Author: agentinsure

Why Do You Need Umbrella Insurance?

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Umbrella insurance policies will provide the much-needed extra level of security for you and your family when legal, medical, or property damages go beyond what your standard auto or home insurance policy covers. Hamilton Fox & Company Inc.’s umbrella insurance in Pinecrest, FL will kick in to safeguard your assets when you find yourself in such a scenario.

For instance, you may cause an accident resulting in an $800,000 in medical costs while your standard bodily injury policy under your car insurance covers you up to the limit of $500,000. You will need an umbrella insurance policy to cover the extra amount. Here are some of the critical reasons why you should purchase umbrella insurance.

Protects Your Assets

This is perhaps the most important reason why you need umbrella insurance coverage. Without this insurance, you may be held liable when the limit of your standard liability insurance is exceeded. You may be forced to sell some of your assets to cover the excess liability. That is something you can’t afford to do after many years of hard work and patience. Umbrella insurance protects your assets in Miami or Pinecrest, FL against various uncertainties.

Expands Your Coverage Limits

Let’s go back to the example we described at the beginning. If your standard auto or home liability policy offers you up to $500,000 per occurrence, having an umbrella insurance policy can expand your limit to around $1 million per event. This extra coverage is essential in your everyday life since you never know what might happen.

Covers Things that Your General Liability Policy Might Not Cover

Typically, umbrella insurance covers a wide range of activities and potential occurrences than your standard general liability insurance policy. For instance, if your standard home or auto liability policy is limited to events that may occur in a particular geographic area, the umbrella policy might come in and cover other regions.

In contrary to what most people tend to think, an umbrella insurance policy is affordable and essential to everyone. Talk to Hamilton Fox & Company Inc. today and get your quote.

Should You Purchase Flood Insurance in Florida?

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A flood can happen at any time and any place, even if you are not located in a flood zone or an area that is prone to flooding. This is not something that people often think about until it is too late. However, it is essential to know that most home insurance policies do not include flood coverage of any kind. Because of this, many people think they are covered by their home insurance policy when they are not. If the question has come up about whether or not you should purchase flood insurance, here at Hamilton Fox & Company Inc., serving Pinecrest, FL, we believe that it is something everyone should have in Florida. 

Why You Need Flood Insurance

  • Floods can happen inside your home – You may not think of it, but you can have an internal flood. This can result from a burst pipe or even a sink or bathtub that has started overflowing. 
  • Hurricanes – Hurricanes happen every year in Florida, and with each one there is a potential for flooding. In fact, a lot of the damage from a hurricane comes from the flooding that results from it. This is something you should prepare for because of your location to the coast. 
  • External flooding – Even if you are not in a flood zone, you can still have a flood. If your neighbor has an outdoor, above-ground pool and it collapses, you will have a flood on our hands faster than you realize or can react. 

If you are on the fence or simply want to explore your options, be sure to reach out to Hamilton Fox & Company Inc., serving Pinecrest, FL, today. We can help you find the right policy and make sure that it is in your budget. 

Home Insurance: What You Must Know

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Apart from being the roof over your head, your home is your most substantial investment. Home Insurance from Hamilton Fox & Company Inc., serving Miami and Pinecrest, FL, is the coverage you need. Here are a few things that you should have in mind when it comes to home insurance:

Structure Protection Policy

For homeowners, structure coverage is crucial. It covers damages caused by storms, fire, and other natural catastrophes. It is advisable that you insure your house comprehensively so that in case of total loss, you are assured that your home can be rebuilt.

Home Contents

In case of theft or fire, you may lose not only your home but also personal belongings. Most insurance policies will help you replace some of the lost belongings. However, it is your responsibility to provide the list of the home’s contents.

Property Damage

This coverage aims at protecting you from damages emanating from your home to someone else’s property. Your son may accidentally kick a ball which damages a neighbor’s glass door or window. 

Personal Liability

If you get sued for causing property damage or injury, this policy covers the legal expenses of your defense in court.  Moreover, if the judge finds you culpable, the policy pays the court award depending on your coverage limits.

Medical Expenses

When you have friends over, and an accident occurs causing injury, home insurance coverage can cover their medical expenses. All you have to do is to submit the medical bills to the insurer.

Update Your Policy

It is imperative that you keep your insurer informed on home renovations to adjust your coverage appropriately.

Hamilton Fox & Company Inc. proudly serves the Pinecrest, FL area. If you need a home insurance policy, please contact our agents to learn how to get started. Also, try our online rating tool for a quote from home on a home insurance policy.

3 Ways a Small Business Can Cope with Expansion

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An expanding company is generally a cause for celebration and not a concern, yet some companies may not foresee the complications that stem from growth. It raises a number of big and small questions alike. Everything from how many extra people are needed to where to put them all may need to be answered sooner rather than later. Here are a few tips for coping with expansion from Hamilton Fox & Company Inc. 

Less Is More 

One of the most common problems that businesses in Miami and Pinecrest, FL have when they expand is forgetting that less is more. Don’t throw all of your resources at a problem simply because it seems like the easiest way to handle everything. Instead, make decisions carefully and remind yourself that you can always add to your efforts later on down the line when you’re certain you need to. 

Explore Your Opportunities 

Success in business means a chance to branch out, and companies who don’t take advantage of this are liable to be labeled as old-fashioned. Look for new customer markets, products, and services where you’ll be able to keep your current company mission while still allowing you the chance to grow. 

Consider Your Commercial Insurance 

One of the downsides of expansion is that there are more things that can go wrong. Every change brings with it a new element of potential danger. You can’t shy away from this, but it’s only natural to have a little fear of the unknown. Commercial insurance may be able to help with this fear. You don’t have to go from basic coverage to a comprehensive commercial insurance policy, but you may want to review your current protections.

Call Hamilton Fox & Company Inc. if you’re in Miami or Pinecrest, FL, and need a little guidance. 

What Is Workers Comp and How Do I File a Claim?

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Miami and Pinecrest, FL residents who have been injured on the job may be eligible for workers’ compensation. Below, Hamilton Fox & Company Inc. will explain what workers’ compensation is and how you can file a claim if you were injured on the job.

What Is Workers’ Comp?

Workers’ compensation or “workers’ comp” is a form of insurance that business owners must purchase for their employees. Most employers must purchase workers’ compensation insurance for their employees by law.

Paying into workers compensation allows workers who were seriously injured on the job to receive compensation for their lost wages and medical bills. In these situations, it protects both the employees and the employer because those who seek workers compensation also cannot sue their employers if they are injured on the job (in most cases).

How to File a Workers’ Comp Claim

Both employees and employers will need to file a workers’ comp claim in the event of an injury.

As an employee, you must abide by a timeline that involves notifying your employer as well as the insurance company of your injury. Employers, in turn, must file their own paperwork with the insurance agency to notify them that a claim is being made for workers’ comp insurance. All plans will differ, but for the most part, filing a workers’ comp claim is simple and straightforward. Talk to your insurance provider for complete details.

Contact Hamilton Fox & Company Inc. Today

If you are a Miami or Pinecrest, FL resident, Hamilton Fox & Company Inc. can aid you in purchasing workers’ compensation insurance for your company or business. To learn about your workers’ comp plan options, contact us directly by visiting our nearest location or giving us a call.

Does Your Boat Insurance Cover Damages Sustained During Seasonal Storage?

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The agents at Hamilton Fox & Company Inc. offer sound advice to Pinecrest, FL residents and those around Florida who have questions concerning boat insurance. We understand that you need sufficient coverage at all times, whether your boat is in the water, on the road, or being stored during the off-season. It’s crucial to maintain coverage throughout the year so that your boat is ready for the water when you are ready to use it.

What Constitutes "Seasonal" Storage?

Seasonal storage is used when your boat is going to remain out of the water for an extended period, normally longer than three to four months. Preparation for seasonal storage includes winterizing the gas lines and any water lines that may be present. The oil is changed, and the boat is cleaned both inside and out, making sure any debris is removed that could damage the interior or dull the finish.

Should Your Boat Be Protected During Seasonal Storage?

Maintaining a sufficient amount of insurance during seasonal storage is important. This type of insurance protects against vandalism, theft, and other forms of damage that can be caused while the boat is in storage. It will also cover damage to the watercraft if the building it’s stored in is damaged by weather. Many times, this results in damage to the vehicles and boats contained inside. Storage insurance is essential and shouldn’t be overlooked, especially if your vessel is still relatively new.

In Pinecrest, FL, residents are encouraged to call Hamilton Fox & Company Inc. if they have questions concerning the limitations of their current boat insurance policy or to learn more about the amount of insurance that is needed to remain adequately protected throughout the year. Don’t leave your boat at risk. Make sure you have the coverage you need at all times!

 

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.

Building a Deck ?- Is Your Home Insurance Going to Change?

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At Hamilton Fox & Company, Inc. in Pinecrest, FL, We Want You to Be Better Safe Than Sorry

Once you begin a renovation project that includes digging large holes into your deck, it is important to consider what you may uncover in that beautiful backyard of yours. Some homeowners find that they have sinkholes in their yards which could pose a significant danger to the members of the family.

How the deck will be approached from the main structure of your home is an item that you will want to communicate to your agent. Your agent may ask you some of the following questions about your new deck:

  • How the deck will be exited and how many exits are to be constructed?
  • Will it include fencing?
  • What are the exact measurements of the deck?

Adding a deck increases the value of the home considerably. Having a discussion with your insurance agent is a smart way to learn how this undertaking can affect your policy. If you are adding a spa or other expensive amenities to your new deck area, you may want to add more loss protection and liability components to your policy.  

Your insurer may require that you hire a general contractor who is adequately insured against being a hindrance to your home improvement. Through all of these considerations, it is inevitable that your insurance policy will change, but that doesn’t mean necessarily that the rate will increase.  

Come in today to discuss how Hamilton Fox & Company, Inc. in Pinecrest, FL can help you develop a homeowners insurance policy that will be a comprehensive tool in protecting your Florida home. Whether or not you are considering a renovation at this time, having a great policy is priceless as you assume the responsibility of home ownership. 

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.