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How does gap insurance work?

Gap Insurance – A Few Basics to Note

Consumers of all ages, especially those with cars, please pay attention closely as the following information may benefit you:

Did you know that, in the gruesome event that your auto gets totaled, or you can’t afford your skyrocketing costs to account for its depreciated value, gap insurance can help you? Here’s how it can work according to TBIG Insurance, Inc. in St. Petersburg, FL:

How does it work?

First of all, gap insurance is optional, so it’s considered secondary or supplemental insurance. Think of it as an add on, should you choose to take advantage of it. And we recommend you do. 

"Loan or lease gap coverage" is another name by which this type of insurance falls under, respectively. So it’s known by a variety of different names as we can see. The most common is "gap insurance" as we’ll call it here.

Furthermore, gap insurance does not replace your collision or other accident coverage that you may already hold with your current provider; that is not its intent either. Since it is supplemental, it will instead come alongside such coverage and further add to its benefits. You use the two forms of coverage, then, hand in hand. To add an example, let’s assume you just bought a $25,000 auto, brand new. But unfortunately, a recently covered collision has resulted in the car getting totaled. Then what? Well, let’s assume you still owe $20,000. Your collision coverage pays the lender $19,000. Gap covers the remaining $1,000. 

Contact us

TBIG Insurance, Inc., serving gorgeous St. Petersburg, FL, has the right solution for your needs if you wish to inquire further on your eligibility or status. Find out more today by contacting our offices for a quote. Our agents would love to answer any of your questions!

Old Home Wiring and Modern Appliances – Bad Combo

With St. Petersburg, FL real estate markets picking up again, a problem that popped up a lot in the 2000s was the purchasing of old homes with old electrical grids inside. While they worked fine to keep the lights on and run the washing machine, older wiring was never installed with the anticipation of all the electronics and appliances we enjoy today. No surprise, older home wiring can overload very quickly when one big surge pushes the home’s load over its limit. Normally, the circuit breakers on the home electrical hookup are supposed to pop and cut the flow, signaling to the owner to reduce the load. However, what seems to be happening more and more is that the load is so heavy, it can start fires or burnouts in the actual socket in the walls. Most burn out quickly due to being surrounded by non-flammable material. However, the damage can still be extensive enough to have to open the wall and rewire, which probably also identifies a lot more that needs replacing at the same time.

A typical St. Petersburg, FL homeowner’s insurance policy includes the structural aspects of the home in the policy. That includes the plumbing and wiring as they represent basic components of a functional home. However, if the homeowner has made big modifications, added big power loads, plugged in unreasonable multi-sockets and similar, a claim based on an old wiring system could be limited. If you’re not going to go through the work of rewiring the home with new, higher capacity wiring harnesses, then a homeowner should make sure to know the language of his policy for electrical load damage. The folks at TBIG Insurance, Inc. can help. They can examine an existing policy or make suggestions for better ones without any obligation, and the advice can be extremely helpful if a big problem is avoided before it happens. Call TBIG Insurance, Inc. today to make an appointment!

How to Keep Auto Insurance From Lapsing

There’s nothing better than being able to lay your head down at night knowing you are protected with adequate insurance coverage. Whether it be insurance on your car or home, having it in place can prove to be of the utmost value when life throws a curve ball. Imagine buying a new car only to have someone run into it while it’s parked in the grocery parking lot. Imagine this person not having insurance. What would you do? With the right insurance coverage, you can rest assured knowing you will be okay. 

To keep insurance, though, you’ll need to make sure you don’t miss a payment. In fact, if you do, this could cause a lapse in coverage. There’s nothing worse than going to file an insurance claim only to find out that you missed a payment and you no longer have coverage. Fortunately, here at TBIG Insurance, Inc. serving the St. Petersburg, FL area, we understand the importance of making sure customers pay their insurance premiums on time and we’ve put together a few tips to help ensure you never miss a payment. Most importantly, to ensure you don’t experience a lapse in coverage. 

Use Your Cell Phone

Smartphones have greatly revolutionized our ability to remember things. These devices have become like personal assistants with superpowers. You can easily set a reminder on your phone to alert you a few days before your insurance payment is due each month. You can even set it two weeks in advance to ensure you have time to prepare your payment and submit it on time. 

Ask for a Reminder

Ask your insurance carrier to send you a paper reminder each month in the mail. A lot of agencies have gone paperless, so you can always ask for an email reminder too. 

Want to know more about making insurance payments on time? Contact TBIG Insurance, Inc. serving the St. Petersburg, FL area. 

Benefits of Flood Insurance

St. Petersburg, FL is a flood-prone area and property owners should consider purchasing flood insurance for financial protection whenever disaster strikes. It is advisable to buy flood insurance because most policies such as homeowner’s and renter’s don’t cover natural disasters such as floods. Here are some of the benefits of buying your flood insurance policy from TBIG Insurance, Inc.

Assured compensation

The effects of flooding in St. Petersburg, FL can be very devastating. Your flood insurance will provide you with compensation for all the covered losses. The amount of money you receive in compensation depends on what you include in your flood insurance policy. Moreover, it is possible to miss out on federal relief if the federal authorities fail to recognize certain flooding disasters as national disasters. But with your flood insurance policy, you can be assured of getting compensation for your losses.

No payback required

Flood victims are usually required to repay the relief they receive from the federal authorities as loans, in the event of disasters such as floods. The payback can leave you in financial strains.

Doesn’t use tax money

Authorities collect taxes for regional and federal development. When the collected funds are used to help out flooding victims, it ends up being a financial burden on taxpayers. The flood insurance compensation comes from flood insurance policyholders’ premiums and doesn’t involve taxpayers’ money.

Continuous policy

Once you purchase your flood insurance policy from TBIG Insurance, Inc., you don’t need to renew for recurrent disasters. We understand that handling compensation claims immediately after a disaster is a strenuous process. We have flood insurance specialists who can help you choose the right types of policies as you go about with the core aspects of your life and perhaps business commitments.

Visit our offices at TBIG Insurance, Inc., for more information about flood insurance policies. Our experienced flood insurance agents will guide you in every step of the way to ensure that you choose a coverage option that suits you and your budget.


Do You Need to Itemize Personal Possessions on Your Home Insurance?

If you are thinking about updating your St. Petersburg, FL home insurance policy with TBIG Insurance, Inc., you might be wondering how your personal possessions are valued in the case of a total loss. Let’s check out some facts and suggestions to protect your lifestyle in the face of disaster.

What is Actual Cash Value vs. Full Replacement Cost?

In the personal property section of your home insurance policy, it is likely described as actual cash value for the type of reimbursement you will receive. That means that your electronics, dishes, clothing, etc. are valued at their current market value at the time of the loss. If you paid $2000 for the home entertainment system five years ago, you could expect to receive a few hundred to replace it if it is lost.

Some homeowners opt for full replacement cost for personal property. That means that your insurance would pay you what it would cost to buy a new set of China, replace your shoes, or even buy you a new recliner. The catch here is that full replacement raises your premium and you must maintain a current inventory of all your property.

Protecting Your Investments with an Itemized List

If you invest in fine art, collectibles, antiques, or even designer fashion, you may wish to itemize those pieces that cannot be easily replaced. Now is a good time to sit down with your agent at TBIG Insurance, Inc. and discuss which valuables require additional coverage or even extra security measures. You may wish to make an annual appointment to review the items you have added to your collection over the year, so you never place your most valued possessions at risk. Give your St. Petersburg, FL insurance agent a call today for more information on the personal property section of your home insurance policy.

Liability Auto Insurance: What It Really Covers

If you are no longer making payments on your automobile, you may be tempted to carry only the required amount of liability auto insurance. After being required to carry high levels of coverage by a lender, the lure of saving money by drastically reducing the amount of coverage that you carry is significant. It may not be the best option for you financially in the long run. The agents at TBIG Insurance, Inc. serve clients throughout the state of Florida. They are the experts in getting you the coverage that you need.

With required minimum liability auto insurance, you are protected if you are in an accident where you are deemed at fault. These policies essentially cover the cost to repair the other person’s vehicle, their medical expenses, and any property damage if you are deemed liable for an accident. If they decide to sue, you can also be responsible for their legal fees. Liability insurance helps to cover these expenses. They do not, however, pay to repair your vehicle or your medical expenses. Also, the coverage that they provide is only up to a certain amount. If the injured parties medical expenses and/or legal fees exceeds what is outlined in the policy, you will be financially responsible. This can be financially ruinous for most families. The best course of action is to discuss your current coverage and lifestyle to get the protection that you need. The team at TBIG Insurance, Inc. work every day to help our Florida customers have the peace of mind that proper insurance can provide. While liability auto insurance rates might be tempting, in the long run, it may not be the best fit for you. Call and visit to get the coverage you need today!

What’s In My Flood Insurance Policy?

The area surrounding St. Petersburg, FL lies in a zone known to flood frequently. While the majority of homeowner’s and renter’s policies don’t cover flood damage, residents can purchase flood insurance. What does flood insurance actually cover? A basic policy from TBIG Insurance, Inc. includes these benefits.

  • Your flood insurance policy pays to repair or replace water-damaged structures. That includes the foundation, electrical and plumbing systems, HVAC, built-in appliances, and installed flooring. 
  • The policy also covers personal belongings that are stored on the property. This could be your clothing, collectibles, and electronics. Furniture and moveable appliances are included in this coverage.

It is important to note that flood insurance policies do not cover the land on which your home sits. It also won’t pay for damage to your

  • Vehicles
  • Landscaping
  • Farm animals
  • Cash and other currencies
  • Precious metals
  • Important paperwork

If your home has a basement, your flood insurance will pay to restore the foundation, drywall, electrical, air and heating systems, and any staircases used to access the space. You may not, however, be compensated for commonly stored items like clothing, sports gear, and entertainment items. There are, however, policies available to protect these and all of your important assets. Contact a professional insurance agent to learn which policies you can use to keep your entire life safe from flooding. Every insurance contract varies.

Like all insurance policies, flood coverage has a payout limit. If you think your personal belongings and property need more protection, consider adding an umbrella policy to your insurance portfolio. The experts at TBIG Insurance, Inc. serves the insurance needs of residents in the St. Petersburg, FL area. Contact us for a personalized assessment of your coverage needs.

What happens if your home insurance lapses?

A Home Insurance Lapse

If you own a home in St. Petersburg, FL and you’re wondering what happens if your policy with TBIG Insurance, Inc. lapses, the short answer is: Nothing.

Or at least, nothing happens directly as a result of your insurance lapsing. If you get your insurance renewed, you can buy the same policy you had and not have to worry about anything. But if your insurance has lapsed and something happens to your home, then it’s no different from not carrying insurance at all.

This means that if you put back your insurance payments for a month and your coverage lapses, you won’t be able to claim that broken window just because you eventually repurchased insurance. If this were an option, people would be able to wait until their home catches fire, and then buy insurance. Insurance is for what might happen to your home, not what already happened to it.

In other words, it’s important to stay up to date on your home insurance. If you let it lapse and wait too long, you may wind up getting into trouble with your lender, as most in St. Petersburg, FL will require you to carry hazard coverage to cover their investment into your home.

If you stay up to date on your payments, you should have absolutely no problems with your home insurance coverage. Get a reliable policy through TBIG Insurance, Inc., pay your payments on time, and whatever happens, you’ll be covered as long as you have the appropriate policy for it. If your insurance lapses, even for just a day, it’s as good as having no insurance at all.

What Is the Benefit of Getting Two Estimates for Repairs?

Residents of St. Petersburg, FL who have questions about why two estimates are often recommended after an auto accident can call the agents of TBIG Insurance, Inc. They can explain why two, and sometimes even three estimates are beneficial after you’ve been involved in a car accident. 

Why Two Estimates?

Two estimates ensure that you have options. It also helps you to find the right repair service for your vehicle. Getting two or more estimates allows you to interact with the repair company. You can find out a lot about how they do business. In some cases, repair estimates are made that provide two prices, one with aftermarket parts and another with OEM parts direct from the manufacturer. Not only will get you get the best deal, you may actually get superior workmanship in the bargain as well.

The Benefit of Having A Choice

When you receive two or more quotes, you have the benefit of choice. While your insurance may only cover the lowest priced estimate, you can choose the repair shop of your choice if you are willing to pay the difference. The ultimate goal is to get your vehicle repaired properly the first time using the highest quality parts and workmanship possible. Multiple quotes simply give you more options to choose from and allow you to make a fully informed choice.

In St. Petersburg, FL residents can choose to get two or more estimates when it comes to repairs or engine work for vehicles that have been damaged in an accident. If you have questions, you can always call the agents of TBIG Insurance, Inc. for more information.

Do You Need Flood Insurance if You Have Home Insurance?

Owning a home on the water is a dream that many people do not get to enjoy. However, by owning a home in St. Petersburg, FL, even if you are not right on the water, then you get to enjoy it whenever you want. For more homes, having a home insurance policy is enough, but here in this area, TBIG Insurance, Inc. recommends having a flood insurance policy as well. 

One of the common misconceptions about a home insurance policy is that it will also cover any floods. In fact, there are very few home insurance policies that have a flood insurance component. More often than not, you are not covered by a flood policy if you do not have one in place. Unfortunately, many people find this out the hard way when they try to submit a flood claim through their home insurance policy. You do not want this to happen to you. You should make sure that your home insurance policy does cover it before assuming so. If it does not, you will want to make sure that you have flood insurance for hurricanes and common storms. A flood can happen at any time, though, and does not always need to be associated with a hurricane or storm surge. This is why it is important to have flood insurance all year long on your home, not just during hurricane season. 

If you have a home insurance policy but not a flood insurance policy, then it is time to get one in place. A flood can happen at any time, not just during a hurricane or tropical storm. Be sure to reach out to us today at TBIG Insurance, Inc. serving St. Petersburg, FL. We can help you find the right policy for your needs and will make sure that we find one to fit within your budget.