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Insurance Blog

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!