Citizens Property Insurance Clearing House FAQs

What is the Property Insurance Clearinghouse?

The Property Insurance Clearinghouse will help match all new personal lines applicants and renewing personal lines policyholders with  participating private - market insurers before placing or renewing coverage with Citizens.

When will Citizens implement the Property Insurance Clearinghouse?

Citizens will launch the Property Insurance Clearinghouse in January 2014.

Why is Citizens implementing the Property Insurance Clearinghouse?

As the Florida insurance market continues to rebound and options for private - market coverage expand, Citizens is working diligently to help Florida homeowners find coverage in the private market. A clearinghouse statute was enacted by the Florida Legislature during the 2013 legislative session with this goal in mind.

Why should consumers try to find coverage in the private market before purchasing a policy from Citizens?

Improvements in Florida’s insurance market are making it possible for some Citizens policyholders to find broader and possibly less expensive coverage in the private market. Citizens policyholders not only may have more restrictive coverage, but also may face higher Citizens policyholder assessments following a major hurricane. When a policy is written by Citizens even though there are private - market offers of coverage, it increases both Citizens’ potential claims exposure and the risk of assessments for all Floridians. (Source)

Learn more about the Clearinghouse and how Adcock can help.

Money Saving Strategies for Tampa Business Owners

Everyone knows that business insurance is certainly not a one-size-fits-all solution. It’s hard for many business owners to actually provide a targeted estimate of what kinds of specific coverage they need for any kind of complex operations. Insurance companies will often meet a businesses halfway in coming up with calculations that work, but a better and more detailed knowledge of what’s currently going on will help those who have to negotiate and sign onto new business insurance policies. 

Keeping Current On Operations

Businesses that have more than one location or more than one corporate vehicle may need to do more research in figuring out what’s in use when a policy is written. It may be that a previously used building is sitting empty or there are fewer drivers on the road than there used to be. Understanding these current needs will help write a policy that’s more effective and less bloated by extra premium costs.

Assess Operations for Likely Liabilities

Another way to get more proactive about writing business insurance is by taking a closer look at everything that happens on a daily basis and evaluating where there may be a coverage gap. For example, the business may not need more security insurance, if workers already operate in a controlled environment, but they may need more kinds of worker coverage for tougher or more dangerous jobs. Even seasonal or climate changes can make some jobs more difficult, with heat stress or seasonal storm risks creating business hazards. In addition, businesses have to look at the vast range of areas where lawsuits may be involved in order to get coverage that won’t leave them exposed if some legal challenge comes up.

Utilizing Government Regulations

Many business owners don’t like to think about OSHA rules or other regulations, but looking at these kinds of laws also provides relevant guidelines for writing business insurance. Of course, all business operations should be compliant. Along with compliance, though, business owners can look at the types of dangers that are covered in OSHA regulations in order to understand how a certain industry may need its own insurance coverage, not to use insurance as an alternative to safety, but again, to get more exact coverage that fits the needs of the business.

These strategies can help a business save money on insurance costs, while giving leaders a better idea of how business processes are working and whether they are as efficient as they should be.
For more information on determining hazards for Tampa business insurance purposes, call us at 813-933-6691.

How Does ObamaCare Influence Your Health Insurance?

Although the Affordable Care Act was signed into law in 2010, the full effects of the legislation have yet to trickle down to ordinary health insurance policies. The main principles behind so-called 'Obama Care' are the reduction of healthcare costs and the efforts to ensure that all Americans have access to affordable health insurance. The act has also been designed to widen the scope of Medicaid and ensure that the estimated 33 million Americans without insurance can purchase affordable policies. However, this legislation is complicated, so breaking it down into its main points is the best way to fully understand it.

What Are the Main Points Of 'ObamaCare'?

1. A Sliding Scale of Maximum Premiums - A family of four earning a combined annual income of $29,000 or less will be eligible for Medicaid. Families earning between 133% and 400% of the national poverty line will receive tax credits to assist in the purchase of private insurance. Insurance premiums will be subject to a cap of 6.3% for a household that has a combined income that falls between 150% and 200% of the official poverty line. Premiums will be capped at 9.5% of household incomes when those incomes are between 200% and 400% of the poverty line.
2. Financial Penalties for Those Who Don't Purchase Insurance - The act defines the affordability of insurance as a policy that does not exceed 8% of a person's income. Those who can afford to buy health insurance but refuse to do so will be ordered to pay a 'fine' of $695 or 2.5% - whichever is greater.
3. Discriminatory Practices Will Be Banned - Insurance companies will not be allowed to increase premiums or refuse coverage on the basis of pre-existing conditions except in a few circumstances, such as coverage for the elderly or for smokers. However, restrictions are in place to limit discriminatory premium increases to a ratio of 3 to 1.
4. Creation of a More Competitive Market - From 2018, a 35% tax will be imposed on employee health insurance plans in excess of $10,200 for one year of individual coverage. It is hoped that this will force employees to shop around for the cheapest policies possible, thus forcing insurance companies to keep their prices low. Online healthcare exchanges will be state or federally-operated marketplaces for the purchase of health insurance policies. It is hoped that, over time, giving people the chance to compare policies on an equal basis will drive prices down.
5. Tighter Regulation for Insurance Companies - Insurance companies now have to spend between 80% and 85% of the income they receive from premium payments on medical care. This legislation is designed to limit spending on executive bonuses, administration and marketing. Companies that underspend on healthcare expenses will be forced to give their customers rebates. Both drug manufacturers and insurance companies will be faced with a substantial annual bill in order to finance this overhaul in America's healthcare system.

It is too early to tell whether or not these changes will result in lower premiums for the American people. 'Obama Care' will provide the insurance industry with 32 million new paying customers, but insurers will be forced to spend more money on care, provide cover for anyone who wants it and provide coverage without discrimination. Insurers may also be forced to provide preventive care in many situations. Increased and more transparent competition could drive prices downwards over time. However, experts and analysts currently have very different views on whether 'Obama Care' will lead to price reductions in the long-term.
This is a complicated issue, but if you feel you need to seek advice from a market expert, give us a call at 866-933-6691. We are here to explain your options and guide you through the relevant changes in the law. You can also get an online Tampa health insurance quote.

Does Home Insurance Cover Wind Damage?

It doesn't take a catastrophic event to cause serious damage to your property. High winds, even in the absence of a named storm, can cause damage to your home. The time to make sure you are covered in the event of wind damage is now, before it occurs. Here's what you need to know about this type of insurance.

What Is Wind Damage Insurance?

Wind damage insurance, also called windstorm coverage, provides protection in the event that your property is damaged by high winds. Such winds may develop in relation to a thunderstorm, hurricane or tornado. Sometimes, even a blizzard or hail can result in damage to your home. For example, if high winds knock a tree into your home or hail breaks your windows, wind damage insurance typically covers that. It usually won't, however, cover the removal of trees that fall in your yard without damaging your home or hail that damages your car.

Standard Home Insurance Policies

Whether or not you are covered for wind damage depends on the terms of your policy. In some states, standard policies do include wind damage coverage. Check your policy to determine whether yours does, or contact an insurance professional to discuss your needs and coverage. This review and discussion is important for the following reasons:

• Coverage can differ depending on the insurance company you choose.
• Your policy may include coverage exceptions that affect your protection in the event of wind damage.
• Deductibles on Tampa home insurance policies vary. A higher deductible means more out-of-pocket expenses for repairs.
• Wind damage coverage is often excluded from policies in areas that are the most vulnerable to hurricanes.
• You may need to purchase separate wind damage coverage if it is excluded from your policy.
• There are limits to coverage. 

Prevention of Wind Damage

While wind damage insurance is important in the event that the worst happens, prevention is just as critical. If you take steps to prevent wind damage, you may not have to pay anything out of pocket. On the other hand, if damage does occur, you may have to meet a deductible and possibly pay for the removal of debris that falls outside your home.
Here are some ways to prevent damage from destructive winds:

• Keep your roof and shingles in good repair.
• Ensure that outer buildings, lights and fences are well anchored.
• Keep your trees and shrubs healthy and appropriately trimmed. Remove deceased trees.
• Before a storm, park your car in a garage or shed or at least away from trees.
• Make sure your windows and siding are in good shape.
• Ensure that your outer doors are sturdy, have triple hinges and posses deadbolt locks.

Speak to an insurance professional to get more information about wind damage insurance. Call Adcock-Adcock Insurance Agency at 813-933-6691 for a free quote.

A Total Headache: What to Do When a Car is Deemed a Full Loss

After the initial shock of being involved in a serious automobile accident has subsided, you must deal with your insurance provider regarding the repair of your vehicle.  No problem; that's what insurance is for, right? Another shock may be in store for you when the adjuster declares the vehicle a total loss, especially if the reimbursement payout offered to you is substantially less than what you feel entitled to receive.
The term "totaled" can mean different things, depending on a car's retail value.  A vehicle is considered a total loss if it will cost ¾ of its retail value to make the necessary repairs to restore it back to its condition before the accident. If the car is an older model, it may not take much damage at all for it to be totaled. A newer model must sustain severe damage—most likely from a front-end collision or rollover—in order to reach such a conclusion.
It doesn't happen often, but sometimes the payment offered is not enough to obtain a replacement that is suitable. You can take steps in order to make sure that your best interests are served.

• You should know the value of your vehicle, including any dealer-added options or aftermarket accessories. Any receipts for accessories will be helpful. Several online sites offer help in making this determination, including the industry standard, Kelly Blue Book. Be sure to take the vehicle's condition and mileage into account.

• Because vehicle ownership has additional costs, you need to add these to the replacement value calculation. Sales tax and motor vehicle registration and title fees are examples.

• You need to carefully review the paperwork regarding payout before agreeing to the amount. Does it meet the results of your personal research? If not, give your research and documentation to the adjuster for reconsideration.

• If you do not find the payout reimbursement satisfactory, it's time to involve your state insurance commission to see how totaled vehicle settlements are addressed. These agencies also have advocates who assist customers in reaching a satisfactory result. Your other option is to hire an independent appraiser and see how much money they say should be offered to you.

It may be possible for you to keep your totaled car. Your insurance agency could be convinced to deduct a salvage value from the payout, and you could use the remaining amount to repair your vehicle. This will require a salvage title, which will make your car illegal to be driven until it is repaired and passes inspection. If you need help in navigating the claims process for automobile accidents, consider calling us at 813-933-6691. Information is available to help in making the best financial decision. Call Adcock-Adcock Insurance today for all of your Tampa auto insurance needs.

Home Insurance Add Ons - What You Need To Know

Do you have the right type of Tampa home insurance? Could your policy not be providing you with enough of the coverage you really need? That's the case in many situations. Add-on policies are those you can add to a basic homeowners policy to provide you with additional protection from the what if situations that could affect you.

Did you know that according to the Insurance Information Institute that six percent of all insured homes had a claim in 2010? 97 percent of those claims involved damage. In some of these cases, the use of add-on policies help to provide these individuals with the protection necessary. What should you have? Consider the following.

Extra Coverage for Valuables

In some situations, individuals will have highly valuable items in their home. For example, you may have a valuable painting, high-tech computer equipment, or items related to your hobbies that are expensive to replace. Do not expect a standard homeowners insurance policy to cover these things if they are not specifically added to your policy. Whether or not it raises your costs depends on many factors, including how much value these items add. If not specifically included, and these items are lost in a fire, you could lose the financial value.

Flood Insurance

In some areas, having flood insurance is a very important thing, but it may not be covered in your policy. Whether or not flood insurance is provided depends on the risk in your area. Most companies do not include flood insurance to those who are in flood zones because the risks are too high. You may be able to add on those types of coverages if you do not have it so your valuables remain protected even in the event of a flood.

Business Insurance

Do you have a home business? Do you store your business equipment, supplies, inventory, or other items in your home? If a fire occurred, a flood happened, or someone broke in and stole that very expensive equipment you use to repair vehicles, would your business be able to financially manage the loss? Most homeowners insurance policies do not provide coverage for business equipment. You may need to add this on or get a separate policy to include it.

What Else to Consider

While you are doing this, also take the time to compare how much coverage you have. If your homeowners policy is not valued at the combined value of your home and any assets in your home, at the very least, you could be left out when an event happens. SmartMoney advises that individuals should have 100 percent coverage for rebuilding the home, since devastating incidents can leave you without the ability to rebuild your home. At the same time, consider any exclusions on your policy, which are items that the company specifically does not cover.

To find out if you need more homeowners insurance or a better policy, contact Adcock-Adcock Insurance Agency today at 813-933-6691.

10 Lessons Superstorm Sandy Taught Homebased Business Owners

After Super Storm Sandy, millions of businesses rushed to file claims for loss of income and business contents damage. The lesson that many home-based business owners learned was that their homeowner’s insurance didn't cover these items; however, home-based Tampa business insurance does.

Since over half of home-based business owners are not adequately covered for loss of business income or assets, they are still struggling to rebuild their home-based businesses four months later.
Here are ten lessons that home-based business owners learned from Super Storm Sandy that you should know.

Have your contents covered.

Surprisingly, many home based business owners did not have content insurance before Super Storm Sandy. After the storm, many home-based business owners were forced to quit their businesses because they did not have adequate coverage. The lesson here is to sign up for contents insurance as soon as possible. This type of insurance policy will cover all equipment in your home from damage caused by natural disasters or accidents.

Have a continuity plan, even for small businesses.

A business continuity plan contains instructions that will kick into action in the case of an IT glitch or natural disaster. If you’re a home-based business owner or a business owner that is working for more than one location, it is important to have a continuity plan in place so that you can quickly get back to business after an accident while your premise is being renovated.

Invest in home business coverage.

Home business coverage covers your business equipment for a higher dollar amount than contents insurance. Not only does it cover for business equipment, but it also covers for the loss of income caused by damage to the equipment.

Include commercial car insurance.

If you have more than one driver or you're using your car to haul goods, have commercial auto insurance. After Super Storm Sandy millions of auto insurance claims immediately went into effect. Some of these claims were not paid out because the cars were not insured as business vehicles, but were being used for business.

Take inventory before a disaster.

Before signing up for contents insurance or business insurance, take inventory of every belonging you have within your business including serial numbers. Then have each of these items evaluated. This way you can make sure that you're being insured for the proper dollar amount. Your insurance company may not be so forgiving on a claim if you're trying to claim a big ticket item that wasn't mentioned at the time purchasing your policy.

Make a timely claim.

Every insurance policy has a stipulated time-period in which to make a claim. If you make a claim after this point, it will not be honored.

Contents are covered outside of the premise.

Business equipment that is originally kept in the home is covered if it is damaged off-premise. This goes for hardware and appliances.

Warranties were not effective.

Some business owners didn't make claims to their insurance company after Hurricane Sandy because they thought their warranties would cover them. A general warranty for electronic good or appliances generally last for 1 to 15 years. However, these warranties do not cover damage caused by natural disasters. For this, you need contents insurance or business insurance.

Backup your data.

One lesson that many people learn the hard way is that all data should be backed up or kept off location. Some businesses had all of their data destroyed during hurricane Sandy.

Keep copies of your insurance policies electronically.

There's nothing like trying to make an insurance claim and not knowing any of your insurance information. To keep this from happening to you, make copies of your insurance policy as well as the inventory of your business and keep it in a safe, weatherproof location such as a bank lockbox or safe.

For more information about insuring your home-based business, give Adcock-Adcock Insurance Agency a call at 813-933-6691.

What you should know about Hit and Run Auto Accident Claims

No one wants to be on the receiving end of a hit and run accident. It's especially frustrating when the driver who hits your car flees the scene. In this case, defensive driving courses teach you to remain calm after an accident and to get out of the car with the intention of obtaining details from the other driver in order to expedite your claim. But, what do you do if the driver doesn't stick around?

Tip #1: Get as much information as possible.

Call the police as soon as possible after an accident.  While you are on the phone, write down as much information as you can about the other driver's vehicle. You should also note the street the accident happened on and any mile markers. If you have a portable camera or a camera phone, you can get even better evidence. Take a snapshot of the other driver's car and zoom in as much as possible to try to capture the driver's image. If the driver takes off while you're on the phone with the 911 operator, make sure to immediately let them know what direction the car is driving in and down what road. For your personal safety, don't try to pursue the driver yourself; let the police handle it so that you don't risk becoming the victim of violence.

Tip #2: Call your insurance company immediately.

You can still file a claim even if the other driver fled the scene. Share whatever information you managed to get in order to maximize your chances of a successful claim. Since leaving the scene of an accident is against the law, you may want to consult an attorney about filing a lawsuit. Provide your attorney with as much information as possible.

When a driver flees the scene of an accident, your insurance company presumes he or she does not have insurance. Thus, you have to depend on your insurance company to handle the claim. If you have to pay out of pocket for any damages, you can recover your payments via a personal injury lawsuit.

Tip #3: Make sure you have adequate insurance before you get behind the wheel.
If you don't carry full coverage and don't have any details about the other driver or his or her insurance, you may be out of luck as far as filing a claim. If no witnesses were present or you didn't get any statements from witnesses, there's really nothing you can do to recover any money.

Hit and run accidents are complicated situations that not all insurance companies are equipped to handle. If you'd like more information on hit and run Tampa Auto Insurance claims, please call an Adcock-Adcock Insurance Agency at 866-933-6691.

5 Common Auto Insurance Exclusions

One thing that must be purchased at the time of buying, leasing or renting a car is auto insurance.  Oftentimes, the excitement of driving takes over and you may not read your auto insurance policy handbook as closely as you should. This may not cause immediate problems, but it usually does when  there's an accident or you need to claim on your policy and discover that what you're claiming for is excluded from cover.

What is an Auto Insurance Exclusion?
An auto insurance exclusion is something that isn't covered on your policy either without an endorsement (being added on for an extra fee) or it isn't covered at all.  Auto insurance exclusions are not just items, they can also be other drivers or actions.

Auto insurance companies may have several exclusions, and although many companies will recite these exclusions to you at the time of purchase, there are just too many for some companies to make you aware of, so they almost always refer you to the manual for these exclusions.

Common Car Insurance Exclusions
Below is a list of five auto insurance exclusions, which most insurance companies can write into the policy:

• Overlapping insurance policies - Although it isn't a common practice for the average driver to have dual coverage, some drivers do choose to have their car ensured through more than one company. This is usually due one company offering better liability coverage, while the other offers more in the ways of endorsements. Either way, both auto insurance companies will write exclusions into your policy. This will cover how much they will insure you for and what type of insurance they will provide.
• Bodily injury - Although medical is almost always covered in an auto insurance policy, bodily injury caused to yourself while carrying passengers or hauling materials for compensation (such as a limo driver, deliveryman or cabdriver) is normally excluded. This usually falls under the term livery.
• Intentional damage - Part of this exclusion is rather new to most auto insurance policies. This involves acts of rage such as using your car as a weapon. This also includes setting your own car on fire or kicking your car to blow off steam.
• Acts of nature - Hail damage, damage caused by flying degrees or a tree falling on your car are all considered acts of nature.  You may think that all insurance policies cover these acts, but they don't. Unless you have comprehensive cover, your car will not be insured from damage caused by acts of nature.
• Drag racing - Injury caused to yourself or your vehicle while drag racing will be excluded from collision coverage.

Before getting behind the wheel of your car, read your insurance policy closely to look for any specific exclusions from cover. Some things may not written in your policy, so if you don't see it there, don't assume that it's covered.  For additional information on insuring your car and Tampa auto insurance exclusions, call an Adcock-Adcock Insurance agent at 866-933-6691 today.