FREQUENTLY ASKED QUESTIONS

HOW MUCH DOES FLORIDA HOME INSURANCE COST?

You will need a policy review to know exactly how much a new Florida home insurance policy will cost. There are a substantial amount of variables that will determine how much you will pay for your policy. We believe it is best for consumers to shop a variety of carriers and ask your agent/broker questions that will help you understand what can make your home rates cost more or less. Please review some of the coverage's that can make your premium fluctuate. Give us a call If you'd like to maximize your coverage today.

  • Deductibles
  • Dwelling Coverage Levels
  • Other Coverage's
  • Home Construction
  • Home Safety

HOW CAN I LOWER MY HOME INSURANCE PREMIUMS?

Given the recent rise in home insurance costs home owners are looking very troubled. People these days are looking at ways they can reduce these costs. Unfortunately not many people know the basics of home insurance which is why they end up making mistakes and paying more. If you just knew the basics of home insurance you could save a lot of money. Here are a few tips to help you lower your home insurance costs.

Look Around

There are plenty of deals out there which is why you shouldn’t just pick the first one you are getting. Look around and try to get the cheapest coverage options available. This may seem like a time consuming process but if you want to lower your home insurance costs this step is necessary.

Customer Discounts

You may not know this but there are special customer discounts available for those customers who have claim free histories. Discounts are also offered to loyal long term customers. You should talk to your insurance agent to find out if you qualify for a homeowner’s discount.

Don’t Buy Extra Coverage

A lot of people spend more than they should on home insurance. This involves buying coverage that you don’t need. Don’t get insurance against risks that you are never going to encounter. For example: you should avoid getting earthquake coverage in a earthquake free zone.

Increase Your Deductible

Deductible is basically the amount of money that you pay when you make an insurance claim. This is a small fee that you have to pay before the insurance kicks in. By increasing the amount of money you pay as deductible you can lower your insurance premium. A high deductible fee also indicates that your claim is likely to be genuine and requires immediate attention.

Conclusion

These were some of the tips from the experts that you can use. If you follow these tips you should be able to lower your home insurance costs considerably.

WHAT IS HOMEOWNERS INSURANCE?

Homeowners Insurance is an insurance coverage policy for your home. It basically covers all sorts of damage to your house and the possessions inside it. Different types of home insurance can be bought by homeowners depending on their needs. Home insurance policies can vary in terms of their coverage and premium costs. Highly reputable companies may have higher rates as compared to those just starting out in the industry. Let’s discuss the components of home insurance in more detail.

What is covered? An extensive home insurance policy will cover costs of damage from natural disasters such as volcanic eruptions, earthquakes etc. Furthermore damage from fire, theft and vandalism is also covered under a good policy. In case of damage you can make claims and have repair work done instantly.

Types of Coverage

There are three main types of home insurance coverage that you can avail as a homeowner. Actual cash coverage is the first type of coverage. It will cover the value of your house and your personal belongings after their value has been depreciated. Secondly we have the replacement cost coverage. In this type of coverage you are paid the actual cash value of your property and belongings without including any depreciation. The last type of coverage that you can get is known as guaranteed replacement cost coverage. This coverage also has the highest premium of the three but it pays for any sort of damage to your home even if it exceeds the policy limit.

Conclusion

Now that you know the few basic components of home insurance it’s time to go out and select a reputable and well known insurance company. You should shop around and not just go for the very first company that you come across. Compare rates and service quality of each company before making any decision.

WHAT ARE BASICS OF FLORIDA HOME INSURANCE?

Every home buyer and homeowner should know the basics of Florida home insurance. These are the key elements that enhance your understanding and help you make better decisions. Home insurance in its essence is coverage for your home and personal belongings. In the event of a damage or theft the insurance company will help you recoup your loss. Nowadays homeowners insurance has become a necessity and without it you can’t finance your home. Given the importance that has been given to home insurance it is imperative that you learn its key elements.

How it Works

Home owners insurance works in a similar manner to all other types of insurance. There are only minor differences that you should be aware of. Ehen you buy a home insurance plan you will be asked to pay a premium, this is the money that will be used to pay for damages and repairs to your house. Furthermore you can make claims on your home insurance if the need arises. But before the claim is approved you will have to pay an excess fee. The higher the excess fee the lower your yearly premium will be. Normally home insurance covers vandalism, theft, and other types of damage to your property.

Learning to Manage Costs

Most people in a bid to lower their home insurance costs invest in their home’s security and safety. If you want your premiums to be lowered you should consider having an alarm security system installed. Furthermore you can add smoke detectors and fire extinguishers to minimize damage from fire. You can also select different types of plans if you need extra coverage. Conclusion

Florida Home insurance is an important investment which is why you should consider all the factors before coming to a final decision. If you follow these basics of home insurance you will face no difficulty in finding a good insurance plan and provider.

HOW WILL HRA'S AND OTHER HEALTHCARE ARRANGEMENTS WORK WITH THE AFFORDABLE CARE ACT?

III. GUIDANCE

A. Guidance on HRAs and Certain other Employer Healthcare Arrangements, Health FSAs, and Employee Assistance Programs or EAPs Under the Joint Jurisdiction of the Departments

1. Application of the Market Reform Provisions to HRAs and Certain other Employer Healthcare Arrangements

Question 1: The HRA FAQs provide that an employer-sponsored HRA cannot be integrated with individual market coverage, and, therefore, an HRA used to purchase coverage on the individual market will fail to comply with the annual dollar limit prohibition. May other types of group health plans used to purchase coverage on the individual market be integrated with that individual market coverage for purposes of the annual dollar limit prohibition?

Answer 1: No. A group health plan, including an HRA, used to purchase coverage on the individual market is not integrated with that individual market coverage for purposes of the annual dollar limit prohibition.

For example, a group health plan, such as an employer payment plan, that reimburses employees for an employee’s substantiated individual insurance policy premiums must satisfy the market reforms for group health plans. However the employer payment plan will fail to comply with the annual dollar limit prohibition because (1) an employer payment plan is considered to impose an annual limit up to the cost of the individual market coverage purchased through the arrangement, and (2) an employer payment plan cannot be integrated with any individual health insurance policy purchased under the arrangement.

Question 2: How do the preventive services requirements apply to an HRA that is integrated with a group health plan?

Answer 2: Similar to the analysis of the annual dollar limit prohibition, an HRA that is integrated with a group health plan will comply with the preventive services requirements if the group health plan with which the HRA is integrated complies with the preventive services requirements.

Question 3: The HRA FAQs provide that an employer-sponsored HRA cannot be integrated with individual market coverage, and, therefore, an HRA used to purchase coverage on the individual market will fail to comply with the annual dollar limit prohibition. May a group health plan, including an HRA, used to purchase coverage on the individual market be integrated with that individual market coverage for purposes of the preventive services requirements?

Answer 3: No. A group health plan, including an HRA, used to purchase coverage on the individual market is not integrated with that individual market coverage for purposes of the preventive services requirements.

For example, a group health plan, such as an employer payment plan, that reimburses 7 employees for an employee’s substantiated individual insurance policy premiums must satisfy the market reforms for group health plans. However, the employer payment plan will fail to comply with the preventive services requirements because (1) an employer payment plan does not provide preventive services without cost-sharing in all instances, and (2) an employer payment plan cannot be integrated with any individual health insurance policy purchased under the arrangement.

Question 4: Under what circumstances will an HRA be integrated with another group health plan for purposes of the annual dollar limit prohibition and the preventive services requirements?

Answer 4: An HRA will be integrated with a group health plan for purposes of the annual dollar limit prohibition and the preventive services requirements if it meets the requirements under either of the integration methods described below. Pursuant to this notice, under both methods, integration does not require that the HRA and the coverage with which it is integrated share the same plan sponsor, the same plan document or governing instruments, or file a single Form 5500, if applicable.

Read More Here: http://www.irs.gov/pub/irs-drop/n-13-54.pdf

What is fidelity bond insurance coverage for condos?

Fidelity bond insurance protects a policy holder from losses. These losses could be from theft or fraudulent acts by employees or board members.

The board members of a condo association are made up of people who live in the condo association. These people are in charge of running and managing the condo association. They do things like hire personnel and maintain common areas. They also set up rules and enforce bylaws. Unfortunately, some condo association board members have taken advantage of their position to embezzle association funds. Your fidelity bond insurance coverage for your condo association will cover you in the event that this should happen. However, you can also work to protect yourself by having more than just one person responsible for the finances of your association so that someone cannot take advantage.

How much insurance should a homeowners association carry in Florida?

The amount of insurance coverage a homeowners association should carry in Florida depends upon the specific HOA. However, there are some basic insurance coverages all homeowners associations should have. To start out with, a homeowners association in Florida needs to have general liability or property insurance. This insurance will cover the structure or buildings the HOA has. Standard liability insurance will also be important. You will also need D & O Coverage to protect the volunteers for the HOA from liability. A workers’ compensation insurance will also be important if the HOA has any employees that work for them on a regular basis. Another insurance coverage a homeowners association may need is a social host liability insurance. This type of insurance can protect the HOA from liability if something happens at a clubhouse or social gathering place owned by the HOA. It also could be a good idea to have some sort of umbrella insurance protection to cover things you might not anticipate. The exact HOA coverage you need depends on the situation and the specific HOA, but you can reach out to some insurance experts to talk with them about your insurance needs.

Is there a Florida insurance homeowners association discount?

Homeowners association insurance is essential because it protects the association from lots of potential costs. HOA insurance can include liability insurance, workers compensation, general liability, and other types of liability insurance. The exact coverage your homeowners association needs will depend on the specific details of your HOA. However, you can consult an insurance expert to find out more. You can also consult an insurance expert to find out if there are any Florida homeowners association insurance discounts that you may qualify for. There are certain homeowners insurance discounts that may be applicable. For example, there are discounts for being claims-free, having security in place, home improvements, and more. Consult an expert to find out if any of these apply to you.

Do I need a homeowners association title insurance rider in Florida?

A lender or lawyer may suggest that someone buying a home purchases title insurance. Title insurance exists to protect a homeowner in case there is a problem with the title of the home. The same thing can be true for a homeowners association. A rider is an insurance policy provision that adds benefits or amends part of the insurance policy. A title insurance policy in Florida is not required, but it can be a good idea to make sure that your homeowners association has the protection it needs for its properties.

Must I list my condo association on my Florida homeowners insurance policy as an interested party?

An interested party, otherwise known as additional interest, is another person or organization that has financial interest in the property. This interested party could be a mortgage provider or even a condo association. When you are buying homeowners insurance, you may wonder if you have to list your condo association or HOA as an interested party on your insurance policy. This is not a specific requirement in Florida, but it could be a rule of your condo association or HOA, so you will want to check with them before you do anything. A condo association or HOA might want to be listed as an interested party on the insurance policy because then they will be notified if the policy is canceled. This is important because many condo associations or HOAs require a homeowners or even a renters insurance policy to be in place.

What are Florida HOA Insurance Appraisal Requirements?

An appraisal refers to the process of figuring out the value of a particular asset. When people talk about an HOA insurance appraisal, they refer to what the estimated cost would be to rebuild an existing building; this is the way of determining the value of that building. There are different ways of getting an insurable value appraisal, but the specific property you are looking to appraise should be inspected by a professional. In Florida, condominium associations are required to have appraisals, but the same requirement doesn’t exist for homeowners associations. However, it can be in the benefit to homeowners associations to know that the individual owners are protected by an insurance appraisal. This means it can be good for HOAs to encourage this insurance appraisal for their owner’s protection and peace of mind.

Do I Need HOA Insurance in The State of Florida?

If you live in the state of Florida, there are certain homeowners association requirements. First, you need to cover all of what the HOA owns within the insurance policy. This will refer to buildings as well as land and landscaping. It is also required that you have liability insurance for your HOA. The liability insurance can cover you if someone tries to sue based on an injury. There are basic requirements when it comes to HOA insurance in the state of Florida, but you may decide that you need more than the minimum amount of insurance coverage. You can always consult with an insurance agent to talk about the different HOA insurance requirements as well as the additional coverage options you may want for your HOA. Higher levels of insurance can give you higher levels of protection for your property.

What Is Florida HOA Insurance Disclosure?

A disclosure refers to making secret information known. This means that an HOA insurance disclosure shares the specific association’s insurance coverage such as general liability insurance, property insurance, earthquake/flood and natural disaster insurance, and anything else that may be relevant. In addition to disclosing the type of insurance, you need to disclose the name of the insurer, the policy limit, and the amount of the deductible for the insurance. An HOA is required to prepare this type of insurance disclosure for its members yearly. When dealing with insurance for your HOA, it is important to talk with an insurance professional that specializes in homeowners associations because they can help you understand the requirements of your insurance coverage as well as the necessary insurance disclosures. If you have any questions, feel free to reach out to Moran Financial Solutions.

What Is a Florida HOA Insurance Fidelity Bond?

A fidelity bond can also be known as crime insurance or employee dishonesty coverage. This type of insurance coverage covers loss of company money, security, or property. This type of coverage can protect against employees who commit acts of embezzlement, but there are also types of fidelity insurance that can cover against general theft. The requirement of a fidelity bond for Florida HOA insurance occurred as a result of a recent change in Florida law. This law requires an HOA to have a fidelity bond that will cover the maximum funds that will be in the association at one time. Changes in law and insurance requirements like this can happen, so it is important to talk to an expert to make sure you are aware of the requirements and any changes that might have occurred.

Is There a Florida HOA Insurance Claim Cap?

When you are talking about insurance, a cap refers to the annual limit that your insurance company will pay you based on your specific insurance coverage or the insurance plan that you are on. HOA insurance or homeowners association insurance can encompass a few different things. That means to determine the cap for your HOA insurance claim, you will have to consult your specific insurance policy, the requirements for your state, and an insurance expert. If you have any questions about your HOA insurance or insurance claim caps, you can reach out to Moran Financial Solutions. We have a team of experts that are happy to help you with any insurance questions or concerns you may have related to your Florida HOA.

Read More Here: http://www.irs.gov/pub/irs-drop/n-13-54.pdf

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