Insurance

What Risks Are Covered By My Boat Insurance Policy?

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Boat insurance covers damages to your boat/watercraft, including your personal belongings. It also protects you against any liability claims. Whether you use your boat on a regular basis or occasionally, you are still exposed to the same risks. Pinecrest, FL is home to several water activities and has excellent weather, it’s only natural that you’ll want to enjoy your day with different boating activities.

Insuring your boat with Hamilton Fox & Company Inc. is the best way to protect your investment and have fun days, worry-free.

As much as boat insurance isn’t mandatory in Florida, it’s still important to protect your investment from unforeseen circumstances, not to mention that lenders may require it before financing your boat. Risks covered by boat insurance include:

Collision damages: This covers the cost of damages to your boat in case your boat hits or is hit by another watercraft or object.

Comprehensive damages: This covers damages that are non-collision related. They include fire, theft, vandalism, and damages due to weather events. It’s important to review your policy and understand exactly what is covered.

Liability claims: There is always a possibility of you causing an accident that would result in someone’s injury or property damage. This part of your policy covers your legal expenses and any compensation costs.

Uninsured/underinsured boaters: Since boat insurance isn’t mandatory, most boaters don’t have any insurance. So, what happens when an uninsured/underinsured boater hits your boat? This part of your policy covers damages to your boat and bodily injuries in such scenarios, including hit-and-runs.

Other minor risks covered by boat insurance include oil spills, road assistance, personal property damage, and fishing equipment damages. 

Hamilton Fox & Company Inc. provides affordable and reliable boat insurance policies that fit every boat type in Pinecrest, FL and its environment. Our agents will help you understand what coverage option works for you. For more information, contact us today.

 

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. 

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.

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.