Why That Cheap Auto Insurance Really Isn’t Cheap

You’ll see a lot of ads advertising cheap car insurance, but unfortunately I’m here to tell you that you do get what you pay for. The problem with cheap insurance is that it provides you with a false sense of security, you think you’re covered when really you are not. Very often a cheaper policy will be light on your bank account in terms of premiums, but let’s take a look at what a Florida minimum policy actually covers.

That’s it. That’s what it covers. It doesn’t pay to fix or replace your car, nor does it cover anything above the limits of your Personal Injury Protection or Property Damage Liability limits. There is no Bodily Injury Liability coverage should serious injury, permanent disability, or death should you be because of an accident. In other words, for damages over and above what is provided by “cheap auto insurance” you could find yourself the target of a lawsuit to cover the difference.

Remember, cheap auto insurance often has a higher deductible, and that it costs a lot of money to repair or replace a […]

By |2018-06-09T09:47:46-04:00April 27th, 2016|Insurance|0 Comments

The Crystal Ball: Flood Insurance Forecast 2017

The National Flood Insurance Program expires in 2017, but unlike previous years Washington looks as if they’re ready to actually do something! The program was last reauthorized in 2012 after a series of lapses and extensions that left homeowners on the fence. The program is currently $24 billion in debt according to PropertyCasualty 360.com, and private sector insurance companies are coming around to the idea that offering private flood insurance policies could be a strong sector for their balance sheets.

Those who are currently cheerleading the privatization of flood insurance might not remember that insurance companies bailed on flood insurance in droves after the great 1993 floods in the Midwest, as well as 1992’s hurricane Andrew, and 1989’s hurricane Hugo. To those homeowners who remember why Citizens Insurance was created in the first place, private insurance can at best be seen as a fair weather friend, or as an industry willing to privatize the profits and socialize the losses by cherry picking policy pool for those least at risk.

Supporters include the insurance industry, state insurance commissioners, and other special interest groups that seem to spring up like mushrooms after a rainstorm. Mortgage lenders however are uncertain that private policies will satisfy regulations that for the larger part will only accept NFIP policies before issuing a mortgage. The reason for this is that they are uncertain that the coverage offered by private insurers meets with the requirements of the federally run program.

Lenders stand to take a huge loss should these policies prove inferior, or the private insurance companies lack the capitalization to payout a large number of claims all at once – such as those that might occur immediately after a hurricane. Despite […]

By |2018-06-09T09:47:46-04:00April 20th, 2016|Insurance|0 Comments

Renovating? Save Money on Insurance with These Projects

If you’re looking around the house and seeing that there are some things that could do with some updating and upgrading, it pays to think about these projects in the long-term. As much fun as that outdoor kitchen and fire pit might seem, there are actually home improvements that can raise your insurance rates – like installing a new pool – as well as lower them.

  1. I know we talk a lot about the importance of having a really good roof. One of the main things that you need to know is how keeping your roof in good repair, or updating your roof can actually save you a lot of money on your homeowner’s insurance premiums. Think about everything that your roof is protecting you from such as wind, water intrusion, and hailstorms. Replacing your aging roof with a Class 4 roof will give you a sense of security that you didn’t know was possible.
  2. Older windows and doors are generally not the most energy-efficient windows out there. Replacing your old windows with Energy Star windows and doors can save you on your heating and cooling bills. Even installing an insulated garage door can make a tremendous difference in staying warm in the winter and cool in the summer. But did you know that reinforcing these openings with storm shutters and bracing can help bring down your insurance rates? Windows, doors, and especially garage doors are very vulnerable in windstorms and in hurricanes. For an extra measure of shatter resistance, you can also install a security film over glass surfaces that will give an extra measure of protection against windborne objects and intruders. Double bonus!
  3. Home security is […]
By |2018-06-09T09:47:46-04:00April 13th, 2016|Insurance|0 Comments

Rack Up Discounts and Cover Your Assets

Everybody loves discounts on their insurance premiums. You’re not going to find anybody anywhere who objects to saving money on this major expense of auto and home insurance policies. There are lots of different ways to save, such as by bundling your policies, but there a lot of discounts that are not commonly known to insurance buyers. Bringing these up to your agent can save you some very nice dollars.

  1. Policy bundling is not new, but it can be a great way to save money on your insurance premiums. You can bundle your home and auto insurance – whether you are a renter or a homeowner – but you can also bundle in an umbrella policy, a boat policy, life insurance, and excess damage insurance and really save some cash.
  2. How many vehicles are in your family? Multivehicle discounts can save you a lot. Even if you’re insuring your car and motorcycle, your car and your spouse’s car plus your RV, or your car and your spouse’s car plus your children’s cars.
  3. There is a low mileage discount but it’s not offered by all auto insurance providers, so if you work from home or take public transportation, or if your spouse is predominantly a stay-at-home parent S. News & World Report says that you can save as much as 40 percent.
  4. Features such as antilock brakes and airbags can save you a bundle and so can buying a hybrid car. And of course while everybody knows about the good driver discount, seniors and good students can also get a lower rate.
  5. It pays to keep learning, by taking defensive driving and driver training courses. In general those taking driver training courses must be under 21 complete a qualifying […]
By |2018-06-09T09:47:46-04:00April 6th, 2016|Insurance|0 Comments