Everything You Need To Know About DP1 and DP3 Home Insurance Policies

Everything You Need To Know About DP1 and DP3 Home Insurance Policies by Singh Insurance and Financial Services – Central Florida

DP1 and DP3 are two types of dwelling fire policies. The DP1 policy is used for vacant property insurance and this option offers the minimum coverage amount. The DP3 is used for landlord insurance where the homeowner rents out the property, but does not actually live there.

In the DP1 policy, the house structure is insured at cash value, not at the replacement cost. This means that if your home burns down, you are most likely not going to get a full home back, but instead you will receive a check that compensates you for the depreciated value of the house.


The DP1 also only covers “named perils” – which means it only covers the hazards or risks listed in the policy. These are usually:
● Fire, Smoke
● Wind, Hail
● Lightning
● Explosion
● Aircraft, Vehicles hitting the house
● Volcanoes
● Vandalism, Riot


This means that the DP1 could leave a lot of important things out. Here’s what the DP1 is missing that you will want to have coverage for:
● Water damage (especially here in Florida)
● Theft
● Weight of ice, sleet, or snow
● Freezing pipes
● Appliance-related damage
● Falling objects, falling trees
● Power surge


The DP3 is usually an open perils policy. This means that everything listed above would typically be covered unless your policy documents state exclusions. An open peril policy generally is given for all types of damage outside of the perils not included in the policy documents. It is very important to read your policy documents to understand what specific coverage you have.

The most common exclusions in an open peril policy are…
● Flooding
● Mold
● Replacement Costs
● Personal Umbrella
● Sewage Backup / Sump Pump
● Identity Theft
● Home Sharing
● Lateral Lines Coverage

● Earthquakes
● Home Daycare


If you are wondering what is NEVER covered in DP1 or DP3 policies, here is a general list:

● Pollutants
● War
● Cracking
● Damage By Government
● Wear & Tear
● Vandalism On A Vacant Property
● Snow On Outdoor Property
● Birds, Vermins, Insects
● Power Interruption
● Intentional Losses
● Vacant / Freezing
● Nuclear Hazards

While this topic may be confusing, just remember…if someone is living in the home full time and you are renting it out in a landlord arrangement, you will need a DP3. If the home is vacant and will remain empty for the next 30 days, you will need a DP1 policy.


For more information about these policies or for questions on your existing policies, contact our team of Insurance Experts today!

Setting Yourself Up for Financial Success in 2021

It is no secret that 2020 was a challenge for the economy globally – unemployment rose to its highest level in history, the world went into lockdown, and millions of unfortunate deaths occurred. Insurance is needed now more than ever, and we are here to help. It is always
important to get educated about your finances and set some goals so that you can stay organized in the new year. Here are our 4 tips to help you set yourself up for financial success in 2021.

Tip #1: Make a List of New Year Financial Goals

Think of this as New Year’s Resolutions for your wallet. Setting some goals will help you create a plan and stay organized. Take some time to think about what you want this year to look like for you and write it down. Whether it be a debt-free future, owning your own home, or retiring
early, setting goals will help provide a plan, as well as motivation, for you in the new year.

Tip #2: Investigate and Review Coverage Plans

During this time, it is especially important to have insurance to financially protect you from any unplanned circumstances. We highly recommend starting a life insurance plan because it is always good to be prepared. Also, now is a great time to review your coverage plans and see what you are paying for. Keeping up to date with your coverage plans and reviewing them from time to time is a great habit to bring into 2021. For all of your insurance needs, contact our skilled team of experts today!

Tip #3: Get Educated with Your Money

Getting educated on what to do with your finances is always a good skill to have, especially in a new year. Speaking with someone who is organized with their finances for some tips is a great place to start but if you are looking for an expert experience, we are here to help. Contact us to learn more about our financial services and how we can help you get your financial health on track in 2021.

Tip #4: Organize Your Finances

The best thing to do with money is getting organized, and it is better to start earlier rather than later. An organized personal budget is a smart way to make sure you are spending your money wisely by planning for your future. There are tons of great podcasts, websites and virtual resources to help you with budgeting, household financial quick tips and more! Take a look around online and see what you can find. If you come across any great tips, share with us on Instagram!

Consider This…Is your money protected by creditors? Let’s Talk!

5 Tips To Enjoy Your Holiday This Year + Bonus Quick Tips From Michael Singh

The holiday season is a hectic time for everyone, so Singh Insurance & Financial Services is here to make sure you and your family have a perfect holiday while staying safe. Here are 5 quick tips to help keep the holidays secure and fun!

Tip #1: Property Protection
Many homeowners decorate their homes for the holidays, so you will certainly see homes with tons of Christmas lights. However, the holidays only come once a year, and then after it’s over we toss all the lights and decorations into a storage bin until next year. Before you decorate your home, check to see if the lights still work – you may never know what might have happened during its time in storage. Make sure to cover all wires and light boxes to prevent any tripping hazards and also be sure to set your lights to a level that will not blind passing drivers.

Tip #2: Turn Off All Lights at the End of the Day
Having your holiday lights and decorations on 24/7 is not the safest idea. Keeping your lights on for a long time will wear out your wires, creating a fire hazard that you do not want. It is
important to set a timer on the lights, so it automatically turns on and off during the day. If you have old-fashion lights, then set a reminder for yourself to turn off the lights before you go to bed.

Tip #3: Keep the Tree Watered and Safe
Most homeowners purchase fake trees during the holidays because it is easier to decorate and clean up, but some prefer going out every year and purchasing a real living tree. Dry trees are a major fire hazard, so make sure to water it daily.

Tip #4: Stay Alert in the Kitchen
You can’t have a Christmas dinner without mom’s oven roast beef or grandma’s pumpkin pie!
The holidays are always a time to have fun and create delicious foods in the kitchen, but how
much is a little too much? Make one dish at a time and monitor the cooking times to reduce the possibility of a fire. Too much kitchen usage can and will create an unsafe environment. Plus, nobody likes a burnt pie!

Tip #5: Always Have Receipt with Your Gift
Holiday shopping can be difficult if you do not know what gifts to get. If you are planning on
purchasing a gift for someone that you do not know too well, always provide a gift receipt, so
they can go and exchange it for something else. Another benefit of having a gift receipt is
allowing yourself to replace the item if it were to be damaged or misplaced.

Bonus Quick Tips From Michael Singh
● Making a big purchase such as a car or boat this year for a Christmas or Hanukkah gift?
Remember to get the vehicle insured as soon as possible. We offer car insurance,
motorcycle insurance, boat/watercraft insurance, classic car insurance policies and
more! For all of your Insurance Needs, contact us today.
● Are you looking towards 2021 and feeling stressed about your financial future? We
understand and we are here to help. For retirement planning, financial services & more
contact our team today to learn more about how we can help you feel safe and secure
this holiday season and always!

From all of us at Singh Insurance & Financial Services, we are wishing you and your family a Happy Holiday season!

Boating Insurance 101: What’s Covered When You’re Out On The Water?

While most of the country’s weather cools down, things in Florida are still nice and sunny. Perfect days out on the water are ahead, but with almost a million boats in Florida waters in 2019, accidents on the water are unfortunately bound to happen. At Singh Insurance, we’ve got you and your boat covered. Our representatives can help you customize your policy with available coverage options that include but are not limited to..

-Comprehensive and Collision Coverage

If your watercraft is totaled, whether from an accident or through theft, fire or vandalism, your coverage pays for the damage. 

-Uninsured or Underinsured Boater Coverage

You’re covered against another boater who may be uninsured or underinsured. 

-Personal Effects Coverage

Lose your favorite piece of jewelry on the water? No problem! This coverage pays for the value of the lost property. 

-Medical Payment coverage

If you or someone in your party is hurt due to a boating accident, no matter who is at fault, you are covered. 

And more! There are many ways to customize your policy and adding to it is as easy as giving us a phone call. From roadside assistance and wreckage removal to covering the cost of your lost fishing rod, we’re to make sure your time on the water is as easy as possible. 

Call us at (352) 432-1646 or if you’re in the neighborhood, visit us at Singh Insurance and Financial Services, LLC in Clermont, FL and let one of our representatives help find what policy is right for you.

Our Complete Guide To Halloween Safety

Don’t let this holiday spook you…Singh Insurance Group is here to protect you, your family and your home this Halloween. Here are our 5 quick tips for a safe and secure night of Trick-Or-Treating!

#1 Double Check Your Property

Check your property before Halloween to make sure there aren’t any loose wires, holes in your grass, large rocks in the walkways or any other potential tripping hazards that Trick-Or-Treaters may not see when it is dark outside. Make sure any Halloween decor you may have out (pumpkins, bails of hay, etc.) are in a safe spot and away from the direct path to your door. 

#2 Be Aware Of Fire Hazards

Halloween is one of the most exciting holiday’s to decorate for but with festive decorations can also come fire hazards. Be sure that all electrical wires are away from Halloween decorations and away from spots where children can easily access them. Instead of using real fire for decorations, try LED lights or battery-operated candles for a fun yet safe alternative.

#3 Lights, Camera, Action!
Before Halloween begins, make sure that your driveway and walkway areas are well-lit and make sure there are minimal tripping hazards for Trick-or-Treaters along the path to your front door. 

#4 Be Protected

Keeping your home protected at all times is a good idea, but since Halloween brings new guests to your property, this is a good time to start if you haven’t already. Consider investing in a camera system, security system or motion-detected outdoor lighting to make sure that your home is protected on Halloween night and every night. 

#5 Secure Your Pets

The commotion of Trick-Or-Treating can sometimes leave your pup or cat feeling anxious. Make sure they are secured in an area of the home away from the front door so they are less likely to run and get lost. 

Tips To Help Teen Drivers Practice Safe Driving

For most teenagers, a driver’s license is the rite of passage from childhood to adulthood. The license is a symbol of independence and freedom. When adding a teen driver to your family policy keep in mind that not all teens mature and develop at the same age mentally and physically. This plays a big part in responsible driving and complex physical maneuvers.

Here are a few tips to put into action as your new teen driver starts their journey.

  1. Assess your teen’s capabilities. Know their mental and physical limitations that affect coordination and movement of arms, legs, and eyes. Assess their mental capabilities and response to distraction and response times. Feeling confident about their capabilities is important before putting them on the highway.
  2. Pick a safe car. Putting a new teen driver behind the wheel of a fancy sports care right off the bat may not be the best idea. Some teens who are insecure may feel safer in a mid-size or larger car.
  3. Enroll your teen in a safe driver program. If your teen does not take driver’s education in school find a private driving course.
  4. Discuss the dangers of distracted and impaired driving. Have a firm discussion about cell phones, texting, and talking on a phone while driving. Also, discuss distractions from the radio, music, and other sources of distraction.
  5. Make sure your teen driver is well versed in all working parts of the vehicle. Teens should have a clear understanding and working knowledge of:
  • Starting/turning off the engine
  • Mirror adjustments
  • Dashboard controls
  • Turn signals and Headlights
  • Wipers and Emergency lights
  • Parking brake/release

A few basic driving tactics your teen driver should master is:

Keeping a safe following distance, approaching of congested areas, slow down for crosswalks, changing lanes and merging into traffic, determining and using the right of way.

Spending time with your teen driver will help make the driving process smooth and will ensure a safe start to their driving future.

Home Safety Tips & Your Homeowner’s Insurance

Home should be the one place where everyone in your family feels safe and secure. Your home should reflect your family’s lifestyle. We work hard for our home and it should be protected.

Unfortunately, it’s a fact of life that there are bad people who want to do us harm and steal our treasured possessions. Whether we’re tucked into bed or heading out for a vacation, by taking a few small steps, you can ensure your family and your home remain safe.

•Lock-up – Check doors and windows for security and keep locked when not in use. Installing alarms or ourdoor lighting can help protect against unwanted burglars.

•Establish a Routine –Use timers to keep up the appearance of a routine inside the home. Lights and music/TV should go on at a regular time each time, regardless of where you are. When you leave home you can leave lights on to give the appearance of someone being home.

•Go High-Tech – There are great options for affordable home security. From security cameras which can broadcast your home from an app on your phone to full-house systems with central monitoring, a home security system is affordable and easy to install.

•Don’t Broadcast –Social media is one of the easiest ways for the bad guys to find out your plans. They watch for vacation pictures and “check-ins”. Keep your plans off the Internet and make sure only true friends can see your posts. It’s easier than ever for you to keep your family and your home safe.

•As you purchase new electronics or home furnishings update your homeowner’s insurance to have adequate coverage.

Follow these few tips and explore the many new ways to secure your home. If you have any questions about protecting your home call us today.

How to Prepare for Hurricane Season

Floridians know how important it is to be prepared for hurricane season. Floridians are no stranger to life-threatening winds, flooding, and property damage. The first thing every homeowner should do is check your homeowner’s insurance policy before the hurricane season starts.

There are many steps to prepare for hurricane season which begins June 1st and goes through the end of September.

Here are some of the preparations for the home outdoors.

Remove outdoor items
Trim dead branches from trees
Board up windows
Fill gas tanks and extra containers
Get extra cash
Move furniture away from windows
Store important documents in waterproof containers
Extra supply of medicines
Prepare for the needs of pets

Other preparations are for safety in your home while riding out the storm. If you are not confident that your family is safe at home, make arrangements to go to a hotel or a local shelter. Here are some things you will need to do to be ready for the storm.

Here is a list of items residents should have on hand during any emergency.

Bottled water (1 gallon/person/day) 
Bottled juice
Two coolers: One for drinks & one for food
Canned foods
Manual can opener
Dry pet food
Medic-alert tags
Insect-repellent sprays
Feminine hygiene items
Sunscreen
Soap
First aid kit
Prescription medication
Over-the-counter medication
Children’s medicine
Bandages
Adhesive tape
Antiseptic solution
Thermometer
Tweezers

If you are having an actual emergency please dial 911 immediately. Please be aware of and publish all emergency contact numbers.

This article from the Insurance Information Institute shares more information regarding being prepared for hurricane season. Read Here

3 Reasons to have Comprehensive Auto Insurance in Florida

Insurance regulations vary from one state to another, and it is important that you have the right knowledge and the information on hand so that you can make an informed decision about what type of insurance you need on your vehicle in the State of Florida.

Despite the fact that Florida law requires all licensed drivers to only carry minimum personal injury protection and liability insurance as it’s a no-fault state, here are a few reasons to have comprehensive insurance on your vehicle.

1.     Florida’s Weather is Unpredictable

While the state has the reputation of having beautiful weather year-round, it’s not always sunny and breezy in Florida. The state gets more than its fair share of rainfalls and thunderstorms too. The state also has an official hurricane season – from June to November – and tornadoes are common here too. On average, Florida gets about 55 tornadoes every year.[1]

All these climatic factors significantly increase the chances of vehicle damage.

2.     The State Receives a High Number of Tourists

The wide array of tourist attractions make Florida one of the most visited states in the United States. The state receives millions of tourists every year from all over the world. The majority of them are likely to be unfamiliar with local laws and routes.

With all the tourists driving around the state, fender benders are a common occurrence; and they may not necessarily hit your car while you are on the road.  

3.     Crime Rate in Florida Is Higher Than The National Average

There’s only a slight difference in the national average crime rate and that of Florida. The fact that the state’s rate is higher in both violent and property crimes is enough to make a person want to secure themselves and your properties.

All these factors can cause Floridians to suffer from vehicle damages that basic auto insurance doesn’t cover. This is why it is wise to get a comprehensive (full-coverage) insurance for your vehicle. It may cost higher, but it’s worth paying the extra money than having to bear repair expenses that can go up to thousands of dollars.

Comprehensive and collision coverage may be required when you have a loan out on your vehicle. Try our online rating tool to acquire a quote on home or auto insurance.


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Preparing Your Home for a Virtual Tour

Technology is helpful in so many areas of life, even real estate. Twenty years ago, if someone were moving across the country, they’d have to wait to buy a house until they arrived to start their new life, or they’d have to buy a home without seeing it in person beforehand. Both options would cause extra unwanted stress on top of moving to an unfamiliar place.

Luckily, with the rise of technology, virtual tours are here to save the day! When it comes to creating a virtual tour, it is a great way to show your home. This technology comes with risks.

Real Estate Agents can also use FaceTime or other apps to give their customers a tour of a house virtually without ever seeing the property in person.

When agreeing to allow your home to be filmed and shown to the masses you are no longer keeping the showing reserved to the walkthrough buyers. Remain cautious when allowing your home to be videotaped, live-streamed, or filmed for virtual tours. Remember films and live streams of your home’s interior, furnishings, electronics, valuables, and personal belongings are not seen one time by a walk through homebuyer, but it is streamed and a video is playing over and over to thousands potentially millions of people on the Internet. A home robbery could occur if a thief sees valuable items in your home.

It is a good idea for homeowners to have a video of their own with proof of all their belongings in case something is stolen. Having continuous videos shared or live streams shared openly to any audience may give potential thieves access to the inside of your home and the contents.

A great tip is to remove valuables from the home and store them at another family member’s home or in a safe deposit box off-site. Keep all jewelry, decor items, artwork, and other valuable items out of site of videotaping and live streaming.

Take time to clean your house before the virtual tour and remove all clutter and any furniture you don’t want to be seen. Your realtor will help you with a simple staging of your home beforehand, so it looks presentable in the video. The great thing about staging for a virtual tour is you’ll only have to keep it that way for a couple of hours before you can put everything back where it belongs.

Anyone interested in taking a virtual tour can easily watch it online to get a good idea of what to expect in person. When you’ve decided it’s time to sell your home, a virtual tour can be a great way to get more people to see it and secure a buyer in less time than a traditional open house. Not only does it give potential buyers a first glimpse, but it also ensures that only people who are seriously considering purchasing your home request a tour or show up to the open house.

Discuss the sale of your home with your homeowner’s insurance agent. Make sure your policy is in effect and that you are covered. Have a list or video of all belongings for proof in the event of loss.