Many people especially first time home buyers should take the following advice when it comes to getting new Sarasota homeowners insurance: read the fine print before signing.
New homeowners tend to simply go for the cheapest price when it comes to homeowners insurance. Just ask anyone affected by hurricane Irene if that strategy paid off. A common feeling of “nothing ever happens were I live” can lead to just signing up for the least expensive policy. However many homeowners will fins out the hard way that a basic homeowners policy can have many short comings – it may only cover damage done in a very specific set of circumstances, have very high deductibles, and no standard homeowners insurance policy will cover flood damage at all.
The only time a homeowner has to ensure that their policy will protect their financial future against damage to their house is when they are selecting which policy to purchase.
Homeowners insurance policies can be pages long with many paragraphs of fine print. Much of the language in the policy is written in legalese and insurance jargon only a trained insurance agent will fully understand. As Such it is highly advisable to only purchase your homeowners policy from an experienced independent insurance agent who can fully understand and explain your coverage protection so you are not left liable for tens of thousands of dollars in damage and repairs to your home when the unthinkable happens.
Below is some information every homeowner should inquire about with their
insurance gent while purchasing their homeowners policy:
The "Act of God" Clause: Related to natural disasters like hurricanes, earthquakes or tornadoes. Some policies cover claims resulting from wind, hail, lightning and other "acts of God," while others specifically exclude these perils. Always ask your agent whether you have coverage for natural or environmental incidents.
The Actual Cash Value or Replacement Value: Of all the confusing terms likely to be encountered when purchasing homeowners insurance, the question of whether to insure for Actual Cash Value (ACV) or Replacement Value is one of the most important you will make. ACV is the replacement cost of the item when the incident occurs minus the depreciation. Replacement value is the full cost to repair or replace the property without deducting for depreciation. Depending upon the age of the property or items insured, the difference can represent tens of thousands of dollars in the event of a major loss.
Insurance Deductible: A deductible is simply the amount you will pay out of pocket before the insurance company begins to pay on a claim. It is often possible to lower the cost of insurance premiums by selecting a higher deductible; just be sure to set aside the savings to cover the cost of the deductible in the event of a claim.
Depreciation: Since all items tend to wear out, become obsolete or need repair over time, they are said to depreciate or lose value. ACV pays a claim based upon the depreciated value.
posted by Jim Valek on
Mon., Dec 19th, 2011 in
Homeowners
Insurance
insurance agencies
Why use an independent insurance agent?
Independent insurance agents are not limited to auto or home insurance from just one brand or large insurance company. An independent agent will obtain quotes from several different companies, some of these insurance companies may even specialize in writing policies in only your area and as a result can offer better premiums with the same or even greater coverage for the policyholder. Often the average person will not be aware of these smaller local companies because they specialize in working through independent agencies which can save them the high cost of advertising that the big national companies must absorb.
Value Is More Important Than Price
Never buy your insurance based on price alone. Many time the minimum legal amount of coverage will not cover your expenses in the event of an accident or disaster.
Your independent insurance agent can find you an auto insurance or
homeowners insurance policy that provides the right kind of protection for your needs. You want an insurance company that’s loyal and pays valid claims promptly.
A local independent
Sarasota insurance agent works for you and their long-term interest is in your satisfaction – not any one insurance company. As a result an independent insurance agent will provide courteous service, and go to bat for you when you need help or advice.
posted by Jim Valek on
Mon., Dec 19th, 2011 in
Insurance
insurance agencies
Before you pass papers on that new Sarasota home you will want to think about protecting your big investment with your new
homeowners insurance policy in a likely event that a disaster comes to call like wind, rain or volcanic eruption.
The financial safeguard against disaster, includes many losses that can be devastating to including property losses and injuries to third parties . While anyone can legally own a home without it, your friendly neighborhood mortgage lender will no doubt require this coverage for self-protection.
Here is what standard homeowners insurance policy covers:
Structural damage to the home.
This insurance pays to repair or rebuild the home if damaged by any of the disasters listed in the policy which will not include earthquake or flood unless purchased separately. Do not base rebuilding costs on the price you pay for the home nor include the land costs when you are estimating your coverage by the insurance company. You will need an amount of insurance that will be sufficient to rebuild the homes total square footage and those numbers can be found from building associations, realtors and insurance agents.
Loss of personal items
This includes up to 70% compensation for furniture personal items, clothing and keepsakes that were lost or stolen due to a disaster. Keep a good record of all the inventory or possessions and store it at an off location.
Liability
Financial protection against third party bodily injury or property damage might cause. Typical costs for this are usually around 100,000, but most experts recommend that you should carry at least three times higher value. Check into umbrella policies. These usually cover a higher compensation limit.
Additional living expenses-
Should you be forced to frequent a hotel or a restaurant or any other miscellaneous expenses should you be forced to live elsewhere while your home is rebuilt or repaired then you should purchase a policy and inquire about time frames and specific limits for what is and what is not covered.
Homeowners Insurance policy are determined by many factors such as the neighborhood crime rate and how prone the neighborhood is to crime and other disasters. The level of coverage also will make an impact.
Actual cash value
Replaces that home minus a deduction for depreciation
Replacement Value
Replaces that home and possessions without deduction for depreciation
Guarantee Replacement Cost
Pays whatever it costs to rebuild the home the way it was before the disaster.
Strategies for keeping your homeowners insurance premiums out of the stratosphere includes purchasing
homeowners insurance and
auto insurance from the same company that may offer discounts. For instance a homeowner might save upwards of 25% simply by raising the policy deductible from $500 to 1,000. Be sure to ask about other discounts as well.
Sarasota Homeowners choose your homeowners insurance carefully-
Save time by using an
independant insurance agent for homeowners insurance, solicit at least three policy quotes and be sure the company you do business with is reputable and will be around to pay future claims. Contact your state insurance department with any questions.
posted by Jim Valek on
Fri., Dec 16th, 2011 in
Homeowners
Insurance
insurance agencies
Policy Coverage
Home ownership is every American's dream. But buying that place of your own and settling down with your new found dream requires financial commitment. That means saving for your down payment finding the right loan for you and also finding affordable
homeowners insurance.
Whether you are a first home or a second home everyone will need insurance to protect their investments. That is where Valek insurance in Sarasota, Florida comes in. They are a community homeowners insurance company that prides themselves on helping their Sarasota neighbors.
With some basic how-tos, and many money saving insurance strategies and affordable quotes, protecting your home will be very easy.
Learning Homeowners Insurance Basics From Sarasota Insurance Agents at Valek
When you are buying your new home, lenders will require your information up front. To make things quick and easy, try contacting insurance providers online. Let them know what you're looking for, examine several price quotes and then choose the insurance that best fits your needs.
Once a policy is enacted, supply your lender with your insurers name and contact information, coverage levels and deductibles. They will add this information to the new home contract and escrow insurance as part of your monthly expenses.
If insuring an existing home, don't just stick with the same insurance company year after year if they are not providing you with the best possible coverage. Though commendable, loyalty may keep you from getting the best deal. Think instead about the current rates of insurance, make improvements and discuss discounts with home insurance providers. Then settle on the best insurance you can receive from Valek insurance.
posted by Jim Valek on
Fri., Dec 16th, 2011 in
Homeowners
Insurance
insurance agencies
Policy Coverage
Insurance is a thing that you can't live without; it can signify security but it can also cause confusion if one does not know what is covered under the policies. As a motorcycle insurance specialist we would like to demystify the confusion that people have about motorcycle insurance and help support your decisions with real answers to help your decision.
Misconception: " Since I have health insurance then I do not need medical payment coverage on my motorcycle insurance policy."
Many people decline medical payment coverage or "Med Pay" because they have a
health insurance plan. They assume the medical expenses from a resulting injury will be covered by their insurance 100 percent.
Med Pay, which is optional in most stated, covers reasonable medical expenses (and also funeral expenses) if an accident were to occur regardless of whoever is at fault. It is typically secondary to an individual's health insurance but can become a primary mode of coverage if that person does not have health insurance of if they are getting help through Medicare or Medicaid. Med pay also helps with the out of pocket expenses that the health insurance plans normally do not cover such as deductibles and co-pays which can make expenses add up quickly. Coverage amounts can vary by state to state.
It is very important to evaluate your insurance needs and add optional coverage such as med pay before you have a problem with loosing your job and then ultimately your health insurance. Without med Pay there may be little option to recoup any of the lost medical bills from the accident.
Misconception " My credit history has nothing to do with my insurance premium"
It is a growing trend in the industry to use insurance scoring to determine an individual's insurance premiums rates and to predict an individuals likelihood of filing an insurance claim. Don't confuse an insurance score with a credit score. For example, income is not used in developing your insurance score although " responsibility type factors" may be used such as a person's credit card payment history, number of revolving accounts, number of new accounts, the presence of collection accounts, bankruptcies foreclosures, ect.
Misconception: " Comprehensive and collision coverage are interchangeable."
Two of the more commonly used terms throughout the insurance industry are comprehensive and collision. People often think "comprehensive" covers everything when in fact it does not. Collision coverage provides protection for the physical damage that happens when your bike is hit by a vehicle or another car.
Because it doesn't always take two vehicles to create an accident, comprehensive coverage provides protection for damage not caused by collision and things like theft, fire, vandalism, weather damage, or hitting an animal.
You should know that while comprehensive and collision are both optional coverage, most lien holders do require them and for a very good reason. But a lien holder requirement is not the only reason to have comprehensive and collision coverage. Comprehensive and collision coverage are designed to help get you back on the road if you are involved in an accident. It is also important to note that the damage is done to someone else's vehicle or property would not be covered under collision and or comprehensive, but under liability coverage.
Misconception: " My Driving record has nothing to do with my motorcycle insurance"
When shopping for insurance for your bike, you will usually be asked to disclose any accidents and violations that you have had in the last 3 years. If you have had accidents then your premium will go up because you are more of a liability to insure.
These are all four of the misconceptions that our industry specialists are involved with on a day to day basis.
Please call Valek insurance for a motorcyle quote today.
posted by Jim Valek on
Fri., Dec 16th, 2011 in
Insurance
Motorcycle Insurance
Normally used to insure investment, rental, vacation or seasonally occupied homes, homeowners insurance is a type of homeowners policy that provides very basic coverage for the home at a minimal price.
What Makes Homeowners Insurance Different? Homeowners insurance is designed to protect the home against any physical damage caused by fire and other named events, this type of coverage covers:
- Usually insures the dwelling plus any other structures on the property, such as garages and sheds.
- Insures the landlords personal property used by tenants, such as furniture or appliances.
- Covers the landlords against loss of rental income when property is damaged and must be repaired.
- Usually offers no liability protection for injury damage to others ( unlike other homeowner's insurance polices)
- This type of home insurance plan provides minimal coverage at a much lower price than traditional homeowner's insurance policies. This is a great value for homeowners that have more than one home.
Who Needs Homeownes Insurance?
Homeowners insurance can be expensive but for those who acquire rental or investment property and do not need to insure other's personal possessions than a dwelling plan will work.
For those who live in two live in two or more residences a year than insuring both homes with a normal homeowners policy just doesn't make sense. High levels of coverage simply aren't needed most of the time nor are the high premiums.
Sometimes, this basic coverage also makes sense for homes that are older, lower in value or have minor cosmetic damage. Since a homes value depends largely on the condition of the house itself - an insurance premium reflects this value - homes that do not need repairs don't need as much insurance.
Please do not take chances with your homeowners insurance. Please call Valek insurance for your
homeowners insurance needs.
posted by Jim Valek on
Wed., Dec 7th, 2011 in
Homeowners
Insurance
insurance agencies
With many insurance companies out there promising savings from a fifteen minute phone call you may ask the question "Why should I use an independent insurance agency and not just call up the company directly?" And that is always an option for drivers seeking new insurance quotes, however considering how complex and full of legalese insurance coverage policies can be the fast cheap quote may leave you under insured and expose you and your loved ones to both financial risk and leave you less secure.
Many large insurance companies agents are trained to get you in the door with a quick and painless sale, but only an experienced insurance agent will know what coverage you should really have for your situation to strict the correct balance of financial security and affordable premiums. Things get even more complicated when you are insuring your home. Homeowners insurance plans especially those super cheap ones from citizens or other state run companies will get your bare minimum for homeowners insurance but frequently leave you exposed to a variety of costs you may not be aware of.
Many costly non-disaster related problems can, and frequently do come up for homeowners, so be aware of what your homeowners insurance policy will, and will not cover before making a decision. Floridians don't have to look to far to find an example of a very costly non-disaster related problem - two words that strike fear into the heart of Florida homeowners across the state - "Chinese Drywall". For many the cost was not something they could afford to fix and as a result were forced to walk away from the property and end up in foreclosure. With such examples out there homeowners need to pay very close attention to the coverage in their homeowners policy.
As a family owned independent
insurance agency located in Sarasota Florida, the insurance experts at Valek insurance will work for you to both locate the best quotes for your insurance needs from a large group of carriers and underwriters as well as explain the coverage and premium costs in detail so you are educated about what your coverage will protect and what any costs may be should an accident or disaster or other costly issue result in a claim.
Don't be drawn into purchasing an inferior policy that leaves you exposed, work with an independent insurance agency to get the best insurance protection for your money.
posted by Jim Valek on
Tue., Oct 11th, 2011 in
Car Insurance
Homeowners
Insurance
insurance agencies
Insurance Company Industry News
There are numerous independent insurance agents prepared and willing to help you find an
auto insurance policy, but not all of them are the same. Several factors must be taken into consideration before you select your agent. Below are some tips to help you find the car insurance agent that's right for you.
Find the best priced coverage. Auto insurance expenses depend on several factors, such as your deductible, payment limit, driving record, location and coverage type. People often search for car insurance agents that offer the cheapest coverage. While it's a good idea to research several insurance companies and get their price quotes, you also need to know how they handle and treat their customers.
Check for customer satisfaction. It's important to select an auto insurance agent who works for a company that provides exceptional customer service. When it's time for you to file an insurance claim, you want your agent to quickly process it and cover the full costs. Visit the Standard & Poor's website to check on a company's ability to fulfill a claim. Just click the "ratings" section in the navigation bar, and select "property/casualty" under insurance. The site provides a comprehensive list of insurance companies with their respective ratings. Additionally, your state's Department of Insurance website provides you information on a company's performance based on received complaints. This is a great way to find out which company is truly meeting customer needs.
Confirm the insurance agent's license. Visit your state's Department of Insurance website to check that your agent is licensed to work in your home state. Many insurance companies only operate in certain states. Additionally, these websites will provide links to help you look up an agent's licensing history and find a company representative in your area.
Get to know a company's reputation. Select a car insurance agent who also works for a reputable company. A large and loyal customer base is usually a good indicator for a company's reputation. You can find this out by checking if a company provides other types of insurance other than auto. An insurance company that covers many areas is well-established in the market. Popular companies are also more likely to offer better discounts.
Ask a mechanic or friend. People who have had experiences with auto insurance companies and agents may provide the most valuable information. Insurance agents give body shops permission to repair cars on a daily basis. As a result, managers from auto body shops often know which insurance companies are better at handling claims. You should also ask trustworthy friends and family who already have auto insurance agents. Their experiences can be an accurate reflection of the insurance company.
A great auto insurance agent is one that provides well-priced coverage, maintains high customer satisfaction and works for a reputable company. Remember to consider these factors when looking for a car insurance agent.
posted by Jim Valek on
Tue., Sep 27th, 2011 in
Car Insurance
Insurance
insurance agencies
A Florida state panel has approved the use of a new hurricane catastrophe model that is increasing many homeowner and Florida business insurers’ exposure.
The Florida Commission on Hurricane Loss Projection Methodology has approved the Risk Management Solutions new U.S. Hurricane Model version 11.0 for use in residential insurance rate filings submitted to the state’s Office of Insurance Regulation.
The new model calculates the probability of hurricane damages and financial losses taking into effect wind, other weather characteristics, and the density of development within a given area.
The RMS model includes a number of changes, but most notable is the change in loss projections. Based on the results of a three-year research and development project conducted with the University of Miami, the model decreases the risk of losses in coastal areas while increasing them in inland areas.
As a result, many insurance companies that specialize in providing coverage to
homeowners insurance in inland areas have seen their exposure increase by 50 percent to 70 percent.
Insurers have already been feeling the impact of the new model, which reinsurers have been using to set rates.
Bracing for the possibility of higher reinsurance rates, lawmakers inserted in this year’s property bill a measure allowing insurers to make separate filings for rates on reinsurance and financial interments needed to make up for the loss of other reinsurance products. The increase is limited to one per year with the rates not to exceeded 15 percent per policyholder.
If you have a question about how the new rules may effect homeowners insurance rates for your Florida homeowners policy contact the experts at Valek Insurance and Bonds.
posted by Jim Valek on
Fri., Sep 23rd, 2011 in
Homeowners
Hurricane Season
Insurance
Insurance Company Industry News
At this day in age most people want to know what the benefits for
life insurance are. Life insurance benefits are payments paid by the benefactor to the beneficiary in accordance with the agreements to the two parties. This insurance unlike all other kinds of insurance is usually released by the insurance company to the family members on behalf of the beneficiaries death.
Life insurance benefits are very important and people are usually urged to sigh up for them because they can cover the costs of burial and funeral arrangements of the deceased. Other uses may include; expenses extended to memorials of the deceased as well as past bills which were probably unpaid before the beneficiary died.
The benefits of life insurance can also be used for covering your families needs. For example if you have a child in school these funds could be used to cover the costs of school fees, college fees and other requirements that a child may need. All of these benefits could also act as a source of inheritance. One may choose to refuse their insurance benefits it is usually uncommon though. This is usually conducted under specific contracts which are usually signed by filing a disclaimer report that may state that the benefits could be awarded to the next person on the list. This is not a very common occurrence because families have children that need the money from inheritance.
One might want to ask the question; what are the benefits of life insurance and could it be actually part of a will? The answer to this question can be based on the need to understand the general importance of these benefits. On the signing of a policy the rightful person will received the funds mentioned and thus this will direct the person to a couple of instructions that describe on what he or she could do with the funds. Insurance benefits are usually not important and the reason for their creation is to help make sure that people don't spend money without investing on particular needs that they could actually call upon in the case of a medical or life insurance.
posted by Jim Valek on
Fri., Sep 23rd, 2011 in
Insurance
insurance agencies
Life Insurance
Is it a bad idea to skimp on long-term
disability insurance to protect your family? This is a question that many Boomers who are buying family
health insurance and
life insurance to protect their families are asking. A recent survey by Harris Interactive for America's Health Insurance Plans (AHIP) found that most Baby Boomers underestimate their risks for an extended period of time due to a disability. Why do baby Boomers underestimate their risks? One reason might be that they believe that they are more likely to suffer a disability than to die prematurely.
How far off are the risk estimates for most Americans? A study sponsored by the Life and Health Insurance Foundation or Education called " The Real Risk of Disability in the United States" has found that white collar workers between 35 and 65 years of age have a 27 to 31 percent chance of becoming disabled for 90 days or longer. Unfortunately, the duration of disabilities has increased within the past few decades. In the 1970s and 80s, a 35-year-old-male with such a disability would have been out of work, on average, almost four years. Today it's six, because better medical care means that people with a terminal types of illnesses will be able to live longer. It does not mean, however, that they are able to pull in their pre-disability income while they are ill.
Steven Crawford, a disability specialist, believes that a well designed disability insurance policy is the key to a sound financial plan. The problem is that often, a financial planner does not advise his or her clients that their income is their most valuable asset.
Everybody should have the maximum benefits they can afford, and many factors will change the cost of a given insurance premium. As an example a policyholder 20 years of age will have a greater risk and as a result a larger liability than a married 55-year.
It is an extremely time consuming process to figure out how to find low quality health insurance to meet your specific needs. First, you have to determine how much you will need to maintain your lifestyle remembering to factor in new expenses that could arise due to your disability. These include benefits from your employer's group plan, your personal savings and possibly government benefits that are related to social security and disability insurance.
Policies and coverage amounts are many and varied so consult with a
Sarasota Insurance Agency to be sure you are getting the correct coverage for your financial protection.
posted by Jim Valek on
Mon., Sep 12th, 2011 in
Be prepared
Insurance
Insurance Company Industry News
Policy Coverage
Sarasota insurance agencies can be a huge asset for their clients. They use an extensive network of insurance providers and companies to get the best prices for each of their customers. Independent agencies have a comprehensive network of carriers to choose from whereas agents from a single large company like allstate or statefarm will work with only one provider. Independent insurance brokers work on a commission basis to receive the best deals for their clients and to settle claims. All brokers require training and they have to get the proper licensing for operations.
There are many forms of insurance options for people looking to feel their insurance needs.
Life and health insurance are just two options out of many that a consumer can look for also, small employers can offer their employees a plan on their own. The local
Sarasota insurance company may even provide other services such as enrolling the workers on the plans. Other insurance brokers may supply investment opportunities. And, not to be forgotten is pet insurance for the four-legged members of your family.
Independent Insurance agents can find the most comprehensive policy for your financial situation. Whether the clients require
homeowners insurance or
renters insurance it is important for you the consumer to get the best policies and coverage at the lowest price. But first the client needs to ensure that they are working with the most reliable insurance broker. They should look on the website for testimonials for trustworthiness. Also, checking with the better business bureau will help to ensure that there are no claims against the broker. And online resources are important for comparing insurance brokers and their rates. Quite often a quote can be found that can rival the competitors.
Next, clients want to be assured that their insurance agent is listening to them. They will be able to assist in ways to reduce risk. A simple example of this is by adding gear to a car that would help reduce theft percentages. As well, if they use transit for work from home, they will get a reduced rate when compared to clients who commute many miles to and from work everyday. Also the personal insurance agent can give good advise on new vehicle purchases, such as the higher premiums which will result if a luxury car is purchased as compared to a modest sedan. Insurance agencies who are selling homeowners coverage need to ask many questions when they are attending to a clients needs. Do clients have security alarms? What type of roof do they have? What are the risks of fire, freezing, pipes or floods? The answer to these questions may help reduce your premiums.
For a local business community and economy as a whole to thrive there needs to be adequate risk management. While anyone can call an 800 number and get 15 minute insurance policy, it is more important to get a policy that covers the realistic needs of a policy holder after an accident rather than just the lowest price or the fastest quote.
Maintaining effective levels of risk management is helps support a healthy economic climate. Just look to the underinsured flood victims and devastated business owners of Hurricane Irene if a bottom of the barrel price and 15 minute quote helped them out in the end.
posted by Jim Valek on
Thu., Sep 22nd, 2011 in
Insurance
insurance agencies
Valek Insurance, in the Sarasota, FL area is advising people to check their
homeowners insurance during this hurricane season. Researchers from Colorado State University are
predicting above average hurricane activity is expected, and that the U.S. coastline has a higher than usual chance of being in the path of at least one major hurricane this season. Researchers estimate the likelihood of at least one hurricane making landfall on Florida is 71%, and 5 major stoms (a category three, four or five) is markedly above the 2.3 average for the last century.
The official Atlantic hurricane season runs June 1st through November 30th.
Once a storm is within range of land it is too late to change or add coverage. Valek Insurance says it is imperative that people review their homeowners insurance right away.
Valek Insurance is offering the following tips to make sure Floridians homeowners insurance will provide adequate coverage this Florida hurricane season:
Hurricane Deductible - Some states have implemented separate deductibles for hurricanes based on a percentage of the home’s insured value. Note that wind damage caused by non-hurricane storms is subject to the policy’s general deductible not the hurricane deductible.
Flood Insurance -
Flood damage is not covered under a standard homeowners’ policy, but flood insurance is essential in high risk areas.
Replacement Cost vs. Actual Cash Value — Replacement Cost policies cover the amount needed to replace or repair a home without a deduction for depreciation. These policies generally cost about 10 percent more, but they provide much more comprehensive coverage than Actual Cash Value policies.
Guaranteed or Extended Replacement Cost — Provides additional coverage if widespread damage inflates the cost of building materials and labor.
Inflation Guard - Automatically adjusts policy limits to reflect changes in construction costs so homeowners do not have to increase limits each year.
Building Code Upgrades - If a home is severely damaged, it will need to be rebuilt to comply with current building code standards that could add increased building costs. Law and ordinance coverage ensures these extra costs are covered.
Additional Living Expenses - Covers the costs of living elsewhere while a home is being rebuilt or repaired.
To protect assets this hurricane season, also:
- Inventory, photograph or video tape all household items. Keep receipts, inventory lists, copies of the homeowner’s insurance policy and insurance company contacts in a safe place that can be accessed in the event of a storm.
- To minimize losses, take steps to protect personal property when a hurricane is imminent, such as covering windows with shutters, siding or plywood.
Keep materials such as plywood and plastic on hand for temporary repairs after a storm. Keep receipts as repairs are made, as they may be reimbursable by an insurance company.
- Be wary of rushing into a contract or placing a hefty deposit with a company for repairs. Unfortunately, fraudulent contractors often flock to natural disaster sites, so it is important to consult with an insurance agent before hiring anyone.
About Valek Insurance
As an independent
insurance agency serving Sarasota and all of Southwest Florida, we will work hard to find the best options for your unique insurance needs. Valek Insurance and Bonds can search our extensive number of insurance carriers to find the best price. Our clients benefit from the years of experience and local knowledge of Sarasota, Bradenton and all of southwest Florida. We inform our clients of not only the least expensive policy options but the best options available to ensure the right decision. Gain peace of mind with the experts at Valek Insurance. Call now for
free quote
posted by Jim Valek on
Sat., Jul 16th, 2011 in
Be prepared
Hurricane Season
Insurance
For Sarasota Florida's residents living with hurricanes every year is not new. However even though last year was relatively quite with thankfully nothing like hurricane Katrina, Charlie or Gustav, If you don’t prepare yourself, your home, your car, and other valuables you could pay the price later. The best way to avoid disaster is to be prepared, and these simple tips will help you do so.
Plan Your Hurricane Evacuation
The local weather authorities will issue Florida hurricane evacuation warnings, but many times it’s too late, or the traffic on the road may prevent you from leaving for hours placing you and your family into a potentially dangerous situation. It is best to monitor the storm yourself, instead of waiting for the final decision from the authorities. If it's going to b a powerful storm evacuate beforehand, just to play it safe, many in Katrina's path had grown complacent over the years and Floridians should lear that lesson. In your hurricane evacuation plan do not forget to bring social security cards, government IDs, banking information, home and car titles, and of course, your
auto insurance; which you should have in your car at all times.
Hurricane Car Safety
Before storm season an a hurricane is heading toward the coast, have a mechanic inspect your car for any potential problems - a mechanical failure with a category 3 or 4 hurricane bearing down is a worst case scenario. During hurricane season include with your storm preparation checklist that you keep your car or truck with a full tank of gas. Many Floridians will remember hurricane Charlie increased in strength from a category 2 to a monster 4 in only three hours - not a great time to be at the gas pump! You may have to gas up days before the evacuation date, as gas shortages are fairly common in these desperate situations. Take your car to the mechanic to get an oil change, necessary repairs, and new tires, if any of these are needed. Driving conditions during these brutal storms, can be equally dangerous and the biggest hazard will be other drivers so be sure your auto insurance coverage is adequate.
You of course should reinforce the house where ever possible to reduce damage. Windows and doors are particularly important to board up - the special screws for securing plywood to Florida's masonry block homes are called "Tap Cons", and it is advisable to have a supply handy before hurricane season - your local hardware or home improvement store may be sold out during an oncoming storm leaving home owners of older pre-storm shutter homes no way to board up the windows. Don’t forget to reinforce your garage as well! Large objects like ladders and wood should be moved from the garage to avoid unnecessary damage. Cover your car with a tarp, or something with padding, if you have it. Secure the tarp as best you can. - Before hurricane season check you
homeowners insurance coverage! many homeowners find out only when it's too late that they were under insured and have to pay for major home repairs out of their own pockets.
Hurricane Auto Insurance Tips
Protection from hurricane damages requires a comprehensive coverage policy. If you live in an area prone to hurricanes, get comprehensive coverage well in advance. Some Southwest Florida
insurance companies will refuse to sell auto insurance to those living in these areas during hurricane season, and federal law requires it take 30 days before comprehensive coverage goes into effect from time of signing. Don’t procrastinate on getting coverage, hurricane season is under way, and you’ll be happy you did.
posted by Jim Valek on
Fri., Jul 15th, 2011 in
Be prepared
Hurricane Season
Insurance
Safety
There are all kinds of
Florida Auto Insurance fraud, including staged accidents, inflated medical bills, phony injuries, owner give-ups, false repair bills and claim padding.
Millions of people fall victims to staged accidents every year without realizing it. These apparently simple fender benders are actually premeditated crimes, involving organized rings of doctors, lawyers and body shop owners.
Major Categories of Auto Fraud
Staged Car Accident.
A conspirator's pulls in front of an innocent driver's car and stops suddenly, causing the innocent driver to rear-end the conspirator's car. Sometimes a second conspirator's car providing the "excuse" for the sudden stop. The innocent driver believes he is responsible for the accident.
Typical Victims of this trap are usually driving alone in late model or expensive cars. Often a large older sedan is used by the criminal driver and two or three passengers will be riding along. Invariably the victim is later contacted by the criminal driver's lawyer, and the victim's
insurance company is expected to pay large, fraudulent medical bills for the driver and all the passengers in the car.
Owner Give-Up.
Car owners who arrange to have their cars "stolen" and disposed of so they can collect insurance money. It is estimated that about 15 percent of all vehicle theft claims fall into this category.
Auto Insurance Claim Padding
Car owners increase the amount often otherwise legitimate claim to receive more money than they are due. It's estimated that 10 percent of all claims are at least partially fraudulent.
posted by Jim Valek on
Tue., Jul 12th, 2011 in
Be prepared
Insurance
Insurance Company Industry News
Insurance Fraud
A Real-life Example of Living Benefits
We never think the worst could happen to us, until it does. Mike Anderson was a healthy, physically fit 63-year-old. In February of 2008, Mike suffered a cerebral hemorrhage and was in total paralysis. This life-threatening condition put his family into immediate shock, due to the fact that he was so active and had no history of health issues. Mike and his wife,
Laurie*, made a good living. They had educated their four children and had recently purchased a high-priced home that came with a big mortgage. Clearly, Mike’s health was the most important issue, however it was hard for Laurie and her family
to ignore the medical costs that were ahead of them. “This came out of nowhere and we were going to need a miracle,” comments Laurie. Fortunately, as a former life insurance agent, Mike knew the importance of life insurance and had two policies with Midland National Life Insurance Company.
Midland National offers an additional benefit called the Accelerated Benefit Rider – Chronic Illness (ABR-C), which allows an eligible policyholder to “accelerate” up to 24% of the
death benefit annually. For the Andersons, the ABR-C made a world of difference.
After qualifying for the benefit, the family received a check for $145,000 to help cover the expenses for Mike’s care. In Mike’s case, he was eligible to receive benefits from the ABR-C, because he was either unable to perform two of six activities
of daily living or suffered from severe cognitive impairment1.
“I believe we got the best of both worlds because we received a portion of the policy proceeds and still have the remainder of the death benefit. It was truly a gift that we were able to be helped,” says Laurie.
The unexpected can and does happen. But with Midland National, there are options for these difficult situations…options that can offer peace of mind for you and your family. How do you plan to pay for extended nursing care2? If you plan to use your own
funds, keep the potential costs in mind. Here are some of the average costs of extended nursing care services3:
• Private room in a Nursing Home — $74,260 per year
• Assisted Living Facility (Private One Bedroom) — $2,825
per month
• Home Health Aide (Medicare Certified) — $46 per hour
posted by Jim Valek on
Thu., Dec 23rd, 2010 in
Be prepared
Insurance
Citizens Property Insurance plans to revoke $5 million worth of discounts from policyholders.
Inspections conducted this year by Citizens, the largest property insurer in the state, found that some policyholders have been receiving undeserved discounts for features that protect their homes from hurricanes.
If Citizens customers don’t pay enough, all property insurance policyholders in Florida could be on the hook, just as they’re paying to cover state-backed Citizens’ deficits from the 2005 hurricane season.
Eric Ordway, senior director of vendor relations for Citizens, told the insurer’s
underwriting committee Thursday that identifying erroneous discounts helps policyholders determine how to fortify their homes “so in the event of a storm they’ll be better protected.”
But it will create an additional cost for policyholders who are already struggling with annual rate hikes. As Citizens and
private insurers roll out inspection programs this year to target discounts they suspect are too high, some homeowners and building inspectors have reported legitimate discounts are being cut, which could discourage homeowners from making hurricane-proofing improvements.
Ordway said that if Citizens determines a discount needs to be revoked, it won’t happen until the policy is up for renewal and if the policyholder qualifies for a discount they weren’t getting, it will be applied from the start of the policy.
If Citizens has trouble scheduling an inspection because a policyholder isn’t available, the discount could be revoked without an inspection, but that would only happen after the insurer has “exhausted all efforts” to schedule it, Ordway said.
Citizens reports that it has inspected more than 14,000 properties, or about a third, of the 44,220 condo buildings and houses that were assigned so far, at a cost of $894,705. More than 70 percent of the 7,213 inspections found policyholders owe more money, about 8 percent owe less.
Citizens plans to spend $41 million the next two years on more inspections, and it expects a “return on investment” of about $100 million because policyholders will likely owe $143 million more in premiums.
The inspections next year are expected to start in March and inspections during the second half of the year will include checking a home's rebuilding cost, its general condition and possibly for sinkholes.
Some homeowners with private insurers have reported the companies
increased estimates to rebuild their homes, leading to higher premiums, despite the construction slowdown.
Citizens drew fire
earlier this year for how it hired an inspection manager and
selected inspectors, but it has since used a competitive process to pick three managers to oversee the work.
Policyholders with questions about the inspections can call Citizens at (888) 685-1555. The insurer has an ombudsman to handle questions from condominium associations and their agents.
posted by Jim Valek on
Thu., Dec 23rd, 2010 in
Insurance
Insurance Company Industry News
