Your Home Insurance Covers More Than Your Home

Depending on your home insurance schedule, your homeowner’s policy may cover things like personal property that is damaged while not in the home and medical expenses of third parties injured on your property due to your negligence. When you go in to talk to your agent about homeowner's insurance, be sure to ask about the different policy schedules and which one is right for you.

Schedule A  (HO-1)

While schedule A insurance used to be the industry standard, it has fallen out of favor and isn’t nearly as widely available as it used to be. This insurance covers the structure of the home as well as its contents against the 10 major disasters that can befall a home, including vandalism and fire.

Schedule B (HO-2)

Certain homeowners need to take out protection against particular events like heavy snowfall causing roof damage or power outages. This is usually an add-on to a standard home policy and is used in areas where extreme conditions warrant it. It is sometimes used as an individual home policy on mobile homes as the premiums are low and the coverage can be written to cover the major causes of mobile home damage.

Schedule C (HO-3)

Schedule C home insurance covers the entire home and its contents, including any injuries that occur while in the home. In addition, it covers flood damage, damage from war and earthquakes. These inclusions make schedule C one of the most comprehensive and expensive choices.

Schedule D (HO-4)

Schedule D is renter's insurance that covers the same items that are covered for owners in Schedule B and C.

Schedule E (HO-5)

While all the policies up to this point only cover the physical home and its contents, Schedule E covers the entire property. So if a person is hurt while in your driveway or yard, this policy will cover it. It also covers damage to fences and outbuildings and their contents.

Schedule F (HO-6)

This is specific household insurance comparable to Schedule C for Condominium owners.

Schedule G (HO-7)

If you own a mobile home and choose not to take out Schedule B insurance, the more comprehensive Schedule G is your best choice. This policy covers the structure and all belongings, and if you include a float policy, it can also include outbuildings such as sheds and carports.

Schedule H (HO-8)

Schedule H is the same policy as the Schedule A policy with the only difference being that the home will be paid out as a current cash market value instead of a replacement cost value. This policy is usually used on hard to replace older homes. Taking out this policy instead of a Schedule A could be the difference between having all of your losses covered and just a portion of them.

Schedule I (HO-9)

Schedule I insurance is used for older homes. It is often a Schedule C policy with special provisions for leaky plumbing coverage, electrical systems coverage and insect damage, although it can be tweaked to account for any area-specific  peril.  

As you can see, there are several types of home insurance that you can purchase. Which one is right for you depends on the amount of coverage you are looking for, and the type of home that you own. By far, the most common insurance is the Schedule C or E option, although many homeowners would do well to consider additional riders or floater policies  to secure complete coverage.

For more information about Tampa home insurance, give Adcock-Adcock Insurance Agency a call at 813-933-6691.

Is Your Learner’s Permitted Teen Covered?

Teenagers can't be expected to get behind the wheel of a car on the day of their driver’s test and ace the exam without having had any practice beforehand. A learner's permit allows an unlicensed teen to practice driving in real-world conditions as long as they have an adult present. This gives them valuable, firsthand experience in driving, helping them pass their test and become better drivers in general.

Generally, notifying your Tampa auto insurance company that your teenage son or daughter has received his or her learner's permit is sufficient to ensure that they’re covered under your policy. Because the teen is not yet a licensed driver and cannot drive alone, many insurance companies will not officially add them to the policy while they have a learner's permit--but some may. Either way, contact your insurer or agent to find out how your insurance company handles this situation.

If your teen drives another adult’s car with their permission, he or she is likely covered under that individual’s insurance policy. Before any other adult allows your teen to drive their vehicle, have a discussion with them about how you and/ or your teen will handle expenses for any claims that occur while the teen is driving. Also, find out the deductible on their policy so that you know what to expect should there be an accident. If their deductible is too high, you may not want your teen to drive their vehicle after all.

Lastly, it's always a good idea to raise your limits and consider lowering your deductible before your learner’s permitted teen gets behind the wheel. As an inexperienced driver, your teen is a big risk and adjusting your policy so that you have minimal financial exposure is a good idea. If other family members plan to take your teen driving in their vehicles, you may want to discuss this with them as well.

If you have a teenager getting ready to venture out into the world of vehicle operation, stop by or give us a call at 813-933-6691. We can discuss with you the many changes you might consider making in your insurance policy and help limit your risk exposure so that you can focus on training your teen to be the best driver possible.

The Cost to Rebuild Your Home can Increase

When taking out a Tampa home insurance policy you may think that the limit for the dwelling coverage is based on the property value of your home. Instead, it actually should be based on the cost to rebuild your home—a significantly different number.

Many people don't realize that the appraised value of their home could be totally different from the home’s rebuilding costs. The appraised value takes into consideration your home as it currently is along with the real estate market as a whole in your area. But rebuilding a home takes materials and manpower that will be priced based on many different factors, all of which are variable. For example, depending on current output for homebuilders, the cost of materials to rebuild a home could be quite high whereas in a depressed housing market they may be lower. Unfortunately, if your limits don’t take this fluctuation into account, you could quickly find yourself underinsured.

Another consideration in the cost to rebuild your home is any change in codes that may have taken effect since your home was originally built. As codes requirements become more stringent it may become more expensive to rebuild.

It's important to remember that the cost to rebuild your home is not a static number and to periodically check for potential changes in rebuilding costs, such as the costs of materials and labor which can change many times throughout the year. It's impractical to check the cost to rebuild monthly, but you can ensure that you check it annually before your home insurance policy is renewed and then assess the value of making adjustments.

If you aren't sure how to estimate rebuilding costs for your home or you have other questions or concerns about your home insurance policy, give us a call 866-933-6691. We can ensure that your home insurance policy offers you the coverage you need with minimal gaps and we can help you determine more accurate limits so that you get a sufficient benefit after going through an insurable incident.

Auto Insurance on the Move

If you’re getting ready to move, whether for personal or professional reasons, you need to consider how this change of location will affect your auto insurance policy. Here are five questions to ask yourself and your agent in order to better understand the true effect your move will have on your policy.

1. Are you moving out of state? If your move is not taking you across state lines then it may not change much more than just the address on your policy. However, if you are moving to another state you may need to get an entirely new auto insurance policy. Insurance is not regulated on a federal level, but on a state level. That means that each individual state has its own requirements for auto insurance policy conditions, limits, deductibles and more. Give your agent a call before you move and share with them the details of your relocation in order to determine how it will affect your auto insurance policy.
2. What new risks are you facing? The area you move to may have completely different risks of accidents, theft and vandalism then the area you currently live in. For example, if you currently park in a monitored garage but will be moving to an area with unmonitored, outdoor parking only, then your insurance premiums may change. In addition, you may wish to increase your limits in order to ensure complete protection, decrease your deductible so that you reduce the amount of self-insuring you must do, and add additional coverage options such as comprehensive so the theft or vandalism of your car is covered. Talk to your insurance agent about the various changes in risk that your move will bring and the ways that you can compensate for them.
3. How much will the move change your driving habits? If you are moving closer to your place of employment then you will drive your car less. In addition, if you are moving to a location with a strong public transportation system, you may substantially reduce the amount of miles that you put on your car each year. Both of these situations can help you reduce your overall auto insurance premium as it can reduce your risk of accident. Let your insurance agent know how your move will affect your daily driving needs in order to determine how it may affect your auto insurance rates.
4. Will you be changing banks? If your auto insurance policy’s premium is automated and your move will require you to change financial institutions, then you’re at risk for the possible collapse of your policy should you forget to change automatic payment information after your move. If your automatic payments are set up through your auto insurance company, there is an ACH (Automated Clearing House) form that your insurance agent can give you to update information. If you scheduled automated payments through your bank, make sure to give your new bank the information to take over that transaction.
5. Can you keep your agent? When moving to another location within your same state, even if that location as far away from your current agent’s office, chances are good that you will be able to stay with the same agency. Insurance agents are licensed by individual states so as long as you don't leave the confines of your current state of residence, no change in insurance agent should be necessary unless you’re unhappy with the service you’re receiving. If you move to another state, however, you should find out if your agent is licensed to sell insurance within that state too. If he or she isn't and no one in the agency office is, then you may wish to ask that agent for a referral. Otherwise, you can look online for an agency in your new state. When looking online, try to find an agent whose website makes you feel both comfortable and confident with their knowledge level and their willingness to educate their customers.

If you have questions about how your move will affect your Tampa auto insurance policy, give us a call at 866-933-6691. We can help you determine whether a change in policies will be necessary or whether you can simply adjust the limits, deductibles and coverages in your current policy.

What Would You Do Without an Income?

Have you ever tried to plan your budget around the possibility that you could lose your income? For most people, the loss of an income is unthinkable. They have financial obligations to meet, kids to feed, and a roof to keep over their heads. Unfortunately, after a non-work-related disability, many individuals see their capacity to earn an income ripped out from under them in the blink of an eye.

And while their income flow stops almost immediately, supposed resources for the disabled are slow in coming. Social Security has so many incoming applications that one must wait for months before payments are approved – and there is no guarantee that they will be. Social Security disability is notoriously difficult to qualify for and impossible for those with a short-term disability. For families who ultimately get approved there are still devastating financial consequences caused by delays in paperwork processing, paperwork errors, and Social Security disability’s waiting period.

So what's your plan? Do you have enough in your savings account to support your family while waiting for Social Security disability approval? And what if you are denied? Can you continue supporting them sooner savings until you are cleared for work again?

It's impractical for most families to self-insure their income during the whole of their disability which is why disability insurance exists. Disability insurance policies offer families an affordable premium in exchange for disability benefits paid out on their terms. The benefits can be for both short- and long-term disabilities, they can have a very short waiting periods before benefits begin in order to avoid forcing families to deplete their savings, and the payments can replace as much or as little of your income as you see fit.

With a disability insurance policy, you can ensure that your family never has to find out how to survive without an income after a disability forces you out of work. If you're ready to start shopping for disability insurance policies and comparing quotes, give us a call or stop by today. At Adcock-Adcock Insurance Agency, we can compare the quotes of many high-rated insurers and design a policy that fits your budget while still providing the protection your family needs.

Can a Procedure Manual Help Minimize Your Insurance Claims?

Employees can be a business’s first line of defense against an insurable incident. But if your employees aren't properly trained in safe and effective work procedures then they may be little help in stopping an insurable incident; in fact, they may even inadvertently bring one on.
An employee or procedure manual is the perfect way to communicate proper procedures that will help stem an insurable incident. You just need to think about the best way to put one together.
Procedure Manuals and Property Insurance
A procedure manual can spell out many policies that will result in fewer claims against your commercial property insurance, including:

• Procedures for on-site alarms. Training your employees on how to use the business alarm will help prevent break-ins, theft and vandalism.
• Proper equipment handling. Teaching employees how to properly handle equipment will help prevent fires and electrical issues and will help your business save money on machine breakdowns and maintenance issues.
• Appropriate customer service procedures. Liability claims from customers can be greatly reduced if your procedure manual teaches employees how to conduct themselves during everyday incidents. It can include topics such as dealing with customers, how to keep the sales floor clear of debris, and how to handle customer property to minimize the risk of damage.
• Fire safety techniques. Teaching employees how to use the fire extinguisher and how to evacuate the building can reduce overall claims on every policy, including worker’s compensation.
• Safe driving techniques. If your employees run errands for your business then they need to be covered under the company's commercial auto insurance policy even if they use their own car. By setting out the procedures for operating a company vehicle or conducting company errands in their personal vehicle, you can help teach employees how to stay safe and avoid accidents.

Procedure Manuals and Liability Insurance
Many different incidents can result in damages that create claims against your liability insurance policies including damages due to professional errors, cyber theft and social media related slander or libel. By spelling out specific procedures in your employee manual regarding these activities, you can ensure that your employees use best practices to help prevent lawsuits and liability claims.
Arming your company with the right informative tools and insurance will help you stay in business for many years to come. Give us a call at 813-933-6691 to find out how our Tampa business insurance products can help.

Keeping Your Boat Seaworthy

Keeping Your Boat Seaworthy 

A boat may be a big expense for your family, but chances are good you enjoy it, especially during the summer months. No matter how much you paid for your boat, the vessel is useless if it isn't kept seaworthy. Here are some tips on keeping your boat water-ready.

• Protect Against Birds

Birds may not do any more damage than simply leaving droppings on your boat, but this mess can damage your boat’s exposed upholstery and finish and requires cleaning and sanitization to remove germs. By keeping birds away from your boat, you can reduce the amount of time you spend cleaning and the damage done to its appearance. Consider investing in bird netting or canvas covers for smaller boats. For larger boats, you can string monofilament across your masts, stays, cabin top and so forth, creating a nuisance that prevents birds from landing and loitering.

• Secure Your Boat for Hurricanes

If your boat is docked during a hurricane or tropical storm, it's a good idea to invest in better dock lines and change how you arrange them so that your boat is more secure and protected against chafing.

• Inspect Your Boat Frequently

Fittings both above and below the waterline can let water into your boat if they are leaking. Several times a year you should check these fittings or hire a professional to do so. Check also for leaking hose clamps and cracks in the generator intake hose or in the hull. Keep your pumps maintained regularly and invest in a bilge alarm so that you have sufficient warning when there is a leak. Lastly, be sure to watch for bilge pump clogs and a dying battery.

• Invest in Boat Insurance

While boat insurance may not to assist you in the preventative maintenance that keeps your boat on the water, it can provide roadside assistance, loss replacement and even on-water towing benefits. Getting help before things get too bad can keep your boat remain repairable and, if your boat is totaled or stolen, the insurance can ensure that your boat and equipment are replaced.

Whether you need to insure an existing boat or plan to buy a new one, give us a call at 813-933-6691 and get your free Tampa boat insurance quote. We can help you compare rates and benefits and find the perfect coverage for your vessel.