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Getting the Right Commercial Insurance in Sunrise Florida

When opening up a business in Sunrise, FL, getting commercial insurance should be on top of the ‘things-to-do’ list. No one knows when a business might be hit with a million dollar liability lawsuit, and in fact many successful businesses had to fold shop just because they couldn’t afford to pay their legal liability.

Assess Your Requirements

In order to assess how much coverage you will actually require, you need to do your homework. Go through all recent legal actions that have affected other companies in the same industry as yours to get an idea of the frequency and intensity of lawsuits. You can get a rough estimate of the required coverage by examining the average settlement amounts and legal costs of common cases.

Get a Combined Insurance Package

A single insurance policy may not cover every type of damage pertaining to a business. For example, some policies may cover legal fees incurred during a lawsuit while others may cover damage to warehouses or workers. This is why it may be necessary to get additional coverage. Instead of getting multiple insurance policies and potentially raising your premium costs , consider a package policy such as Business Owner’s Policy (BOP) which can be customized to meet your needs.

Compare the Policies

By comparing policies, we don’t mean comparing the annual rates and costs. Rather, compare the-coverage provided as it relates to the cost of the policy. Now obviously, a policy offering more coverage will be more expensive, which is why you need to select coverage which will protect your assets and potential liability exposure but not over insure.

Independent Insurance Agency

Perhaps the most important tip is to work with an Independent insurance agency like American Insurance Agency in Sunrise Florida. As an Independent Agency we are able to find you the best coverage at affordable prices on commercial insurance whether you are located in Sunrise, Fort Lauderdale, or any other location in Florida. The agents are experienced in the field of insurance and can guide you through the fine print as well as the legal limitations of a policy. This can prove to be an invaluable service as you grow your business and need to change your coverage accordingly.

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Homeowners Insurance Guide for Fort Lauderdale

Homeowners insurance may seem pretty simple; it’s insurance that covers your home in case of damage, correct? Well what if we told you that you don’t even need to own a home in order to get coverage? Sounds confusing right? Hold on, let us clear the confusion and provide a better understanding of the coverage’s available in the market .

Is Home Insurance Mandatory for Fort Lauderdale

The answer is both yes and no. On paper, it’s the latter, but in practical terms, a person needs home insurance. Why? Because most mortgage lenders won’t lend money for a home loan unless you have homeowners insurance. Unless you are in the tiny minority in the area that can purchase a house without a loan, you will definitely need home insurance. Some landlords might not even let you rent their home, condo, or apartment unless you purchase a renters policy!

What Does Home Insurance Cover?

Well obviously home insurance will cover damage to the house, but it isn’t as simple as that. The type and cause of the damage is also a factor in determining whether you’ll be getting a payout or not. Most standard home insurance policies in Fort Lauderdale cover damage done to the house by theft, vandalism, lightening, fire and other perils defined in the policy, but damage done by hurricanes or floods will require additional coverage. The cost of this coverage depends on your house’s location in Fort Lauderdale, condition, age, and compliance to the current building codes, and will generally be higher if your house is near the beach or is in a flood zone.

Based upon the policy coverage’s purchased, damage done to the interior and exterior of the house (walls, floors, tiles) is typically covered by the insurance. Wait there’s more; the insurance may also cover other property for damage or theft as well. For example, clothes or furniture damaged in a fire will be reimbursed by the insurance company. It gets even better; you may also make a claim for any property that has been vandalized or stolen, even if it wasn’t in the house. So if your watch gets lost or stolen, your home insurance might fully reimburse you depending on the coverage and exclusions of your policy!

And that’s not all; some home insurance policies cover damage done by the insured to another party’s property, even if it wasn’t done within the premises of your house! In case of the house getting damaged by a covered peril and needing extensive repair, the insurance covers the cost of the motel or rental home that you and your family stay in during the course of the repair, up to the policy limits.

Levels of Coverage

There are three major levels of coverage that you can choose from.

Replacement Cost

This policy covers the value of your home as well as your belongings without deducting any depreciation up to the policy limits, meaning you’ll be getting the full amount of coverage that you insured the property for, provided it is repaired or replaced.

Actual Cash Value (ACV)

Actual cash value is generally cheaper than the above, but takes depreciation into account. Losses will be settled based upon the ACV of the property at the time of the loss, less depreciation, but not more than the amount required to repair or replace the item. It is also tied to the dollar limit stated in the policy.

Guaranteed Replacement Cost

This is the most expensive of the three policies, and covers the full value of the house as well as going above the insurance limit to repair it. In simple terms, you are guaranteed to be getting the full price of your house and the cost of your damaged belongings. This coverage is not always available in all communities in the standard insurance market.

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The Different Types of Auto Insurance Coverage in Sunrise Florida

If you are buying a car for the first time, getting auto insurance in Sunrise FL can be challenging. For one, there are so many different kind of policies, and it can get pretty confusing choosing one that best fits your needs. The other problem is that many people consider all auto insurance policies to be the same, because they all come with a relatively high cost. But what we must understand is that a majority of the states in the US, including Florida, make it mandatory to have at least a basic level of auto insurance.

General Information

Florida is a No-Fault insurance state, which means the mandatory insurance policy will cover specified claims, up to the policy limits, regardless of who was to blame in the accident.

Get a Combined Insurance Package

A single insurance policy may not cover every type of damage pertaining to a business. For example, some policies may cover legal fees incurred during a lawsuit while others may cover damage to warehouses or workers. This is why it may be necessary to get additional coverage. Instead of getting multiple insurance policies and potentially raising your premium costs , consider a package policy such as Business Owner’s Policy (BOP) which can be customized to meet your needs.

Mandatory Insurance Personal Injury Protection (PIP)

Drivers are required to get PIP insurance to drive legally in the state. PIP covers medical bills, work loss, replacement services and death, up to the policy limits, that are incurred due to an accident. The PIP policy limit is $10,000 and there is percentage allowance for each of the four areas of coverage. The coverage is not limited to the driver, but also extends to their immediate family and with any passengers in the car that may not have their own PIP policy.

Property Damage Liability

You must also carry Property Damage Liability (PD) with a minimum of $10,000 as described in Part A below. This is also a requirement of the Florida Financial Responsibility Law.

Florida Financial Responsibility Law

Chapter 324, § 324.011 F. S.

Summary – The law is in placed force by an accident which involves: bodily injury; or property damage when a vehicle is rendered inoperative; or serious traffic violations, such as DUI or committing a felony with a motor vehicle.To meet the requirements of the Law you must carry Bodily Injury (BI) liability coverage and Property Damage (PD) liability. The minimum coverage specified by law for Bodily Injury is $10,000 per person, $20,000 per accident. The minimum requirement is $10,000 for Property Damage coverage.

Part A- Liability Property Damage Liability (PD)

Property Damage Liability is insurance coverage that covers damage that someone else’s property may have suffered as the result of an accident for which you are legally liable. The lower limit for this insurance is once again $10,000.

Bodily Injury Liability (BI)

Bodily Injury liability insurance is required to pay the medical bills of anyone injured in the accident for which you are legally liable. The minimum limit for this is $10,000 per person and $20,000 per accident

Recommended Insurance Coverage Part B- Medical Payments

Medical Payments (MP) is insurance coverage that pays expenses for necessary medical and funeral services to persons injured by accident. Any amount payable for MP is reduced by amounts payable for the same expense under Liability, PIP, or Uninsured Motorists coverage’s.

Part C- Uninsured Motorists Coverage

Suppose there’s a scenario where you are involved in an accident and the other driver (who is at fault) doesn’t have any liability insurance coverage or has coverage limits that are lower than your medical expenses, Uninsured Motorists coverage will help pay for your medical bills. It will not provide duplicate coverage, in other words it pays after all other available coverage’s have been used.

Collision and Other than Collision (Comprehensive)

Collision means just that. It means upset or impact with another object subject to provisions of the policy. Everything else falls under Other than Collision (Comprehensive), such as falling objects, fire, theft, larceny, explosion, earthquake, windstorm, hail, water, flood, vandalism, riot, contact with a bird or animal, and breakage of glass.

Other than Collision (Comprehensive) can be purchased alone but in order to get Collision you must purchase both Collision and Comprehensive together.

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Tips to Finding the Right Insurance Agency in Sunrise, Florida

Are you looking for an insurance agency within Sunrise, FL? Confused by all the options that you have available? Here is a quick guide to finding the insurance agency that is the most suited to your particular needs, so follow the tips below to select the ideal insurance agency in Sunrise, FL:

Always Consider Every Option

When investing in an insurance policy, you need to make sure that you have chosen the right agency to assist with the options. Your Independent Insurance Agent is trained to analyze the many options offered by different insurance companies and find the right policy to meet your needs.

Make Trustworthiness a Priority

A good working relationship with your insurance agent is important, as you will not be able to work well with an insurance agency that you cannot trust. Thus, when you meet with an insurance agent, critically evaluate them, and decide whether you can work with them for an extended period of time. Look for an agency that displays the TRUSTED CHOICE logo for their agency.

Reputation Is Important

Take referrals and recommendations from friends, family and business associates. Make sure that the agency you choose has a good reputation and is known for its high quality of services and reliable information. Reputation builds over time due to good quality of services, qualified and experienced employees, and overall performance of the agency over the years. Thus, choosing an insurance agency that has a good reputation ensures that you will be provided with the best services by professional agents.

Licenses and Credentials

All insurance agents and insurance agencies in Sunrise, FL, need to be officially licensed by local authorities. Thus, before finalizing your decision about the agency, reaffirm that it has the right credentials for the job. Their licenses should be on display in their office.

Price Should Not Be the Only Deciding Factor

When comparing a number of insurance agencies, you cannot simply choose the one that offers the lowest priced policy. You need to evaluate the coverage provided by the insurance policies, as well as the services provided by the agencies to determine whether they have your best interest in mind and will meet your needs.

Ask Questions

If you are confused about the details of a policy, ask the insurance agent about it repetitively until you understand it. An insurance agency that offers extremely low rates should also be questioned to determine how it is able to provide you with low rates when its competitors cannot do so. You deserve to get all the answers before making your decision. We often find clients that have been sold the wrong coverage for their purpose, such as personal insurance to cover a business liability or homeowners insurance to cover a rental property.

Take Your Time

You are encouraged to consider all options before reaching a decision. Take time to evaluate the pros and cons of the various policies. Do not rush into making a decision until you are certain that the policy provides the coverage you need to protect you and your assets.

Assess Your Needs

Every individual has their own particular requirements when they approach an insurance agency for coverage. Hence, make sure that you evaluate your needs and invest in the right insurance policy accordingly. Use these tips to find the best insurance agency in Sunrise, FL for your insurance policy and live a safer life with greater peace of mind. At American Insurance Agency we are dedicated to providing you with this peace of mind. Call 954-777-9980.

Florida Auto Insurance

No matter if you’re driving your family to visit Disney World or driving to the store you’re required to have Florida auto insurance covering your vehicle.

The state of Florida requires by law that minimum coverage’s are in place, in order for a vehicle to be operated legally.

Florida Law requires that the owner of automobiles secure Florida Automobile Insurance for all automobiles owned. The minimum required by law is 10/20/10. $10,000 for each person injured, $20,000 for claims of all persons injured and $10,000 for all property damage in one accident.

Those who don’t carry insurance and are involved in an accident with injuries and/or property damage will face stiff penalties. The operator of the vehicle involved in the accident would lose their driver’s license and the owner of the vehicle would lose the registration of ALL Vehicles owned until all legal claims of the injured party are satisfied and proof of coverage for future accidents is provided.

Protecting yourself and the passengers in your vehicle is important; however, it’s also important to protect yourself from underinsured or uninsured motorists.

The Best Sunshine State Coverage

American Insurance Agency has a wide range of auto insurance coverage options designed to meet the specific needs of our clients with either a Personal Auto Policy or a Business Auto Policy or both. You don’t have to sacrifice quality coverage for cost, as we offer some of the best rates in Florida. Our experienced agents are available to ensure your policy is customized to meet your needs and at a rate that meets your budget.

The most common Florida auto insurance coverage we offer are bodily injury liability (BI), property damage liability (PD) , collision, comprehensive, medical payment, personal injury protection (PIP), and uninsured which covers underinsured drivers also.

Florida is a NO-FAULT state and the owner of the automobile is required by law to have Personal Injury Protection or PIP coverage which provides up to $10,000 of protection for the owner and those riding in the automobile. PIP coverage is required to register an automobile but DOES NOT satisfy the requirements of the Florida Financial Responsibility Law, the 10/20/10 coverage.

Property Damage Liability or PD covers the damages for which you or a covered driver of your vehicle is legally liable for someone else’s property due to an auto accident. Personal Injury Protection or PIP is often called Florida No Fault Insurance. It covers YOU in the event of an accident, no matter which driver is at fault, to the limit of your policy. It will also cover others in your household, such as children who do not own a vehicle or PIP insurance. For those who are injured while in your vehicle and who have PIP coverage, their PIP will cover their injuries.

Don’t Go Unprotected – Let American Insurance Agency Protect You and Your Family!

At American Insurance Agency, we will offer many discounts, to help save you money. Our agents will provide you with the assurance that you’re getting the best rate possible, and we’re happy to answer any questions you may have. Having a knowledgeable auto insurance agent is a big benefit and much more support than just having a computer in your corner! Call American Insurance Agency today, to learn more about our available Florida auto insurance coverage, and our commitment to our clients’ satisfaction.