like the cost of the policy, how much you have paid in the form of premiums, the death benefit and the amount of cash the policy would generate if you surrendered it. You should be able to view this information currently and for five, ten, and even 20 years down the line, as well. However, these projections are often complicated and contain terms and slang that are difficult to understand. It is often wise to ask a lawyer to review the documents for any loopholes that may be bothersome.

Understand the Policy's Performance

All in all, a Florida whole life insurance policy is designed to be a long-term investment in your future. You should never purchase this sort of insurance in hopes of making quick money. However, in order to get the most from your policy, you will need to take a look at how the policy is expected to perform over the next 30 years or so if you are buying a new policy. If you already own a policy, you should look at the expected performance over the next five to 10 years. This will tell you how much you can expect to earn and whether or not the policy is a good investment. In many cases, consumers will hire third party insurance analysts to help them compare policies in this way.

If you are wondering whether or not your Florida while life insurance policy is still a good investment, you will need to speak to your insurance agent in order to obtain a projection. After receiving this information, you can better decide if switching insurance companies or policies is the best choice for your individual needs. 

Consider the Cost of Florida Car Insurance before Your Next Vehicle Purchase

The next time you are in the market for a new vehicle, you should take the time to consider how the vehicle you purchase might affect your Florida car insurance rates. Here, you will find some information that can be very useful as you are shopping and you may even be able to reduce your rates when you purchase certain types of cars.

Costs for Different Types of Automobiles

The first thing that you should consider when you go to the dealership to look at automobiles is the type of vehicle you are interested in purchasing. Nationwide, pickup trucks and SUVs cost less to insure than average while sports cars and other luxury vehicles will cost more than average. A family sedan, meaning a four-door car with a mid-level price, will provide you with average insurance premiums. For example, if you are looking at two four-door cars of the same make and model but one is marked LE for Luxury Edition after the model name, then you can feel almost certain that the LE edition will be more expensive to ensure.

Safety Ratings

Another thing that you should consider when you are purchasing your next automobile is not only the worth of the automobile itself, but also the risk involved in bodily harm. The higher the safety rating a car has received, the more likely the driver and passengers are to be kept safe from harm in an accident. If a car has poor safety ratings, the Florida car insurance company is likely to see this as a liability since even a minor accident is likely to result in injuries. However, if the vehicle has excellent ratings, the insurance company will be less concerned about the likelihood of injuries in an accident.

Colors and Features

Believe it or not, even the color of the vehicle you choose can have an effect on your Florida car insurance rates. A study conducted a few years back determined that yellow cars are much more likely to be involved in accidents than vehicles of any other color, so many insurance companies have increased rates for yellow automobiles. Some of the features that are present on the automobile you choose can impact your insurance rates, too. For example, if your car is equipped with an alarm or other anti-theft device, chances are that your rates will be lowered. If your car has an anti-lock brake system, this is often indicative of a discount, as well.

Contact the Insurance Company

Of course, the best way to determine how the purchase of a vehicle will affect your insurance rates is to simply contact your agent when you are seriously considering a new car. Before negotiating with the salesperson at the dealership, call your insurance company to provide the make, model, year, color and features associated with your vehicle of choice. You should be able to receive a new quote in just a few minutes’ time, and your agent can even hold this information for you in the event that you decide to go ahead with the purchase. This way, when you buy the car, one quick call ensures that you are ready to drive off the lot right away.

Your Florida car insurance can be affected significantly based upon the type of car you purchase and the features associated with it. Of course, this is something that you will always need to consider any time you go shopping for a new automobile. 

How to Replace a Life Insurance Policy in Florida

If you are interested in replacing your existing life insurance policy with a new one, you may find that there are many questions that can be quite confusing. Thankfully, it is easy to replace your life insurance policy in Florida if you know what to expect beforehand.

Reasons to Replace Your Policy

There are many reasons why people may choose to replace a life insurance policy in Florida. For instance, if you find better coverage at a lower price, it seems silly not to switch. Secondly, you may simply feel more comfortable with a different agent. Finally, it may be that your needs have changed; maybe you’ve gotten married, had a baby or changed careers. All of these things can indicate that it is time to look into a new Florida life insurance policy, and when you are asked about existing policies, you should be prepared to answer a series of questions.

Questions about the Existing Policy

Before your application for a new life insurance policy in Florida goes to underwriting, there are some questions that your new insurance agency will ask. You will need to tell your new provider that you have an existing policy, you will need to provide the policy number, insurance carrier name and date of expiration, and you will need to tell your new insurance company whether or not the policy you are purchasing is intended to replace the existing policy. These questions are all aimed toward protecting you—it is not a matter of contestability.

Protecting the Consumer

Because there are some insurance agents out there who are only interested in making a commission on selling insurance policies, the entire life insurance industry has developed a set of guidelines to protect consumers. To that end, agents who attempt to sell consumers policies that they do not really need or who try to talk them into switching to a less-than-effective policy are often reprimanded. After all, there is a lot of legality that surrounds life insurance and the insurance agency must always protect their best interests—as well as yours—in order to reduce risk.

Paperwork and the Process

When you choose to replace a life insurance policy, both the new and existing insurance carriers must complete a series of paperwork before the transaction can be completed. There are some time limitations to protect you, of course, but these vary from state to state and from policy to policy. Normally, the entire process should take less than 30 days; your existing insurance carrier will not ‘drop’ you if the new carrier does not agree to provide you with life insurance. Again, this is done for your protection—not to make the process lengthy or frustrating.

If you want to replace your life insurance policy in Florida, the process may seem a bit daunting at first since there is so much paperwork to be completed. However, you should always keep in mind that both the new and the existing life insurance providers are always looking out for your best interests. 

Adjust Your Florida Home Insurance Policy for Renovations

Before you dive into your next home renovation or improvement project, there is one very important thing you should consider—your Florida home insurance. Home renovations add value to your home so if you do not report this to your insurance company, your renovations, additions or other improvements will not be covered in the case of a loss.

Will the Renovation Raise or Lower the Premiums?

One of the things that many homeowners need to consider is the fact that their Florida home insurance premiums are likely to change once the renovation is reported to the insurance company. However, this does not mean that premiums will always go up; in some cases, they may actually go down. Your premiums will likely increase if you are adding square footage to your home, remodeling a kitchen with new appliances, and upgrading flooring or roofing. Some things that may lower your premiums include the addition of security systems, heating and cooling upgrades, or even the addition of a security fence.

Insurance for the Workers

Not only should homeowners ensure that their insurance policies will cover additions to their homes, but they should also make sure that the policy will cover any injuries that contractors and subcontractors could suffer on your property while the work is being completed. Although the homeowner is not always responsible for these injuries, this could be the case in the event that the contractor or subcontractor does not have the proper worker’s compensation coverage. Rarely will the homeowner need to worry about covering the injuries sustained, but it is always better to be safe than sorry.

When to Report Renovations

The best time for you to report renovations to your insurance company is before they are started. This way, you can get some idea of the amount of increase or decrease you can expect with your premiums. In some cases, the insurance company may stay in contact with you throughout the process and send an adjuster to review the changes once the renovations are complete. The purpose of this is not only to make sure that the noted renovations took place, but also to re-appraise the value of the home and determine what sort of changes should be made to the insurance policy or premiums.

Other Things to Consider

There are some changes you can make to your home that will have a rather large impact on your Florida home insurance rates and policy. For instance, if you put a pool in your backyard, your insurance rates will almost undoubtedly rise because this presents more risk for both your family and others. Many insurance companies will also require the homeowner to build a privacy fence around the pool to keep others from entering from the outside. Some other huge changes that will impact your insurance policy include adding a room, purchasing new furniture and adding artwork or other décor that is considered costly.

All in all, the more value that a renovation will add to your home, the more you can expect your rates to climb. However, for things that will actually protect your home, your rates may go down. Be sure to report any proposed renovations to your Florida home insurance company immediately so that you will not be surprised with these changes down the line. 

How to File a Florida Health Insurance Claim

In some cases, when you visit a doctor or other healthcare provider, you may be told that you will need to file your own insurance claim. Though this is quite rare in today’s day and age, you will need to know how to file your Florida health insurance claim efficiently in order to receive your reimbursement quickly.

Keep and Organize Receipts

When you are asked to file a Florida health insurance claim, you will often be required to pay for the services you receive with your provider and then ask your insurance company for reimbursement. Because of this, you should always keep any receipts you receive when you pay for healthcare out of pocket. In this manner, you will have proof of what you paid for your insurance company. In the event that you are not required to pay up front, simply save copies of all of the bills you receive from the provider, clinic or hospital as proof of what you are being charged for the services rendered.

Obtain a Claim Form

The next step in the process involves obtaining a Florida health insurance claim form from your insurance provider. This form should not be incredibly difficult to fill out, and it should only take a few minutes of your time. You will need to provide information such as your insurance policy and group number, who the payment should be made to, the reason for the medical care you received and some basic personal information. If there is anything else that you are required to submit along with the form, this information will be listed. You can always contact your insurance company if you have any questions about the claim form.

Make Copies for Your Records

Before you send your claim form, receipts and/or bills to the insurance company, you should always make copies of these things for your own personal records. This way, you can easily pick up on any errors made by the insurance company as your claim is being processed. Similarly, should your claim get lost in the mail or after it has arrived at your insurance company’s processing facility, the documents will be easier to replace. Always keep your records in a safe location and preferably in physical as well as digital formats.

Send your Claim Form

After you have ensured that your claim form has been properly filled out, you should contact your insurance company and let them know that you are about to mail your Florida health insurance claim to them. Then, make sure that there is nothing else you will need to send as this will help to expedite the process. Be sure to ask how long it will take for the claim to be processed, as well; this will prevent any surprises in the future. Finally, mail the claim form to the address provided. If you do not receive anything within the promised timeframe, you can contact your insurance company for more information.

Most times, completing a Florida health insurance claim form is a simple process. You should remember to fill out the form accurately and completely before mailing it in order to prevent any errors that will slow the reimbursement process.