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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.

When Can You Claim Your Home Insurance?

Claiming your home insurance will mean that something unsavory has happened, and as a result, you lost your property or home. Whether it be from fire, burglary, or storms, this period of time can be very uncertain and scary, even if you have been paying your monthly premiums. You should not forget that even minor events such as red wine spilling on your white sofa or a smashed window can trigger accidental damage to your policy.

Claiming on Your Home Insurance

In most instances, digging out your insurance documents will be the first step. It is important to get in touch with your insurance company, whether you are in Sarasota, Naples or St. Petersburg, FL, and inform them what happened. However, if it is because of theft, then the first step will be to call the police. The police will take forensics and later issue you with a crime reference number which you will then issue to your insurance company.

Insurance companies such as TBIG Insurance, Inc. require this detail before proceeding to ensure you are awarded compensation for your loss.

What evidence will I need to claim?

For standard and small claims, you will be required to fill out the required form (which most insurance companies such as TBIG Insurance, Inc. give in their website) and return it within the required number of days.

You will also need to carry along receipts for each of your belonging to act as proof of purchase. If you cannot retrace your receipts, then consider looking for the debit or credit card statements which can prove that you bought this equipment in question.

It is important to provide these documents whenever you want to claim your home insurance. However, these documents may not be available. In such instances, you need to ask your bank to send you the relevant statement for the month you purchased these commodities. Pictures or images of those belongings may be accepted. Generally, the more documents you have, the quicker and smoother your claim will be. Reach out to our agents at TBIG Insurance, Inc. in St. Petersburg, FL to learn more about your home insurance policy.