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.