The Truth About Flood Insurance

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flood insurance

Flooding is the #1 ranked natural disaster in the country and yet, there are numerous common misconceptions about flood insurance that permeate in the United States, specifically in Florida. Make sure your home and property is protected in case of an emergency, as many residents live in coastal areas. Knowing the importance of flood insurance is the first step in preventing unexpected loss, and we’re here to help get you ready.

My Homeowners Policy Covers Flooding

Fact: Your homeowners policy more than likely does not cover flooding.  You may have optional coverage for back-up of sewers and drains, but flooding caused by natural disasters or similar events are provided by different agencies such as The National Flood Insurance Program to allow policyholders the maximum flexibility in coverage and to save them money with lower premiums.

I Don’t Live in a Flood Zone, So I Don’t Need Flood Insurance

Fact: Per the National Flood Insurance Program, flooding is a general and temporary condition where two or more acres of normally dry land or two or more properties are inundated by water or mudflow, caused by various conditions such as severe storms and sources of rapid water accumulation. Believe it or not, we all live in a flood zone, which has the potential to fill with water any time.  The difference is the severity or risk of flooding in your particular zone.  Industry wide, however, over 20% of all flood claims come from people who are NOT in high risk areas, and 1/3 of all disaster assistance goes to flooding victims according to FEMA – so we’re all at risk.

Flood Damage is Easy to Pay Back

storm seasonFact: If you don’t already have flood insurance, contact a Synergy agent to discuss options. Most federal disaster assistance comes in the form of low-interest disaster loans from the U.S. Small Business Administration (SBA) and you have to pay them back. FEMA offers disaster grants that don’t need to be paid back, but this amount is often much less than what is needed to recover. One inch of flood water can cause up to $27,000 in damages alone, leaving you scrambling to pay for it. A claim against your flood insurance policy could, and often does, provide more funds for recovery than those you could qualify for from FEMA or the SBA — and you don’t have to pay it back.

Make sure your home, family and belongings are protected in case of a disaster with our Disaster Preparedness Plan! This resource is filled with tip sheets, evacuation routes, and safety information to help give you peace of mind during the worst. Click the image to get your copy!

Why You Should Consider Hurricane Insurance For Your Business

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business insurance

It’s that time of year again: hurricane season in Florida. Although Florida is known as the “Sunshine State” for a number of reasons, this doesn’t always mean that living in Florida is a vacation. Florida is also known for severe weather, which include high winds, damaging rains, a tornado or two and probably the worst – hurricanes.

Although Florida residents and business owners know that insurance is important, it is not required, particularly for businesses. But just because commercial insurance isn’t required doesn’t mean that you shouldn’t have it.

What You Probably Don’t Know about Hurricane Insurance

Most business owners may not realize that property insurance might not include hurricane insurance. Hurricane insurance is usually an add-on that costs extra to include in their policies. The location of the business and other factors, such as the proximity to the coast all determine the cost of coverage.

In the event that a hurricane hits and causes damage to your business property, it could cost you a pretty penny. In fact, damages from a recent storm totaled over $100,000 in damaged property and equipment for one business. Could your business survive a financial hit like that?

The Difference Between Hurricane Insurance and Flood Insurance

Most business owners assume that if a hurricane results in a flood that hurricane insurance is enough to cover the damage. However, flood insurance is a separate policy all together. Like hurricane insurance, flood insurance is another add-on that costs extra.

Hurricane insurance and flood insurance for business are well worth the added costs, especially in an area that is prone to hurricanes. It is a small price to pay to recoup some of the losses from a severe storm than being forced to shut your doors for good.

How Synergy Insurance Can Help

The team at Synergy Insurance specializes in writing insurance policies for homeowners and businesses in the state of Florida. Since hurricane season is now in full swing, Synergy Insurance wants to ensure that business owners recognize why they should have insurance and understand that hurricane insurance and flood insurance are separate.homeowners insurance

This year’s storm season is expected to be busy in the Atlantic, so the team at Synergy Insurance wants business owners to be prepared in advance. Contact our team today for questions, or click the button to get a free quote.

 

 

What Do the Florida No-Fault Rules Mean for You?

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car accident

Earlier this spring, a bill calling for the repeal of Florida’s long-standing, no-fault auto insurance system did not pass by Senate subcommittee. Since this bill is likely to resurface for further debate, we’ve gathered some facts and information to help you feel informed the next time it appears for voting.

What Does No-Fault Even Mean?

The Florida No-Fault Motor Vehicle Law means that if you get into a car accident, both parties must submit auto insurance policies to make claims. Regardless of who is at-fault, your own auto insurer is the one to contact to help with your medical bills, lost earnings, and out-of-pocket damages.

The current minimum requirements for a Florida auto insurance policy are $10,000 personal injury protection (PIP) and $10,000 property damage liability (PDL).

Many other states require a minimum amount of bodily injury (BI) insurance; however, because of Florida’s no-fault status, BI coverage is only requested in a handful of instances (e.g. if you’ve previously caused a serious accident, or have a DUI conviction).

What Does PIP Cover?

After paying your deductible (if you have one), PIP covers 80% of your medical expenses, up to that $10,000 limit per accident. In most cases, it also pays up to 60% toward lost wages and includes a $5,000 death benefit.

Is Minimum Coverage Enough?

The minimum allows you to drive legally in the state of Florida, but it leaves you unprotected in many situations. While your PDL will pay out to another driver if you’re at-fault, it won’t help you with any damages or repairs needed to your own vehicle! Even if you weren’t at-fault, there is always the risk that the person who caused the accident may be an uninsured driver, leaving you with no assistance to repair your property.

The minimum is also not enough for most vehicle lenders. If you are financing or leasing your vehicle, your lender may require you to carry collision and comprehensive coverage for the duration of the loan/lease. If you bought your car outright, opting for a collision and comprehensive policy is still a good choice to keep it protected from damages (especially if it is a newer vehicle).

What Would Change if the Bill to Repeal the No-Fault Law is Passed?

auto insuranceIt would eliminate the auto insurance law that requires all motorists to purchase PIP coverage. Instead, you would purchase bodily injury liability to cover people in other vehicles if you were found to be at fault. Some believe this repeal bill will result in better coverage for drivers, while those who oppose it fear it may cause premiums to rise.

Auto insurance can be a tricky road to navigate. We encourage you to contact one of our knowledgeable and friendly agents at Synergy Insurance today to make sure you’ve got the best possible coverage to fit your needs!

Our Auto Accident Workbook is designed to help you in times of need with diagrams, safety information and more. Before getting behind the wheel, make sure you’re prepared in case of an
emergency and have this on-hand!