November 2017

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Insurance insights for Sun Insurance Services clients

From Our President: Jim Brandt

Dear friends,

Was this a familiar scene at your house this Fall?

At our house, it was all hands on deck–even the little ones–as we recovered from the mess Irma left. How is your clean-up going?

If you filed a hurricane claim, you should have by now been visited by an adjuster. If not, please call me. I have begun seeing settlement letters and checks sent by the carriers.

If you’re still in the process of recovering, let me repeat a few pieces of advice that will keep you from being a victim of unscrupulous contractors.

First, do not sign away your benefits to a contractor, or agree to give up part of your settlement to have your deductible covered.

And second, make sure anyone you hire to do repairs is licensed and has current insurance.

And, finally, I want to reiterate my advice to buy a flood policy for your property NOW. If you agree flood insurance is a good idea, now is the time to act and get beyond the 30-day waiting period. Otherwise, you’ll get busy and forget, and next year you’ll be in the same situation.

And remember, floods don’t just happen during hurricane season, and everyone in Florida is in a flood zone.

Are you planning to host any family or friends’ gatherings this holiday season? If you do, you might want to have an umbrella policy in place to cover expenses of any accidents that happen on your property that your homeowners insurance might not cover. You’ll find more information below, and we can run a quick quote for you if you’d like. I think you’d be surprised at how affordable umbrella insurance is.

Also, keep in mind as you begin your holiday shopping that jewelry, artwork, and some electronics may need to be added to your homeowners policy to be covered.

And finally, if you own a business of any size, take a minute and read our quick tips on workers comp insurance. It can save your business if a worker is injured on the job, even if you have only one or two employees.

November is the month we focus on gratitude, and I am thankful for many blessings, including my two little helpers, Aubrey and Hannah. I am also very grateful for a capable and dedicated staff, and for you, and the confidence and trust you have in Sun Insurance.

Thank you for being a customer of Sun Insurance Services. We appreciate your business and wish you good health and happiness in the days ahead.

Until next month, Jim

 

 

PERSONAL INSURANCE:
Shelter your assets with an umbrella policy

It’s impossible to turn on the radio or drive down the street without being inundated by ads for personal injury attorneys. If someone slips and falls in your home, or if someone is injured in an auto accident deemed your fault, you may be hearing personally from one of these attorneys. Are you covered?

Here is some great information from the Institute of Insurance Information.

Your auto or homeowners insurance will provide you with some liability coverage. If you are sued, those policies will pay up to your policy limits for legal judgments against you, as well as the related attorney’s fees.

However, in our litigious society when a lawsuit settlement could very well wipe out your financial assets, you may want the extra protection for your assets that a personal umbrella liability policy provides.

An umbrella policy kicks in when you reach the limit on the underlying liability coverage in your auto, homeowners or renters policy. It will also cover you for additional types of claims, such as libel and slander.

You can buy a $1 million personal umbrella liability policy for about $150 to $300 per year. The amount you pay decreases for each million dollars of coverage beyond that.

Because the personal umbrella policy pays out after the underlying coverage is exhausted, most insurers will want you to have about $250,000 of liability insurance on your auto policy and $300,000 of liability insurance on your homeowners policy before they will sell you an umbrella policy.

If you have any questions about your coverage, or you’d like a quote, please let us know. We can run a quote in just a few minutes.

COMMERCIAL INSURANCE:
Do I need terrorism insurance?

Terrorism insurance is offered as an endorsement or  addition to standard commercial property insurance policies. A standard business policy alone will not cover losses caused by terrorism.

Terrorism coverage is offered through a program that allows the federal government and the insurance industry to share losses in the event of a major terrorist attack so adequate resources are available for businesses to recover and rebuild if they are the victims of a terrorist attack.

A commercial terrorism policy covers damaged or destroyed property—including buildings, equipment, furnishings and inventory. It may also cover losses associated with the interruption of your business. Terrorism insurance may also cover liability claims against your business associated with a terrorist attack.

Losses are only covered by a terrorism insurance policy if the U.S. Department of the Treasury officially certifies an event as an act of terrorism. The act must also cause at least $100 million in damage to be considered a terrorist attack.

About 60 percent of U.S. businesses have terrorism insurance.

The cost for terrorism coverage ranges from $19 to $49 per million of insured value.

Want more information? Call us at 407-781-1600.