Umbrella insurance FAQs

Most insurance is a mystery to the average person. Having questions about umbrella insurance, which is one of the least understood types of insurance, isn’t surprising at all. At Palm Valley Insurance Inc. in Ponte Vedra Beach, FL, our team makes it a point to ensure all our customers have their questions answered and are provided with personalized customer service. 

What is umbrella insurance?

Umbrella is excess liability coverage. It is added to the liability coverage that you have on another policy. When you reach the maximum on the original policy, the umbrella policy liability will pay up to that policy’s limit. 

Can you buy an umbrella policy alone?

No, an umbrella policy is not a stand-alone policy. It must be added to another policy that already has liability coverage. That is why it is known as excess liability. 

Do you need to be wealthy to benefit from umbrella insurance?

This is a common myth, but it is false. Umbrella insurance can be beneficial to anyone with any assets. You can still be sued if you have assets, even a small amount of them. If you are sued, your assets could be at risk and even your future wages. Umbrella insurance is an inexpensive option to protect yourself. 

What types of policies can an umbrella policy be added to?

Umbrella insurance can be added to any policy that has liability on it. You don’t need to get it from the same company as your primary policy. It can be added to a home policy, an auto policy, a condo policy, renters insurance, boat insurance, and motorcycle insurance. 

Contact Palm Valley Insurance Inc. in Ponte Vedra Beach, FL, when you have questions about how umbrella insurance might be the right choice for you. 

When you should review your life insurance coverage

Life insurance needs do not stay the same for an entire lifetime. Your needs ebb and flow as your needs change. At Palm Valley Insurance Inc. in Ponte Vedra Beach, FL, we have the information you need to make the right decisions about the amount of coverage you require. 

When you change employment

One of the benefits that comes with many jobs is life insurance. If you are changing employment, you must check with your employer to see if you can continue to have life insurance by paying for it yourself. Before accepting that, you should compare the policy to what you can purchase on your own. Your new employer may also offer you life insurance. If that policy is adequate for your needs, you will be all set. 

When you get married

When you get married, you will need to change the beneficiary of your life insurance policy, and with a new dependent, you may need to increase your life insurance. It may be that your spouse is not really dependent on your income, so this is an important consideration. If both incomes are required to maintain your lifestyle, that makes a difference. 

When you have children

Once you have started a family, your life insurance needs increase exponentially. If something happened to you, how much income would it require to keep them in the life to which they have become accustomed? The age of your children and your income are both factors that need to be considered. 

When you retire

Once you retire, your life insurance needs may decline along with your income. 

Contact Palm Valley Insurance Inc. in Ponte Vedra Beach, FL when you want to review your life insurance coverage. 

The Questions to Ask an Insurance Agent When Shopping for Auto Insurance

If you are a driver and have a car, you understand the importance of auto insurance. However, finding proper insurance for your vehicle can be a challenge, especially if you have never done it before. The best strategy to shop for car insurance is to ask an insurance agent questions, which will help you save money and frustration. 

What Questions Should I Ask an Insurance Agent?

Here are the most important questions every person should ask an insurance agent when they are thinking of purchasing an auto insurance policy:

  • What is my deductible, and how much will I pay in case of an accident? Your deductible is the amount you have to pay before your insurance kicks in. The lower your deductible, the lower your monthly premium is. Discuss this amount with an insurance agent when choosing an insurance plan. 
  • Am I eligible for any discounts? Many insurance companies offer discounts that help policyholders to save on their insurance. The most common insurance discounts include multi-car discounts, paperless billing discounts, military discounts, good student discounts, and more. 
  • How much insurance do I need? In Florida, you must carry the minimum amount of car insurance required in the state. However, the minimum coverage might be insufficient as it will not cover you in a severe accident. For this reason, you may want to add comprehensive and collision insurance. 

Palm Valley Insurance Inc. – Insurance Company in Florida You Can Count On

Do you live in Ponte Vedra Beach, FL, and are you shopping for auto insurance? Feel free to contact Palm Valley Insurance Inc. and discuss insurance options. Our agency has been serving clients in Ponte Vedra Beach, FL, and other nearby areas, and we are ready to help you find the insurance plan you need. You can visit our website or give us a call. 

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.