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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 Cyber LiabilityCyber-crime is a trend growing as fast as the Internet itself. It seems that every day there’s another identity theft story in the news that leaves us feeling vulnerable to this invisible threat.

While the compromise of corporate networks gets most of the media attention, we as individuals should be concerned — especially those with greater wealth and high media exposure. Now that personal information has become so hard to protect, financial status is much easier to discover. The explosive growth of mobile communications has created millions of new targets for criminals. Even vehicles, home security systems, and “smart” appliances can be hacked and used against someone. Anything controlled by a computer or connected to a network can be compromised.

The key to protection isn’t through a high-tech solution; cyber security is about awareness of online activity. It’s a good idea to work with a private security advisor who can offer expertise in cyber security. They not only help with background research and network security on both a personal and enterprise level, but they also provide tips and education on effective measures one can take to guard against cyber-crime.

It is also essential to insure one’s assets and reputation should a loss occur due to cyber-crime. Recovering stolen identity or lost assets can be expensive and time-consuming. And if this happens to a business leader, politician, celebrity or other high net worth individuals, restoring a damaged reputation can also be difficult and costly. Good coverage provides some reassurance that you can financially recover from a cyber-crime. Not all insurance providers can meet those unique needs; it is important to talk with a trusted insurance agent who can offer expert advice on coverage solutions and recommend the best insurance companies to help protect against cyber-crime. Some carriers offer in-home safety consultations or can recommend an international personal security firm with expertise in protecting wealthy individuals and families.

It’s important to discuss these cyber risk exposures with your trusted insurance agent who can provide risk mitigation and loss prevention recommendations and, most importantly, secure insurance coverage with an insurance company that specializes in this risk.

Kevin Havemeier is an Associate Client Advisor at Gulfshore Insurance specializing in Private Risk Services. Kevin works with successful individuals and families with complex insurance needs. He analyzes his clients’ risks and collaborates with them to design customized solutions with the goal of ultimately delivering peace of mind. Comments and questions are welcome at khavemeier@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.

Gulfshore Insurance Flood Insurance Webinar for Realtors on Sept 23 2020

Join us for an informative Flood Insurance webinar where we will discuss the most up-to-date information real estate professionals should know when advising clients on their properties.

In this webinar, we will cover:
• Flood Program Updates
• Insurance Markets & Rate Changes
• FEMA’s 50% Rule
• Map Revisions
• Compliance Considerations

Guest Speakers:
• Andrea Pelletier, CPRIA, CPIA – Client Advisor, Gulfshore Insurance
• Christa Carrera, CFM – Floodplain Coordinator, City of Naples
• Ashley Tharp, AIS, AINS, ANFI – Corporate Training Manager, Wright Flood

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