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PRS Evaluating Insurance Options for Proper Coverage Over Price 2Shopping around and reviewing homeowners’ insurance quotes from multiple agencies may help you find the most competitive rate; however, that may result in you paying a worse price in terms of the loss of proper coverage.

When shopping for insurance, it’s worth taking the time to consider your coverage options and determine the proper amount of insurance needed for your home and assets. Studies show that nearly 60% of homeowners in the U.S. — that’s two out of every three — are underinsured by at least 18%. This means that if there is a total loss, such as a fire, you may find yourself responsible for a significant portion of the rebuilding cost.

In addition, for high-value homes, coverage provided by standard carriers rarely provides the level of adequate protection needed. It’s important to work with premier insurers who understand the unique needs of exceptional homes. Gulfshore Insurance represents the top-rated insurance companies that specialize in insurance protection for successful individuals and families, including AIG, Berkley One, Chubb, Cincinnati, PURE, and Vault. These companies offer the broadest coverage options and most specialized services in the marketplace.

Below are several best practices to consider for proper overall protection:

  • Dwelling coverage with adequate cost to rebuild based on today’s construction costs.
  • Other Structures coverage sufficient to cover the pool, hot tub, and hardscape surrounding the home.
  • Personal Property 40% to 50% of Dwelling coverage limit.
  • Loss of Use 10% to 20% of the Dwelling coverage limit.
  • At least $300,000 to $500,000 in Liability coverage, as well as Excess Liability/Umbrella coverage.
  • Flood Insurance is essential, even for homes located in the X (Non-Special Hazard) Zone.
  • Second layer Flood Insurance to properly insure the home to value against the peril of Flood.
  • Sinkhole coverage.
  • Appropriate Water Backup coverage.
  • Equipment Breakdown or Home Systems Protection of at least $100,000.
  • Fraud & Cyber coverage.
  • Trusts or other ownership entities properly referenced on the policy as Additional Insureds.
  • For Hurricane Deductibles, 2% (percentage of Dwelling limit), but no more than 5%.
  • All Other Perils Deductible of $5,000 or $10,000.


Working with an insurance advisor to navigate your home valuation considerations will help eliminate confusion and help ensure an appropriate settlement in the event of a loss. We recommend speaking with your personal risk advisor regarding the appropriate amount of coverage for your home and the best way to structure your policy. A trusted advisor can help you consider options from various insurance companies so you can make an educated decision not only on the overall cost of your program, but also on the total protection of your home and assets. At Gulfshore Insurance, we work diligently on our clients’ behalf to secure the most competitive options.

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 Rising Prices The Potential Impact on Loss of Use Coverage 2

Loss of use coverage helps provide the peace of mind and financial assistance you need in the event you are suddenly displaced from your home. It’s sometimes referred to as Coverage D within your homeowners insurance policy that reimburses you for basic living expenses if a covered peril — such as burst water pipes, hurricane damage, or a house fire — damages or destroys your home, causing it to become uninhabitable.

Loss of use coverage reimbursement is unique to every person, family, and their situation. How much additional living expenses coverage you have is often based on limits in other parts of your policy. The loss of use coverage amount on a homeowner’s policy usually defaults to a percentage of your dwelling coverage limit, such as 20%. However, if additional expenses exceed that number, you become responsible for paying any amount that goes over the maximum.

Recently, rising costs have impacted Americans in a number of ways as inflation surges at the fastest rate in nearly 40 years. Prices are up in Florida for just about everything: housing, gas, groceries, and home repairs. Across the country, there has been a continued shortage in building materials from appliances to shingles, which has led to more expensive repairs and longer delivery times. The shortages in not only materials, but also labor have increased prices and caused lengthy project delays, so be prepared for it to take longer to get a job done. This trend is expected to continue into 2022.

With these high demands, supply shortages, and delays making home repairs more complicated and pricier, the best thing you can do is plan appropriately for the rising costs and potential delays you may experience. It is important to talk with your insurance advisor to ensure you are adequately covered, particularly considering the uncertainty around future costs for loss-of-use expenses. It is possible to increase this limit of coverage. Simply ask your trusted insurance advisor agent to provide a quote for additional coverage. The team at Gulfshore Insurance is here to assist and answer any questions you may have.

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 Insuring Waterfront PropertyWhen your buyers are considering the purchase of coastal property in Southwest Florida, there are several insurance factors they need to understand. For example, if they are securing a mortgage, they will need wind and flood coverage for the closing, in addition to the standard home policy. And even without a mortgage, these coverages are highly recommended for properties that have direct ocean access.

Here are a few items to discuss with your buyers if they have insurance-related questions or concerns.

Wind Coverage
In many cases, wind coverage can be included on the home insurance policy. However, for a home with direct ocean access most insurance companies will require that every exterior opening (i.e., windows, entry doors, garage doors, and skylights) have Miami-Dade Code hurricane protection. This can be verified by purchasing a Wind Mitigation Inspection. For buyers interested in coverage from the top-rated High Net Worth companies (i.e., AIG, Berkley One, Chubb, Cincinnati, PURE, and Vault), newer Florida Building Code compliant roofs will also be required. An offer from these companies is often contingent upon writing a package account for each client (i.e., out-of-state residences, automobiles, jewelry, and personal umbrella).

Flood Coverage
Properties with direct ocean access are located in VE or AE flood zones. In these high-risk zones, an Elevation Certificate is recommended for quoting and issuing a flood policy. The 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). For a new home purchase, it is beneficial to obtain a copy of the sellers flood policy along with various other Risk Rating 2.0 rating factors which affect pricing (i.e., distance to the Gulf, bays, rivers, etc.).

When your buyers have questions about insuring their coastal property, turn to Gulfshore Insurance for answers. We’ve been managing business and personal risk since 1970, and we want to be the 1st choice when you—or your buyers—need insurance advice.

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.

PRS 2022 Insurance Market Update 12021 has been a rough year for homeowners. Annual U.S. severe weather insured losses for 2021 have surpassed $20 billion, even before the year is complete. Many are predicting that, because of these disasters and the ongoing impact of COVID-19, the losses insurers currently face may turn into insurance premium increases for homeowners next year and into the future.

We continue to see top-rated specialty insurance companies reduce or manage their exposure, with many high net worth, middle market, and E&S carriers taking rate increases and making changes to guidelines in attempts to manage their exposure and reinsurance. At Gulfshore Insurance, we continue to monitor the hardening market and work diligently on our clients’ behalf to secure competitive options.

Below is an update on the changes taking place in the market for these top-rated specialty providers:

AIG

  • AM Best A Rating
  • AIG has earned a reputation as one of the world’s oldest and largest insurers.
  • AIG is No. 72 among the top 500 public companies in the world based on a mix of four metrics for 2021 results: sales, profits, assets, and market value.
  • While still a great option for clients with multiple homes, AIG continues to have limited capacity in coastal areas and especially Florida and California. In Florida, they continue to require a qualifying out-of-state residence.


Berkley One

  • AM Best A+ Rating
  • Berkley One is No. 372 among the top 500 public companies in the world based on a mix of four metrics for 2021 results: sales, profits, assets, and market value.
  • Berkley One is continuing to expand their footprint and now writing homes in 22 states and the District of Columbia. They are targeting well-balanced, multi-line accounts in Southwest Florida with a qualifying second residence.
  • Berkley One is now offering Classic Auto and/or Recreational Marine in 11 states


Chubb

  • AM Best A++ Rating
  • The world’s largest Property & Casualty company operating in 54 countries & territories, Chubb has always been a strong performer in the marketplace.
  • Chubb has a $2M minimum entry for primary residences in Charlotte, Collier, Lee, Manatee, Pinellas, and Sarasota counties. The minimum entry for primary residences outside those counties is $1M.
  • Chubb requires a minimum $50,000 total account premium for Florida condos regardless of whether the condo coverage is with or without wind.


Cincinnati

  • AM Best A+ Rating
  • Cincinnati was added back to the Fortune 500 List in 2021. Cincinnati is No. 386 among the top 500 public companies in the world based on a mix of four metrics for 2021 results: sales, profits, assets, and market value.
  • Cincinnati recently revamped their Yacht program and has been systematically rolling out the changes.
  • While Cincinnati continues to be a competitive solution for multistate accounts, they have broadened their appetite to include qualifying Florida accounts with no out of state balance.


PURE

  • AM Best Rating was upgraded to A+ (Superior) in 2021.
  • Policyholder-owned insurance offering broad and flexible policies, allowing you to tailor the coverage to meet YOUR needs.
  • Named “Best Insurance Underwriter” by Family Wealth Report Awards 2021 for the sixth consecutive year and “Best High Net Worth Insurance Company” at the 2021 Private Asset Management Awards for the fourth consecutive year.


Vault

  • In 2021, Vault released their Florida Automobile product.
  • Vault is available in 16 states and the District of Columbia.
  • Vault has tightened up their guidelines around year built and Dwelling Coverage and they are no longer allowing monoline secondary homes.
  • Vault is rated A- by A.M. Best.


For individuals and families with distinctive assets, it is critical to make sure you have specialized coverage. Trust the advisors at Gulfshore Insurance to know precisely how to meet those needs.

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.

PRS Holiday Season Safety Reminders

From Thanksgiving to New Year, it’s time to enjoy your favorite holiday traditions, celebrating around the table, and making memories with friends and family. To ensure that the festivities are not only happy, but also safe, here are some useful holiday season safety tips to keep in mind this season.

Shopping Safety

  • Try not to carry cash—Stealing someone’s debit or credit card takes extra work. That’s why cash is so attractive to thieves. If cash is all you’ve got, keep it in a wallet and in your front pocket.
  • Dress down—Dress comfortably and leave the jewelry at home. This will take a thief’s focus off of you.
  • Avoid using ATMs—Using ATMs can put you in a vulnerable position, not to mention the risk of card skimmers.
  • Don’t shop alone—Not only is shopping with someone safer, but it makes the adventure much more enjoyable! If you must shop alone, try your best to do so during the day, or part in a well-lit area close to the mall entrance.
  • Walk with your head high—Nowadays, everyone’s heads are down staring at their phones. Whatever the reason for head being down, lift it up! This will help you have better awareness of your surroundings and keep you safer.
  • Put purchases in the trunk—Leaving your purchases visible in any of the passenger seats can increase your risk of theft. To be safe, put as much of your purchases in the trunk. You can cover them with a sheet or blanket, too! That way criminals are less likely to entertain the thought of breaking into your car.
  • Find your keys before walking to your car—While you’re still in the mall, find and hold your keys before you leave. Looking down and fumbling through your purse makes you an easy and distracted target for someone trying to commit a crime with minimal resistance.
  • Lock your car doors the moment you get inside—Once you’ve successfully finished your holiday shopping and made it back to your car safely, lock your car doors. Yes, even before you buckle up and put the keys in the ignition. This is the proverbial safety “cherry on top.”
  •  Park in the garage to unload your purchases—When possible, park in the garage and close the garage door before unloading your items.


Unattended Home Safety

  • Check your doors and windows—Ensure that all doors and windows are closed and locked.
  •  Never hide keys around the outside of your home—Consider giving an extra key to a trusted neighbor instead.
  • Keep the outside of your house well lit—This will make it appear like someone is home. Motion detector lights may also be an option.
  • Close curtains—Close any curtains that display presents in plain view, such as under a Christmas tree.
  • Keep your mail or packages from piling up outside of your door—Schedule a delivery time for when someone is home or have a trusted neighbor sign for packages.


Cooking Safety

  • Smoke Alarms & Fire Extinguishers—Make sure you have a smoke alarm on every level of your home, inside each bedroom, and outside sleeping areas. Also keep a fire extinguisher in the kitchen for easy access.
  • Pan fires—If a pan catches on fire, cover it with a lid to smother the flames or use a fire extinguisher. Never use flour or water to put out a pan fire. Call 911 if necessary.
  • Frying turkeys—Only fry a turkey outside and away from your home–not inside your garage, or on your porch. Do not overfill the oil in the turkey fryer and follow the manufacturer’s instructions on use, including thawing your turkey thoroughly and maintaining control of the oil temperature.
  • Flammable items— Keep flammable items, like potholders and paper or plastic bags, away from the stove and oven. Don’t wear loose-fitting clothing or dangling jewelry.
  • Never leave cooking food unattended on the stove—Monitor food at all times while it is being cooked. Make sure to turn pan handles towards the back of the range to prevent someone from bumping into it.


Tree Safety

  • Picking the tree—Choose a tree with fresh, green needles that do not fall off when touched.
  • Placing the tree—Before placing the tree in the stand, cut 2in from the base. Make sure the tree is at least 3ft away from any heat source (fireplaces, radiators, candles, heat vents, or lights). Make sure tree is not blocking an exit.
  • Keep it watered—If you have a real tree in your house this season, keep it watered. A tree that is not well watered is very dangerous and can turn into a fire hazard. It is best to water the tree every day and dispose of the tree after the holidays or when it is dry.
  • Turn off the lights—Always be sure to turn off the tree lights before going to bed or leaving the house.


Decoration Safety

  • Use step stools or ladders—Use step stools or ladders while putting up decorations. Keep ladders and decorations away from overhead power lines. Ensure the ladder is securely placed on the ground before climbing. Never stand on furniture as this can result in an injury.
  • Shoe safety—When putting up holiday lights and other decorations make sure to wear protective and sturdy shoes inside or outside of the house. No flip flops!
  • Check lights—Double check lights for frayed wires or cracks, and be sure there is a bulb in each socket. Discard and replace damaged strands. Indoor lights should not touch drapes, furniture or carpeting.
  • Extension cords— Prevent tripping by placing cords and decorations in low-traffic areas where they won’t be walked on. Avoid twisting, kinking or crushing cords. Use heavy-duty extension cords, and only use cords outdoors if they are designated for outdoor use. Avoid overloading extension cords by using no more than three sets of standard lights per cord. Do not hammer tacks or nails into the electrical cord when hanging lights. Instead, use clips to safely attach lights to the house.

 

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.