When people get married, they have to change their life insurance policies to accommodate a new spouse’s needs. Having a baby may require even more life insurance. As children grow, their needs become more expensive. A tiny infant may only need medical care and living necessities, but teenagers need money for college, braces and even cars. Student loans may not always be an option, so it is a good idea for parents to purchase enough life insurance to cover a significant portion of the cost of future college tuition.

If a year passes without any major life changes, it is still a good idea to review coverage. Debts often change from one year to the next, so it is important to keep life insurance provisions balanced with current debts. For example, a person who did not experience major life changes may take out a loan to pay yearly income tax obligations. If the amount is more than $3,000, the change results in a higher amount of personal debt. Credit cards and store charge cards have balances that may also change considerably. Many people take advantage of refinancing opportunities. If this is the case, make sure current life insurance provisions are enough to take care of the new mortgage balance.

Even single people need to review their life insurance periodically. Funeral costs are constantly on the rise, and the demand for burial plots also increases each year. To make necessary changes, it is important to be aware of the current average funeral costs. Funeral homes are required by law to provide a current price list, so call a local establishment to get a better idea of how much to expect to pay. Single people should also make sure their life insurance policies provide enough money to cover personal medical bills and debts.

While reviewing the policy, make sure the beneficiary information is still accurate. For answers to questions about adequate provisions, discuss these issues with an agent.

We are only 32 days from the beginning of the 2012 Hurricane Season and you can never prepare too early. Starting with a supply kit before the storm rush begins is the best way to go. Most of the items are everyday household items, so we suggest buying a few extra items and putting them aside for the season. After the season ends, use up the remaining items until the next season begins.

As a reminder, older battery powered tv’s are not compatible with today’s HDTV signal. To see what tv’s are available, click here.

The weather is beautiful outside in South Florida year round, though there are times of the year when boats are more active in our waters. That season is now. Between traveling, leisure and fishing, boats are everywhere it seems. It’s not just boats, it’s any type of water craft, including jet skis and wave runners. Having boat insurance is incredibly important.

If you are like many, you may be confused by the differences between actual cash value and agreed amount value. If you do not know the difference, read this article from The Republican Journal to learn more. After you read the article, contact our office to learn what policies are available for you at 954.340.2323.

With most homeowner’s insurance policies not covering water intrusion related damage, flood insurance is a critical component of any homeowner’s insurance portfolio. Many mortgage companies require homeowner’s to carry the insurance, though not all. For this reason, some homeowner’s make the decision not to carry the policy.

The Federal Emergency Management Association created maps to determine a properties risk and necessity for flood insurance. Take the time to review your status.

This recent letter published to Florida’s Treasure Coast and Palm Beaches website gives some great perspective.

Check out this recent article from the Pittsburgh Post-Gazette regarding umbrella insurance: Umbrella insurance policy may help in a storm

To learn more about what umbrella insurance policies that are a good fit for you, contact one of our specialists at 954.340.2323.

As baby boomers close in on retirement, many are planning for retirement. An important part of any retirement plan is long term care insurance. Long term care insurance pay for expenses not paid by heath insurance, Medicare or Medicaid. These expenses include in-home nursing care, long term (nursing home) and adult day care. In-home costs estimates for 2012 are just north of $36,000 in South Florida while private nursing home costs range between $89,000 and $95,000. These continue to increase year after year and the only way to fully prepare for these costs are is with a long term care insurance policy.

Here are a few articles that will help you make the best decision regarding long term care insurance.

1. Don’t Grow Old Without It – How to buy long term care insurance (WSJ)
2. Three Ways to Buy Long Term Care Insurance (FoxBusiness)

Have you recently filed a homeowner’s insurance claim and are now getting the work done to your home? If so, are you using a licensed contractor? If you are not, you might want to consider doing so. Many insurance companies are requiring the work to be completed by a licensed and insured general contractor. Just yesterday, it was announced that Broward Sheriff Deputies arrested dozens in an unlicensed contractors sting.

As a homeowner who is conducting a home remodeling project, you should verify the credentials of your contractor. The Florida Department of Business Regulations has a website that allows the consumer to do just that.

Earlier this year, Florida’s legislature voted against an anti-text and drive measure. While the practice is not illegal, that is not stopping one Florida county from issuing tickets for distracted drivers. A recent report shows female teenagers are more likely to text while driving. With distractions causing 16% of all fatal traffic accidents, it is no wonder that law enforcement is looking to stop the practice. If drivers continue to text while driving, insurance rates are going to continue to go higher and higher, especially for female teenage drivers.

1. Why You Should Have Umbrella Liability Insurance
2. Citizens changes worry beachfront condo owners
3. Florida tax credit plan for stabilizing Cat Fund draws critics
4. Will PIP reform work?
5. Florida insurers way of PIP rate rollbacks timed for October

The biggest question consumers have is how much their premiums will go down and when, not if. There are a few dates consumers should keep their eye on:

1. July 1 – Law takes effective
2. October 1 – Insurers must cut rates by 10% or explain why to the state Office of Insurance Regulation
3. Jan 1, 2013 – Additional provision go into effect