Vacant Home Insurance

Sellers of vacant homes face escalating insurance costs

Tom Kelly

November 2, 2014

The challenge of finding homeowners insurance for properties once viewed “insurance easy” continues to plague homebuyers who are finding tougher guidelines and higher premiums from insurance carriers.
Insurance protection has not been easy on sellers, either.
Howard Miller, 51, decided to sell his three-bedroom, three-bath primary residence and move into a rental that he and his wife had owned for a few years. The residence, on a gorgeous acre with wonderful landscaping and a couple of ponds, demanded more time and maintenance than he and his wife now had time to give.
“We put it on the market last summer and the place still hasn’t sold,’’ said Miller, who admits not all families are devoted gardeners with the time and interest to maintain such a place. “We were just going to continue to leave it vacant and try to sell it, until we found out how much it would cost to insure the place.’’
The Millers had an excellent relationship with their insurance carrier and had a flawless history with the two homes, two cars and a boat. However, because the primary residence was now unoccupied, vacant and for sale, the insurance premium had jumped to nearly eight times the normal rate.
“The premium for the previous year was $528 and the least expensive insurance we could find now that it’s vacant was $4,000 a year,’’ Miller said. “I couldn’t believe it, but a friend told me he had the same experience with a home in his family.’’
Insurance companies simply do not want to deal with unoccupied, vacant and for-sale homes. Their history charts show that these places stand a much greater risk of vandalism and problems created by neglect than an occupied home. A slow leak in a cold, unoccupied home has a greater chance of resulting in burst pipes and subsequent dry rot than a home that’s lived in every day.
So, what’s the insurance grace period when selling a home? If an employee is forced to relocate with little notice, put his wife, family and belongings in a moving van and go, how long will the vacant home be covered? Many insurance companies will give 60 days for a transitional “vacant” period as long as the premiums are paid. (Some states require that insurance carriers give 45 days notice when coverage is canceled midterm. A 30-day advance is generally given for renewal notices but companies often allow 60 days to make up for mail time and weekends.)
Some traditional, major carriers have even adopted a moratorium on “substandard” or higher risk insurance. Unoccupied, vacant and for-sale homes have slid into this category. Special niche companies that continue to write substandard policies often impose a monthly quota on the number of cases they will consider.
Why are insurance premiums so high? Insurance agents and carriers also point to the numbers – claims filed involving mold, lead-based paint, asbestos, radon and urea formaldehyde are up significantly. While all of these environmental hazards have caused terrible losses, other industry costs – all passed on to the consumer – involve cases compounded by expensive legal proceedings where neither side receives any real benefit.
For example, a recent case involved a renter who died in a house fire. The fire marshal determined the cause of the fire was due to the renter smoking in bed. The renter’s family filed suit against the seller’s $500,000 liability policy, claiming the smoke alarms were not working properly.
Howard Miller had heard all the reasons but he still couldn’t believe the cost to insure the home he still wanted to sell.
“I even thought of moving some furniture back in and bringing in my sleeping bag,’’ Miller said. “But we decided to get a renter and give him a greatly reduced price. He’ll have his stuff in there and make sure the real estate agents have access to show it.
“He won’t have to pay market rent and we’ll save a ton on the insurance premiums because it’s occupied.’’

Reprinted from Spokesman-Review

How to Prevent Water Damage

Over the last few years, carriers have reported water damage as the leading cause of claims in the insurance industry. The Institute for Business and Home Safety recently reported homes over the age of 30 are more likely to experience plumbing or drainage problems. Adopting  a routine inspection/maintenance plan can prevent disasters from occurring.
By becoming familiar with the all the sources of water which enter or can enter your home, plans can be implemented to prevent most water damage events. As such, below are a few preventative measures your customers can take to avoid a water loss.
1. Routinely inspect pipes, sinks, showers and toilets throughout your home for leaks, cracked tiles and corrosion.
Tip: Turn off your main water supply line while on vacation.
2. Inspect the water supply line hoses on your washing machine every few months to ensure the connection is secure and not showing any signs of corrosion or kinking, and replace every 5-6 years.
Tip: Only run your washing machine when someone is home.
3. Schedule an annual plumbing inspection of your water heater’s anode rod to avoid damage to the tank.
Tip: The chances of a water heater leaking or bursting increase dramatically after 5 years.
4. As the most frequent source of water damage, roofs should be inspected annually by a professional roofer. Repairs should be made to loose and/or missing tiles and shingles and deteriorated flashing should be replaced.
5. Make certain your icemaker supply line hose is properly installed and not leaking or crimping.

September is Life Insurance Awareness Month

FOR IMMEDIATE RELEASE                      CONTACT:     Lehn & Vogt Insurance

941-698-8877

SEPTEMBER IS LIFE INSURANCE AWARENESS MONTH – THE PERFECT TIME TO ENSURE YOUR INSURANCE PLANS ARE UP TO DATE

Local Insurance Expert Recommends Putting a Financial Safety Net in Place

Englewood, Florida – Sometimes life just happens. One day things can be going smoothly, when the next, you’re thrown a curve ball. Since no one knows what the future holds, taking steps to put a financial safety net in place will provide you with peace of mind knowing you are prepared for when the unexpected happens.

“Most of us are feeling some sort of financial strain today, so it makes sense to examine our budgets and look for ways to increase our savings whenever possible,” says Jeff Vogt, Partner with Lehn & Vogt Insurance in Englewood, FL. “However, life insurance is one of the few guarantees that can ensure your family’s financial plans remain on track. It is often overlooked, but should be the foundation on which any financial plan is built.”

A recent study by the nonprofit LIFE Foundation found that a majority of Americans (85%) agree that most people need life insurance, yet 95 million adults today do not have coverage or the financial safety net it provides. In fact, one third of all Americans (33%) believe they do not have enough life insurance, including one quarter of those who already own a policy.

“The simple rule of thumb is, if someone depends on you financially you need life insurance,” says Vogt “Even if you have coverage now, it’s important to review your policy at least once a year to ensure it still meets your needs and is enough to protect your loved ones.”

September is Life Insurance Awareness Month, making it the perfect time to take stock of your life insurance needs and meet with a qualified financial or insurance advisor who can walk you through your options.

To help you get started, Vogt offers three tips for evaluating your life insurance needs:

• Step 1: Get a sense of how much is right for you – Determine how much money your family will need to cover immediate expenses and how much they will need over the long-term to maintain their standard of living or fund future plans, like college. To figure out the right amount of coverage to fit your needs, begin by thinking about everyone who depends on you financially, including your spouse, children, parents or other loved ones. For help getting started, visit the insurance needs calculator on the LIFE Foundation’s website at www.lifehappens.org/howmuch.       

·       Step 2: Educate yourself about the different kinds available – Life insurance policies exist for virtually every need and budget. Determining the type that suits you best depends on a number of factors, such as how long you need coverage, how much you can afford, how much risk you can tolerate and how much flexibility you need. Explore the different types of life insurance available, including term and permanent policies, by using the interactive product selector tool at www.lifehappens.org/whatkind.   

·       Step 3: Don’t go it alone – Life insurance is one product where an expert’s opinion can make all the difference. Once you’ve established some of the basics, work with an insurance agent or other financial advisor you trust who can conduct a thorough needs analysis to ensure that all of your needs will be met. One way to find a good insurance agent is through recommendations from friends and family or other professional advisors, such as attorneys. 

“Life Insurance Awareness Month is the ideal time for a life insurance review,” says Jeff Vogt. “I urge everyone to take a few minutes out of their busy schedules this month to make sure they have adequate life insurance protection.”

About Life Insurance Awareness Month

Held each September, Life Insurance Awareness Month is an industry-wide effort that is coordinated by the nonprofit LIFE Foundation. The campaign was created in response to growing concern about the large number of Americans who lack adequate life insurance protection. Roughly 95 million adult Americans have no life insurance, and most of those who do have far less coverage than most financial experts recommend. For more information on life insurance, visit LIFE’s website at www.lifehappens.org.

About Jeffrey Vogt, Lehn & Vogt Insurance

 www.lehnandvogt.com  941-698-8877

When do you need Insurance Inspections??

When do you need INSURANCE INSPECTIONS?

When buying a home, do I need a 4 Point Inspection?  Do I need a Wind Mitigation Inspection? Do I need an Elevation Certificate? My house is new (or recently built) why do I need an inspection?

These are questions we hear every day in our office.   

The truth is homeowners insurance underwriting differs from company to company.   In order to find you the best rate, we need certain information:   age of roof, age of HVAC, water heater, prior claims, will the home be primary, secondary, or rental, etc.   While most questions can be answered by information from the buyer or homeowner and others can be researched on property appraiser websites, some require a qualified inspection.   Although one insurance company may not require an inspection, often we are able to place coverage, at a much lower rate, with a company that does.  This is why in addition to the pre-purchase inspection we also recommend a 4-point inspection for any home over 20 years old and a wind mitigation inspection for all homes, even new construction.  We do see clients with brand new construction, where a wind mitigation inspection saved them on insurance premiums, even though the home was built to the latest codes.

What are these inspections?

·       The 4-point inspection

A 4-point is typically required on homes older than 20 years. The insurance company specifically wants information on 4 areas: including the HVAC (Heating, Ventilation and Air Conditioning), electrical panel and wiring, water heaters including plumbing connections , and the roof.

·       A Uniform Wind Mitigation Verification Inspection (commonly referred to as a WIND MIT)

This inspection provides significant discounts to a homeowner if the home qualifies. Discounts are given for new roofs, secondary water barriers and hurricane panels/impact glass.  The inspection also pays close attention to the roof/deck attachment, bracing, doors and windows, and other structural features. A home with superior construction will also receive discounts.

The state has recently changed the reporting rules making it harder to qualify for such discounts.  A more detailed report is now required as proof, including photos, to qualify for discounts. 

Any inspection prior to 2012 generally no longer qualifies.

·       Flood Zone determinations and elevation certificates.  

High risk flood zones can be easily determined in our office with the property address. Once we determine the home is in a high risk flood zone we then utilize a FEMA elevation certificate to rate the home for a flood insurance premium.  FEMA has recently changed the rules on primary and secondary homes for rating purposes.  As a result, secondary homes may have a higher flood premium.

I hope that this explanation has been useful in understanding many of the reasons behind why a certain inspection may be requested or required, even though it may appear to be an obvious answer.  As always, please feel free to contact us with any questions.  Our agents are always happy to discuss any particular circumstances with you.

Lehn & Vogt 

www.lehnandvogt.com

941-698-8877

Storm Surge and Flooding - Tower Hill Insurance Group

Storm Surge and Flooding - Tower Hill Insurance Group

Hurricanes: Pet Safety - Tower Hill Insurance Group

Hurricanes: Pet Safety - Tower Hill Insurance Group

Florida Private Flood Bill Now Law

Florida Private Flood Bill Now Law But Market May Take a While to Develop

Florida Gov. Rick Scott has signed legislation designed to encourage private insurers to offer flood insurance, but the industry is tamping down expectations that it will result in a viable market in the near future.

The legislation creates a statutory framework allowing private insurers to offer four different types of flood coverage ranging from standard coverage, which mirrors the current National Flood Insurance Program policies, to three other enhanced coverages.

The legislation also allows private insurers to file their own rates prior to October 1, 2019, after which they must be approved by regulators. The time period is so Florida insurers can develop state flood data that is currently not available under the NFIP.

Florida Insurance Commissioner Kevin McCarty says it will ultimately benefit consumers.

“The Office of Insurance Regulation looks forward to the opportunity to work collaboratively with Florida insurers and well-capitalized reinsurers who are interested in providing a private sector alternative to the NFIP,” said McCarty.

Insurer and consumer groups also expressed their support for the law but were quick to caution that it would not create a widespread market in the near future. Others noted that private insurers could already offer flood insurance under current law.

Personal Insurance Federation of Florida Executive Director Michael Carlson said the legislation is unnecessary, however, his association backed its intent.

“Our initial reaction is there is no need for a new law,” said Carlson. “But we support engaging in self-help. Florida’s market is complex and perhaps it will bring new capital into the market.”

Jay Beal, director of the Florida Association for Insurance Reform, similarly expressed his support. “Having a robust flood market is not going to happen overnight,” said Neal. “It’s going to be a long process, but this legislation was a good exercise.”

Biggert-Waters Debate

Lawmakers first pursued the flood insurance bill with a sense of urgency in response to the federal Biggert-Waters Insurance Reform act of 2012, which was designed to address a $24 billion funding shortfall in the National Flood Insurance Program caused largely by hurricanes Katrina and Sandy.

Biggert-Waters required some flood premiums to rise, in some cases substantially, until they attained actuarial levels and for most subsidies to be phased out. It also called for new flood maps that also raised some premiums and expanded flood zone areas so that more people had to buy coverage.

Eliminating long-time premium subsidies on homes built before 1974 and keeping property owners from pass along those subsidies when they sold their homes meant that 280,000 Florida homeowners faced rate increases and other confronted difficulties selling their homes.

More than two million Florida residents are covered through the NFIP, and state’s policyholders pay $3.60 in premiums for every $1 in claims, factors some say favor the creation of a private market.

However, after there was a public uproar over the Biggert-Waters changes, Congress amended that reform law to limit rate increases, retain premium subsidies and allow subsidies to pass through to new owners when a house is sold. As a result he urgency over the need for a private market waned.

Surplus Lines

Only one domestic insurer has begun offering private flood insurance. Homeowners’ Choice Property and Casualty Insurance Co. is doing so to its existing 140,000 policyholders.

Most expect that surplus lines insurers that are not regulated by the state are the most likely to pursue the market.

Gainesville, Florida-based Flood Insurance Agency has been aggressively marketing Private Market Flood, underwritten by Lloyd’s of London.

Flood Insurance Agency CEO Evan Hecht said that he started the program that is now in 19 states to target policyholders that were losing their federal premium subsidies under Biggert-Waters. Since then, however, he said he has sensed an appetite for coverage in other properties including commercial buildings.

In April, Private Market Flood reduced it rates not only on new policies, but also for policyholders who had bought coverage in the previous three months.

“That should help some families and small businesses with their budgets at a time when rising flood insurance premiums have done just the opposite,” said Hecht.

Hecht attributed the rate reduction to reinsurers looking for markets and surplus lines insurers enjoying more leeway in choosing policies to write than admitted insurers. He also said many NFIP policies are overpriced.

“In any individual state we can cherry-pick policies from the top down,” Hecht said. “States are widely supporting that and asking what they can do to help.”

Security First Managers has partnered with the surplus lines insurer Ironshore to offer primary flood coverage up to $500,000, twice the limit of the NFIP. It is also offering excess coverage for luxury homes up to $5 million.

Don Brown, a senior fellow at the free-market think tank R Street Institute, said that while surplus lines insurers may be leading the way now, the new legislation has provisions that could lead to more involvement by private admitted insurers.

First, Brown said, is the ability to offer “customized coverage” that can be broader than the standard coverage available from the NFIP and, therefore, more tailored to policyholders’ needs.

Second, Brown said, since insurers are allowed to set their own rates until October 1, 2019, they will have time to develop actuarial rates and gain a greater understand of just exactly what properties are at what level of risk.

“I believe that when companies refine the rating territories to a more granular level,” Brown said, “that some companies will come up with a creative way to insure some properties.”

Lawmakers specifically directed that the state itself stay out of the flood insurance business. Citizens Property Insurance Corp. is prohibited from offering flood coverage and the Florida Hurricane Catastrophe Fund is similarly prohibited from offering insurers reinsurance that includes reimbursements for flood losses.

Reprinted from Insurance Journal

House Passes Flood Bill

Business Hours: Monday-Friday 9am - 5 pm Flood Insurance Rate Relief

Flood Rate Relief in Sight Florida Property Insurance Trends for Realtors  By Matt Lehn Property Insurance in Florida  seems like it changes with the tides.  The purpose of this email is to keep local Charlotte and Sarasota County Realtors  and Real Estate related businesses up to date on the ups and downs of the local Property Insurance market. Flood Insurance-  As of 8 pm on March 4th the House of Representatives voted to pass  a bill, called the Homeowner Flood Insurance Affordability Act . What does this mean? •Prevents FEMA from raising the average rates for a class of properties above 15% and from raising rates on individual policies above 18% per year for virtually all properties. • Refunds homeowners who overpaid – Requires FEMA to refund policyholders for overpaid premiums. • Repeals the property sales trigger – Repeals the provision in Biggert-Waters that required homebuyers to pay the full-risk rate for pre-FIRM properties (Built prior to 1975 in most cases) at the time of purchase. This provision caused property values to steeply decline and made many homes unsellable, hurting the real estate market. Under the Menendez/Grimm Bill, homebuyers will receive the same treatment as the home seller. Same rates. • Repeals the new policy sales trigger – Repeals the provision in Biggert-Waters that required pre-FIRM property owners to pay the full-risk rate if they voluntarily purchase a new policy. This provision disincentivizes property owners from making responsible decisions and could hurt program participation. The Menendez/Grimm Bill allows pre-FIRM property owners to voluntarily purchase a policy under pre-FIRM conditions.  Homeowners wont be penalized if they let their policy lapse or change companies. • Reinstates grandfathering –  If grandfathering was terminated, property owners mapped into higher risk would have to either elevate their structure or have higher rates phased in over 5 years. The Menendez/Grimm Bill allows grandfathering to continue and sets hard caps on how high premiums can increase annually. • Affordability goal – Requires FEMA to minimize the number of policies with annual premiums that exceed one percent of the total coverage provided by the policy. What Now???  The Bill needs to be ratified by the Senate.  Once ratified, we can only hope for quick action by the National Flood Insurance Program. For more information on Flood or Property Insurance contact Matt Lehn of Lehn & Vogt Insurance at 941-698-8877 or by email matt@lehnandvogt.com Lehn & Vogt Insurance 2980 S McCall Rd Englewood, FL 34224 Click here to find out more.

Water Damage Exclusions

 INSURANCE CLAIM DUE TO WATER DAMAGE

You come home from a weekend away to find the house flooded. Now you’re confronted with a problem that needs immediate attention. Is the damage covered? More likely than not your insurance company will send out an expert to determine the source of the water, how long the water has been accumulating, and other issues that relate to whether or not your damage will be covered under your homeowner’s policy.

Time Restrictions Apply

The general rule is that most insurance policies penalize property insurance policyholders on water losses unless the property owner was present at the property for a period of time before the loss. Their argument would be that if you had been there at the home, the loss either would not have occurred, or if it did, the damage would not be as bad as it ultimately was. This is one of the only exclusions in insurance policies with this kind of condition and often catches homeowners off guard. Many people do leave their homes for 30 days or more, when it is a second home in another state.    .

Gradual, Seepage, or Sudden Burst?

Plus, not all of these water loss insurance policy exclusions are written the same way. For example, some of the policies focus on whether the leak was “gradual,” “seepage” of water over time. In this form of the exclusion, the primary concern will be whether the pipe was a drip or a burst. The biggest difference between this exclusion and others is that there are no time restrictions, as it does not require notice to the insurance company within a particular period of time. Other exclusions will require notice to the insurance company within 14 days of the first drop of water. These are difficult because many homeowners concede they do not necessarily note when the issue first presented itself.

Property Exclusions –

*Constant or Repeated Seepage or Leakage of Water or Steam or the presence or condensation of humidity, moisture, or vapor; which occurs over a period of 14 or more days, whether hidden or not.

*Accidental discharge or overflow of water or steam from:

1. Within a plumbing , heating, air conditioning or automatic fire sprinkler system;

2. Within a household appliance or water heater; or

3. Within a household appliance

This exclusion applies only while the dwelling is vacant “unoccupied” for more than 30 consecutive days or being constructed.

It is very important to utilize a property manager for you vacant or seasonal property.  A Bi-monthly walkthrough  will help ensure damage is mitigated before exclusions apply.

Tax Season Insurance Check Up

For more information, contact:

Matthew Lehn

Lehn & Vogt Insurance

2980 S McCall Rd Suite E

Englewood, FL 34224

Conduct an Insurance Check-up this Tax Season

How to Save, Avoid Risk

Englewood, FL — Tax season is a great time to reexamine your financial risk with your insurance adviser, says  Matthew, Agent, Lehn & Vogt Insurance . You may be wasting money on unnecessary coverage or not realize where you are vulnerable to serious losses. In addition, the insurance landscape has shifted since September 11^th, and prices and protections are changing in some key areas.

Because there are so many types of insurance available, consumers should sit down with a reputable insurance professional who can help sort through some of the confusion. Solid advice from a Trusted Choice^® insurance agency may save homeowners thousands of dollars by outlining which kind of coverage suits them. A comprehensive homeowners policy may even eliminate the need for other smaller, more specific personal insurance policies. Here are a few key issues consumers may want to explore when deciding if the insurance coverage they have is really right for them.   

AT RISK:  HOW COULD YOU BE UNDERINSURED?

Home-based business. At least 60% of in-home entrepreneurs are not properly insured, according to an IIABA study. Of those inadequately protected, nearly half didn’t realize they were at risk because they thought their homeowners insurance covered them. While a basic homeowners policy will cover a computer used at home for personal use, it won’t protect entire home-based firms. For example, homeowners’ policies typically provide $250 for computers off-site and won’t cover lost data or business liability. That leaves many people who use laptops for business and other entrepreneurs vulnerable.  

Valuable collectibles. “Standard” homeowners’ policies usually provide coverage for the “contents” of a home to 50% of the value of the house. So, people with extensive collections of silver, antiques, jewelry, dolls, etc. should consider additional coverage to protect these sentimental treasures. But the best way to buy this type of coverage is from the home insurance company—an “endorsement,” which is cheaper than a stand-alone policy. (For instance, a person with $100,000 coverage on their home will have its contents insured to $50,000. If that same person has $30,000 in antiques, that will significantly subtract from coverage for the rest of the home’s contents, such as clothing or furniture.) Many policies also set “sublimates” for contents insurance. For instance, most limit theft coverage on jewelry to $1,000 and firearms to $2,000. Those with more valuable jewelry, gun, or other collections should consider additional protection.

High income bracket. People lucky enough to have high-profile jobs or other accumulated assets should consider a comprehensive umbrella liability policy to protect against serious financial loss. Unfortunately, many people don’t have this coverage because they haven’t thought of it or they feel that their basic insurance programs are adequate. A good umbrella policy can cost as little as $150 per $1 million in coverage and insures against personal liabilities, including car- and home-related claims.

No replacement cost coverage on their property. Replacement cost coverage is 10 or 15% more expensive, but it replaces the item(s) with like kind and quality. Most standard home insurance policies provide replacement cost on the structure, but only “actual cash value” (ACV) on the property. ACV is the actual cost to replace the item, but after depreciation. With replacement cost coverage, a $1,000 TV set bought eight years ago would be replaced with a similar type of TV, regardless of depreciation.

Children in college. An IIABA national survey showed that 80% of college students who rent housing for the school year may not have adequate coverage to protect their belongings when away from their primary residence. Incidentally, it also revealed that one-in-seven college students lack health insurance coverage and that an alarming 85% of families thought their health insurance would cover a college student studying overseas for more than a month. In fact, most health policies do not extend abroad and families need to know they may be underinsured in that area. 

Home remodeling. Home renovation can leave homeowners vulnerable. One-in-four home remodeling projects increase the value of a home by more than 25%, but too few consumers consider increasing their homeowners insurance limits to reflect that increased value. Most insurance companies require homeowners to insure their home to a minimum of 80% of its replacement value to be eligible for full coverage. If coverage falls below that level and the homeowner experiences a loss, they will be penalized with a partial settlement. In addition, many people don't take basic steps to protect themselves from liability exposure while construction workers are in the home. Consumers should always ask for a certificate of insurance from anyone employed in their home and seek advice from a good insurance agent.

SAVING MONEY:  HOW COULD YOU BE OVERINSURED?

Both travel and flight insurance usually are costly and unnecessary short-term policies that simply aren’t needed for those who have broader health and disability insurance through an employer or other plan. Don't be lured by the flood of travel-related insurance offers since September 11^th. Most typical health or life insurance policies include anything offered in specific travel insurance packages. And incidentally, baggage insurance is usually covered by a homeowners policy.

Credit life insurance. Trusted Choice^® agencies recommend avoiding credit life insurance (for new furniture or credit card debt, for example) under any circumstance.  These policies, offered by credit card companies and other lenders, extend for the term of the loan and decrease in value over its life. They are designed to protect a third party if the consumer dies before the loan is paid off. However, they provide no protection to beneficiaries, only to the company that offered the credit or loan.

Deductibles are too low. The owners of an expensive home need to consider whether a low deductible makes sense. If someone steals the TV, it isn’t going to break the bank.  Those same consumers need lots of insurance for a total catastrophe or if they get sued. Therefore, they may want to take a $1,000 deductible and use the savings, which can be 10 to 20%, and buy an "umbrella liability" policy to give them $1 million or $2 million of coverage in case they’re sued.

Specific computer insurance policies. Though this coverage may seem like a good idea, because so many people now have computers at home, a standard homeowners policy will cover most basic personal computer equipment. If you have a home insured for $100,000, you typically have $50,000 of personal property coverage, including computer equipment not used for business. If used for business, the home insurance policy typically provides $1,500 or $2,500 of coverage for computers. Only people with home-based businesses, laptops used for business outside the home, or elaborate high-tech equipment need to consider extra coverage. But it’s cheaper to buy an endorsement to the home or home-business policy rather than a separate computer policy. (By the way, the same concept holds true for cancer insurance or trip-specific life insurance, and other specific policies. Broader coverage is cheaper in the long run and might be needed.)

DID YOU KNOW?

Renters insurance not only protects the contents of a rented property, but also almost always shields the policyholder from liability. And it’s not expensive (because you’re not insuring the building—that’s the landlord’s responsibility). A typical policy that offers $15,000 in property protection and $100,000-$300,000 in liability coverage can be as little as $150-200 a year.

Dog owners whose pets are known to be aggressive should never go without liability insurance or they may be in for a rude awakening if they get sued. Bites are by no means rare. Companies pay out about $1 billion in dog-related claims a year and estimate that one-third of all homeowners’ liability claims are due to dogs. 

Insurance discounts are readily available for consumers who combine family policies, use one insurance company for several types of coverage, or take other measures such as using property theft deterrents or maintaining good driving records. Consumers should consult with an independent insurance agent at least once a year to evaluate changing needs and look for cost savings.

ARE YOUR PERSONAL BELONGINGS AND AUTO “REALLY” COVERED?

DON’T HOPE SO…KNOW SO

Allow me to take this opportunity to introduce you to Lehn and Vogt Insurance Group,

Not just your typical insurance agency, our team of insurance agents and financial specialist’s has served our clients for over 13 years.  Formerly known as Lehn Insurance and Surfside Insurance and Financial Services, we have combined as a fully independent insurance agency and are now called Lehn & Vogt Insurance Group.  By partnering with independent insurance companies we are able to offer insurance solutions for you your family and your business.

A glimpse of our product offering includes:

Auto                          Life Insurance

Home/Flood              Medicare Health Plans

Renters                     Dental

Boat/Jet Ski              Annuities

Motorcycles              Disability

RV's & ATV's           Retirement and Business Planning

Golf Carts                 Long Term Care

Condo                        Liability

Commercial/ Business                    

Matthew Lehn & Jeffrey C. Vogt, CLTC

Agency Principals

2980 S.McCall Rd., Suite E Englewood FL 34224 Phone: 941.623.9190 ~ Fax: 941.698.8875  

Obamacare Blunders

Our agency has been trying to help customers navigate the treacherous rapids of the Affordable Care Act.
The so called "website repairs" still have not been resolved.  Subsidies are not transferring to policy premiums.  Insureds are ending up having to pay the entire premium in hopes the subsidy will be applied.  Appeals made to the Federal Government  contractor are in limbo. The Washington  Post has a great article on the problems.  Copy and paste the following link into your browser.
 http://www.washingtonpost.com/national/health-science/healthcaregov-cant-handle-appeals-of-enrollment-errors/2014/02/02/bbf5280c-89e2-11e3-916e-e01534b1e132_story.html

Towing a Tender from your Boat

Towing a Tender

By Randy Troutman On January 20, 2014 ·

Tenders are indispensable to boaters once they get to an anchorage or mooring. But they can also be bothersome while under way if you don’t have a davit system and you tow the tender behind your boat. Not to worry! Here are our tips for safely tying off your tender.

1. First, you need the right equipment. Make sure you have a long length of braided nylon line; this is the preferred line for towing because it has some stretch and will act as a “shock absorber” between the two vessels. It’s also very helpful if your tender has a reinforced tow eye or a bow cleat to which you can secure the line.

2. Next, take any loose articles out of your tender — oars, fishing gear, life preservers, seat cushions — and remove the outboard motor. These articles can come loose during transit and end up in the drink.

3. The most common method for towing a tender is to use a bridle. A bridle is a separate piece of nylon line that’s attached to both of the rear cleats of the towing boat. Leave enough slack so that the bridle becomes a “V” shape when the tow line is attached to its center. Make sure to attach your tow line to the bridle with a loop, or use a “D” ring, so that it can shift as the towing boat changes heading.

4. The opposite end of the line should be secured to the tow eye or bow cleat(s) of your tender. Run the line so that it comes directly off the craft’s bow. The tender should be towed a short distance from your boat. If you’re inland or entering a harbor, keep the line short so it won’t obstruct traffic. On the other hand, if you’re on open water, some extra distance is preferable as it will reduce tension on the line and splashes from choppy waters.

5. Tying buoys to the tow line will prevent it from sinking into the water and possibly fouling on your props or other debris, and will also help make it more visible to other boaters. The number of buoys needed will depend on the length of the line and size of the flotation devices, so test out your rig before you tow, tow, tow your boat.

Florida Approves Electronic ID Card for Auto Insurance

Florida is joining the ranks of 29 other states and allow drivers to show law enforcement officers their proof of automobile insurance through their cell phone and other electronic means.

In December, Gov. Rick Scott and the Florida Cabinet signed-off on an administrative rule change implementing a law enacted in 2013 that allows drivers to show their proof of insurance electronically.

Although the law went into effect in July 2013, a previous administrative rule still required drivers to carry and display a printed insurance card.

Under the new rule, drivers will be allowed to display their insurance information via their cell phone, laptop, tablet or other device.

The Florida Uniform Traffic Citation Statistics Bureau reported that in 2012 drivers were issued 326,000 tickets for driving without proof of insurance. However, more than 250,000 of those tickets were later dismissed when the driver later produced proof of coverage.

According to the Property Casualty Insurers Association of America, the 30 states that have adopted e-card laws and/or regulations are: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Minnesota, Mississippi, Missouri, North Dakota, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin and Wyoming.

From Insurance Journal

FEMA Flood Insurance Update

To much dismay Congress has yet to vote on amending the Biggert-Waters Flood Act.  Currently new home purchases in pre-firm areas are feeling the full premium affect of the act.  Premiums that used to be $1200 a year on a $250,000 home are now $3000 plus. Existing   homeowners that were getting rate relief are now seeing  25% rate increase that will continue for the next four years.   Coastal states are pushing for private flood insurance . While it sounds promising I wouldn't hold my breath.   LLoyds of London does offer a private market flood insurance policy. The rates are bit lower than the FEMA rates with comparable coverage. For more information on  a private market flood insurance policy visit our website or email us at
matt@lehnandvogt.com

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