Home Insurance: What It Really Protects You From

When you have a home insurance policy, you feel safe and protected. But what does that policy really cover, and how safe is your Pinecrest, FL area home? At Hamilton Fox & Company Inc. we want to help you answer those questions. It’s very important that you have the right insurance coverage, especially in an area where you can be subjected to a weather event such as a hurricane. Most home insurance policies don’t cover hurricanes, and you need to add additional protection in the form of hurricane buydown insurance. If you have a mortgage, your lender will likely require that, in addition to your regular home policy.

So what’s covered on the standard policy? Most things are generally covered. Hurricanes, floods, and some other types of events won’t be on a standard policy. But if you have a fire, a break-in, or other typical homeowner issues, you can expect to have coverage. Just to be safe, and to have peace of mind, you should talk to your agent and make certain what your policy really covers. You don’t want to get caught unaware, especially after you’ve experienced a serious event at your home. It’s much better to know what’s covered and what isn’t before you may need to make a claim.

If you have questions about your Pinecrest, FL area home insurance policy, come talk to us at Hamilton Fox & Company Inc. We’ll answer your questions and give you information, so you can make an informed choice about your policy. If you need to change, add, or adjust coverage, we can help you do that, too. Our agents are knowledgeable and trained, so you can get the peace of mind and the security you’re looking for in your home insurance policy when you work with us.

Do You Need Flood Insurance?

Your home represents so much more than four walls and a roof. It is where you create memories and share times with your family and friends. It is a destination that sets itself apart because it truly is your special space. With the personal connection that is forged with your home, it is important to protect it. But what kind of protection should you consider? One home owner’s insurance option is flood insurance. And when you live around Pinecrest, FL the team at Hamilton Fox & Company Inc. can help walk you through the process of selecting the right insurance policy.

Why Flood Insurance Is Important

Your regular home owner’s insurance likely doesn’t cover flooding. Some forms may have a burst pipe included in the traditional insurance policy, but chances are it doesn’t. Plus, with the amount of rain the area receives, it is a good idea to protect your home in the event of flooding. 

Protect Your Home

If your home does flood it is extremely expensive to repair it out of pocket. This is because it isn’t just a matter of removing the water. You will likely need to strip away everything that came in contact with the water to avoid the development of mold. This can cost tens of thousands of dollars. Avoid paying this out of pocket with the aid of flood insurance. 

There is no cookie-cutter insurance policy when working with Hamilton Fox & Company Inc. The company helps you find the insurance policy that fits your personal household needs. However, flood insurance is highly recommended when living around Pinecrest, FL due to the amount of water and the threat of hurricanes throughout the year. Whatever your needs are though, you can have your questions answered with a single phone call. 

Tips for Inventorying Your Belongings When Buying Home Insurance

At Hamilton Fox & Company Inc. serving Pinecrest, FL, we highly recommend that you inventory your belongings when you purchase a home insurance policy. Creating a detailed inventory list of the items you have in your home can be vital if items are destroyed or damaged and you have to file a home insurance claim. Here are a few tips that can help you with this process. 

Make a Detailed List of Items You Have in Each Room

Inventorying items that you have in your home can be overwhelming. Start by taking things room by room. Create a list of items that you have in each room. When possible, be sure to list any serial and/or model numbers of electronic items. This can help to identify exactly what you have, which is important when it comes time for an insurance company to come up with the replacement value of your belongings. 

Take Pictures of the Items You Have

In addition to creating a detailed list, take pictures of items that you have. This can help to prove the condition that your belongings are in, which again, is important should they need to be replaced. 

Be Sure to Update Your List on a Yearly Basis

Finally, be sure to update your list on a yearly basis, or as needed when you make large purchases, such as new furniture or new electonics. 

Taking the time to inventory your belongings can be important if you ever have to file a home insurance claim. Having the right level of coverage to fully protect your home and the items stored inside is also important. Here at Hamilton Fox & Company Inc. serving Pinecrest, FL, we can help you ensure you have the right level of coverage. Give us a call when if you are looking to purchase a new home insurance policy. 

Commercial Insurance Needs Depend on the Type of Business

Commercial insurance is a category of insurance that includes many types of insurance. Every business is slightly different. By working with your agent at Hamilton Fox & Company Inc. serving Pinecrest, FL and the surrounding area, you can get a customized insurance solution designed to adequately protect your business.

The choices for commercial insurance include:

  1. Workers’ Compensation: Protection for workers if they are injured while on the job.
  2. General Liability: Protection against regular business liabilities.
  3. Professional Liability: Special protection for errors made by professionals.
  4. Property and Casualty: Protection for real and personal property owned or leased by the business.
  5. Commercial Vehicle Insurance: Protection for a vehicle used for the business.
  6. Product Liability: Protection against liability risk caused by problems with products.
  7. Business Interruption: Protection against financial loss caused by catastrophic events that prevent a business from operating.
  8. Key Person Life Insurance: Protection for the surviving partner who owns the business with another partner who dies or becomes permanently disabled.
  9. Specialty Policies: Protection against unusual risks such as cyber attacks, terrorism, and other risks.
  10. Umbrella Insurance: Extends the policy limits of other policies and provides special protection that may include things like discrimination, defamation, and other lawsuits.

Commercial Insurance Based on Business Type

Here are a few examples of the commercial insurance needed to adequately protect these types of businesses showing the insurance needed by using the numbers from the list above.

  • Bakery:1, 2, 4, 5, 6, 7 (optional 8, 9, 10)
  • Doctor’s Office: 1, 2, 3, 4, 7, 10 (optional 5, 8, 9)
  • Manufacturing Plant: 1, 2, 4, 5, 6, 7, 9, 10 (optional 8)
  • Online Sales: 1, 2, 6, 7, 9 (cybersecurity insurance), 10
  • Law Firm (professional partnership): 1, 2 3, 4, 7, 8, 9, 10 (optional 5,)

Conclusion

There are many combinations of commercial insurance that are assembled for the specifics of each business. Contact your agent at Hamilton Fox & Company Inc. in Pinecrest, FL to get a quote for commercial insurance that is suitable for your business by calling 800-263-1947.

 

When is it time to update my life insurance?

Life insurance should not be a static thing. It should change and evolve as your needs grow or shrink. The life insurance that you need when you are 25 may not be the same amount that you need when you are 35, 45 or 75. How do you know when it is time to take a good look at your life insurance needs? If you live on or near Pinecrest, FL a visit to the office of Hamilton Fox & Company Inc. can provide the answers that you need to make an informed decision.

As a young person, you probably need less life insurance that you will need as you grow older. If you are single and don’t own a home, you likely have fewer obligations and you only need enough life insurance to pay off any debt you may have such as a car loan or credit card debt and to pay your final expenses.

As a 35-year-old you may have a family and a mortgage and you are at a time in life when you may need to have a lot more life insurance. You need to provide a security blanket for your spouse/partner and your children as well as paying off a mortgage and any other debt.

As a 45-year-old you may have to consider not only your own family but you may be helping aging relatives and you may be thinking ahead to the college tuition that your children will need. This may be the time when you need to reevaluate how much life insurance you have.

As a 75-year-old you may be alone or living with just one other person. You may no longer own a home and your requirements will have decreased. You still want to make sure that you provide for your significant other but the amount of support is likely not as high as it was when you were younger.

Making sure that your life insurance changes with the many seasons of your life is something that the agents at Hamilton Fox & Company Inc. would be happy to discuss with you. Why not give them a call at their office in Pincecrest, FL.

Benefits of having commercial insurance

Owning a business comes with a significant amount of responsibility for a business owner or manager. One responsibility that a manager needs to take seriously is regarding their need for commercial insurance. While having commercial insurance does come with additional expenses, there are many benefits of having it in place that makes it a very good investment for any business.

Protects From Liability 

If you have your own business, you are taking on a certain level of liability every single time you sell a product or service. If someone happens to get sick or injured as a result of this, you could be found liable. In some situations, the damages could be significant enough to make your business insolvent. When you have a commercial insurance policy in place, it will provide you with liability insurance protection against this type of risk.

Ensures Compliance 

For a Pincecrest, FL area business, another benefit of having commercial insurance is that it will help to ensure that you remain in compliance with a variety of agreements and regulations. Businesses with employees will need to have workers compensation policies in place and companies that take out loans will also have commercial insurance requirements. When you get a full commercial insurance policy, you will be able to stay in compliance with these requirements for your company.

If you have a business in the Pincecrest, FL area, you should reach out to Hamilton Fox & Company Inc. to further discuss all of your commercial insurance options. The Hamilton Fox & Company Inc. team knows how to figure out what type of coverage is right for a business and they can then help you get into a policy that meets all of your needs. Ultimately, this will provide very valuable protection to your organization. 

How Often Should I Review My Home Insurance Policy?

A lot can happen to your home from year to year in Pinecrest, FL. It’s critical that you keep your home insurance policy up to date. Otherwise, you run the risk of not having the coverage that you think you do. At Hamilton Fox & Company Inc., we recommend reviewing your policy every single year.

There are quite a few things to look at when you review your home insurance policy. This includes the cost as well as the coverage. The cost may vary from year to year, which is also why you should get quotes from multiple insurance companies on an annual basis. As for the coverage, if you have added various components to your homes, such as a pool or a free-standing garage, these need to be added to your policy.

You may qualify for new discounts, too. If you fenced in your yard or added a security system, you have made your home safer. It’s worth mentioning to the insurance company as they may supply you with a discount.

Since so much can happen in a year, you might not think to add them as they occur. By taking the time to review the details of your policy, you can make sure that everything you own is covered. If you have made a number of major purchases, you may even want to add a high-value rider so that you are protected if your personal belongings are damaged or stolen.

You will want to protect your home in Pinecrest, FL however you can. While it’s easy to think that your home insurance policy is enough, you have to keep it updated. Contact us at Hamilton Fox & Company Inc. today so that one of our independent insurance agents can help you with any updates that need to be made to your policy.

 

 

Daycare Centers and Umbrella Insurance

Daycares are an important part of many family’s lives and provide high-quality care at a reasonable price. If you run a daycare in Pinecrest, FL and need help finding a policy for your company, let us at Hamilton Fox & Company Inc. explain how this type of coverage helps.

How Insurance Protects Your Clients and You

Daycare insurance is designed to not only protect your financial status but to ensure that your clients are safe and healthy while visiting. This type of commercial insurance is designed to provide payments for injuries and damage caused to your clients or your building.

This coverage protects your clients by paying them money instead of forcing them to pursue a lawsuit. By contrast, it protects you by keeping you from losing money in a lawsuit. Just as importantly, it helps to repair damage caused to your building by improper activities and actions.

Coverage Varies Based on Your Location

One interesting fact that could affect your daycare insurance is where your facility is located. For example, if you run a daycare center out of your home, your policy will vary because your home will be classified as a business and treated as such by your policy.

Conversely, operating a daycare center in an office building – or another commercial center – typically requires you to get a slightly different type of policy. The exact differences are mostly minor and mostly affect what items that you can ensure on your daycare property.

Find a Policy That You Like

So if you run a daycare center in Pinecrest, FL and want to insure yourself and protect your clients, please contact us at Hamilton Fox & Company Inc. We have many options for daycare centers like yours and will work to provide you with the best possible policy.

Is Flood Insurance Mandatory In Pinecrest, FL?

Floods are merely a fact of life for those who reside in Pinecrest FL and the surrounding regions. Residents of these areas often meet with Hamilton Fox & Company Inc. representatives to learn more about the options that are available to them. Did you know that there federal requirements in the region?

That’s right. Any community that participates in the National Flood Insurance Program must remain protected. The same goes for any local residents whose home has been backed by a federal loan. These two requirements essentially cover all citizens of the state of Florida, no matter the region.

These requirements are meant to protect those who reside in high-risk areas. Some homeowners may be able to skirt the federal requirements but they will need to apply for an amendment to do so. A licensed land surveyor and a registered professional engineer must look over the property before a letter of map amendment is issued.

The state of Florida itself does not require residents to purchase any flood insurance. It is important to note that these recommendations come from the federal government. Insurance companies that are located in the state of Florida must pay close attention to the statutes that have been enacted as well, as there are various laws that change on a consistent basis. 

This is how problems are avoided. Scheduling a consultation with local insurance agents is in your best interests. These meetings allow a Florida resident to learn more about their specific requirements and ensure that all federal regulations are being met. Even those who reside in non participating communities are urged to take a closer look at their current policies. 

To find out more about flood insurance requirements in Pinecrest, FL and the surrounding areas, be sure to contact Hamilton, Fox & Company Inc. as soon as possible. 

 

 

 

Getting Help for Workers’ Compensation Insurance

Florida law requires it, your employees deserve it, your company is worth it, and your business needs it. Workers’ Compensation is a big deal. It is a big deal when an employee has considerable medical expenses to be covered. It is a big deal in the eyes of the law and it is a big deal when it protects your business. It is also being forecast to become more expensive as one story reported:

 …with workers’ compensation being such a long-tail business, premiums collected today must cover losses 30 years into the future. As losses continue to climb, it is inevitable that insurance rates will need to increase in the future to offset those losses.

These are only a few of the issues that businesses working in places like Pincecrest, FL must contend with and a few reasons why having the right insurance partner just makes good business sense.

A Partner for Your Company’s Workers’ Compensation Needs

The industry you work in, the number of employees you have and even where you work will play a role in determining the best Workers’ Compensation plan not only for your business but also for your employees. At Hamilton Fox & Company Inc. we have helped companies of all sizes in and many industries get the right plan for their business and its people.

If you need Workers’ Compensation insurance, need to update your plan or have questions and concerns regarding your company’s coverage or plan, contact us today for help. Don’t get lost in the red tape, the workers’ compensation process or the struggle of dealing with your company’s insurance plan. Get help and get it right with the professionals at Hamilton Fox & Company Inc., here to make sure you, your business and your employees are covered.