Home Owners

We can write a Homeowners and/or flood Insurance policy anywhere in the State of Florida within minutes; if you are buying or refinancing your home, allow us to write your homeowners policy (give us your mortgage broker or real estate agent information only) in order to close your financial transaction; the insurance premium can be collected at the time of closing. If you are not going to live in an insured house, you should not purchase a homeowners policy; instead ask for a Dwelling Fire policy which will cost you less. Pay special attention to Co-insurance Clause required by your Insurance Company; which could be 80%, 90% or even 100% and will make a difference of what you get paid on a claim. There are several forms of homeowner’s insurance policies, including Builders Risk, offer by the insurance companies in the State of Florida: HO1 Basic Homeowners  Policy Form,  a name perils policy, covering: Fire or Lightning, Hurricane, Windstorm or Hail,  Aircraft, explosion, Riot or Civil Commotion, Vehicles, Smoke, Volcanic Eruption, Vandalism or Malicious mischief, Sinkhole (some companies require an inspection for Sinkhole coverage), this is a very limited policy, because everything else is excluded. HO2 Broad Homeowners Policy Form, cover name perils on HO1 form, plus: falling objects, accidental discharge or overflow of water or steam, Weight of ice snow or sleet,  Sudden and accidental damage from Artificially Generated Electrical current, Sudden and accidental Tearing Apart, Cracking, Burning or Bulging and theft (may be covered by some companies, check policy). Everything else is excluded. HO3 Special Homeowners Policy Form, the most comprehensive for single family homes, is an “All Risk” homeowners policy, except what is excluded from the policy, for example flood insurance. some companies also exclude animal liability, etc. See bottom of page for coverage description. We recommend this form to all our customers and we will not write another homeowners form except upon request in writing by the customer or may be due to claims history or any other valid reason. You will pay more for this policy but at the time of a loss, it is worth it. HO4 Form for Renters, see our site for Renters.  Learn more about Homeowners Forms and Coverage. HO5 Form Premier, not many companies offer this kind of form and do not have availability to offer you. HO6 Form Condominium Unit Owner Form, see our site for Condos. HO8 Form Modified Homeowners, was introduce for older homes with a replacement cost higher than the market value, not many companies offer this type of coverage.

HOMEOWNERS HO-3 POLICY   FORM    ASSUMING $100,000 BUILDING (A – DWELLING) COVERAGE
SECTION  I – PROPERTY COVERAGES:

  • A – Dwelling              $100,000
  • B – Other Structures  $10,000 most company’s cover 10% of the dwelling but could be as low as 2% or $2,000; can be endorsed to higher amounts needed.
  • C – Personal Property $50,000 some companies require 50% of the dwelling; could be lower for a premium credit. Not recommend, very small savings
  • D – Loss of Use          $10,000 usually 10% of what option A pays. Pays you to live somewhere else while your house is being repaired, after a loss (covered). Learn more about Loss of Use Coverage

SECTION  II – LIABILITY COVERAGES

  • E – Personal Liability: most companies offer $100,000 but should be increased by endorsement to a higher amounts needed. Cover unintentional accident or incident injures to another person or damage property of others. Learn more about Personal Liability.
  • F – Medical Payments: Payments made to third parties. OTHER COVERAGES Ordinance or Law: $25,000. Could be increased for an additional premium, this coverage is to comply with any Ordinance enforcement or Law in case of a loss by a cover peril. Sinkhole Loss Coverage: $100,000 (when covered by your Insurance Company), often a separate and higher deductible apply. Learn about Catastrophic Ground Cover Collapse.

Flood Insurance

Check your property flood zone and instant quote: Flood Tools»
Get and instant personal or commercial Flood Quote: Quotation Direct»
You should buy a Flood Insurance policy, even tough your property might not be located in a designated flood zone risk. 2005 Hurricane Katrina hit the Gulf of Mexico including New Orleans and in 2010 Hurricane Sandy hit New York, New Jersey and other States. A big percentage of the damages was done by flooding due to the Hurricane. Florida is a Hurricane high risk zone. Do not let this happen to you.

  • Personal Flood Insurance

For your House and Personal Property, Apartment, Renters, Condo Unit owners and Condo Unit Rented to others.
The National Flood Insurance Program is the Governing Body and has set a maximum limit of $250,000 coverage for Dwelling and $100,000 for Contents (Personal Property). any amount needed above the maximum limit could be written through an Excess Flood Insurance Policy. Flood policies have exclusions and limitations, for example, the waiting period before a policy becomes effective, learn more about the Basic Residential Flood Policies . Flood Rates a calculated based in several factors including: year built, building occupancy, number of floors, flood zone, contents location (floor). All information required to quote a flood policy is obtain from an Elevation Certificate. We can insured your house (property) or contents only or both under the same policy; if a financial transaction is taking place your policy will be effective immediately.

  • Commercial Flood Insurance For Your Business

For owners and Renters, we can insured your Building (Dwelling) and Business Property (Contents) or other “Residential Risks” like: Hotel, Motel, Apartment Building, Assisted-living facility and “Non-Residential Risks” like: Shop, Restaurant, Mercantile Building, Factory, Warehouse, Office, etc. To learn more about Summary of Coverage for Commercial Properties.
Almost the same underwriting criteria are used Personal and Commercial but Commercial Flood Insurance maximum limits are: Building $500,000 and Contents $500,000.
Commercial Flood Insurance is written under general property form for standard flood insurance and there are some exclusions and limitations involved, for examples a 30 days waiting period if there is not financial transaction involved and/or change of coverage amounts, to only name a few. Learn more about Commercial Flood Policies Coverage & Premiums.

  • Residential Condominium Building Association Policy (RCBAP)

In participating NFIP Regular Program communities only. Provides building coverage and coverage of commonly owned contents (if desired) in residential condominium building with 75% or more of total floor area in residential use.

Some important Flood exclusions are: Living expenses such as temporary housing; Financial losses caused by business interruption or loss of use of insured property. To Learn more visit What’s Not Covered.

Learn about the Biggert-Waters Flood Reform Act of 2012.

Personal Auto Insurance

PERSONAL AUTO INSURANCE, INCLUDING: PIP, PDL, LIABILITY, UM, COMPREHENSIVE AND COLLISION COVERAGE Not every company is the same; therefore, coverage may differ on each one. Remember every policy has limitations and exclusions so make sure you buy what you need.
Personal Auto Insurance Policy Agreement and definitions.- You and the Insurance Company agree upon coverage for premium payments stated in the declaration page and definitions: who’s the company, who’s the insured and what are the specific terms used in the insurance policy, for instance: bodily injury means (a) bodily injury; (b) sickness; (c) disease; (d) death.
Personal Auto Insurance PART I – Liability.- Your Insurance company will pay on your behave to a third party. This includes damages for bodily injury and/or property damage caused by your insured motor vehicle. A basic liability policy in Florida is a 10/20/10 which means bodily injury coverage (not mandatory in Florida) 10K max per person and 20K max per accident and 10K max property damage (mandatory) to others. Bodily injury is not mandatory but the vehicle owner and the operator are responsible for any injuries caused in an accident.
PART II – Florida Motor Vehicle (No Fault Law).- Also known as Personal Injury Protection (PIP) is a mandatory coverage in Florida with a limit of 10K. It includes coverage for you, your spouse, your children, and any household resident that do not own a motor vehicle. They are also covered as a pedestrians or passengers in any other vehicle. PIP pays 80% medical services; Disability benefits 60%; Death benefits $5,000, and it is all in addition to medical and disability benefits; however, the policy aggregate limit is $10,000. An applicant could purchase extended PIP benefits. Check your deductible and to whom it applies.
Part III – Expenses For Medical Services (Coverage C- Medical Payments).- This is an optional coverage and can only be purchased with the bodily injury liability coverage.
Part IV – Uninsured Motorist (Coverage D Uninsured Motorists -UM-).- An optional coverage, you must first purchased bodily injury liability in order to purchase UM. It is an excess coverage to bodily injury liability or your Personal Injury Protection.
Part V – Your Car Damage.- Most policies carry a deductible and may differ for Comprehensive (Fire, Vandalism, theft) and Collision (accident, Hit & Run). If you have this coverage a windshield loss will be covered without applying any deductible.
Part VI- General Policy Provisions.- Here you can read about policy period, territory, claims settlement, payment of premiums, cancellation, non-renewal and a few others.

Part VII- What Insurer’s Will Do In Case Of An Auto Accident Or Loss.- Take the report, investigate if necessary and make payments as required, and outline in your policy.

Part VIII – What To Do In Case Of An Auto Accident Or Loss.- Notify your insurance company within 14 days or as soon as practicable possible in writing or through any other form of communication.

Part IX – Endorsements to Personal Auto Insurance Policy FL002A (08-03).- You must promptly notify your insurance company of any changes including: any newly acquired automobile, operator’s marital status any new driver, change of address, etc.

Learn More about Florida Motor vehicle Laws and Requirements.

Condo Insurance

CONDO INSURANCE, TO PROTECT: YOUR CONDO, YOUR POSSESSIONS, YOUR ASSETS.
An HO-6 Condo Insurance should cover your Personal Property and Liability to protect you from Lawsuits in case someone is injured in your home or you become legally liable from property damages of others.
Make an inventory of your possessions, including: furniture, electronic equipment, i.e. TV, computers, photo cameras, telephones. It is not a good idea to over insure (higher premium) or under insure (less recovery at the time of a loss).
Something important to keep in mind is high value items such as artwork, baseball cards collections, paintings and money; usually there is a coverage limit. If you need a higher amounts let your agent know; could be insured in the same policy by an endorsment or under a separate policy.
Your personal property loss settlement in case of claim could be Actual Cash Value equal to the cost of item, less depreciation, less any deductible or Replacement Cost equal to the cost of item, less any deductible. This is the more expensive option but you are receiving a better financial protection.
Some insurance companies will cover personal property in storage, theft off premises and animal liability which may or may not be excluded. Make sure the policy you are buying is what you need.

Flood Insurance Coverage is excluded from all Condo Insurance policies.

  • CONDO INSURANCE FOR UNIT OWNERS OCCUPIED BY THE OWNER.- Should include below sections:
    Section I – Property Coverage.
    A – Dwelling
    B – Personal Property (Actual Cash Value or Replacement Cost)
    C – Loss of Use.
    Section II – Liability Coverage.
    E – Personal Liability
    F – Medical payments.
    Other Coverage Ordinance or Law Limit (25% of coverage A).
  • CONDO INSURANCE FOR UNIT OWNERS OCCUPIED BY A TENANT AND TENANT BUYING A CONDO INSURANCE POLICY, Include Section I and II, make sure to read your lease agreement but always buy a few thousands of dwelling coverage and necessary personal property. This is a necessary and inexpensive policy.
    CONDO INSURANCE FOR UNIT OWNERS OCCUPIED BY A TENANT AND OWNER BUYING A CONDO INSURANCE POLICY. Should include all above sections but with few exceptions:
    First and more important request a Unit owner’s rental to Others (HO 17 33) endorsement, this endorsement modifies personal property coverage, for instance, peril of theft exclusion: for money, gold, bank notes to name a few. Liability and medical payments coverage are also modified to cover the name insured not the tenant.
    CONDO INSURANCE FOR UNIT OWNERS UNDER DE NAME OF A BUSINESS OR CORPORATION.- We do not have an insurer that will write an HO-6 policy form if a condo unit is under a business or corporate name, but we can write the most Limited Dwelling Fire Policy Form a (DP1) and it will be considered a tenant occupied because of the ownership status. To protect the business or corporation assets we suggest, we suggest writing a Comprehensive Personal Liability Policy because Liability coverage might be excluded from the DP1 policy. To learn about Florida condominium Law and Statutes visit: Florida Department of Business Professional Regulation.

Renters Insurance

RENTERS INSURANCE.- IN THE EVENT THAT SOMETHING GOES WRONG, YOU CAN COUNT ON US.
A Renters Insurance Policy is designed for anyone who is renting a housing property like: A single family, a rental apartment or a condo unit. if renting a condo, visit our website Condo Insurance.

An HO-4 Homeowners Policy Form for Renters other than Condo, is for persons renting rather than owning a house. Read your lease agreement, if you are responsible for dwelling coverage and this is a single family house, this is not the right policy.

Flood Insurance Coverage and Damage is excluded from this policy.

An HO-4 Renters Insurance should cover your Personal Property and Liability to protect you from Lawsuits in case someone is injured in your home or you become legally liable from property damages of others.
Make an inventory of your possessions, including: furniture, electronic equipment, i.e. TV, computers, photo cameras, telephones. It is not a good idea to over insure (higher premium) or under insure (less recovery at the time of a loss).
Something important to keep in mind is high value items such as artwork, baseball cards collections, paintings and money; usually there is a coverage limit. If you need a higher amounts let your agent know; could be insured in the same policy by an endorsment or under a separate policy.
Your personal property loss settlement in case of claim could be Actual Cash Value equal to the cost of item, less depreciation, less any deductible or Replacement Cost equal to the cost of item, less any deductible. This is the more expensive option but you are receiving a better financial protection.
Some insurance companies will cover personal property in storage, theft off premises and animal liability which may or may not be excluded. Make sure the policy you are buying is what you need.
If your are comparing quotes (premiums) between companies, make sure to compare the underlying policies as well, not all renters insurance policies provide de same level of coverage.

Health Insurance

When you are buying health Insurance for you, your family or business, it is important to understand the process and type of plan that you are acquiring.

Pre-Existing Conditions.- In a personal plan waiting period is usually 24 months. In group plans may be waived. In Obamacare is covered.

There are so many health insurance plans available that it makes it easy for the consumer to get confused, see a general description below:

MAJOR MEDICAL.- This plan allows the insured(s) to visit any Doctor and any Hospital as needed but insured(s) must satisfied (pay) its deductible (usually $2,500, $5,000, even $10,000) before the plan starts making any payments. then a Co-Insurance applies and that could be (80%-20% or 75%-25% and others), insured(s) pays 20% and plan pays 80%. This kind of plan has a maximum out of pocket expenses that the insured(s) will pay for a calendar year and that could be $5,000; $10,000, $20,000 or even higher. This plan is the most expensive one to buy and has a maximum payment by the insurer like $1,000,000, $2,000,000 or higher.

HEALTH MAINTENANCE ORGANIZATION (HMO).- This type of plan has a network of doctors and hospitals; when consumers apply for this insurance policy, it selects a doctor from the network to be his primary health physician. When medical services are needed, insured must visit his(her) doctor first (some exceptions could be made for emergencies). when a specialist or hospitalization are needed, his(her) doctor choose one from the network’s plan. A copayment may be required for each doctor or specialist the insured visits and a deductible could apply for hospitalization. This plan is the most inexpensive one to buy.

PREFERRED PROVIDER ORGANIZATION (PPO).- This plan is a combination of the two above. When consumers apply for this insurance policy, it starts like an HMO. Usually the network of doctors, specialist and hospitals are more extensive that an HMO network and includes higher copayments.- A PPO is also flexible to work like a Major Medical at any giving time but its coinsurance is higher like 40% pays insured(s) and 60% pays the plan; do not forget about the deductible which applies before the coinsurance.- Prices vary based on plan features.

HOSPITAL INDEMNITY POLICY (HIP).- This plan pays the beneficiary a set amount for each day that the insured is admitted in the hospital.

These are general characteristic of the health insurance plans; there are a lot of variations to satisfy the consumer’s needs. Make sure, you understand what you are buying.
Medical plans that are not ACA compliance have maximum annual and lifetime limits.

AFFORDABLE CARE ACT – OBAMACARE.- Signed into law in March 23, 2010. ACA “Requires Unlimited annual and lifetime maximum limits”. Learn all about ObamaCare.

Life Insurance

LIFE INSURANCE PROCEEDS MAY HELP YOUR LOVE ONES TO REPLACE THE INCOME THEY DEPEND ON FROM YOU.

Learn more about life insurance, retirement income and your life expectancy »

Life insurance should be purchased based on insured’s needs analysis; if you are not certain on what you need, let us do a fact finding analysis of your life insurance needs.
Life Insurance rates are based on Mortality Tables and/or Life Expectancy (US); premium rates change for every insured every year, regardless what type of Life Insurance you have.

Insurance companies have created several types of Life Insurance, to satisfy the needs of all prospected insured and they are:

Whole Life Insurance.- This is permanent life insurance, with some cash value accumulated; premiums charge for this type of policies are higher than term.

Term Life insurance.- This is a temporary life insurance for: one year, five, ten years, twenty years, thirty years and sometimes until insured reaches 65 years of age and can be renewable and convertible to a permanent life insurance; there is also a decreasing term life insurance, face amount decrease like a home mortgage (usually used for this purpose). Does not accumulate cash value.

Universal Life Insurance.- A permanent life insurance with accumulated cash value with a flexibility to change based on insured’s needs as time goes by.

Variable Life Insurance.- A permanent life insurance with accumulated cash value but this could be positive or negative; because part of the premium is invested on an equity fund, money market fund, a bond fund or a combination of them. You as an insured taking some risk due to the fact that the accumulated cash value is a direct result of the performance of the investment fund(s).

Guaranteed Issue Life Insurance.- Is a modified kind of life insurance, there is not health questions to purchase, except age; is a Graded Benefit Policy, what this means is, if the insured deaths on the first year, your insurer might pay a dead benefit of premiums paid plus interest; second year may be 15% of the face amount and so on (check with Co.); besides premiums are higher than any other life insurance policy

Variable Universal Life Insurance.- This product is regulated by the Security and Exchange Commission (SEC) due to the risk that the insured is taking.

The best time to apply for a life insurance policy is when you are healthy, you will pay less; smokers are charged more; health issues is not a reason to denied coverage but might be located on a different rate table.

Annuities Insurance

Annuities should be bought based on your specific needs. Annuities have a big advantage because they are a tax-deferred growth of earned income. Gains are tax as ordinary income at withdrawal but early withdrawals can carry a surrender charges by the insurance company and tax penalties by the IRS. The basic form of annuities does not charge annual management fee or any expense to the owner.
Annuities can be attached with features called riders, for instance: guarantee death benefit or guarantee benefit income up to certain age or for life; however, there is some cost associated with these benefits.

Unlike Banks, insurance companies could give the annuitant a BONUS on the initial deposit, usually between 5-10% depending on the amount of the initial deposit.
Annuities is not a get rich quick product, instead is a mid and long term secured investment

Depending when the annuitant start benefit withdrawals, there are two types of annuities:
Immediate Annuities.- Usually twelve months after the initial deposit was made. The owner could withdrawal penalty free money and the amount depends on the company and owner’s needs.
Deferred Annuities.- Benefits or pay outs a deferred until annuitant becomes 60 years of age, retirement age or any other specific date.

Single premium Annuity.- Investor or annuitant pays a premium in a one lump sum and insurance company agrees to pay out a certain amount for a certain time in the future.

Fixed Annuities.- Insurance Company agrees to pay you a minimum interest rate while the account is growing. Also they agree to pay you a fixed amount for a stated period of time which could a be a life time for you and spouse.
Index Annuities.- Insurance Company will credit your account based on the index performance of S&P 500, price index and others (you are taking are risk). The index annuity contract also states that the contract value will have a minimum regardless of the index performance.
Variable Annuities.-This type of annuity is regulated by the Security & Exchange Commission where the owner can choose the type of investment. The most common is mutual funds and the account is credited based on the investment performance. This could be positive or negative.

There are a lot of annuity options created by the insurance companies; our intention is to give you a basic idea of how an annuity work and what it can do for you. Please contact us with any questions.

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