E&L Insurance

It’s October, but Florida hurricane season isn’t over. The Atlantic season officially continues through November 30, and coverage changes can become difficult or temporarily unavailable when a tropical system threatens Florida. Instead of another hurricane checklist, use October to answer one question: Do I know what my current policy would actually cover? Review your hurricane deductible, dwelling limit, loss-of-use coverage and flood policy now, while the weather is quiet. Questions? Call E&L Insurance at (305) 541-1002.

There’s encouraging movement in Florida’s homeowners insurance market. State regulators recently approved rate decreases for several insurers covering more than 62,000 policies, with additional decrease and zero-increase filings under review. But a statewide trend doesn’t tell you what your renewal will look like. Carrier, location, roof, coverage limits, deductibles and property characteristics still matter. If your renewal is approaching, this is a good time to compare the premium and the coverage behind it. Visit https://www.eandlinsurance.com to review your options.

Can you buy or increase hurricane-related coverage once a tropical system is approaching Florida? Maybe not. Insurance companies can impose temporary binding restrictions that limit new policies, added coverage or certain policy changes when a storm reaches predefined conditions or geographic areas. The rules and timing vary by carrier and type of insurance. A binding restriction is not the same as cancelling an existing policy—it can simply limit transactions while the storm threat exists. That’s why routine insurance reviews are best handled during normal conditions. Visit https://www.eandlinsurance.com.

Hosting friends for football season, owning a pool, having teen drivers or simply accumulating more assets can increase the importance of liability limits. A personal umbrella policy can provide additional liability protection above certain underlying home and auto policies, subject to its own terms, exclusions and required underlying limits. It is not a substitute for good underlying coverage and it does not cover every type of loss. The first step is understanding how much liability coverage you already have. Call E&L at (305) 541-1002.

Your business can change faster than your insurance policy. New vehicles, added employees, additional equipment, a larger inventory, a second location, different services or changes in annual sales or payroll may affect how a commercial policy should be written. Certificates of insurance requested by customers or landlords can also reveal contract requirements that deserve a closer look. As the third quarter closes, Florida business owners should compare current operations with what their policies actually describe. Schedule a commercial insurance review at https://www.eandlinsurance.com.

A 2% hurricane deductible does not mean you pay 2% of the repair bill. Percentage hurricane deductibles are generally calculated from the insured value identified in the policy. For example, if the applicable dwelling limit is $500,000, 2% equals $10,000. That number can look very different from a standard $1,000 or $2,500 deductible. Your actual policy controls, so check both the percentage and the dollar amount before you ever need to file a claim. Questions? Call E&L at (305) 541-1002.

Renovated your kitchen? Added a room? Upgraded flooring, cabinetry or other major finishes? Your home’s insurance replacement-cost estimate should reflect what it would reasonably cost to rebuild the current home, not simply what you originally paid for the property or its real-estate value. Significant renovations can also change square footage, construction features and other underwriting information. Before renewal, make sure your insurer has an accurate picture of the property today. For a Florida homeowners insurance review, visit https://www.eandlinsurance.com.

Contractors can need several different kinds of insurance because one policy does not address every exposure. General liability may respond to certain third-party injury or property-damage claims. Builder’s risk can address eligible property and materials during construction. Tools and equipment may require inland marine or equipment coverage, while owned vehicles need appropriate commercial auto insurance. The right combination depends on the work being performed, contracts, equipment, employees and project structure. Florida contractors and builders can review their coverage with E&L at (305) 541-1002.

Flood insurance is not only for homes labeled “high risk.” Heavy rainfall, poor drainage and rapidly rising water can affect properties outside designated high-risk flood zones. There’s another reason to review coverage before a storm appears: new NFIP flood policies generally have a 30-day waiting period before coverage becomes effective, although specific exceptions apply. A lender’s flood requirement tells you something about financing requirements; it does not define the full extent of your property’s flood exposure. Learn more at https://www.eandlinsurance.com.

What if another driver causes a serious accident but doesn’t carry enough insurance to cover your injuries? That’s where uninsured/underinsured motorist coverage may become important. UM/UIM coverage is designed to address certain bodily-injury losses when the responsible driver has no applicable bodily injury coverage or insufficient limits, subject to your policy terms. It’s worth reviewing the limits you selected instead of assuming every driver on Florida roads carries enough liability insurance. Questions about your Florida auto insurance? Call (305) 541-1002.