Does Your Homeowner’s Insurance Come Up Short?

Homeowner’s Insurance

Your homeowner’s insurance policy is a key piece of your financial safety net. Not only does it cover what is probably your most valuable asset, your home itself, it also covers what’s inside your home—or does it?

 

Here are ways your homeowner’s insurance might come up short:

 

You don’t have enough coverage. If your home is completely destroyed, will your insurance pay to have it rebuilt with similar quality and craftsmanship? What about coverage for your personal belongings? In the event of a claim, would you receive replacement cost or actual cash value? 

 

Also, remember every time you make any significant upgrades to your home, you should notify your Lakewood Financial agent. Certain upgrades, such as a new roof, could net you a discount. Even if no discounts result, you’ll still want your insurance company to know the true value of your home in case you have a claim.

 

You run a business from your home. Homeowners insurance policies offer no liability coverage and limited coverage for business equipment. Home office policies are reasonably priced and offer both liability and contents coverage.

 

You don’t have flood insurance. Standard homeowners policies don’t cover flood damage, and Florida is essentially one big flood plain. Lakewood Financial represents several private companies that write flood insurance at a more competitive rate than those of the National Flood Insurance Program (NFIP). These policies also have higher available limits than the NFIP’s standard coverage. Also, private flood companies offer replacement cost coverage on your contents. The NFIP will pay only the actual cash value. (Click here for a flood insurance quote.)

 

Your policy doesn’t have water/sewer backup coverage. A standard homeowners policy usually covers damage from overflow of water from plumbing, heating, or air conditioning as long as it originates on your property. However, if the backup damage comes from outside of your property, such as if heavy rains cause a sewer back up into your home, you may not be covered. This is a scenario all too common in our rainy, hurricane-prone state.

 

You have a special collection of wine, art, jewelry, or other valuable assets. Your personal property is covered up to a percentage (usually 50-70 percent) of your dwelling limit. There are also limit caps on certain categories like firearms, jewelry, silverware, furs, coins, etc. If you have high value items or special collections, you may need a personal floater. You may also need separate floaters for each category of asset—such as jewelry and artwork. Floaters usually have no deductibles, and you may need to have your collection appraised.

 

Lakewood Financial is an independent insurance agency located in the Sarasota/Bradenton/Lakewood Ranch area. We have multiple homeowners insurance companies to choose from, and the expertise to find you the most cost effective policy while still insuring your home and its contents for the proper value. Give us a call at 941-747-4600 or contact us online.

Insure Your Rig: Commercial Trucking Insurance

Commercial Trucking Insurance

Photo courtesy Chris Sharkman via Pixabay

Whether you’re an independent owner-operator, or you manage a fleet of trucks, Lakewood Financial can provide all your commercial trucking insurance needs. We cover all types of trucks, including tractor trucks, tow trucks, box trucks, and dump trucks.

 

Commercial trucking insurance protects your assets and your business in the event of an accident. Here are the major types of coverage your policy can provide:

 

Liability coverage is mandatory. This pays for any legal liability you have towards others for physical damage as well as injuries caused by the truck in an accident. Liability limit requirements depend on the type of truck, what you’re hauling, and whether or not you operate intrastate (only in Florida) or interstate (crossing into other states). Call Lakewood Financial and we can help you determine what limits you need.

 

Bobtail/deadheading or non-trucking liability coverage protects a driver’s or company’s liability when the truck is traveling without a trailer (“bobtailing”) or with an empty trailer (“deadheading”).

 

Cargo coverage  protects your truck’s load (cargo). Some shipping companies require it. We bundle cargo coverage with liability coverage to save you money.

 

Physical damage coverage covers the truck and/or trailer itself if it’s damaged in an accident, or other covered peril, such as fire or theft.

 

To get an accurate quote, you’ll need a copy of your current insurance policy’s declarations page (“dec” page), the driver’s license numbers of all drivers, vehicle identification numbers of all trucks, and information on any safety features of the trucks. You’ll also need your DOT number and your FEIN number.

 

Commercial trucking insurance isn’t cheap, but there are ways to save money. Some companies offer a three to 10 percent discount up front if you give them access to the information from your truck’s electronic logging device (ELD). Insurance companies periodically check the information from your ELD to evaluate driving habits and number of safety inspections compared to other drivers in the industry. The more safety conscious you and your drivers are, the larger your discount will be—even rising as high as 18 percent of your policy premium.

 

Other factors determining your premium include the type of equipment your truck has, the type and value of the cargo you typically carry, and your route.

 

Protect yourself and your business by buying a commercial trucking policy that best fits your needs. Call Lakewood Financial at 941-747-4600 for a free, no-obligation quote.