What You Need to Know About Mortgages and Homeowner’s Insurance

Whether you’re just starting your journey as a homeowner or have a mortgage nearly paid off, you may have questions about how your mortgage and insurance are connected. If this sounds like you, you’re in luck! The Palm Valley Insurance Inc. professionals in Ponte Vedra Beach, FL can help.

Mortgage Lenders require Home Insurance.

As you may or may not be aware, the vast majority of mortgage lenders require you to show proof of home insurance before you close on your home. This is done in an effort to ensure that their interests are protected if the house is damaged or destroyed. This serves to guarantee that the original loan is paid back and that the losses are replaced or repaired.

You Should Keep Your Insurance After Paying Off Your Mortgage

Though you are no longer required to have homeowner’s insurance once you’ve paid off your mortgage, it’s in your best interest to keep it. Say you’re a victim of a house fire. Without homeowner’s insurance, the cost of repairing, rebuilding, and replacing your belongings will fall solely on your shoulders.

In addition, if someone were to be injured on your property, your insurance policy will help you cover the associated costs should you be held liable. Your policy may also cover your accommodation expenses if you cannot stay in your home while it’s being repaired.

Find the Right Coverage for Your Home

It’s vital that you find the right policy for your assets. Finding a policy that fits your budget is just as important. Fortunately, our Palm Valley Insurance Inc. team in Ponte Vedra Beach, FL has the experience you need to find your ideal coverage without breaking the bank. Give us a call today to get started!

Renter’s Insurance to Protect Your Belongings

If you’re a tenant in Ponte Vedra Beach, FL, you may believe that your landlord’s insurance policy will cover the possessions inside of your home if an accident or disaster occurs. Unfortunately, this isn’t always accurate, so it is crucial to have a renter’s insurance policy for protection and coverage.

What is Renter’s Insurance?

Renter’s insurance is a type of insurance that covers your personal belongings in the event of an accident or disaster. It also provides liability coverage if someone is injured while on your property. Palm Valley Insurance Inc is here to help you find the best coverage for your specific needs. We offer comprehensive coverage and can tailor your policy to fit any budget.

Why You Need Renter’s Insurance 

Did you know that your landlord’s insurance usually won’t cover your belongings if there’s a fire or other disaster? That’s why having renter’s insurance is so important – it can protect you from any unexpected liability, theft, and even disasters.

Consider these scenarios where renter’s insurance can help:

  • Your laptop is stolen and needs to be replaced.
  • You’re liable for injuries sustained on your property.
  • Your home is destroyed by fire, and you must recover lost possessions.
  • You’re held responsible for damage caused by a guest.

Renter’s insurance gives you peace of mind knowing that your belongings and assets are protected in the event of an emergency or disaster.

Are you searching for the perfect renter’s insurance policy in Ponte Vedra Beach, FL for you and your family? Then contact Palm Valley Insurance Inc today for a free quote!

What Exclusions are Common on a Motorcycle Insurance Policy?

Sometimes it is just as important to know what is excluded from your insurance as much as what is included. Ask anyone who owns a motorcycle in Ponte Vedra Beach, FL and they will tell you insurance is massively critical. It can be dangerous on the open road, and you never know what will come next. With motorcycle insurance, though, there are standard exclusions our team at Palm Valley Insurance Inc. can educate you about.

Exclusions in Motorcycle Insurance

When you purchase a motorcycle, one of the first things you want to do is purchase insurance. Motorcycle insurance protects you if your vehicle is involved in a covered accident. What is not going to be covered, though?

  • Speeding – Speeding is one of the things that will exclude coverage from your motorcycle insurance policy. You will not get coverage if you suffer damage or a loss due to speeding.
  • Driving Another Motorcycle – Your motorcycle is the vehicle that has the coverage, not someone else’s. If you drive someone else’s bike, your motorcycle insurance will not apply.
  • Another Driver – If you have another driver on your motorcycle and they get into an accident, you will also not have coverage.
  • Lack of a License – If you are driving a motorcycle and there is an accident, a valid driving license is necessary to ensure coverage.

With all of the common exclusions with motorcycle insurance, you need to know what is covered and what is not. Serving the Ponte Vedra Beach, FL area, our team at Palm Valley Insurance Inc. can assist you in understanding the details of motorcycle insurance policies, including coverages and exclusions.  

New rules for Florida Homeowner’s insurance on roofs

There is new laws coming into effect July 1st 2022, included in those is some changes to insurance rules in Florida. An insurer may not refuse to issue or refuse to renew a homeowner’s policy insuring a residential structure with a roof that is less than 15 years old solely because of the age of the roof. For a roof that is at least 15 years old, an insurer must allow a homeowner to have a roof inspection performed by an authorized inspector at the homeowner’s expense before requiring the replacement of the roof of a residential structure as a condition of issuing or renewing a homeowner’s insurance policy.

The insurer may not refuse to issue or refuse to renew a homeowner’s insurance policy solely because of roof age if an inspection of the roof of the residential structure performed by an authorized inspector indicates that the roof has 5 years or more of useful life remaining.
A roof’s age shall be calculated using the last date on which 100 percent of the roof’s surface area was built or replaced in accordance with the building code in effect at that time or the initial date of a partial roof replacement when subsequent partial roof builds or replacements were completed that resulted in 100 percent of the roof’s surface area being built or replaced.

Allows property insurers to include in the policy a separate roof deductible of up to two percent of the Coverage A limit of the policy or 50 percent of the cost to replace the roof. The policyholder must also be offered the option to decline the roof deductible by signing a form approved by OIR.

The roof deductible does not apply to a total loss to a primary structure in accordance with the valued policy law which is caused by a covered peril, roof loss resulting from a hurricane, roof loss resulting from a tree fall or other hazard that damages the roof and punctures the roof deck or roof loss requiring the repair of less than 50 percent of the roof. Changes part of the state law that enacts and governs Florida’s Building Code and changes the amount of a roof that must be brought up to current codes in the event of damage and repair. If 25 percent or more of a roof is damaged, then only the repaired part of the roof must be constructed pursuant to the current code. Roofers will no longer have to bring the entire roof up to code when making event-significant repairs.

Prohibits contractors from making written or electronic communications that encourage or induce a consumer to contact a contractor or public adjuster for the purposes of making a property insurance claim for roof damage unless the solicitation provides notice that the consumer is responsible for the payment of any deductible, it is insurance fraud punishable as a third-degree felony for a contractor to pay or waive an insurance deductible and it is insurance fraud punishable as a third-degree felony to intentionally file an insurance claim containing false, fraudulent, or misleading information.

Three steps to go through when purchasing life insurance

Purchasing life insurance is one of the best things you can do to ensure continued financial support for your family. If you’re looking for life insurance in Ponte Vedra Beach, FL, you can purchase a policy from Palm Valley Insurance Inc.

The following are three essential steps to go through when purchasing life insurance. 

Do some research on the different types of life insurance out there

You need to understand the different life insurance types before buying a policy. Knowing how term insurance differs from universal or whole life insurance is essential. 

The various types of insurance feature some big differences. You must choose the type of insurance you buy based on your expectations and needs. 

Determine how much coverage your family needs

Calculating the amount of life insurance you carry is important. Factors that impact how much coverage you need include how many years your family will be relying on your income and how many dependents you have. 

It’s essential to put careful thought into how much coverage you carry. Your family will suffer financially if you don’t buy enough coverage and your family ends up relying on your death benefit. That’s why it’s always best to have too much coverage rather than too little coverage. 

Get quotes from life insurance providers and choose a policy

Getting quotes on policies and choosing from among them is the last step. Ensure you get quotes on a few different life insurance policies to find a competitive rate. 

When you’re ready to get a quote on a life insurance policy, we’re here for you at Palm Valley Insurance Inc. We’ll meet your insurance needs in Ponte Vedra Beach, FL. Get in touch with us today! 

Essential Tips for Safely Driving in Rainy Florida Weather

As any Ponte Vedra Beach, FL driver knows, the weather can change quickly and unexpectedly. Rainy conditions can make for dangerous roads, so it’s essential to know what to do when the skies turn gray. We’ve got tips to stay safe and navigate the wet streets, from windshield wiper maintenance to keeping your eyes on the road ahead. Read on for essential tips for driving in rainy Florida weather from Palm Valley Insurance Inc.

Ensure your vehicle has adequate visibility and tires are in good condition.

Ensuring your vehicle has adequate visibility and good tires when driving in the rain is essential because it reduces the risk of hydroplaning when a thin film of water builds up between your tires and the road surface and causes you to lose control of your vehicle. Additionally, having good visibility in rainy conditions will help you avoid obstacles on the road and other drivers who may not be as visible due to poor visibility.

Monitor traffic and slow down when necessary

Wet roads can cause vehicles to lose control. Slowing down can help you maintain control of your car and give you more time to react to any potential hazards on the road. Slowing down also gives other drivers more time to respond to your movements, helping to reduce the chance of an accident.

Be aware of hazardous road conditions.

Driving in the rain can increase the risk of flash floods, which can cause roads to become submerged and impassable. It is essential to be aware of hazardous road conditions when driving in the rain, as it can be difficult to predict and prepare for sudden changes in road conditions.

At Palm Valley Insurance Inc., serving Ponte Vedra Beach, FL, we specialize in providing auto insurance for our customers, ensuring you are covered no matter the situation. With our friendly staff and flexible policies, you can rest easy knowing you are in good hands. Please stop by today and see what we have to offer!

Don’t Leave Your Most Valuable Asset Unprotected – Get Home Insurance

Are you a homeowner in Ponte Vedra Beach, FL? Are you thinking of becoming a homeowner? If so, let the insurance professionals at Palm Valley Insurance Inc. provide the protection you need for your property.

Homeowners’ insurance is a requirement of all lenders before the issuance of a policy. They want to ensure that their interests are protected in the event of a loss.

Home insurance, also known as homeowner’s insurance, is insurance for your property that covers your home, garage, storage shed, or other buildings on your property. It combines personal insurance protection, which includes losses occurring to the house, personal possessions of the homeowner, loss of use if the home becomes uninhabitable, or any accidents that could occur to guests of the homeowner.

Here are events that typically are not covered by homeowners’ insurance:

  • Acts of war
  • Earthquakes
  • Floods
  • Infestations, including termites
  • Mold
  • Nuclear accidents
  • Sewer backup
  • Water damage

You will have insurance coverage if a friend, family member, or neighbor comes to visit and your dog decides to bite. It will cover any medical expenses and protect you if there should be a lawsuit as a result.

If something unexpectedly destroys or damages your home, such as a burst pipe, or a weather event, homeowners insurance will help cover the expenses related to this damage.

The insurance company will accept any claim if the policy covers the cause of the damage or loss.

A home is the most valuable asset most people will ever own. Don’t let it remain unprotected. Even if you are fortunate enough to be living mortgage-free, you still need coverage to protect yourself in the case of a lawsuit.

Don’t be without it. Contact Palm Valley Insurance Inc today for a no-obligation quote or answers to any questions you may have.

How Much Renters Insurance Do I Need?

When you have invested in renters insurance from Palm Valley Insurance Inc., you know it covers your property and protects you from liability claims. However, the tricky bit is determining the amount of coverage you need. You don’t want to over-insure or underinsure yourself — you want the right amount of coverage.

If you aren’t sure about how much renters insurance you need, please keep reading.

How much personal asset coverage do I need?

To determine the amount of asset coverage you need, you must take an inventory count of your belongings. We usually advise clients to move from room to room to ensure nothing is missed. An updated inventory list can be quite a lifesaver, especially when encountering a significant disaster. You don’t have to rely on your memory to establish the assets you own.

Now back to the question: how much asset coverage should you have? Always purchase enough coverage to replace all your assets in the worst-case scenario. At worst, you should only pay for deductibles during your compensation.

How much liability insurance do I need?

This can be tricky because you never know when liability claims will knock on your door. However, to be on the safe side, invest in combined liability coverage of $300,000. However, if this amount is below the value of your assets, consider boosting your renter’s insurance with umbrella insurance.

Renters insurance in Florida

At Palm Valley Insurance Inc., we don’t want you to buy too much or too low coverage when purchasing renters insurance. We want you to pay just the right amount of premium. If you’re going to establish a sufficient amount of renters insurance you should purchase, please contact our sales team for tailored advice.

Is Motorcycle Insurance Required by Law? Why You Shouldn’t Ride Around Without it

There’s no debating it – motorcycle insurance is a must-have for all riders. In most states, it’s required by law. But even if it wasn’t, you should still carry coverage. Why? Because accidents happen, and when they do, you’ll be glad you have protection. Read on to learn more about why motorcycle insurance is so important and what types of coverage are available.

Motorcycle Insurance Is Required by Law in Most States

This is the number one reason you should have motorcycle insurance. If it’s required by law, that means there are penalties for riding without it. Those penalties can include hefty fines and even jail time in some states. So, if you value your freedom (and your money), get insured.

Most states require liability insurance, which covers damage you cause to other people or property while riding. But even if your state doesn’t require it, carrying liability coverage is a good idea. After all, no one wants to be on the hook for thousands of dollars in damages if they’re involved in an accident.

Accidents Happen, and When They Do, You’ll Be Glad You Have Protection

No one likes to think about being in an accident, but the truth is, it can happen to anyone at any time. And if you’re not insured, you could be on the hook for a lot of money.

Think about it – if you’re in an accident and it’s your fault, you could be liable for damages to the other person’s vehicle, medical bills, and even pain and suffering. If the accident is serious, those costs can add up quickly. But if you have motorcycle insurance, your policy will help pay for those expenses.

And even if the accident isn’t your fault, you could still be on the hook for expensive repairs to your bike. That’s where collision and comprehensive coverage come in. These types of coverage will pay to repair or replace your motorcycle, no matter who is at fault. So, if you want peace of mind knowing you’re covered no matter what happens, make sure you have the right motorcycle insurance.

The bottom line is this: Motorcycle insurance is essential, and it’s something you shouldn’t ride without. So, whether it’s required by law or not, ensure you’re adequately insured before hitting the road.

Do you have questions about motorcycle insurance? Palm Valley Insurance Inc. is here to help. We’re committed to helping our clients find the coverage they need in Ponte Vedra Beach, FL. Contact us today to get started.

Let Umbrella Insurance Take Over Where Your Standard Coverage Stops

Do you live in or around the Ponte Vedra Beach, FL area? Do you have enough insurance coverage to protect your business, home, and auto? Let the insurance professionals at Palm Valley Insurance Inc. explain the advantages of having the additional protection of umbrella insurance.

Most standard insurance policies will cover the primary losses one could experience. But what if something unusual occurs and your basic coverage needs to extend the limits? Umbrella insurance coverage is an extra or add-on that extends the boundaries of other plans you have in place.

For example, if you are in a car accident and the other driver has sustained injuries, both vehicles are damaged. If the other driver wants to bring a lawsuit against you, umbrella insurance could decrease the financial strain you will face.

Who needs the protection of umbrella insurance? If you have a net worth of over $500,000. Basically, the more you have, the more you stand to lose. A standard insurance policy will not provide enough coverage. So, umbrella insurance is for you if you are working toward becoming a millionaire or are already one. Don’t allow a lawsuit to take away the assets you have worked so hard to attain.

Umbrella insurance is usually sold in $1 million to up to $5 million increments. The more coverage chosen, the more you will probably pay. The cost of umbrella insurance is partly based on risk factors that could make you more likely to face a liability claim.

If you have any additional questions about why you need the addition of umbrella insurance to your existing coverages, contact the professionals at Palm Valley Insurance Inc. Their highly trained and knowledgeable staff are ready to help you.