Insurance

3 Reasons to Buy Umbrella Insurance

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There are many people in Miami and Pinecrest, FL who have a misconception about umbrella insurance, thinking that it is meant only for the wealthy. Truth is, umbrella insurance can be advantageous for the average Joe. According to Mitch Freedman, a CPA and finance specialist, "As long as you can earn a livelihood, you should have an umbrella liability policy." Why is this? Well mostly, it is because if you find yourself involved in a lawsuit, you can be liable on a personal level, and not just according to your current assets but also according to your future earnings. Here’s a look at three more reasons you should have umbrella insurance. 

Protection In Car Accidents

If you are at-fault for an auto accident and your insurance is exhausted, then you can be held on a personal level to pay for any additional expenses (like medical bills for the other people involved). With an umbrella insurance policy, you can receive additional coverage up to the limits of your policy. 

Protection for Personal Accidents On Your Property

Many people find themselves involved in lawsuits due to a person being injured on their personal property. Your homeowner’s insurance will cover up to a certain limit, but you will have to pay out of pocket for any additional expenses that exceed the limit. With umbrella insurance, however, you can receive extra funds to help cover the cost. 

Protection Against Slander and Libel

Today’s social media world often finds itself in the midst of lawsuits. A single posting on Facebook can be twisted and used against you, leaving you with an enormous bill for legal fees. With an umbrella policy, you can receive coverage to help cover the expenses incurred. 

To learn more about umbrella insurance, contact Hamilton Fox & Company Inc. serving the Miami and Pinecrest, FL area. Our agents can help you build a policy off of your current insurance and answer your questions.

How to Know if You Need to Add Flood Insurance

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Living in the Miami, FL area, you may not be sure if you need flood insurance for your home. Those living in elevated areas in the United States often miss the potential for a flood in their home, which can be disastrous. More than 20% of claims for flood damage happens in a low-risk area. The best plan to assess your need for flood insurance is by learning about the characteristics of your home and property.

  • Look through your property papers and find the “Natural Hazards Disclosures” from the inspection. Look for a classification of “Zone A” or “Zone B” – meaning the property is in an area prone to flooding by the Federal Emergency Management Agency. You can also locate this information through the county assessor’s office. If your property has either zoning, then you need to add flood insurance.
  • Inspect your property and identify any areas where water run-off could flow onto the property in a heavy storm. If there are storm drains, check to see if they are blocked. Even if your property is not zoned as a high risk for flooding, it could still be flooded.
  • A home built downstream from any flowing water has the potential to be flooded in unusually heavy rains and will need flood insurance.
  • Talk to neighbors to find out the area’s flooding history or if there have been any recent wildfires nearby because this can indicate a need for flood insurance.

Hamilton Fox & Company Inc.

Hamilton Fox & Company Inc. provide flood insurance in the Miami, FL area. After you look at your risk factors for possible flooding to your property, contact a Hamilton Fox agent. The agent will help you to decide if you need to add flood insurance to your homeowner’s policy. Our agents are here to answer your questions and make you feel confident about your coverage.

The Benefits of Having Commercial Insurance Coverage

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In many instances, you are not required by law to carry commercial insurance as a small business owner. However, that does not mean that you should not have this coverage. There are many benefits to having commercial insurance coverage. At Hamilton Fox & Company Inc. serving the greater Pinecrest, FL area, we want to help educate you. Here are two of the benefits of having commercial insurance coverage.

Protects You Against Weather Elements

One of the things that commercial insurance does is protects you and your business against unexpected weather elements. These weather elements may include storms, such as hurricanes and tornadoes. It may also include coverage against earthquakes and flooding. If you don’t own the building, you may think that this won’t help you, but this is not true. A large storm can damage your belongings in the store or cause you to have to shut down your business and lose revenue. Commercial insurance protects against this.

Protects You Against People

People do a lot of crazy things that can negatively affect your business. They may rob you, file a bogus lawsuit, or vandalize or damage your store and belongings. If you do not have commercial insurance, you have to pay out of pocket for the crazy things that these people do. Theft, lawsuits, and vandalism can equal thousands of dollars. Having a commercial insurance policy protects you against having to pay for these damages yourself.

Now that you know the benefits, you may be interested in obtaining a new commercial insurance plan in the Pinecrest, FL area. Let Hamilton Fox & Company Inc. help. Call us now to put together the right policy for you and obtain a price quote for your business.

Does Your Auto Insurance Policy Protect You Against Floods In Your Car?

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Generally Speaking, Flood Insurance Is For Your Home – Right? 

Those three hundred dollar headphones were left in your car after the gym and way before you had the chance to view the weather report. Good thing your sister warned you in time, and you were able to move your car out of the general flood zone. What she nor you could anticipate was that the flood zone extended past the normal parameters and your car was flooded. Hamilton Fox & Company staffers are quite knowledgeable on what type of insurance policy would cover the present situation you find yourself in. Located in Pinecrest, FL we serve our town as well as the surrounding areas.

This is not something that happens everyday, but floods are a catastrophe that happens often and requires special insurance usually. When it comes to protecting your car comprehensive auto insurance covers the operation and the damage to your car in the event of a flood. This coverage comes into effect once your comprehensive insurance deductible is paid. If you carry the minimum of liability insurance coverage on your vehicle, the impact of flooding on your car will not be covered at all. It is important to talk with your insurance agent regarding whether or not property in your vehicle damaged in flood would be covered even with comprehensive or full coverage auto insurance. An umbrella policy may be a better arm of insurance to cover for property damage in an auto flood situation.

The agents at Hamilton Fox & Company located in Pinecrest, FL are here to answer detailed questions regarding your policy. Please contact us today to discuss protecting your car before a flood in your area happens – forewarned is forearmed.

When Should You Review Your Commercial Insurance Policy?

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Is It Time To Review The Commercial Insurance Policy Already – I Just Insured My Business!

Honestly, the helpful and knowledgeable agents at Hamilton Fox & Company Insurance are of the mind that the correct answer to the title question is CONSTANTLY. Don’t think we would want you to take time away from your business to review your policy. You are in business to make money and provide goods and services to your clientele. That is exactly why we are in business as well. Hamilton Fox & Company strives to provide the highest level of service to you. That is what we are here for.

Your business is constantly changing. As a result, your policy evolves accordingly, and our constant review is our pleasure and is critical to keeping you, your company and employees protected.

Here is a short list of things that may arise in your business that will necessitate a discussion with your agent and a review of your commercial insurance policy.

  • You have taken on an additional property.  Whether it is a new building, an addition to an existing location (i.e., the lot next door has become vacant, and you want to assume the lease to expand your business). Take advantage of the sunshine here in Miami FL and stop by our office to discuss how this addition may add to your liability.
  • There has been an increase in your staff. Making certain their needs are met as it pertains to your company responsibility is task one.

If you have a question about your policy and reside here in Miami, FL, come into our offices, and we can personally assist you. If you prefer, email, fax, or telephone, please contact us today to ensure you are on top of your responsibilities as regards your commercial insurance policy.

To Catch a Pest: Home Insurance Concerns And Varment Control

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Is There A Circus Upstairs?

Unfortunately, If you have owned your home long enough, you have been treated to the personal circus that has visited the homes of millions of homeowners. The circus better known as “squirrels in the attic” has extensively traveled across the country and abroad.  Those agents at Hamilton Fox & Company who own their homes and those who do not are quite familiar with the phenomena.  It is not specific to our location in Pinecrest, FL and we have assisted the locals as well as the clients we serve in the surrounding areas.

When a creature has entered the home, it usually involves property damage to the structure. Homes are made to keep creatures out. Therefore it stands to reason that if something has entered the home without your knowledge, it is due to their being a hole or some other structural damage to the home. Your policy must be reviewed to ensure that the damage to the structure of your home is protected. The agent will review the type of damage. The amount of wear and tear that your home has incurred. The amount of time that has transpired since the section of your home that has been damaged has been initially installed or has been repaired or maintained.

A quick call to your agent is in order before you embark on your catching expedition as many homeowners exacerbate the damage.

Nature happens, but the skilled professionals employed at Hamilton Fox & Company serving Pinecrest, FL and the surrounding areas are trained to ask the right questions and make fair and accurate assessments to ensure that natural wildlife stays on the outside of your home where they belong. After the circus has left town your home will be no worse for a visit.