January 26, 2012 in Home Insurance, Insurance, Insurance News by jferris

Valuable Holiday Gifts Often Require Homeowners Insurance Policy Adjustment

If Santa tucked a new pair of diamond earrings into the stocking last year, then it is time to adjust the home insurance policy to make sure new valuables are covered.

“A holiday gift with monetary value needs to be added to the insurance policy in case of a catastrophic event,” said Lee Rogers of the Florida Insurance Group. “People often overlook the valuables they bring into the home.”

That means new jewelry, new electronics or artwork all need to be catalogued and added to the insurance policy. Rogers recommends keeping the receipts for newly purchased items to help keep track of the values. He also suggests adding heirloom items that grandma may have given out as everyone gathered at her house during the holidays.

“If grandma gave you grandpa’s cufflinks or a valuable old watch, those things can be significant and you will want to add them to the policy,” Rogers said. “Sometimes it doesn’t seem like much, but added together heirloom jewelry and artwork can have tangible value.”

A wider variety of catastrophes can threaten the electronics in the home. A fire or flood can create havoc, but an electrical storm can do major damage, too. “High-end electronics often get overlooked when updating insurance policies,” Rogers said. “People put a projector up in the ceiling that drops down to create a movie theatre in the family’s ‘man cave.’ Those are cool to have, but it is smart to get it insured, too.”

It is important to remember to adjust the policy as soon as the gifts are brought home to make sure coverage is sufficient, Rogers said.

To learn more, call 1.888.525.2210 or visit http://www.floridainsurance.com.

January 25, 2012 in Auto Insurance, Insurance, Insurance News by jferris

Donate a Car or Boat to Charity? Do Not Forget to Adjust the Insurance Policy

Nonprofit organizations, recognizing the cash-strapped times, have recently started offering an alternative as a tax-deductible donation to their cause: giving them an old car.

Sometimes public radio stations will offer a pick up service and allow supporters to donate a car or boat as a donation to the station. Groups like Boat Angel allow you to make tax deductions by giving them your boat of any size or make. Many of these donations happen at the end of the year so that the donation counts toward that year’s income tax cycle.

It is important to remember to change your insurance policy after the donation. If someone gives away an old car or an old boat, the insurance company can adjust the policy so that the old vehicle is no longer being covered.

“Donating an old car or vehicle is good for you twice,” said Lee Rogers of the Florida Insurance Group. “You get the tax deduction from the donation and you most likely will get a reduction in your insurance policy, too.”

In many cases, the boats, personal watercraft and cars are disassembled for parts, but in some cases, the vehicles are rehabilitated and sold.

“You want to get the car or boat off of your insurance policy as soon as possible after the transaction not only because it will likely save you money, but also because it removes you from being liable for the vehicle,” Rogers said.

The policy can be altered on the same day as the donation if possible, he said.

To learn more, call 1.888.525.2210 or visit http://www.floridainsurance.com.

January 18, 2012 in Auto Insurance, Insurance, Insurance Articles by jferris

Florida Considers Reforms to Personal Injury Protection Law

Florida lawmakers will consider reforms in 2012 to state insurance regulations that could cut back on fraudulent claims that make the Sunshine State one of the most expensive places in the country to insure an automobile.

It is widely speculated that fraud rings exist in Florida that stage accidents to take advantage of the state’s no-fault insurance system that requires drivers to carry $10,000 in personal injury protection.

Florida is No. 1 in the country in questionable claims linked to staged accidents, according to the National Insurance Crime Bureau.

The Florida Office of Insurance Regulation reports that auto insurance fraud costs small businesses and consumers about $1 billion annually. Insurance fraud and the resultant high rates can be especially tough on small businesses that have fleet vehicles and multiple drivers.

The Florida Chamber of Commerce has taken up the issue as an important part of the group’s lobbying efforts for 2012. The Tallahassee Democrat reports that the Chamber has a history of pushing for and getting needed insurance reforms. About 10 years ago, the Chamber’s advocacy efforts helped secure legislative changes to the workers’ compensation insurance rules.

The challenge for the governor and the legislature is to cut down on the fraud without a complete overhaul of the system. Florida’s no-fault auto insurance system was started in 1972, according to Florida Today. It came to be as a way to combat frivolous lawsuits and help people pay their medical bills more quickly after an accident.

Someone legitimately injured in an automobile accident would go through the $10,000 in personal injury protection quickly with only a ride in the ambulance and a trip to the emergency room. Reform advocates claim that lightly injured wreck victims are used by fraud agents to take the $10,000 from the insurance company and sometimes the wreck victims even get a cut of the cash.

State Chief Financial Officer Jeff Atwater has been blunt about what he sees going on in Florida. “Honest consumers are footing the bill for fake procedures at fake clinics,” he said in Florida Today.

The business reform advocates want to see a few significant changes to the law. They hope to give insurance companies more time than the current 30 days to investigate claims they suspect might be fraud. They want to cap lawyer’s fees and they want insurance companies to be able to inspect the medical clinics some think are committing the fraud.

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.

January 11, 2012 in Health Insurance, Insurance, Insurance Articles by jferris

Officials Find No Link Between Chinese Drywall and Health Issues

A recent study fails to show that faulty drywall in homes is a cause of health problems.

About 4,000 families complained to the Consumer Product Safety Commission that bad drywall was causing nosebleeds and respiratory ailments. More than half of those families were in Florida.

Researchers testified to a Senate panel that the toxic chemicals released by the drywall are not high enough to show a link to the health issues.

The CPSC’s findings do not yet support making the agency call for a recall of the drywall because of health risks, according to The Tallahassee Democrat.

“We’re not suggesting that (those effects) don’t exist,” said Neal Cohen, with the U.S. Consumer Product Safety Commission. “We’re suggesting that we have not been able to explain them with the low level of emissions we were able to (detect) in the home.”

Cohen was speaking to members of a Senate Commerce, Science and Transportation subcommittee last December. “Unfortunately, the results of our studies have not permitted us to make health or safety findings that would enable us to compel the manufacturer to recall this product,” he said.

The National Center for Environmental Health at the Centers for Disease Control had a similar message for Senate committee members. That agency is doing more testing and expects new results in the spring.

Some homeowners claim that the drywall in their homes has made them sick. Drywall manufacturers have disputed those claims, but since drywall is rarely labeled, it is difficult to say with any authority exactly where specific drywall came from in any given house. Just because a subcontractor said American drywall was used doesn’t necessarily mean that the drywall in the home is American, according to CBS News.

The Chinese government owns many of the drywall manufacturers that the CPSC is trying to investigate. CPSC researchers even tried to tour a Chinese plant to try and understand what goes into imported drywall, but they were turned away at the mines during the inspection, according to Propublica.

Cohen told the Senators at the hearing that the answer from China so far has been unhelpful. “To date there has been no response from the Chinese manufacturers,” Cohen said at the hearing. “They are basically telling us, ‘return to sender’ and that they don’t believe there is a problem with their drywall.”

Many of the Florida homes that have been affected are ones built after the 2005 hurricane season.

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.

January 3, 2012 in Auto Insurance, Insurance, Insurance News by jferris

Car Features Should Focus on Safety and Not as Much Infotainment and Multitasking Safety Advocates Warn

New vehicles come with many bells and whistles, but for many auto safety advocates, new cars are coming with too many infotainment gadgets and not enough safety features. Bluetooth devices and voice commands allow for hands-free communication, but these features can still create distractions they say. Add to that social networking technology and video screens in dashboards, and it can make for a driving experience that is focused on convenience and entertainment versus just getting to your destination safely.

With pressure mounting on automakers, they are starting to include more state-of-the-art safety features. Some are still optional upgrades, but advocates hope many of these features become standard. Items such as backup cameras and electronic stability control can help drivers prevent accidents. New lane-keeping systems are being developed to trigger a steering wheel to vibrate if a driver has drifted outside a lane. And for those who get too tempted to use their phone while driving, some automakers are offering a feature that blocks phone calls through the vehicle’s phone system – this is a “Do Not Disturb” feature for the modern era.

“Safety features are getting better and more intelligent as auto technology progresses,” said Lee Rogers of the Florida Insurance Group. “They also help cut down your auto insurance costs, so it benefits you in many ways.”

Parents will like to hear that automakers are including features that prevent speeds of more than 65 miles per hour and a control that keeps the sound system low until the front seat occupants put on their seatbelt.

To learn more about Orlando auto insurance and the Florida Insurance Group, call 1.888.525.2210 or visit http://www.floridainsurance.com.

December 28, 2011 in Auto Insurance, Insurance, Insurance News by jferris

Efforts to Lower Auto Insurance Premiums and Fraud Increase in Florida

Florida’s no-fault accident laws have caused costs to skyrocket for personal injury protection. Florida auto insurance fraud is at all-time highs, and staged accidents, bogus pain clinics, and excessive claims are causing auto insurance premiums to go higher and higher. A new campaign called “Gear Up Florida” has begun to fight against these types of fraudulent activities to ultimately protect consumers and their wallets.

“The Florida Legislature and the campaign are going to focus their solutions on how to curb fraud and rein in insurance costs in the next year,” said Lee Rogers of the Florida Insurance Group.

Claims from Orlando, Tampa, Miami, and Hialeah had the most questionable accidents statewide. State legislators want to focus their efforts in these big cities to see how improvements can be made. Governor Rick Scott is zoning in on preventing fraud, limiting auto accident lawsuits, and reforming auto-medical clinics and accountability. These issues are costing taxpayers close to $1 billion a year.

Floridians pay more than 50 percent higher rates on auto insurance than other states’ residents. Concerned individuals want to find out how other states with personal injury protection and no-fault laws have been able to keep fraud and premiums in check.

“Each year it is good to review your auto insurance premiums to make sure they have all the protection you want and need,” said Rogers. “This is a time when we can shop your policy around to see if there is a more competitive rate.”

To learn more about the Florida Insurance Group, call 1.888.525.2210 or visit http://www.floridainsurance.com.

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 29, 2011 in Auto Insurance, Insurance, Insurance Articles by jferris

List All Drivers That Use Your Car To Ensure Your Car Remains Protected

In a household where adult children still live with their parents or adult roommates share the home to cut down on costs, it is important to remember that your car belongs to you. Many people get comfortable with the notion that they can drive any person’s car in the household. Indeed, it might start off with a quick trip to pick up some groceries for a roomy or picking up a family member at the airport. But if driving becomes more frequent in the other person’s car, it is time to call your auto insurance agent to make sure the names of all drivers appear on the car insurance.

A friend can borrow your vehicle if you give them permission to do so. But it is important to know that insurance claims can get a bit tricky if your teen, for example, let a friend drive the vehicle and had an accident. Should an accident occur, your insurance will kick in first; only when damages exceed your policy will the other driver’s coverage kick in.

Most insurance companies understand borrowing a car for a day or one-time occasions; otherwise, you could be in the gray area where an insurer might not cover a claim that the unlisted driver caused. You do not want to be accused of misrepresentation by an auto insurance company. It is better to name all the drivers that could be driving the vehicle, even if it is only 50 percent or less of the time. Misrepresentation, therefore, could cost you even more than adding another driver to your vehicle insurance policy.

An auto insurance company will review the other drivers’ driving record, other insured vehicle, and frequency of driving your vehicle. Auto insurance premiums can often be cut down when everyone in a family is with the same insurer. This is also a good time to review deductibles based on how secure you feel with the other drivers using your vehicle. If they are relatively safe drivers and conscientious about taking care of your automobile, then you might look at increasing the deductible. This can save you money on the premium, but you want to make sure that it does not wipe out your savings should something happen to the vehicle.

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 25, 2011 in Auto Insurance, Insurance, Insurance Articles by jferris

Drivers Should Slow Down In Heavy Rain and Make Sure They Have Adequate Insurance

When it rains in Florida, it really pours. Even after the big summer rainy season, Florida drivers need to watch out for inclement weather. If a driver is in an area that is known for flooding during a strong storm, do not try to keep on driving. Turn around and seek shelter.

“Bad rain storms cause so many accidents,” said Orlando auto insurance agent Lee Rogers of the Florida Insurance Group. “Areas that are prone to flooding can total a car when the rising floodwaters take over the vehicle.”

In flood-prone parts of Orlando, it can be hard to know if debris or other issues lie underneath feet of water. Drivers should slow down, tune in to local radio stations for alerts, and think about if they really need to be out in traffic.

“It is also about being proactive if you have to go out in a rainstorm,” said Rogers. “Do you have an emergency kit in the car, is your cell phone charged, and do you have enough gas should it take you a lot longer to get to your destination?”

Part of this entails making sure that a driver’s Orlando auto insurance is sufficient should something happen to the vehicle. Rogers advises that drivers know how their policies would take care of the car being totaled, or if they were in an accident.

“It’s too late when you are driving through a flooded area to change your policy,” Rogers warned. “Call us ahead of time to review your collision and comprehensive coverage so you have peace of mind no matter the driving conditions.”

To learn more call 1.888.525.2210 visit http://www.floridainsurance.com.