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We Can Insure That! Let L & M Insurance Group Help With Specialty Insurance Coverage

You already know L & M Insurance Group can get you great deals on your homeowners, car, and business insurance (and if you don’t, contact us today for a free quote!). But what if you buy a recreational vehicle, boat, or personal watercraft? Where should you go for insurance? Wonder no longer—we can insure that!

We want to be your one-stop insurance agents. Not only can we insure your home, car, and business, we can also provide specialty insurance coverage.

What is specialty insurance coverage?

Simply put, specialty insurance coverage is insurance for special or unique items or situations not typically covered under a standard home or auto insurance policy. This might include insurance coverage for classic cars, boats, ATVs, motorcycles, RVs, or personal watercraft.

In addition, important coverages such as flood insurance and umbrella policies can also be considered specialty insurance.

Protection from financial loss

The purpose of any insurance is to provide protection from financial losses—both physical losses and liability losses. Once you have the basics covered—insurance on your home and vehicles appropriate for your situation—you should consider what losses you might incur that would not be covered by those policies. What assets do you want to cover—like boats, RVs, and other “toys,” for example? You may need flood insurance, since flood damage is not covered by a standard homeowners insurance policy, or an umbrella policy to protect your financial assets in case of a lawsuit.

This might sound confusing, but it doesn’t have to be. As an independent agency, L & M Insurance Group has been serving Riverview, Brandon, Gibsonton, Apollo Beach, Tampa and nearby communities for more than 10 years. We represent dozens of financially stable, A-rated insurance companies, and we will be happy to advise you in choosing the right specialty insurance coverage for your needs. Please call 813-672-4100, contact us, or visit www.landminsurancegroup.com for more information.

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Does Your Homeowner’s Insurance Come Up Short?

Do you Have Enough Homeowner’s Insurance Coverage?

Your homeowner’s insurance policy is a key piece of your financial safety net. Not only does it cover what is probably your most valuable asset, your home itself, it also covers what’s inside your home—or does it?

 

Here are ways your homeowners insurance might come up short:

 

You don’t have enough homeowner’s insurance coverage.

If your home is completely destroyed, will your insurance pay to have it rebuilt with similar quality and craftsmanship? What about coverage for your personal belongings? In the event of a claim, would you receive replacement cost or actual cash value?

 

Also, remember every time you make any significant upgrades to your home, you should notify your L & M Insurance Group agent. Certain upgrades, such as a new roof, could net you a discount. Even if no discounts result, you’ll still want your insurance company to know the true value of your home in case you have a claim.

 

You run a business from your home

Homeowners insurance policies offer no liability coverage and limited coverage for business equipment. Home office policies are reasonably priced and offer both liability and contents coverage.

 

You don’t have flood insurance

Standard homeowners policies don’t cover flood damage, and Florida is essentially one big flood plain. L & M Insurance Group represents several private companies that write flood insurance at a more competitive rate than those of the National Flood Insurance Program (NFIP). These policies also have higher available limits than the NFIP’s standard coverage. Also, private flood companies offer replacement cost coverage on your contents. The NFIP will pay only the actual cash value. (Click here for a flood insurance quote.)

 

Your policy doesn’t have water/sewer backup coverage

A standard homeowners policy usually covers damage from overflow of water from plumbing, heating, or air conditioning as long as it originates on your property. However, if the backup damage comes from outside of your property, such as if heavy rains cause a sewer back up into your home, you may not be covered. This is a scenario all too common in our rainy, hurricane-prone state.

 

You have a special collection of wine, art, jewelry, or other valuable assets

Your personal property is covered up to a percentage (usually 50-70 percent) of your dwelling limit. There are also limit caps on certain categories like firearms, jewelry, silverware, furs, coins, etc. If you have high value items or special collections, you may need a personal floater. You may also need separate floaters for each category of asset—such as jewelry and artwork. Floaters usually have no deductibles, and you may need to have your collection appraised.

 

Why Choose L & M Insurance Group for your Homeowner’s Insurance

L & M Insurance Group is an independent insurance agency located in the Riverview/Brandon area. We have multiple homeowners insurance companies to choose from, and the expertise to find you the most cost effective policy while still insuring your home and its contents for the proper value. Give us a call at 813-672-4100 or contact us online.

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Florida Flood Facts—Is Your Home at Risk?

If you live in Florida, the answer is probably yes, according to Roy Wright, former director of the National Flood Insurance Program (NFIP).

Florida has the longest seacoast in the continental United States, as well as flat terrain and many rivers. It’s not just a hurricane that can cause flood damage. Flooding can be caused by storms, dams or levees breaking, or even new development that changes the way water flows. You don’t even need to live in an area known to be at high risk for flooding to find the water rising. More than 20 percent of all flood claims come from outside high-risk flood zones.

Here are some additional Florida flood facts:

  • Floods are the most common type of national disaster. Forty percent of all disasters worldwide involve flooding.
  • Just one inch of water in your home can cause more than $25,000 worth of damage.
  • Florida was affected by six of the 10 most significant flood events by NFIP payouts: hurricanes Katrina, Harvey, Ivan, Irma and Matthew, and Tropical Storm Allison.
  • Residential properties in Florida have the most potential exposure to hurricane storm surge in the nation.
  • Of the most densely populated areas at risk for potential storm surge damage, Tampa ranks fourth, after the New York City metro area, Miami, and Virginia Beach.
  • In 2016, just 14 percent of homeowners in the South carried flood insurance. (The national average was 12 percent.)
  • NFIP policies provide coverage of up to $250,000 for your home’s structure, and up to $100,000 for your personal possessions. If you need higher limits, you’ll need a private flood insurance policy.
  • NFIP authority must be renewed by Congress periodically, and is due for renewal by July 31, 2018. If it is not renewed, the NFIP will stop selling and renewing policies, but claims will still be paid.
  • Private insurers have become more comfortable underwriting flood policies because of better models to predict flood risk. In 2017, 33 private companies wrote flood insurance, up from 20 in 2016. L & M Insurance Group represents several of these private insurers.
  • In 2016, the average amount of food coverage was $246,890. Average premium was $656.
  • The average flood claim in 2016 was $62,247.
  • After a flood, most federal assistance comes in the form of low-interest disaster loans which will need to be paid back. FEMA disaster grants don’t need to be paid back, but they are often much less than what you’ll need to recover. A flood insurance claim should provide the funds you need to get back on your feet.

Flood coverage is excluded under standard homeowners policies, but purchasing a flood insurance policy is more affordable than before. L & M Insurance Group represents several private insurance companies that will write flood insurance at competitive rates. Give us a call at 813-672-4100 or contact us online—let us help you protect your home from the risk of flood damage.

 

For more information, visit: https://www.floodsmart.gov/

Prepare Now for Flood Risk

Florida Flood Risk

With Hurricane Harvey fresh in our minds, the Brandon/Riverview area is on alert watching the path of Hurricane Irma. While the effects of wind, such as damage from fallen trees, is likely covered under your homeowners insurance policy, less your deductible, damage from flooding is not.

Part of our preparations for Hurricane Irma should include planning for the possibility of flooding.   Here are a few things you can do to before the storm arrives:

  • Evaluate your flood risk. How likely is it that your home or business will flood? Even if you’re not in an official flood zone, you still might be at risk for flooding under the right circumstances. Twenty-five percent of all flood claims come from the preferred zones B, C and X.
  • Know how to stay informed with alerts and information, whether you monitor local radio or TV stations, or listen to a NOAA Weather Radio All Hazards receiver. Make plans for how you’ll stay informed if the power goes out.
  • Understand the difference between a flood watch (flooding is possible in your area) and a flood warning (flooding is happening or is about to happen in your area), and be prepared to evacuate if public officials tell you to do so.
  • Know your best evacuation routes, and plan ahead of time where you’ll stay if you have to evacuate.
  • Make a plan for communicating with friends and family. Write down and keep with you copies of important numbers, don’t just store them in your phone.
  • Gather items you’ll need to take with you if you have to evacuate. Include clothes, food, water, first aid items, money, phones and chargers, and important documents such as insurance policies, home inventories, personal identification, and prescriptions. Also include any irreplaceable items like pictures or other mementos.
  • If you have valuable or sentimental items you’re not taking with you, bag them or put them in plastic bins if possible, and place them in the highest safe spot in your home.
  • Consider buying flood insurance for the future. L & M Insurance Group represents several private companies that write flood insurance policies at a more competitive rate than those of the National Flood Insurance Program (NFIP). These policies also have higher available limits than the NFIP’s standard policies.

According to insurance experts, only about 20 percent of the victims of the devastating floods in the Houston area following Hurricane Harvey had flood insurance. The remaining 80 percent will have to find a way to rebuild with only the possibility of federal disaster relief, which comes in the form of low-interest loans which have to be repaid, or Federal Emergency Management Agency (FEMA) disaster grants, which are typically not nearly large enough to cover the damage.

Floods are America’s most common and costly natural disaster, according to FEMA. They cause millions of dollars of damage a year, and can happen anywhere. Don’t wait until the water’s rising to prepare.

Give L & M Insurance Group a call at 813-672-4100 or contact us here if you have any questions about flood insurance, or if you’d like a quote. We are here to help.

Five Things to Do Now to Prepare for Hurricane Season

Florida hurricane deductible

The start of the 2017 hurricane season is just 10 days away. Are you ready? If you’ve lived in Florida for any length of time, you know how much havoc a storm can cause. Better to spend an hour or two now to save a lot of stress and worry when a storm is bearing down on you.

Here are five things to do NOW to prepare before a hurricane blows your way:

  • Inspect your home and yard. Now is the time to make any necessary repairs to your roof (if you replace your roof, be sure to get a wind mitigation report—it could save you money on your homeowners insurance), cut down dead tree limbs, or buy any necessary storm shutters, plywood, or braces for your garage door. Also make note of any lawn furniture, children’s play equipment, or potted plants that might need to be moved so a hurricane’s high winds don’t turn them into flying hazards.
  • Check evacuation and flood zones (they aren’t the same). If you live in an evacuation zone, familiarize yourself with the route, and make plans now for where you’ll go. If you don’t have to evacuate, consider offering friends or family who must evacuate a place to stay. Tip: Keep your vehicles gassed up during hurricane season, just in case you need to get out of town quickly.
  • Create or update your Disaster Supply Kit. Make sure you have plenty of medicines, food, water, batteries, pet supplies, and other crucial items on hand. Include a portable NOAA radio, and if you have a landline, a corded phone (portable cordless phones won’t work if there’s a power outage). Click here for a full description of what your Disaster Supply Kit should contain.
  • Collect copies of important documents, such as driver’s licenses, and insurance policies, and make sure you have your insurance agent’s contact information.   Take pictures of your home and belongings if you haven’t already done a full home inventory, and store those pictures someplace that won’t be affected by the storm, either online or with a friend or family member outside of Florida.
  • Review your insurance policies. What is your hurricane deductible? Do you have flood insurance? Standard homeowners policies do not come with flood coverage, but flood insurance is more affordable than ever, so you might want to look into buying it.

Don’t let a hurricane catch you unprepared. Take time now to prepare your home and your family for any coming storms. And remember, L & M Insurance Group is here to help you. Please contact us if you have any questions about hurricane or flood coverage.

For more information, please visit:

Hillsborough County Emergency Management

https://www.ready.gov/hurricanes

 

Do an End-of-Year Insurance Review

Insurance review

Now that the holidays are winding down, you may be thinking about your goals and plans for next year. If one of those plans is improving your financial condition, one way you can do this is to conduct a review of your current insurance coverage. Your goal is to have the right amount of coverage for your needs, at the best price.

First, look over your policies to remind yourself of your current coverage and deductibles, insurance premiums, and discounts. Then consider how your life has changed in the past year. Did you get married, divorced, or have a baby? Do any of your children now have driver’s licenses? All these changes should be reflected in your insurance portfolio. Here are a few additional specifics to consider:

Auto Insurance

Is it time to raise your deductible or drop comprehensive and collision coverage? Has your commute changed? Do you have additional drivers in your household who are not listed on your policy? Are you receiving all the discounts, such as safe driver or multi-car, that you’re eligible for?

Homeowners Insurance

If your home were destroyed, would your coverage be adequate to replace it at today’s construction costs? Do you have enough coverage for your personal possessions? You may need to increase your coverage limits if you’ve made improvements to your home, or bought or received as gifts expensive items such as computers, jewelry, or art.

If you’re thinking of raising your deductible as a way to save money on your premium, would you have the resources you need to pay that deductible if you have a claim?

You may be eligible for discounts on your homeowners insurance if your alarm system is monitored. You’ll need to provide a certificate from your monitoring company to receive the discount. If you’ve recently replaced your roof, ask your insurance agent how you can benefit from a wind mitigation report.

Flood Insurance

The entire state of Florida is at risk for flooding. Even if you don’t live in a so-called high-risk area, if you don’t have flood insurance, you might want to consider buying it. We represent several private companies that write flood insurance policies at a competitive rate.

Umbrella Policy

An umbrella policy is additional liability insurance, beyond your home and auto insurance, which protects your assets from a lawsuit. If your assets have increased, you will want to make sure you have enough coverage, or if you don’t currently carry an umbrella policy, you might want to consider purchasing one.

Life Insurance

If you’re the breadwinner, what would happen to your family if you die? A life insurance policy is one way to provide for them after you’re gone. In addition, although life insurance is mainly intended to replace lost income, consider buying life insurance for a non-working spouse or domestic partner. It can quickly become expensive to replace the work he or she does to keep your household running.

Because insurance is an important part of your financial life, it’s good to review your policies from time to time to be sure your coverage remains in line with your assets and liabilities. Remember, if you have any questions about your policies, L & M Insurance Group is here to help.