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The 3-Pronged Approach to Catastrophe Risk Management

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With windstorms and wildfires already threatening and the hurricane season looking to be a busy one, now’s a good a time to remind your clients about how to manage the risk of catastrophes. Here are tips and other resources that you can share with your clients and prospects to help them prepare their offices or business facilities before an event — as well as key steps to take afterward. Five Steps to Executing a Business Continuity Planhurricane ahead sign Build Your Team. All successful business continuity plans are built from the top down. Begin with commitment and support from top management. Assign a designated person responsible for overseeing the process. Then assemble a core team of individuals that represents every critical business department. Assess the Risk. Identify and rank the types of events or hazards most likely to threaten your business. These may include facility construction, fire protection, technology resources, staffing, past events, supply chain, specialized equipment, climate, security and utilities. Analyze the Business. Develop a business impact analysis (BIA) that ranks functions from highly critical to important so that you can recover the most critical functions first and then, over time, restore all business processes. Once the critical functions have been identified, business units should recommend strategies that allow for the recovery of functions within a prescribed time frame known as recovery time objectives (RTO). Backup data files should be stored offsite and accessible within a few hours. Ask your IT vendor if it offers a service to ship you replacement equipment quickly after a disaster. Document the Plan. It’s important to document the plan and procedures step-by-step. If you don’t have business continuity planning software, most plans can be written using basic word-processing programs. Test the Plan. To verify that your choices for recovery strategies are valid, regular testing is essential. These tests may be a simple exercise in which the staff discusses the steps required to respond to a disaster scenario. This is a great opportunity to determine what won’t work as well as what will. Remember, business continuity planning is a cycle that requires continual reviews, updates and adjustments based on changes to your business operations. This may appear time-consuming and costly, but the investment is essential to maintaining a comprehensive, effective plan.

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How Your Health Insurance Changes When You Turn 26

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The Affordable Care Act (ACA) made many changes to how health insurance plans cover children and dependents. The law has helped children and young adults access health insurance throughout their formative years. Under the law, children can remain on their parents’ insurance plans until they turn 26 years old. Parents are also able to claim children as health insurance dependents for tax purposes. However, after the age of 26, a child will no longer qualify to stay on his or her parents’ health insurance plan. What To Do As You Approach Age 26 If you’re approaching your 26th birthday, consider the ways you can transition off an old plan and still find new, affordable coverage. Here are some things to think about as you research the ways you can obtain health insurance coverage: You might be able to enroll in your employer’s health insurance plan, if your job offers benefits. Some employers allow their employees to enroll in their benefits plans outside of their standard enrollment periods. Your turning 26 might qualify you for this special allowance. The Affordable Care Act marketplace — a federal and state-run exchange — provides an outlet for Americans to search for health insurance plans. Enrolling in a marketplace plan might qualify young people for cost assistance. These private plans are designed to meet strict coverage and pricing requirements. Private insurance companies offer a variety of coverage options for individuals, separate from marketplace plans.You may not qualify for cost assistance, but you can still find an affordable policy. The ACA requires most Americans to carry health insurance. You might face tax penalties if you don’t. Therefore, you likely cannot go without coverage. Consider the benefits of enrolling in your own plan. Will you be able to afford the cost requirements of your parents’ plan? Does your parents’ plan cover your health needs? Can you still see doctors in your local area who are in your insurance network? Do you have a spouse or child? They can’t have coverage on your parents’ insurance. Therefore, enrolling in your own plan may better benefit your own family. If you work and live independently from your family, this does not disqualify you from staying on your parents’ health insurance plan until you turn 26. However, based on your current health needs, you should consider whether staying on your parents’ plan will benefit you. Got questions about coverage? We’ve got answers! Call SWFL Insurance at 1-800-829-5270 for a free health insurance quote.

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Expanded Tax Credit for those receiving unemployment

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If a taxpayer in the household receives or is approved to receive unemployment compensation (UC) for any week beginning in 2021, the taxpayer may be eligible for a premium tax credit that covers 100 percent of the premium for the benchmark Marketplace plan for the entire household, regardless of the taxpayer’s actual household income amount. This benefit also applies to consumers who receive or are approved to receive UC for any week beginning in 2021 and have incomes below 100 percent FPL and live in states that have not expanded Medicaid. Starting July 1, 2021, HealthCare.gov will allow qualifying consumers to access new premium tax credits. Consumers should return to HealthCare.gov after July 1 to update and resubmit their applications. They will need to select the option to “Report a Life Change”, update their application, and confirm their plan selection. A new question is being added to the Marketplace application for consumers can attest to having received or being approved to receive UC for any week beginning in 2021. If the consumer is currently receiving UC, then they should select the income type “unemployment”. Otherwise, they will attest that they have previously received it or approved to receive it. Any UC from a state or federal program qualifies consumers for the new tax credits. The UC benefit only applies for 2021. If eligible, new premium tax credit benefits will be applied prospectively beginning on the first of the month after making updates. So, current enrollees can have these new benefits applied as of August 1 if they complete their updates by July 31. Consumers will be able to claim credits for prior months (January – July) when they file their 2021 tax return. If taxpayers do not go back to the Marketplace to update their application, they may still claim these additional tax credits when they file their 2021 tax return. CMS is continuing to look at automating the application of these benefits for consumers who have already attested to receiving UC in 2021 and who do not return to the Marketplace. In households where only a tax dependent receives or was approved to receive UC in 2021, then the expanded tax credits only apply to that dependent – not the entire household. Qualifying consumers will be treated as if their household income is 133 percent FPL for purposes of determining tax credits and applying cost share reductions. The CMS press release on this new benefit was released earlier today: https://www.cms.gov/newsroom/press-releases/american-rescue-plan-lowers-health-insurance-costs-americans-who-may-have-lost-their-job

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How To Protect Your Home Against Tropical Storms And Hurricanes

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Whether it’s a Tropical Storm or Category 5, preparing for a storm is imperative for the safety of you and your loved ones. Proper preparation can also reduce the risk of home and property damage. Consider the following tips as soon as you know a big storm is headed your way. Know Your Evacuation Zone Evacuation zones are areas where storm surge may go. Your zone will tell you the likelihood of being affected by storm surge and if you should evacuate. If you don’t know what zone you are in, contact your local government-emergency management office, or search for your Evacuation Zone. Remember there is a window of time in which it is safe to evacuate. Decide if you will evacuate or stay well before the storm reaches you. Unless otherwise instructed by emergency responders, do not attempt to travel during the storm. Know Your Risks How vulnerable is your property to flooding from storm surge? Homes with higher elevation are less likely to be impacted by storm surge. Search your address in FEMA’s Preliminary Flood Hazard Map. If the preliminary data search tool is unavailable, please visit the alternate site to view your data. Learn more about the hazards of Storm Surge. Review Your Insurance Coverage Do you know your deductible and policy number? Contact your agent to make sure that your policy is current, and payments are up to date. Make sure you have notified your agent of any changes or renovations that have been made to your home. Obtain a digital copy of your policy from your agent. Know your coverage and deductibles. For example, are you covered in the event of a flood? Do you have adequate coverage for your home and personal property? Due to coverage limitations on jewelry, works of art, and some other content categories, it is recommended you speak with your agent regarding scheduling high-end items to ensure they have adequate coverage. Create a handy reference sheet with your policy information in the event your property is damaged during the storm including your agent’s name and phone number, best way to file a claim, and your policy number. Take A Personal Inventory Of Your Home And Major Possessions Take photographs and/or a short video of all areas of the home (inside and outside) including its contents and create an inventory list. Store contents in structurally sound, waterproof containers to help reduce the likelihood of damage. Make sure photos are time-stamped or include the current newspaper in the photo for time stamping. This will help during the claim process. Develop A Family Emergency Plan Before the storm occurs, sit down with your family or close friends and decide how you will stay in contact with each other, where you will go, and what you will do in an emergency. Document and keep a copy of this plan in your Hurricane Supply Kit or another safe place where you can access it in the event of a disaster. A great resource to help you formulate your plan is the Ready.Gov emergency plan page. Create a list of emergency phone numbers (doctor, veterinarian, animal shelters, Red Cross, etc.) to include in your emergency plan. If your home does not have a safe space for individuals to be during the hurricane, make different living accommodations to ensure safety. Homes with higher elevation are less prone to be impacted by storm surge. Prepare A Hurricane Supply Kit Gather personal hurricane supplies such as water, non-perishable food, batteries, radio, flashlight, and first-aid kit. Refer to our Hurricane Supply Checklist for a list of items we recommend. Be sure to include your personal “must-haves” in case you need to evacuate. Keep your kit in a designated place and have it ready in case you have to leave your home quickly. Make sure all household members know where the kit is kept. Store a reserve supply of drinking/washing water in clean bathtubs, containers, and non-breakable bottles. Place valuables and important documents in a plastic bag or waterproof container and store them at the highest level in your home. Buy extra supplies in case of unexpected damages during the storm and keep your car’s gas tanks as full as possible. Secure the Outside of Your Home If you don’t have storm shutters, board up all vulnerable accesses such as doors, windows, and garage doors. Prior to every storm season hire a professional tree service to trim all trees that are near or hanging over your home. Bring in outdoor hanging and potted plants and objects such as lawn furniture, toys, and garden tools; anchor objects that cannot be brought inside. It is not recommended that you throw outdoor furniture into your pool- this practice can damage both your furniture and pool. (Article Courtesy: UPC Insurance) Get A Quote

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Spate Of Sudden Policy Cancellations Impacting Florida Homeowners

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You wouldn’t want to head into Hurricane Season without this necessity. Some homeowners insurance carriers are canceling thousands of policies with little notice to their customers. When Becky Ghrist’s homeowner’s insurance dropped her just weeks before hurricane season was set to begin, she was floored. “This isn’t just. I thought it was just happening to me because my house was older, but that’s not the case at all. I’m finding out that it’s happening to many people all throughout the state,” Ghrist said. “Especially the coastal areas. A lot of these companies are pulling out because of risk assessment they say. And they just don’t, you know, it’s not profitable for them anymore,” said Ghrist. Tens of thousands of Florida policyholders are in that same boat. They are now in search of new homeowner’s insurance carriers after several Florida-based companies dropped them. The Insurance Information Insitute says the reason for this is over-the-top expenses hitting insurers, who lost $1.6 billion last year alone. Mark Friedlander works with the Insurance Information Institute. “What led to those losses primarily were roofing schemes, door to door solicitations for roof replacements, where they don’t necessarily need to be roof replacement,” Friedlander said. “More than 100,000 property lawsuits were filed against Florida insurers last year,” said Friedlander. These lawsuits, plus costs from last year’s record-setting Hurricane Season put heavy pressure on insurers. Now, they are looking to reduce risk by canceling policies, policies like Ghrist’s. “And even what I was told if I even do get a policy, I can expect rates to go up 30 to 50% which is a huge increase,” Ghrist said. “And it makes you wonder how you were going to afford it. But like I said you know you have to have coverage. Especially with hurricane season coming. It’s a very scary thought not to have coverage.” Joyce Ramos’ insurance company told her to put on a new roof or she’d be canceled. “It’s upsetting,” Ramos said. “I just think that’s it’s very unfair.” After she complained, the company changed its tune and renewed her policy. If you’ve received a notice of your policy being canceled, the Insurance Information Institute says the best thing for you to do is talk to your insurance professional to see what your options are before making any decisions. (Article Courtesy: WINK News) Get A Quote

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3 Energy Upgrades That Can Change Your Home Insurance Premiums

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Green energy is the way of the future. Many homeowners are investing in energy upgrades that will save money and power. What most people don’t think about is how these improvements will affect their insurance premiums. These three energy upgrades may impact how much you will pay for home insurance. outside of a home insurance. Solar Panels Solar panel companies are a dime a dozen. While discussing lower electricity bills and renewable energy, few companies mention home insurance. Once you make an investment in solar for your home, you will want to protect it with your home insurance policy. Many companies consider solar panels an addition to your home and may raise your premium. It generally averages out to a few dollars a month and is sometimes offset by savings in electricity. Energy Efficient HVAC Some people consider new a central air system and furnace a luxury. However, they may lower your insurance premium. Older models tend to have outdated electrical components that make them a fire risk. Not only are new HVAC systems efficient at heating and cooling your home, but they can also lower your premium. Add in tax credits for energy efficient models, and a new HVAC system is more affordable than you might think. New Windows It is no secret that new windows keep your home cooler in the summer and warmer in the winter. But they also help protect your home from theft. Automatic locking mechanisms and unbreakable treatments on glass can keep intruders from entering. They can also lower your home insurance premium. With a monitored security system, new windows may be the best investment you can make in home protection. With so many green upgrades available, confusion runs rampant about how each one will affect your premiums. Contact your carrier for information that is unique to your home and policy. We’ve got you covered. Call SWFL Insurance at 1800-829-5270 for more information or to get a home insurance quote.

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Earn Up To $500 In Rewards When You #StayHealthyatHome

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While some aspects of life are slowly returning to normal, that doesn’t mean you aren’t still feeling the heavy impact of the coronavirus. The coronavirus has complicated life in ways we couldn’t have expected. That’s why resources like our online wellness and rewards program, Better You Strides, are helpful with staying connected and healthy while staying at home. To help you during this challenging time, we’re creating more opportunities for premium assistance through our Better You Strides program. If you purchased an Affordable Care Act plan for you and your family (not through your job), here are some ways you can earn money toward your premium. More Rewards And Flexibility Don’t let staying home stop you from earning rewards. Instead of $100, you can now earn up to $500 a year in rewards for doing healthy activities online. That’s an extra $400 toward your premium. We’re also making it easier to complete activities online and get rewarded. You can now complete all six reward activities any time you want. You are no longer limited to completing one per quarter. You and each of the dependents on your plan age 18 or older can complete the rewards activities. That’s $500 each, per year, toward the cost of your premium. So, if four people on your plan qualify and do the wellness programs, you could save up to $2,000 toward your premiums this year! Start your journey by taking 15–20 minutes to complete a personal health assessment. You’ll immediately earn $250 in rewards when you complete it, and it will set the path for the health and wellness activities, videos and quizzes you tackle along the way. The wellness activity topics can be educational or interactive and include managing your health conditions, healthy snacking, planning meals and managing stress—all things that could prove valuable right now. You’ll now earn $50 in rewards for each eligible self-guided health and wellness program you complete (up to four programs). When you finish one program, you’ll get choices for the next one. You can also earn an additional $50 in rewards by completing the “Reduce My Premium” journey card. You’ll have access to the activity immediately upon logging in to your Florida Blue account and clicking on Better You Strides. (Article Courtesy: Florida Blue) Contact Us

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How To Improve Your Home’s Window Security

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It’s important that everyone keep their home secure, and to do so you might take numerous precautions. It might be as simple as locking your doors (even when you are at home) or installing a security system. Plus, you can buy home insurance to protect you in the event a problem ever does arise. Still, there are a few less obvious but necessary steps that you should take to further increase your home’s security. For example, the investment in more secure windows and additional window safety features can assist you in making your dwelling safer all around. Let’s take a closer look at how you should approach window security. Are You Vulnerable To Home Break-Ins? You want to make it as hard as possible for an uninvited person to enter your home. To do so, you must start out knowing exactly how they might be able to get into your dwelling in the first place. Ask yourself what your home’s most likely entry points are. These might of course be exterior doors (including cellar doors), but you must not forget that windows also can be entryways, particularly if they are on your ground floor. It might not be hard, after all, for someone to approach the home, cut your window screen and then push open your window. At minimum, you should leave your windows locked whenever you don’t have them open. It only takes a moment to do so, and there’s no benefit at all to have windows that are unlocked but closed. Though a simple task, locking your windows can do a lot to keep unwanted intruders out. But there’s always more you can do to keep your interior secure. Additional Risk Management Tips If you are looking for additional ways to keep your home’s windows, secure, consider a few of the following ideas. They’ll be easy to take on the next time you do home maintenance. Look for signs of window damage. Remove and replace broken windows (or single panes). Replacing broken windows helps save energy in addition to making the home more secure. Replace missing or broken screens. If you can see that there’s an easy way for someone to tear cut or slide the screen open, then the screen is no longer offering optimized security. Keep curtains closed or blinds drawn after dark. A passerby should not be able to see into a lighted home. By seeing what you have inside, they might be tempted to break in. Consider using smart window technology throughout the home. By applying smart sensors around windows and doors, you will receive a mobile alert when someone opens a window, and you’ll be able to act. If you want to invest in a high-end security system, you will likely receive window sensors and a monitoring service as part of this package. If someone were to break into your home through one of your windows, then your home insurance policy can help you repair structural damage and replace stolen belongings. Still, having coverage does not mean you shouldn’t do all you can to minimize break-in risks. Therefore, by keeping your windows secure, you’ll go a long way toward preventing break-ins in the first place. Get A Quote

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American Rescue Plan Act Expands Subsidies

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Summary The American Rescue Plan Act passed both the house and senate and was signed into law by President Biden on March 11, 2021. Many people will focus on the additional stimulus money that will start to be sent in March. However, there are several key changes to share with your customers and members that dramatically improve Marketplace access and affordability. Update: We’ve provided additional facts about this legislation’s impact on subsidies, including a link to the new CMS fact sheet and agent talking points. Details Increased Subsidy Amounts And Expanded Access To Subsidies The American Rescue Plan Act increases the subsidy amounts for all currently subsidy-eligible consumers, and subsidies may now be available for those earning over 400% of the federal poverty level (FPL). You can review the updated FPL job aid here. Update: We’re still working through all the details of this legislation, but here are a few important notes. Starting on April 1 for plans with a May 1 effective date two things will be available at SWFL Insurance: Increased premium tax credits based on the lower income contribution percentage Expanded tax credit access to consumers with household incomes above 400% This means that new consumers and current enrollees who submit an application and select a plan on or after April 1 will receive the increased premium tax credits for 2021 Marketplace coverage. Current enrollees, including those who recently enrolled through the 2021 Special Enrollment Period, must update their applications and enrollments in order to get new eligibility results starting April 1. They’ll need to reselect their current plan in order for the changes to take effect to reduce their premiums for the remainder of the year. Consumers who need coverage starting April 1 should still apply and select a plan by the end of March through the Special Enrollment Period (SEP) so coverage can start April 1. Then to get the added benefits, they should come back after April 1, your application again, and reselect their current plan to have increased tax credits applied to their coverage for May 1 forward. Note: Consumers with ACA plans effective April 1, 2021, or earlier, have the choice of waiting until they file their taxes next year in 2022 to receive the additional premium tax credit amount when they file and reconcile their 2021 taxes. However, we recommend all enrollees, after April 1, update their application and review their plan options during the 2021 Special Enrollment Period through May 15 because they may be able to choose a plan with lower out of pocket costs for the same price or less than what they are currently paying. The updates to the subsidy schedule extend through December 31, 2022. Below are some important changes to note. We will keep you updated as more details of the American Rescue Plan Act are available. Common Scenarios Consumer Scenarios Previous Guidance   American Rescue Plan Changes Subsidy eligible between 100-150% of FPL Individuals who make under 133% of the federal poverty level were expected to pay 2% of their income for the benchmark plan. From 133% to 150% it scales up from 3% to 4% of income. Are now eligible for a $0 monthly payment the first and second lowest Silver plan in their county. Subsidy eligible FPL between 151% and 399% They received premium subsidy based on the cost of the benchmark plan, from 4% to 9.5% Subsidies depend on county, age, and FPL. Everyone will receive a larger subsidy. The size of the increase will also depend on county, age, and FPL. Many Bronze options may now be free to consumers. Over 400% of FPL Individuals in tax households who were over 400% FPL were not eligible for subsidies. Consumers may now have access to subsidies. There is no upper income limit on premium tax credit eligibility, meaning that all middle- and upper-income individuals who purchase their own coverage qualify for a subsidy if their premiums exceed 8.5 percent of their household income. Individual collected or collects at least one unemployment check in 2021 Modified Adjusted Gross Income (MAGI) used to determine subsidy and CSR eligibility was calculated the same way for all tax households. Consumer is treated as the applicable taxpayer and their tax household is capped at 133% of FPL for the purpose of CSR and subsidy calculation for 2021. Unemployed individuals on COBRA Consumers qualify for a SEP for an ACA plan within 60 of losing their group coverage. Consumers qualify for an SEP within 60 days of COBRA expiring. A proposed rule that is pending finalization would create a SEP when an employer ends its contribution to COBRA. It is possible that CMS will amend this to include Federal contributions Consumers receive a 100% subsidy of COBRA health insurance premiums so unemployed workers can remain on their employer healthcare plans through the end of September 2021. What This Means For Members And Consumers  Members Scenarios Situation  Next Steps  Current members who fall into 100-150% FPL and currently have a monthly premium above $0 These members’ subsidy will equal the premium of the second-lowest cost silver plan. Bronze enrollees should buy-up to silver CSR plans. Staying in their current product (HOI vs BCBSFL) will ensure they keep their progress towards their accumulator. Subsidy amounts will update after a person enrolls in a new plan or updates their subsidy application after April 1. The updated subsidy amount will apply to the next month’s bill. CMS should have the subsidies adjusted to reflect the new law by April 1, which means May is the first month where it will be possible to receive an updated subsidy. These members may also be a candidate for an ancillary product, using the reduced monthly premium toward an ancillary premium. Current subsidized members who pay $0. These members will not be affected by the changes, but they may be able to buy up to higher value coverage. If they are 150-200% FPL, they will likely want to buy up to CSR silver. Depending on

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The Fundamentals Of Condo Insurance

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Condominiums are as much homes as any other dwelling, which is why they need to always be insured appropriately. However, condos are also unique properties with unique features, which is why their insurance needs are a bit different from those of the average single-family home. Still, condominium insurance contains many of the benefits of homeowners insurance; it’s just customized to the liabilities specific to this type of property. Let’s take a closer look. Benefits Included In Condo Insurance If you own a condo, you essentially live in a property that is similar to an apartment (meaning it shares walls with other dwellings), but that is owned by you. While you are responsible for your own dwelling, your greater condominium association will take care of certain portions of the property on your behalf. Therefore, condo ownership tends to be a cross between tenancy and full home ownership. As a result, your property insurance needs are unique. Most condo insurance policies come contain three primary benefits: Personal Belongings Coverage: This provides compensation for personal items that are lost or damaged due to fire, lightning, smoke, wind, hail, theft or vandalism. Liability Insurance: This covers bodily injury and property damage someone else may suffer while visiting your home. This coverage can also help you in case of a lawsuit. Additional Living Expenses Coverage: This pays the costs related to temporarily moving while the condo is being repaired or rebuilt after a disaster. There is dwelling insurance available on condo insurance policies. However, it is different from the coverage contained within standard home insurance. It does not cover the exterior of the property, and the condo association will usually carry the coverage for structure damage within their master plan. Association policies cover structures in either all-in or walls-in terms. An all-in policy covers items within the condo – such as fixtures, flooring and appliances, on behalf of the client. A walls-in policy, however, does not cover these inside fixtures, and at this time the occupant will need to turn to their own policy. If your landlord only carries a walls-in policy, you must purchase your own property coverage within your condo insurance. Be forewarned, however, that even when the condo association has an all-in coverage, they might still require you to turn to your own benefits in order to repair the damage to the home. For example, if you are at fault for a house fire that damages part of the structure, the association might demand that you compensate them for the damage using your liability insurance. For help putting together the condo insurance that is best for you, contact one of our agents today. SWFL Insurance is staffed by a team of friendly, knowledgeable insurance experts who know how to dig into the details of your condo plan and ensure you get the best possible coverage. Get A Quote

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