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Featured Insurance Blog

Umbrella Insurance Takes Over Where Other Policies Leave Off

Did you know that you can buy extra insurance protection beyond the limits of your existing policies? It is called umbrella insurance, and it provides an extra layer of security where other policies stop. The insurance professionals at 925 Partners can provide this additional coverage. They serve Jacksonville, FL, and the surrounding area.

Umbrella insurance is also called excess liability insurance. For example, suppose a policyholder is sued for damages over their existing insurance policies, such as a car or home. In that case, the umbrella policy will help to pay for what is remaining.

This protection can be invaluable if you happen to be someone who has accumulated wealth. If you have private staff, such as nannies, cooks, housekeepers, or gardeners, to help you maintain your home, their employment can increase your risk of lawsuits.

You could be left with costly out-of-pocket costs that could be avoided with umbrella coverage if you or a family member are injured due to another’s negligence, such as a dog bite or car accident.

You have a lot to lose. Umbrella coverage is vital as it helps maintain adequate limits of personal excess liability coverage to protect your finances.

Do you wonder if you need umbrella insurance? Although this extra coverage would be helpful for anyone, if you have a net worth in excess of $500,000, this coverage would be for you. The more you have, the more you stand to lose. In a lawsuit, a regular car or home insurance policy, in all likelihood, will not provide enough liability coverage. This would mean you risk losing your home or draining your savings needlessly.

For that extra layer of protection, umbrella insurance can provide the peace of mind that is so important these days when lawsuits are commonplace. For a quote or answers to your questions, contact the professionals at 925 Partners Insurance today.

Three things you shouldn’t assume about life insurance coverage

Purchasing life insurance could be one of the most important things you do to protect the financial security of your family. Being well-informed about life insurance will help you to make the right choices.

At 925 Partners, we are a life insurance provider for consumers in the Jacksonville, FL area. The following are three things you shouldn’t assume about life insurance coverage. 

You can’t afford life insurance.

For many consumers, life insurance is not expensive. The average monthly life insurance premium is around $26 per month. 

Get quotes on life insurance policies before assuming you can’t afford coverage. With a bit of budgeting and planning, you should be able to find a life insurance policy that won’t cause you any financial strain. 

The life insurance coverage you get through your employer is adequate.

Many consumers get some life insurance coverage as part of their benefits package with their employer. However, it’s important to realize that many employer-sponsored policies offer minimal coverage.

You must carefully evaluate your employer-sponsored life insurance coverage before assuming it’s adequate. In many cases, consumers need to invest in added coverage for complete financial security for their families. 

You don’t need life insurance because you’re too young. 

Investing in life insurance is important regardless of how young and healthy you are. Even healthy, young individuals can experience untimely death that puts a financial strain on their families.

Purchase a life insurance policy, so you don’t have to worry about the unexpected. 

Do you have questions about life insurance in Jacksonville, FL? At 925 Partners, we’d like to hear your questions. We’ll come to your assistance and offer you life insurance solutions that protect your family financially. 

Common Flood Insurance Exclusions

Since floods in Jacksonville, FL can happen anywhere and anytime, you should invest in flood insurance from 925 Partners. Flood insurance protects your building and its contents when flood damage occurs. But like most insurance policies, your flood insurance has limitations and exclusions. Today, we highlight typical flood insurance exclusions.

Internal flooding

Flood insurance won’t cover internal flooding. For instance, flood insurance won’t come to your rescue if you have flooding because of leaky pipes or a sewer backup. Your home insurance should compensate you for leaky pipes, but when the sewer lines are blocked, only a sewer backup "add-on" can help.

Earth movement

If sinkholes or earthquakes damage your home, flood insurance won’t cover the damage, even if floods caused the earth’s movement. You will have to file a claim with your earthquake insurance policy for such damage.

Movable property

Your typical flood insurance will not likely cover damage to self-propelled machines like cars and aircraft. Check your car or aircraft insurance to understand whether it covers flood damage.

Additional living expenses

If a fire or hail damages your home, your home insurance can pay for additional living expenses in a temporary shelter until it’s repaired. "Loss of use" isn’t usually covered in a typical flood insurance policy. However, if you need this add-on to your flood insurance policy, you can talk to your insurance agent because some private carriers offer it.

Pro-tip: Most flood insurance policies have a 30-day waiting period. So, you may not be covered if anything happens within this period. To be safe, avoid the last-minute rush when buying a flood insurance policy. Always beware of the waiting period.

Flood insurance in Jacksonville, FL

Would you like to learn more about flood insurance? Please call 925 Partners today! Our sales agents will answer all your queries about flood insurance. We will also help you purchase coverage that suits your current needs.

 

 

Will Insurance Cover an Accident if Someone Else is Driving My Car?

Loaning your car to someone is not new because people do it daily. You can lend it to a friend, a family member, or even your driver. No matter who you lend it to, you are still liable for anything that happens while they are driving your car. If you live in Jacksonville, FL, 925 Partners has you covered if someone else is driving your car and they get into an accident.

If you’re the car’s owner, your insurance will cover any damage when someone else is behind the wheel. However, there are a few exceptions to this rule.

Your insurance policy will not cover the accident if:

  • The other driver is not listed on your policy 
  • They take your car without your permission
  • They are driving your vehicle for business purposes 
  • If the other driver is under the influence of drugs or alcohol
  • If the driver doesn’t have a valid driver’s license
  • If the other driver has their own insurance policy, their insurance company will cover them

With all these exceptions, it’s essential to carry out due diligence before loaning your car to anyone. You could be held liable if someone uses your car and gets into an accident, even if you weren’t the one driving.

If you have questions about whether or not your insurance will cover the other driver in your accident, it’s best to speak with an agent directly. At 925 Partners, we help you understand how your insurance coverage works so you know what to expect in case of an accident. If you’re in Jacksonville, FL, contact us for all your auto insurance needs and concerns.

Three signs that you’re not carrying enough commercial transportation insurance

Carrying adequate commercial transportation insurance is essential to those who run a business that depends on commercial vehicles to provide transportation services. You must carefully consider coverage amounts and know how to look for signs that you need more commercial transportation coverage. 

The following are three signs that you’re not carrying enough commercial transportation insurance. 

You’re stressed out about your commercial transportation insurance coverage. 

You can always raise maximum coverage for your commercial transportation insurance policy if you’re worried about having enough coverage. It may give you peace of mind to increase your insurance coverage so that you know that you’re not putting your company at risk financially due to inadequate maximum coverage limits. 

You don’t have enough collision and comprehensive coverage to cover the full value of your fleet.

One of the most significant amounts to consider when calculating your commercial transportation insurance coverage needs is the value of your fleet.

Consider whether you have enough coverage to cover the total value of your fleet. If your coverage maximizes the value of your fleet, you should have enough collision and comprehensive coverage on your policy. 

You’re not carrying enough commercial transportation insurance to cover the full value of your cargo.

If your commercial transportation company is in the business of transporting cargo, make sure your policy can cover the value of your cargo. The clients you transport cargo for will hold you liable if their cargo is destroyed en route while you have that cargo. You must protect yourself with adequate insurance coverage to cover cargo value. 

We provide commercial transportation insurance coverage in Jacksonville, FL at 925 Partners. Contact us via email or phone if you have questions about your coverage needs. 

Do I Need Home Insurance in Florida Without a Mortgage?

The answer is yes! Everyone should have home insurance to protect their home and belongings from damage or theft. Home insurance can give you peace of mind, knowing that you’re covered in case of an emergency.

Benefits of Homeowner’s Insurance

A homeowner’s insurance policy has many benefits, even if you don’t have a mortgage. Your house is a significant investment. You want to protect it in case of fire, severe weather, or other disasters. Home insurance can also assist you in paying for repairs if a covered calamity damages your house.

If you can’t stay in your house during repairs, your insurance may cover the cost of a hotel or other short-term housing. This alone may save you thousands of dollars.

Homeowner’s insurance can also cover you for liability with an accident on your property. This benefit might assist with medical costs or legal expenses if they sue you.

Your 925 Partners insurance agent can help you choose the right home insurance policy for your needs.

How is Homeowner’s Insurance Coverage Calculated?

Home insurance covers your house and other structures on your property, like a detached garage or shed. It also protects your personal belongings from damage or theft. Most policies cover the cost of repairing or replacing your home and belongings up to your policy limit.

The amount of coverage you need depends on the value of your home and possessions. Your insurance company will probably ask for a home inventory to calculate how much coverage you need. This is a list of all the items in your home and their value. You can create a home inventory by walking through your home and taking photos or videos of your belongings.

Your 925 Partners insurance agent can help you calculate how much coverage you need for your home insurance policy in Jacksonville, FL.

How to Get Classic Car Insurance For Your Vehicle

If you own a classic car, you know how rare it is to get car insurance for them. You can usually expect to find a gap in the coverage when you drive your car as a classic, but it’s still essential to have it in case of an accident. It would be best not to worry about getting classic car insurance for a newer car. 925 Partners serving at Jacksonville, FL can help if you’re stranded. 

When Is Classic Car Insurance Not Needed?

Classic car insurance is not needed if you are only driving your classic car to a Classic Car Show or other activities where the vehicle is not being driven on public roads. However, it is a good idea to keep classic car insurance in your wallet all the time, just in case of an unforeseen event like a car accident or theft. Classic car insurance does not cover you if you ever sell the car. However, if you have the vehicle repaired, it might be best to have classic car insurance. 

You also don’t need the insurance to drive a classic car, but it is a good idea to take out a policy if you keep the car for long periods. Classic car insurance is still a good idea, even if you drive it around the block. It provides cover against the possibility of damage. Consider having roadside assistance in place if you plan to keep the car for any time. 

Who Should Get Classic Car Insurance?

You should get classic car insurance if you consider buying a classic car. Even though it is a collector’s item, it is still essential to have insurance to protect yourself whenever there’s an accident. You may find that collecting a certain car is more expensive than you expected or does not come with the same coverage as a new car. Classic car insurance can help protect you if you ever sell your car and cannot get enough coverage money for repairs. Consider getting classic car insurance if you plan to drive a more than 15 years old car. 

The best classic car insurance policies will cover the cost of any maintenance required on the car and any necessary repairs due to accidents that have been caused by the car. The classic car insurance policies will also cover any additional costs of owning a vintage or classic cars, like licensing fees, registration fees, and insurance for the car’s accessories, like the engine and transmission. Some classic car insurance companies may even offer to finance the car, which can reduce the cost of the classic car insurance even further. The last thing you want is to unnecessarily spend a lot of money on classic car insurance. For help, call 925 Partners, a firm serving clients in Jacksonville, FL.

Is it time to get an umbrella policy for your business?

Are you a business owner in the greater Jacksonville, FL area? The team here at 925 Partners is available to help you with all of your commercial insurance needs. Our team can help whether it’s time to upgrade your current policy or add an umbrella policy to your commercial insurance portfolio. Give us a call today to schedule a consultation. 

Is it time for an umbrella policy for your business?

Protecting a business from loss, liability, or damage can feel impossible. While there’s no guarantee that the future will work out the way you want it to, it is possible to be prepared for the unexpected.

Umbrella insurance is an effective way to ensure that your business will be able to weather most storms and continue thriving into the future. When your primary commercial policy is exhausted due to policy limits, having an umbrella policy already in place can help to fill any gaps.

This type of policy is a secondary one that will come into play when your company experiences significant losses that exhaust the primary policy of record.

With an umbrella policy, you can continue to receive coverage and help to protect your company’s assets, inventory, and equipment. And depending on the way that your firm is structured, having the right umbrella policy in place can also help protect the company’s principals from personal liability. Find out more today! 

You can count on us

925 Partners is proud to serve the business community of the greater Jacksonville, FL area. If it’s time to upgrade your company’s insurance, call us today. We can schedule a consultation to review your options and help your company get its coverage.

Should I Get Term or Permanent Life Insurance?

There are two main types of life insurance: term and permanent. So, which one is right for you? Here’s a look at each.

Term life insurance is just what it sounds like: insurance that lasts for a fixed period, or “term.” It’s typically cheaper than permanent life insurance. It is a good option if you need coverage for a specific period, such as until your children finish college or you retire.

Pros of Term Life Insurance

  • Cheaper: Term insurance tends to be cheaper than permanent life insurance because it covers you for a set period and pays out only if you die during that term.
  • Flexibility: You can often buy term life insurance for 10- or 20-year periods, which makes it ideal if you don’t know how long you need to be insured.

On the other hand, permanent life insurance covers you for your entire lifetime. It’s more expensive than term life insurance, but it also has some valuable perks, such as cash value that grows over time. Here’s a quick look at the differences between term and permanent life insurance, as well as some of the pros of each:

Pros of Permanent Life Insurance

  • Coverage for Your Entire Lifetime: Unlike term insurance, permanent coverage is guaranteed to last as long as you remain insured.
  • Cash Value: If you purchase enough permanent coverage, you can build up a cash value that you can use for retirement or other financial needs.
  • More Investment Options: You can invest some of your permanent coverage’s cash value through its policy, allowing you to earn interest on it.

Term life insurance is cheaper and usually shorter-term, while permanent life insurance has a higher cost and covers you for your entire life. As a result of these factors, term life insurance is best if you know the exact period you need coverage for, while permanent life insurance is ideal if you want coverage until your retirement. Looking for life insurance in Jacksonville, FL? 925 Partners offers a variety of life insurance products that can help you meet your needs.

What’s Driving Auto Rates?

Auto insurers dealing with the “pandemic price”

Across seemingly every news outlet, it’s hard to escape reports of inflation and rising consumer prices.

And, like other goods and services across the economy, auto insurance rates are a part of the conversation. Currently, many carriers are raising prices to account for unexpected costs—but what’s driving those decisions?

You guessed it. It’s primarily pandemic related, but perhaps not in the ways you might think. As you have conversations with your clients about rising auto insurance costs, the following may help you better explain what’s driving rates to help them better understand the situation.

A return to “normal”

Of course, we’re hardly back to “normal” as the world continues to wrestle with the pandemic, but driving behavior, particularly vehicle miles traveled, has essentially “normalized” and returned to pre-pandemic levels.

At the outset of the pandemic, miles driven dropped, claims fell, and insurers issued refunds/credits, lowered rates, or both. As 2021 unfolded, driving behavior picked up as did claims frequency and, in turn, insurers’ costs.Most auto insurers subsequently found themselves underpriced.

Rising repair and replacement costs

For insurers the past predicts the future. Generally speaking, insurers review historical data and trends to set prices for future expected costs. The pandemic, however, upended expected repair and replacement costs in ways that were challenging to anticipate. Case in point: unpredictable pandemic-related supply chain disruptions and labor shortages have driven claims costs up substantially.2

In fact, the Bureau of Labor Statistics reports that average expenditures for vehicle repairs have risen more than 4% over the last year, while used car and truck prices have skyrocketed by more than 40% over the same period.3

When you combine the uptick in vehicle miles driven and the related increase in claims with rising costs to cover those claims, carriers are paying a “pandemic price” that will affect rates throughout the auto insurance industry in the near term.

How agents can help

Knowledge is power, and while rate increases can be difficult for consumers to accept, as their trusted, expert adviser, you can provide valuable information and context to help your clients understand what’s driving these rate changes.

Consumers choose independent agents for their knowledge and guidance, and in challenging times like these, agents can help clear up confusion, provide expert counsel, and deliver the peace of mind consumers crave in uncertain times.

  1. U.S. Federal Highway Administration, Vehicle Miles Traveled, Monthly Report: June 2021.
  2. Insurance Information Institute, “Auto Insurance Rates Impacted By Labor Crunch, Supply Chain Disruptions,” June 2021.
  3. U.S. Bureau of Labor Statistics, Consumer Price Index, Table 2: July 2021.
  4. Manheim, Used Vehicle Value Index: June 2021.

Article written by: Keith J. Mita, CIC CPCU AICProgressive Insurance Sr. Sales Representative – Personal Lines

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