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Homeowners Insurance and the Attractive Nuisance

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As summer winds down, your family might be spending more time playing outdoors—and maybe you have a jungle gym, pool, or even a trampoline so they can have a blast. While these things are great fun for your family and invited guests, how do they affect your homeowners insurance? What if a child comes onto your property without your permission, say maybe when you’re on vacation, and gets hurt while playing in your yard? Are you responsible for that child’s injuries?

You certainly could be.

The attractive nuisance

Items like pools, swing sets, zip lines, trampolines, hot tubs, skateboard ramps, and so on, are not just fun items for your family to enjoy. They’re also what is known as attractive nuisances. An attractive nuisance is something on your property that is “attractive,” especially to children, but is also potentially dangerous. Even things like heavy equipment (perhaps used for construction or remodeling), holes, and non-working cars can be considered attractive nuisances!

And because of what’s known legally as the attractive nuisance doctrine, homeowners can be held responsible if a child* is injured on their property due to an attractive nuisance. As a homeowner, you are required to safeguard children from an attractive nuisance if at all possible, even children who have not been invited onto your property.

How homeowners insurance is affected

Some attractive nuisances, like pools, may make your home insurance premiums more expensive. Many insurance companies charge higher premiums if you have a pool on your property, due to the higher risk of accident. They will also only cover liability for a pool if you meet state and county requirements regarding fencing or screening in your pool. Pools are not only the cause of drownings, but slippery pool decking can also cause falls. Other backyard equipment, such as trampolines, may even be excluded by some insurance companies, as are diving boards and pool slides. It’s important to disclose the presence of these things on your property to your homeowners insurance agent so he or she can place you with an insurance company that will insure you. Future claims could be denied if your insurance company is not aware of the presence of attractive nuisances such as the ones listed above. Be sure to talk to your insurance agent if you have any questions about what might or might not be covered under your homeowners insurance policy.

Do you have enough liability coverage?

Another consideration: If you have a pool or other backyard play equipment, make sure you have enough liability coverage on your homeowners insurance policy to cover the cost of injuries a visitor (invited or uninvited) could incur on your property. If the injury expenses are more than your policy’s limits, you will be responsible for the rest of the cost. Many standard homeowners policies come with a $100,000 limit, but it costs very little to raise that to $300,000. You might also consider buying an umbrella policy, which will kick in once you reach the limit of your homeowners insurance liability coverage.

Aside from buying adequate insurance coverage, if your property contains an attractive nuisance, you also should take precautions that include:

  • Creating physical barriers to the attractive nuisance: a fence with a locked gate around your yard, a fence and alarm for your pool, and so on.
  • Making sure guests, especially children, understand and follow safety guidelines.
  • Supervising children while they’re playing at your home.
  • Installing proper lighting.
  • Keeping walkways clear of items that might cause a trip and fall.

Insurance agents you can trust

At L & M Insurance Group, we understand the importance of finding the right homeowners insurance policy. We are an independent insurance agency partnered with many great homeowners insurance companies, and we’d love to help you find the most cost-effective coverage for your individual situation. Please give us a call at 813-672-4100, or request a quote online. 

*Usually, in Florida, an adult has no right to recover damages incurred while trespassing.

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Is Bundling Your Insurance Policies Right for You?

by Posted in Auto Insurance, Homeowners Insurance Tagged , ,

You’ve probably seen TV commercials that talk about bundling your insurance coverage, and you may be wondering if bundling—buying more than one type of insurance policy from the same insurance carrier—is right for you. Could you save a significant amount of money by buying your auto insurance and homeowners insurance from the same company, for example?

Maybe. But maybe not. Here are some things to think about if you’re considering whether or not to bundle your insurance coverage.

Will bundling save you money?

The most popular reason to bundle insurance is to save money on policy premiums. Bundling discounts vary by company, but usually range from 5-25%. In Florida, however, you might not get much of a discount—one study found that Florida consumers saved less than those in other states on bundled policies, only about 6.7%.

In certain situations, you also won’t save much, if anything, by bundling your insurance—if you have a less-than-pristine driving record, for example. We’ve found that companies that offer a good rate for your auto insurance may not be competitive for your home insurance, or vice versa.

Some consumers like the convenience of dealing with one insurance company for multiple policies. But this convenience can sometimes be a disadvantage if you want the most cost effective insurance. Once you place your policies with one company, you may be less likely to shop around for a better quote at renewal. While it may be tempting to “set and forget” your insurance coverage, if you do so, you may wind up paying more than you need to. Premiums tend to inch up at renewal each year. It’s good practice to review your coverage and your premiums yearly, or if you have a major life change such as marriage, divorce, or a move.

Other ways to save on insurance

Insurance premiums are based on a number of factors, including the value of what you’re insuring, your credit record, and where you live. Bundling may save you money, but not always. Your best bet is to contact an independent agency, like L & M Insurance Group. Our agents will shop for the best rates and coverage for your situation, whether it’s with one insurance carrier or more than one.

Bundling is also not the only way to save on your insurance coverage. Talk to your agent about ways to lower your insurance costs. Ask about discounts (for example, some auto insurance companies offer a discount if you have a homeowner’s insurance policy, even if it’s not with them) and consider raising your deductibles. Also, if your credit improves or a moving violation comes off you driving record, your insurance premiums may go down.

And if you’re still interested in bundling your insurance, remember to compare the price you’d pay for bundled policies with the two lowest cost individual policies. And always be sure you’re comparing similar coverage when you compare insurance quotes.

We know shopping for insurance is no one’s favorite activity. That’s why an independent insurance agency like L & M Insurance Group is an excellent choice to represent you. We can do the comparisons for you—we partner with many great auto and homeowners insurance companies, as well companies that write insurance for boats, RVs, jet skis, and so on. We also write life, health, and business policies. We’ll work with you to create an insurance package that will work with your budget and provide the insurance coverage you need. Please give us a call at 813-672-4100 (or contact us online) for a free quote today!

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2021 Hurricane Season Dos and Don’ts

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The 2021 hurricane season is upon us. We were lucky last year, and Florida didn’t have to cope with a direct hit from a hurricane. But that’s not our norm, and we shouldn’t get lazy about preparing. According to the Tampa Bay Times, since 1851, Florida has been hit by 121 hurricanes and 37 major hurricanes—by far the most of any state. To help you stay prepared for a storm hitting our area, here are some dos and don’ts for the 2021 hurricane season.

DO be sure you have the right insurance coverage

If your home is severely damaged or destroyed by a hurricane, your homeowners insurance could be all that stands between you and financial devastation. Now is the time to review your homeowners policy to make sure it covers the current true value of your home. You should also familiarize yourself with your coverage terms, including your hurricane deductible, and consider purchasing flood insurance if you don’t already have it. Most standard homeowners insurance policies do not cover water or flood damage, including water damage caused by a hurricane or tropical storm. You may want to review your coverage with your insurance agent if you have questions or need advice.

DO gather important documents

If you need to evacuate, you’ll want to be able to quickly locate documents, photos or videos of your belongings, and even certain irreplaceable mementos. Make a checklist of the items you need, and keep them in a waterproof container that you can grab as you leave.

DO prepare your home and yard

Make necessary home repairs, especially any to doors, windows or your roof. Look for branches that hang over your house or screened enclosure as well as dead or dying trees. Most tree work should be done by a professional for safety’s sake.  Also check your yard for anything that could become a flying missile during a storm and get rid of it if you can. Have a plan for what to do with things you want to keep, like flower pots and patio furniture.

DON’T wait until a storm is on its way to prepare

In addition to getting your home and yard ship shape, you should also review lists of what hurricane supplies you should have on hand (see Resources below for some helpful links). Check what you already have and start updating or adding to your hurricane supplies as quickly as you can. Include food, water, medications, and pet supplies in your stash. Check use by dates for food and batteries—and don’t forget the toilet paper!

If you’re in an evacuation zone, have a plan for where you will go and how you’ll get there. Prepare a “go bag” for your family, and keep your vehicles gassed up and properly maintained.

DON’T be complacent

Just because Florida didn’t have a direct hit last year doesn’t mean it won’t this year. Take an hour or two to plan now and save yourself the fear and hassle of being unprepared if a storm heads our way.

DO remember L & M Insurance Group is here for you as you prepare for the 2021 hurricane season

If you need a quote for homeowners insurance, flood insurance, or if you have questions about your existing policies, please give us a call at 813-672-4100. (Click here to request a homeowners insurance quote or here to request a flood insurance quote online.) We are a local, independent insurance agency serving Tampa, Brandon, Valrico, Riverview, and surrounding communities.

Resources

Floridadisaster.org

Insurer Southern Oak has several free resources to help homeowners prepare:

Disaster Preparedness e-book

Home inventory checklist

Family emergency plan

Tower Hill Insurance Advice and Tips

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Homeowners Insurance Skyrocketing? Policy Canceling? L & M Can Help!

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The Florida homeowners insurance market is in turmoil, and Florida homeowners are paying the price—literally. Premiums are rising fast, and just recently two more homeowners companies received permission from the Florida Office of Insurance Regulation (OIR) to cancel more than 33,000 Florida homeowners insurance policies. A third company plans to non-renew an additional 19,000+ policies over the next 14 months. As hurricane season looms, more than 50,000 Florida policyholders will need a new homeowners insurance policy.

Are you one of them?

If you’re one of the Florida homeowners who will be affected by this situation, please give L & M Insurance Group a call. We represent multiple financially sound homeowners insurance companies—those that are nationally known but also solid, lesser-known companies. Our agents will carefully compare our markets to find the best deal for you, one that combines the policy features you need, at the best price available. (Call us at 813-672-4100, or click here for a homeowners insurance quote.)

Why is this happening?

Even though in 2020 Florida saw no direct hits from hurricanes, Florida insurers reported combined losses of nearly $1.6 billion. In fact, this is the fifth year in a row Florida insurers have suffered losses. The reasons? According to industry experts, these losses are due to excessive lawsuits, dishonest contracting schemes, catastrophes, and the high cost of reinsurance.

Lawmakers are attempting to pass legislation to ease the situation, but that won’t take effect immediately. Insurance companies are writing fewer policies in areas that have high litigation rates and reinsurance costs, they’re tightening underwriting requirements, and they’re raising premiums. All this means that homeowners insurance is harder to get and more expensive.

How L & M can help

As a local, independent agency, we do our best to work only with financially sound insurance companies. We live and work where you do, and we’re personally familiar with markets in Tampa, Brandon, Valrico, Riverview, and surrounding communities. Please give us a chance to serve you by calling us at 813-672-4100, or by clicking here for a homeowners insurance quote.

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Plan Ahead Before a Natural Disaster Strikes

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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:

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.)

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

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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!

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Insurance 101: Terms You Should Know

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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.

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Don’t Be the Victim of a Roofing Scam

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Replacing a roof will likely be one of the larger expenses you’ll have as a Florida homeowner. And while you’re probably looking for ways to save money on that major expenditure, be aware that roofing scams are common, and could leave you out of pocket with a roof still in need of repair, or worse yet, on the hook for insurance fraud.

What are some of the most common roofing scams?

Roof scammers take advantage of homeowners by trying to convince them that they can get it done a lot cheaper—or even for nothing. They may do shoddy work, not complete the job, or simply take your money and disappear.

There are a couple of scenarios you should watch out for. One of the most common is for “storm chasers” to come through a neighborhood after a storm, talking to residents or leaving flyers offering to fix damaged roofs, sometimes “at no cost to homeowners.” How is that possible? They may tell you they’ll pay your insurance deductible, or have you sign a contract that includes an Assignment of Benefits (AOB) clause. AOB is an agreement that transfers an insurance claim’s rights or benefits of the policy to a third party (in this case, the roofing company)—that third party files the claim and collects the insurance payments. This sounds good in theory, but in reality has become a huge source of fraud. The costs associated with Assignment of Benefits abuse are a prime reason homeowners insurance is so expensive in Florida.

Another scam involves someone knocking on your door offering to do a free roof inspection. They often say they’re doing work in your neighborhood and will offer you a good deal.  Sometimes they even say they just happened to be driving by and noticed some damage on your roof! (If you think about it, how likely is that?) Of course, they will claim they found damage, possibly when there is no damage at all, or not enough to warrant replacing your entire roof. In some cases, scammers actually damage your roof themselves.

Other scams include lowball estimates or requiring a large down payment before starting work. While of course you want to be budget conscious, you may not want to go with the lowest estimate for a roof replacement. In the case of a roof, where quality work is especially important, lowest is not always best. It’s likely either the work will be poor, or they’ll come back in the middle of the job for more money because of “unforeseen” problems or increases in the cost of materials.

You should also avoid making a large down payment. The industry standard runs around 20 percent, so if a roofing company asks for a lot more, that’s a red flag.

How to protect yourself from roofing scams

Replacing your roof is a major investment, so how can you increase the odds that you’ll have a good experience?

First, be wary of unsolicited offers to do a roof inspection. There are many honest and legitimate roofing companies out there, but they probably won’t be going door to door to drum up business. If you know your roof needs to be inspected, repaired, or replaced, ask your friends and relatives for recommendations, or consult a home repair rating service such as Angie’s List or homeadvisor.com.

Before signing a contract, ask for local client references, and call them to see if they were satisfied with the work done. Check with the Better Business Bureau to see if there are any complaints about the roofing company.

Require a written proposal that includes a full description of the work to be done, start and finish dates, and a payment schedule. Make sure you have the roofing company’s business address, telephone number, and tax id number. Ask to see copies of their contractor’s liability insurance and worker’s compensation certificates, so that if one of their employees is injured while working on your roof, you will not be held liable.

Do NOT be pressured into signing a contract without doing your own research.

Do NOT sign any contract that contains an Assignment of Benefits clause without checking with your insurance company or L & M Insurance Group insurance agent first.

L & M Insurance Group is here to help

If a roofing company approaches you with a deal that sounds too good to be true, it probably is. Avoid roofing scams by getting recommendations from trusted sources, and don’t be afraid to take your time and ask plenty of questions. Please feel free to call your L & M Insurance Group agent at 813-672-4100 if you have questions about whether or not a roof repair or replacement will be covered under your homeowners insurance policy. You may also contact us online by clicking here.

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Is Your Homeowners Insurance Rate Going Up? Here’s Why

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Central Florida is a great place to live—we have great beaches, warm temperatures, and a laid-back lifestyle. We also have the second highest average homeowners insurance premiums in the U.S., and our rates are most likely about to go up again.

5 Factors for Why Homeowners Insurance Rates are Going Up

Even though Florida homeowners rates are higher than average, they have been stable, or even going down slightly, for the past 10 to 15 years. Insurance companies have not been increasing their premiums at a rate that matches the reality of the Florida homeowners insurance marketplace, and we are now seeing some big rate increases on the horizon. Here are five factors that have contributed to this situation:

Insurance companies have paid out billions in claims and litigation

Despite nearly 15 years of low hurricane activity, in the past couple of years, Florida has been seriously impacted by hurricanes. Hurricane Irma cost insurers $11 billion in claims, and Hurricane Michael cost $7 billion. Insurers are also seeing something called “loss creep,” which means that the loss estimates are increasing considerably over what the insurance companies predicted they would be, not because of poor planning, but because of a rise in lawsuits (see below).

In addition to hurricanes and loss creep, water damage losses and roof replacement fraud have also increased insurance companies’ cost of doing business in Florida.

Potential Demotech downgrades

Demotech rates the financial stability of more than 40 Florida homeowners insurance companies. They recently announced they plan to downgrade a number of these companies if the companies don’t take steps to become more financially stable. One of the recommendations is that carriers raise their rates to an “actuarially sound” level. (Read more about what this downgrade means here.)

Reinsurance costs are rising

Simply put, reinsurance is insurance for insurance companies. When catastrophic losses occur, reinsurance helps insurance companies cover those losses. Like it or not, the worldwide reinsurance market has been affected by disasters all over the globe—not only hurricanes, but also such catastrophes as the recent California and Australian wildfires.

Some reinsurance companies have pulled out of Florida, while others are asking for substantial rate increases. Reinsurance rates are expected to rise by 15 to 20 percent at the June renewal period, and insurance companies, who operate on razor thin margins, are forced to pass this expense on to their policyholders or face going out of business altogether.

Lawsuits have increased

Insurance companies are spending increasingly more money defending themselves against lawsuits. In addition to the expense of assignment of benefits litigation, one homeowners carrier noted that the percentage of claims represented by an attorney has risen from four percent to 36 percent, and another company reported a 727 percent increase in lawsuits.

Legislation recently passed that should help curb assignment of benefits lawsuits, but another aspect of the legal system is still causing insurance companies’ legal costs to rise. Under current law, attorneys can earn up to three times their hourly rate for a basic insurance lawsuit. This was originally intended to help consumers who couldn’t afford to sue an insurance company. However, now some attorneys are using it as an excuse to collect large fees, and many lawsuits are frivolous or fraudulent. Insurance companies who don’t want to risk losing in court wind up settling out of court. Even if they do so, it costs them much more than paying a claim to an individual not represented by a lawyer.

The homeowners market is hardening

More and more companies are pulling out of the Florida homeowners insurance market or tightening their underwriting rules, making it harder for consumers to get insurance at all. As rates rise and coverage options shrink, the market is said to be hardening. That’s what appears to be happening right now.

At L & M Insurance Group, we understand that this may be a challenging time for Florida homeowners. As an independent agency, we remain committed to finding you the best coverage at the most affordable rates. We represent dozens of financially sound insurance companies, not just one. We pride ourselves on offering personalized service to all our clients. Review your homeowners policy when it comes up for renewal, and give us a call at 813-672-4100 if you have any questions, or if you’d like us to compare rates for you. If you prefer, contact us via email by clicking here.

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Consumers Beware: Your Cheap Insurance Is Probably Cheap for a Reason

by Posted in Auto Insurance, Homeowners Insurance Tagged , , Leave a comment

No one wants to pay too much for their insurance, but Tampa Bay area consumers need to be cautious if they get insurance quotes that seem too cheap. There’s usually a reason for that—such as the cheap insurance policy being quoted is stripped down to the bare minimum. As is the case for many things, with cheap insurance, you get what you pay for.

Financial trouble ahead

In an attempt to bring in business, some agents will quote bare bones, stripped down insurance policies that don’t provide the coverage most people need. We understand that money’s tight and no one really likes to spend money on insurance—a product you hope you’ll never have to use! The reality is, if you buy a stripped down insurance policy that covers only the bare minimum, you may find yourself in major financial trouble.

The purpose of insurance is to protect you financially in the event of an accident or other covered peril—this means replacing your own damaged or destroyed property, paying for your injuries, and paying for any damage you cause or are responsible for, even something as seemingly innocent as a trip and fall accident that takes place on your property. Insurance protects both your physical possessions and your liability.

Cheap Car Insurance Example

In the case of car insurance, for example, the minimum coverage to meet the Florida Financial Responsibility law requirement is bodily injury coverage of $10,000 per person/$20,000 per accident/$10,000 property damage coverage. When you get a car insurance quote, you may be quoted only the bare minimum. Many car accidents easily exceed these limits, especially if multiple vehicles or injured parties are involved, and then what happens? The injured parties are likely to come after you in court.

Cheap Homeowners Insurance Example

You should also be careful when comparing homeowners insurance. If you have a lender, they will require that you carry a certain amount of coverage to protect them. However, will that be enough to enable you to afford to rebuild if your home is completely destroyed? Will you have enough coverage for your contents if you need to replace them? When comparing quotes, ask if you’re being quoted replacement cost or actual cash value.

Compare Apples to Apples

Remember, when you request insurance quotes, make sure each quote is for the same coverage type and for the same limits so you can make a true comparison.

Let L & M Insurance Group help

The good news for you is that more complete coverage might not cost you much more that a stripped down policy. With multiple insurance companies to choose from, L & M Insurance Group is ideally positioned to find you the best coverage at the most cost effective rate. And your L & M Insurance Group agent can also help you find discounts that help lower your costs.

Yes, there are times in everyone’s life when the bare minimum is all you can afford. But during those times, you probably have the “bare minimum” to protect as well. Once you’ve begun to accumulate assets, such as a home, a newer model car, or expensive personal possessions, you’ll want to be sure your insurance coverage keeps pace. Please give us a call at 813-672-4100, or email us, if you’d like a quote, or have any questions about your insurance needs.