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Personal Lines Loss Prevention for High Net Worth ExposuresThere is no question that successful individuals and families have always treasured the aesthetic value of their homes and collections of artwork, wine, classic cars, antiques, and other collectibles. Too often, homeowners fail to protect their most prized possessions through proper loss prevention. Risks from water damage, sun exposure, careless transport, and improper storage could severely damage a collection and leave the homeowner with significant financial and emotional loss. The best way to protect a home and property is to prevent losses from ever happening in the first place. Below are several critical components to a comprehensive loss prevention program.

 

Home Inventory
An updated home inventory may be the single most important step available to protecting valuable items. The inventory represents the starting point for proper protection. Should a loss occur, keeping an inventory will also make the insurance claims process much easier.

Risk Management Appraisals
Gulfshore Insurance utilizes our proprietary Personal Risk Assessment to identify clients’ unique risks and exposures, while uncovering their preferences and expectations should a future loss occur. We analyze existing insurance policies to identify potential gaps in coverage and highlight program deficiencies that expose clients to unnecessary loss.

Water and Gas Shutoff Devices
Did you know that water is the number one threat of damage to luxury homes? And in most cases, water damage is preventable. Every year more than 2.5 million homeowners fall victim to water damage exceeding billions of dollars in preventable losses. Reputable water mitigation vendors can install sensors around appliances where water leaks commonly occur, thus avoiding costly claims.

Infrared Home Examinations
Utilizing infrared cameras to identify hidden hazards such as moisture in the walls, hot circuit boxes, or electrical panels can be an important step in your overall loss prevention program. It is important to correct these problems before they become expensive issues that turn into a homeowners’ insurance claim.

Home Safety & Security Assessments
Gulfshore Insurance can help facilitate locating and selecting a reputable third-party vendor that specializes in loss prevention services. These professionals will assess your home; address any issues related to the home’s structural integrity, safety, and security; and make recommendations on how to best protect your assets.

Disaster and Emergency Preparation
Preparedness should be paramount for those living in hurricane‐prone states. From hurricane shutters to family and valuables evacuation plans, there are many things you can do to avoid potential damage and be ready to evacuate should the need arise.

Employee Background Checks
When it comes to protecting your loved ones and your possessions, additional considerations are necessary, such as training domestic staff in the management of deliveries, visitor emergency procedures, and first aid. Background screenings of those staff members employed or contracted are also crucial.

 

Ron Lazarto, CPRIA is a Client Advisor and Partner at Gulfshore Insurance specializing in Private Risk Services. Ron specializes in offering customized property and casualty insurance solutions for successful individuals and their families. Comments and questions are welcome at rlazarto@gulfshoreinsurance.com

Gulfshore Insurance is a Naples, Florida based insurance agency specializing in home and homeowners insurance, car and auto insurance, boat and yacht insurance, property insurance, umbrella insurance, valuables insurance for fine art, jewelry, wine, and more. Navigating insurance requires an experienced and trusted insurance agent who understands your high net worth risks and exposures. Gulfshore Insurance services Naples, North Naples, Port Royal, Park Shore, Pelican Bay, The Moorings, Naples Beach, Marco Island, Bonita Springs, Sanibel Island, Captiva, Fort Myers, Sarasota, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.

Personal Lines Flood Insurance Considerations for Waterfront PropertiesIf you already own a waterfront property, then you are likely familiar with flood zones and flood insurance. If you are someone who is considering the purchase of waterfront property, then now is to time to get familiar with this coverage. Flood risk across the continental U.S. is concentrated along coastlines, and no state has more vulnerable beachfront miles than Florida. Most waterfront properties are considered high risk for flooding, just because of their proximity to the water.

Flood or “rising water” is not a peril that is covered under your typical homeowner’s insurance policy. Flood coverage is purchased as a separate stand-alone policy. The vast majority of all flood policies are purchased through the National Flood Insurance Program (NFIP) which is administered by the Flood Emergency Management Agency (FEMA); however, private options are also available. How much that insurance costs all comes down to the elevation of the building and the characteristics of the flood zone that it resides in.

Properties with direct ocean access are most often located in VE or AE flood zones. These high-risk zones require an elevation certificate before Primary FEMA Flood or Excess Flood quotes can be provided. The elevation certificate provides the base flood elevation as determined by FEMA in addition to the elevations of the garage, machinery, and first-floor living level. Some homes in these areas have elevated living levels which adds to the complexity of the underwriting process. For all areas below the base flood elevation, it’s necessary to confirm whether or not the enclosure is properly vented (in AE zones) or has breakaway walls (in VE zones).

Coverage for waterfront properties can be expensive and intricate, so we recommend looking into this. Interested buyers should be familiar with the complete scope of the house and all that it entails. When your buyers have questions about insuring their coastal property, turn to Gulfshore Insurance for answers. It’s critical to check with an agent early to verify the flood zone and elevation to avoid any surprises after a purchase contract is in place.

Andrea Pelletier, CPRIA, CPIA is Client Advisor and Partner at Gulfshore Insurance specializing in Private Risk Services. Andrea works with successful individuals and their families on creating and customizing package insurance solutions in the areas of luxury homes, car collections, jewelry, fine arts, watercraft, and personal excess liability. Comments and questions are welcome at apelletier@gulfshoreinsurance.com

Gulfshore Insurance is a Naples, Florida based insurance agency specializing in home and homeowners insurance, car and auto insurance, boat and yacht insurance, property insurance, umbrella insurance, valuables insurance for fine art, jewelry, wine, and more. Navigating insurance requires an experienced and trusted insurance agent who understands your high net worth risks and exposures. Gulfshore Insurance services Naples, North Naples, Port Royal, Park Shore, Pelican Bay, The Moorings, Naples Beach, Marco Island, Bonita Springs, Sanibel Island, Captiva, Fort Myers, Sarasota, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.

Personal Lines Uninsured Motorist Coverage Why You Should Have It Gulfshore Insurance Naples FloridaAccording to the Insurance Information Institute, Florida has the MOST DRIVERS in the country on the road without auto insurance, at a whopping 26%. That means that if you are injured in an auto accident in Florida, you have more than a 1 in 4 chance of being hit by a driver who has no insurance to cover your injuries. In addition, 51% of Florida auto insurance policies have limits of $25,000 per person or lower. If you are hurt or injured in a car accident by one of these uninsured (no insurance) or under-insured drivers (not enough insurance), you may have to pay for your own injuries out of pocket.

UM and UIM insurance is so important to have because it pays if you, your passengers, or family members are injured by another driver who is “at-fault” and does not have bodily liability insurance, has insufficient liability insurance to cover the total damages sustained by you, or no insurance at all. This applies whether you are riding in your car, someone else’s car or are struck by a car while a pedestrian. UM/UIM pays for medical expenses, lost wages and for bodily injury, sickness, disease or death resulting from a car accident, beyond your PIP auto coverage. In Florida, “UM” (uninsured motorist) or “UIM” (underinsured motorist) coverage is limited to what you have set as your BI (bodily injury liability) coverage. In other words, you can purchase UM/UIM only at the same limit that you also carry BI.

Why should I buy uninsured motorist coverage if I have medical insurance?

Medical bills are only a portion of what you can claim on uninsured motorist coverage. UM also pays for things that may not be covered or limited by medical insurance, such as:

  • loss of the future enjoyment of life
  • lost wages and disability
  • long term nursing care
  • wheelchairs and medical devices
  • pain and suffering
  • death
  • replacement services for things you are no longer able to do

 

At Gulfshore Insurance we pride ourselves on serving as your trusted advisor. Please contact us with any questions.

Andrea Pelletier, CPRIA, CPIA is Client Advisor and Partner at Gulfshore Insurance specializing in Private Risk Services. Andrea works with successful individuals and their families on creating and customizing package insurance solutions in the areas of luxury homes, car collections, jewelry, fine arts, watercraft, and personal excess liability. Comments and questions are welcome at apelletier@gulfshoreinsurance.com

Gulfshore Insurance is a Naples, Florida based insurance agency specializing in home and homeowners insurance, car and auto insurance, boat and yacht insurance, property insurance, umbrella insurance, valuables insurance for fine art, jewelry, wine, and more. Navigating insurance requires an experienced and trusted insurance agent who understands your high net worth risks and exposures. Gulfshore Insurance services Naples, North Naples, Port Royal, Park Shore, Pelican Bay, The Moorings, Naples Beach, Marco Island, Bonita Springs, Sanibel Island, Captiva, Fort Myers, Sarasota, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.

Personal Lines Top 6 ArticlesWe’ve had over 50 new blog posts this year, and in those, we covered a lot. To make sure you don’t miss out, we’ve put together a curated list featuring some of our most read and most shared articles from the past year.

  1. Understanding what an elevation certificate is and how to read one will help you better navigate the issues a home may have in regards to flood insurance, a critical component of the home buying process.
  2. When asked if their Florida home is their “Primary Residence,” the majority of our clients will typically respond “yes” if they are domiciled or homesteaded here. This tells us that they have met the requirements of the City or County in order to receive certain tax discounts. However, for insurance carriers, this is oftentimes irrelevant.
  3. Insurance for construction projects is usually dictated by the terms of the unique contract between the residence owner and the contractor. Whether it’s a renovation project or a new structure, it is increasingly common for these contracts to assign the responsibility of carrying property insurance to the owner.
  4. Many buyers in Florida deed their homes to Trusts or LLC’s for tax and/or probate purposes. What these buyers may not know is that they may face higher premiums by going this route rather than personally deeding the property.
  5. When your buyers are considering the purchase of coastal property in Southwest Florida, there are several insurance factors they need to understand.
  6. These two words are sometimes used synonymously; however, in the insurance industry, they are a world apart.

Andrea Pelletier, CPRIA, CPIA is Client Advisor and Partner at Gulfshore Insurance specializing in Private Risk Services. Andrea works with successful individuals and their families on creating and customizing package insurance solutions in the areas of luxury homes, car collections, jewelry, fine arts, watercraft, and personal excess liability. Comments and questions are welcome at apelletier@gulfshoreinsurance.com

Gulfshore Insurance is a Naples, Florida based insurance agency specializing in home and homeowners insurance, car and auto insurance, boat and yacht insurance, property insurance, umbrella insurance, valuables insurance for fine art, jewelry, wine, and more. Navigating insurance requires an experienced and trusted insurance agent who understands your high net worth risks and exposures. Gulfshore Insurance services Naples, North Naples, Port Royal, Park Shore, Pelican Bay, The Moorings, Naples Beach, Marco Island, Bonita Springs, Sanibel Island, Captiva, Fort Myers, Sarasota, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.

Personal Lines Renting Your Seasonal HomeOngoing COVID-19 travel restrictions and, in some cases, travel bans, may have made it difficult or impossible for homeowners to return to their seasonal homes. With this inability to travel, the temptation to list your seasonal home as a vacation rental on websites such as Airbnb, VRBO, or other vacation rental websites seem like an appealing option; however, please be aware that a homeowners’ insurance policy contract is based on owner-occupancy and includes specific clauses that reduce or exclude coverage if the occupancy changes.

In one widely reported case, for example, an Airbnb renter was killed when a tree holding up a backyard hammock he was laying on collapsed onto his head. This case makes clear that, before you become a short-term rental host, you should carefully consider your liability for any injuries someone incurs while staying at your home, and whether you have adequate insurance coverage for property damage or loss.

What to do if you are considering renting out your home?  

Contact your agent to discuss your plans BEFORE renting your home so the proper coverages can be initiated. Filing a claim after injury or damage occurs will likely result in denial by your insurance company if you did not previously report the change of occupancy.

In addition to confirming proper insurance coverage, you should also check with your local City or County to make sure they have not imposed any ordinances prohibiting short term rental due to COVID.

At Gulfshore Insurance we pride ourselves on serving as your trusted advisor. Please contact us with any questions.

Andrea Pelletier, CPRIA, CPIA is Client Advisor and Partner at Gulfshore Insurance specializing in Private Risk Services. Andrea works with successful individuals and their families on creating and customizing package insurance solutions in the areas of luxury homes, car collections, jewelry, fine arts, watercraft, and personal excess liability. Comments and questions are welcome at apelletier@gulfshoreinsurance.com

Gulfshore Insurance is a Naples, Florida based insurance agency specializing in home and homeowners insurance, car and auto insurance, boat and yacht insurance, property insurance, umbrella insurance, valuables insurance for fine art, jewelry, wine, and more. Navigating insurance requires an experienced and trusted insurance agent who understands your high net worth risks and exposures. Gulfshore Insurance services Naples, North Naples, Port Royal, Park Shore, Pelican Bay, The Moorings, Naples Beach, Marco Island, Bonita Springs, Sanibel Island, Captiva, Fort Myers, Sarasota, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.