Northwest Florida

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Frequently Ask Questions

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Frequently Asked Questions

  1. Does My Auto Insurance Cover a Hit-and-Run Accident?
  2. Do I need more than the state minimum coverage?
  3. What makes landlord insurance different from homeowners insurance?
  4. How does full glass coverage work?
  5. How does escrow work with my homeowners insurance payments?
  6. How does actual cash value (ACV) affect a homeowners insurance claim?
  7. How much homeowner insurance should I have?
  8. How does an umbrella insurance policy work?
  9. What is personal liability insurance?
  10. Is flood covered under homeowners insurance?
  11. Does changing my insurance company affect my credit score?
  12. How do I insure a vacant building?

Does My Auto Insurance Cover a Hit-and-Run Accident?

  • Hit-and-run accidents happen and they are terrible. You go into a shopping mall and come out to find that someone hit your parked car but took off and there is no way to find out who they were. If this happens to you there is no way to get insurance money from the other person (You don’t know who they are). So you have to go to your own insurance company.
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Do I need more than the state minimum coverage?

  • The quick and easy answer to this is yes. You should have more insurance coverage than the state mandated minimum auto coverages. But it all depends on your interpretation of what insurance is for. If you believe that insurance is in place to protect you for your “Worst Day” than the state minimum auto coverage is never going to protect you against that “Worst Day.” I can’t tell you what level of insurance coverage you should have but I can tell you that the state minimum insurance coverage will not properly protect you in the event something horrible happens.
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What makes landlord insurance different from homeowners insurance?

  • At the 10,000 foot view, the major difference between a landlord policy and a homeowner policy is that a landlord policy does not contain personal property coverage, (coverage for your stuff), on the standard policy.
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How does full glass coverage work?

  • Full glass coverage is an additional physical damage coverage which can be purchased on a personal or business auto insurance policy. However, full glass coverage often needs to be purchased in conjunction with comp coverage. Full glass coverage adds glass breakage as an additional named peril to the auto insurance policy. This means you have coverage in the event that a rock gets kicked up off the road it breaks your windshield and in most cases there is NO deductible paid by you. Full glass coverage does not coverage mirrors on most policies.
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How does escrow work with my homeowners insurance payments?

  • You can escrow your homeowners premiums at any time through your mortgage company. Basically what happens is your pay your homeowners premiums inside your mortgage payment. The mortgage company collects the homeowner premiums and then pays the bill in one shot at the beginning of the policy every year. This has advantageous tax consequences as well as being relatively convenient. However, you can still change your homeowners insurance at any time to a more competitively priced carrier if you so choose.
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How does actual cash value (ACV) affect a homeowners insurance claim?

  • Actual Cash Value is way of valuing a property insurance loss after a claim. The main concept that you need to understand with actual cash value is that in the event of a loss if your policy is actual cash value, depreciation will be taken out of your payment. Meaning if you have 10 year old cabinets with a 20 year life and those cabinets cost $10,000 to replace. You will get a check from the insurance carrier for $5,000. (Very simplified for this example this is just informational for your understanding that is not the actual amount you are guaranteed to get).
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How much homeowner insurance should I have?

  • This is one of the questions asked most often of insurance agents and the unfortunate answer is “It Depends.” There are so many factors that go into how much homeowners insurance you should have. In an effort to not get too technical on you I would say that as long as your policy in written and insured at Replacement Cost you are doing well. That doesn’t mean you have the absolutely correct amount but you are in the ball park. Determining the amount of homeowner insurance appropriate for your home is something I would recommend you leverage your insurance professional for.
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How does an umbrella insurance policy work?

  • An umbrella insurance policy works exactly as the name describes. The umbrella policy sits over the top of underlying insurance policies and provides an extra layer of liability insurance. In the case of a personal umbrella underlying policies would include auto insurance, homeowners insurance, boat insurance, rental property insurance, etc. If the limit of liability is used up on the underlying policy then the umbrella kicks in to provide additional coverage.
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What is personal liability insurance?

  • Personal liability insurance is most often found on the homeowner insurance, renter insurance or rental property insurance policy. Personal liability insurance protects you and your family in the event there is a lawsuit resulting from 3rd party bodily injury or property damage. An example of personal liability is a neighborhood child who gets hurt on the swing set in your backyard.
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Is flood covered under homeowners insurance?

  • Flood loss is absolutely NOT covered on your homeowners insurance. Flood is covered by a separate individual policy which can be written by standard insurance carriers but is run by the National Flood Insurance Program. Rates are set by the federal government so the individual carriers like Travelers Insurance for example just administer the program. If you are worried about a flood effecting your home you need to go buy a flood insurance policy.
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Does changing my insurance company affect my credit score?

  • Changing your insurance carrier has NO effect on your credit score. You can change as often as you like and it makes no matter to your credit score. The only time that cancelling an insurance policy can effect your credit score is if you owe the carrier back premium and they take you to collections.
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How do I insure a vacant building?

  • Vacant homes can be tricky to place insurance on. This is because most of the well-known standard insurance carriers do not want to write insurance for vacant homes. Statistically speaking vacant homes are much more likely to have a loss than an occupied home. You want to make sure that you disclose that the building is going to be vacant, what the procedures are for securing the building and how long you plan for the building to be vacant. Then do business with an insurance carrier that specializes in vacant homes.
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