SWFL Insurance

When buying condo insurance, you are probably looking for the right mix of quality coverage at an affordable price. Condo insurance is also called HO6 insurance. With this type of insurance, you have coverage for the inside of the condo as well as liability risks. One way to reduce the overall cost is by raising the deductible. The agents at SWFL Insurance Agency Inc. can help. Another way you can save on condo insurance is by installing fire and smoke alarm systems if your condo unit does not already have them. Before going ahead with any insurance policy, be sure to contact your condo’s home owner’s association first. Condo Master Insurance This covers the interior of a condo. It will only provide coverage to the bare structure. Private property, as well as fixtures such as sinks, countertops will need to be separately insured. Special entity This type of coverage insures nearly the whole condo, including fixtures. However, this will not cover additions to the unit, or structural improvements. Personal property coverage is also separate. All in all and inclusive All of the physical interiors of the condo is covered with this type of insurance, including additions and fixtures. All personal property would need to be covered with another kind of insurance. Personal Property Insurance Personal property insurance covers the cost of the valuables in case of damage such as from a fire or from flooding. It also protects the personal items in case they are stolen. Cash value coverage: The insurance company determines what it is worth, with the value potentially depreciating over time. Replacement value coverage: you get the amount that you paid for Liability: Protects you and your assets from what happens to individuals Reach out to our office today and let us know how we can help with condo insurance in Fort Myers, Florida. SWFL Insurance Agency Inc. is ready to help you find the right amount of condo insurance coverage to fit your needs today.

A big factor in determining the premium of a personal auto policy has nothing to do with a person’s driving record—it’s his or her credit record. According to Conning and Company, more than 90 percent of insurers use an applicant’s credit history—his or her insurance risk score—to slot him or her into a certain program. When a person applies for auto insurance, the insurance company asks for permission to pull his or her credit information. The insurer then secures a credit report from one or more of the credit bureaus—TransUnion; Experian; or Equifax. For more information on credit reports or to secure a copy of your own report, go to http://www.credit.com. Credit scores range from 300 to 850. If your score is below 650, you may have trouble getting insurance or you may have to pay a higher premium. In order to improve your credit score, keep in mind the following factors that influence the score. Payment history—The largest factor is credit and loan account payment history. A steady record of on-time payments going back several years shows responsibility. Debts owed—The number of accounts you currently have, including type and balance. Try to have just a few active accounts with low balances. Length of credit history—The longer your credit history, the better. New accounts—Every time you apply for a new account, a record of that application appears on your credit report and drops your score. Limit the number of applications you submit. Balance of accounts—It is best to have between two and six open credit cards and one or two loans. Negative records—Collections, judgments, and bankruptcy filings will drop your score. Copyright 2008, 2016, International Risk Management Institute, Inc

Know The Location Of Your Water Main You’d be surprised how many homeowners have no idea where their water main is located. And knowing where your water main is located is the first step in preventing or minimizing any water damage disaster. Check Appliances Regularly It’s important to inspect and maintain your home appliances regularly for any hidden leaks. Leaking or malfunctioning appliances account for a significant portion of water damage claims. Install Floor/Drain Pans at Hot Water Heater and AC While they won’t protect your home from a catastrophic leak, they can help prevent any damage from small or slow undetected leaks. Upgrade Washing Machine Hoses Washing machine leaks are among the most frequent causes of water damage loss for homeowners. Replace washing machine hoses at least every five years and consider using a flood safe hose. Replace your hoses regularly could avoid a nasty mess and expensive damage. Inspect Your Refrigerator If your refrigerator has an ice maker or water dispenser, be sure to double check the water line hose between the fridge and the wall for any leaks. And again, consider upgrading to a flood safe hose. Inspect Your Water Heater Be sure to inspect your water heater at least once a year, keeping an eye out for any slow leaks, water pooling, or any rust or corrosion, especially on the water pipes connecting the heater to the plumbing system. If you do spot any issues, be sure to have your water heater serviced by a professional as soon as you can.. Inspect Your Air Conditioning Unit Another major culprit in water damage claims is your air conditioning unit. It’s a case of “out of sight, out of mind.” Air conditioning units are usually tucked away in a dark closet somewhere in the house that you rarely ever check, even worse when they’re located in the attic. Know how your condensate drain works. Does it have a float switch and pump? Have a qualified service person inspect and service you unit at least before summer, preferably every 6 months. Inspect Your Attic It’s another case of “out of sight, out of mind.” Most homeowners never step foot into their attics, and signs of water damage in the attic may not sure until it’s too late, especially if it’s a slow leak. The issue with water damage in your attic is that it’s the prime environment for mold growth. Water saturates the wood and insulation causing mold to grow and spread – not only causing water damage to your home but now you have a health hazard that you need to deal with. Another scenario is when water pools in the attic until your ceiling can’t handle the stress anymore and comes crashing down. A routine check of your attic is definitely worth your time. Seal Windows & Doors Rain and snow can easily invade your home through badly fitted windows or doors, especially in conjunction with strong winds blowing against the side of your home. Water seepage inside windows can damage your window frames and surrounding drywall. Fix this by applying caulk at exterior frame and trim and use weather stripping to seal windows and doors that aren’t closing tightly. Do you live in an area with frequent storms? Consider installing storm windows to provide an additional layer of protection against wind and rain. Properly sealed windows and doors will not only help keep water out but can also save electricity. Inspect Hoses, Faucets, & Sinks It’s best to routinely check the hoses, faucets, and sinks for signs of any leaks. Be sure to check underneath the cabinets and keep an eye out for any water stains. Have these leaks addressed before they become worse. Shut off valves (stops) should be changed out at 10 years. They are cheap units subject to failure due to the chemicals in our water supply. These valves are located at every fixture including toilets, faucets at bath and kitchen sinks. Inspect Showers, Tubs, & Toilets Your showers and tubs are constantly being exposed to water, there’s obviously no way around it. Usually built with tile and glass enclosures, they do a pretty good job of draining water and preventing any water flow outside of the designated wet areas. Over time, the caulking or grout between tiles can break off or become damaged. Be sure to repair these grout lines and caulk wherever necessary to prevent water from permeating the tile and damaging the underlying drywall. Check Pipes Check any and all accessible pipes for any cracks or leaks. If you find any damage, be sure to have it repaired immediately to prevent even more costly repairs in the future. Never Pour Grease Down Sinks Odds are, you’ve probably heard this before. Avoid pouring grease (hot or cold) down your kitchen sink; it also won’t matter if you flush it with hot or cold water. Grease can congeal and cling to your pipes, causing severe damage and blocking water flow. Use A Drain Snake Instead Of Chemicals Clogs are inevitable and are going to happen, no matter how clean you are. Chances are you’ve used a powerful chemical drain cleaner to get the water flowing again. However, as convenient as they are, these chemicals can also eat away at your pipes, setting yourself up for leaks. Consider owning a drain snake, they’re pretty inexpensive, and they’re a great solution to clear away any clogs. Monitor Your Water Bill With so many water pipes hidden behind walls and floors, you might not know there’s a leak until the damage is visible. Keep an eye on your water bill, if you see it starting to creep up or receive an unusually high bill, it could be a sign that you may have a leak somewhere in your home. Shut Off Your Water Supply When On Vacation Be sure to turn off your home’s water supply when you go on vacation. Some of the most common causes of water damage in the summer months

Homeowners Insurance does not cover everything, and then there is that Huge Hurricane Deductible…which could be 2% or more of the insured value of your home. Many policies do not cover pool cages, boat docks, awnings, trees, landscaping, etc. And then there are all the additional costs of generators, fuel, travel, etc. And now….. along comes an innovative idea to help cover these costs…Insurance based on an event, not a loss. You can use your payments to: (This is cash deposited to your account within 72 hours) Repair or replace swimming pool cages, boat docks, piers, seawalls Remove fallen trees and debris Restore landscaping Fix property damage not covered under your homeowners insurance Meet your hurricane deductible Pay additional living expenses Pay evacuation expenses Replace a mobile or manufactured home And more Home types/structures covered: (no physical damage to your home is required to be paid) Single family homes Condominiums and Apartments Mobile homes, Manufactured homes Boat docks, car ports, entry structures, backyard patios, gazebos, fences and more Causes of loss covered: Wind Water damage from rain, flood or storm surge Flying debris Mold “This form of parametric insurance pays if specific parameters are met. In the case of hurricanes, the parameters are strength of the hurricane and distance of the insured property from the hurricane track. These parameters are easily available and verifiable, without the need for deductible, adjusters or a lengthy claims process.” “Claims are paid electronically within 72 hours of an Hurricane Event, no claims representatives, no waiting for payment! Claims payments can be used to pay for ANY losses that occur from a named hurricane. Exclusions include items such as: intentional loss, illegal acts, and neglect. The average policy offers $5K of coverage, has a $0 Deductible, and costs about $300 annually. Coverage limits up to $60K are available.” Coverage is underwritten by an insurance carrier with an A.M.Best rating: A- (Excellent), and backed by a global reinsurer with A.M. Best rating: A+ (Superior). Contact SWFL Insurance Agency, Inc. for a quote or information. 239-265-9577 Fort Myers / 941-624-3444 Port Charlotte / info@SWFL Agency.com

The Coast Guard Auxillary defines the “6 Pack License” as follows. “This license is properly termed “Operator of Uninspected Passenger Vessels” (OUPV) and is commonly referred to as the “6-pack” or “Charterboat Captain’s License”. The word “uninspected” means that the equipment required and the design of the boat are less regulated. “6-pack” refers to the 6 passenger limitation placed on the license. OUPV licenses are issued with a particular route. Your license can be for the Great Lakes, Inland routes meaning bays, sounds, rivers, lakes, etc. of the US or Near Coastal routes out to 100 miles offshore. All OUPV licenses are for 100 Gross Tons vessels (about 100 feet, more or less). The OUPV license may be upgraded to a Master license.” In a nutshell, the 6 Pack Liability Insurance is typically provided under a “Charter Boat Policy”. The policy language specifically addresses chartering, clients and crew. Read your policy….they are not all alike. The Hull and Liability Insurance typically follows the boat, not the Captain. If a 6 Pack Captain contracts to be the captain of a non-owned vessel, the Yacht Insurance Policy for the non-owned vessel should be amended to include crew coverage for one or more and endorsed for charter. This process and the resulting policy endorsement language may be different from policy to policy. Scuba diving, snorkeling, parasailing, and similar activities are typically excluded, but may be endorsed to the policy. Let us quote your Charter Boat Policy ….We will make sure that you have the correct coverage. Call SWFL Insurance Agency, Inc. at 239-265-9577 or email Info@swflagency.com to request an application.

Example…..1982 Home in South Ft. Myers. Frame construction, new roof, metal clips with 2 nails. Value at $ 378,000. Annual Homeowner Premium is $4,450. Same Home after retrofit adding Third Nail to top and bottom of metal clips…Cost of $900.Value at $ 378,000. Annual Homeowner Premium is $ 2,777. Annual Premium Savings of $1,673. Each and every year. That is a No Brainer. (Note: Every Home is different) How can I determine if my Home will benefit from a Hurricane Strap Retrofit adding the Third Nail? If your home was constructed prior to the year 2000, you are a candidate. Review of your present Wind Mitigation Report. If your report is dated prior to 2012, your insurance company will probably require a new report on the new Revised 2012 OIR-B1-1802 form. If you need a new inspection, call your inspector or call SWFL Insurance Agency at 239-265-9577. On the new 2012 inspection form, review Item 4, Roof to Wall Attachment.  If “Toe Nails” is checked, you can definitely benefit from a Hurricane Strap Retrofit adding the Third Nail. Once you have your Wind Mitigation Report on the Rev.2012 form, call SWFL Insurance Agency at 239-265-9577 for a Premium Quote Comparison for adding the Third Nail. Once you have the New Premium Quotes, you can determine the savings and decide if it makes economic sense to have the Hurricane Strap Retrofit completed. If you want to proceed, we will put you in touch with licensed contractors who can complete the retrofit. Typical cost for Retrofit is $900 to $1,000. Questions? Call us at 239-265-9577 or Email at Info@swflagency.com Thanks much. Josh Weaver Vice President SWFL Insurance Agency, Inc.

Contrary to popular belief, the life insurance policy that is offered by your job is often not enough. Many people are fooled into thinking that they have enough from their employer but you should really consider whether it is enough in Austin, TX. Use these questions from Southwest Insurance Center to make sure you have enough life insurance coverage. Do you have enough coverage to pay for your debts? Depending on how much debt you have, you may quickly find out that you do not have enough coverage to pay for all of your debts. This could leave one or more of your loved ones with an added burden of paying off these debts which is not something you want. This is especially true if you have a substantial mortgage payment. Do you have dependents who rely on you? If you have children who rely on your income for survival, then you should consider getting more life insurance that what your employer provides. This is especially true if your spouse is not working. If you want to be able to take care of them even after you are gone, you should consider getting 10 to 12 times your annual salary coverage which is a lot more than what employers offer. You can opt for an additional amount of coverage through your employer but you may still need to get an additional policy to ensure you have enough coverage. If you need life insurance, you want to make sure that you have enough coverage and for many, there is not enough coverage provided by their employer. If you are interested in learning more about your options and getting added coverage, be sure to reach out to Southwest Insurance Center, serving Austin, TX, today.

If you are a small business owner and you worry about being sued, you are not alone. An organization called Faces of Lawsuit Abuse found that 75% of small business owners worry about being a target of an unfair or frivolous lawsuit. Small business owners in America pay an aggregate total cost of about $20 million per year to defend against tort lawsuits. Klemm Analysis Group reports that 52% of all civil lawsuits are against small businesses. For the average small business, which makes about $1 million per year, $20,000 per year will be used for legal expenses to defend against lawsuits. Three Steps to Take If You Are Served Legal Papers in Austin, TX 1) If you are served legal papers that inform you that you are being sued, accept them. It is better to deal with this type of negative event right away, rather than to try to hide from it. 2) Contact your attorney before making any statement about the case to anyone (including your own workers). 3) Contact your agent at Southwest Insurance Center in Austin, TX, to discuss the coverage you have and to inform them of the potential liability, so that they can work with you and your attorney to reduce your exposure. Hopefully, you already had an annual review of your insurance coverage and the coverage is adequate. This is why it is critical to regularly review your commercial insurance coverage with your agent. Very often these lawsuits, especially ones that are frivolous, happen unexpectedly. Summary If you own a small business, the chances of being sued are very high. It is best to be proactive in order to prepare for this eventuality. Small businesses do not have the resources to easily defend themselves when compared to major corporations that have permanent in-house legal staff. Be sure to discuss the potential risks with your insurance agent at Southwest Insurance Center in Austin, TX and ask about umbrella coverage, which is used to insure a small business against some of the extraordinary risks, such as lawsuits.

Despite experiencing these types of events, the survey found that many small businesses aren’t filing claims for them. Insureon cites the following possible reasons for this trend: They don’t have insurance or don’t have the right policy to cover the claim. The cost of the incident is less than their deductible, so they deal with it out of pocket. They worry that filing a claim will cause their premiums to go up. They prefer to handle the matter on their own rather than wait for resolution from an insurance company. As a result, many small business owners are choosing to let their carrier know about an incident, but don’t file a claim. Instead, they pay for the incident out of pocket to prevent higher premiums in the long run. But how does the cost of a claim stack up against the cost of coverage?” “According to The Hartford, the 10 most expensive types of claims (and the cost per incident) are: Reputational harm: $50,000 Vehicle accident: $45,000 Fire damage: $35,000 Product liability: $35,000 Customer injury or property damage: $30,000 Wind and hail damage: $26,000 Customer slip and fall: $20,000 Water and freezing damage: $17,000 Struck by object: $10,000 Burglary and theft: $8,000 In comparison, the median price that most small businesses pay for coverage is: $428 per year for general liability insurance $920 per year for professional liability insurance Compared to a $20,000 bill for a customer slip-and-fall accident, most business owners would probably rather pay $428 for general liability per year, plus their deductible, to pick up the tab. How do the most expensive claims compare to the top incidents small businesses experienced in 2016?” Read more…at PropertyCasualty360.com. For a review of your business insurance risks and a competitive proposal for coverage, call SWFL Insurance Agency at 239-265-9577 or drop an email to joshw@swflagency.com. www.SWFLAgency.com

“What is an Assignment of Benefits?” “An Assignment of Benefits (AOB) is a contract between you and a contractor (such as a plumber, water remediation firm, roofer, etc.) where you give the contractor control of your claims benefits. They file a claim for their services and direct the insurance company to pay them directly. What’s in it for the contractor? Once you sign an AOB, you lose control of the direction of your claim. The contractor takes control, and can submit whatever they like to your insurance company, sometimes billing the company two, three, four, five times the going market rate for their services, and sometimes including work that was never performed. You don’t see this, and you can’t verify what they did. What are the potential pitfalls in signing an AOB? You have committed to this contractor, and you have little to no recourse if you’re not satisfied with their work. You can no longer comparison shop if you are not satisfied with their work. Even if they walk off the job with their work incomplete, they can still claim compensation from the insurance company which gets deducted from your benefits. Both you, and the contractor, are still bound by the terms and conditions of the policy, and if the contractor violates those terms and conditions, those actions could potentially jeopardize coverage for your entire loss. What’s in it for the contractor? This is where the age old mantra of “if it seems too good to be true, it probably is,” comes into play. Has the contractor done any of the following? Solicits a job from you unannounced for damages you didn’t even know were allegedly present? The contractor is offering you something for nothing, such as a free roof or kitchen. Wants to start work immediately and advises you to delay contacting your insurance company? Offered to “take care of” your deductible. Any of these issues could potentially lead to a fraud investigation which could jeopardize your coverage. Possible Litigation: As mentioned above, there is no standard for what the contractor can submit to the insurance company, and if the company questions the scope and/or the pricing submitted by the contractor the company can be sued directly by the contractor. And while you may not be a party to this lawsuit, more likely than not you will end up being a witness. What should you do if you have a claim?” Contact your insurance agent to report the claim. He can guide you through the process. Some insurance carriers will have contractors that they have vetted and will recommend. This article is compliments of Federated National and SWFL Insurance Agency. Questions or need a Homeowners or Property coverage quote, call 239-265-9577 or email joshw@swflagency.com. We are Your Insurance Answer People in SWFL.