Understanding Your Home Insurance Policy

After enduring a storm of significant magnitude, it’s essential to have a clear understanding of what your home insurance policy covers. Your Declarations Page is a valuable resource that provides an overview of your coverage. In this blog post, we’ll break down the different coverage types and share important information regarding flood damage.

Coverage Breakdown

Coverage A – Dwelling: This portion of your insurance covers the total amount you are eligible to receive for a covered loss to your home and the building materials located on your residence as a result of a covered loss. It’s the backbone of your home insurance policy.

Coverage B – Other Structures: This coverage extends to damage to other structures on your property, including fences, swimming pools, detached garages/carports, sheds, and walls, resulting from a covered loss.

Coverage C – Personal Property: Personal Property coverage includes your personal possessions that may have been damaged, destroyed, or stolen due to a covered loss. This category encompasses items like furniture, computers, electronics, clothes, equipment, and more.

Coverage D – Loss of Use: In the unfortunate event that your home becomes temporarily uninhabitable due to damage from a covered peril, Coverage D comes to the rescue. It provides for additional living expenses, such as temporary lodging, food, and other costs associated with being temporarily displaced.

Ordinance or Law: This is a percentage of your Coverage A amount and contributes to the cost of upgrading your home to meet the most up-to-date building codes after a covered loss.

Hurricane Deductible: Your Hurricane Deductible is the amount you are responsible for before your insurance company issues any payment for hurricane-related damage. In many instances, this deductible is set at 2% of your Coverage A amount, as mandated by Florida statute. For example, if your Coverage A limit is $500,000, your Hurricane Deductible would be $10,000. If you sustain $20,000 worth of damage due to a hurricane, you would be responsible for paying $10,000, and your insurance company would cover the remaining $10,000 to repair the damage.

Important Information Regarding Flood Damage

It’s vital to note that Flood Coverage provides protection specifically for damage caused by rising water and storm surge. This coverage is not included in a standard homeowners policy and must be purchased separately.

However, if you do not have flood insurance, you may be eligible to apply for federal assistance at www.disasterassistance.gov or by calling 800-621-FEMA (3362). Singh Insurance Group is also here to help you and get you covered

For further information about FEMA Disaster Assistance and guidance on how to apply, please click here.

Conclusion: Understanding your home insurance policy is essential, especially in the aftermath of a significant storm. Knowing what your policy covers can make the process of recovery smoother and less stressful. If you have any questions or need assistance with your insurance claims, don’t hesitate to reach out to Singh Insurance Group and one of our clients will be there to help you during these challenging times. You may learn more at SinghInsuranceGroup.com or contact us at (352) 432-1646

Your All-Inclusive Guide to Umbrella Insurance 

Umbrella insurance is a lesser known but incredibly valuable type of coverage that can provide an extra layer of protection for you and your assets. In this blog post, we’ll dive into the world of umbrella insurance, exploring what it is, why you might need it, and how it can safeguard your financial future.

What is Umbrella Insurance?

Umbrella insurance is a type of liability insurance that goes beyond the limits of your existing policies, such as your auto or homeowners insurance. It acts as a safety net, providing additional coverage when the limits of your primary policies are exhausted due to a covered claim. Essentially, it offers an umbrella of protection over your other insurance policies.

Why Do You Need Umbrella Insurance?

  • Protecting Your Assets: In today’s litigious society, lawsuits and liability claims are more common than you might think. If you’re found legally responsible for causing injury to someone or damaging their property, the costs can escalate rapidly. Umbrella insurance steps in when your primary policy limits are exhausted, preventing you from having to pay out of pocket for excessive damages.
  • Peace of Mind: Knowing that you have an extra layer of protection can provide peace of mind. Whether it’s a serious car accident or an accident that occurs on your property, you won’t have to worry as much about the financial fallout.

When Does Umbrella Insurance Apply?

Umbrella insurance can cover a wide range of scenarios, including but not limited to:

  • Bodily injury liability: Medical expenses, legal defense costs, and potential settlements if you’re found responsible for someone’s injury.
  • Property damage liability: Costs associated with damaging someone else’s property, like a car or a home.
  • Libel or slander: Coverage for legal fees and damages if you’re accused of damaging someone’s reputation through spoken or written words.
  • Lawsuits: Legal defense fees if you’re sued for certain scenarios, even if the lawsuit isn’t directly related to your home or vehicle.

How Much Coverage Do You Need?

The amount of umbrella coverage you need depends on various factors, including your assets, potential risks, and lifestyle. It’s generally recommended to have enough coverage to protect your net worth. Consulting with an insurance professional can help you determine the appropriate coverage amount.

Who Should Consider Umbrella Insurance?

  • High net worth individuals: Those with substantial assets to protect.
  • Homeowners: Especially those with swimming pools, trampolines, or other features that could pose liability risks.
  • Vehicle owners: If you frequently drive, increasing your chances of a potential accident.
  • Landlords: Rental properties can open up additional liability exposures.

How to Get Umbrella Insurance:

To get umbrella insurance, you typically need to:

  • Have primary insurance policies (auto, homeowners) with certain minimum coverage.
  • Work with an insurance provider to assess your needs and determine the appropriate coverage amount.
  • Pay an annual premium, which is relatively affordable considering the extensive coverage it provides.

Umbrella insurance is a crucial yet often overlooked component of a comprehensive insurance strategy. By understanding what it is, how it works, and who needs it, you can make informed decisions to protect yourself, your assets, and your financial future from unexpected liability claims. When accidents happen and legal battles arise, having an umbrella policy in place can make a significant difference in your ability to weather the storm. If you are interested in learning more, or if you have any questions please contact us. The experts at Singh Insurance & Financial Services in Central Florida would be happy to assist you with all of your insurance needs.

Car Insurance Essentials

Many people believe that simply because they have car insurance or perhaps even that someone told them they were “fully covered” that they are protected. That is not the case, and there is honestly no such thing as “full coverage”. We cannot express how vital it is to not only understand your coverages, but to also have the right amount and the proper coverages ensured on your policy. For example, two things that are a MUST to have on your car insurance are Bodily Injury Liability and Uninsured Motorists Insurance. 

Bodily Injury Liability 

Accidents happen, and no matter how good of a driver you believe yourself to be, sometimes you may find yourself at fault in a car collision or accident. What happens when you are at fault and the opposing driver has extensive medical bills or even worse, decides to sue you? This is where Bodily Injury Liability kicks in. This type of insurance covers the other driver’s medical expenses, legal fees, funeral expenses, and can even compensate for any wages they may lose. In the event that the other driver decides to sue, BIL can assist with those expenses as well. 

Unless you’ve committed certain traffic violations, the state of Florida does not typically require drivers to carry Bodily Injury Liability. Although, this does not make it any less important. Life happens, and you do not want to be at fault in an accident and not have this type of insurance. 

Uninsured Motorists Coverage 

Even though having a car insurance policy is required by law in the state of Florida, this does not necessarily mean that everyone has it. If someone hits you that does not have insurance or is underinsured and causes bodily injury harm to you and the family, who paid for it? This is why uninsured motorists’ coverage is important. Uninsured motorists pays for medical bills, mental anguish, pain and suffering among other things. Uninsured Motorists coverage also covers you as a pedestrian, on a bicycle and in someone else’s vehicle. You also have the option to stack your uninsured motorist’s coverage. 

Paying out of pocket can be incredibly pricey and inconvenient, therefore, it’s wise to obtain UMC so you can rest assured that no matter the situation of the opposing driver, you are covered and will receive the necessary compensation. 

We understand that car insurance may be daunting, and you may not understand all the terms and fine print, but that’s where our agency comes in. Singh Insurance and Financial Services believes in educating our clients. Not only will we find you the best policy with the coverages you and your family need, but we will also ensure that you understand what your policy entails. Give us a call today for a policy review or to start a new policy with us. 352-432-1646. 

Safeguarding Your Assets: The Importance of Auto Insurance

Auto insurance is more than just a legal requirement; it is a crucial financial tool that
helps protect your assets in the event of unforeseen accidents or mishaps on the road.
Your assets, such as your vehicle, home, savings, and investments, are valuable and
deserve adequate protection. In this blog post, we will delve into the reasons why auto
insurance is essential for safeguarding your assets and how it provides you with peace
of mind.

  1. Financial Protection:
    Accidents happen, and when they do, they can lead to substantial financial losses.
    Whether it’s a minor fender bender or a severe collision, the costs associated with
    repairs, medical expenses, and legal liabilities can be astronomical. Without auto
    insurance, you may be forced to bear these expenses out of your own pocket, putting
    your assets at risk.

    Comprehensive auto insurance coverage can help mitigate these risks by providing
    financial protection. It typically covers damages to your vehicle caused by accidents,
    theft, vandalism, or natural disasters. Liability coverage protects you from legal claims
    resulting from bodily injury or property damage to others, which can potentially save you
    from significant financial setbacks.
  2. Asset Preservation:
    Your vehicle is not the only asset that can be protected by auto insurance. Consider the
    potential consequences of being held liable for an accident that results in severe injuries
    or even death. Legal judgments or settlements stemming from such incidents can
    quickly surpass the limits of an average person’s financial capabilities. If you don’t have
    adequate liability coverage, your assets, including your home, savings, and
    investments, could be at risk of being seized to satisfy these obligations.
    By having sufficient auto insurance coverage, you are effectively safeguarding your
    assets from potential claims. If an unfortunate event occurs, your insurance provider will
    handle the legal proceedings and compensate the affected parties up to the policy
    limits, helping shield your assets from being jeopardized.
  3. Uninsured/Underinsured Motorist Protection:
    Despite legal requirements, there are still drivers on the road who either don’t have
    insurance or carry inadequate coverage. In the event of an accident with an uninsured
    or underinsured motorist, you may find yourself in a precarious situation. Without insurance to compensate for your damages and injuries, you could be left with significant out-of-pocket expenses. Adding uninsured/underinsured motorist coverage to your auto insurance policy can protect your assets by filling the gap left by those who lack adequate coverage. It ensures that you are financially protected even if the at-fault party is unable to provide compensation for the damages they caused.
  1. Peace of Mind:
    One of the most valuable benefits of having auto insurance is the peace of mind it
    provides. Knowing that you have appropriate coverage in place allows you to drive
    confidently, knowing that you are protected in the event of an accident or unforeseen
    circumstances. This peace of mind extends beyond just your vehicle; it also
    encompasses the security of your assets and financial well-being.

    Auto insurance is an indispensable tool for safeguarding your assets. It provides
    financial protection, preserves your assets from potential claims and legal liabilities, and
    offers peace of mind on the road. By investing in comprehensive coverage that aligns
    with your needs, you can navigate the uncertainties of driving with confidence, knowing
    that your assets are protected. Remember, auto insurance isn’t just an obligation; it’s an
    essential shield that shields your financial future from potential risks.

    As always, we are here for you and you insurance needs. We would be happy to discuss your current policy or even talk about beginning a new one for you and your family. Send us an email to get started at info@singhinsurancegroup.com.

What Coverages you Carry for Auto Insurance MATTERS!

You’ve probably heard us say it before, but we’re here to say it again…FULL COVERAGE IS A MYTH! Just because someone slapped that term on your policy does NOT mean that you are fully covered. We cannot stress enough how important it is to understand your policy and know what coverages you are carrying. To educate and inform, we’re going to break down the coverages you need and explain why they are important!

Uninsured Motorists Coverage

UMC is essential, no matter who you are, what you drive, or what you do on a day-to-day basis. This coverage will make sure you are protected if you get in an accident with someone who does not have ANY car insurance at all. It sounds crazy, but you would be surprised at how many uninsured drivers there are on the road. Also, if you are involved in a hit-and-run and do not know who hit you or what insurance they have, UMC covers you. If you were involved in a hit-and-run and don’t have Uninsured Motorists Coverage, you’d be paying to fix your car out of pocket.

Bodily Injury Liability

This type of coverage is just as important as Uninsured Motorists Coverage, but for different reasons. Bodily Injury Liability covers the expenses (such as medical bills) of the opposing party if you are at fault in an accident. It even covers you if they decide to sue! Many people don’t take this coverage very seriously because they simply think they are too experienced of a driver to cause an accident and be at fault. Although, that’s not a risk you want to take. You can’t predict the curveballs that life throws at you, and it’s better to have this coverage and not need it than to find yourself at fault without it!

Collision and Comprehensive Insurance

This type of insurance is also crucial to have. Collision insurance covers your vehicle when you collide with something–whether it be another car or even just a light pole or a mailbox for example. Comprehensive Insurance covers damage caused from non-collision events. This includes fire, floods, vandalism, theft, etc. Many people believe that this type of coverage is only necessary if you are leasing (making payments) on a vehicle, but we’re here to tell you that it should be a standard for every driver. If your car is damaged, are you prepared to pay out of pocket for all the repair costs?

Personal Injury Protection

Regardless of who is at fault in the accident, PIP protects you and your passengers. Not only does it cover medical expenses, but it is also there to cover funeral expenses, lost wages, and rehabilitation costs. Personal Injury Protection is mandatory in the state of Florida, but just how much coverage should you buy? We’re here to help you figure that out.

Auto Insurance is so important, not just to obtain, but also to understand. At Singh Insurance & Financial Services, we strive to educate and inform our clients. After we find you the perfect policy to fit your needs and budget, we will make sure that you understand all the details and fine print. Contact us today to get started with a new policy or to review your current policy. Send us an email at info@singhinsurancegroup.com

Your Auto Insurance Coverage Matters!

Many people wrongfully assume if someone drives an expensive car that they must have bodily injury
liability insurance, but that’s not true (except when it comes to some, but not all commercial vehicles).
Depending on the business type there are requirements to carry more bodily injury liability limits than
the current state minimum, which is zero. Nada. (This could be a terrible day for you if you don’t carry
uninsured motorists’ coverage)

Finance companies aren’t interested in protecting anything but their collateral, meaning the vehicle that
they are financing. There are many high-end cars on the road which do not carry proper insurance,
including but not limited to bodily injury liability.

What if someone is driving a rental car? Those are big companies with deep pockets.

Not anymore!

The Graves Amendment provides that a motor vehicle owner who rents or leases the vehicle to
someone else will not be held vicariously liable for the user’s actions so long as both factors are met: The
owner is engaged in the trade or business of renting or leasing motor vehicles.
(Reference, h0977z1.TIS.PDF (flsenate.gov))

What about putting a lien on someone’s home?

You cannot do that because Florida has homestead protection. That means you can’t place a lien on
someone’s primary residence if it’s a primary residence on 1⁄2 acre or less in a city or 160 acres or less if
located in the county. It doesn’t matter how large the home is.

The point of the story is to make an informed decision on your auto insurance coverage. The type of
insurance that you carry on your auto insurance MATTERS! I cannot stress enough the importance of
Uninsured motorists’ coverage, also the importance of Stacked Uninsured Motorists coverage. Just
because someone is driving an expensive car, does not mean that they have coverage to adequately
cover you if they hit you. Protect yourself and work with an independent insurance agent who can help
you decide what might be right for you.

Don’t take long and insure wrong! Contact an agent at Singh Insurance today to discuss your auto insurance policy. info@singhinsurancegroup.com

Why Conduct a Policy Review with an Expert?

Insurance is not a one-size-fits-all matter. Different people with different situations require different coverage and different types of policies. This is why we highly recommend against purchasing a policy online without consulting an insurance expert! If you purchased your insurance online, or perhaps you simply haven’t taken a look at your policy in a while, it may be time to go over and review your policy with an expert and here’s why.

Your Situation May Have Changed

Life is ever changing and as you experience changes in your life, your insurance policy should change with them. For example, you may have a child that has moved out. While they were previously on your policy, it may be time to remove them and have them receive their own insurance policy. Another example is you may have someone driving your car frequently, but they’re not listed on your policy as an approved driver for your vehicle. These are just two examples, but the possibilities are endless as to why you may have to change your policy.

It May Be Time for a Re-shop!

Many people receive a policy that they are satisfied with and never take a look back. They pay for their coverage every year or every month, and don’t give it a second thought. What if we told you that there may be a cheaper policy out there for you with the same OR BETTER coverage and premiums than what you have? Our goal at Singh Insurance and Financial Services is to find the best coverage at the best price and frequently after years of good driving, there may be a cheaper option out there for you.

It’s Important to Understand

It is truly astounding how many people have insurance, but don’t understand what each component means. What’s a premium? What’s bodily injury liability? What’s a deductible? These are all questions that we’ve received. There’s no need to be embarrassed, these fine details can be complicated, but that’s what we’re here for. We would be happy to elaborate and explain each of these terms to you and let you know just how much your policy allows or covers.

We don’t just sell insurance; we educate as well. It is important to us that our customers understand their coverage and have the best rates possible. If you would like to conduct a policy review with an insurance expert, send us an email at info@singhinsurancegroup.com!

What to Look for in an Insurance Agency

Insurance is an essential safeguard that everyone needs for different parts of their life. Not only is it important to find the best policy that fits your needs, but it’s just as important to find the right agency to provide you insurance. There are many agencies out there, and you may feel overwhelmed and simply not know where to begin. While we definitely recommend our agency to our readers and followers in the Florida area, today we’d like to share vital characteristics that should be at the top of your list when choosing an agency to work with. 

Treats You Like a Person, Not Simply a Number
Many insurance agencies, typically large, franchise corporations, have so many clients that they almost in a sense become desensitized to their clients and their individual needs. After a while they may even see
each of their clients as a dollar sign instead of a person with wants and needs. Going with a big corporation for your insurance might seem like the best and easiest way to go, but the truth is that a small, family-owned local agency might be more suitable for you. The goal is to find an
agent that listens to you, answers your questions, and truly goes above and beyond for all of your
requests and requirements. Consider shopping locally when it comes to your policy. 

A Company That Gives Back
When you’re in this type of business not only should you be looking out for the welfare of your
customers, but it’s also important to give back to your community. The best agencies participate in
charities, community happenings or special events like food banks, fundraisers, nonprofits, etc. This shows that the company and their workers genuinely care about people instead of just business. 

Knowledgeable and Experienced
It’s not mandatory to shop for insurance through an agency. When someone chooses to go this route,
it’s because they’re seeking guidance and advice. They want their questions answered and want to be
pointed in the right direction. If you’re looking for someone with extensive knowledge of the
insurance industry and experience with guiding other customers on the right path, you’re in the right place. 

Satisfied Customers
One of the first things that many people do before they go to a restaurant, buy a product, or even
choose an insurance agency is to read the reviews. In many cases, if a company has a track record of 5-star reviews, you can rest assured that you will be going somewhere you will be taken care of. The more reviews, the better! Take a moment to sift through customer reviews and see what previous customers have to say before you make a decision. 

At Singh Insurance and Financial Services, we work hard to treat our clients like friends and family. We
strive to learn about them and their needs and find the best policy for their budget and lifestyle. We give
back to our community through donations and company-initiatives. We have the knowledge and experience to provide you the service you deserve and we have tons of 5-star reviews on our Google Business Page. If you’re looking for an insurance agency you can trust here in Central Florida, you’ve found it! Contact Singh Insurance and Financial Services today to get started.

Florida’s Homeowners Insurance Crisis Update

If you’re a Florida resident, or if you simply follow our social media, you’ve undoubtedly heard about the homeowners insurance crisis happening in Florida. Recently, Florida officials have been gathering to come up with solutions to fix this problem in our state. So far, they have passed two bills that are aimed to fix this problem, but experts say that it will still take time for this issue to be truly fixed.

The two bills that were passed were senate bill 4-A and senate bill 2-A. One of these bills provides millions of dollars in disaster relief to residents who have been affected from the recent Florida hurricanes. The other bill is a property insurance reform that has a goal of stabilizing the Florida market by strengthening consumer protections and increasing competition.

Apparently one cause to the state of Florida’s market is litigation. And unfortunately, certain law firms and contractors are against these attempts to fix the market because they have actually benefited from the chaotic state is has been in. Having important people against the efforts is the first reason that the process may be slower in fixing.

The next factor that is affecting and slowing down the process is reinsurance. According to a financial advisor, reinsurance is shrinking the market because insurance companies use this to protect their balance sheets. Because this is necessary and expensive, the costs may be passed down the policy holders, which still puts them in a bind of having higher rates than they deserve.

It is said that Florida residents will not be seeing any improvement in the market this year, but there is hope for the near future. More bills are being passed and officials are accepting feedback and input from Florida residents. Continue following along with our social media posts and blog posts as we keep our followers updated. As always, contact an agent with any questions or concerns about the homeowners insurance market or anything else regarding insurance or finances!

Click the link below to take a stand against Florida’s insurance market!

Things to Consider When Building a New Home

Many people have a dream or a goal in life to build their “dream house” or a home that is perfect for them and their families. Building a home is a great investment, but it’s a good idea to know all there is to know about the fine details and insurance process behind new construction. Thankfully we did the research for you and all you have to do is keep reading!

Florida’s Homeowners Insurance Market

There’s no doubt that you have heard about the crisis in Florida’s property insurance right now. Many people are being dropped from their policies, have seen a dramatic increase in their payments or are even struggling to find a policy in the first place. One good thing about new construction is that it is easier and possible to obtain this type of insurance. Although, there’s more to be said about insurance and new construction.

Florida Builders Risk Insurance

Along with looking into homeowners insurance, there is also Builders Risk Insurance to be considered. This type of policy covers structures during the course of building or renovation. Make sure you evaluate how much your home is worth when purchasing a policy, and also consider that liability coverage is generally not included in this type of policy.

How much am I going to have to pay?

These two policies, homeowners insurance and builders risk insurance may be more affordable than you think. At Singh Insurance and Financial Services we can find you the best policies that fit your needs and budget. There is also a builder’s discount that can be applied to many new constructions. Let’s talk today about the right coverage to cover you and your new home.