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Are You Paying Too Much for Your Car Insurance?

Even though many insurers offered pandemic discounts during 2020, car insurance rates in Florida continue to be some of the costliest in the U.S. You may wonder how insurance companies decide what to charge, anyway—and if there’s anything you can do to pay less for your car insurance. Aside from your driving record, here are six things that could be affecting your car insurance premiums. While some of them are common sense, you might be surprised by what factors insurance companies use to set their rates.

Your vehicle

Not only does the value of your vehicle influence the price of your car insurance, if your vehicle is popular with car thieves, it costs more than the average to repair, or has a poor safety record, you could be paying more for your car insurance.

Where you live

If you live in an area with an above-average crime rate, you’ll likely pay more.

Your commute

The farther you drive to and from work each day affects your insurance rate, because insurance companies figure the more time you spend on the road, the more likely you’ll be in an accident—whether you’re at fault or not.

Your credit record

Insurance companies have found a link between poor credit and increased insurance losses.

Your age

Younger drivers with less experience are more likely to be involved in an accident.

Your discounts

Different companies offer different types of discounts, but some of the most common include safe driver, low mileage, good student, vehicle safety features, claim-free, prior coverage, homeowner, and multi-car or multi-policy discounts.

Of course, we think the best way to make sure you’re not paying too much for your car insurance is to give L & M Insurance Group a chance to quote your policy—we write with many great insurance companies, both standard and non-standard, and we’d love the chance to earn your business!

If you haven’t shopped around for a better auto insurance rate recently, it’s time to do so.

Let L & M Insurance Group do the comparison shopping for you! Since we represent so many insurance companies, we can find the best rate for your situation, whether you have good credit, bad credit, a clean driving record or one that’s not so stellar. We also have companies that will write your policy if you’ve had a PIP claim, you need an FR-44 or an SR-22. Please call us at 813-672-4100, or click here for an auto insurance quote.

L & M Insurance Group is an independent insurance agency serving Riverview, Brandon, Valrico, Lithia, and surrounding communities in the Tampa Bay area. We have more than 30 years in the insurance business, and our agents are experts in personal insurance, business insurance, Medicare insurance, and Life insurance.

Plan Ahead Before a Natural Disaster Strikes

March 22, 2021 by L & M Insurance Posted in Homeowners Insurance, Uncategorized Tagged Disaster planning, Homeowners insurance Leave a comment

While we in Florida are fortunate not to have to deal with the freezing cold and heavy snows of more northern states, we’re not exempt from nature’s wrath. In fact, we have quite a few natural disasters to be prepared for—in addition to hurricanes, Florida experiences floods, fires, and tornadoes! The good news is that some simple planning—and the best homeowners insurance coverage—can help you be ready for the disasters you might face.

Learn the basics of what to do for each natural disaster

For example: If a tornado is sighted in your area, know where you should seek shelter in your home or office. If you live in an area prone to wildfires, sign up for alerts, and have an evacuation plan in place. Don’t walk, drive, or swim through flood waters—just six inches of moving water can knock you down. And be sure that you have a disaster plan in case of a hurricane (see below). Check out websites like floridadisaster.org and ready.gov for information about handling natural disasters.

Make or review your family’s disaster plan

According to floridadisaster.org, start your planning by discussing these four questions with household members:

How will we receive emergency alerts and warnings? (one suggestion: sign up for alerts at https://apps.floridadisaster.org/alertflorida/
What is our shelter plan?
What is our evacuation route?
What is our family communication plan?

Tip: Find emergency information specific to the Hillsborough County area here.

Prepare a disaster kit

Stock up on food, water, medicines, pet supplies, and other necessities if you must stay home for a few days. If you might need to evacuate, be sure you also have a portable “go kit.” (Click here for the Hillsborough County Disaster Preparedness Guide.)

Make sure you have the best homeowners insurance coverage

Do you enough coverage to rebuild your home and replace your belongings if they’re destroyed by a natural disaster? Do you know what your hurricane deductible is, and have money set aside to pay it? Do you have flood insurance? (Flooding is not usually covered in a standard homeowners insurance policy, so please give us a call at 813-672-4100 if you need a flood insurance quote!)

Let us help

If you need help deciding which insurance coverage you should carry in your area, please give L & M Insurance Group a call. We are a local, independent agency, and we live in the same community you do. We’ll be happy to discuss your options, and help you be sure you have the homeowners insurance policy that is right for your financial situation. (If you prefer, contact us online by clicking here.)

Simplify Your Property Investment Insurance With REInsurePro

March 8, 2021 by L & M Insurance Posted in Commercial Insurance Tagged property investment insurance, REInsure Pro Leave a comment

For property investors with multiple properties, L & M Insurance Group has an insurance program that can simplify how you keep your properties insured. The REInsurePro program writes many types of policies with the specific needs of property investors in mind. Their insurance products offer flexibility and cover a variety of situations, whether you buy to renovate and flip, or own properties occupied by tenants. Take note members of the Suncoast Real Estate Investors Association (SREIA) or similar organizations like the TBREIA or GOREIA—this is a program that could really benefit you!

Coverage options and special features

Basically, REInsurePro puts coverage decisions in the hands of you as the investor. You can choose whether you want actual cash value or replacement cost loss settlement, and which perils to insure against. You can also decide which “bells and whistles” are important to you for your policy. Properties insured for $70 a square foot or more will automatically be insured for replacement cost value. Wind mitigation and 4-point inspections are not needed. All policies provide one million dollars in liability. Once you’ve made a down payment, you can set it up so that your credit card will automatically be billed each month.

You can include all of your properties on one schedule, even if they are owned by different entities, e.g., Individuals, Land Trusts, or LLCs. You can also add or delete properties as needed, or change the occupancy status or coverage options, without having to cancel and rewrite your policy every time. This means you’ll be paying to insure a property only for the time it’s on your policy.

REInsurePro can cover your:

Rental property (up to a 4-unit tenant-occupied building)
Renovation/Builders Risk
Vacant property
New construction
Vacation rental property
Condo
Liability for vacant land

And more!

Get Started Insuring Your Investment Properties

Think the REInsurePro program might be right for you? Please give us a call at 813-672-4100 for more information. And remember, L & M Insurance Group is a full service independent insurance agency. Look to us for all your insurance needs, including home, auto, business, and life. We’ve been serving Brandon, Valrico, Riverview, and other communities in the Tampa Bay Area for more than 30 years.

To contact us online, please click here.

L & M Insurance Group Combines Personalized Service with Insurance Companies You Can Trust

February 22, 2021 by L & M Insurance Posted in Auto Insurance, Homeowners Insurance, News Tagged Allstate, Independent agency, Independent agents, Insurance carriers, Insurance companies, Nationwide, The Hartford, Travelers Leave a comment

Independent insurance agencies like L & M Insurance Group, offer many advantages to insurance consumers. One of the main ones is that we are independent—we represent many different insurance carriers, and therefore are able to offer our clients a choice of tailor-made policies. Part of our commitment to you is that we’re always trying to find new and better markets for our clients.

Many clients turn to an independent insurance agency to save money. But just because you go the independent route doesn’t mean you’ll have to scrimp on service or sign up with an insurance company you’ve never heard of. While it’s true that we do represent some smaller, lesser-known companies, here are a few of our partner companies that you might not realize we work with:

Did you know?

We now represent Allstate, a company that historically has only sold policies through their own captive agents. Allstate may or may not be a good fit for you, but they are well known for their leadership and expertise in personal lines, claims and customer service, as well as their financial stability.

We also represent Nationwide Insurance. The Ohio-based insurance carrier provides a range of insurance and financial services, including auto, home insurance, and commercial policies.

Travelers has been around for more than 165 years and is a top-10 writer of personal insurance in the U.S. In addition to personal lines, they also write landlord policies and commercial policies for many types of businesses.

Mercury Insurance has been named one of “America’s Most Trustworthy Companies” by Forbes Magazine several times. They offer auto, home, condo, renters, and business insurance. We’ve found that Mercury is a good fit for families with young drivers.

The Hartford offers a full line of personal and commercial policies. They also have special programs for drivers over 50, and The Hartford is the only direct auto and home insurance program endorsed by the AARP for their members.

In addition to the companies listed above, we also represent Progressive, Safeco, GMAC, and many other financially stable insurance carriers. Whether you need insurance for your home, car, motorcycle, boat/personal watercraft, or you need commercial insurance for your business, we can get you covered.

Personalized service

So if you want to combine the personalized service of an independent agency with the benefits of a big-name insurance company, look no further than L & M Insurance Group. We will be happy to compare insurance rates of both well-known insurance companies (like Allstate) with our lesser-known carriers, and explain the benefits and drawbacks of your options. Give us the chance to serve you—please call us at 813-672-4100 if you’d like a quote, or get things started online by clicking below for an auto or homeowners insurance quote.

Home insurance

Auto insurance

Own a Townhouse or Condo? Which Homeowners Policy Do You Need—an HO-3 or an HO-6?

February 8, 2021 by L & M Insurance Posted in Homeowners Insurance Tagged Condo insurance, HO-3, HO-6, Homeowners insurance, Townhome insurance, Townhouse insurance Leave a comment

If you’re buying a townhouse or condo, you might think that because your unit is one of a larger building, your home insurance needs will be different. This is not necessarily true.

The Difference between HO-3 and HO-6 Insurance Policies

As you may be aware, there are several classifications of home insurance policies. If you own a townhouse or condominium, you will likely be buying an HO-3 policy or an HO-6 policy. Both of these policies cover your personal property, the interior finishes of your unit (walls, flooring, ceilings, etc.), and your liability. The main difference between and HO-6 condo policy and an HO-3 policy is that under an HO-6, the building structure and exterior are not covered. Therefore, if your townhouse or condo were to burn down or be destroyed in any other way, you would only receive an insurance claim payout to reimburse you for your personal belongings and the interior finishes—not the structure itself—a considerable difference in reimbursement.

How a Master Building Policy Can Save You Money

Some clients who own or are buying a townhouse ask about the possibility of buying the often cheaper HO-6 condo policy rather than an HO-3 homeowners policy. An HO-6 policy is only appropriate if you have a condo association that has a master building policy that will cover the entire structure of your building, not just part of it.

HO-3 Insurance Policies Protect Your Condo or Townhouse

If your association doesn’t have a master building policy that will pay if your unit is destroyed, your mortgage holder will likely require that you buy an HO-3 rather than an HO-6. Even if you don’t have a mortgage, it’s also in your best interest to do so, because if you have a total loss, your claims payout will come nowhere near being enough to reimburse you for your losses.

An independent agency that works for you

We understand that homeowners insurance in Florida can be expensive, and we all want to save money where we can. However, you don’t want to skimp on insuring your home. The purpose of homeowners insurance is to provide you with peace of mind, whether your home is a townhouse, condominium, or traditional home.

At L & M Insurance Group, we represent multiple homeowners insurance companies, and we’re committed to finding you the most cost-effective policy to suit your needs. Please call us at 813-672-4100, or request a homeowners insurance quote online. We are an independent agency and we work for you!

What Should I Do if I Get Into an Accident With an Uninsured Driver?

January 25, 2021 by L & M Insurance Posted in Auto Insurance Tagged Accident, Uninsured driver Leave a comment

One day as you’re out running errands, another driver runs a Stop sign and smacks into your car. You’re both able to move out of the intersection, but when you go get his insurance information, he tells you he doesn’t have insurance. That’s just great—now what?

Unfortunately, if you’re in an accident in Florida, you have a higher than average chance of that happening. Florida has most uninsured motorists in the U.S.—a full 26.7 percent, according to statistics from the Insurance Information Institute.

What you should do if you’re hit by an uninsured driver is not that different from what you would do if the other driver has insurance:

Call the police. Having a police report will help with the claims process, whether or not the parties involved are insured. Get the name and badge number of the responding officer.
Stay at the scene of the accident. Unless you need to leave to seek medical attention or to avoid a dangerous situation, you should not leave until after the police arrive and you’ve reported the accident.
Get some basic information. Record the contact information of the other driver, the make and model of the vehicle, and the time and location of the accident. If there are witnesses, get their contact information also. Snap photos of your car and the other vehicle, including its license plate.
Make a claim if necessary. Since Florida is a no-fault state, you would already need to make a claim on your own policy if you are injured. But since the other driver had no insurance, if you need insurance help to take care of injuries that exceed your Personal Injury Protection (PIP) limit, or if your vehicle is damaged, you’ll also have to make a claim on your own insurance policy if you have the appropriate insurance coverage (see below).

Can you sue the other driver?

Of course, you could try taking the other driver to court, but there’s no guarantee you’ll be able to collect, even if you win. Many uninsured drivers simply don’t have the funds to pay.

What about uninsured motorist insurance?

You may be wondering right now about the place of uninsured motorist (UM) coverage in this situation. Remember, UM covers your and your passengers’ injuries once you’ve used up your PIP coverage. In a minor accident, PIP may be enough, but for a more serious accident, you may need to tap your UM coverage. Note: uninsured motorist coverage will also pay if the other driver in underinsured—i.e., he or she does have liability insurance, but not enough to cover the severity and expense of treating your injuries. UM will also cover you if you’re in an accident with a hit-and-run driver.

For vehicle damage by an uninsured motorist, your collision coverage pays, less your deductible.

Of course, we hope you never have to deal with this situation, but given the statistics, it’s better to be aware of the possibility and prepare for it if possible. L & M Insurance Group agents are standing by to give you an auto insurance quote, explain insurance coverage options, or simply answer your questions regarding what coverages are most appropriate for you. Please give us a call at 813-672-4100, or contact us online for all your insurance needs.

Commercial Landlords: Protect Your Liability with Lessors Risk Insurance

January 18, 2021 by L & M Insurance Posted in Commercial Insurance Tagged commercial building, Commercial insurance, Landlords insurance, Lessors risk Leave a comment

Owning a commercial building that you lease to others can be a great investment, but it’s not without risk. That’s why making sure you have the right insurance coverage to protect both your physical property and your liability in case of a lawsuit is crucial. This week, let’s talk about lessors risk insurance, also sometimes called landlord’s insurance.

What is lessors risk insurance?

Lessors risk is a type of small business insurance which protects you if you own a building that you lease or rent out as commercial space, such as retail, warehouse, or office space. It provides property damage coverage as well as liability coverage in case one of your tenants sues you because of a covered event that took place in your building or on your property. Of course, your tenant(s) should also carry their own general liability and commercial property insurance, but lessors risk is an important protection for you as a landlord.

Covered risks may include injury due to slip and fall, weather damage, fire, water damage (from a burst pipe or sewer back up), theft, vandalism, and auto accidents on the property.

To be eligible for lessors risk insurance, you as the landlord may not occupy more than 25 percent of the building. Generally, the building must be completely or mostly occupied, have no electrical hazards, have working smoke detectors, sprinklers and fire extinguishers, and be properly maintained.

You will be able to choose the coverage limits you want to carry. Many landlords find one million dollars worth of liability coverage to be enough, though each situation is different. However, if you have multiple tenants or tenants who engage in hazardous business, like manufacturing, for example, you may need higher limits.

Look to L & M Insurance Group for all your insurance needs

Whether you need business insurance (like lessors risk) or personal insurance, the experts at L & M Insurance Group are here for you. We’ve been helping customers find coverage tailored to their needs for more than 30 years. If you’d like an insurance quote, please call us at 813-672-4100, or contact us online. L & M Insurance Group is a full service, independent insurance agency, primarily serving the communities of Brandon, Riverview, Valrico, Tampa, and surrounding areas. We hope you’ll allow us to be your partner in business, and in life.

Don’t Let Your Holiday Go Up in Flames!

December 21, 2020 by L & M Insurance Posted in Homeowners Insurance, News Tagged Fire safety, Holiday safety Leave a comment

The holiday season is upon us—finally something to celebrate in this challenging year! Most of us are decorating the house, wrapping or mailing gifts for loved ones, and planning (cautious) holiday meals. Unfortunately, the holiday season is also a season of accidents, fires, and other mishaps. Just because you’re celebrating, don’t neglect safety precautions. No one wants to have to file a homeowners insurance claim in the middle of their holiday celebrations.

Holiday Fire Prevention Tips

One of the major and most devastating holiday risks is a house fire. Here are some holiday fire safety reminders from the National Fire Protection Association (NFPA) and the American Red Cross:

Christmas trees

If you have a live tree, make sure you keep it watered. A dried out Christmas tree can catch fire and burn in an instant (click here to see a video).
Even if your tree is artificial, be sure to turn off the lights on your tree before going to bed or leaving the house.

Electrical

Make sure holiday light strings are in good condition, with no loose or damaged wires or connections that could shock you or start a fire.
Don’t overload electrical outlets or connect more than three strings of incandescent lights together—use a power strip if you need more than three strings of lights.
Don’t pinch cords or force them into small spaces, put them under rugs, or use staples or nails to position them. Keep all cords away from heat sources.
Make sure you hang light strings where they’re intended—some are only for use indoors or outdoors, not both.

Fires and candles

Flickering candles and firelight are certainly beautiful and festive, but they can also lead to home fires.

Make sure all open flames are at least three feet away from anything that could catch fire—two out of every five decoration fires happen because decorations are too close to an open flame.
Don’t leave candles or fires burning when you go to bed or leave the house.
Make sure children and pets are not left unattended in a room where there is a fire or burning candles.
If you’re celebrating with a menorah or kinara that uses candles, make sure to keep all flammable items at least three feet away, and place it on a non-flammable surface, like a tray covered in aluminum foil.
Consider using battery-operated candles, since candles cause more than a third of home decoration fires.
If you have a fire in the fireplace, use a fire screen to keep sparks from flying out and starting a fire. Keep clothes, wrapping paper, and decorations at least three feet away.
Keep matches and lighters up high and locked away to keep little ones safe.

Cooking

Historically, Christmas Eve and Christmas Day have been two of the three leading days for home fires caused by cooking (Thanksgiving is number one).

Stay in the kitchen when you’re cooking on the stovetop.
Turn pot handles toward the back to help keep kids from grabbing them.
Make sure all flammable items are kept well away from the stove.

One more thing…

Remember to make sure your smoke detectors and fire extinguishers are in good working order. And if you have one, review your emergency fire escape plan with your family.

No matter how you celebrate this year, we hope you have a very happy and safe holiday season. And remember that if you’re in need of insurance, L & M Insurance Group is here for you. Give us a call at 813-672-4100 or contact us online. Happy holidays!

Does Your Small Business Need Commercial Property Insurance?

December 7, 2020 by L & M Insurance Posted in Commercial Insurance Leave a comment

As a business owner, you face many financial risks. For example, if your office or workspace is damaged or destroyed, not only have you lost your assets; you may have also lost your ability to do business at all. Even if you don’t own your own building, if your business has physical assets, you need commercial property insurance to cover your equipment, tools, or inventory.

What it covers

Commercial property insurance covers property owned by your business, including your building, equipment, inventory, furniture, documents, storage sheds, attached outdoor signs and other business assets, with some exceptions explained below. It will pay to repair or replace property damaged, destroyed, or stolen, including property belonging to others under your care and custody. Perils covered include fire, theft, damage from faulty plumbing, wind, and vandalism. Many policies also include coverage for loss of income or increased business expenses due to a covered peril.

What it doesn’t cover

Commercial property insurance does not cover vehicles used in your business—for that, you’ll need a commercial auto policy.

If your business is in a flood zone, you’ll need a separate flood policy, either through the National Flood Insurance Program or through one of the private companies offering flood insurance in Florida.

Commercial property insurance also doesn’t protect your liability if someone sues you. If you also need liability coverage, consider buying a Business Owners Policy (BOP) that combines commercial property insurance with general liability coverage.

Custom coverage

When discussing your business with your insurance agent, be sure to mention whether you transport equipment or supplies to work sites, or your work primarily takes place away from your physical business address. A typical commercial property insurance policy doesn’t cover your assets if they are removed from your business premises, but this is a fairly common issue so insurance companies do offer special coverage for that.

An insurance agent experienced in writing commercial insurance, such as those at L & M Insurance Group, will be able to help you decide what coverage you need to carry to protect your business assets. Take time to answer your agent’s questions—he or she is on your side, working to make sure you not only get the best insurance rate, but you also get the coverage you need for your unique business.

Commercial property insurance is an affordable way to reduce risk to your business’ financial health. Give us a call at 813-672-4100 for a quote, or to discuss your business insurance needs. You may also contact us online by clicking here.

Insurance 101: Terms You Should Know

November 23, 2020 by L & M Insurance Posted in Auto Insurance, Homeowners Insurance, Uncategorized Tagged auto insurance, Homeowners insurance, insurance terms Leave a comment

Just like any specialized industry, insurance has its own vocabulary. When you’re shopping for a new policy—or trying to make sense of the policy you already have—it helps to understand some of the most commonly used insurance terms. Plus, understanding these terms can also help you get the best insurance rate. How? Because understanding a few key terms will help you compare policies accurately, buy the coverage you need, and even help determine how much money you’ll receive if you make a claim!

General terms

There are a few general terms that apply to several different types of insurance. For instance, you probably know that a deductible is the amount you’ll pay out of pocket before your insurance kicks in. An endorsement (also known as “rider”) is an amendment to the insurance policy that changes its coverage, terms, or conditions. Some examples of endorsements include a change of address when you move, adding or removing a vehicle or driver on an existing auto policy, or adding coverage for sewer backup to a homeowners insurance policy.

Homeowners insurance terms

One of the most important sets of terms you should know is actual cash value versus replacement cost. These terms are most often found in a homeowners insurance policy.

Actual cash value refers to the amount you would be reimbursed for replacing damaged or destroyed property with comparable new property, minus depreciation. Replacement cost is the amount needed to replace damaged or destroyed property or personal belongings without deducting for depreciation, up to the policy limit. If you make a claim thinking you have replacement cost but you actually have actual cash value, you could receive thousands of dollars less than you expect.

Car insurance terms

Occasionally, clients become confused about the different types of injury and liability coverage available in a car insurance policy.

Some states, including Florida, are no-fault states, meaning that drivers must carry insurance for their own injuries, regardless of who is at fault in an accident. This coverage is called personal injury protection (PIP). It covers both the named insured and his or her passengers.

Property damage pays for damage you cause to another vehicle if you’re at fault in an accident.

Bodily injury refers to coverage for injuries you cause in an at-fault accident.

Uninsured motorist pays for your injuries (once you have used up your PIP) if you’re hit by a driver who does not have bodily injury liability insurance or is underinsured.

Still have questions?

These are just a few of the more commonly asked-about insurance terms. There are many more. If you still have questions, don’t be afraid to ask your agent to explain. Personal service is one of the prime benefits of working with an independent insurance agency like L & M Insurance Group. Please give us a call at 813-672-4100 if you have questions about your policy. Please click here for a car insurance quote, or here for a homeowners insurance quote.