Insurance Agency Blog

Florida drivers said to pay $1 billion more in auto insurance because of staged crashes

Jim Valek — Mon, 30 Jan 2012 16:42:30 -0700

Accident fraud is costing Florida drivers nearly an extra billion dollars a year in their personal injury protection insurance rates, according to Gov. Rick Scott. He's helping lead the push to reform the state's PIP system. Gov. Scott was fired up Wednesday as he spoke to supporters of insurance reform at the state Capitol. He argued the higher insurance rates resulting from fraud are like a tax. It's estimated Florida drivers pay 56 percent higher auto rates compared to other states. Personal injury protection rates have been climbing about 30 percent a year in Florida even though there's been a 12 percent reduction in car crashes over the past five years. Police blame drivers in organized crime groups for staging accidents and then running up medical bills to the $10,000 limit allowed by the state's no-fault law. Gov. Scott urged the crowd to put the pressure on lawmakers to pass reform legislation. "This is how laws get changed. You show up and you let your legislators know what you want. You are sick and tired of a billion dollars a year of fraud. You're tired of it. You're tired of scammers taking advantage of you. You're tired of attorneys taking advantage of you. Enough is enough. A billion dollars a year. We need to change this." Florida Chief Financial Officer Jeff Atwater joined Scott at the rally. He said drivers with great driving records are getting hammered by rising auto premiums and that's not fair. "A 40-year-old, perfect driving record, in Jacksonville, Florida in the last two years, 40 percent increase in their PIP coverage. Orlando, 58 percent. Miami, 80 percent. Tampa Bay, 81 percent." Cydnee Knoth of Tampa expressed frustration at seeing her auto insurance continually go up even though she's a good driver. "Every year I see my insurance rates go up on my auto insurance and, despite my excellent driving record, the rates go up every year. Listed on my driver's license is 'good driver.' I have been affected by PIP and my son has been affected by PIP. We need to have this changed." The Florida Chamber of Commerce calls PIP reform legislation its top priority this year. David Hart says the legislation must crack down on staged accidents, fraudulent claims and attorneys' fees. "Honest Florida families and businesses continue to take the brunt of this unresolved billion dollar problem. Florida cannot wait any longer for relief from the expense of fraud and litigation abuse in the PIP system. The time for PIP reform is now." The business lobby group Associated Industries of Florida is also backing reforms. "Sadly, Florida is number one in fraud among any of the 50 states. It's time for Florida to take serious and permanent action to help its Florida consumers and its Florida businesses," said AIF President and CEO Tom Feeney. A House committee Wednesday passed a bill that cracks down on PIP fraud by a 10 to 5 vote. The measure still faces two more committee votes before it can head to the House floor. Opponents of the House bill contend it would restrict people's choices on which doctors they want to see, as well as the timeline for their treatment. A group called the Florida Consumer Action Network says the Senate's version is better because it looks out more for consumers.

Homeowners Insurance - Florida Residents, Understand Your Policy

Jim Valek — Mon, 19 Dec 2011 18:18:44 -0700

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.

Benefits Of Using An Independent Florida Insurance Agent

Jim Valek — Mon, 19 Dec 2011 18:16:16 -0700

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.

Using A Motorcycle Safety Course to Lower Your Insurance Rates

Jim Valek — Fri, 16 Dec 2011 04:37:35 -0700

Completing a motorcycle safety course makes a lot of sense if you are a rider not only will it improve your motorcycle skills but it will also make you a safer rider. It may also help to trim the costs of your motorcycle insurance off your monthly bill.

Motorcycle Safety Course Insurance Discount

All insurance companies offer and maintain different policies regarding motorcycle insurance discounts, but you'll find that almost all providers offer discount-incentives for completing a motorcycle safety course. Depending on the provider, you can save up to 15% off your insurance premiums over a three year period.

Motorcycle Safety Course Enrollment

Checking with your insurance company to see if your course is from an approved program or school. Some schools may require a completion of a certificate from an approved program. Or if you reside in a state that mandates a motorcycle safety course (Califiornia for example requires enrollment for all riders younger than 21 years old), contact your DMV for a list of approved courses. Always check with your insurance provider to recieve a discount for a completed course and make sure it is recognized by your insurance provider. You will not recieve credit if your course is not approved by the recognized by your provider. Most schools offer two programs: beginner and expert. Classes depending on the school and state may last from two to three days.

Beginner Courses

This course teaches basics for beginning riders and you will need little or not experience to learn and maintain a motorcycle license. It will teach the basics such as:

The Basics Of Florida Homeowners Insurance

Jim Valek — Fri, 16 Dec 2011 04:27:21 -0700

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.

Homeowners Insurance Is An Affordable Way To Protect Your Home And Investments

Jim Valek — Fri, 16 Dec 2011 04:12:32 -0700

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.

Common Motorcycle Insurance Myths

Jim Valek — Fri, 16 Dec 2011 04:04:23 -0700

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.

The Nuts and Bolts of Homeowners Insurance

Jim Valek — Wed, 07 Dec 2011 14:49:33 -0700

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.

Workers Comp Insurance - Keep Your Jobsite Safe With Scaffolding Safety and Fall Protection

Jim Valek — Thu, 17 Nov 2011 19:33:38 -0700

Sarasota businesses should make the most of their workers compensation insurance policies by having a safe elevated jobsite to reduce claims. Scaffolding hazards continue to rank high on the list of the most frequently cited standards in the construction industry. Numerous injuries and fatalities occur each year due to improper scaffolding safety. Besides problems with planks and guardrails, the main causes of injuries and deaths on scaffolds are; poor planning for assembling and dismantling, collapse due to missing tie-ins or bracing, loads that are too heavy, slippery conditions, and being too close to electrical hazards including overhead lines. Also, falling objects often hurt people below scaffolds. The standard that regulates the design, erection, dismantling and use of scaffolds is Occupational Safety and Health Administration (OSHA) construction standard 29 CFR 1926.451

Scaffolding Basics For Workplace Risk Management

All metal frame scaffolds share common components. Platforms, base supports, side brackets, and support trusses. Scaffolds and their components must be capable of supporting without failure at least four times the maximum intended load, and be properly secured or braced to permanent structures. Employers are required to train each employee who works on a scaffold on the hazards and the procedures to control the hazards. A competent person must be involved in the inspection, erection and dismantling of all scaffolding, and scaffolds greater than 125 feet in height must be designed by a registered professional engineer. Fall protection is required on all scaffolds where the working height is more than 10 feet above a lower level. Each worker more than 10 feet above a lower level must be protected from falls by guardrails or a fall arrest system. Top rails shall be about 42” in height. Mid-rails must be installed approximately halfway between the top rail and the platform surface. When “X” bracing or cross bracing is used as a mid-rail the intersection of the “X” must fall between 20 and 30 inches above the work platform. To protect workers from falling objects such as tools and debris toe boards should be installed in addition to the wearing of hard hats. Scaffold footings must be level and capable of supporting the loaded scaffold. All metal frame scaffolds must have a means of access. This access can be gained from attached or portable ladders, stairways, or the adjacent structure.

Fall Protection

In the U.S. construction industry falls are the leading cause of worker fatalities. Each year, on average, between 150 and 200 workers are killed and more than 100,000 are injured as a result of falls at construction sites. The safety standard for fall protection in the construction industry is Occupational Safety and Health Administration (OSHA) 29 CFR 1926.500. This standard sets a uniform threshold height of 6 feet which means that construction employers must protect their employees from fall hazards and falling objects whenever an affected employee is 6 feet or more above a lower level. Protection also must be provided for construction workers who are exposed to the hazard of falling into dangerous equipment. Typically fall protection is provided through the use of; Guardrail systems—A barrier with a top rail located 42 inches above the floor and a midrail. Screens and mesh may be used to replace the mid-rail as long as they extend from the top rail to the working level

Safety net systems—Netting that is installed as close as practicable under the walking/ working surface on which employees are working and never more than 30 feet below such levels
Personal fall arrest systems—A system that includes anchorage, connectors and a harness and may also include a deceleration device and lifelines used to arrest (safely stop) a person who is already falling from a working level
Positioning device systems— A body harness system rigged to allow an employee to be supported on an elevated vertical surface, such as a wall, and work with both hands free while leaning backwards. The worker should not be able to freefall further than 2 feet
Warning line systems—A barrier erected on a roof to warn unsecured employees that they are approaching an unprotected roof side or edge
Covers—Are fastened over holes in working surfaces to prevent falls
Safety monitoring by a competent person—This allows a trained person to monitor others as they work on elevated surfaces and warn them of any fall hazards.

If you need workers compensation insurance as the experts at Sarasota insurance agency Valek Insurance and Bonds.

Homeowners Insurance Basics

Jim Valek — Thu, 20 Oct 2011 19:54:46 -0600

Whether you are a first time homebuyer or a veteran of many years for mortgage payments then chances are your home is your single most expensive item and your most valuable investment. Few homeowners ever think twice about their homeowners insurance or take the time to read their policy. Knowing what is on your policy and what is covered can make all the difference when disaster strikes. The Basics of Homeowners Insurance Homeowners insurance evolved in the late 1950s , when the insurance industry needed a single comprehensive policy to cover a house, its contents, and liability. Although there are over 900 U.S insurance companies writing policies, 80 percent are based on a form called HO-3, which provides coverage on the house and other structures for all risks excluded by the policy- most commonly floods and earthquakes. HO-2 is a cheaper, and HO-1 is a bare bones option that will only cover those risks that are specifically included. HO-4 is a policy that is designed for renters while HO-6 covers condominium owners. What's Covered With A Basic Homeowners Insurance Standard homeowners insurance (form HO-3) customarily covers damage to structures due to fire, lightning: windstorm (including hurricane and tornado) or hail; explosion; riot or civil commotion; aircraft; vehicles; smoke; theft or vandalism (sometimes called malicious mischief); falling objects; weight of ice, snow or sleet; and freezing of plumbing, heating, air conditioning or other household systems. It also covers personal liability; if someone on your property injuries themselves. In fact your coverage is likely to be more comprehensive than on the list above. Many policies cover just about everything unless stated otherwise. What Is Not Covered Although floods and earthquakes are widespread in the U.S. the damage they cause is not covered by the standard HO-3 policy. Almost 90 percent of the U.S. lives in earthquake -prone areas. Since the 1900s almost all states have had an earthquake. If your home is located in a flood prone area, then you are 26 more times likely to suffer a flood loss than a loss from fire. Of course, the cost of flood and earthquake coverage reflects the high risk involved. If you live along the shoreline then you will have to pay a higher premium than someone who lives along the mountains. There are other exclusions that include neglect, intentional loss, earth movement, general power failure and even damage caused by war. A costly exclusion is the ordinance or law exclusion, which refers to new building codes that can drive up the cost of rebuilding or repairing. If you discover when replacing damaged property that current law requires higher grade wiring the difference in cost is your responsibility. Loss and Recovery The value of real property- your home, garage, shed and other structures- is generally based on the value of your house. Homeowners insurance also covers your personal property, including the contents of your home and any belongings you or the members of your household use, own, wear or carry-basically the whole house. This coverage is also based on your homes coverage, and there are limits on the losses that can be claimed for certain items such as cash, furs, or jewelry- limits that can be increases are supplemental premiums. You can also pay additional premiums to cover living expenses if your home is not habitable for a period of time. Most insurance companies now offer replacement coverage. Replacement cost coverage helps families rebuild their damaged homes without depreciation or a deductable. In the case of a TV if the value has depreciated 50 percent, actual cash value coverage for the replacement cost would only be $250. An upgrade from the actual cash value to replace coverage typically raises your premium by 10 to 15 percent. If one were to suddenly lose your home due to fire or a tornado or have the contents damaged or stolen, you probably could not afford to replace everything all at once. By becoming familiar with your homeowners policy, you will be sure to have the coverage you need when you need it.

Sarasota Insurance Agency Valek Insurance and Bonds Is On Your Side.

Jim Valek — Tue, 11 Oct 2011 15:32:22 -0600

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.

How to Choose a Car Insurance Agent

Jim Valek — Tue, 27 Sep 2011 03:11:10 -0600

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.

Revised Florida Hurricane Risk Management Model May Cause Increased Inland Homeowners Insurance Rates

Jim Valek — Fri, 23 Sep 2011 14:30:54 -0600

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.

The Benefits Of Life Insurance

Jim Valek — Fri, 23 Sep 2011 03:08:23 -0600

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.

Protect Your Family's Financial Future With Disability Insurance

Jim Valek — Mon, 12 Sep 2011 01:33:37 -0600

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.

Independent Insurance Agencies Help Promote A Healthy Economy

Jim Valek — Thu, 22 Sep 2011 01:07:28 -0600

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.

Tips on Checking Homeowners Insurance during Sarasota Florida Hurricane Season

Jim Valek — Sat, 16 Jul 2011 14:04:22 -0600

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

Auto Insurance and Safety Tips For Hurricane Season

Jim Valek — Fri, 15 Jul 2011 20:13:10 -0600

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.

Avoid Being the Victim of a Staged Accident

Jim Valek — Tue, 12 Jul 2011 19:09:59 -0600

When You are involved in an auto accident, there are some warning signs to look for that indicate you have been the victim of a staged accident. Staged Auto Accident Warning Signs:

The car in front of you slammed on it's brakes for no apparent reason.
The car you have hit is a large older model car
There are at least three people in the car and they are anxious to leave the scene of the accident before the police arrive.

Here's What the Law-biding Driver can do to Avoid Being the Victim of a staged accident:

Don't tailgate! Criminal drivers view tailgaters as prime targets.
Be a defensive driver. If another driver suddenly darts in front of you slow down and nrease the distance between your vehicles.
Get names and addresses of independent witnessess at the accident scene. These witnesses may be able to verify the accident looked like a setup.
If a collision seems to be a set up immediately advise your insurance company and law enforcement officials

How Can You Help Fight Auto Insurance Fraud?

You can help fight insurance fraud. Join law enforcement agencies, prosecutors and the insurance industry in bringing these costly and sometimes violent crimes under control. Don't be a victim. Drive defensively, an thoroughly document all auto accidents in which you are involved. If you know of insurance fraud, report it to our auto fraud hotline at 1-888-662-6616. Let your family, friends and neighbors know that insurance fraud affects everybody in the form of higher insurance rates. Encourage them to get involved in the fight against auto insurance fraud.

Types Of Florida Auto Insurance Fraud

Jim Valek — Tue, 12 Jul 2011 18:29:52 -0600

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.

Are You Prepared for the Unexpected?

Jim Valek — Thu, 23 Dec 2010 14:27:56 -0700

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

Thinking of drinking at a holiday party? Think Again

Jim Valek — Thu, 23 Dec 2010 14:23:47 -0700

The Holidays can be a wonderful time to connect with friends - but always have a designated driver. The video below will bring home the reality of what can happen without a responsible plan. Note this video is graphic and may not be suitable for young viewers.

Citizens Property Insurance revokes discounts

Jim Valek — Thu, 23 Dec 2010 14:16:06 -0700

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.