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925 Partners Insurance Agency

701 Riverside Park Place
Suite 202, Jacksonville, FL 32204

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Featured Insurance Blog

How Renovation Projects May Impact Home Insurance Policies

925 Partners offers insurance to the Jacksonville, FL community, as well as the surrounding areas. We work closely with our clients so that they can find coverage that directly aligns with their vision. We have relationships with over 80 carriers across the country. We are confident that we can help you find the coverage that you deserve.

How Renovation Projects May Impact Home Insurance Policies

Your Jacksonville, FL home is a significant investment. You also have to weigh multiple responsibilities and obligations as a homeowner. Securing insurance is important because it allows you to protect one of your most prized possessions. Home insurance covers any damage to the structure of your home, as well as your personal items. You won’t have to worry if your personal items are stolen. As a Florida resident, you are aware of the dangers of inclement weather passing through the area. Home insurance covers your property if inclement weather moves through the area and causes damage. Liability coverage protects you if a visitor is injured on your property or if you accidentally cause damage to someone else’s property.

At some point, perhaps you plan to undergo a home renovation project. If you want to add new amenities to your home or make repairs, that will change the value of your home. These changes will also impact your home insurance. You will have to adjust your policy to ensure that you remain fully covered. Your standard coverage may not protect your increased living space or a new kitchen. If you plan to install a swimming pool, you should adjust your liability coverage to cover this high-risk accessory.

925 Partners Will Help You Find The Right Coverage

Visit our website to learn more information about home insurance.  

All You Need To Know About Classic Car Insurance

If you own a classic car, you probably need special classic car insurance in order to protect your precious possession. Definitions of a classic car may vary, but according to the Insurance Information Institute, it is a car that is at least 25 years old. If you are thinking of getting classic car insurance for your valuable car, 925 Partners serving Jacksonville, FL prepared a list of things you should know about this type of insurance:

What Does Classic Car Insurance Cover?

The coverage of classic car insurance is similar to standard auto insurance that includes property damage, bodily injury, collision, and comprehensive liability. It also may cover restoration or specialized repairs if your classic vehicle is damaged or broken. 

How Much Does This Type of Insurance Cost?

In general, classic car insurance is 30% cheaper than regular auto insurance. It costs less because it is the primary car that is used for everyday driving. There are also certain factors that have an impact on the cost of classic car insurance, including the value of the vehicle and the number of classic cars you want to insure. 

What Are the Criteria For Qualifying For Classic Car Insurance?

The main criteria is the age of the car. As mentioned above, the vehicle must be at least 25 years old. However, there are other criteria as well, including a clean driving record, limited use of the car, and secure storage. 

If you live in Jacksonville, FL or other nearby communities and are searching for a trustworthy insurance agency to get classic car insurance, 925 Partners is ready to help you. We offer all types of insurance that are tailored to the unique needs of our clients. If you have any questions, or you want to know more about the options available, feel free to give us a call – our agents are ready to provide you the information you need. 

Why Florida Business Owners Should Consider Adding Umbrella Insurance

925 Partners offers insurance coverage to the Jacksonville, FL community. We want to make sure that our clients find policies that will enable them to have peace of mind as they deal with life’s challenges. We take an analytical approach to help our clients assess their risks and find the coverage they need.

Why Umbrella Insurance Is An Asset For Florida Business Owners

Owning and operating a business is a significant investment. It takes a lot of time and energy to make sure that things are running smoothly. However, an accident can happen at any moment. Suddenly your entire business could be at risk. Umbrella insurance adds an extra layer of protection as you go through the process of handling an emergency.

There are multiple scenarios where you can rely on umbrella insurance to protect your Jacksonville, FL business. The common reason is one of your customers suffers a serious bodily injury. If one of your customers visits your business and falls, breaking their ankle in the process, you may face potential litigation. If your assets are at risk, you can lean on your umbrella insurance policy to protect you.

If you use vehicles to transport items related to your business, your commercial liability coverage may not fully protect your business if the vehicle damages someone’s property. The potential consequences are even worse if you hit someone with your business vehicle. Umbrella insurance can help you protect your most important asset.

Umbrella insurance also supplements your employee liability coverage. If one of your employees alleges improper conduct in the workplace, umbrella insurance helps you navigate the legal process by ensuring that your business remains intact.

925 Partners Can Help You Protect Your Assets

Visit our website today to learn more information about umbrella insurance.

Types of Life Insurance Options

Having a life insurance policy in place will give you peace of mind knowing that your loved ones are taken care of if something happens to you. There are three main types of life insurance coverage you can choose from, including whole life, universal life, and term life insurance. The life insurance agents at 925 Partners in Jacksonville, FL understand the importance of life insurance policies and can help you choose the correct option for you.

Whole Life Insurance

A whole life insurance policy has a savings component to guarantee a return rate on cash. Also, the cost is a set amount that does not change from the time of your purchase. With the death benefit, this type of life insurance policy is guaranteed to last throughout your whole life.

Universal Life Insurance

A universal life insurance policy is very similar to a term life insurance policy, but it has a savings component associated with it. You pay a premium to keep the death benefit in place until you die or cancel your policy. While the savings part of this policy draws interest, which is a good thing, the premium amount goes up as you age.

Term Life Insurance

With a term life insurance policy, you will pay a certain amount of a premium throughout the level that you choose. For example, you can sign up for a policy that lasts 10 years, 20, or 30. At the end of the term, most insurance companies will let you renew your policy but at a much higher rate than the premium cost.

No matter which type of life insurance policy you choose, the life insurance agents at 925 Partners in Jacksonville, FL can assist you with your policy and provide you and your loved ones with the security you deserve. Call for an appointment and quote today!

Who needs flood insurance in Jacksonville?

The Jacksonville, FL real estate market has continued to be one of the country’s hottest due to the growing population. There is a lot of long-term opportunity for real estate appreciation in this area of the state. If you choose to purchase a home when you are here, getting the right insurance coverage is very important. For many, this includes getting flood insurance. There are several scenarios where it makes sense to get a flood insurance plan. 

Those with Lender Obligations

The first reason why you may need to have flood insurance coverage in the Jacksonville area is that you could have lender obligations. If you own a home that is located within a flood zone, there is a chance that your lender will require you to carry flood insurance at all times. In many cases, the lender will also require that you set up escrows to ensure coverage remains in place.

Those that Want to Protect Home

It would be best if you also got flood insurance as it can protect your home. Flood damage can be very significant and cost a lot of money to remediate. If you live in an area near the ocean, a lake, or a river, there is always a chance of flood risk. With proper flood insurance, you will know that you have the insurance to repair your property. 

There will be many situations when having flood insurance in the Jacksonville, FL area is important. If you are looking for a plan in this area, you should call 925 Partners. The insurance team with 925 Partners understands the value that this coverage provides. They can help you assess your situation to determine if flood coverage is right for you. If it is, they can help you build a policy that protects your home and keeps you in compliance. 

Home insurance rates in Florida are on the rise…We can help.

Written by: Austin Williams, Vice President – Personal Division

I wanted to give an update on the Florida insurance market. As I am sure most of you are aware if you have shopped your homeowner’s insurance policy recently or received your renewal for your current homeowner’s policy, rates in Florida are going up and carriers are getting stricter on the business they write.

According to an article posted in the Insurance Journal this past October, unchecked claims litigation from non-catastrophe water losses is on the rise and a major cause for rising rates. There has been little help from Florida legislation regarding this issue. Year over year, there has been a significant increase in claims that go to litigation which has furthered losses these carriers are seeing. Barry Gilway, president and CEO of Florida’s Citizens Property Insurance Corp., said “litigation for the state-run insurer of last resort has increased in some parts of Florida by 500% in the last four years.”

All of this has caused a volatile Florida insurance market. The reinsurers (a company that provides financial protection to insurance companies) for the Florida carriers have responded to these large losses by increasing renewal rates for the carriers by an average of 25%-30% – the largest increase in 15 years. These reinsurance costs are the largest expense for some carriers and often dictate a company’s underwriting guidelines, how much business they can take on, coverage reductions, etc.

What does this mean for the Florida homeowner? Lack of availability, reduced coverage, increased premiums, and stricter guidelines, particularly for your roof and the plumbing of your home. To curb claims and continue to be profitable, carriers are taking drastic measures to offset these large losses, such as no longer accepting homes built before 2010, only accepting a roof that is 10 years or newer, and limiting or even excluding water damage on older homes.

This is affecting all carriers that write in the state of Florida, but not all carriers are equal in their rate increase and what they require. Some carriers are only taking a 5% increase, while others are increasing upward of 50%. While some carriers are limiting their roof age, others are still accepting shingle roofs with no age limit, assuming they are still in good condition.

The market in Florida is getting tough, there is no doubt. That is why it is more important now than ever to find an independent insurance agent that will take the time to help you find the best coverage for your home and an annual premium you are comfortable with. Our agency, 925 Partners, will take the time to make sure you have exactly what you need.

Please give me a call at 904.906.6162 or call our main office line at 855.925.1200 or visit our website for more information: www.925partners.com

Important Auto Insurance Facts Florida Drivers May Not Be Aware Of

925 Partners assists Jacksonville, FL residents by offering multiple types of insurance coverage. We provide our clients with custom policies designed to meet their individual needs. We have positive working relationships with over 60 carriers throughout the country.

Important Auto Insurance Facts

Driving is a way to express yourself. However, that freedom comes with responsibility. There are many risks associated with driving due to the conditions of the road and other drivers. That’s why auto insurance is so important. Auto insurance covers your vehicle if you are involved in an accident or if your vehicle is stolen. Liability coverage protects your vehicle if you drive with a passenger in the vehicle and suffer injuries. While you are researching policies, here are some important auto insurance facts to be aware of.

If you plan to use your personal vehicle for business-related endeavors, you will have to amend your policy. If you are involved in a collision while working, you will not be covered unless you have a commercial policy.

You can add coverage to protect your vehicle while it is in storage and you aren’t using it. Accidents can happen at any time. A natural disaster can pass through Jacksonville, FL, and cause serious damage. If your vehicle is damaged, you can have peace of mind.

Any personal items in your vehicle are not covered if they are stolen unless you amend your policy. You should also consider adding extra coverage if you plan to install some special parts or accessories on your vehicle. This protects your vehicle if you are involved in a collision after adding the new amenities.

925 Partners Will Help You Stay Safe On The Road

For more information on auto insurance, visit our website today!  

OWNER OPERATOR TRUCK INSURANCE FAQ’S

Jonathan Wallace, EVP at 925 Partners Insurance Agency.

At 925 Partners, we love helping owner operators achieve their dream of owning and operating a successful trucking business. This includes Hot Shots, Auto Haulers, Intermodal, Flat Beds, Dry Vans, and more. Our team of trucking experts will help you navigate the truck insurance process and make sure you are insured properly for the most competitive price possible. We want to be with you for the long haul.

Below are answers to some common questions we hear from owner operators. You can visit 925TRUCKING.COM to request a quote, or call us at 855-925-1200 to speak directly with a trucking insurance specialist.

What is the minimum coverage needed to get my authority active?

Answer: While a $1,000,000 combined single limit will be required by almost everyone you haul for, $750,000 is still the FMCSA minimum for truckers who need a federal filing. If you are still a few weeks away from booking your first load but want to get your letter of authority in place, you can always start with a $750,000 limit. You will likely need to increase to $1,000,000 shortly after, but this approach will save you some dollars at a time when cash flow is critical.

Why is my premium so high?

Answer: It is not because we don’t like you. For first year owner operators, we have seen annual premiums as low as $8,500 and as high as $40,000. This is for all coverages combined. If you have 20+ years of CDL experience, a clean MVR, and excellent credit, your premium could be less than $10,000 annually. The state you are domiciled in and the commodities you haul also have a major impact on your premium. For example: An auto hauler in South Florida might pay $30,000 annually, while a dry van trucker in Wisconsin might be $9,000 annually.

Will my rates go down after my first year?

Answer: If you have little to no claim activity and clean inspections, yes you should expect a moderate decrease year over year. A big misconception we hear is that rates are always higher the first year and then they start going down. That is true if you are assuming a perfect first year in business. Poor roadside inspections and/or moving violations can adversely impact your insurance rates just as much as claims. Zero claims in year 1 does not guarantee a rate reduction. 

Do you charge for certificates of insurance?

Answer: No. You should never be charged for a certificate of insurance.  We are surprised how often this is asked. 925 Partners Insurance has a certificate of insurance platform that allows our clients to generate their own COI’s 24/7.

Do you offer trailer interchange coverage?

Answer: Yes, every insurance company we work with can provide this coverage by endorsement. However, you must have a signed trailer interchange agreement in place for the coverage to apply.

If I hire another owner operator, am I responsible for their insurance?

Answer: Yes. You are responsible for Auto Liability and Motor Truck Cargo insurance for anyone hauling loads under your DOT #. You could pay for the Physical Damage on their equipment, but this is typically left up to the owner operator to insure on their own.

Do you offer discounts for veterans?

Answer: Yes, there are insurance companies we partner with that provides a discount if the trucking company owner is a veteran.

Contact the author of this article:

Jon Wallace

EVP, 925 Partners Insurance Agency

Direct Line: 904.672.4003

Email: jwallace@925partners.com

Future Articles:

Avoiding These Mistakes Will Help Truck Insurance Rates.

How Commodities Hauled Impacts Truck Insurance

Auto Hauler Insurance Considerations

Avoiding These Mistakes Will Help Truck Insurance Rates.

Truck Insurance Tips for Fleet Owners

7 Terms You Should Know for Commercial Insurance

Whether you own a small business or a larger company, you’ll need to have some level of commercial insurance. It can be a good idea to know some of the basics before you shop around for your insurance provider and the specific policies you want or need. The team at 925 Partners of Jacksonville, FL, and the surrounding area can provide you with many of these answers, though there are some terms you should know in advance.

Business Owners Policy (BOP)

This is a package policy with liability and property insurance combined so that small business can spend less when they have to get multiple policies.

Business Interruption Insurance

This is put in place if your business needs to shut down, and it’s because of a covered loss reason. The coverage typically will reimburse for the expenses you’d have if your business had continued operations.

Commercial Auto Insurance

Commercial auto insurance provides coverage to your employees and company’s vehicles if there’s been injuries and/or damage. It does not matter if these automobiles are owned, rented, or leased. The policy also covers any passengers at the time.

Employer’s Liability Insurance

This protects an employer if their employee files a lawsuit after being injured in the workplace or while conducting work duties. Workers’ compensation benefits don’t allow much room for the employee to sue after such an injury.

General Liability

This is a broader version of the employer’s liability. The company can be held liable for injuries or damages to another party while on the premises (as well as those that occur from company property or employees during their assigned work duties off the premises).

Loss Control

A means for a company to help minimize how much loss they experience.

Named Peril

A hazard or event that is listed and covered by your policy – in many instances, a certain type of policy will only cover those that are clearly outlined in your insurance policy document.

It’s much easier to sign up for commercial insurance with the help of experts. Talk to someone at 925 Partners of the Jacksonville, FL area, and you won’t be disappointed.

3 Tips for Buying Home Insurance in Florida

Your home is a valuable asset, probably the most valuable asset you have in Florida. That’s why it is so important to protect your property in the event of fire, theft, or liability, for example. If you’re looking to buy your first home insurance policy, or upgrade an existing one, follow these three simple tips to help you get started. Read on to learn more. 

1. Compare Several Quotes

It just makes sense to compare more than one home insurance quote with a reputable agent. Not all policies are the same, and you need to be aware of what you’re getting at what cost. Go over each quote in detail to fully understand the policy before making a final decision on the right one for you.

2. Bundle Your Policies

Have auto insurance? Life insurance? If so, talk to your insurance agent about bundling your policies under one carrier. This could get you a discount on your premiums. Insurance companies enjoy rewarding loyal customers, and this is one way they do it. Talk to your insurance agent in Jacksonville, FL about other ways to save, such as a senior citizen discount. 

3. Work with a Reputable Agent

Navigating the insurance buying process shouldn’t be something you do alone. Instead, work with a friendly, reputable insurance agent to help you compare quotes, bundle policies, and find the right home insurance policies for your needs and budget.

To learn more about purchasing home insurance, contact 925 Partners today, serving Jacksonville, FL. Our agents are standing by right now to take your call and answer all your questions and concerns. 925 Partners can be reached right now at 855-925-1200.

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