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Boca Raton, FL 33487

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Unexpected Liability Risks: Why Umbrella Insurance is a Smart Choice in Boca Raton, FL

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Umbrella insurance is one of the most misunderstood insurance policies on the market. When you live in Boca Raton, FL, you want to make a smart choice regarding protecting your finances. There are going to be unexpected liability risks, and Coastal Premier Insurance Group can show you how to come out on the other end of those risks with an umbrella policy.

Decoding Umbrella Insurance

Umbrella insurance is a form of protection that sits above all of your other insurance policies. It kicks in when your other policy is exhausted, whether it’s home, auto, boat, commercial, or something else.

Every policy you have has a limit. Unfortunately, accidents don’t care about the limits you have in place. If there’s an accident with major medical bills, significant damage, or even lawsuits, you need added financial protection.

How Umbrella Insurance Can Shield You

Let’s assume you have $30,000 worth of liability protection in place on your auto insurance. If the liability totals $50,000, you could be responsible for that remaining $20,000 out of your own personal funds. That’s a lot of money – and one accident could be enough to bankrupt you.

An umbrella policy provides extra financial protection, allowing you to come out on top without exhausting your savings account.

Explore Umbrella Policy Options Today

Whether you have more questions about how an umbrella insurance policy can help you in Boca Raton, FL or you want to start getting quotes, we can help. At Coastal Premier Insurance Group, we’re here to help. Contact us today so that one of our agents can guide you through your questions and get quotes so that you can overcome any unexpected liability risks that life throws at you.

Insurance Coverage for A Residential Renovation

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Before embarking on a residential renovation, consider the risks and benefits. After reviewing your renovation plans, choose home insurance coverage that will adequately protect you, your loved ones, and the materials used for the upgrade.

Risks Associated with The Renovation

During a renovation project, injuries or damage can occur. Slips and falls or injuries caused by fallen debris are more likely. If machinery or tools malfunction, someone could get hurt, and damage to another person’s property could also occur.

Examine the risks associated with your upcoming project. Consider increasing the liability protection your home insurance policy provides. Liability protection covers personal injuries and property damage that occur during the renovation process.

Benefits Associated with The Renovation

Completing a renovation will increase a home’s use and resale value, which may convince a homeowner to insure the materials used for the renovation.

List all the materials that you plan on using during the renovation project. Document information about the value of the materials. Consider the likelihood of the materials becoming damaged or stolen in the future.

Personal property insurance will protect new materials in the event of a natural disaster or criminal activity. The coverage you obtain may cover the cost of repairing damaged materials or replacing them with new ones that are similar to the ones that have been damaged or stolen.

A Consultation With An Insurance Agent

Contact one of our insurance agents serving Boca Raton, FL. An agent at Coastal Premier Insurance Group will consult with you about the proposed residential renovation project.

Should My Small Business Have Commercial and Commercial Vehicle Insurance?

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Small business owners must meet their contractual and legal obligations and cover the risks they take. Your commercial insurance policies should match your obligations and fit your risk tolerance. Unfortunately, some small business owners assume their personal auto policy will cover their business vehicle use. The Coastal Premier Insurance Group team, serving the Boca Raton, FL market, can advise you on the commercial and commercial vehicle insurance that will meet your needs.

Commercial and Commercial Vehicle Insurance

Florida small businesses’ insurance needs vary depending on the business type, the number of employees, and whether they use motor vehicles. While many companies use work trucks, delivery vans, or other vehicles, almost every Florida business sometimes uses motor vehicles.

Some small business owners fail to obtain commercial vehicle insurance, thinking their personal policy will cover their business use. However, the owner’s policy does not cover business-related vehicle use, including:

  • Vehicles leased or owned by a business
  • Vehicles that transport work tools or products
  • Vehicles used to make deliveries
  • Vehicles used when driving employees or clients to a business-sponsored lunch

Should a business-related accident result in a significant claim, the insurance company may investigate the claim and determine that your personal policy does not cover a business-related accident. In addition, individual policies typically have lower liability limits than commercial vehicle policies, so you may have inadequate coverage even when the personal policy provides coverage. So, openly discuss your business vehicle use with your agent to avoid unnecessary risk.

Working with the Coastal Premier Insurance Group

The Coastal Premier Insurance Group proudly serves the Boca Raton, FL, individual and business communities. Let us apply our commercial insurance experience to design policies that suit your needs by calling (561) 995-9577 or stopping in today to discuss your commercial insurance options.

Raising Liability Limits vs. Buying Umbrella Insurance: A Cost Comparison

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When individuals in Boca Raton, FL, seek greater financial protection, they often face a choice between raising liability limits on their existing policies or purchasing umbrella insurance. Both options increase coverage, but the cost-effectiveness and scope of protection vary significantly. Understanding the differences can help policyholders make informed decisions based on their needs and budgets. Not everyone will have the same needs, and each individual’s choices will differ, especially when considering the cost of living.

Increasing Liability Limits

Raising the liability limits on an existing policy, such as auto or homeowners insurance, enhances coverage for claims tied to those specific policies. For instance, increasing liability coverage on an auto policy provides additional protection against accidents resulting in significant medical or property damage costs.

While raising limits is straightforward, it can become costly if applied to multiple policies. Premiums rise proportionally with coverage increases, and the added protection remains confined to the underlying policy. For individuals with diverse risk exposures, this approach may lack the broad coverage necessary for comprehensive financial security.

The Value of Umbrella Insurance

Umbrella insurance offers supplemental liability protection that extends across various policies, including auto, home, and rental properties. It activates once the liability limits on the underlying policy are exhausted, providing an additional layer of coverage.

The cost of umbrella insurance is typically lower than increasing liability limits across multiple policies. A single umbrella policy can provide coverage starting at $1 million for a relatively modest annual premium, making it a cost-effective option for those seeking extensive protection against major claims or lawsuits.

Coastal Premier Insurance Group Offers Insurance Policies for Your Needs

Coastal Premier Insurance Group underwrites policies to meet customers’ needs. We serve Boca Raton, FL, and the surrounding cities. Contact us today.

Garage vs. Carport

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As a homeowner, you face an important decision for your property: whether to purchase a garage or a carport. Both are designed to house your car, but they have different features that you’ll want to consider when deciding which to purchase.

1. Open vs. Closed

A carport has exposed and open sides. Your vehicle will not be behind a locked door, so someone could walk up to it. This is not the case for a garage, which has a door that keeps your car secure and locked away when you’re at home. This means there is little privacy with a carport, but privacy is available in a garage.

2. Size

Depending on how many vehicles you want to store, you can get a carport or a garage to fit that size. Both of these can be whatever size you need. The carport will only need a rock or concrete foundation, while the garage will need a full floor in each bay if that’s your option.

3. Weather Protection

While the carport and the garage can keep the rain off your vehicle, the garage offers full protection from weather elements. Other types of weather and debris can fly into the carport, causing damage to the vehicle, which is much more accessible than with a garage.

4. Accessibility

If this is important, you might want to consider a carport. With a garage, you need a key to get in and out, and it can be more trouble than it’s worth for some people. Carports allow you to park how you choose and exit wherever is best for you.

5. Cost

Probably the one thing that homeowners look at is the cost and what fits into their budget. A carport will be cheaper than a garage because it is only a structure with a roof. Garages have enclosed sides and garage doors, which can be much more expensive.

If you’re looking for home insurance in the area of Boca Raton, FL, contact our team at Coastal Premier Insurance Group today for more information.

Do Sole Proprietors Need Commercial Insurance?

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Being a sole proprietor is the simplest way to structure a self-employed business. However, this legal structure offers little protection, and you’re unlikely to have much protection from personal insurance policies. Therefore, if you’re one of the many sole proprietors in Boca Raton, FL, you may indeed want commercial insurance.

Understanding the Risks in Florida

As a sole proprietor in Boca Raton, FL, you can be personally liable for any debts or damages related to your business. This means if your business faces a lawsuit or incurs debts, your personal assets — possibly including your home or savings — could be at risk.

Additionally, no business structure offers robust protection for your business itself. If your business is responsible for major property damage or a severe injury, it might be sued regardless of whether it’s a sole proprietorship, LLC, or corporation. Using one of these other structures merely offers you some personal protection.

Protecting Against the Risks

Commercial insurance is available to protect your business against many of the risks it faces. In doing so, a commercial insurance policy can offer you greater personal protection. Although the insurance is for your business, you’re less likely to be personally sued if a settlement is covered by commercial insurance.

There are many types of commercial insurance you might consider. General liability insurance, commercial property insurance, and product liability insurance are a few of the things that we at Coastal Premier Insurance Group often see sole proprietors get. Which you should have depends on the particular services or products you offer.

Find the Commercial Insurance You Need in Boca Raton

If you’re a sole proprietor in Boca Raton, FL, let Coastal Premier Insurance Group help you find the commercial insurance you need. Contact us today to speak with an agent.

How Umbrella Insurance Gives You More Liability Coverage

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Protecting Your Assets with Umbrella Insurance

If you own a home and a vehicle, having substantial insurance on both is pivotal to protect your assets. The issue lies in the fact that home and auto insurance policies often offer limited liability coverage. However, this problem can be resolved by acquiring umbrella insurance. For more information on how this coverage can shield you financially, please get in touch with us at Coastal Premier Insurance Group in Boca Raton, FL.

Liability Coverage for Two Policies

Umbrella insurance goes beyond providing liability coverage solely for an accident in your home or car. It substantiates both policies, providing an extensive range of coverage with extremely high maximums applied to both of your insurance policies. Whether there’s an accident in your vehicle or if someone gets injured in your home, the policy will bear the expenses such as medical bills that may arise post-accident.

Covering Outstanding Bills

Umbrella insurance operates as a secondary coverage following the primary policy. Your home or auto insurance is the first policy that will step in when an accident occurs. This policy covers the resulting bills until they reach their limit. If there are still bills, your umbrella policy will handle them afterward. This spares you from dipping into your own pocket to cover the surplus, which can be immensely high after severe accidents. There may be many bills to pay, including continuous ones like physical therapy costs post-accident, which your umbrella insurance can take care of.

Acquire Umbrella Insurance

If you haven’t secured umbrella insurance yet, we’re here to assist you. Simply contact us at Coastal Premier Insurance Group in Boca Raton, FL.

The Importance of Taking an Inventory of Items In Your Home Annually

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Have you ever wondered if you have an accurate record of all the belongings in your home? At Coastal Premier Insurance Group in Boca Raton, FL, we recommend inventorying your household items each year. It’s a simple task that can make a big difference.

Why Annual Inventories Matter

Life happens fast, and it’s easy to lose track of what you own. An annual inventory helps you know exactly what you have, making it easier to file an insurance claim if needed. In the unfortunate event of theft, fire, or natural disaster, having a detailed record can expedite the claims process and ensure you receive appropriate compensation.

How to Get Started

Creating an inventory might seem daunting, but it doesn’t have to be. Start by going from room to room, listing items, and taking photos or videos. If possible, include details like purchase dates, serial numbers, and receipts. Even apps are available to streamline this process, making it efficient and thorough.

Benefits Beyond Insurance

An inventory isn’t just useful for insurance claims. It can also help you assess whether you have adequate coverage for your possessions. As your collection of valuables grows, so should your policy. Knowing what you have lets you make informed decisions about your insurance needs.

Peace of Mind

A comprehensive inventory provides peace of mind, knowing you’re well-prepared for unexpected events. It’s a proactive step in protecting your home and possessions.

For more tips on taking a home inventory or to review your insurance coverage, contact Coastal Premier Insurance Group, which proudly provides home insurance to residents in the greater Boca Raton, FL, region. We’re here to help safeguard your home and everything in it.

Six Ways Business Insurance Protects The Future of Your Business

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Did you know approximately half of all businesses do not have business insurance? At Coastal Premier Insurance Group of Boca Raton, FL, we aim to secure your enterprise’s future. We provide our commercial clients with coverage that safeguards them and delivers peace of mind.

If you operate a business in the Boca Raton area, here are just six ways business insurance can help protect your future.

1. Business Income Protection

A business insurance program can include business income protection should your business have to close due to a covered calamity. This can provide the time you need to rebuild your business while retaining your key employees.

2. Theft Protection

Theft, whether internal or external, is a significant threat to the future of many businesses.

3. Cyber Crime

Data security issues are not decreasing; they’re becoming more of a problem for small businesses. Cybercrime can damage a business for years, and business insurance can help protect your interests.

4. Life Insurance

While technically not business insurance, life insurance for partners and key employees can ensure the future of your business.

5. Liability Insurance

A mishap like a slip and a fall or an unfortunate action by an employee can pose both immediate and severe threats to your business. Liability insurance cannot only cover any judgments or settlements, but it can also cover legal expenses.

6. Real Property Losses

If you own a building, machinery, or equipment or keep a substantial inventory, you are at risk every day from losses due to fire or natural disasters. Protect your investments with business insurance.

Contact Coastal Premier Insurance Group Today

Let’s discuss your business and your potential risks. We can then provide a business insurance quote that helps protect your interests.

Many of our clients are pleasantly surprised by how affordable business insurance can be. We are Coastal Premier Insurance Group of Boca Raton, FL, and we would be proud to have your business as a client.

Common Mistakes to Avoid When Filing Umbrella Insurance Claims

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Umbrella insurance offers extra protection beyond standard policies’ limits around Boca Raton, FL. However, filing a claim under an umbrella policy can be complex, and avoiding common mistakes is essential for a smooth process and successful resolution.

Misunderstanding Policy Coverage

Umbrella insurance covers liability claims exceeding the policy limits in different insurance policies. You must review the policy to stay on top of what is covered, including any exclusions and conditions. This knowledge helps avoid filing claims that fall outside the policy’s scope.

Delaying the Claim Filing

Promptly reporting an incident is vital when dealing with umbrella insurance claims. Delays and lack of communication may result in a denial. As soon as you become aware of an incident that might lead to a claim, notify your insurance provider immediately. This timely action ensures that the insurer can begin the investigation process promptly.

Inadequate Documentation

Proper documentation is essential when filing a claim. Inadequate or incomplete documentation can hinder the process. Ensure you gather all necessary documents, including incident reports, photographs, medical records, and any correspondence related to the claim. Detailed and accurate records support your case and facilitate a smoother claims process.

Not Following Policy Procedures

Failing to follow the procedures outlined in your policy can jeopardize your claim. Each insurance policy has specific requirements for filing and managing claims. Familiarize yourself with these procedures and adhere to them closely. This includes submitting all required forms, providing requested information, and meeting any deadlines specified by your insurer.

Coastal Premier Insurance Group Helps Guide You

Coastal Premier Insurance Group will help guide you and show you how umbrella insurance can save you in the long haul. Our team covers the Boca Raton, FL region. Get in touch with us today.