December 21, 2011 in Home Insurance, Insurance, Insurance Articles by jferris

Review Insurance and Other Potential Costs When Buying an Investment Property

With home prices and interest rates so low, people who are looking to make some extra money are tempted to buy an investment property. The property can then be rented out to make some extra cash. With stocks and home values unstable, some are seeing rental properties as a great way to earn income in retirement.

Rental properties can be a great investment if they are in high-demand areas and a person does thorough research to ensure they are getting a good deal. Nationwide, there is demand for renting as many people either have to walk away from their home or cannot qualify to take advantage of the buyer’s market in real estate. Average monthly rent is up 2.5 percent from a year earlier and is an average of $846 a month.

Financial and real estate advisers recommend that you research the ability to get 1.25 percent of the purchase price for rental income each year. Sometimes you can research what going rents are in an area by checking out Craigslist or websites like Finest Expert. It is also recommended to drive around the neighborhood to see how many for rent signs are up and if the area is burdened with a lot of short sales or foreclosures. These can be signs that the area might not be able to help you attract a renter in a timely manner.

Individuals interested in investment properties have to be prepared for all the responsibilities of a rental property. Build a cushion of at least three months reserves to find a renter and account for any repairs. You need to also set aside monies for taxes and insurance. As you become a landlord, it is critical that you call your Florida home insurance agent to review the costs of this type of property. Non-owner occupied properties are classified as riskier to insure, so it will cost you more than the standard homeowner’s insurance policy. It is important to make sure the insurance is in the same name as the property title, so double check if you bought the property as an LLC or as an individual.

You will want to review property insurance, liability coverage, and any flood or hurricane policies that can be relevant in your area of Florida. It is more important to get the best coverage possible than being cheap and having surprises later on with your homeowner’s insurance.

Milla Tawnie writes for Orlando auto insurance and Orlando home insurance agency, the Florida Insurance Group. To learn more or to get auto and home insurance quotes, visit FloridaInsurance.com.

December 14, 2011 in Home Insurance, Insurance, Insurance Articles by jferris

New HARP Program Could Help Orlando Homeowners Refinance and Lower Relevant Costs

The revamped mortgage refinance program through the Home Affordable Refinance Program (HARP) could help many Orlando homeowners. Many borrowers want to refinance but have been stuck because of loan-to-value ratios, the down housing market, and issues with mortgage insurance. Lenders recently received instructions from the Federal Housing Finance Agency (FHFA) that have removed the caps on homes that are valued for far less than what they were bought for. For homeowners who have been paying their monthly mortgage payments on time but want an opportunity to refinance at today’s lower interest rates, they can now call their lender to see about getting into the HARP program.

The FHFA estimates that it could help 1.8 million homeowners with the revised version of HARP, which has been extended to run through the end of 2013. Lenders can vary how quickly they adopt the changes and the revised HARP program guidelines.

“This new phase of the Home Affordable Refinance Program will help reach more borrowers with negative equity so they can refinance into new Freddie Mac mortgages at today’s historically low-rates,” said Freddie Mac’s CEO Charles Haldeman, Jr. “These changes mark another step on the road to recovery for the nation’s housing market and…in making affordable mortgage financing available to America’s homeowners and future homebuyers.”

The revised HARP removes the 125 percent loan-to-value cap and the need for a new property appraisal as Fannie Mae and Freddie Mac have automated valuation systems to estimate most property values. It also reduces fees for borrowers who refinance with shorter-term 20 year or 15 year mortgages. Borrowers have to be current on their mortgage and have no late payments in the last six months. The original mortgages must have gone through Fannie Mae or Freddie Mac before May 31, 2009 to be eligible. Lenders will also have particular liabilities on the original loans waived when a refinance goes through HARP.

Borrowers should check in with their Orlando home insurance agent to see how a refinance can affect their home’s value and reduce any homeowner’s insurance premium. Homeowners can get guidance on their premiums by reviewing what the current costs are to rebuild the home should a catastrophic incident occur. An insurance agent can show you options to lower your homeowner’s insurance premiums with different deductibles, coverage, and updated home values.

Milla Tawnie writes for Orlando auto insurance and Orlando home insurance agency, the Florida Insurance Group. To learn more or to get auto and home insurance quotes, visit FloridaInsurance.com.

November 21, 2011 in Home Insurance, Insurance, Insurance Articles by jferris

Security Systems Can Create Big Savings on Homeowners Insurance

When a home does not automatically have an alarm system or a sprinkler system for fire protection, many homeowners wonder if it is really worth the expense to get one. Getting an alarm system installed is very important, not only for your safety, but it also helps homeowners get discounts on their homeowners insurance.

Alarm systems are reasonable to get, and many security companies throw in the system for free if you get a monthly monitoring package. An alarm system is a great deterrent against burglars stealing high-ticket items and precious family keepsakes. Home alarm systems can work whether you are in the home, such as at night, or away. Alarm systems can be hooked up to your home’s doors, windows, garage door, and even send text messages to your phone when an alarm system is deactivated. Many parents like this if their kids are at home and want to make sure they are secure.

With enough insurance for your valuables within the homeowners insurance policy, you will not have to come up with the money outright to replace them should a burglary, fire, or other catastrophe occur. Be sure to keep all documents from the alarm company in case your homeowner’s insurance company wants proof of the system being active in your residence. Insurance companies encourage alarm systems because this means your residence is less of a risk to them. Smoke detectors, carbon monoxide detectors, and sprinkler systems are also good to protect your family.

With your home now protected, give your homeowners insurance company a call to let them know you now have a system and review what coverage you have for your valuables. Think of any pricey valuables they might not have incorporated into the policy. Did you recently purchase a flat-screen TV, new computer, diamond ring, or renovate the kitchen with new, fancy appliances? All of these items should be covered adequately, so it does not hurt to review your coverage.

Another big area of savings is the deductible amounts you have for your homeowners insurance. With a security system and adequate insurance on your valuables, you might look at increasing your deductible. Research what is within your budget and comfort zone for a deductible, and then discuss your options with an experienced homeowners insurance agent.

Milla Tawnie writes for Orlando auto insurance and Orlando home insurance agency, the Florida Insurance Group. To learn more or to get auto and home insurance quotes, visit FloridaInsurance.com.

November 17, 2011 in Home Insurance, Insurance, Insurance Articles by jferris

With More People Now Renting It Pays To Protect Valuables With Renters Insurance Says Florida Insurance Group

With the current economy, many individuals and families are looking to rent rather than own a home. Renting a home or apartment can be a great way to save money. As the lease goes by, many people forget that a big part to renting an apartment is keeping all the valuables safe. Renters can protect their belongings by getting renters insurance.

“The easy way to know how much coverage you will need is to do a checklist room by room of the most important valuables,” said Orlando renters insurance and Orlando home insurance agent Lee Rogers from the Florida Insurance Group. “Renters insurance is very inexpensive and will protect you in case of a theft, fire, or other incident.”

The Insurance Information Institute reported that only half of all renters have renters insurance. More than 37 million people rent according to the U.S. Census, which means that more than 18 million do not have protection for their valuables.

“How would you replace these belongings?” asked Rogers. “Do you have enough of an emergency fund to buy new furniture, electronics, jewelry, and more?”

Many people assume that the landlord is responsible if a catastrophe was to occur, but that is not the case. Only the outer walls are covered by the landlord along with any big fixtures or appliances; everything inside the four walls is up to the renter. At an average insurance rate of $173 a year, the National Association of Insurance Commissioners equates having this type of insurance to the cost of dinner once a month.

“Renter’s insurance helps with living expenses should the rental be damaged and you have to live in a temporary place,” said Rogers. “It also protects against injuries that might occur in your rental and pay legal costs if you would be taken to court because of it.”

The Florida Insurance Group has experienced agents that will help find the best renters insurance rate from more than 10 of the nation’s top insurance companies. To learn more call 1.888.525.2210 or visit http://www.floridainsurance.com.

October 17, 2011 in Home Insurance, Insurance, Insurance Articles by jferris

Individuals Should Review Homeowners Insurance Coverage in the Event of Fallen Trees

When an area is ravaged by a powerful hurricane, some of the worst damage involves fallen trees. Earlier this summer, Hurricane Irene caused many trees to uproot and damaged homes, cars, and roadways up and down the Eastern U.S. coastline. The destruction reminds us that we need to be ready, no matter where you live, for the damage that a storm can cause.

Homeowners should be proactive about knowing what their homeowner’s insurance policy includes. Coverage for wind and debris should be researched before a storm happens so you have peace of mind of what steps will need to be taken if it causes damage.

“If a tree hits a home or other insured structure, such as a detached garage, standard homeowners insurance policies provide coverage for the damage the tree does to the structure and the contents within it,” said Jeanne M. Salvatore, senior vice president of the Insurance Information Institute (III).

Homeowners will need to file a claim with their insurance company and pay the deductible to receive compensation for the damage. Even if a tree did not come from your land but caused issues, you can get insurance to help with the cleanup and post-storm damage. Most insurance companies will want you to get a quote from a licensed, insured, and experienced tree trimming company before cleanup can begin. Tree cleanup can be an extensive process of cutting big pieces of it to prevent more damage to an area, hauling, and many workers to expedite the labor.

Most homeowners insurance policies will cover for damage that a tree has caused to a home, detached building, or patio structure. Damage to a vehicle from a tree is covered under optional, comprehensive auto insurance policies. Coverage is not likely for trees that simply fall on the grassy property, unless it is blocking a driveway or special walkway for a disabled individual.

It is also important to know about trees or branches that could fall from your property and onto a neighbor’s property, and vice versa. “In some situations where the felled tree was located on a neighbor’s property, the policyholder’s insurance company may try to collect from the neighbor’s insurance company in a process called subrogation,” said Salvatore. “This sometimes occurs if the tree was in poor health or not properly maintained. If the insurer is successful, you may be reimbursed for the deductible.”

Milla Tawnie writes for Orlando auto insurance and Orlando home insurance agency, the Florida Insurance Group. To learn more or to get auto and home insurance quotes, visit FloridaInsurance.com.

September 26, 2011 in Home Insurance, Insurance, Insurance Articles by jferris

Be Savvy of All the Aspects Included in a Homeowner’s Insurance Policy

Many homeowners are overwhelmed by all the parts of a homeowner’s insurance policy. There are so many options and it can be confusing to ultimately decide what is best for your family. The most critical factor of home insurance is having enough insurance to cover the cost of rebuilding your home. Oftentimes, there is a big difference in what your mortgage lender mandates and what you would truly need to rebuild it from the ground up. It is also important to know that building codes could change during the lifetime of your home and rebuilding would have to include these new guidelines. New building codes could drive up the cost of rebuilding too.

Currently, building material costs are up, so you want to make sure that the replacement coverage would account for rebuilding your home, detached structures like sheds, custom kitchens or bathrooms, fireplaces, and other special improvements. Standard policies cover damage from fires, theft, and lightning, but do not cover for flood damage or lack of maintenance.

The next part of your homeowner’s insurance policy to review is personal possessions. If a disaster were to occur, are you currently insuring for the true amount it would take to replace your possessions? Start by doing a home inventory and list out all the items you would need to replace. Many people find it helpful to go room by room and take photos along the way too. You can insure your items for their replacement cost or actual cash value. Replacement cost covers the cost it would take to buy the item and does not subtract for depreciation. Actual cash value only takes care of what the item’s value is on the actual day of replacement, subtracting for depreciation.

Expensive possessions such as jewelry, art, and electronics merit their own policies as the standard homeowner’s coverage can limit the amount paid out in the event of theft or a disaster. Floater or endorsement policies can help you insure these items to cover what they are actually worth.

The third facet to your homeowner’s policy is the compensation for living expenses should you not be able to live in your home after a catastrophe. Hotel bills, meals, and other expenses can be covered up to a policy’s limits while your home is undergoing repairs or rebuilding. This is also known as loss of use coverage.

It is also important to consider the liability part of your policy. This will cover you and your family in the event that another person is harmed on your property and sues you. This covers court costs and damages you would be ordered to pay up to the policy limits.

In Orlando, the Florida Insurance Group assists homeowners to fully understand their home insurance policy and have peace of mind that it will be there for them should a disaster occur. They are experts at finding the Orlando home insurance company that is the perfect fit for your budget and needs. On the phone and online, they have assisted clients for more than 20 years to get the highest quality insurance at the best value.

For more information:
1-888-525-2210
www.floridainsurance.com

Milla Tawnie writes for Orlando auto insurance and Orlando home insurance agency, the Florida Insurance Group. To learn more or to get auto and home insurance quotes, visit FloridaInsurance.com.

May 3, 2011 in Auto Insurance, Auto Insurance, Business Insurance, Business Insurance, Health Insurance, Health Insurance, Home Insurance, Home Insurance, Insurance Articles, Insurance News, Life Insurance, Life Insurance by jferris

Smart Insurance Marketing Brings Customers

Is your insurance marketing website providing you with enough customers to make your business a thriving concern?

If your website is not functioning as well as you think it should be, perhaps it is time to take a hard look at what needs to be done to make it more successful. You want to convert those browsers to buyers. The only way to do that is to ensure that you have the right things going on with your site. In other words,  you need the right insurance search engine optimization (SEO) – search engine optimization that works for you and brings you business.

Working with SEO is sort of like building that better mousetrap. Everyone needs this kind of service and yet some still think they can do things on their own. Unfortunately, those without the experience to do SEO the right way will find their website buried deeply on page six or worse of Google’s website rankings. Not the best thing for your business.

You want and need people to know who you are, know about your business and find it on the Internet. You want them to interact with you, buy from you and talk to you and ask questions. The more interactive you are with your customers, the more they will remember you, which will mean business later on. You cannot accomplish this if your website does not rank well. Few people will go beyond page one of Google’s rankings to find what they want. Therefore, you want to be on page one. It is that simple, but complex at the same time.

The mostly simple part is that you need to expand what you offer on your website to include the latest and most interactive widgets and gadgets used in the 21st century to connect with the billions of people online. You need the social media, the blogs, the Twitter account and other things like an instant insurance quote function. People demand more online today than they ever have before. If you do not give it to them, they will go someplace else.

People want insurance information fast and they want it yesterday, so if you have the ability to offer them quotes yesterday, you have just given them something they really wanted  and they will remember that when they choose to buy. You need to find a search engine optimization company that will be your partner in the success of your business; one with insurance marketing experience of their own. They know your business, because they do it every day.

Ready to Quote is an insurance marketing company, specializing in marketing insurance websites online. Learn more at ReadytoQuote.com.

March 1, 2011 in Auto Insurance, Business Insurance, Health Insurance, Home Insurance, Insurance Articles, Life Insurance by jferris

Snag and Drag the Clicks from Competing Insurance Websites

If you want to stay on top of your insurance business these days, having instant quotes will make you a winner.

Want to snag competitive clicks from a competing insurance website? One of the ways to do that is to make sure you have an instant quote function on your website. People are in a hurry to get information these days and they do not want to waste time poking about a website trying to find out prices for various insurance policies. They want to know right away how much money they can expect to shell out for insurance. They also want to know what other options they have at their disposal.

If your insurance website offers visitors what they want to know immediately, within a few clicks, then you have kept them on your website long enough that they will likely convert – meaning buy insurance. If your quotes are reasonable, prompt, suitable and instant, you have a leg up on your competition. If you are readily available to assist those who have asked for instant quotes and can offer them other alternatives, then that will put you even further ahead yet.

If your insurance website is not up-to-date, clean, loads fast, offers instant quotes, great articles, current news and tips and a blog etc., your business is missing the showboat. Your website needs to be alive, dynamic, chockfull of useful information, personable and above all else, optimized to the max for your needs. You want to keep your visitors from clicking away to the competition. In other words, you want insurance search engine optimization (SEO) to work in your favor and bring you traffic.

Once the traffic is there, your site needs to meet the needs of the visitors. They do not just want health insurance quotes, they want information about how the various plans work, costs, how it will fit their needs, what they can do if they are on a budget and a whole host of other questions. If you have those answers, they will consider you the expert to do business with for their insurance needs.

To do all this, you need a professionally designed insurance website that gets your message across clearly. Think about this question for a second: What is the most important thing that I need to tell my customers? Once you have the answer to that, you have the core reason behind your website.

To get the right kind of insurance website, partner up with an insurance search engine optimization company. If you have an SEO company on your team, you will have a website that will be the talk of the town. You also want your SEO company to know what they are doing when it comes to insurance agency marketing. Find that company and your website will be tailored to Web 2.0 compliant and do you a world a business.

ReadytoQuote insurance marketing company, ReadytoQuote.com. ReadytoQuote.com specializes in marketing insurance websites online. Learn more at ReadytoQuote.com.

February 28, 2011 in Auto Insurance, Home Insurance, Insurance Articles by jferris

An Explanation of Collision and Comprehensive Auto Coverage

Although not required by the state of Florida, collision and comprehensive insurance are two very important types of auto insurance coverage.

Let’s take a look at each one.

Collision insurance protects drivers from accidents involving other vehicles and objects. It provides protection by covering the cost of repairs to the vehicle or, if the vehicle is totaled, its replacement.

Comprehensive insurance coverage, however, covers virtually everything else beyond a collision up to the limits of the policy. This could be theft, vandalism, a tree limb falling on the vehicle or weather damage. It usually does not cover things such as tires, vehicle contents or acts of God.

Collision and comprehensive insurance can be purchased separately but are often purchased together. They often require a deductible. This means that the benefits of the coverage will not kick in until the policyholder has contributed a certain portion of his or her own money toward a claim. Deductibles can run the gamut, but often start at $500 and increase from there.

When choosing an auto insurance policy, it is important to note that a higher deductible will carry a smaller premium and vice versa.

The coverage amount provided by comprehensive and collision can differ depending on which policy is chosen. A coverage limit is the maximum amount a policy provider will pay toward the cost of repairs. A common limit chosen is $100,000.

As mentioned, comprehensive and collision are not required in the state of Florida. What is? Motorists are mandated to purchase personal injury protection (PIP) and property damage liability (PDL) coverage only. The limits set for both PIP and PDL are a minimum of $10,000 each.

Yet those requirements do not offer the protection that collision and comprehensive provide. Many financial lenders will require collision and comprehensive on a vehicle.

It is important to weigh the pros and cons of carrying collision and comprehensive auto insurance. For most drivers, it is a wise and prudent investment that can provide peace of mind and save thousands of dollars should an incident occur. But if the vehicle is old and has a value of only a couple of thousand dollars, it ordinarily is not worth the added expense.

It is important to speak with an insurance agent about the different options available.

Milla Tawnie writes for Orlando auto insurance and Orlando home insurance agency, the Florida Insurance Group. To learn more or to get auto and home insurance quotes, visit FloridaInsurance.com.

February 28, 2011 in Auto Insurance, Home Insurance, Insurance Articles by jferris

Renters Insurance a Wise Way to Protect Belongings and Liability Claims

Renters insurance typically costs about the same price of large pizza on a monthly basis. With that price, it is a no-brainer to safeguard your valuables and protect yourself against liability claims too. Policies in 2011 have many unique features that protect renters from fire, theft and other losses. Guest medical protection and worker’s compensation features are also parts of a modern renter’s policies.

Ask an Orlando renters insurance expert what coverage and discounts are available today. Renter’s policies give peace of mind that should valuables and possessions be damaged, for only $10 to $20 a month, you would be able to replace these items. Most renters do not think their stuff adds up to a lot of value, but think if all your worldly possessions were gone – renter’s insurance would ease the pain of replacing all the furniture, electronics, clothing, and many other things that made life easier.

Three to five components make up most renters policies. Personal property covers household items damaged due to fire, theft, or other loss. Personal liability protection pays for bodily injury or property damage caused to others because of a covered incident. Guest medical protection pays for medical fees that guests could incur who are accidentally injured on your property. Worker’s comp coverage pays for medical fees that personal helpers, such as nannies, maids, and gardeners, could incur as they are injured on the job. And additional personal property such as art, jewelry, antiques, and other valuables can be protected against theft and fire, as well.

Just like other policies, renters are eligible for discounts if they are in certain apartment or home communities. An experienced Florida insurance company will help you find the best policy with the best coverage for your money and offer you support for the months and years to come.

Discounts that can help the monthly fees include reductions when the apartment is located in a gated community, has a smoke alarm or security system, and when higher deductibles are chosen. Be sure to choose replacement versus actual value as the replacement value covers the cost of replacing belongings at current prices. And be aware of the policy’s limits. If you have diamond earrings and a policy caps reimbursements at $1,400, buy extra coverage for these and other big-ticket valuables to truly protect their value should an incident occur.

A good insurance agent will help you define your priorities, whether you are going to college and renting an apartment or settling into your first rental condo and want to make sure you’re being wise with your possessions.

Milla Tawnie writes for Orlando auto insurance and Orlando home insurance agency, the Florida Insurance Group. To learn more or to get auto and home insurance quotes, visit FloridaInsurance.com.