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Are Insurance Rates Coming Down?

Mon, 20 Apr 2026 10:39:36 GMT

Independent insurance agency in Ft Walton Beach, Florida specializing in auto, home, business, condo, contractors insurance coverages.

The difference between captive and independent insurance agents

Tue, 24 Mar 2026 10:35:39 GMT

Independent insurance agency in Ft Walton Beach, Florida specializing in auto, home, business, condo, contractors insurance coverages.

Do you need separate Golf Cart Insurance?

Tue, 24 Mar 2026 10:31:22 GMT

Independent insurance agency in Ft Walton Beach, Florida specializing in auto, home, business, condo, contractors insurance coverages.

Local Insurance Matters More Than Ever

Mon, 02 Mar 2026 10:27:12 GMT

Independent insurance agency in Ft Walton Beach, Florida specializing in auto, home, business, condo, contractors insurance coverages.

5 Business Insurance Mistakes Florida Owners Make

Fri, 13 Feb 2026 06:12:29 GMT

Florida business owners often make costly insurance mistakes. Learn the five most common coverage gaps and how to properly protect your Emerald Coast business.

Do You Really Need Flood Insurance in Destin, FL?

Fri, 13 Feb 2026 06:10:00 GMT

Living on Florida's Emerald Coast means flood risk. Learn why standard homeowners policies don't cover floods and how to protect your Destin property.

Independent vs. Captive Agents: What's the Difference?

Fri, 13 Feb 2026 01:42:30 GMT

Learn the crucial differences between independent and captive insurance agents and why choosing an independent agent gives you more coverage options and better rates.

Florida Homeowners Insurance: Smart Ways to Lower Your Premium Without Sacrificing Protection

Thu, 22 Jan 2026 00:00:00 GMT

Homeowners insurance in Florida can feel expensive—and confusing—especially with rising construction costs, storm risk, and frequent market changes. While homeowners can’t control the overall market, many don’t realize there are legitimate, strategic ways to lower premiums by reviewing how their policy is structured and ensuring all available discounts are applied.

The goal isn’t cutting corners—it’s making sure your coverage reflects your home and lifestyle today.

Coverages to Review or Alter During Renewal that Can Save you Money

1. Review Other Structures Coverage (Coverage B)

Other Structures coverage—which applies to items like fences, sheds, and detached garages—is typically automatically set at 10% of the dwelling amount.

If you don’t have detached structures or they hold minimal value, this coverage may be higher than necessary. Reducing or removing unnecessary Coverage B can help lower your premium without impacting protection for your main home.

2. Review Personal Property Coverage (Coverage C)

Many Florida homeowners don’t realize that Personal Property coverage (Coverage C) is usually automatically set at 50% of the dwelling amount.

For example, a home insured for $400,000 may automatically include $200,000 in personal property coverage—regardless of whether that amount accurately reflects what you own.

If you’ve downsized, don’t own high-value contents, or simply don’t need the default percentage, adjusting Coverage C to better match your belongings can meaningfully reduce your premium while maintaining appropriate protection.

3. Increase Deductibles Strategically

Raising deductibles is one of the quickest ways to reduce premium—but it should be done thoughtfully.

Options include:

Increasing the All Other Perils deductible Selecting a higher hurricane deductible (commonly 2%, 5%, or 10%)

Higher deductibles lower premiums but increase out-of-pocket costs after a claim. The right choice depends on your financial comfort level and risk tolerance.

Apply all Available Discounts to Lower your Premium

4. Wind Mitigation Discounts: One of the Biggest Savings Opportunities

Wind mitigation credits are among the most impactful discounts available on Florida homeowners insurance.

Homes may qualify for discounts if they have:

Hurricane-rated impact windows or shutters Hurricane clips or straps A reinforced roof-to-wall connection A roof installed under newer Florida Building Code standards

A current wind mitigation inspection can unlock substantial savings—often hundreds or even thousands of dollars per year, depending on the carrier.

5. Roof Updates and Documentation Matter

Roof age is one of the most critical underwriting factors in Florida.

Ways roof updates can help reduce premiums include:

Installing a newer roof that meets current building codes Using approved roofing materials Providing accurate documentation confirming roof age and installation details

Even when a roof isn’t brand new, proper documentation alone can improve eligibility and pricing.

6. Update Plumbing and Water Heaters

Water damage claims remain a major concern for insurers.

Confirming or updating the age of:

Water heaters Plumbing systems Supply lines

can improve rates and carrier eligibility. Many insurers offer better pricing for newer systems because they reduce the likelihood of costly water losses.

Having an experienced insurance agent can save you money

7. Shop Coverage Regularly—Florida’s Market Changes Every Year

One of the most overlooked ways to save is shopping your homeowners insurance regularly.

Florida’s insurance market changes constantly, and new carriers enter the state every year with different underwriting guidelines, credits, and pricing strategies. A policy that wasn’t competitive last year may be much more affordable today—or vice versa.

Staying with the same carrier for years without review can often mean missing out on better options.

8. Understanding Citizens Insurance: Lower Cost, Different Trade-Offs

Citizens Property Insurance can sometimes offer lower initial premiums, but it often comes with important limitations.

Homeowners should understand:

Coverage options may be more restricted Endorsements and flexibility can be limited Citizens is intended as a temporary market solution

In many cases, Citizens will depopulate policies, meaning your coverage may be transferred to a private carrier the following year—sometimes with different coverage terms and higher premiums.

For some homeowners, Citizens is necessary—but it’s important to enter into it with clear expectations.

9. Work With an Agent Who Actively Reviews Your Policy

The most meaningful savings usually come from ongoing review, not one-time changes.

Working with an agency that:

Tracks Florida insurance market trends Shops carriers proactively Reviews coverage annually Understands Florida-specific underwriting

can make a real difference over time.

Final Thoughts

Lowering homeowners insurance in Florida isn’t about sacrificing protection—it’s about making informed, strategic adjustments.

From reviewing personal property limits and other structures coverage to applying wind mitigation credits, adjusting deductibles, and shopping the market regularly, small changes can add up to meaningful savings.

If your policy hasn’t been reviewed recently, it may no longer reflect your home—or the current Florida insurance market. A proactive review can help ensure you’re paying for the right coverage at the best possible rate. Blog Archive - Search Blog

Recent Articles Jan 22, 2026 Florida Homeowners Insurance: Smart Ways to Lower Your Premium Without Sacrificing Protection Sep 8, 2025 Has the 2022 Legislation on Insurance Reform Helped Florida Residents? Aug 4, 2025 Contractor Bonds Explained: How to Get Bonded and Land Lucrative Projects Jul 28, 2025 The Golf Cart Insurance Gap: What Rental Property Owners & Managers Need to Know Jul 11, 2025 Neighborhood engineering fighting against the devastating affects of flooding

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Has the 2022 Legislation on Insurance Reform Helped Florida Residents?

Mon, 08 Sep 2025 00:00:00 GMT

Three Years Later: Has Florida’s Legislative Reform on Insurance Helped Residents?

Starting in 2022, Florida passed sweeping insurance reforms aimed at stabilizing a market plagued by rising premiums, insurer exits, and endless litigation. But what has really changed for residents? Have these reforms made life easier—or are homeowners still facing challenges?

1. Auto Insurance – A Win for Drivers

Let’s start with the good news. Florida drivers are seeing relief at last: the state’s top carriers are reporting an average 6.5% decrease in auto premiums in 2025. After years of steady hikes, this is welcome progress.

2. Home Insurance – A Mixed Bag

For homeowners, the results are less clear:

Some insurers have re-entered the Florida market. Citizens, the state-backed insurer, is lowering some premiums. Average requested rate hikes fell from 21% in 2023 to just 0.2% in 2025.

But—nearly half of all homeowners claims in 2024 were denied or closed without payment, the highest denial rate in almost a decade. Lawsuits haven’t disappeared either—many homeowners are still fighting back despite new restrictions.

3. Claims Denials: What’s Going On?

Insurers are denying more claims than before, and here’s why:

Tighter Deadlines – New legislation shortened the filing window, so late claims are rejected outright. Stricter Inspections – Drones and advanced tech are catching roof issues, landscaping risks, or maintenance problems that insurers use to limit coverage. Financial Pressures – After years of hurricane losses, insurers are more cautious about payouts. Fraud Prevention – The reforms aimed to weed out inflated or fraudulent claims. While this protects the system from abuse, it also means legitimate homeowners face more scrutiny and paperwork to prove their case.

4. Looking Ahead: 2025 Legislation and Rate Oversight

Florida lawmakers aren’t finished with insurance reform. New 2025 legislation gives regulators additional power to oversee and review insurance rates, aiming to create more transparency and prevent carriers from pushing through sharp increases without scrutiny.

This shift could mean:

More stable pricing for residents, with fewer sudden jumps in premiums. Stronger accountability for carriers who seek double-digit increases. Potential long-term relief, as rate oversight creates a more predictable insurance environment.

It’s not an overnight solution—markets take time to stabilize—but the intent is clear: protect consumers from runaway premiums while still keeping insurers active in Florida.

5. How Homeowners Can Protect Themselves

Stay Organized – Document your property with photos and receipts before and after storms. Know the Timeline – File claims quickly to avoid automatic denials. Shop Around – With new insurers entering the market, options may be better than you think. Work with Advisors – Independent agencies like Norton Insurance of Florida can guide you through coverage choices and help position claims correctly.

Three years after reform, Florida residents are seeing mixed results. Auto insurance is finally trending down, but homeowners are still navigating high denial rates and complex rules. The good news? With 2025’s new rate oversight, there may be meaningful relief on the horizon.

Call Norton Insurance of Florida today—let us help you find the right coverage and protect your home, family, and peace of mind.

850-244-1574 Blog Archive - Search Blog

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Contractor Bonds Explained: How to Get Bonded and Land Lucrative Projects

Mon, 04 Aug 2025 00:00:00 GMT

Level Up Your Contracting Business: The Power of Getting Bonded

In today’s competitive contracting landscape, standing out isn’t just about doing great work—it’s about proving you're trustworthy, dependable, and capable of handling bigger opportunities. One of the most strategic ways to take your construction or contracting business to the next level is by getting into bonded work.

But what exactly does that mean? How do you qualify? And what can it do for your bottom line? Let’s break it down.

What Does It Mean to Be Bonded?

Being bonded means your business has secured a surety bond, which is a type of financial guarantee that assures clients you’ll fulfill your contractual obligations. These bonds are often required for public projects—think schools, highways, or government buildings—but they’re also common in the private sector.

There are several types of contractor bonds, including:

Bid Bonds – guarantee that you’ll honor your bid if awarded the job. Performance Bonds – ensure the project is completed according to the contract. Payment Bonds – protect suppliers and subcontractors from non-payment.

Why Contractors Should Want Bonded Work

So, why pursue bonded projects in the first place? Simple—they pay well and offer long-term benefits.

Bigger Paychecks, Fewer Jobs: Bonded jobs are often large-scale, meaning you can earn significantly more income from a single project than from juggling multiple smaller ones. Think quality over quantity. Reliable Payouts: Public sector work is typically funded and budgeted in advance. That means fewer payment delays and less chasing down checks. Stronger Portfolio: Completing bonded work adds weight to your project history and makes it easier to win future contracts—especially from government entities or large corporations. Business Stability: The larger, longer-term nature of bonded work can provide a steadier cash flow, helping you better manage labor, materials, and planning.

If you’re looking to scale your business and reduce the chaos of chasing dozens of small gigs, bonded work might be the game-changer you've been waiting for.

How to Qualify for a Bond

Qualifying for a bond is similar to applying for a business loan. Sureties (bond providers) want to ensure you’re a responsible business owner with the financial strength and experience to back up your commitments.

Here’s what you’ll typically need:

Strong Credit History (personal and business) Financial Statements – including balance sheets and income statements Proof of Experience – resumes, completed projects, client references Work in Progress Reports – to show how you manage current jobs Banking and Supplier Relationships

The bonding company wants to see that you not only can do the work—but that you’re running your business responsibly enough to finish it.

Partner with an Insurance Agency That Understands Bonding

At Norton Insurance, we specialize in helping contractors like you break into bonded work. In fact, we helped pioneer a nation-wide bond program in the 1980s that opened the doors for small contractors to bid on large-scale jobs. We know how to navigate the process, simplify the paperwork, and connect you with the right bond for your business goals.

Whether you're bidding your first bonded job or looking to increase your bond limits, we’re here to help you build a stronger, more scalable contracting business.

Ready to Go After Bigger Jobs? Let’s talk about how bonding can open new doors for your company. Give us a call or stop by our Destin office to learn more about qualifying for a contractor bond. Blog Archive - Search Blog

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The Golf Cart Insurance Gap: What Rental Property Owners & Managers Need to Know

Mon, 28 Jul 2025 00:00:00 GMT

A Hidden Liability on Four Wheels

If you rent out vacation homes along Florida’s Emerald Coast—especially in areas like Destin, Miramar Beach, or 30A—chances are you’ve either considered offering a golf cart to guests or already do. It’s a top-requested amenity that attracts bookings, boosts nightly rates, and gives your property a competitive edge.

But here’s what many rental owners and property managers don’t realize: including a golf cart can create a serious insurance gap that could cost you thousands—or worse.

Golf Carts vs. LSVs: Know the Difference

Before diving into coverage options, it’s important to understand the legal and operational differences between a golf cart and a low-speed vehicle (LSV)—because your insurance and liability depend on it.

Designed for use on golf courses or private communities Top speed: Typically under 20 mph No title, registration, or insurance required by the State of Florida Not legal on public roads, unless local ordinances allow it

Low-Speed Vehicle (LSV):

Modified or factory-built to go 20–25 mph Must have headlights, seatbelts, turn signals, mirrors, and a VIN Must be titled, registered, and insured like a regular vehicle Street legal on roads with posted speed limits of 35 mph or less

Why it matters: If you provide a standard golf cart to renters and they drive it on public roads (even briefly), you could face fines, denied claims, or lawsuits—especially if it doesn’t meet LSV safety requirements or isn’t insured correctly.

Are Golf Carts Covered by Homeowners or Auto Insurance?

Not in most cases. Here’s how the standard policies break down:

Homeowners insurance may offer limited liability for incidents that occur strictly on your property. The moment that golf cart leaves the driveway or HOA path, coverage likely disappears. Auto insurance generally doesn’t apply to golf carts—unless they are street-legal LSVs and specifically added to the policy. Rental property policies often exclude coverage for vehicles not designed for road use—which includes most golf carts.

The takeaway: If a guest injures someone or causes damage while driving your cart—even within the neighborhood—you could be held personally liable, with no insurance to back you up.

Why This Matters for Vacation Rental Businesses

Golf carts are fun and convenient—but from a liability perspective, they’re a high-risk feature. Here’s why:

Many renters allow unlicensed or underage individuals to drive them. Accidents on roads, sidewalks, or even driveways can lead to property damage, injury, or lawsuits. You, as the owner, can be held responsible if the guest doesn’t have golf cart insurance—and most don’t.

Real example:

We’ve seen claims where a guest’s child drove a cart into another vehicle. The result? A $65,000 liability settlement—paid by the homeowner because there was no applicable insurance coverage.

What Kind of Insurance Coverage Do You Need?

To responsibly offer a golf cart with your rental, we recommend:

Specialty Golf Cart Insurance Policy

Provides liability, collision, and comprehensive coverage for golf carts. Often required if the cart is operated off-property or in public areas. Umbrella Liability Policy Offers extended protection in case of serious injury or legal claims exceeding your base policy limits. Guest Usage Agreement or Waiver Have guests acknowledge golf cart rules, liability disclaimers, and driver requirements in writing. Keep copies as part of your property’s standard rental agreement.

Florida Golf Cart Laws to Keep in Mind

Golf carts may be driven on roads with speed limits of 25 mph or less (if allowed by local ordinance). No insurance is required by the state for basic golf carts—but that doesn’t protect you as the property owner. LSVs must be registered, titled, and insured like cars—with PIP and property damage liability at minimum.

Make sure your cart is compliant with local ordinances, HOA rules, and community restrictions. These vary across Santa Rosa Beach, Seaside, Grayton Beach, and Destin.

Best Practices for Rental Hosts and Property Managers

Insure the cart separately with a dedicated golf cart or LSV policy. Require proof of a valid driver's license from guests who will operate the cart. Display operating instructions and safety rules prominently in your welcome guide or inside the golf cart. Include usage limitations (like no driving after dark or on sidewalks). Consult your insurance agent annually to ensure your policy matches your property setup and exposure.

Final Thoughts

Golf carts can be a profitable feature in your rental—but only if managed responsibly. The last thing you want is for a vacation memory to turn into a liability claim. With the right protection, you can continue offering this amenity without exposing your business to unnecessary risk.

At Norton Insurance, we help rental property owners across the Gulf Coast stay protected—from vacation mishaps to major claims. Let’s review your current coverage and fill in the gaps before the next guest arrives.

Need help insuring your rental’s golf cart? Contact Norton Insurance today for expert guidance and custom quotes.

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Neighborhood engineering fighting against the devastating affects of flooding

Fri, 11 Jul 2025 00:00:00 GMT

Built for the Storm: How neighborhood engineering could be the key to hurricane mitigation

When Hurricane Ian swept through Florida in 2022, it left a trail of devastation in its path—except for one standout community: Babcock Ranch. Featured in a recent Wall Street Journal video, this solar-powered, master-planned town was designed from the ground up to handle hurricanes and flooding—and it worked.

So, what can you take away from this? Whether you’re shopping for a home, renovating your current property, or just looking for peace of mind during storm season, there are valuable lessons here for protecting your home and your wallet.

Top Flood-Resistant Design Features to Look for

If you're buying a home in Florida (or anywhere near the coast), flood resilience isn't optional—it's essential. Here are the key things to consider when evaluating a home or neighborhood:

1. Elevated Land and Structures

Babcock Ranch sits 30 feet above sea level, offering natural elevation that helps reduce flood risk. Look for homes built on raised foundations or stilts, especially in flood-prone zones.

2. Intentional Flooding Zones

In Babcock Ranch, roads are designed to channel water away from homes. Ask if the neighborhood has a stormwater management plan or retention ponds to divert water.

3. Drainage, Grading, and Landscaping

Poor grading sends water toward your home—not away. Choose homes with proper sloping, French drains, or dry wells that encourage runoff.

4. Durable, Wind-Resistant Materials

Impact-rated windows, reinforced doors, and metal roofing can protect your home from both wind and water infiltration. Look for Florida Building Code compliance, which is stronger than many states.

Tips for Current Homeowners

Even if you already own a home, you can apply some of the same flood-mitigating principles to reduce risk and insurance premiums:

Install flood vents in enclosed foundations Seal crawlspaces and elevate major appliances Use permeable pavers or gravel instead of solid concrete Install a sump pump with battery backup Elevate AC units and water heaters above base flood elevation

What If We All Built This Way?

Imagine a Florida where more homes and neighborhoods were designed like Babcock Ranch. The potential impact on both homeowners and the insurance industry would be massive:

Fewer flood claims = more stable insurance rates Lower risk areas could see reduced premiums Insurance availability could improve, even in high-risk zones Community resilience increases — meaning faster recovery after major events

The more widespread these design principles become, the less strain we’ll see on disaster relief systems, rebuilding costs, and insurance markets. In short: a smarter home is a safer, more insurable home.

Flood Insurance: Still a Must-Have

Even the most resilient home can still flood. That’s why flood insurance is essential—especially in Florida, where 1 in 5 claims come from "low-risk" zones. Ask us about:

Preferred risk policies for low-risk areas (they're affordable!) Excess flood coverage for high-value properties Bundling options to save on your total premium

Final Thoughts from Norton Insurance

Babcock Ranch shows us what’s possible when you plan for the storm instead of just reacting to it. Whether you're buying a new home or retrofitting an old one, these principles can protect your investment—and help keep insurance available and affordable for everyone.

Need help reviewing a flood zone, checking your current coverage, or getting a quote? We're here to help you weather the storm—before it ever hits. Blog Archive - Search Blog

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Why Flood Insurance Matters More Than Ever – Especially on the Gulf Coast

Fri, 11 Jul 2025 00:00:00 GMT

Texas Flooding Is a Wake-Up Call

In the wake of the devastating floods that swept across Texas this summer, thousands of families were displaced and billions of dollars in damage left homeowners and business owners scrambling for answers—and for coverage. What made the situation worse? Many of the affected properties were outside designated flood zones, and even more homeowners didn’t have flood insurance.

It’s a scenario that should hit close to home for residents of Okaloosa and Walton Counties. Although we may not have faced a catastrophic event this season, we live in a region where flooding is not a matter of if—but when. From coastal storm surge to heavy inland rainfall, the Emerald Coast is no stranger to rising waters.

So how likely is flooding here? What damage can a few inches of water really do? And most importantly—is your home insurance enough? (Spoiler: it’s probably not.)

How Likely is Flooding in Okaloosa & Walton County?

• Coastal exposure: Our counties are surrounded by the Gulf of Mexico, Choctawhatchee Bay, and multiple rivers and creeks, all increasing flood risk. • Past events: Major flooding has occurred in 1929 and 1975. The Choctawhatchee River especially has a history of rising beyond its banks. • Future outlook: About 29% of properties in Walton County are currently at risk of flooding—and that number is expected to rise to 36% in the next 30 years. • The big takeaway: Flooding doesn’t just affect homes near the water. Flash floods, heavy rainfall, and poor drainage can cause serious damage even in inland areas.

How Much Damage Can Flooding Cause?

Even a small amount of water can cause major damage. Here's what to expect:

• 1 inch of water: Can damage carpets, baseboards, and drywall. Average repair cost is around $25,000. • 2 to 4 inches: Expect damaged flooring, ruined furniture, and electrical issues. One homeowner paid $85,000 after just a few inches of water. • 7 inches or more: Major systems like HVAC, appliances, and electrical wiring need replacing. Drywall and insulation will need to be removed. Costs can easily exceed $100,000. • Total loss: Rebuilding a home in Florida after a flood can cost anywhere from $136,000 to over $500,000, depending on size and materials.

What Homeowners Insurance Covers (and Doesn’t)

It’s one of the biggest misunderstandings in insurance: homeowners insurance does not cover flood damage caused by rising water. Here’s how the coverage types break down:

Homeowners Insurance typically covers: • Wind, hail, lightning, and fire damage • Burst pipes or interior leaks • Theft or vandalism

Homeowners Insurance does NOT cover: • Flooding from heavy rain, overflowing rivers, storm surge, or groundwater • Any water damage that comes from outside the home

Flood Insurance (through NFIP or private carriers) covers: • Structural damage caused by flooding • Damage to personal property, furniture, and appliances (depending on coverage limits)

Why Flood Insurance Is Essential

Here’s why homeowners in Okaloosa and Walton County should seriously consider flood insurance:

• Flooding doesn’t care about zones: Over 40% of flood claims happen in areas not designated as high-risk. • Home repairs are costly: Even minor flooding can cost tens of thousands to repair. • Coverage is surprisingly affordable: Many policies start around $300–$600/year, depending on your location and elevation. • Peace of mind: With unpredictable weather and a changing climate, knowing you're protected is invaluable.

What You Can Do Right Now

1. Check your flood zone using FEMA’s flood map service. 2. Review your current homeowners policy to understand what’s excluded. 3. Get a flood insurance quote—even if you're not required to carry it. 4. Consider your true risk, not just what the maps say. 5. Take preventative measures: install sump pumps, elevate appliances, and improve drainage around your property.

Final Thoughts

The Texas floods were a heartbreaking reminder of how quickly everything can change. But you don’t have to be caught off guard.

Flooding in Okaloosa and Walton Counties is a very real threat—and it doesn’t take a hurricane to cause massive damage. Even a heavy summer storm can lead to thousands in repairs. Your homeowners policy alone won’t cover it—but flood insurance will. If you’re not sure about your risk level or what coverage is right for you, we’re here to help. Flood insurance is generally a fraction of the cost of home insurance, so getting a quote is risk-free and easy.

Call Norton Insurance today to review your policies, explore your flood risk, and protect what matters most—before the next storm hits. Blog Archive - Search Blog

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How Tariffs Are Driving Up the Cost of Home Renovations

Wed, 30 Apr 2025 00:00:00 GMT

How Tariffs Are Driving Up the Cost of Home Renovations

What Homeowners, Contractors, and Insurers Need to Know

Tariffs—once confined to international trade headlines—are now directly impacting the American home. From lumber to lighting, the ripple effect of global tariffs is making it more expensive to renovate, rebuild, and even insure our homes. Here’s how.

Why Tariffs Increase Construction Costs

Tariffs are taxes placed on imported goods to protect domestic industries. While they can strengthen local manufacturing, they often raise prices on goods used in U.S. home renovations. Materials like lumber, steel, aluminum, and tile are commonly imported—and now commonly more expensive due to tariffs from countries like Canada, China, and the EU.

Resulting issues include:

Higher raw material costs Longer lead times and supply chain delays Project budget volatility for contractors and homeowners

Sector-by-Sector Impact on Renovation Costs

Lumber and Framing Materials

U.S. tariffs on Canadian softwood lumber (up to 17.91%) have driven significant price hikes. Example: Lumber rose from ~$400 per 1,000 board feet in 2019 to over $1,500 in 2021. Prices have since stabilized somewhat but remain 10–20% higher than pre-tariff levels.

Steel and Aluminum

A 25% tariff on steel and 10% on aluminum has affected: Roofing materials HVAC systems Appliances and framing Example: Steel studs rose from $3.00 to $4.50+ per unit in many regions. Aluminum gutters and siding now cost 15–25% more.

Cabinets, Tile, and Fixtures

China, Italy, and Mexico—major suppliers of tile and cabinetry—face 10–25% tariffs. Example: A mid-range kitchen remodel jumped from $25,000 to $30,000–$32,000. Porcelain and marble tile increased 20–40%, especially on custom or decorative orders.

Labor and TimelinesMaterial inflation drives up labor rates as contractors adjust bids.

Supply delays extend project timelines, leading to higher costs for: Temporary housing Storage Extended equipment rental

Tariffs' Ripple Effects on Ancillary Industries

Tariffs increase home replacement costs, impacting homeowners’ insurance in several key ways:

Higher premiums: As rebuilding a home becomes more expensive, policy coverage limits must increase. Underinsurance risk: Homes not reevaluated for replacement cost may be underinsured in a total-loss event. Claims severity: More expensive materials mean insurers pay out more on claims, which can drive premiums up across the board.

Example: A home with a $250,000 replacement cost in 2020 might now need $275,000–$300,000 in coverage.

Real Estate and Appraisals

Appraisers are adjusting home values based on increased renovation costs. Buyers may avoid "fixer-uppers" due to high remodeling expenses. Flippers and investors face reduced margins due to materials inflation.

DIY and Retail

Home improvement chains like Home Depot and Lowe’s report higher product costs and inventory delays. Homeowners turning to DIY find prices still elevated: Example: A bathroom vanity that cost $800 in 2020 may now retail for $1,100+. Paint and sealants (many made with petroleum-based ingredients) have seen 10–20% price hikes.

What Homeowners Can Do to Stay Ahead

Get multiple estimates – Prices vary by supplier and region. Review insurance coverage – Make sure your policy reflects today’s rebuild cost, not yesterday’s. Explore domestic products – Local goods may be more cost-stable long-term. Time your project smartly – Some seasons see dips in material prices; work with experienced contractors to plan around this.

Tariffs Are Reshaping the Home Improvement Landscape

Tariffs are no longer just economic policy—they’re driving up costs in every corner of the home renovation market. Whether you're a homeowner, contractor, or insurance provider, staying informed and proactive is essential.

How we can help at Norton Insurance of Florida At Norton Insurance, we help homeowners stay protected with up-to-date coverage that reflects the true cost of rebuilding in today’s market. If you haven’t reviewed your policy recently, now’s the time. Contact us to schedule a free replacement cost evaluation.

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Hospitality Insurance and Tourism Trends in Destin, Florida

Mon, 28 Apr 2025 00:00:00 GMT

Hospitality Insurance in Destin: Navigating the Waves of Tourism and Risk

Destin, Florida—a gem on the Emerald Coast—has long been a magnet for tourists seeking sun-soaked beaches and vibrant local culture. Its pristine beaches, emerald waters, and family-friendly attractions draw millions annually, fueling a robust hospitality sector.

The Tourism Tide: Destin's Recent Trends

Over the past five years, Destin has witnessed significant shifts in its tourism landscape:

Visitor Numbers: Annually, approximately 8 million visitors flock to Okaloosa County, with Destin being a primary attraction. Economic Impact: In 2024, tourism spending in Okaloosa County surged by 30%, reaching $736 million, underscoring the sector's vitality. Accommodation Dynamics: Short-term rentals in Destin reported an average occupancy rate of 60% in 2024, with an average daily rate of $416, generating monthly revenues of approximately $52,758 per property.

Rental Inventory: Destin boasts a substantial inventory of vacation rentals, with over 5,000 properties listed across various platforms.

Percentage of Total Homes: These second homes constitute about 51.1% of Destin's total housing stock, highlighting the city's popularity among part-time residents and investors.

Future Economic Effects on Tourism in Destin

The tourism industry in Destin, Florida, is poised to face several challenges in the coming years due to recent tariff implementations and broader economic downturns. In the upcoming years as tariffs put strain on the wallets of Americans and international tourists, there will be less disposable income to use on vacations. The United States is already projecting a $10 billion loss in tourism revenue for 2025, and it’s likely that our small beach town will feel the effects of this downturn as well. These challenges underscore the need for robust risk management strategies, with insurance playing a pivotal role.

The Role of Hospitality Insurance

In this dynamic environment, hospitality insurance serves as a safety net, offering protection against unforeseen events and liabilities. Key coverages include:

Property Insurance: Safeguards physical assets against damages from events like fires, storms, or vandalism. Liability Insurance: Protects against claims arising from injuries or damages suffered by guests or third parties. Business Interruption Insurance: Provides financial support during periods when operations are halted due to covered incidents.

Weathering the Waves: How Business Interruption Insurance Stabilizes Seasonal Income

In Destin’s vibrant tourism-driven economy, income often arrives in powerful waves. The busy summer months and peak holiday seasons can bring a surge of visitors, packed restaurants, and fully booked vacation rentals. However, just as the tides ebb and flow, so too does the stream of revenue. Off-seasons, unexpected weather events, or economic downturns can lead to sharp declines in business activity—sometimes with little warning.

For hospitality businesses like hotels, vacation rental companies, restaurants, and recreational providers, this natural seasonality can make financial planning challenging. When a particularly bad season hits—whether due to a hurricane, an oil spill, or even an unexpected global event like a pandemic—the losses can be devastating.

This is where Business Interruption Insurance becomes a game-changer.

Business Interruption Insurance helps bridge the gap during periods when your operations are halted or severely limited due to a covered event. Here’s how it supports stability:

Payroll Protection: Ensures you can continue paying your valued staff, helping you retain skilled workers even when guest bookings or reservations are down. Fixed Expenses Coverage: Helps cover ongoing costs like rent, utilities, and loan payments, so your business stays financially sound even when revenue drops. Profit Replacement: Compensates for lost income, helping maintain your cash flow based on historical earnings—even in a season that falls far short of expectations. Business Interruption coverage is that it is tied to PHYSICAL damage to a property and usually has monthly limits. There are various languages used from Actual Loss Sustained to Extra Expense that factor in to what is actually paid, how and when.

In a seasonal market like Destin, where so much depends on just a few critical months of strong performance, Business Interruption Insurance offers a much-needed financial safety net. It ensures that one tough season doesn’t turn into a long-term setback—and that businesses can bounce back quickly to welcome the next wave of visitors with open arms.

Partnering for Protection

Navigating the complexities of hospitality insurance requires expertise. As a dedicated insurance agency in Destin, we understand the unique challenges local businesses face. Our tailored insurance solutions are designed to provide peace of mind, allowing you to focus on delivering exceptional experiences to your guests. Blog Archive - Search Blog

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Hurricane Coverage and Prep for Florida

Fri, 11 Apr 2025 00:00:00 GMT

Hurricane Season Prep: What Florida Homeowners Need to Know About Insurance and Readiness

Living in Florida comes with its fair share of beautiful sunshine and sandy beaches, but it also means preparing for hurricane season. Ensuring you have the right insurance coverage and knowing how to safeguard your home and family are essential steps to weathering the storm. Here's what you need to know:

Essential Insurance Coverage for Hurricane Season

Homeowners Insurance: While it covers damage from many types of disasters, it typically excludes flooding caused by hurricanes. Rising water is specifically excluded under Homeowners policies as it is considering "flooding". Review your policy to understand what is covered and what isn’t. Flood Insurance: Hurricanes can bring heavy rainfall and storm surges, leading to flooding. Flood insurance is not included in standard homeowners policies, so purchasing a separate policy through the National Flood Insurance Program (NFIP) or private insurers is crucial. Flood insurance is particularly important if you live in an area prone to flooding, though even if you're in a low-risk zone, it can still be worth considering. Citizen Insurance (Florida's stated based home owners insurance program) denied 77% of claims from Hurricane Deby, citing that the cause was from flooding and not in the scope of their home insurance coverage. Flood insurance typically covers your property and your personal property. Property coverage might include: Walls, floors HVAC Built-in appliances Plumbing & electrical Personal property coverages may include: Furniture and clothing Electronics and appliances Important documents Valuables Windstorm Insurance: Florida homeowners may need additional windstorm coverage, which protects against damage from hurricane-force winds. This may be included in your homeowners policy or require a separate endorsement. Comprehensive Auto Insurance: Vehicles can also be impacted by hurricanes. Comprehensive coverage ensures your car is protected from storm-related damage.

Tip: Always review your insurance policies before hurricane season and discuss any gaps in coverage with your agent.

How to Prepare Your Home for Hurricanes

Secure Outdoor Items: Bring in patio furniture, umbrellas, and other items that could become projectiles in high winds. Install Storm Shutters: Protect windows and doors with storm shutters or plywood to minimize damage from flying debris. Clear Gutters and Drains: Ensure water flows away from your home to prevent flooding. Check Roof and Foundation: Inspect for vulnerabilities and make repairs as needed. Stock Emergency Supplies: Have flashlights, batteries, water, food, and medical supplies ready.

How to Prepare Your Family for Hurricanes

Create an Emergency Plan: Make sure everyone knows what to do, where to go, and who to contact during a hurricane. Pack a Go-Bag: Include essentials like medications, documents, and clothing. Stay Informed: Monitor weather updates and evacuation orders from local authorities. Safeguard Important Documents: Keep insurance policies, IDs, and other vital documents in waterproof containers. Plan for Pets: Ensure you have food, water, and a safe space for your pets.

Conclusion Preparation is key when facing the uncertainty of hurricane season in Florida. By ensuring proper insurance coverage and taking proactive steps to protect your home and family, you can navigate these challenging times with greater confidence. If you have questions about your insurance needs, our agency is here to help. Contact us today to make sure you’re fully prepared for the season ahead!

News4JAX. (2024, October 23). Citizens Property Insurance denied 77% of Florida homeowners' claims from Hurricane Debby, new data shows. Retrieved fromhttps://www.news4jax.com/news/local/2024/10/23/citizens-property-insurance-denied-77-of-florida-homeowners-claims-from-hurricane-debby-new-data-shows/

Informational statements regarding insurance coverage are for general description purposes only. These statements do not amend, modify or supplement any insurance policy. Consult the actual policy or your agent for details regarding terms, conditions, coverage, exclusions, products, services and programs which may be available to you. Your eligibility for particular products and services is subject to the final determination of underwriting qualifications and acceptance by the insurance underwriting company providing such products or services. This website does not make any representations that coverage does or does not exist for any particular claim or loss, or type of claim or loss, under any policy. Whether coverage exists or does not exist for any particular claim or loss under any policy depends on the facts and circumstances involved in the claim or loss and all applicable policy wording. Blog Archive - Search Blog

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All About Commercial Auto Insurance in Destin & Fort Walton Beach Florida

Tue, 01 Apr 2025 00:00:00 GMT

Commercial auto insurance is essential for businesses that use vehicles for work-related purposes. Whether you own a fleet of delivery trucks or a single work van, the right coverage protects your company from financial losses due to accidents, damages, or liability claims.

Commercial Auto Insurance is a specialized insurance policy designed for vehicles used for business purposes. It provides coverage for accidents, liability, injuries, and property damage involving business-owned vehicles.

If you or your employees drive vehicles for business-related tasks, you likely need commercial auto coverage. This includes:

Contractors like electricians, plumbers or landscapers Delivery and transportation businesses like delivery trucks and trucking companies. Rideshare if you’re not covered under your personal policy Sales professionals if you’re using your vehicle for client purposes Any company-owned vehicles including cars, vans or trucks.

What Does Florida commercial auto insurance cover?

Liability Coverage – Pays for injuries or damages if you or an employee cause an accident. Collision Coverage – Covers vehicle repairs if your business vehicle is damaged in an accident. Comprehensive Coverage – Protects against non-collision incidents like theft, vandalism, or weather damage. Uninsured/Underinsured Motorist Coverage – Covers costs if the other driver lacks enough insurance. Medical Payments – Covers medical expenses for you and your passengers. Hired & Non-Owned Auto Insurance – Covers rental cars or employees using personal vehicles for work.

How Much Does It Cost?

Your commercial vehicle insurance rates are based on several factors including the type of vehicle, the risk of the business type, total number of vehicles needing insured, driving records of the employees and coverage requirements.

If your business relies on vehicles, commercial auto insurance is a must-have. It protects against costly accidents, legal claims, and vehicle damage—keeping your company financially secure. Contact Norton Insurance of Florida if you have other questions about commercial auto insurance policy. Blog Archive - Search Blog

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Protecting Your Business with Key Person Life Insurance: Why It Matters

Mon, 31 Mar 2025 00:00:00 GMT

Owning a business can be stressful, and we all know how important it is to have the right team by your side. Finding that one person can transform business operations, cut down on turnover and your bottom line. You can go from feeling like your hair is on fire to having weekends free to be with your family. But have you ever stopped to think about what will happen if your company loses one of its key employees? Whether it’s your star salesperson, an innovative team leader, or the CEO who drives your vision forward, the sudden absence of such pivotal members can have far-reaching effects. That’s where Key Person Life Insurance steps in- to provide a safety net for your business when the unexpected happens.

What Is Key-Person Life Insurance?

Key Person Life Insurance is a specialized type of coverage designed to protect businesses from the financial fallout of losing a valuable employee. Essentially, the business takes out a life insurance policy on the key individual, naming the company as the beneficiary. In the unfortunate event of their passing, the insurance payout can help the business weather the storm.

How Does It Benefit Your Business?

Financial Stability in Crisis Losing a key employee can disrupt operations, impact client relationships, and lead to financial losses. The insurance payout helps cover these gaps in revenue—allowing the company to stay afloat during a challenging period. Funds for Recruitment and Transition Finding a replacement for a key employee isn’t just difficult—it’s costly. Key Person Life Insurance can provide the necessary funds for recruiting and training the right successor. Reassurance for Customers: A sudden loss can shake investor confidence. Demonstrating that your business is prepared with Key-Person coverage shows stakeholders that you’re proactive about mitigating risks.

Who Needs Key-Person Life Insurance?

Any business that relies heavily on one or more individuals to drive its success should consider this insurance. This includes small businesses led by visionary entrepreneurs, companies with highly specialized teams, and organizations where certain roles are integral to overall operations.

Peace of Mind for Your Business

While it’s never pleasant to think about losing a team member, preparing for the unforeseen is an act of responsible leadership. Key Person Life Insurance not only protects your business but also honors the vital contributions of the individuals who make it thrive.

What About the Family of your Employee?

We understand the importance of safeguarding not only the businesses we serve but also the families of the employees who contribute to their success. That’s why we offer flexible group and individual life insurance options designed to provide peace of mind. Our group life insurance plans are an excellent way for businesses to extend valuable support to their employees' families, ensuring financial security during difficult times. Additionally, individual life insurance policies allow employees to tailor coverage to their unique needs, giving them the opportunity to protect their loved ones in the way that works best for them. Both options reflect our commitment to comprehensive, people-first solutions.

Are you ready to secure the future of your business? Reach out to learn more about Key Person Life Insurance options tailored to your needs.

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Anticipating the Cost of Business Insurance

Mon, 20 Jan 2025 23:00:00 GMT

Business Growth and Insurance

Planning on growing your business in 2025? See how insurance factors into this growth

New Year! New Potential! New Growth!

Like many business owners right now, I’m sure your sights are high anticipating the potential growth your business could have this year. You’re exploring different revenue streams and avenues to acquire more customers while expanding your operations to new areas or sectors. We love to watch our small business owners reach new levels of growth and prosperity, and see their potential fulfilled. That luster in their eyes quickly disappears when we tell them their insurance premium has gone up because of their successful year. It rarely crosses our customers’ minds that insurance rates correlate with business growth and scope.

Calculating premium for business insurance is from two main sources: payroll/revenue and scope of work.

Having either of these two things inaccurate can make your insurance premium swing wildly.

There is always some numerical factor (sometimes called the “basis”) that the insurance premium is based on which will allow you to anticipate the premium during the policy term. That rate (a multiple or % of the basis which results in the premium) won’t change during the period but the basis can. The basis can be the number of units (like apartments), revenue (gross revenue usually), costs (like subcontractor cost), payroll (1099 & W2), or area (square footage). If you know your basis and the current term’s rate, you can usually anticipate the premium. The rate is usually correlated with your line of work and the risk levels associated with your work.

Insurance for New Business Owners

When we talk to someone who is starting a new business, one of the challenges is projecting future revenue and expenses such as payroll and subcontractor costs for the coming year. It can also be challenging for new businesses to anticipate all the services they may offer. Many have a good grasp of this, but some have the good misfortune of wildly underestimating these figures. Please know that if you have more success than you anticipated, your insurance premium will need to account for this.

Insurance for Established Business Owners

Once a business has had a year under its belt, they can better anticipate how much payroll they’ll have along with what type of work they’ll be doing. If you add people to your crew or add different services than what you previously told the insurance company, they will most likely hit you with an audit bill. Some business owners pivot to different products or services when they find these have a better margin or there’s more demand. If you stay in your industry, this usually won’t be a big deal but be sure to ask your insurance agent if you’re making big changes. A landscaping company that is now venturing into tree trimming and hardscaping will be classified differently with an insurance company and so the price will be different. If you don’t update your policy with these new services, you’ll either be hit with an audit bill, your policy will need to be rewritten or cancelled, or in a worst-case potential, claims will be denied.

When a Business Need Additional Types of Coverage

Most companies start off with basic insurance coverage like Liability and Workers’ Comp. These policies cover your customers, products/services, and your employees. Once your business expands, so should your coverages. If we took a furniture store as an example, they would most likely start with general liability and workers’ comp; but

If you start delivering that furniture, you will need new coverages not covered by your GL or Property, such as:

Commercial Auto – damage to your vehicles, employees’ vehicles, liability for car accidents, etc Cargo – damage during transport to inventory you don’t own, such as on consignment Inland Marine – damage to your inventory during transport or away from the business location

If you start manufacturing furniture as well:

Professional Liability – for design flaws Workers Comp – likely must be rewritten or change to basis

If you start supplying hotel chains

Umbrella – damage allegedly caused by you, your staff, or your furniture to higher-value or higher-frequency locations

if you add interior decorating services

Professional Liability – for financial harm because of your advice general liability – likely must be completely rewritten to allow for subcontractors and basis change

If contemplating ownership changes or

Life Insurance – to buy out your ownership stake in the business and ensure operations continue

If you want to construct a new warehouse or add onto or update an existing building

Builders Risk – physical damage to the new structure while under construction or remodel

Some policies can breathe and flex to accommodate changes, others can’t, and a new insurance company found. It’s important to work with your insurance agent to know how to manage each policy and the overall risk of your small business. Luckily, we have some of the most experienced commercial insurance agents in the Destin and Fort Walton Area. They can let you know what coverage you need now and ten years down the road. Give us a call at 850-244-1574 or visit our website to find out more www.norton-insurance.com.

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Important questions to ask your insurance provider in Destin & Fort Walton Beach Florida

Tue, 14 Jan 2025 00:00:00 GMT

What Questions to Ask your Insurance Agent

When speaking with your insurance agent, it's essential to ask relevant questions to ensure you have a clear understanding of your coverage options in Destin & Fort Walton Beach Florida and make informed decisions. Here are some important questions to consider:

Can a personal umbrella policy help my coverage? Umbrella policies are designed to cover events that your auto and home insurance might not. Is credit used in my rates? Your credit history is one of the factors that insurance companies use to determine your rate. Norton Insurance can help explain how credit affects your policy. How will claims affect your policy? Norton Insurance can provide you with a thorough explanation of how claims will affect your premiums. What happens if I cancel? By knowing the consequences of canceling, you can make sure that it is worth it and won't cost you more in the long run. In some cases, if you cancel your policy early, then there may be fees or penalties associated with doing so. If I choose to pay monthly, how much extra will that cost me? Some insurance companies can change how much they charge for an annual premium (or how much they charge on a month-to-month basis). How much insurance should I get? The right amount of insurance will depend on several factors, so make sure to evaluate the value of things you own to ensure you’ll have adequate coverage. At Norton Insurance, we can also do a personal or business review to help with these factors.

By asking these questions and seeking clarification on any uncertainties, you can better understand your insurance coverage and make sure it aligns with your needs and budget.

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Understanding the Insurance Cost of Christmas Gifts

Fri, 22 Nov 2024 00:00:00 GMT

We are living in the magic of the Christmas season. With three boys under the age of ten we relish these days of getting the perfect gift that will cause them to go speechless (if that’s possible). Don’t tell them, but this year we’re hoping to get them a trampoline, a childhood favorite of our own, and hopefully, the key to taking their noise and chaos outside.

But being in the insurance industry, we know that some home insurance companies don’t like their customers to have trampolines. We did our due diligence to ask first, and were met with a very Grinchy response that our policy will be cancelled if we have a trampoline on our property. So, we’re left at a crossroads of not getting the most coveted Christmas gift or finding other insurance coverage that will probably cost us much more. What would you do?

When budgeting for Christmas, we usually comb over the Black Friday deals and spend days or weeks agonizing over getting the best price or value for a product, but we don’t really consider the additional cost that insurance could bring. And while most gifts are small and don’t warrant a change to your coverage, gifts like jet skis, jewelry, or even trampolines could mean significant changes in costs or even additional coverages.

In general, the contents in your home are covered under your home insurance policy, but depending on the item or value, you may need additional coverage added to your policy or a separate policy all together.

Christmas Gifts that will probably require additional Insurance:

Jewelry- Most polices you can add this on, but only up to a certain limit. This maximum coverage is often less than $2,000 total for jewelry, but more can be added on. If you go above this $2,000 you made need an additional Jewelry policy. Boats/Jet Skis- You will always need a separate policy for boat or jet skis. Before you put them in the water remember to insure them not just for physical damage but also injury and liability. Only the people listed on the policy can operate them so make sure you add all potential drivers when you get insurance. Golf Carts-Depending on the type of home insurance you have and the type of golf cart you have, you may be able to add it to your home policy or you may have to purchase a separate golf cart policy. There are three main types of golf carts 1. Cart is only used on the property, usually covered on the home policy. 2. Cart is not street legal, but neighborhood allows it, may need an add-on coverage for that depending on the cart’s value. 3. Street legal carts are treated essentially as automobiles for insurance purposes. Trampolines- Some companies can add coverage in exchange for premium while others exclude it or will cancel the policy all together ATV’s toys- Like golf cart options, this coverage is usually very limited under the home insurance. It would always be best to purchase its own separate policy to ensure proper coverage. Cars-Some policies include coverage for newly purchased vehicles but it’s always best to have them specifically listed on the policy, along with any new drivers Contents in General- (ex: new furniture) Additional belongings can usually be added on your existing home policy up to a certain limit. This limit is different for each company but is often 50% of the dwelling amount of the home. Holidays are a good time to review your contents coverage, you may find there is too much and could add savings to your holiday cheer!

In general, most gifts won’t need additional insurance. But just in case you plan on making a big purchase, be sure to know if it will need extra insurance. You don’t want the gift to end up being a burden to the receiver. As far as the trampoline is concerned, our agency is lucky to have a bunch of different options for home insurance. We were able to find a company that would take our home and a trampoline, now it’s the question of if Santa can fit it in his sleigh this year. If you’re wondering if a potential Christmas gift could increase your insurance cost, give us a call today at 850-244-1574 or visit our website at https://norton-insurance.com/.

Have a Merry Christmas!

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The Cost of Commercial Truck Insurance: Trends, Forecasts, and Savings Tips

Thu, 21 Nov 2024 23:00:00 GMT

The Cost of Commercial Truck Insurance: Trends, Forecasts, and Savings Tips

Commercial truck insurance is a crucial expense for businesses that rely on trucks for their operations. The cost of this insurance can vary widely based on factors such as the type of truck, the nature of the business, and the coverage options chosen. Here's a comprehensive look at the current landscape, recent trends, and what to expect in the coming year.

Current Costs and Trends

The average cost of commercial truck insurance typically ranges from $800 to $10,000 per month per vehicle. However, this can increase significantly for specialty trucks or larger fleets. Recent trends indicate that insurance prices have been rising due to factors like inflation, increased claims severity, and rising litigation costs. Our agency has seen an average between 15%-30% increase for commercial trucking insurance.

Forecast for Next Year

Looking ahead to 2025, experts predict that insurance rates will continue to rise at the same rate. Persistent economic and social inflation, along with higher claims payouts due to natural disasters, are expected to keep premiums high. Additionally, the shortage of commercial drivers and rising nuclear verdicts (large jury awards) are contributing to the upward pressure on rates.

Tips to Save Money on Commercial Truck Insurance

Shop Around: Compare quotes from multiple insurers to find the best rates. Make sure you have an agent experienced in commercial trucking. Most agents have no idea what is required for these policies. Maintain a Good Safety Record: Insurers often offer discounts to businesses with a history of fewer claims. Increase Deductibles: Opting for higher deductibles can lower your premium, but make sure you can afford the out-of-pocket costs in case of a claim. Implement Safety Programs: Invest in driver training and safety programs to reduce the risk of accidents and claims. Review Coverage Needs Annually: Regularly assess your coverage needs to ensure you're not over-insured or under-insured.

New Players in the Market

Recently,a large new company has entered the commercial truck insurance market, offering competitive rates and customized policies. This new entrant aims to provide affordable coverage options for businesses of all sizes. Other established companies like Progressive and Northland continue to be strong contenders, offering a range of coverage options and discounts.

Navigating the commercial truck insurance market can be challenging, but staying informed about trends and exploring various options can help businesses save money while ensuring adequate coverage. With new players entering the market, there are more opportunities to find competitive rates and tailored policies.Our agency is one of the few that has access to this new company and the handle of others that specialize in commercial trucking insurance. Feel free to call one of our agents here at Norton Insurance of Florida to talk about how we can help with your insurance needs; 850-244-1574.

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Understanding the 80% Rule in Homeowners Insurance

Wed, 06 Nov 2024 23:00:00 GMT

When it comes to protecting your home, having the right insurance coverage is crucial. One important concept to understand is the 80% rule in homeowners insurance. This rule ensures that homeowners have adequate coverage for their property, but what exactly does it mean, and how does it affect you?

What is the 80% Rule?

The 80% rule is a guideline used by insurance companies to determine whether you have sufficient coverage for your home. According to this rule, an insurance company will fully cover the cost of damage to your home only if you have purchased insurance coverage equal to at least 80% of the home's total replacement value.

How Does the 80% Rule Work?

If your coverage is less than 80% of the replacement value, the insurance company will pay only a proportionate amount of the claim. For example, if your home’s replacement cost is $200,000, you should have at least $160,000 in coverage to meet the 80% rule. If you have less than that, say $150,000, the insurer will only cover a portion of the damage costs.

Why is the 80% Rule Important?

This rule helps ensure that homeowners are not underinsured and can adequately cover the costs of rebuilding or repairing their home in the event of a loss. It's crucial to regularly review and adjust your coverage to keep up with changes in property value and inflation.

How to Ensure You Meet the 80% Rule with Insurance

Assess Your Home's Replacement Value: Regularly evaluate the cost to rebuild your home. This includes construction costs, materials, and labor. Adjust Your Coverage: Make sure your insurance policy reflects the current replacement value of your home. This may require increasing your coverage limits periodically. Consult with an Insurance Agent: An experienced insurance agent can help you understand your coverage needs and ensure you meet the 80% rule.

Understanding the 80% rule in homeowners insurance is essential for ensuring you have adequate coverage for your home. By regularly assessing your home's replacement value and adjusting your coverage accordingly, you can protect your investment and avoid financial hardship in the event of a loss. If you have any questions or need assistance with your insurance policy, don't hesitate to contact our team at Norton Insurance of Florida.

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Does Home Insurance Cover 100%? What Homeowners Insurance Does Not Cover

Tue, 05 Nov 2024 23:00:00 GMT

As an insurance agent, I often get asked whether home insurance covers 100% of damages and what exactly it doesn't cover. It's a great question and one that every homeowner should understand to ensure they have the right protection in place.

Does Home Insurance Cover 100%?

The short answer is no, home insurance does not cover 100% of all possible damages. Homeowners insurance is designed to protect you from a wide range of risks, but it has its limits and exclusions. Here’s a breakdown of what you can typically expect:

Dwelling Coverage: This covers the structure of your home, including walls, roof, and built-in appliances. However, it usually covers the cost to rebuild or repair your home up to the policy limit, which may not be 100% of the home's value, especially if construction costs have increased.

There is a guideline with insurance, that a home must be insured at 80% of it’s replacement value. If the coverage is less than 80% of the replacement cost value, the insurance company will pay only a proportionate amount of the claim. For example, if your home’s replacement cost is $200,000, you should have at least $160,000 in coverage to meet the 80% rule. If you have less than that, say $150,000, the insurer will only cover a portion of the damage costs

Personal Property Coverage: This covers your personal belongings, such as furniture, electronics, and clothing. Most policies cover these items up to a certain percentage of the dwelling coverage limit, often around 50-70%. High-value items like jewelry or art may have sub-limits, meaning they are only covered up to a specific amount unless you purchase additional coverage. Liability Coverage: This protects you if someone is injured on your property and you are found legally responsible. It covers legal fees and medical expenses, but again, only up to the policy limit. We recommend that our clients have a minimum of $300,000 in liability coverage and $5,000 in medical payments coverage. Additional Living Expenses: If your home is uninhabitable due to a covered loss, ALE covers the cost of living elsewhere temporarily. This includes hotel bills, restaurant meals, and other living expenses, but only up to a certain limit.

For more information about Home Insurance coverage, visit our website or talk to one of our agents at 850-244-1574.

What Homeowners Insurance Does Not Cover

While homeowners insurance covers many risks, there are several common exclusions:

Flood Damage: Standard homeowners insurance does not cover flood damage. If you live in a flood-prone area, you’ll need to purchase separate flood insurance through the National Flood Insurance Program (NFIP) or a private insurer. We provide Earthquake Damage: Earthquakes are another natural disaster not covered by standard policies. You can buy separate earthquake insurance if you live in an area prone to seismic activity. Maintenance Issues: Damage resulting from neglect or lack of maintenance, such as mold, pest infestations, or gradual wear and tear, is typically not covered. Homeowners are expected to maintain their property to prevent such issues. High-Value Items: As mentioned earlier, items like jewelry, art, and collectibles may not be fully covered under standard personal property limits. You may need to purchase additional endorsements or umbrella coverage to protect these items adequately. Acts of War or Terrorism: Most policies exclude damage caused by acts of war or terrorism. Some insurers offer separate coverage for these risks, but it’s not standard. Business Operations: If you run a business through your home that includes inventory and/or specialty equipment, you can't rely on your home insurance to cover this. You'll need separate business coverage. See our recent blog about what scenarios you'll need this coverage.

Understanding the limits and exclusions of your homeowners insurance policy is crucial. While it provides broad protection, it doesn’t cover everything. Reviewing your policy with an insurance agent can help you identify any gaps in coverage and ensure you have the right protection for your needs. Remember, the goal is to have peace of mind knowing that your home and belongings are adequately protected against the unexpected. Our agency, Norton Insurance of Florida, is located in Florida and has some of the greatest threats in the nation. But by having the most knowledgeable staff, we are equipped to answer and help with your potential risk. To talk with an agent or start a quote, visit our website today.

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Insurance for the New Business

Tue, 05 Nov 2024 23:00:00 GMT

Starting a business is an exciting journey, but it comes with its own set of risks. One of the most important steps you can take to protect your new venture is to ensure you have the right insurance coverage. But with so many options available, it can be overwhelming to figure out what you need and how much to get. Here’s a guide to help you navigate the world of business insurance. Here in Destin, Florida we see all kinds of new industries and businesses starting out. We love to find coverage that is unique for our business owners.

1. General Liability Insurance/ Professional Liability Insurance

This is the foundation of any business insurance plan. General liability insurance covers legal fees, medical expenses, and damages if your business is sued for causing injury or property damage. It’s essential for all businesses, regardless of size or industry.

Also known as errors and omissions (E&O) insurance, this is crucial for businesses that provide professional services. It covers legal costs and damages if you’re sued for negligence, mistakes, or failure to deliver services as promised.

2. Workers’ Compensation Insurance

If you have employees, workers’ compensation insurance is typically required by law. It covers medical expenses and lost wages for employees who get injured or fall ill due to their job. It also protects your business from lawsuits related to workplace injuries. If you are a one man team, in some cases you can get an exemption from the state not requiring you to have this coverage. These circumstances have to do with the set up and ownership of the business. Talk to your insurance agent about these criteria.

3. Property Insurance

If you own or lease a physical space for your business, property insurance is a must. It protects your building, equipment, inventory, and other assets from risks like fire, theft, and natural disasters. Even if you operate from home, you might need additional coverage beyond your homeowner’s policy.

4. Business Interruption Insurance

This type of insurance helps cover lost income and operating expenses if your business is forced to close temporarily due to a covered event, like a natural disaster. It ensures you can continue to pay bills and salaries even when your business isn’t generating revenue.

5. Cyber Liability Insurance

In today’s digital age, cyber liability insurance is becoming increasingly important. It protects your business from the financial fallout of data breaches, cyberattacks, and other cyber threats. This coverage can help with legal fees, notification costs, and even public relations efforts to manage the impact on your reputation.

Factors Affecting Your Insurance Premium

Your Industry: The industry and line of work is the most important factor influencing your premium. Higher risk jobs like roofers will see higher rates than a photographer that shoots weddings on the weekends. Be careful when you’re shopping around for rates that the agent clearly understands the scope of your work. If a quote comes back much less than the others, they could be putting you in a different industry. If a claim were to happen or insurance company sees your operations, your coverage could be canceled and your claims denied.

Payroll: The other important factor influencing your premium, is your payroll. Some coverages like Workers Comp is a set percentage (set by the State) based on your payroll numbers.

How Much Insurance Do You Need?

The amount of insurance you need depends on several factors, including the size of your business, the industry you’re in, and the specific risks you face. Here are some tips to help you determine the right amount of coverage:

Assess Your Risks: Identify the potential risks your business faces. This can include everything from natural disasters to cyber threats to liability issues. If you don’t use a computer with your business, you probably won’t need Cyber Liability Insurance. If you work from home, you may not need business property insurance. If you are a one man team, you can get exempt from having to purchase Workers Comp. Consult with an Insurance Agent: An experienced insurance agent can help you understand your options and recommend the right coverage for your business. Business insurance is a specialty that not many agents understand. Be sure to find an agent that understands the scope of your work and how potential claims would play out. Consider Your Budget: While it’s important to have adequate coverage, you also need to consider what you can afford. Balance your need for protection with your budget constraints. Review and Adjust Regularly: As your business grows and evolves, your insurance needs may change. Regularly review your policies and adjust coverage as necessary to ensure you’re always adequately protected.

How much does Business Insurance Cost When Starting a Business?

Business Insurance Premium Expectations: A good starting price for a contractor/handyman starting out that has only one or two guys is generally around $1,000. A remodeler is about $1,500 and roofers and framers are an increased risk with premiums starting around $2,500.

Starting a business is a big step, and having the right insurance can give you peace of mind as you embark on this new venture. By understanding your options and choosing the right coverage, you can protect your business from unexpected setbacks and focus on achieving your goals. This is just basic information to get you started, but by talking with one of our agents, you can get specific inforamtion needed for your industry. Don't guess what your premium could be, get a quote; they're fast and free. Visit our website today, call our agents (850-244-1574), or stop by one of our locations in Destin or Fort Walton Beach, Florida.

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Insurance Premiums, Inflation, and College Football -How are they related?

Mon, 30 Sep 2024 00:00:00 GMT

It’s the best season of the year! No, I don’t mean hurricane season or fall, I mean college football season! The last few years have been good to be a Georgia Bulldog, and much to the dismay of our staff, we’re looking forward to another season of proudly wearing red and black on weekends.

The only thing that has hit harder than a SEC defensive lineman has been the effects of inflation on our wallets. Everything from food to our children’s allowances have felt the impact of inflation these last few years. Though the current administration states that this year’s inflation rate is only 2.5%, but when taking a broader look, the cumulative inflation rate since 2020 is well over 20%. It’s been downright painful.

When talking to a friend recently, she was lamenting how her car insurance rate (she’s with a highly advertised company) has increased by 20% just this last year. She figured that since inflation has been the cause of so many increases, this must be the case with her insurance as well. She would just bite the bullet and accept the new price. I advised to pause on paying for this outrageous car insurance premium and look around for more options.

Just like college football teams experience higher rates of success or failure with incoming or outgoing leadership, insurance companies are not all experiencing the same rate of change due to inflation. Inflation is one of the causes of increases, but there are a few other factors that come into play that is putting some lesser-known companies on the board. Don’t be afraid to have some competition when it comes to rate shopping. There are dozens of companies that can quote your auto, home, or business insurance.

Even across the different lines of insurance there are wildly different rate increases and recently decreases! Home and commercial property have changed the most with rates sometimes increasing 30% in one year. Auto insurance has seen an increase of around 25% over the last few years but has stabilized this year with many companies that were forward thinking with their risk mitigation. Business insurance has been stable, with Workers Comp decreasing their rates on average of 12% across the different industries. So, if inflation is the only factor in these rate changes, why is there such a wide variation?

How Inflation Affects Insurance Premiums

There are a few other factors that go into premium that have affected rates recently:

Increased litigation fees for claims (this will soon be remedied by 2024 legislation) Increased storm traffic and strength Increased cost the rebuild (not in terms of inflation but in terms of amenities and luxury)

Every insurance company has experienced inflation, but not all companies have these three factors. In the past, only those large, heavily advertised companies have been competitive with rates. But recently, the underdog companies have been coming out on top in terms of better pricing.

It’s anybody’s game when it comes to insurance prices, the rate changes aren’t all due from inflation. So don’t settle for the quote you’re given if it’s increased by 30%. Call around to an insurance agency (like us) that has a wide variation in insurance companies. Like insurance rates, I’m hoping to see some underdog teams rise. It keeps the competition fresh, the game exciting, and hopefully in terms of insurance, your premium lower. Our agency in Destin and Fort Walton Beach Florida would love to be able to save you money, just as much as we love to see our favorite College Football team win.

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Do you need business insurance when you work from home?

Mon, 26 Aug 2024 00:00:00 GMT

With the advancement in technology, working from home is easier and more convenient than ever. I don’t know many people that would turn down having a dress code of pajamas, a non-existent commute, surrounded by your favorite furry coworkers. During Covid, not only did we see a huge wave of workers transitioning to remote work, but here in Destin, we had many people move in so that they could enjoy views while working from home.

With tourism and an entrepreneurial mindset, this area one of the best places to open a small business, especially one that is starts from home. According to the SBA, 60% of businesses are started and operated out of the owner’s home. And with Destin storefront space costing a premium amount, one of the most strategic things a local business owner can do is to find a way to work remote. We recently had a customer shut down their storefront of 20 years and move their business to their home so that they could save more money and enjoy a partial retirement.

Whether you’re an employee or owner working from home, you should know how far your home insurance coverage extends to your work along with what business coverage will pay and not pay for.

Here are some common scenarios that we as risk advisors worry about:

Storm hits and fries a computer and equipment or inventory that is in the garage A customer comes to the house and gets injured As an employee you get injured on the desk the business provided A personal vehicle is damaged doing a business errand Your home is damaged, and you no longer can perform business operations

Insurance as a Remote Employee

If you’re an employee working remotely, most likely your employer has General Liability Insurance and Workers Compensation which should cover you and others getting hurt on and during work hours, whether at the office or at home. Your home insurance could also cover equipment like a personal computer, but it usually specifies a max amount (usually around $1,000). If you have devices that are worth more than $1,000, talk to your insurance agent about an umbrella policy or additional coverage. Home or renters insurance may cover injury to guests but is not intended to cover injuries to clients.

Insurance for Home-Based Business

Things get a bit more complicated when the entire business is being run out of your home. If a storm were to hit and knock out your power for weeks, fry your computer, and destroy your inventory, home insurance would NOT cover business impact expenses for most of this. Separate coverages like Business Personal Property Insurance (added to your GL Insurance or bought separately) are needed for the inventory that was destroyed. Another needed coverage for this type of scenario is Business Interruption Insurance which helps to cover fixed expenses like payroll and utilities during the time that your business is shut down from a disaster.

When getting a quote, home insurance companies are often okay with their customers having a home-based business, if there isn’t any foot traffic. If you need to meet with clients, meet in public or get a storefront. Some of the messiest claims involve customers coming to home-based business and getting injured. Depending on the scenario like a dog bite or an injury from equipment, neither the home or business might pay out. Neither the home nor business insurance want to pay these claims based on the overlap of risk. But if an employee gets injured in the workplace (your home) Workers Compensation would work the same as any location.

If someone were to hack your Wi-Fi and steal sensitive information about clients or your work, home insurance won’t cover it. You’ll need a separate Cyber Insurance policy to cover lost data and breaches.

If you drive your personal car for business purposes, it could be permissible, but you must tell your insurance company before to make sure they allow it. As an owner of a business, if you let your employee drive your vehicle, this would likely not be covered under your personal auto coverage. If you’re pulling a trailer with business equipment or inventory, none of this will be covered under a personal auto policy and would be better covered on a commercial auto policy with an equipment floater.

All of these coverages are different and dependent on the industry that you’re in. If you have any questions about if what you have is sufficient or correct, feel free to give us a call. We’re one of the few agencies in the area with a wide range of commercial insurance across many industries.

There’s nothing more comfortable than working from home in your pajamas AND knowing that you’re properly covered for potential risk.

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Common "What If" Questions for Auto and Business Insurance

Tue, 28 May 2024 00:00:00 GMT

Supporting Small Businesses on the Emerald Coast: Insurance Tips for Entrepreneurs

At Norton Insurance of Florida, we love the small businesses of the Emerald Coast! Our daily conversations with creative and ambitious entrepreneurs are always exciting, thanks to the diversity of businesses in our unique area. With over 1,000 different types of businesses packed into a small geographic location, the possibilities and challenges of running a business here are complex and varied, making our job both interesting and rewarding.

Navigating Business Insurance for Emerald Coast Entrepreneurs

Finding the right insurance coverage for your small business can be a challenge, but it’s a challenge we welcome. It's essential to work with an agent who understands your industry and its specific risks. An inexperienced agent might provide inadequate coverage, potentially leading to financial disaster for your business.

Common and Uncommon Insurance Scenarios

Continuing our series on common and unusual "what if" situations, we now address some frequently asked questions about auto and business insurance. Remember, every policy is different, and each situation can bring unique circumstances that affect the outcome of a claim.

Someone without insurance hits me?

From an insurance perspective two coverages will come into play, the PIP coverage and Uninsured Motorist. PIP is Personal Injury Protection usually with a $10,000 per person limit and can sometimes have a deductible. This will likely be used for medical expenses while the uninsured motorist coverage may be used for physical damage to your vehicle. Your insurance company may subrogate against the at-fault party and if your coverage amounts are insufficient may opt to do the same.

I crash a company car on personal errand? It depends on the situation, the company structure, and the company’s commercial auto policy (if they have one), and if the company had the correct forms on that commercial auto policy. If it’s a sole proprietorship then PIP gets complicated but may be available. In short, if personal use wasn’t properly disclosed ahead of time, it could be denied, but you may have some coverage under your personal auto policy; if it’s a personal vehicle used for company tasks the same thing may happen if it wasn’t properly disclosed.

You damage someone else’s property not related to the work you’re doing?

For example, a landscaper hit a water line or puts a rock through a window damage to someone else’s property (not the client’s property). This would likely fall under the general liability policy, which may or may not have a deductible.

Someone slips and falls in my store?

General liability is typically the coverage that response to a slip and fall. The tenant’s policy usually responds first but the landlord could get looped in. If it happened in “common space” such as the parking lot, it would likely go straight to the landlord policy. It depends on how the lease is written with what area the tenant is responsible for.

Steals from the store?

Theft usually falls under the property insurance coverage, specifically the contents coverage (unless it’s copper pipes or something permanently attached that was stolen). There is likely a deductible in the $1000-$10,000 range for this so petty theft is usually not enough to claim. Theft coverage may come with stipulations such as a monitored alarm system, not just closed circuit cameras.

Employee cuts hand with knife?

Workers comp is very straight forward and usually works in the employees favor, regardless of fault. Workplace injuries are almost always covered to some degree and can be broad enough to include lost time, wages, medical, and more.

Employees get into a fight?

The medical expenses could be under workers comp but the liability could get complicated. Personal liability may fall under the individual’s home insurance policy which can include a liability portion but the circumstances of this event could bring it in a lot of different directions.

Rent a car while traveling on business and get into an accident?

Some commercial auto insurance policies have an optional coverage for hired or non-owned auto. If you have this coverage, renting a vehicle for work should give that auto and driver comparable coverage as if it were listed on your policy. The physical damage coverage for a rented vehicle is another optional coverage often called “hired auto physical damage”.

Rent a box truck for the day and get into an accident?

Renting a box truck for the day: same situation, if they had the correct forms it could be covered but those are optional coverages not included on the base policy.

Pay cousin to work for the day and they either get hurt or cause damage to the property?

Day labor could be anyone, either well known like a cousin or a total stranger. There are a few things to consider here: some coverages are name-specific, such as workers comp through the JUA or through a PEO/leasing company; the person would need to be named on these policies to be covered for workers comp. Other workers comp policies are tied to the company with no specific names listed, the person would likely be automatically covered under this policy, but it should be disclosed to the insurance company if the use of day labor is expected.

If there are any other scenarios or weird situations you have a question about, feel free to give us at Norton Insurance of Florida a call at 850-244-1574.

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The Answers to the Most Common “What If” Questions in Home Insurance

Mon, 29 Apr 2024 00:00:00 GMT

The Answers to the Most Common “What If” Questions in Home Insurance

Many people think of insurance as a dull industry, and when buried in paperwork, even I can understand why. However, the truth is, insurance is all about drama. Every day, our agents deal with unique situations and scenarios, striving to protect against all the "what if" circumstances that arise. This month, we’ll delve into the most common “what if” scenarios we encounter in home insurance, with a focus on auto and business insurance next month.

Exploring Common "What If" Scenarios in Home Insurance

Insurance can be complex. Each situation is unique, policies vary, and coverage can differ even within the same insurance company. Here’s how some typical scenarios might be resolved:

1. What If a Hurricane Hits? How Much Will I Pay?

Check your policy for a “wind deductible.” This is often a percentage of your Dwelling coverage (Coverage A). Instead of writing a check, the insurance company typically deducts the deductible amount from your claim payout.

Some policies also have separate “Named Storm” and “Wind” deductibles, distinguishing between hurricane/tropical storms and other wind events like off-season storms or straight-line wind.

2. What If My Neighbor’s Insurance Premium Goes Down?

Insurance premiums depend on many factors beyond location, including your personal claims history, coverage options selected, personal credit, and differences in construction or design. If your neighbor's insurance goes down and you have the same company, your rates might decrease at renewal, too.

3. What If My House Loses Power and All My Food Spoils?

Food spoilage is an optional coverage on many home insurance policies, usually with limits of $500 or less. Coverage often depends on the cause of the power outage, which typically must be off-property.

4. What If I Have to Stay in a Hotel During a Remodel?

This coverage is triggered by an insured event that makes your property uninhabitable. Multiple coverages might come into effect, and there’s usually a limit on the dollar amount available. It’s up to you to allocate funds between housing and extra expenses like travel and dining.

5. What If My Toilet Overflows While I’m Out of Town?

Water damage coverage is increasingly limited. Your policy may include a maximum coverage limit for this type of damage, typically around $10,000. Some policies exclude water damage entirely.

6. What If My Neighbor’s Tree Falls on My House or Car, or a Neighbor Cuts Down a Tree that Falls onto My Shed?

Your car insurance may cover the damage, but you’ll likely pay your comprehensive deductible. Depending on the situation, your auto insurance may seek reimbursement from the neighbor’s property insurance.

7. What If My Dog Bites Someone?

Many home insurance policies offer liability coverage for dog bites. Typically, the person bitten sees a doctor, sends you the bill, and you forward it to your insurance company. You may pay a deductible, though often not. Coverage depends on the breed, as some are excluded.

8. What If a Contractor Working at My House Injures Themselves?

This likely falls under the contractor’s workers’ compensation insurance. It’s essential to get proof of this coverage before allowing work to begin, as otherwise, it may fall under your medical coverage, which is usually limited to $10,000 or less.

9. What If I Lose an Expensive Watch on Vacation?

Many home policies offer worldwide coverage for personal items. Expensive items like watches can be specifically listed on your policy. If not listed, a maximum limit (often $1,000 or less) may apply. Consider standalone jewelry or collectible insurance for better terms or lower deductibles.

10. What If My Rental Property Is Empty for More Than Three Months?

Most policies have a vacancy clause that limits coverage for things like vandalism, theft, spoilage, mold, and liability if the property is vacant for a certain period, often 90 days. A property manager’s periodic inspections may waive this clause.

11. What If I Start Renting Out My House?

This requires a different policy type. Your current policy will likely need to be canceled and a new one obtained that allows for rentals. If it’s a secondary home and friends or family stay at no charge, you might not need to change anything.

12. What If I Rent Out My Carriage House but Not the Main House?

The carriage house is usually included with the main dwelling on one policy. To rent it out, it may need to be removed from the homeowner’s policy and placed on a separate rental policy. If the main house is also rented out, disclose the number of families renting at any one time.

13. What If My Car Runs Into the House?

Policies often have clauses about insured vs. insured events. For example, if your spouse rear-ends you, coverage may be denied. However, for PR reasons, insurance companies might still cover the claim, resulting in two separate claims with two separate deductibles.

14. What If Squirrels Destroy My Roof or Bed Bugs Infest My Rental Property?

Unfortunately, these scenarios are typically not covered, as they fall under regular maintenance responsibilities.

Our experienced agents have handled all these scenarios. With decades of experience and knowledge, our agency, established in the 1980s, has weathered over 40 hurricane seasons and thousands of claims. We’re ready to answer your questions about current or potential policies.

We are an independent insurance agency in Destin and Fort Walton Beach, Florida, representing many top insurance companies. Whether personal or business insurance, we have the experience to handle your needs.

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Cyber Crime- Combating the Most Popular Criminal Trend

Tue, 02 Apr 2024 00:00:00 GMT

The landscape for theft is no longer a physical scene of knifepoint in a dark alley, it’s now gone digital.

Cyber Crime is at an all-time high, and small businesses are the #1 target. There is an increasing shift of ransomware targeting smaller businesses rather than mega corporations because of their lack of security and lack of exposure. Businesses with fewer than 100 employees get 350% more attacks than those larger enterprises. 46% of all cyber breaches impact business with fewer than 1,000 employees. 61% of small businesses were the target of Cyberattacks in 2021. Malware is the most common type of cyberattack aimed at small businesses.

On a personal level, Florida is ranked 2nd in the nation for identity theft and 3rd in the nation for Cybercrime Victim with 41,000 victims in 2023 with an average loss of $21,000.

To combat this growing trend, please familiarize yourself with the techniques Cyber Criminals use to illicit your funds and information.

Types of Cyber Crime

Hacking: unauthorized access to computer systems or accounts, often with the intent to cause further damage and steal information for their own financial gain. Hackers will often try to get access to the software and customer information that small businesses have on file. Phishing: Impersonating legitimate entities (companies or individuals) to truck users into revealing sensitive information. I’ve seen emails that look like they’re coming from business associates asking for sensitive payroll information in hopes of getting access to bank account information. Malware: Spreading malicious software (viruses, worms, Trojans, ransomware within devices or networks. If you fall prey to one of these, your computer, software, and business operations will halt. Corporate Identity Theft: Stealing corporate data (names, Tax ID #s, websites) to fraudulently assume someone’s identity. They can sign contracts, impersonate your website and try to assume your business entity.

Impacts and Examples of Cyber Crime

The most obvious impact of falling prey to cybercrime is financial. They can steal bank account information, credit card numbers, and loan information. They can ruin/freeze your bank account and credit score. On a business level, criminals could gain access to customer information and impersonate you, destroying the trust and loyalty based you’ve earned over the years.

COMBATING CYBER FRAUD

Cyber Insurance:

As insurance professionals, we always recommend having a backup plan if your security measures are enough to prevent cybercrime. Understand that it’s not just your assets and information on the line. Any customer information you have on file (credit cards, address, dob) are susceptible for being stolen. If this information gets into the wrong hands, your business will be responsible.

Business Cyber Insurance includes coverages such as: Legal consultation in the case of a breach or remediation Theft of bank funds, escrow funds, personal funds, and extortion (ransomware) Corporate Identity Theft and Fraudulent Communications Systems damage and reputation damage Business Interruption Regulatory Fines and Privacy Liability

Security Measures

The advice given may seem obvious, but most of the time, cybercrime happens from not following these basic rules.

Install anti-viruses and firewalls to all your personal and business computers. Regularly update software to stay protected. Never click on vague emails from “friends” that want you to “check this out”. Always look at the from address when viewing an email. Make your password hard to guess and change it across different sites Avoid giving out your email to every website you visit or every store that asks. Never give out your banking information except through an encrypted websites and emails. Never send sensitive employee or customer information through email (unless it’s encrypted) Social security information DOB Banking Information

The battlefield for combating theft may have shifted to the digital world, but there are plenty of weapons at our disposal to ensure our safety. If you are vigilant and have the right protection, your assets should be secure in the cyber world we now live in.

The content provided in this blog are purely for information purposes only and does not constitue professional, financial, medical, or legal advice from Norton Insurance of Florida. Whiel we strive to ensure accuracy, we reccommend consulting a qualified cyber security expert in regards to improving your own security. The reference links are not intended to endorse or solict businesses or goods. Please consult with your insurance agent regarding cyber insurance your particular business may need.

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Protecting your Property During Tourist Season

Thu, 22 Feb 2024 00:00:00 GMT

Protecting your Property During Tourist Season

Tourist season is almost here and with that comes increased traffic, noise, and mischief from those visiting. Destin has a thriving rental market with 6,100 active short-term rentals in Destin, almost equaling the number of households here at 6,400. There has been a 15.10% increase in the supply of short-term rentals in Destin over the last five years making it a great place for locals and non-locals to invest.

With the increase in people, comes the increased risk of theft and damage to property. I’m sure all of us have been a victim or know a victim of theft during these busy summer months. The Sheriff’s office confirms that crime, especially vehicle burglaries, increases during these months, but most of these thefts are entirely preventable. 90-95% of burglaries in Okaloosa County happen when the car is already unlocked. And good outside home lighting deters burglars by 80%.

We want to make sure everyone and their property in town is properly protected against potential people or natural disasters that can harm your most valuable assets. The Okaloosa County Sheriff’s Office provided these tips for Burglary Prevention.

For your Car:

Lock, Take, and Hide. Lock your car doors, Take your keys, & Hide your belongings. Many high-value cars have an extra key in their user manual, make sure you take this out of your car an put it in a secure location. Hide all valuables out of sight. Park in well-lit and easily viewed areas. Beach access points, gyms, condos, and the mall are the most heavily targeted areas. Drive more cautiously in the tourist season assuming no-one knows how to use a round-about or how to turn out of Chick-fil-a

For you Home:

Get a home security camera and alarm system. Trim bushes back to less than 3 feet and tree canopies are 6 feet or higher. Register for vacation watch during periods of time you’re away. Have Motion Lights to the outside of the home. Take photos of all valuables Report all suspicious activity to the Sheriff’s Office: Non-Emergency Number: 850-651-7400

Insurance Protection for Rental Properties

Insurance for rental homes generally insures very differently than your standard primary residence home. You shouldn’t assume that the coverage you have for your own home are the same as coverages for a property that is rented it out to others. They generally have more vague language and less coverage. They can provide less coverage for extensive water damage, theft, and personal injury. Many times, these policies don’t even have clauses that include vandalism (when a tenant causes damage to the property).

Situations with golf carts, bikes, and dogs that are in the rental homes are especially complicated and usually excluded from coverage. These three situations can result in the homeowner being responsible for any damage caused. We suggest not supplying golf carts or bikes, having a separate policy for them, or having a very detailed waiver that the guest must sign before check-in.

One scenario we’ve seen before is a child ingested something in the house and had to go to the hospital, the medical bills that follow weren’t covered under the rental property insurance that may have been covered with a normal home-owner’s insurance policy.

With many rental units being a source of income, please also pay attention to wording in your insurance dealing with “Loss of Use”. Sometimes this is not included and could mean that if a pipe burst in June, requiring extensive down-time to repair, the lost income from that time may not be recoverable.

Using a property management company can also provide additional protection for your rental property. Property management companies can have insurance coverage that fills in the gaps of Rental Insurance. IF you have a contract in place with them for making sure damages are their responsibility, they can have a property damage clause and physical damage coverage. For example, a recent property management company filed a claim for $15,000 for damages done by the renters. This is money that the homeowner wouldn’t have to pay. Find out what coverage they have and read the contract of what they are responsible for in terms of damage and liability.

Under no circumstance shall we have any liability to you for any loss or damage of any kind incurred as a result of the use of the site or our mobile application or reliance on any information provided on the site.Your use of the site and your reliance on any information on the site and our mobile application is solely at your own risk. The insurance information is provided for general informational and educational purposes only and is not a substitute for professional advice. Accordingly, before taking any actions based upon such information, we encourage you to consult with the appropriate professionals. We do not provide any kind of insurance advice. The use or reliance of any information contained on this site or our mobile application is solely at your own risk.

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2024 Insurance Outlook-Forecasts and Trends

Thu, 25 Jan 2024 23:00:00 GMT

What to Expect With Insurance and Rates in 2024

As I forecast insurance for 2024, I’m trying to have cautious optimism as preliminary trends are showing positive trends. We as agents and customers are ready for the mess to be over and arrive on the other side with a stable insurance market. We’ve been in a hard market for about six years where insurance companies were leaving the state, and the remaining companies passed their financial burden over to customers by way of premium increases. As we prepare for another hard year, keep hope that there is an end in sight.

Home Insurance

Home Insurance has been rough over the last few years; the catastrophic losses from the last decade caught up to premiums drastically increasing many rates. We saw many customers getting 25-70% rate increases in 2023.The good news is 2023 had no major storms and the legislative reform from 2023 is already starting to show positive effects. The last two years have seen a decrease of 10% in Florida’s amount of insurance litigation. We can’t be overly optimistic thinking that we’re completely over this phase of rate increases, but the 2024 outlook is forecasting a premium increase of a much more reasonable increase of 15%.

Auto Insurance

Advancements in technology are the biggest driving force in premium changes for auto insurance. Monitoring devices give accurate information and risk assessments about driving habits that could either increase or decrease a driver’s rate. New trends like ridesharing, electric vehicles, and autonomous vehicles will create new risks and opportunities for insurers, as they will have to adjust their products and pricing to reflect the changing exposure and liability of drivers, passengers, and pedestrians. For example, electric vehicles may have lower maintenance and fuel costs, but higher repair and replacement costs due to the complexity and scarcity of parts. Ride-sharing and micro-mobility may offer convenience and affordability, but also raise issues of ownership, responsibility, and coverage. Coupled with inflation, we’re estimating an average increase of about 10% for auto insurance.

Commercial insurance is a mixed bag of rate increases and decreases depending on the coverage. Last year, Florida legislation was passed to lower the average workers compensation rate by 15.1%. with increased safety standards and lower claims, business owners are one of the few sectors getting a break with insurance rates.

As with home insurance, commercial property is facing the same struggle with rate increases. Last year, we saw many rates increase on average of 50%. But the worst is over and this year rates are only forecasted to rise between 5%-30%.

A skyrocketing threat that business owners need to be prepared for is Cyber Risk. The last few years have seen a 100% YOY increase in number and severity of threats. Cyber criminals especially like to target small businesses to get access to sensitive customer data. If you don’t already have a cyber insurance policy for your business, now is the time to do so.

Our agency has served the Emerald Coast for more than forty years. And while the rate increases of the last few years have been unprecedented, we have the experience and knowledge to get our customers through this current market. We're all in this together.

This Blog/Web Site is made available by Norton Insurance of Florida for educational purposes only as well as to give you general information and a general understanding of insurance, not to provide specific insurance advice. By using this blog site you understand that there is no insurnace agent relationship between you and the Blog/Web Site publisher. The Blog/Web Site should not be used as a substitute for competent insurance advice from a licensed professional insurance agent in your state. Blog Archive - Search Blog

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New Year! New You! New Business?

Tue, 02 Jan 2024 23:00:00 GMT

Why Now is the Best Time to Own a Small Business in Florida

Destin is world renowned for its sunny weather, beautiful beaches, and friendly small businesses. Our little beach town has a thriving entrepreneurial spirit that is partially due to Florida’s business-friendly tax code and legislation. If you are thinking of starting or expanding a small business, here are some reasons why now could be the best time to do so.

New Lower workers' compensation rates: Florida employers will see another decreased average of 15.1% percent decrease in workers' compensation insurance rates starting in 2024. The is the lowest rate businesses has in seen twenty years and the eighth consecutive year of rate reductions. Lower workers' compensation rates can help small businesses save on operating costs and improve their profitability. Sectors seeing the biggest decreases to workers comp rates are contactors and roofers. Low personal income tax: Florida is one of the nine states that does not impose a state income tax on individuals. This means that you get to keep more of your hard-earned money and invest it back into your business or personal needs. According to NerdWallet, Florida's state and local tax burden is 24 percent below the national average. Low corporate taxes: Florida also has a competitive corporate tax rate of 5.5 percent, which is the fifth lowest in the country. However, many corporations can benefit from various exemptions and incentives that can lower their effective tax rate significantly. Additionally, Florida does not tax business inventories, capital stock, or franchise taxes. Rich Location and Demographics for Entrepreneurs: Destin not only has the typical small businesses like property management, restaurants, and contractors but also the new creative ventures that include helicopter tours, drone photography, services to make vacations a dream! These new ventures are possible due to the large revenue the tourists bring. Our area also has a high per capita income making the off-season sustainable and luxury goods and services more attainable to the local population. Not even the sky is the limit with the kinds of business ventures that can be started here in Destin.

With a favorable tax climate, supportive legislation, and lower insurance costs, Florida is a great place to pursue your entrepreneurial dreams. If you’re thinking of starting or growing your business in the next year, give us a call for a quote on your insurance. Knowing your expenses is a great place to start and plan for success.

1 FL OIR Approves 15.1% Decrease in Workers' Compensation Rates for 2024 ...

2. State Corporate Income Tax Rates and Brackets for 2022

The views in this article are an expression of the writer only and should not be seen as business, financial, or professional advice. They are that of the individual and not of the entity Norton Insurance of Florida. Blog Archive - Search Blog

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Florida worker’s comp rates decrease to 20 year low!

Thu, 30 Nov 2023 23:00:00 GMT

Great news for businesses in Florida! The Florida Insurance Commissioner approved an overall rate decrease of 15.1% starting on January 1st 2024.[1]

Over the past 20 years, Florida has seen an over 50% reduction rate in workers compensation. This decline has been influenced by a multitude of factors, reflecting both economic shifts, medical innovation, and legislative changes impacting the compensation landscape for businesses and employees.

Historic Trends in Workers Compensation

In the early 2000s, Florida experienced a surge in workers' compensation rates due to increased claims, rising medical costs, and legal complexities. This led to a heightened financial burden on businesses, prompting policymakers to take action.

Legislative reforms were introduced in Florida to address the escalating costs. These change focused on reducing fraudulent claims, tightening eligibility criteria, and implementing cost-containment measures within the system. This period witnessed a gradual decline in rates as these reforms took effect. “In late 2003 and again in 2006, employers saw average annual rate drops of almost 14%. Since then, rates in Florida have dropped 17 times – a 74% cumulative decline since 2003, NCCI said. That mirrors comp rate decreases seen across the country due in part to improved safety and fewer workplace injuries experts have said."[2] Recent years have this this continued downward trajectory in rates, with ongoing efforts to streamline the workers' compensation system.

Factors Driving Rate Reduction

Three categories have contributed significantly to the substantial rate decreases of the past two decades.

Legislative Reforms

Florida's policymakers have enacted several legislative changes aimed at curbing costs associated with workers' compensation claims. Reforms included stricter eligibility criteria, limitations on attorney fees, and measures to combat fraudulent claims.

Improved Workplace Safety

Businesses across various industries have increasingly emphasized workplace safety measures. This proactive approach has resulted in fewer workplace accidents and subsequently reduced claims, positively impacting insurance rates.

Medical Advancements and Cost Controls

Advancements in medical treatments and therapies have optimized the recovery process for injured workers. Additionally, cost controls within the medical sector have helped contain expenses related to treatments and rehabilitation.

Implications for Businesses

“I’m always working to support Florida’s small businesses and entrepreneurs. A decrease in workers’ compensation rates means lower insurance costs for employers, allowing them to put more money back into their business, where it belongs,” said Chief Financial Officer Jimmy Patronis. “I’m pleased that Florida’s business owners will benefit from another year of rate relief and look forward to keeping Florida the best place to live, work, and run a business.”[3] A continuation of declining rates could potentially benefit businesses by lowering insurance expenses, improving profitability, and enabling more resources to be allocated to other areas of operation. However, businesses must remain vigilant and adaptable, as unforeseen shifts in the economic or regulatory landscape could impact these trends.

Some business owners aren’t as excited about this rate decrease. Roofers are urging legislators to freeze the decrease in rates[4] expecting future claims rates to increase substantially due to the recent legislation on illegal immigration. Since many of these skilled laborers have left the state, the remaining workers are less skilled and have an increased risk for accidents on the job-site.

Some also fear that such substantial decrease in rates could encourage insurance companies to leave the state, leaving less competition for coverage. And others believe that the rate decreases are too hasty, being an abnormal outcome of a slowed economy during COVID.

Future Rates

Forecasting future rates in workers' compensation involves a complex interplay of economic, legislative, and societal factors. While past trends indicate a decline, future rates could stabilize or experience slight fluctuations due to various unforeseen circumstances.

While no one wants to see a pendulum swing of workers comp rates, we can appreciate the current financial relief small businesses have been granted. In the next few years, we’ll see if it really was a fluke or really a product of innovation, safety, and legislation.

[1] https://content.govdelivery.com/accounts/FLOIR/bulletins/37ac9cd

[2] https://www.insurancejournal.com/news/southeast/2023/10/06/743237.htm

[3] https://content.govdelivery.com/accounts/FLOIR/bulletins/37ac9cd

[4] https://www.insurancejournal.com/news/southeast/2023/10/06/743237.htm

Blog Archive - Search Blog

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Business Owners More than Anyone, Need Life Insurance

Thu, 26 Oct 2023 00:00:00 GMT

Our family’s recent experience with life insurance

The past three months our family has put to rest not just one, but two fathers. While both have been emotionally devastating, the financial impacts are very different. The first father, an insurance agent, had adequate life insurance funds to choose his type of burial and to make sure his surviving spouse is taken care of for many more years. The second father chose to be cremated and not have a service in order to save his family from additional financial stress. We don’t know yet if the second had any life insurance, but our family will shoulder the final expenses and are uncertain if his spouse will be able to afford their home without his additional income. In a time of mourning, our family would rather be focusing on remembering the individual than figuring out affordability of a burial and future house payments. As the Baby Boomer Generation is starting to pass away, we’ll be seeing more and more of this divide between those that were prepared and those that were not.

After witnessing the first-hand stress of after-life care, we feel it paramount for the small business owners in the area to have life insurance. Spare your family from having to deal with the financial burden and have a plan of how you’re going to take care of them in case something does happen to you or your business.

Life insurance is not just a personal matter. It’s also a business matter.

As a small business owner, you know how hard it is to run a successful enterprise. You have invested your time, money, and energy into building your business and providing for your family. But what if something happens to you? How will your business and family survive without you?

That’s why you need life insurance.

Life insurance is not just a personal matter, it’s a way to protect your business and family from the financial impact of your death.

With life insurance, you could:

Keep your business running and pay off any debts or taxes Provide income for your spouse and children and cover their living expenses Fund your children’s education and future goals Transfer your business ownership to your heirs or partners Leave a legacy for your family or a charity of your choice

But how do you choose the right life insurance policy for your business and personal needs? We can advise you of the differences between term, whole, and universal life and to realize the future you want for you family in 10, 30, or many more years in the future.

We understand the unique challenges and opportunities that you face as an entrepreneur. We can help you find the best coverage for your business and personal situation. We work with a top-rated insurer and offer a variety of plans and options to suit your needs. Whether you need term life, whole life, universal life, or something else, we can help you compare quotes and benefits to find the best deal for you.

Don’t wait any longer. Secure your business and family today with life insurance.

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Finding Trucking Insurance

Wed, 18 Oct 2023 00:00:00 GMT

Can All Insurance Agents Provide Commercial Trucking Insurance?

Imagine a new 16-year-old driver, just learning how to maneuver a small hybrid, getting behind the wheel of a 10-ton dump truck. It would resemble a monster truck rally, with cars being run over by an oblivious driver. Obtaining a CDL license requires hours of studying and practice to ensure safety on the road. Even with a CDL license, a tow truck driver may not feel comfortable driving a semi or dump truck. Experience sets apart a good driver from a bad one, highlighting the responsibility these trucks carry.

What Sets Commercial Trucking Insurance Agents Apart?

Similarly, not all insurance agents are equipped to handle commercial trucking insurance. Getting an insurance license involves studying and passing a test, but this knowledge is often foundational, focusing on common coverages like home and basic auto insurance. Business insurance, especially commercial auto insurance, is a niche area that requires specialized knowledge. Within this sector, only a select few agents, known as Transportation Risk Specialists (TRS), have dedicated themselves to this discipline. These agents have a thorough understanding of the unique risks associated with commercial trucking.

Does your agent know the difference between exempt and non-exempt commodities? Do they understand Interstate vs. Intrastate regulations? Are they aware of when your MCS-150 biennial update is required, what a BOC-3 filing is, or what an MCS-90 endorsement entails? Do they know when you're exempt from paying Workers Comp? We have the answers to all these questions and more.

The Benefits of Using a Trucking Insurance Specialist

Many agents claim they can provide coverage for commercial autos, which may be technically true. They might have access to one or two companies offering standard coverage. However, commercial trucking insurance specialists have access to numerous companies that provide specific coverage for your trailer, cargo, and increased liability limits for catastrophic scenarios. One of our partners offers exceptional coverage and rates specifically for dump trucks—a small company that many agents don’t have access to, providing competitive rates.

How to Find a Commercial Trucking Insurance Agent

When searching for commercial trucking insurance, look for agencies that specialize in your line of business and understand the unique terminology. Some agents are more experienced with short-haul rather than long-haul trucking, and some may not be familiar with reefer trucks or hauling hazardous materials. Here are a few questions to ask your current or potential agent to gauge their understanding of your needs:

How many companies do you work with that provide commercial trucking coverage? Do you provide coverage for owner-operator power units? What increased limits should I have when driving my [specific type of truck]? Do you know what filings are and where to find them online? Do you have a company that covers my cargo and specific type of truck (e.g., Hazmat, Aggregate, Reefer, Mover)?

If your agent can confidently answer these questions, you're likely in good hands. If not, keep searching. Or give us a call at 850-244-1574. We can answer all these questions and more. Start a quote with us today at https://norton-insurance.com/

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Does my small business need commercial auto insurance?

Tue, 19 Sep 2023 00:00:00 GMT

6 Reasons Your Small Business Needs Commercial Auto Insurance

If you're a growing small business that relies on your vehicle, your personal auto insurance probably doesn't cover all the risks that business insurance encompasses. If you don't inform your insurance company that your personal vehicle is used for business purposes, they could deny potential claims related to business use or if someone else is driving. Common scenarios include contractors using trucks to deliver supplies and landscapers with trailers of equipment. In these cases, personal auto insurance likely won't cover the claims.

When Should You Switch to Business Auto Insurance?

Here are six reasons why you need commercial auto insurance for your small business:

1. The Vehicle is Titled Under the Business Name

Business owners often title their vehicles under the business name for tax benefits. This requires commercial auto insurance.

2. An Employee is Driving the Vehicle

If an employee drives your vehicle, any potential claim may not be covered under personal auto insurance. Even short trips to the post office or hardware store can be seen as increased liability.

3. Use of Vehicle for Work-Related Activities

If you drive your truck to a job site and an accident occurs, like a tree falling on your car, personal auto insurance likely won't cover it because the risk is job-related.

4. Transporting Goods or People for Hire

If your business involves shuttling people or goods, you face increased exposure to accidents and liability claims.

5. Carrying Work Equipment or Customer Products

Contractors carrying appliances or supplies in their truck beds aren't covered under personal insurance. Similarly, landscapers with trailers full of equipment need commercial auto coverage to protect against potential damage.

6. Shifting Liability to the Business

Personal auto insurance typically has lower limits than commercial auto insurance. In an accident, if the policy limits are exhausted, lawsuits may target your personal assets. Commercial auto insurance protects your personal wealth by shifting liability to the business.

Examples of Businesses That Need Commercial Auto Insurance

Electricians, Plumbers, and HVAC Professionals Carpenters, Painters, and Other Contractors Landscapers and Plow Services Caterers and Food Vendors Real Estate Agents and Sales Professionals

Benefits of Commercial Auto Insurance

Commercial auto insurance offers higher limits, broader coverage for drivers and vehicle types, and covers scenarios that personal auto policies don't. It includes trailers, heavy trucks, and modified vehicles. Pricing and coverage vary based on factors like vehicle type, usage, drivers, and coverage levels. Generally, commercial auto insurance premiums are higher than personal auto insurance but offer significantly greater protection.

If you're unsure whether you need this type of coverage, consult your insurance agent. In some cases, informing your personal auto insurance company about minor business use may suffice. When in doubt, call your local insurance agent at 850-244-1574. We'll help you navigate the coverages you need for both your personal and business life.

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4 Tips to Navigating Tragedy as a Business Owner

Tue, 29 Aug 2023 00:00:00 GMT

4 Tips to Navigating Tragedy as a Business Owner

Our office staff have been together for decads now. We’ve been there for each other while raising kids and now while we’re facing some harsher realities of aging. In the past few years, together we’ve seen the loss of parents, cancer battles, heart attacks, and untimely death of close friends. We are shaken yet we persist in developing our business and moving forward. If you haven’t encountered many tragedies while being a business owner, we hope that continues, but we wanted to share things that have helped us keep moving forward in difficult times.

1. Adequate Staffing

Having great team members has been the life-blood of our business. If it weren’t for experienced and knowledgeable team members, we wouldn’t have lasted these 40 years. Having enough people is also paramount. Many businesses would rather work their staff more and have a higher profit margin than proactively hire. It might work for a time, but of the people that will stay, they’ll be burnt out and resentful and not willing to pick up extra pieces if you’re having a tragedy. If they are already overwhelmed an additional crisis is just the excuse they need to leave. We’ve seen businesses go bankrupt during those already difficult times because they didn’t have enough people to fall back on and trust to run their operations.

2. Positive culture

Whether an employee needs to plan the funeral for a loved one or pick up a sick child at school, being understanding can go far in your company culture. The benefits of being flexible far outweigh the standard clock-in/out for required working hours. If you give staffers the benefit of the doubt about why they need to take some time off, they will feel valued and trusted, which will create a loyalty and dedication that creates higher quality work and prevents turnover. Believe that people are inherently good and they will believe that your business genuinely cares about them. You might get taken advantage of in the process but a few hours of work not being done compared to a respectful and experienced company culture is a tradeoff I’m willing to take.

3. Effective protocol

Think about your staff. Is there one person that is the lynchpin to everything functioning? Is there only one person that knows all the logins or gets all the emails or pays all the bills? Do they have a backup? Is their role duplicatable by others if they are away? Great staff is important, but having one vital person can be detrimental if they take a leave of absence or an emergency situation prevents them from working. Train at least one other person in their back up role making sure they can duplicate the role. Make sure logins are able to be accessed by others if in a pinch. I don’t know how many times we’ve referenced an old-school rolodex to find login and contact information. Sometimes having a physical version is the best fall-back (though make sure it’s locked up).

4. Insurance

Did you know that there are insurance coverages you can purchase that can help sustain your business and personal income in the event you get hurt or your business can’t operate due to a covered event? Long-term disability insurance along with life insurance is a must for any business owner. If you get injured or die the funds from this insurance will contribute to covering your financial responsibilities. Business Interruption insurance can cover your expenses from your normal business operations when an event happens that causes you to close temporarily. This coverage is especially important when living in an area prone to hurricanes. Some vehicle and equipment policies have options to reimburse you for temporary replacements. If your building, car, or equipment is suddenly inoperable, will you be able to continue business and paying bills?

Having these systems in place before-hand has made all the difference in not just running our business during difficult times but has allowed us to focus on what matters most: our family. We are relieved instead of stressed knowing that our staff can be entrusted to maintain the course. So while things are going good, prepare for the unfortunate times and you can have more good times ahead.

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Navigating Business Growth: Essential Insurance Coverages for Scaling Companies

Thu, 10 Aug 2023 00:00:00 GMT

Navigating Business Growth: Essential Insurance Coverages for Scaling Companies

Mountain biking is not for beginners. When I was younger, I went mountain biking in Colorado. I thought I was skilled but quickly realized I was out of my element on the unfamiliar steep climbs and sharp drops. My naivete showed when I didn’t even know bikes could have suspension or handlebar extensions. Having friends around and safety gear on buoyed my confidence, though halfway through I regretted declining the shin pads.

Similarly, businesses reach a point where they move from comfortable operations into more challenging terrain with higher highs, steep cliffs, and imposing obstacles. Faster growth leads to bigger risks, making it crucial to upgrade your protection. Insurance is one of the primary tools for safeguarding your business, and there may be products you need now that weren't necessary when your risks were smaller.

Beyond the insurance you should already be familiar with, here are some new protective coverages that could make a significant difference:

Employment Practices Liability

This coverage protects against alleged harm caused by hiring or firing practices. It includes breach of employment contract, discrimination, harassment, retaliation, wrongful termination, or payment disputes. The cost to defend and settle these claims can be as high as the claim itself, making this coverage invaluable.

Crime Insurance

Designed to cover fraudulent acts committed by staff, this insurance includes protection against damage to outside parties and internal harm like embezzlement. Coverage extends to employee theft, forgery or alteration, physical theft, computer fraud, disappearance, and more. Unfortunately, fraud can happen in companies of any size and often involves seemingly trustworthy individuals.

Cyber Liability

The cost for this coverage has increased due to the rising number of claims, indicating more cyber-attacks and higher remediation costs. Coverage includes business interruption, ransomware events, hotline help, hardware restoration, identity monitoring, telecommunications hack, social engineering attacks, data restoration, extortion costs, defense expenses, forensics, incident response, income loss, media incidents, negative publicity, fund transfer, and cybercrime. It's an underutilized coverage that many businesses could benefit from.

Business Interruption Insurance

This coverage is used when a company’s physical location is unusable due to insured damage. It covers fixed expenses during operational disruptions. While not all circumstances trigger this coverage (e.g., government-mandated COVID lockdowns), it’s typically used alongside property coverage.

Tools and Equipment Insurance

Considering the investment businesses make in assets, it’s vital to properly insure them. Coverage can vary based on whether the equipment remains at a listed location or is mobile. Categories include:

Permanently Attached Equipment: Immobile equipment like CNC machines, paint booths, industrial washers, etc. Mobile Equipment: Items with wheels or tracks not used on the road, like forklifts, bobcats, and lawnmowers. Business Personal Property: Computers, furniture, inventory, and other loose items. Miscellaneous Tools and Equipment: Smaller, lower-value items used on and off premises, often covered by a “floater” policy.

Pollution Insurance

If your business handles contaminants, cleaning up spills can be costly. This coverage is crucial for transportation and trucking businesses, where even non-toxic items like milk can be considered pollution hazards.

Cargo Insurance

For businesses transporting other people’s goods, this coverage is essential. Ensure your policy limits match the value of the cargo you carry and clearly define responsibility.

Directors & Officers (D&O) Insurance

This covers management decisions affecting stakeholders, including wrongful acts, antitrust actions, regulatory violations, HIPAA breaches, management control issues, and fiduciary responsibilities.

Abuse or Molestation Insurance

Commonly seen in religious organizations, special events, youth programs, or counseling services, this coverage protects against allegations of abuse or molestation. It’s often packaged with General Liability.

There are three main types of bonds, and savvy businesses often advertise being “bonded and insured.” The required bond depends on the business type and third-party requirements. Bonds can benefit employers, associations, and individuals.

These policies don’t cover everything, especially given the creative exclusions insurance companies may implement. Your advisors can help you find a balance between protection and practicality. While you could cover your body in bubble wrap before mountain biking, there’s a middle ground between fun and safety. Stay open to your risks, control what you can, and transfer significant risks to insurance companies to keep your business on track and moving forward confidently.

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Essential Insurance for your Small or Starting Business

Wed, 24 May 2023 00:00:00 GMT

What Insurance is Essential for Growing Small Businesses

One of my favorite aspects of living in a small town with big amenities is the diversity of small businesses. Every day, locals call in to set up their insurance for new ventures. Their creativity, ambition, and entrepreneurial spirit are truly inspiring. Seeing these business owners embark on their journeys reminds me of when we take the training wheels off our kids' bikes. By the time you start your business, you’ve honed your skills and are ready to set off. Your hobby and side projects were the training wheels, and now it’s time to get into motion.

Just as we teach our kids about the importance of wearing a helmet and how to fall off a bike safely, insurance acts as your helmet when things go wrong in business. Whether you’re just starting to turn a hobby into a business or fine-tuning operations for hundreds of employees, your insurance needs will be different and complex.

Here are the four main types of insurance we recommend when starting a business:

1. General Liability or Professional Liability

General Liability insurance, also known as Business Liability Insurance, is the most common starting point for most businesses. This coverage deals with potential injuries or damages to other people or their property. It covers sudden and accidental injury or damage to something not in your care, custody, or control. For example, if a painter is working on a home and the gutters fall onto a car, the painter’s insurance could cover the car damages but not the gutters.

Professional Liability insurance covers errors and omissions in professional services, typically for professionals like engineers, realtors, directors & officers, accountants, insurance agents, lawyers, and doctors. It is specialized and tailored to your field, ensuring you get coverage suited to your needs.

We recommend starting with one million in coverage, which is usually the sweet spot for value.

2. Workers Compensation

Workers Compensation covers accidents that happen to you or your employees while on the job, including motor vehicle accidents, falls, cuts, and back strain. If you start as a solo operation, Workers Comp may seem unnecessary. However, depending on your trade and business setup (LLC, Corp, Sole Proprietor), you can exempt yourself and up to four co-owners with at least 10% share in the business to save on premiums. In Florida, non-construction industries don’t require Workers Compensation until you exceed three employees, but we recommend getting this coverage regardless of company size. The average Workers Compensation claim costs around $40,000, a substantial burden for small businesses. Workers Comp providers also offer workplace safety and training resources.

3. Life Insurance

Life Insurance and disability coverage are crucial for providing financial security for your family in case of death or an accident that prevents you from working. Large employers often provide this to employees, but once you are self-employed, it’s up to you to secure this protection. We recommend starting with a $1 million policy for business owners, though even a $50,000 policy can cover burial expenses.

4. Business Auto Insurance

If your vehicle is registered and owned by the business, switch to a Business Auto Policy. If you use a personal vehicle for work, add “business use” on your personal policy. Vehicles with business logos, job materials, or carrying employees or clients should be on a business policy.

These coverages act as padding for the pitfalls of business ownership, helping you navigate the path to success. As you master the startup phase, your business will require more specialized coverage. Like upgrading from a bike to an electric bike, your business will face new risks but also gain greater speed and momentum. Middle and large-sized businesses need additional sets of coverages to ensure long-term growth and efficiency.

Stay open to your risks, control what you can, and transfer the rest to insurance companies to keep your business moving forward confidently.

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Citizens Insurance- Too Good to be True or Saving Grace we Need?

Mon, 24 Apr 2023 00:00:00 GMT

Like kids on a hot summer day running towards the ice-cream truck, homeowners have been switching over to the state-funded Citizens Insurance. Standard home insurance companies have all been making us sweat bullets watching their prices increase drastically from year to year. So, when sweet relief comes around the corner in the form of affordable home insurance, we all flock towards what we consider as our saving grace. In 2022, Citizens saw an increase of 50% in new business. Over the last 3 years, it’s nearly doubled its customers.

On many of the social media forums that I’m part of, agents have been telling residents that their only real option for insurance is with Citizens. That’s just not true. For the many newer, pop-up agents this may be true, but the long-standing agents that have been here for 30+ years usually have other options for the local homeowners. Many agents are also using Citizens as the first choice in placing coverage because it looks cheaper, but really Citizens is intended to be last resort insurance coverage when all other options are exhausted. If you are faced with a situation in which you need to choose a Citizens Insurance policy versus what we call a company with an admitted market (more like mainstream companies that you don’t need to go through specialized brokers to get), know what you’re getting into before you go with their “cheaper” rate.

The True Cost of Citizens Home Insurance

The price you get quoted and agree to pay is not always the final price. They can charge multiple additional hidden fees. There are two different types of assessments (fees) Citizen’s policyholders can be required to pay: Citizens Policyholder Surcharge (one-time fee) and Emergency Assessment Fee. The first is a fee “Citizens policyholders can be assessed up to 45 percent of their total premium if Citizens needs additional funds to pay claims following a major disaster. Non-Citizens policy holders can be assessed at a much lower (2 percent) rate.” The second fee is the Emergency Assessment which is up to 30% of premium per year until remaining deficit (from claims) is eliminated. These fees are separate and can happen in the same year. Flood Insurance will soon (2024) be required for all Citizens Policies. Currently, anything with Citizens in a Flood Zone is required to have Flood Insurance but starting in 2024 all of their policies with Wind Coverage must also carry Flood Insurance. This will likely cost thousands extra to your home insurance. Just this last week, the Citizens approved an across-the-board rate increase of 14%. Those super cheap premiums may not seem so alluring in the upcoming year. Since their eligibility states that competing quotes must be at least 20% more than what Citizens offers, there will probably be little difference between a standard company’s premium price and Citizens.

Government Quality of Service

Imagine the frustration you have felt at the DMV. Now think of the stress you have placing a claim with your insurance company. Now combine those two. Since Citizens is a state-run organization, it’s wrapped in the same red tape as other government organizations. Wait times are long and conversations with representatives can lead nowhere based on their strict rules and underwriting guidelines.

Coverage only goes up to $700,000. The average home value in Destin is around $650,000. Many homes in the area won’t even be eligible for Citizens because the value of their home is so high. And if you decrease the value of your home to fit within the $700,000 you’ll be risking not being able to rebuild if you have a total loss claim. Liability and Medical payments are limited to basic coverage compared to standard companies. In the case of Citizens Liability is limited to $100,000 (we recommend $500,000) and medical coverage is limited to $2,000 (we recommend at least $3,000).

With the surge of homeowners switching over to the state-funded insurance, there’s been a looming question of if the state can support paying out the claims for millions of people after a disaster. In perspective, the recent Hurricane Ian, Citizens estimates 3.8 Billion in damages and 78% of claims being handled within 90 days of the storm. Citizens says they have only used 2.4 Billion of the reinsurance surplus and they are confident they can pay the rest of the claims. The beginning of 2023 the Florida Legislature created a state-funded reinsurance program to help ensure the financial security of participating home insurance companies. With this added measure, Citizens may prove to be the saving grace that spent Florida homeowners need- as long as you can deal with the potential hidden fees and lack of coverage options and service.

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Why are Florida Home Insurance Premiums so High?

Thu, 13 Apr 2023 00:00:00 GMT

This is the number one question we’re asked all the time and probably the hottest topic in the Insurance World right now.

So, who or what is to blame for these skyrocketing home insurance premiums? And more importantly, is anything being done or going to change in the near future? Aside from inflation, these are the key factors in the increase of home insurance premiums in Florida.

Ten years ago premiums were stable and saw relatively no increase due to the ten preceding years of absent major storms. Fast forward to 2023 and Florida has seen the worst and most expensive losses from Hurricanes in some of recorded history. In the span of eight years we have seen three major Hurricanes, Irma in 2017, Michael in 2018, and Ian in 2022. Each one surpassing the claims reserves that were budgeted for the year. Irma cost 50 billion in damages, category 5 Michael reach 25 billion, and record-breaking Ian saw 112 billion in damages.

In 2001 the Florida Building Code took a pro-active stand against catastrophic storms by creating guidelines that make roofs and homes stronger and more capable of withstanding a major storm. Hurricane Ian showed the importance of the better grade of construction when entire neighborhoods were decimated and only the homes build to the newer code were left standing. We can’t do much if our current home was built pre 2001 but with time, as home receive enhancements that are up to code, less homes will be a total loss.

Extra Roofing claims

On top of the excessive claims that insurance companies are paying out, roofers were searching for old roofs that might have had damage and submitting these additional claims to companies. Of course, legitimate claims should be taken to the insurance company. But from personal experience, many times these roofers would say that could use a date from the past that had high wind speeds and blame any potential damage on that incident, regardless of the truth. There’s no such thing as a truly free lunch (or roof) and policyholders are now paying that once hidden price.

Florida has laid the hammer down on roofers pursuing these “potential claim damages” and make it illegal to solicit a claim for a new roof with an insurance company.

The recent 2023 legislation has also put a cap on filing a claim to two years rather than the previous four years in hopes of cutting down on this fraudulent behavior.

Re-Insurance

When losses are more than expected, including claims and legal expenses, it could mean losses that exceed their reserves. This will cause insurance companies to dip into their reinsurance. Reinsurance is essentially insurance for insurance companies and access to additional funds when the company does not have enough to pay out claims for a large disaster. Reinsurance is a big expense for insurance companies and when this cost increases, that increase is passed on to policy holders. Carriers have reported that costs spiked again this year, meaning the cost of reinsurance has more than doubled for many insurers in the last three years (Rabb, 2022).They will increase rates until they are confident they can meet all their short and long term obligations.

The 2023, the Florida legislature created a state-backed reinsurance program that the Florida Insurance Companies can purchase at a much lower rate than the limited past market. Theoretically, this discount should be passed along to the customer’s premium eventually.

When claims aren’t being resolved quickly enough, people sometimes feel that involving an attorney will help push a payout through with their insurance company. But in reality, the cost of paying the two sides legal fees is another reason rates are being pushed up. Anyone paid by the hour has an incentive to take as many hours as possible to accomplish something. “In 2021, Florida’s domestic property insurers spent more than $3 billion on legal defense costs and containment – double the figure reported in 2016.” (Rabb, 2022) In one recent article, it’s argued that the cause of the financial crisis is not due the hurricane claim amounts, but the litigation that comes from them. “Florida is home to off-the-charts lawsuit abuse, so much so that 79 percent of the homeowner insurance-related lawsuits in the entire country take place in Florida.” (Theodorou, 2022)

This is another law created in the 2023 Florida Insurance Legislation. Now, there will be only one legal representative looking to arbitrate the dispute between both the insurance company and the claimant. And if the suit is fraudulent, the claimant will be required to pay the attorney fees.

Decrease in Competition

With all the recent increased expenditures, many insurance companies could not stay financially viable and have become insolvent and filing for bankruptcy. Since 2022, twelve companies have gone into receivership (Recent Company Actions, n.d.) not being able to survive after the payouts from Hurricane Ian. Decreasing the number of competitors increases the demand, so the remaining companies can increase price.

With the many changes now in the works in the Florida Insurance Market, we’re looking forward to seeing some relief soon. It will take some time for the companies to feel the financial relief that this legislation brings, and we’ll all need to say a prayer that the next few years will spare us a major hurricane. But we’re hopeful that more companies will re-enter the market and lower premiums to an affordable level.

Why We Have Hope Insurance Rates will Come Down

There’s hope on the horizon. Aside from the recent legislation that’s been passed, the long-standing agents carry with them the perspective to weather this market storm. Agencies like our own that have been around for forty years have access and contracts to some of the best, most stable insurance companies in the state. These A rated companies aren’t going anywhere, and they aren’t handing out contracts to the newer pop-up agents. We share your frustration with the increases and the lack of competition, but really believe this new legislation will be the game-changer in the next few years.

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Home Insurance Coverages You Should Never Sacrifice to Save Money

Mon, 13 Mar 2023 00:00:00 GMT

Home Insurance Coverages You Should Never Sacrifice to Save Money

The current homeowner’s market has been challenging. As insurance agents, we spend much of our time quoting policies with soaring prices. We also see many quotes and policies from other agencies that don’t provide adequate coverage to save a few hundred dollars annually. While getting you the best rate is important, there are some coverages that should never be sacrificed.

We want all our neighbors to know their minimum coverage should include to avoid being shortchanged by someone who doesn’t have your best interest at heart. In order of importance, review these coverages on your home insurance policy:

1. Replacement Cost Coverage

Ensure your home is covered for Replacement Cost, not Actual Cash Value. Replacement Cost covers the amount needed to rebuild in the current economy, up to the policy limit. Actual Cash Value depreciates the property value over time, making it much less than Replacement Cost and likely insufficient to cover the cost of a new roof or house.

2. Hurricane Deductible

Your Hurricane Deductible should be less than 10%. This deductible is a percentage of your total home value, not the claim amount. For example, a 5% deductible on a $500,000 property means you’ll pay $25,000 for a roof claim—almost the cost of a new roof. Aim for a 2-3% wind deductible.

3. Liability Limits

Liability Limits should exceed the $100,000 minimum set by companies. Liability coverage pays for injuries or damages to others. In a time of rising medical costs, $100,000 may not be enough. Especially if you have a pool and there’s a risk of drowning, increase your coverage to at least $300,000.

4. Loss of Use Coverage

Did you know your insurance will pay for your lodging if you must be relocated from your home? Loss of Use covers hotel stays and lost income if you have a rental home. Increasing this amount doesn’t cost much but can save thousands in the event of damage. This coverage is often overlooked, so make sure it’s adequately included in your policy.

After reviewing these coverages, take a quick look at your policy to see if any of these tips apply. If you need a quote with one of the many companies we work with, give us a call at 850-244-1574 or submit a quote online.

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We are NOT "Salespeople"

Wed, 25 Jan 2023 23:00:00 GMT

We Are NOT "Salespeople"

As Groundhog Day approaches, I’m reminded of the Bill Murray classic where the persistent insurance agent, Ned Ryerson, epitomizes the stereotype of an overly positive, insistent salesman. In the insurance industry, characters like Ned can make us cringe. Consumers, much like Bill Murray's character, often feel trapped in a loop of relentless pitches and pushy sales tactics.

We want to be like ambitious Ned. He's out there hustling, leveraging all his contacts, and seizing every opportunity like a bull (‘Ned the Bull’). But just like Bill Murray, we use every technique to avoid and dismiss one-liner sales tactics. Why do so many salespeople have to be so annoying and persistent? Is it really necessary for success?

At our agency, hustling for sales has never been our aim, and we have thrived without it. Our sales are generated through referrals, great Google Reviews, and active participation in our community. The idea of "pushing" insurance onto our neighbors makes our stomachs twist. We believe that by providing the best customer service, our business will grow organically through word of mouth and customers genuinely wanting to work with us. We don’t want to chase clients down for a quote or bombard them with follow-up emails about extra coverage. We despise such tactics ourselves, so why would we impose them on you?

When we recommend a product, it's not about the hustle or the commission. Our primary concern is identifying gaps in coverage and preventing potential financial emergencies. By having multiple forms of coverage with us, we can better understand and address your overall insurance needs.

Examples of Our Account-Based Approach:

Accidental Damage: If you accidentally run your car into your house, would it be covered under home or auto insurance? It's easier for us to figure that out if we manage both sets of coverages. Home Business: If your business gear is stolen while working from home, would it be covered under home or business insurance? We need to see both policies to determine the specific terms. Policy Management: If you call to make a payment on your business insurance and we notice a missing driver on your commercial auto policy, we can update it immediately. Consolidating your coverage with us reduces redundancies, extra work, and potential financial pitfalls.

While there are many hard-working salesmen like Ned, that’s not our style. We aren’t trained with pitches or one-liners to “get you on the hook.” We prefer the catch-and-release method. We’ll engage with you while we chat and then, when you’re released, you’ll be inclined to tell all your friends about us.

We don’t see you as an opportunity; we see you as a neighbor. Give us a call if you have questions about current or potential coverages. We’d be happy to talk with you and ensure you have the right insurance while providing a friendly, pressure-free experience. Blog Archive - Search Blog

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6 Ways Florida's New Insurance Legislation will Affect You

Sun, 18 Dec 2022 23:00:00 GMT

It feels like we’ve scaled a mountain. An insurance mountain; one with icy cold rate increases, dangerous crevasses of reduced coverage, and the claims yeti. Despite it all, we may be near the summit. I’m not saying the view from the summit will be worth the trek, probably the opposite. But I hope by reaching the summit after all the ascending perils, we can start our descent back to some sense of stability

Senate Bill 2A is the state’s response to the disastrous insurance marketplace that has fallen on Florida over the last two years.

How will this bill save you money?

The bill is NOT a check to policyholders and it is not a fine against insurance companies. It is a fundamental shift in how insurance will be transacted in the state, designed to boost confidence for insurance providers who in turn should provide free-market competition in the long run. SB 2A is not a band-aid, it’s a vaccine.

The bill covers 6 main parts:

1. Reinsurance – impact around 1 year

The changes here are meant to give alternate means to keep insurance companies solvent. By creating a state-backed reinsurance program insurance companies now have an added backstop to keep them operating. This should boost confidence from insurance companies operating in the low-rate marketplace on thin margins and encourage new entrants. More competition should in time lead to lower prices for home insurance in Florida.

2. Claims deadline – impact 1 year or more

This one tightens the time allowed to file a claim from the date the event happened from two years to one. This is the most direct limitation of coverage on policyholders in the legislation. It will take time for the insurance companies to see actuarial evidence it saves money, but the thought alone should incentivize rate stabilization. It does however come at a cost, one that requires policyholders to be sharper and quicker with filing claims.

3. Payment duties – impact immediate

This offsets what is lost from the claims deadline reduction by also forcing insurance companies to investigate and pay claims quicker, nearly twice as fast. The hope here is that quicker response leads to happier customers and less litigation, which in turn should result in overall lower expenses for insurance companies. This is the closest the legislation gets to putting money in people’s pockets

4. Attorney’s fees – impact 1 year or more

There is no denying attorneys perform an important role in ensuring fairness in the insurance marketplace. There have been numerous articles written recently about the impact attorney’s fees have had on the Florida insurance market specifically though and it was something that had to be addressed. This reform is meant to discourage frivolous suits, embellished expenses, and needless litigation, allowing for other much cheaper methods of claims dispute such as arbitration or mediation. If insurance companies get the cost relief they hope for, we could see significant rate reductions over the next few years as a result of this section of SB 2A.

5. Assignment of Benefits – immediate impact

Long a thorn in the side of insurance company balance sheets, prohibiting AOB will be an instant simplification of claims processing for insurance companies and hopefully bring quick rate relief. This seems meant mostly to clean up some dishonest contracting that has been happening around the state, driving up costs to repair and increasing claims expenses that don’t benefit the policyholder.

6. Citizens reform – impact immediate

The biggest thing here is requiring flood insurance. It will make a huge difference to a select number of people in the short-term and a smaller difference to every Citizens policy holder over the next 5 years. With nearly a million policyholders, SB 2A will bring many more clients into the flood insurance marketplace. If your property is insured with Citizens and in a flood zone, this could come as soon as summer 2023.

The overall intent of the legislation seems to be bringing confidence back into the insurance marketplace in Florida. It's a remarkably sensible long-term solution to a problem that has been building for years. I think of it like sending an advance party further up the mountain with supplies they can leave for us. So by the time we get there, we can fuel-up and keep going, increasing our chance of surviving the full journey. With these changes we may just see the summit after all, as long as the claims yeti stays away.

The views expressed in this blog are those of the author and should not be construed as advice or fact.

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Where does Florida insurance go from here?

Thu, 29 Sep 2022 22:00:00 GMT

Before the start of the 2017 hurricane season, Floridians were enjoying the longest stretch of storm-free seasons in nearly 40 years. The decision ten years earlier by some of the larger domestic insurance companies to leave the Florida market was looking short-sighted because nearly a decades had elapsed with no hurricane landfalls. Given the huge storm season losses of 2004 and 2005, there was no way for them to know in 2008 how the next decade would go.

At one point in 2004, there were 4 hurricanes in 6 weeks. As stated in this article from NOAA.gov,

"Florida, officially known as the 'Sunshine State,' was dubbed the 'Plywood State' by media after it was battered by four hurricanes in only six weeks during the 2004 hurricane season. Nearly every square inch of Florida felt the impacts from at least one of those four storms."

It's hard to stay away, the opportunity is enormous in Florida. With nearly as much waterfront property value as New York and more people moving to the state every year. During the ten year quiet stretch, there were new insurance companies entering the market with little experience, little capital, and concentrated coastal risk. Running an insurance company must have seemed easy and few were failing. Or at least, their structural cracks were well hidden.

The increase in supply put price pressure on home insurance rates, keeping them relatively flat over the course of 10 years. The low cost of high-risk / high value insurance coupled with low interest rates led to a housing boom. Insurance companies used the profits to expand coverage, take on new risk that otherwise should have been uninsurable, and enter new territory. Maybe what they should have been doing is saving up for a rainy day. In Florida, it's not a matter of if but when we become the "Plywood State" again.

How these changes affect the Insurance Companies in Florida

There are currently 16 companies in liquidation, 12 of which are property and casualty companies. There is an interesting trend in what year these failed companies began writing in Florida:

AMERICAN CAPITAL 2011

AVATAR 2008

FEDNAT 1984

FLORIDA SPECIALTY 1997

GUARANTEE 1977

GULFSTREAM 2004

SAWGRASS 2007

SOUTHERN FIDELITY 2005

ST. JOHNS 2004

SUNSHINE STATE 1997

WESTON 1996

WINDHAVEN 2005

Half of these failed insurance companies had essentially never experienced significant hurricane losses until 2017, at which point they nearly immediately crumbled. There are 30 other insurance companies that have recently been put on watch, many of which were formed around the same time, and we likely haven't seen the last insolvency.

We expect significant rate increases will continue for at least another year as insurance companies grapple with their cost structures, inflation, and supply problems. As premiums rise, it will attract new entrants in the market to replace what was lost and eventually competition will drive prices back to competitive balance.

References:

https://www.noaa.gov/stories/4-hurricanes-in-6-weeks-it-happened-to-one-state-in-2004

https://www.myfloridacfo.com/division/receiver/companies

https://www.insurancejournal.com/news/southeast/2008/02/24/87599.htm

https://www.insurancejournal.com/news/southeast/2022/08/04/678662.htm

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3 Ways to Spot a Good (or Bad) Insurance Agency

Tue, 30 Aug 2022 00:00:00 GMT

With insurance agencies being around every corner and ads popping up on Google, how do you know who you can trust with your great financial investments? Google reviews can be misleading or even missing in many cases and don’t necessarily account for long term service. Being around for the last forty years, our agency has seen other agencies come and go. We’ve seen shady agencies with questionable practices and great agencies that thrive on helping their community around them. We’ve boiled it down to three easy ways to differentiate those not-so-great, money driven agencies, and the ones that are generally well-meaning agencies wanting to protect you as the customer. So here are three Good vs Bad insurance agencies tips:

1. They advertise getting you the “cheapest” rate.

Any insurance agent can get you a cheap rate. They only need to cut coverage, increase deductibles, and choose a company that is less than reputable during a disaster. That doesn’t mean that having an inexpensive rate mean you get bad coverage, but it should cause you to question the agent if their rate is considerably less in comparison to other agents.

Good agents will get you the coverage you need. They’ll get you replacement cost coverage for what it would take to rebuild your home/car/condo. They’ll take into consideration your location and likelihood of perils when it comes to additional or less coverage. In Florida, every household needs wind coverage built into their policy or sold in addition to their home insurance. This covers Hurricanes, which all Floridians know all too well the damage that can incur. Some areas need Flood coverage. Regardless of you living in a Flood Zone and being required to have, some places are still a high risk for flooding. In which, your normal home insurance won’t cover. Good agents care about your financial well-being and know that if disasters occur, it usually won’t be for anything less than $10,000.

2. There’s nothing on their website about their staff

As an agency owner, there is nothing more that makes me grimace, than seeing another owner not give credit to their hard-working staff. The blood of an agency are the Customer Support Staff and Sales teams that are servicing their accounts, talking to the customers, and solving the day-to-day problems of coverage questions. If the agency has a website and doesn’t have a directory of the staff, you can generally bet that the owner is more focused on showcasing their own career and their own agency rather than the talent of his staff. I recently saw a website plastered with pictures of the owner in front of expensive cars and homes. The focus of the content of the website is generally the focus of the agency as a whole.

And if they don’t have a website, run. If they can’t invest in a simple website, they’re not here for the long haul. Obviously if it’s a new agency, there won’t be much longevity, so this tip won’t apply.

Good agencies highlight their staff and offer praise for the tough job they handle. If their staff gets burned out, they might close the office early before a holiday or for team building. That isn’t because they don’t care about you as a customer coming to make a payment. They care about the staff’s well-being because they know that loyalty shows up with better performance and care of the customers. It is invaluable to have staff that has been loyal for 10+ years. They know more and have been through many more claims and weird questions than any employee that jumps around from agency to agency. Pay attention to the longevity of the staff; it’s a great indicator of how you’ll be treated.

3. They’re so quick they don’t need all your information

When an agent is looking to get a quick sale, they’ll run through a quote as quick as possible with the cheapest company there is, all so they’ll get your business. But when they do this, they leave off crucial information to the underwriting process. After you sign the contract for coverage, you’ll probably find out the price goes up a bunch or the company suddenly cancels your coverage, and you must start over with a new company. When the agent omits information, the underwriting platform can only guess what the risk is, and it’s usually a positive end of things so the quote looks more appealing.

How to Spot a Good and Ethical Insurance Agent

A good agent will take their time asking you the right questions, sometimes oddly specific questions so that they can get an accurate quote. Every insurance company has different underwriting guidelines that they ask questions for within their quotes. For home insurance, they may ask the age of the hot water heater or if there’s a trampoline. The wrong answer to either could end of excluding you from coverage with a certain company. Be patient and go through the process with your agent.

And while we’re talking about speedy quotes, we know that sometimes you need a quote in a hurry. Closing on a home can be a stressful process but pushing an agent to skip the details for the sake of speed is not wise. Sometimes Realtors are prone to doing this for the sake of closing on time or alleviating their client’s stress. But realtors are not insurance agents. And when they make a referral, it’s generally because the agent is speedy, not necessarily because they are accurate or thorough. Referrals can be great, just makes sure you’re not being rushed through the process.

There are always exceptions to the rules within any industry. An agent can be quick and accurate, or a new agency may not list all the staff because of the website platform (or lack of staff). Whatever the exception may be, talking to agent over the phone is generally the best way to gauge their motives. If you feel pressured or obligated to buy their coverage, take a step back to re-evaluate that business relationship and review the list above. Feeling comfortable with your insurance agent is what’s most important.

The majority of insurance agency owners start an agency with good intentions and an altruistic view of the community. These are the agencies that thrive. Their customers can sense the care they are getting and have relationships with their agents. Local Independent Insurance Agencies live in your neighborhood, their kids go to school with yours, and face the same local threats as you. They empathize with you and advocate for your protection and financial well-being. Find these agencies like us here at Norton Insurance of Florida, and you can rest assured in your coverage and financial assets. Blog Archive - Search Blog

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Insurance in Florida July 2022

Thu, 21 Jul 2022 22:00:00 GMT

The insurance market in Florida is continuing to see turmoil and challenges, which will likely continue into 2023. Here are the primary drivers of what is causing the increase in insurance rates:

The industry as a whole was battered with nearly $700 million net loss in 2021 Over a two year period, industry losses were more than $676 million more than expected The amount spent per year by insurance companies on legal defense costs has more than doubled since 2016 The cost of reinsurance increased 54% in 2020 and 28% on top of that in 2021. The 2022 is not out yet but is likely double digits again. 16 insurance companies have recently gone insolvent or stopped accepting new business, causing uncertainty in the market 27 insurance companies are being monitored by the Office of Insurance Regulation’s financial stability unit

What does all this mean?

How the market will affect your insurance premium

#1. Yes the cost of insurance has gone up but insurance companies are still not making money. In order to stay afloat, they must pass along their costs to their policy holders which for now means rate increases. If insurance companies were pulling in massive profits I think we would all be having a fit but that's just not the case right now with most insurance companies.

#2 and #3. When losses are more than expected, including claims and legal expenses, it could mean losses that exceed their reserves. This will cause insurance companies to dip into their reinsurance, which essentially causes item #4. The increase in legal fees is concerning because those claims often fall under reinsurance threshholds, meaning insurance companies are paying them out of pocket. This further depletes reserves, which means they need to increase rates to increase reserves back to the legal requirements.

#4. Reinsurance is a big expense for insurance companies and when this cost increases, that increase is passed on to policy holders. Reinsurance companies are typically huge international organizations that are impacted by global hazards. In 2020 there were 22 billion-dollar weather events and the combined damages in 2021 was $145 billion, making 2021 the third costliest year in history for natural disasters. These reinsurance companies are very sophisticated and the risk of high value coastal markets like Florida is not lost on them. They will increase rates until they are confident they are confident they can meet all their short and long term obligations.

#5. Like banks, insurance companies don’t keep all the premiums they collect in cash. There are regulations regarding what percentage they are required to keep liquid, otherwise they put that money to use covering internal expenses, current claims, and investing. Insolvencies in the insurance market will surely cause more insurance companies to be cautious in their approach, which restricts options. When supply drops, prices will increase.

#6. Being monitored doesn’t mean they are at risk of imminent failure but it does mean we are still a long ways from hitting the bottom. There may be more insurance companies forced into restructuring or receivership. Like in #5, when there are fewer insurance companies willing to offer coverage it likely leads to higher prices for the ones that remain.

There are too many factors at play to put the blame on any one thing. There is still time to correct the damage that has been done to the financial health of the insurance marketplace in Florida, it will take time and patience but I believe we will get there.

https://www.insurancejournal.com/news/southeast/2022/07/21/676876.htm#

https://www.bankrate.com/insurance/homeowners-insurance/natural-disaster-statistics/ Blog Archive - Search Blog

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How inflation affects your home insurance

Wed, 22 Jun 2022 00:00:00 GMT

Yes, Inflation is Even Affecting Your Home Insurance

Between gas prices, groceries, and just about everything else the soaring cost of goods has probably caused you to rethink some of your spending habits. You’re probably even wondering if your insurance will be exempt from the increase; the unfortunate answer is probably not.

We often get asked by our customers why their premiums are going up even though they haven’t ever had a claim, usually the answer is inflation.

How does inflation affect your insurance? It's not a simple answer of prices go up so your premium must go up.

One of the biggest factors in your premium is your RCV (Replacement Cost Value). It factors in all of the characteristics of your home to calculate how much it would take to rebuild your home with the same unique features. If the costs of these materials go up, so does the cost to rebuild your home. In general, the Replacement Cost Value is similar to the appraisal or purchase price, but as we’ve seen in Florida, the later two valuations can be exuberant compared to the insurance valuation. Having your RCV be lower than your appraisal is generally a way to have a bit lower of a premium, but can prove disastrous if there is too much of a discrepancy between the two. If your home’s RCV is not at least 80%, the insurance company is not obligated to pay the full amount for a claim to your home.

Hot real estate markets like here in Northwest Florida have been increasing almost 25% per year for the last few years causing home values to soar above that Emerald Coast. Home values for everyone have increased, but I bet your Replacement Cost Value hasn’t been adjusted has it? No one wants to pay more for their insurance premium, but by keeping it adequately insured, you’ll avoid harsh rate increases or insufficiently paid claims.

How to Combat Inflation With your Insurance Premium

One great product that home insurance companies usually have that will help bridge the gap between your RCV and the market’s valuation of your home, is inflation guard. Inflation Guard is the automatic annual increase in your property’s valuation and premium. It’s like the set it and forget it of the home insurance policy. The slight increase may sound a bit shady, but in reality, it helps buffer your premium against sudden and steep rate increases.

So the two simple things you can do today to make sure you aren’t hit with soaring premium increases in the future:

Make sure your Replacement Cost Value is up to date with market trends for your area. Your insurance agent should be able to do this through company website and their own software. Be sure to tell them about any upgrades to your home like flooring, countertops, or custom built ins. Add inflation guard to your policy

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Meet Jenny- Our office manager and Personal Lines CSR

Fri, 18 Feb 2022 00:00:00 GMT

Have you ever met someone and instantly known that they would be an invaluable asset? I think Mr. Norton instinctively knew that about Jenny 25 years ago when he plucked her from her payroll job to come and work for him. She has been with us through three generations, countless hurricanes, uncertain economic times, and thousands of customers.

Jenny started doing data entry in 1997 then quickly pivoted to different roles getting her insurance license to meet the overall needs of our office. And from that time on, it seems that’s been Jenny’s mantra has been to rise to the moment and step in whenever needed.

If you ask her what has kept her in this industry for so long, she would say that she loves helping her customers and interacting with them on a meaningful level. There is such loyalty between Jenny and her customers that she still has many of the same customers as she did on day one of doing Personal Lines Insurance. Interestingly, she thinks that the last year has seen the biggest changes and challenges in the industry. But somehow, she still finds the tenacity to go that extra mile for her customers, working long hours to help get the best price and coverage for her customers.

If ever there’s a question that one of our staff can’t answer, we turn to Jenny. If ever we need sage wisdom with how to weather a storm of changes in the industry, we turn to Jenny. Now that her job role includes being office manager, Jenny is also the one improving workflows and helping our staff with all the logistics of their jobs.

And all the while that she is caring for our office, she is caring for those in her personal life as well. She has stood with her companion Lamar during his recent trial with cancer and was the nurse for her mother for two years as she transitioned to passing. She cares for all the animals and people around her as if they were her own family. In the free time she has, she loves nothing more than to cheer on and visit her three grandchildren. I doubt you’ll ever there was a bigger and more generous heart.

She has been the life blood of our agency, even if she does bleed blue and orange for her Gators.

Thank you for an amazing 25 years! We couldn’t have done it without you! Blog Archive - Search Blog

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Insurance Outlook 2022- 3 things that have affected increased rates and what the future holds

Sun, 09 Jan 2022 23:00:00 GMT

The last two years have been difficult for many industries including our own. We work with thousands of small businesses, property owners, investors, and families and are hearing the same story from many of them. We share your concerns for the increase in rates and increased limits to insurance company choices. We all know the challenges that have risen due to the pandemic and the way people have responded to it. I am grateful for the resilient people in our area that show up, work hard, and deserve the success they receive because we know it hasn't been easy.

The increase in rates and limits are a two-fold origin with the first starting pre-pandemic. The second cause comes from the increased costs of labor and material that the COVID lock-down have produced. In turn, the insurance companies have to pay extra for the claims that are submitted.

The first reason for the increased rates and restrictions is interesting and unusual, and frankly bad timing. Back in January 2017 we were firmly in a "soft market" when rates were fair enough and there were a handful of insurance companies that wanted your business. Insurance companies had nearly a decade of positive income and losses were consistent and manageable. Fast forward to 2020, we've now entered a "hard market" resulting in fewer choices, less coverage, and higher premiums. In three short years, we went from insurance being cheap and easy to being difficult and expensive.

So what changed? Here are three unusual circumstances unrealted to the pandemic that have contributed to the tightened insurance industry:

The average annual property loss from fire in the last 5 years has increased nearly 65% compared to the prior five years. Five of the top 10 costliest large-loss fires in US history have occurred in the last 5 years, including 3 of the top 5:

(#2) Oct 2017 - Northern CA wildfire (#4) Nov 2018 - Camp wildfire (#5) Aug 2021 - Siege wildfire

https://www.iii.org/fact-statistic/facts-statistics-fire

Thousands of miles from here, these events feel unrelated but the insurance industry is reeling. In 2020, structure fire damages cost insurance companies as much as a Category 5 hurricane ($12 billion).

#2 Winter Storms

Winter storms are usually pretty manageable, but the polar vortex that disabled large sections of Texas in 2021, caused a record $15.1 billion in insured losses. There were about 425,000 claims and 210 deaths, the full extent of damages will not be known for a while but could easily top $20 billion. For context, that's ten times more the previous year, more than the 5 prior years' damages combined, and more than Hurricane Michael, a top ten all-time hurricane.

https://www.iii.org/fact-statistic/facts-statistics-winter-storms

#3 Hurricanes

Hurricanes are the probable cause of the end of the soft market in Florida specifically. In 2017, 3 of the top 5 costliest hurricanes in US History occurred in quick succession:

(#3) Hurricane Harvey - $32 billion (#4) Hurricane Irma - $31 billion (#5) Hurricane Maria - $31 billion

https://www.iii.org/fact-statistic/facts-statistics-hurricanes

Florida remains the #1 state for number of single-family homes at risk by a wide margin, accounting for 44% of all homes at risk in the U.S. for a Category 1 storm. We have the second most coastline in the country, the highest change in population in coastal counties over the last 50 years (270%), twice as many people in coastal counties as Texas, and only behind NY with highest value of coastal property. It shouldn’t surprise anyone that Florida is always in discussion among property insurance, home insurance, and condo insurance company board rooms.

So what now?

These three causes, Fire, Winter Storms, and Hurricanes, would normally be enough to justify increased home insurance and property insurance rates across the country as well as targeted increases in high risk areas like the Panhandle. However, add in the pandemic related issues of increased material costs, increased labor costs, shortages, delays, and inflation, and it isn't any wonder why home insurance rates are outpacing inflation.

We at Norton Insurance try and keep up with local, national, and international trends because they all affect our marketplace. It is possible the current rate increase is an overreaction, similar to the spike in prices in the Florida workers compensation insurance market a few years ago when legislation was passed related to attorney's fees. Over time, the losses ended up not being as bad as predicted and workers comp rates have been falling ever since. There is a chance that we are seeing a similar spike in the property insurance market which will eventually self-correct. But when, if, and how much is impossible to know.

In the meantime there are things you can do personally to improve the price you pay for your home insurance, vacation rental property insurance, or commercial property, such as:

Review your coverage amounts Opt for higher deductibles Explore discounts for hurricane protection such as hurricane shutters or replacing a roof Update plumbing, electrical, or HVAC Ask your agent for comparison quotes

We expect 2022 to continue the trend of 2021 and be a challenge for insuring property in Florida. Know that our staff is very experienced and will do everything they can to provide the best solution for your insurance needs. We are proud to represent many of the finest insurance companies and a large variety of options to better serve you. You have trusted us for 40 years, please be patient and trust us once more as we work through this year together.

additional resources:

https://norton-insurance.com/customer-resources/blog/stats-that-explain-insurance-in-florida Blog Archive - Search Blog

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5 Ways Florida Home Insurance is Different

Wed, 10 Nov 2021 00:00:00 GMT

5 Ways Florida Home Insurance is Different than the Rest of the Nation

Aside from our white sandy beaches and sunshine, Florida stands apart when it comes to home insurance standards. As you can imagine having a few hurricanes every year scares the newbie move-ins and insurance carriers alike. The potential destruction that Floridians encounter every year influences everything from building codes to insurance rates and options. And these insurance carriers have every reason to be watching the weather maps like the New Years countdown clock. Because it’s not if they will pay billions on a hurricane, it’s when.

So here’s what you need to know about your encounters with insurance that may be different than every other state and areas that should be highlighted in your policy.

1. Wind coverage in your Home Insurance Policy

Wind coverage is sometimes excluded or included if you’re willing to pay extra.

If you’re lucky and can find a home insurance policy that includes wind coverage, be prepared to pay extra in your deductible. Companies usually require a 1-5% deductible of the total home’s value. So if a storm comes and rips off your roof of your $500,000 home and you have a 5% deductible, you’ll still have to pay $25,000 for that new roof. Be sure to pay attention to that deductible, because it may not be worth it to file a claim. If for some reason your insurance policy does not include wind coverage, you’ll have to buy a separate policy that will act in conjunction with your home insurance policy.

2. Flood insurance is more than just a recommendation

All of those white sandy beaches should be a good indicator of how high Florida is above sea level- basically zero. When we get more than a little thunderstorm, water begins to accumulate - making all houses water-front properties. With this inherit risk, insurance companies are sure to include plenty of exclusions to Florida policies. Generally, for a water claim to be covered it needs to be classified as “wind-driven rain” as the source. So that rising lake in your yard wouldn’t be covered under normal home insurance- you’ll need Flood Insurance.

3. Too many carrier options but not enough good ones

Given the risk that Florida is to the normal Insurance companies, not many of the major carriers are willing to accept the risk for property insurance. Big companies like State Farm, Auto-Owners, Nation-wide don’t want to touch properties this area with a ten foot pole. Because of these limited options, the state created an insurance company that pools together all those unwanted risks and charges a hefty fee for those premiums. If you’re declined through some of the normal carriers, you can probably still get a Citizens Insurance policy. Interestingly, it’s what can happen after you’re in this pool that is so weird.

Say you’re placed with Citizens Insurance and you get a letter in the mail saying now you’re with “Sunshine State Insurance”. Some crazy person decided it was a good idea to start an insurance company in Florida; they then bought a group of policies from Citizens to start their customer base. You’re now with an insurance company that has no history or proof of financial stability. You have no idea if they will have the financial backing to pay your hurricane claim. Research these companies! And if you don’t feel comfortable with them, get a new quote and considering changing companies.

4. Special discounts for building standards

Florida not only has unique building codes for building homes (that’s what you get when you live on sand as a foundation) but has special building codes that require the highest standards for storm protection. Insurance companies take this into consideration and can provide discounts for how roofs and windows are built and secured. Make sure that when you’re buying a home or looking at insurance, your inspector fills out a Wind Mitigation form that shows all the possible discounts you could get with your insurance. This will also give you an idea of what quality of home you have. Because if they care enough to make it last through a hurricane, that home should last generations.

5. Find a local agent with experience under their belt

If your eyes glazed over after reading that or were left with more questions than answers, it’s time to contact your local insurance agent. Find a Florida agent that has lived here at least a decade, because chances are, they’ve gone through a hurricane or two and will be able to navigate coverages and claims like it was their own. Blog Archive - Search Blog

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Insurance Hard Market

Tue, 26 Oct 2021 00:00:00 GMT

There are changes brewing for property insurance in Florida, especially coastal counties like Escambia, Santa Rosa, Okaloosa, Walton, and Bay Counties. For one thing, three of those counties have had direct impact from hurricanes in the past two seasons. Insurance companies are well aware of that and accounting for it. Their financial statements are trending in the wrong direction, which will likely have three effects- fewer insurance carrier choices, less coverage, and higher premiums. We call this a "Hard Market".

Fewer choices

Already this year, three of our top insurance companies have restricted who they will accept. For example, one insurance company used to accept a home with a 20 year old tile roof now only accepts 15 year old tile roofs. I asked an underwriter about this and he said that based on their data, a tile roof doesn’t perform any better in a hurricane than a shingle roof and will likely need a complete replacement. Since replacing a tile roof is typically more expensive than replacing a shingle roof, insurance companies are less likely to want them in the future or may charge more for them. Another insurance company will no longer accept anything built before 2010.

Minimum coverage amounts are another way insurance companies are limiting their applicants. Condos or homes with replacement cost under $250,000 have fewer choices than what we've had in the last few years. It seems like some insurance companies have done a cost-benefit analysis and decided on a minimum premium that some properties just will not qualify for.

Less Coverage

We have seen a few insurance companies restrict coverage on water damage especially. They are limiting the amount recoverable and the types of damage covered. Insurance is meant to cover damage that is "sudden and accidental". A leaky pipe or mold growth has become a very litigious item, which inflates claim amounts and may prompt insurance companies to limit the recoverable amount within an insurance policy (sometimes under a "sublimit").

Water damage isn't the only thing, insurance companies will start looking

Higher premiums

As reported by www.InsuranceJournal.com under their recent article titled '"Florida's Property Insurance Market Is 'Spiraling Towards Collapse' Due to Litigation" , there are some troubling cost trends developing in the Florida property insurance market .

The article summarizes the issue well, stating:

"Among its findings:

Litigation frequency and severity represents an additional expense load of 17% (and rising) on all earned premiums for insurers in Florida compared with other catastrophe-prone states. The fees paid to attorneys by Florida carriers far exceed the damages paid to the insureds. In 2019 alone, Florida insurers paid almost $3 billion in lawsuit costs that translated into higher premiums for insureds. Although the volume of claims after storms is a factor in costs, claims unrelated to catastrophes account for approximately 60% of all litigation. Florida consumers are paying a “hidden tax” to fund the litigation that averaged about $680 per family in 2020."

From <https://www.insurancejournal.com/news/southeast/2021/01/20/598034.htm>

It references analysis by Guy Fraker, an insurance consultant, which will be reviewed by the Florida Legislature. It is unclear what actions could be taken to help mitigate this trend but I am hopeful that at least we can eliminate some of the uncertainty around the insurance market right now. Insurance companies are risk averse and will charge extra for uncertainty

2021 has been one of the most difficult years in property insurance in recent memory. We are entering a Hard Market cycle where consumers have fewer choices, coverage restricts, and prices increase. This is probably a trend that will continue for a few years as the balance is restored. How that balance between risk and cost is restored, whether through private market action, litigation, or legislation, will determine how long we must endure this market and what it will cost. I'm optimistic that free market will eventually prevail and we will return to competitive rates, looser coverage, and more options. Blog Archive - Search Blog

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Motor Trucking Cargo Insurance Options

Mon, 18 Oct 2021 00:00:00 GMT

Most of the time you only see this coverage when you have a contract that requires it. But it can be a good idea to review this coverage when you first start trucking and anytime you have valuables on or in the trailer because you never know when it will come in handy.

Cargo covers the value of your load for damage while in transit. We've all seen the pictures of a truck on its side with the load scattered all over the freeway. Nobody wants that to happen to them. Insurance doesn't prevent accidents but it can ease the pain when they happen.

This type of coverage can sometimes be included on your commercial auto policy and sometimes it is written on a policy by itself (which we call "stand-alone"), depending on the insurance carrier and needs of the customer. Cargo insurance can apply to cargo owned by your or owned by someone else and can include modes of transportation other than trucks, such as air and rail.

Examples of Motor Cargo Coverage:

Motor Cargo

value of goods you own value of goods owned by others Refrigeration breakdown Goods still at a terminal

Truckmen's Legal Liability

Only when hauling goods of others Refrigeration breakdown terminal coverage

Annual Transportation

Value of goods you own, service, or sell While on owned vehicles While on vehicles owned by others, including rail and air

Trip Transit

For one-time use While on owned vehicles While on vehicles owned by others, including rail and air

If you have questions about any of these coverages or would like to get a quote, give us a call! dial 850-244-1574 and press extension 3 for trucking Blog Archive - Search Blog

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Behind the Curtain

Thu, 13 May 2021 22:00:00 GMT

Sometimes we prefer the man behind the curtain to stay there. We don’t care if the Wizard is really a munchkin as long as the lights stay on, the internet keeps working, and our paycheck arrives on time. More than ever, this ignorant mentality is dominating decision making and expectations in our world.

There are many wizards in our lives. Take for example electric cars, which are futuristic, amazingly quick, emission-free, and everybody wants one “because of the wonderful things it does”. While their carbon-heavy manufacturing process is kept behind the curtain, consumers happily thank the wizard as they zip along, not caring where or how the lithium was mined to produce the batteries or where those non-disposable batteries go when we are through with them. As content residents of The Emerald City, decisions are not made based on logic but rather on expectation.

There was a time not long ago when people understood what they were buying, or at least they wanted to. Maybe one could say times were simpler then, that a horse is easier to understand than a micro-chip. But the problem isn’t actual understanding, it is the fading desire to understand. We don’t want to know, preferring instead to trust but not verify. We raise our expectations instead of our standards, relying on social media and the internet which is driven not by information but by emotion.

The world has advanced so quickly that our goal to fully understand it is now miles away, over a canyon, in the back of a cave on the top of a mountain. By the time most of get there, we will only find the cold remains of a long extinguished fire. So we’ve given up and accepted things for as they are, content that we will never understand. In order to keep some control, we now allow expectations to govern decision making. It doesn’t matter where or how my phone was made, the screen better be crystal clear. Does my insurance company maintain strong financial discipline in maintaining its reserves? Doesn’t matter as long as my premium is low. What am I actually getting when I buy crypto currency? Who cares as long as it is worth more tomorrow.

If you don’t want to read your insurance policy at least get to know your insurance agent. Are they trustworthy? Can you rely on them to tell you what you need to hear, even if you don’t want to hear it? 2021 has been a hard year for insurance companies and getting harder. Now is the time that good relationship with your insurance agent pays off, when your policy is being nonrenewed after you have done nothing wrong, or when your rate is increasing 20% and you don’t know why. A good insurance agent can explain this to you and help you work through it. That is what we strive to do at Norton Insurance; to us it is not about the price you pay but the service you get.

We all need a Dorothy from time to time, someone to view things from a new perspective and lead us onward. Our area of the panhandle is blessed with the best of these who can help you discern the good from the bad and put you back on the yellowbrick road. But beware, there are plenty of winged monkeys lurking. Blog Archive - Search Blog

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Insurance company advertising

Fri, 08 Jan 2021 00:00:00 GMT

Insurance companies spend a lot on advertising. Probably too much. According to IAMagazine, in 2018 insurance companies spent 1-2% of their premium dollars advertising, or

$6.7 billion, … about 2.7% of all U.S. advertising spending, which is $240 billion. Overall, the advertising spend equates to about $20 per person in the U.S. or about $60 for the typical insurance-purchasing single person, couple or family.

You can probably name four or five different insurance company spokespersons off the top of your head right now, showing just how deep their advertising efforts have penetrated common knowledge. The top three in total spending should come as no surprise: Progressive, State Farm, and Geico; who together account for nearly half the total industry's spending, each topping $1billion in advertising for 2019.

Are you more likely to buy from the company who's commercials you like the best? OR are you just more likely to frequently shop your insurance based solely on price because you are constantly being told about other options?

The answer is probably somewhere in-between. It is important to note that not all advertising is meant to drive you to purchase something. A study from UCLA concluded,

"The ubiquity of the GEICO Gecko, Progressive’s Flo and Allstate’s Mayhem avatar did indeed pay off by increasing general brand awareness. But Tsai and Honka found that advertising had no impact on the brands consumers chose to get quotes from (“shopping”), nor in the final step of choosing which insurer to go with.

Informational ads that played up specific pricing and policy features accounted for 10 percent of ads. Non-informational ads that zeroed in on general brand awareness with a nod to entertainment/humor accounted for 30 percent of ads. The remaining 60 percent were a mix of informational and non-informational."

There is however an interesting trend developing with the top three spenders last year. All three (Progressive, State Farm, Geico) spent more on advertising in 2019 than they did in 2018 and all three had declining premium growth in 2019 compared to 2018.

Part of that is just scale, as a company grows in total size it takes more production to maintain steady % growth. I am not saying any of those companies are in any kind of distress, but the advertising war has bottom-line consequences.

So why does this matter to you?

It matter because you are paying those ads, it is built into the premium you pay every month. Inside each premium certain portions could be separated into operating expenses, selling and general expenses, underwriting expenses, agent commission, and profit among other things. A billion dollars is a lot of money that could have been spent elsewhere. It is awefully difficult for premiums to go down when expenses go up every year.

Not all insurance companies want to spend that much on advertising. They make the choice to use that money in different ways. Check out our blog from last year that talks a little more about how independent insurance agencies like ours fits in.

From <https://www.iamagazine.com/viewpoints/student-of-the-industry-insurance-ads-who-spends-what-and-why>

From <https://anderson-review.ucla.edu/insurance-advertising-honka/>

From <https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/ad-spending-at-state-farm-progressive-tops-1b-in-2019-geico-nearly-hits-2b-57549297> Blog Archive - Search Blog

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Is working remotely a good idea?

Mon, 30 Nov 2020 00:00:00 GMT

With more people working remotely, more employers will be asking themselves if centralized offices are needed ever again. It used to be a milestone accomplishment for a rising company to get their own office space, somewhere they could all collaborate and share in each other's struggles and triumphs. We are entering a new phase where ditching the office is now a milestone of progress and many temporary changes made during 2020 will be made permanent. Losing these interpersonal connections engendered within workplaces will profoundly change the average worker's attitude towards their employer and alter their company's relationship to them.

Perhaps this is a good thing. One effect is that people will be judged more on the merit of their work than on their skills in flattery. There is nothing more annoying and unfair than being passed over on a promotion or opportunity because you didn’t go out for drinks with the boss. Since managers will have less social connections with staffers, they will be more free to advance those with superior performance with less fear of how it will affect morale.

Another effect is that there is less small talk around the water cooler. This is both good and bad; it is good for the employer who is always pushing efficiency and it is bad for the worker who loses the personal connections that make mundane tasks tolerable. Sometimes the only reason people come to work is because their friends are there. Misery loves company after all. With mass migration to online work, morale changes from group-level to individual-level, making it easier for employers to hide mistakes or unpopular moves.

The biggest upside is that workers will have new freedoms to work when they want, how they want, and for who they want. The best people will have even more choices, so expect a wave of pandering by employers to entice better workers. However I view this as similar to online dating. At first it will feel like the employment options are limitless but the reality of managing a job with physical deprivation may become tiresome and peripheral, causing poorer performance, loneliness, and obsession. But if the success and pervasiveness of online dating is any indicator, online working is here to stay.

But an employer losing empathy, or even the façade of compassion, for its staff is the more worrisome side effect. The less time we spend with other people the less inclined we are to care when a coworker is treated unfairly or replaced by a computer. The reverberations of 2020 will bring both opportunity and peril for workers and business owners so start thinking ahead and be sure to anchor your boat deep enough to prevent being beached by the outgoing tide. Blog Archive - Search Blog

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How to Fail in Business

Mon, 12 Oct 2020 00:00:00 GMT

The SBA reports that 47% of the country's workforce are employed by small businesses, which may sound like a lot but it isn’t. Compared to many other nations, the United States is barely average in starting and maintaining small businesses.

In the US, only half of new businesses survive five years or more and only one-third survive more than ten years. It isn’t just small businesses either, on a larger scale only sixty Fortune 500 companies from 1955 are still around today.

So with these encouraging statistics in mind, here is the story of Mr. Fail, who joined the majority of small business owners who learned to screw it all up in five years or less.

Desperation is motivation

Mr. Fail has a college degree but he lost his job and has not been able to find a new one. So, like half of small business owners before him who also have a degree, he decides to open a business on his own.

When starting a new business, people often cite the desire for change, wanting to follow their passion, or just wanting to be their own boss. But Mr. Fail is a realist, he says what most are afraid to admit: he started his business out of desperation.

This is the model people in many developing nations take, there is no economic opportunity elsewhere so they begin selling things off the street. In a hut. The only difference is that in the US, these economically depressed people, like Mr. Fail, now sell in a digital tiki-hut on the corner of Facebook Avenue and Instagram Lane. Perusing social media nowadays is like walking the streets of Uganda in a suit made of dollar bills.

Don't open a restaurant, they are too successful

Mr. Fail first thought of opening a restaurant but had always heard from semi-reliable sources on social media that restaurants fail 90% of the time.

But in 2017, Forbes cited a study that showed "only 17% of restaurants close in the first year, not 90%. This is in fact a lower failure rate than other service providing businesses, where 19% fail in the first year. For comparison, they find that 21% of offices of real estate agents and brokers fail in the first year, and the number is 19% for both landscapers and automotive repair. The failure rate for full-service restaurants is the same as the failure rate for insurance agencies and brokerages."

Too bad Mr. Fail listened to his friends because instead of starting a restaurant, he decided to sell something frivolous.

Choose a trendy product

Fidget Spinners? Great idea! Pokemon-Go fan club? What could go wrong. Cronuts? Delicious. Mr. Fail had seen the success of these products and wanted in on the action.

Some people make huge amounts of money with short lived products because they have an exit strategy, they predict when consumer tastes have moved on and have a plan in place to liquidate. It’s not always products either, services and technology can quickly become outdated, making your investment worthless in a short time.

But Mr. Fail wasn’t worried about being a year late and decided to enter the market when these people (the ones who actually had an original idea) were exiting. By buying in at the peak of the market cycle he had nowhere to go but down and with no ideas of his own, the product was sure to quickly stale.

Do everything yourself

Mr. Fail decided he would do it all himself. He thought the quality of work would speak for itself so he didn't bother spending time to hire, train, and retain quality people. He also didn’t bother finding a partner or investor.

This was of course a mistake. According to smallbiztrends.com, "having two founders, rather than one, significantly increases your odds of success as you will:

Raise 30 percent more money, Have almost 3X the user growth, and be 19 percent less likely to scale prematurely.

Liquidity is for chumps

Like the majority of small businesses, Mr. Fail started with only a few thousand dollars to invest. He heard that only 40% of small business report making a profit so he didn’t worry as consecutive months of losses piled up. But he failed to account for those dry periods that every business faces.

82% of small businesses collapse due to cash flow problems and Mr. Fail was another inevitable victim. With no long-term plan to cover those slow months and liquid capital to fall back on, he found himself underwater and out of business.

Failing to understand his revenue stream and account for outside factors was a short-sighted approach, portended by the desperate genesis of his enterprise, which had no reasonable chance of success. There is of course no perfect formula for failure or success and we can’t be too hard on Mr. Fail after all, he never had a chance.

https://www.theatlantic.com/business/archive/2012/10/think-were-the-most-entrepreneurial-country-in-the-world-not-so-fast/263102/

https://www.lendingtree.com/business/small/failure-rate/#:~:text=According%20to%20data%20from%20the,failure%20rates%20are%20fairly%20consistent.

https://www.forbes.com/sites/modeledbehavior/2017/01/29/no-most-restaurants-dont-fail-in-the-first-year/#4daadb6e4fcc

https://www.sba.gov/sites/default/files/advocacy/2018-Small-Business-Profiles-US.pdf?fbclid=IwAR2mlIFIyWGX0RwJtDR6CDT21cpreCyXtS15N2XJgHNlJ7n8SVYKBcxfd7U

https://smallbiztrends.com/2019/03/startup-statistics-small-business.html

https://www.businessinsider.com/top-9-countries-with-the-largest-amount-of-entrepreneurs-2015-6#3-brazil--138-are-entrepreneurs-and-are-predominantly-single-person-vendors-almost-half-of-the-entrepreneurs-are-women-7

Blog Archive - Search Blog

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Characteristics of Successful Businesses

Thu, 08 Oct 2020 22:00:00 GMT

Only half of new businesses survive five years or more and only one-third survive more than ten years. Why do so many people choose to work for small businesses? It could be because small businesses attract workers who want to be more creative, want more freedom with less oversight, or are looking for opportunities for quick advancement and on the job training.

With so many people involved in inherently transient employment, here are some questions to ask yourself that may help you better run a more successful business.

The first question to ask is what kind of success are you looking for? Some businesses are designed to be trendy or seasonal. Fidget spinners made a lot of money that one July but I would hate to be the guy still trying to sell a truckload of those. Ask yourself, is your business based on a trend or is it based on a sustainable need? If you are targeting short term profit, how quickly could you liquidate and realize those gains? The tourism industry around the coast is fickle, flighty, and subject to pressures completely outside your control so consider having an exit strategy.

If your business is non-seasonal, are you prepared for those slow months or (heaven forbid) another government mandated shutdown? Successful businesses know their market and are prepared for the high and low seasons as well as the unexpected barren seasons.

Some businesses are just dang lucky, in the right place at the right time with the right idea. If you want to be one of these businesses you need to continue having ideas and acting on them until one sticks.

Forward thinking

Few businesses are immune from obsolescence, to survive you need to think ahead. Blockbuster famously turned down an offer to buy Netflix in 2000 for a mere $50 million; it seems foolish twenty years later considering Netflix is worth over $200 billion and Blockbuster is rummaging in alleyway dumpsters for late fees, but at the time perhaps Blockbuster felt invincible.

What change in your industry could render your business untenable? Could a low cost competitor gain a market share and cut you out? Is there a better way to do what you do? If you think ahead you can anticipate these changes and implement them; if you don't, someone else will.

When you think ahead you are more likely to implement changes that improve your business, success is often driven by change and the constant drive for improvement.

How do customers find you? It used to be all you needed was a storefront on Mainstreet for customers to come in the door, but luring customers today is more like turkey hunting than pig farming. Successful long term businesses are built on quality products (or quality people if you don’t sell a product), which breeds customer loyalty, which results in return customers, referrals, and reputation. But a quality product alone isn't enough, you need quality marketing.

If you have a good product you cannot assume it will market itself, it still takes effort to sell them because the market is flooded with poor products that are better marketed then yours. There are numerous examples of superior products that lost out to lesser ones due to inflexibility, poor marketing, bad timing, or plain bad luck. What is your marketing strategy? Is it person-to-person relationships, banner ads, search engine optimization, social media, physical storefront, billboards, mailers, radio or tv commercials, cold calling, or franchise reliance?

Many successful businesses have excellent people in these roles: the COO and the CFO. The operations person runs the show, makes everything happen on the front end, is usually the one with ideas and boots on the ground. The financial person keeps things moving and handles all the back-end nitty-gritty things like compliance, insurance, and finances. Both roles are essential and often, especially in start ups and small businesses, the same person performs both roles. If you are doing both roles, how can you get to a point when you can hire your 'other half'? Honest and hard-working people in these leadership roles can turn a good business into a great one.

Having the right insurance in place when the wrong things happen can be the difference between survival and destruction. If you don't have a good relationship with an insurance agent or insurance advisor, make it a priority.

There are of course many paths to success and no flawless strategy, the correct one to use is whichever one works for you.

https://www.sba.gov/sites/default/files/advocacy/2018-Small-Business-Profiles-US.pdf?fbclid=IwAR2mlIFIyWGX0RwJtDR6CDT21cpreCyXtS15N2XJgHNlJ7n8SVYKBcxfd7U Blog Archive - Search Blog

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Why is my insurance going up? Part II

Wed, 09 Sep 2020 00:00:00 GMT

There is an underlying second cause for rates to increase this year, independent of Covid. It has to do with reinsurance, a topic foreign to most people but one that affects the prices we ALL pay for every kind of insurance. It has to do with Reinsurance.

To understand reinsurance, let me give you an example of how insurance works. Say you pay $1000 a year to insurance a $50,000 car with a $50,000 liability limit. The insurance company could at any time have to pay $100,000 for a total-loss claim. Since you only paid them $1000 in premium, they have to write 99 more policies just like it to pay your claim. But now with 100 policies, their risk is $10 million. You can see it becomes exponential, so how do insurance companies manage the risk and why should I care?

Continuing the example, after ten years of writing 100 policies and incredible luck, the insurance company would have $1million in the bank but still be $9million short in the catastrophic scenario where they would have to pay all 100 policyholders at the same time. It would take one hundred years of no losses to collect enough premium to pay all of their risk; instead of waiting insurance companies get reinsurance.

Reinsurance companies are like insurance companies FOR the insurance companies. They agree to insure that excess risk (the $9million) and charge a premium to cover it. Often there are more than one reinsurance company involved and their coverage creates a "tower", a visual to explain how one reinsurance company may take the first $3million, another company takes the next $2million, and so on until the full $9million is reached.

In a world where catastrophes don’t happen, these reinsurance towers may never get used. Diversification of policyholders and infrequency of claims would allow the insurance company to operate simply by using the 99 to pay for the 1.

But we don’t live in a catastrophe-free world and reinsurance companies have been absolutely hammered recently. The total amount paid for loss events in the US has steadily increased over the last 30 years *. The average insured losses per year over the last decade is more than double what it was during the 1990s and up 40% from the 2000s (which is surprising considering that decade included the World Trade Centers and the US's costliest single event ever, Hurricane Katrina).

Catastrophic losses have been relatively modest and for context averaged around $17 billion per year for the four years prior to 2017; the second longest stretch of the last thirty years. The hurricane season of 2017 cost insurance companies over $100 billion, then another $50 billion in 2018 for Hurricane Florence, Michael and the California wildfires (which are quickly becoming as costly as hurricanes).

And it is important to remember that a lot of insurance companies and reinsurance companies are global. For a little context, this was recently written in the Insurance Journal, "Swiss Re suffered higher-than-expected natural catastrophe losses, notably from Dorian, Faxai, Hagibis, and the Australian bushfires, said S&P. In addition, the company saw prior-year adverse reserve developments related to Typhoon Jebi and the U.S. casualty lines, which hit both its reinsurance business and its primary unit, Corporate Solutions."**

The top two reinsurance companies over the last decade have been Munich Re and Swiss Re, which together control about 30% of the entire reinsurance market. This makes them highly influential in pricing for practically ALL lines of insurance. These two companies along with the reinsurance industry as a whole had back-to-back severe losses in 2017 and 2018, then two things happened in 2019.

First, many if not all of these companies raised rates in 2019 to make up for their losses. Second, Swiss Re decided to severely limit it's US market, which reduced supply and further drove up prices by forcing insurance companies to go elsewhere to "complete their tower" or limit their own capacities. This affects us in the coastal market because capacities have been limited or reached more quickly than usual, especially in commercial property insurance, which means the better priced options are no longer on the shelves.

This would typically be the end of the story, they would raise rates a little to make up their losses and then we all move on business as usual. Most of these companies are also heavy investors, so with a strong stock market (not only the NYSE but also the London and Tokyo markets) they may not need to raise rates at all. Their global scale spreads the risk thin so no one event can do too much damage to their financials and as a result, not too much damage to the price you pay for home insurance in little Santa Rosa Beach Florida.

This is what makes the pandemic so unique, it is a worst case scenario, a fully global event that could mean paying all policyholders at once.

2020 is different for many reasons, obvious to anyone who has lived through it. Elana Ashanti Jefferson recently wrote "P&C insurance is poised to lose between $15 billion and $30 billion due to pandemic-related claims… Lloyd's of London says that figure could be as high as $203 billion." *** As I mentioned in my previous article, just the chance of paying that much is enough to provoke insurance executives to raise rates in preparation.

On the low end, adding $15 billion to a standard year would be enough to cause concern, especially since insurance companies are still reeling from the largest single-year loss in history (2017) . But take into account the possibility of Covid related claims being the largest ever paid for a single year, more than 5 times the decade's yearly average and double 2017's number, and you can see why reinsurance companies have sounded the alarm.

There are several cases going through the courts now related to Business Interruption coverage that will tell how big the insured losses may be. So far it looks to be trending in favor of the insurance companies, many of which have specific wording in their policies related to infectious diseases. But the companies who don't have that wording have reason to be alarmed and the reinsurance companies that cover them may start jumping ship. As it continues through judicial rulings I expect rates to continue to rise until some finality can be estimated for its related losses.

* https://www.iii.org/fact-statistic/facts-statistics-us-catastrophes

** https://www.insurancejournal.com/news/international/2020/02/21/559014.htm

*** https://www.propertycasualty360.com/2020/07/06/industry-giants-2019s-top-100-insurance-companies/

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Why is my insurance going up?

Fri, 28 Aug 2020 00:00:00 GMT

You did everything right. You were careful on the road, trained your staff to avoid workplace injuries all year, and didn't offend anyone for a full week. It wasn't easy but the dream of seeing a smaller number on that insurance renewal kept you motivated. So why the heck is my insurance bill higher than last year!

There is no easy answer to this but I wanted to lay out some factors you may not have thought of that cause your insurance to go up.

#1 - It's not all about you

Insurance companies are bigger than they used to be. The top insurance companies are now global behemoths with thousands of employees and do business in dozens of countries. That means a tsunami in the Philippines or a volcano eruption in Iceland can affect the price of your car insurance in little Destin Florida.

For example, the California wildfires last year caused insurance companies to pay more than $11 billion in claims. The insurance companies could try and recoup that money directly from the people in California by charging an extra $1000 for every household in the entire state, whether they owned a home or not. Instead of doing something wildly unpopular, they spread the cost out over all of their policyholders in all 50 states and maybe all over the continent. You may not think that is fair until your house is the one that burns down and it's rebuilt using money paid by other policyholders.

#2 - It is about you

Your personal credit score is often a factor. Your age is a factor. Your zip code, road rage, medical history, experience, and education may all affect the price. The way data is passed around these days, your preferred toothpaste could one day be a factor. Insurance companies are always looking for more data to better predict the risk YOU pose so they can price your insurance relative to the average. Actuaries focus their entire careers analyzing data, identifying trends, and forecasting statistical probabilities on which insurance prices are made. You think your job is boring, just read that sentence again.

When you get a DUI, your auto insurance goes up a LOT and much of the time it comes as no surprise. When people move from Milwaukee to Rosemary Beach, their home insurance is going to be a lot higher because hurricanes don’t often hit Wisconsin.

#3 - Nobody did anything

Insurance prices are partially based on what the insurance company predicts will happen in the future. The odds of getting it exactly right are about as good as finding kangaroos in Alaska but they put a little "uncertainty factor" into their prices. Believe it or not, insurance companies are not highly profitable in the long term. A few years may pass without a storm but eventually disaster strikes and all that money you paid them over the years is back in your pocket, plus some.

A change in underwriting philosophy within the insurance company may cause them to treat certain risk groups differently, possibly raising rates for some while lowering them for others. Underwriters are people and some are more cautious than others.

#4 - Government action

This kind of change is not usually sudden but it could quickly cause substantial changes in premium, usually in the wrong direction. Even talk about the posibility of government action can cause rates to increase in anticipation. An article by Seema Verma from the Centers for Medicare and Medicaid Services said of the change in health insurance as related to the Affordable Care Act, "…the law did nothing to control underlying costs. The very structure of the law which imposed billions of dollars in new, costly regulations also led to higher and higher insurance premiums." * It is not so much the regulation or law itself, but the new costs for insurance companies which gets passed on to policy holders.

Each state has minimum requirements for certain types of insurance, those minimums could change causing your price to increase. Sometimes a judge's ruling on an existing statute could fundamentally alter the amount of risk insurance companies face. This happened in 2016, when the cap on attorney's fees in workers comp cases was removed by the Supreme Court of Florida. ** This caused two years of rate increases for many workers compensation policies in anticipation of higher expenses. It turned out to be a bit of an overcorrection so rates have declined since then in some areas.

#5 - Inflation

Insurance companies have two major expenses- claims and underwriting; both tend to increase year over year. As internal expenses go up, they have two options- decrease underwriting expense (cut payroll, which hurts customer service, attracts lower quality talent, causes high quality customers to depart, and eventually leads to utter demise) or increase revenue (aka, how much you pay for insurance). It's not hard to see which option they prefer. I will go more into this complex issue in a later blog.

**Supreme Court tosses attorney-fee caps for workers compensation - politico. (n.d.). https://www.politico.com/states/florida/story/2016/04/supreme-court-tosses-attorney-fee-caps-for-workers-compensation-101176

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Back to School?

Thu, 09 Jul 2020 22:00:00 GMT

The Olympics have been held every four years since 1896 with three exceptions- World War I, World War II, and Covid-XIX. 2020 has been a year of great sacrifices; we have sacrificed sociality, entertainment, and business in order to fight off an invading foe. But what can we learn from former years of great depravations?

During World War II, Great Britain's mainland allies fell in rapid succession during 1939 and 1940, putting enormous pressure on them to capitulate to the Germans. English troops evacuated the continent at Dunkirk in June 1940 and didn't set another foot back in France until D-Day, 4 years later. During the four intervening years they were under near constant threat of invasion, new enemies and air raids. Hitler's plan for invasion relied of air superiority and submission, but he was never to obtain either.

Winston Churchill's famous "We Will Fight Them" speech reflected the resilience of his entire nation, who had already implemented Operation Pied Piper, an effort to relocate nearly one million children from cities and coastlines most at risk. Traveling by train and boat, children were sent to safer places, rural areas and across the seas to Canada, South Africa and Australia.

For 57 straight nights in 1940, bombs burst on the streets of London in a period known simply as The Blitz. Over 30,000 were killed (nearly 25% of those were children) and over 80,000 wounded, with millions of buildings damaged or destroyed. Some of the children casualties were from those who bravely volunteered during the raids as messengers or fire-watchers. By the time these children returned back home, some were speaking in different accents, some hadn't seen their parents in years, some were sent over the ocean and never came home, some no longer wanted to go home (I'm sure some of you parents are not surprised by that), and some went away and were still killed by the war.

One in five schools were damaged by bombings and two thousand were requisitioned for the war effort. Across the country they held class outside in large groups (last century's distance learning) if they could find a teacher, and read books if they were lucky enough to have some. In short, these kids were incredibly resilient, patient, and brave.

NPR reported in April 2020 that "4 in 10 U.S. teens say they haven't done online learning since schools closed" and only two thirds are keeping in regular touch with their schools. Somewhat like the Blitz, Florida was in lockdown for about 60 days as well. Our kids have been evacuated from their schools, though they didn't have to travel nearly as far. The effects on them have been warlike and in many cases their lives have been more disrupted than their parent's.

Even though the battle against Coronavirus is ongoing we must emerge from the rubble, clean up the streets, return to life, and face the fight head-on. It was valor that won the Great War and it will win this one. Our kids have been patient and I believe they will be brave if given the opportunity.

https://www.iwm.org.uk/history/how-childrens-lives-changed-during-the-second-world-war

https://www.npr.org/sections/coronavirus-live-updates/2020/04/08/829618124/4-in-10-u-s-teens-say-they-havent-done-online-learning-since-schools-closed Blog Archive - Search Blog

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Refinancing Home Insurance

Wed, 08 Jul 2020 00:00:00 GMT

Seizing the incredibly low interest rates have brought many homeowners to another question- what to do with our home insurance policy? Yes, you can shop that too if you are already in the mood for saving money. Getting a better price can come in many forms and not all of them are good. Here are some things to look for when switching home insurance companies.

#1 Check Your Inspection

You may have replaced your roof since you bought the home or installed hurricane shutters. If your bank is requiring an inspection, get a wind mitigation inspection too, which can sometimes just be added to the inspection report. It could end up saving you quite a bit of money, especially if it's an older home with updates. Some of the things they are looking for can have a huge impact on your premium:

Age and shape of the roof Quality of material used Opening protection

#2 Check Coverage Amounts

The last time you looked at this was probably way back when you bought the property and it may be far less than the current replacement cost. We are seeing a lot of properties in Santa Rosa Beach valued at $200-$300 per square foot and if you have had your house 10 years you may be closer to $100-$150 a square foot on your old insurance policy. There's no reason to be overinsured either, so talk to your agent to work on the current valuation. Things to look out for that may have changes since you first insured the house:

Installed a backup generator Installed solar panels Put in a pool Updated the kitchen or bathrooms Bought some valuable personal items (guns, jewelry, art, etc)

Another thing to look at is "Other Structures" or Coverage B. This coverage is for a detached garage or shed and can often be very incorrect on your policy, the default amount is 10% of the value of the house but we have seen Carriage houses often worth 25% or more.

#3 Check the Insurance Company

Just because it was the cheapest option five years ago doesn’t mean it is the cheapest one now. Most Florida home insurance companies don’t offer the same long-time customer discounts that you get with auto insurance so there is usually no harm in shopping it. Like interest rates, insurance prices are frequently changing and getting in at the right time can make a big difference.

On the other hand, a select few insurance companies DO have incentives for staying with them in the form of disappearing deductibles (one of these companies is Frontline, who we highly recommend). Hurricane deductibles are enormously expensive due to the high-risk nature of our area, so getting that cost down takes some time.

It's not always about the annual or monthly premium, it's part of a bigger picture. A major insurance claim on your home may be a once-in-a-lifetime event for you, but your insurance agent works with claims on a regular basis. We see how claims get paid and we see which customers end up saving money in the long run.

So at what point would it be worth it to take a cheaper insurance company? See our recent article here about the benefits of disappearing deductibles and how it saves you money in the long run. But you get what you pay for, cheaper insurance can often mean lower quality because coverage sacrifices are often required to get the price lower. See our article here for more about choosing the right insurance company.

Here are the reasons you would go with the cheaper insurance-

You don’t plan on living in the house long enough to see the benefit of the disappearing deductible. You are a weather god You prefer to insure worst-case-scenario risks and typically choose high-deductible plans anyway Your house is built really ridiculously well, like a bomb shelter

#4 Check Your Use

Insurance on these change all the time and insurance companies enter and exit this market like ants on an anthill. A big factor with these is the duration of the rental, is it rented with a 1 week minimum or is it nightly? There is no reason to pay for insurance if it isn't going to cover you so review what your insurance company allows for rentals.

I recently looked at one that was listed on the insurance policy as an owner-occupied primary dwelling but was actually a long-term rental; needless to say the insurance company would be more than happy to deny a potential claim based on that. Don’t let that happen, talk to your agent about making sure it is classified correctly.

You are not locked in to an insurance company once you purchase a house, you can change practically any time. An insurance agent can be a valuable asset and a strong relationship with one can help solve problems before they happen. Blog Archive - Search Blog

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Insurance Deductibles in Florida

Wed, 17 Jun 2020 00:00:00 GMT

A significant difference in property insurance in Florida, which includes home insurance, vacation properties, and commercial buildings, is dealing with different kinds of deductibles than you are used to. This often catches out of state property owners by surprise so here is a breakdown of some deductible types you may encounter when insuring your property in Florida.

All Other Perils deductible

This is the deducible you are used to seeing. It is often a flat amount for covered perils such as fire, lightning, etc. We usually see amounts in the $1000 to $2500 range for this. Regardless of the amount of the loss, this deductible stays the same. However, in Florida this deductible usually doesn’t apply to wind (or flood). There's a separate deductible for that and in comes in several forms.

Wind deductible

Wind related damages gets its own category here because it is such a frequent occurrence. Wind damage could be caused by something like a waterspout, tornado, straight-line wind, tropical storm, or hurricane. Wind-driven rain and hail damage is often put under this deductible as well. When this type of damage occurs, the wind deductible is triggered. It is often expressed as a percentage of the total value of the insured property amount.

The deductible is based on the total value of the property, not the amount of the damage done during a wind storm or the market value. Here's an example:

Wind Deductible Market Value Total Insured Value Damage during windstorm Your Cost

3% $1,000,000 $750,000 $500,000 $22,500

3% $500,000 $750,000 $100,000 $22,500

You can see the amount of damage doesn’t matter nor does the amount you paid for the house. Another thing that sticks out is just how much that deductible is, it's a lot so I'll talk more about that further down.

Sometimes there is a minimum deductible amount . This is more likely to be seen on a commercial property policy and usually only affects lower-value properties but it is something to watch out for.

It is possible to get a flat wind deductible instead of a percentage, but it increases premium so much on the front-end that it is often not worth it.

Named Storm deductible

Sometimes the wind deductible only applies if it is a named storm, meaning a Tropical Storm or Hurricane only. Policies with this wording treat tornados or straight line wind the same as fire or lightning, aka All Other Perils (see the next section). This reduces the chances you have to use that expensive wind deductible, which is usually a good thing!

Disappearing deductible

This is something we find very helpful, especially for higher value homes. It is a companion product to a homeowners policy that reduces your wind deductible over time, leading to zero over a few years. You may have noticed from the chart above just how much a hurricane deductible is. A lot of people get trapped into thinking the best way to save on insurance cost is to get the lowest premium possible but here's why that is a bad idea.

Since 1900, the longest stretch Florida has gone without a major hurricane (Cat 3 or higher) making landfall is 12 years, but the average time between them is 4 years 4 months. So, assuming a storm damages your property sometime in the next 10 years:

Option 1 Option 2

Hurricane Deductible Home Value $500,000 Home Value $500,000

Annual Premium $3,000 $2,000

Hurricane deductible paid $0 $15,000

Total cost over 5 years $15,000 $25,000

Total cost over 10 years $30,000 $35,000

This all depends on when the storm happens of course but it could easily take 15 years for option 2 to pay off. However the premium difference is often not as much as this example shows and we recommend this product as often as we can.

Contact your insurance agent if you have questions about these products and the deductibles on your policy. Hurricane season is here so now is the time to prepare, physically and financially. Given the way 2020 is going, I doubt the hurricane season will cut us any breaks.

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How coronavirus is going to change insurance forever

Wed, 20 May 2020 22:00:00 GMT

If the price is right, there is insurance for practically anything. In a recent story from USA Today, it was revealed that Wimbledon had pandemic insurance and will reportedly be paid $141 million due to their event being cancelled due to the virus outbreak. For 17 years they faithfully paid the insurance premium for the small chance their event could be cancelled, the same way many people pay insurance without ever having a claim. This is what insurance is designed for, the rare unforeseen, maybe even once-in-a-lifetime event.

The prevalent idea that you should only buy insurance because someone is making you will live on and live strong. We see it every day with home insurance and banks, car insurance and lenders, business insurance and landlords. But I hope people and businesses will take this opportunity to assess their real risks and make strategic insurance decisions instead of buying the cheapest thing they can find. It's that once-in-a-century event that is the difference in survival or downfall.

Here are some of my thoughts on how insurance will change forever

Insurance companies

In short, everything will change. The changes will not always be obvious or open, but I hope that change finds its way to you, the consumer, in positive ways.

Every insurance policy will be rewritten to account for Coronavirus. Every single one, from the one-day event policy to everyday business policies, to home and auto insurance policies. You may not see it but it will be buried in there somewhere, hidden under the roots and vines of legalese.

It is going to cost a lot to rewrite every policy, most of them are dozens of pages long. To compensate for this cost and to seize the momentum of remote-work capabilities, they will begin reducing overhead, reducing travel, and saving on expenses. Hopefully they will use this flexibility to improve the customer experience, such as improved online access, better payment options, and maybe even reduced premiums!

Some companies will likely take this too far and outsource jobs or lose their personal touch but there will always be those who put the consumer first. Other companies may go bankrupt while fighting virus related claims but new ones will take their place, hopefully ones better suited to handle the complexities of the future.

Auto Insurance

This year a few insurance companies have announced an unprecedented move: giving insurance premiums back to their customers. Progressive announced it will return around $1 billion of premium to its personal auto customers, MetLife and Auto Owners plan to refund 15% of monthly premiums for April and May, and other companies have made similar offerings. Essentially this is an expansion of programs already in place, Insurance companies regularly reward safe drivers by reducing premium and they reward zip codes and even whole states if their collective claims are good. But in this case, everyone everywhere has been a safe driver for the last two months, so way to go everyone!

As a result, it's possible insurance companies will feel more pressure in the future to respond with financial incentives. It is a highly regulated business, limited in what they can actually do, but I hope insurance companies find more opportunities to give back in the future. I suspect rates may even go down in 2021 because of the significantly lower claims data from 2020.

Home Insurance

More people will be permanently working from home from now on and we may see more startups seizing on economic shifts. That means they will have expensive work computers on the desk shared by kids and sippy cups. Home insurance doesn't always account for home based businesses so there will be some adjustments made to both business and personal insurance policies to compensate.

Accounting for the unknown effect of this workspace migration will probably lead to higher rates, at least in the short term. More people spending more time at home means more accidents happen at home, which leads to higher rates. People will probably also be looking for bigger homes, which leads to higher severity claims, which leads to higher rates. See where I'm going with this?

A question insurance companies have struggled to confirm is whether or not Covid related shutdown (such as the governor banning vacation rentals) triggers the Loss of Rents coverage for rental properties. A standard coverage now, Loss of Rents may end up as an optional add-on, meaning more people will go without it.

Life Insurance

Life insurance makes financial sense for both the buyer and seller as long as there isn't a pandemic. If too many people go at once it could bankrupt the system and that doesn’t benefit anybody but the lawyers. Life insurance companies are already asking applicants about Coronavirus and will surely start including questions related to it, require more testing, add language to the policy to better protect themselves, and start charging more to account for it.

Life insurance companies are very data driven, so they will review actual statistics regarding the mortality rate and preexisting conditions. The change in price will tell you a lot about their perspective of the future.

Business Insurance

Employees working from home causes various problems, such as cyber security with users accessing unprotected networks, workers comp injuries with no witnesses, or company owned equipment scattered all over the place.

Business Interruption has gotten a lot of attention but there are other things to consider now that businesses are looking to reopen. What if a customer catches the virus in my store, am I liable? What if an employee catches it and is hospitalized, is that considered workers comp? These fears may keep some businesses from feeling confident about reopening. Business Interruption, General Liability, and Workers Compensation will probably start seeing significant policy wording changes in the coming years. There are already lawsuits opening all across the county to define these issues.

Leases and contracts will probably have new provisions to account for business shut downs. This means new risks for insurance policies such as Lessors Risk, which will also have to be rewritten to adapt. Rewrites mean expenses, which get passed on to policyholders.

Insurance Agents

A lot of insurance agents are giving up on office locations and going completely online. This means they are accessible 24 hours a day and always on the prowl. There is still plenty of merit to having physical locations because the high-value nature of insurance is sometimes better discussed in person. Agencies that keep physical offices will get more high-tech and more competitive.

At Norton Insurance we are committed to moving ahead with optimism and are making improvements every day to help our customers get the insurance they need. The industry will change a lot over the next year but we will be here to help you through it.

This website does not make any representations that coverage does or does not exist for any particular claim or loss, or type of claim or loss, under any policy. Whether coverage exists or does not exist for any particular claim or loss under any policy depends on the facts and circumstances involved in the claim or loss and all applicable policy wording. Blog Archive - Search Blog

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Post COVID Predictions

Mon, 20 Apr 2020 00:00:00 GMT

For one summer my family lived in a barn. It was miserably hot and the sound of rain still brings the memory of summer rainstorms like artillery on that tin roof. But what I remember most was how my family came together and forged unbreakable bonds. It was the most terrible and terrific summer of my life. Years from now, how will we all remember the spring of 2020?

When we go through difficult changes in life we often pass through the five stages of grief and loss, which are: Denial, Anger, Bargaining, Depression, and Acceptance. The stages are an oversimplification of a complex human emotion but I'll bet looking at that list you are able to place yourself somewhere along the path.

Looking back, it's easy to see Denial, Anger, and Bargaining in your personal life and the nation as a whole in response to this crisis. Many are still trudging through the Depression mud pit but a large number of people have reached the other side, washed off, and moved on to the Acceptance stage. At this point the idea is to move on as best we can, but what does the road ahead look like? Which behavioral changes are permanent and which were only short term sacrifices?

For parents, this has been the hardest school year of your life. For their kids, this may well be their favorite. They miss playing basketball, seeing their friends, and eating something other than leftovers but they will likely never forget going on walks with their family, having family church, doing a puzzle on Sunday afternoons, and playing "the floor is lava" with their usually un-fun dad. The last time this many families spent this much time together was probably during the agrarian 19th century. Spend the time wisely because your kids may never forget it.

Decentralization

With the newfound acceptance of working remotely, we may see a population shift out of metropolitan areas out into rural areas and scenic areas. Why risk being quarantined in a tiny apartment with one window when you could be trapped on a hundred acres 20 miles from town? We have seen plenty of people isolating on the balcony of their vacation home rather than their homely home. Maybe we will see a boom in coastal real estate as a result. Perhaps working from home will mean become so widespread that no building higher than 10 stories will be built again. Seeing kids in the background of an interview could become commonplace, which usually makes for more entertaining interviews anyway.

I believe we will move ahead with cautious optimism, motivated by courage rather than fear. Surely after the influenza outbreak of 1918-1919 there were concerns of a second, third, fourth wave of the virus but the decade that followed was one of obstreperous expansion. Those people had lived through a world war and a life changing pandemic, both far worse than anything we have experienced, and their bounce-back has been glamorized ever since as a time of cultural, intellectual, and economic evolution fueled by a desire to cherish every moment because it could well be your last. Since the depth of our pandemic wasn’t quite so cavernous I suspect our rebound will be more modest but equally entertaining. Can we bring back bowler hats please?

An incredible respect for community has developed and I hope it leads to a bright future for small businesses. With international companies looking to domesticate jobs, a new price advantage could develop for small businesses who no longer have to compete with $1/hr international labor. Maybe drive-in theaters will make a comeback, maybe quality handcrafted food and textiles will return, maybe communities will regain that character they once had when there were walls and drawbridges separating them from the outside world. Hopefully we start making more intimate connections in smaller groups rather than the mass produced nonsense that has been shoveled on us for decades from entertainment avenues. I have seen more people walking in the last month than I have in 5 years and I hope people continue to reach out to their neighbors. Even large corporations have shown a remarkably depth of character in showing compassion, forgiving debts, granting clemency, and admitting faults. Several of the insurance companies we represent have offered to give back premiums paid during the last month; whoever thought an insurance company was capable of that uncoerced? I feel like a proud parent who's child shared his candy bar.

Hard times make for costly lessons and costly lessons, invested wisely, bring rich rewards. It may still be difficult and we have obstacles left to overcome but we can use this tipping point as motivation to make positive changes. How you and your family remember this time is entirely up to you. Blog Archive - Search Blog

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Auto Insurance rates going up

Wed, 08 Apr 2020 00:00:00 GMT

Auto insurance companies did something very unusual in 2020: they gave money BACK to their customers. It was an unprecedented action, as you can read here

https://progressive.mediaroom.com/2020-04-08-Progressive-provides-1-billion-to-customers

https://www.insurancejournal.com/news/national/2020/05/01/567180.htm

Auto Owners provided a 15% premium refund to personal auto policy holders while Progressive provided approximately $1billion to its drivers. As much as $10billion in refunds, discounts, dividends and credits were offered by more than 30 insurance companies. With nobody on the road, it made sense and was certainly worth the good PR it generated.

With things on the road back going back to normal, insurance companies are making their usual adjustments to premium. And considering how things have gone so far in 2021, it should be no surprise that many insurance companies are raising auto insurance rates.

Progressive did however offer a reasonable explaination in their latest bulletin to its Independent Insurance Agents:

Multiple factors are causing costs to increase:

Driving behavior is back to near pre-pandemic levels, and many Floridians are back at work Vacationers are flocking to Florida A decision by the 3rd District Court of Appeals increased PIP fee schedule payments Used car and parts prices are at an all-time high due to semiconductor shortage Fewer new cars on the road

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Don't Panic

Sun, 22 Mar 2020 23:00:00 GMT

If I was on a boat during a terrible storm I would look to the experienced sailors, the ones with eye-patches, gnarly beards, and skin so thick sunburns bounce off. When they freak out, I'll start freaking out. In the case of COVID-19, I looked to my grandmother. Ruth Norton lived on a farm during the Great Depression, lost family members to the Great War, and has survived numerous calamities during her 91 years of life. She is entering her 10th decade and when we last spoke before the Great Pandemic, she said "everybody needs to just calm down. It will be over before you know it."

It is hard to look at it that way while the storm is still raging but many who have lived with danger have a unique perspective of the world. Think of someone you know who has been through a lot. A person like that can be a reliable anchor in a storm, someone we can tether to for safety. Your anchor doesn’t have to be a person, it could be a system you have faith in, a building built really well, or just having 100% battery on your cell phone. Who or what is your tether in our current crisis? I encourage you to find one and hold on tight!

Ruth has been a part of our family business for much of the last 50 years. She offers wonderful perspective on how to handle all kinds of situations, ranging from personnel questions to strategy and technology. She always manages to simplify things and make the answer seem obvious. I'm not saying she is always right but I appreciate her perspective. It takes a long term perspective and ongoing commitment to plan for something like a pandemic.

Fortunes will be won and lost in the next several months, made on the high-seas of economic turmoil. Luckily, many businesses in our area are run by experienced sailors who have been through a storm or two. This storm will be a hurricane unlike any other, but here are some thoughts from a business who has been through more than 20 hurricanes:

Don’t give up, we will recover and bounce back

The best way to recover is to support each other and work together

There will be things that don’t go according to plan

Build it stronger the second time

Start early, think ahead, and don’t look back

Set your compass to "Don't Panic" and move forward. We are available by phone, email, and online if you need anything! Blog Archive - Search Blog

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What Is An Insurance Agent?

Mon, 24 Feb 2020 00:00:00 GMT

That question is a lot like asking "what is a bird"? There are 10,000 species of birds, they all share some defining characteristics that makes them a 'bird' but all are uniquely adapted for their particular environment. Big wingspan and small wingspan, high-flyers and flightless, dull and exotic, the varieties seem endless. The one that is right for you may drive your neighbor crazy, but sometimes that's why you love em. Insurance agents are like that and I'll tell you why.

Captive vs Independent

Captive insurance agents are like birds bred in captivity, everything about their conception is controlled and planned. It's like a franchise, you walk into a McDonalds and you know what you are going to get. The same is true for name-brand insurance agencies, the menu is controlled by the parent company and you probably won't find much variety from one office to another.

Marketing, claims, and technology are mass produced fed to the happy captives, who live in safety behind the walls of corporate protection. Aviaries have nets to keep the birds in or the predators out, depending on your perspective. I don’t know about birds, but some people love that safety net around them. It's the same reason people think inside the box, because it's safe in there. If you are looking for a standard, uncomplicated product, captive may be the way to go.

Independent insurance agents live in the wild, mingling with the predators. Unlike McDonalds, independent insurance agents craft unique menus to suit their local clientele. Some people like escargot, but you wont find that on a drive through menu. Independent insurance agents have the tools to fly above the dangers of living at ground level and possibly relocate if conditions no long suit them. If you are looking for something as flexible and unique as you are, independent may be the way to go.

There are a lot of insurance companies

There are nearly 6,000 insurance companies in the United States, if I asked you to name more than 5, do you think you could? A captive insurance agent works with one of these companies. Independent agents are free to work with as many insurance companies as they like, allowing specialization in certain industries and carving out niche markets for things like high-value home insurance or coastal property. I don’t care for escargot, but as we say on the independent side, "there's a market for that."

2.7 million people work in the insurance industry, which brings in more than $1.2 trillion in premium each year (that's not even including health insurance, don't get me started on health insurance). That's more than the defense budget of the United States and about twice the number of active service members in all branches of the military. So it's a big industry to say the least, maybe bigger than you realized.

There are a lot of good insurance companies you've never heard of. Independent insurance agents know the industry a lot better and can help find the company and policy that is right for you.

What is an insurance agent?

A good insurance agent will get exactly what you ask for as quickly and affordably as possible. But what you ask for isn't always the best thing for you and sometimes it's not the right thing at all. Ask yourself, do you know enough about insurance to know exactly what you need?

A better insurance agent will listen to what you ask for and recommend what you need instead. You may ask to insure a house as a primary residence when really it should be insured as a rental property or you may ask for "full coverage" auto insurance when you meant you want towing, comp and collision, or something else entirely.

The best insurance agent will listen, recommend, and continually advise as your situation changes. The best insurance agent will ask questions about things you didn't think of, get to know you so they can advise to fill gaps in coverage you didn't know existed, and recommend products not only based on price but also the quality of claims paid, ease of doing business, technology, add-on benefits, corporate governance, and long-term forecasts.

Choose what is right for you and don't be afraid to ask around. Captive agents, like the ones you see advertised on TV, can be a great option but it's not right for everyone. Independent agents can be quirky with weird plumage but find one that works for you and it could be a great relationship.

At Norton Insurance we strive to the best kind of agent. We represent over 50 insurance companies and are constantly looking to provide the best products and prices to our customers. Give us a call and we will show you our best feathers! Blog Archive - Search Blog

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7 things NOT covered by Home Insurance

Mon, 10 Feb 2020 00:00:00 GMT

The attitude towards this question depends a lot on when you are asking. If you are flippantly asking in the discovery period BEFORE buying a home, the answer will enlighten you but not probably not dissuade you from buying the property. But if you are asking AFTER a claim has been denied, the answer won't feel so frivolous and you are probably looking for something to smash.

I don’t want to be smashed so here are some things to be aware of that are typically NOT covered by a standard homeowners, condo, or commercial property policy. It is possible your policy DOES include some of these but not everyone needs or wants these so they are commonly exluded. Luckily these coverages are often available under separate stand-alone policies or possibly even business insurance policies.

Certain types of water damage are usually covered under a standard homeowners policy but Flood is not. The insurance definition of Flood includes rising water and overflow of a body of water. The source is outside of the home, usually from weather related events, as opposed to something like a pipe bursting or hot water heater leak, which originates inside the building. Read our recent article about flood insurance for more on this.

2. Sinkhole

This is more of a problem in Florida than in other places and could easily result in a total loss. This coverage can sometimes be added by request to the homeowners policy but lookout for the words "catastrophic ground collapse" on the list of exclusions. Home insurance policies also exclude "land" , aka the dirt that could become missing in a sinkhole.

3. Earthquake

Also look for the words "earth movement" when reading the exclusions. This one is very common and quite expensive to add back on, as a result most Floridians don't worry too much about this. Now tidal waves, those get people's attention.

Also called "fungus" or growth, limited amounts of coverage are often available for this upon request. It's a common issue in our damp climate so we try to include it as often as we can when quoting home and condo insurance.

5. Property of tenants

If you rent out your house or condo be sure to include the replacement cost of your furniture. If the tenants are going to bring in some of their own stuff, your policy is not meant to cover it. Renters policies are affordable and quick, something every landlord should require

6. Home Office

Data and data storage devices used in business are excluded, including paper records. The homeowners policy assumes the business insurance policy is responsible for that. If you own the business as well, be sure your business policy has this coverage (sometimes called a "floater" or Inland Marine policy).

This refers to two things, the value of the animal and also the liability arising from it. For example, if you lose Fluffy in a house fire the homeowners policy may replace Fluffy's fancy dog bed but won't pay to replace her with Fluffy II (not that anyone could ever replace Fluffy, Fluffy was perfect). Liability can depend on the breed of animal, like pit-bull or mountain lion; if it were to hurt someone it's possible the claim wouldn’t be covered.

Some of these are cheap and easily added to a quote but we all know once you buy the house and get the policy, you may not think about it again for years. We try to include the best reasonably priced options when quoting home, condo, and commercial property insurance but plenty of agents focus more on the overall price of the policy rather than the overall value

If it's been a while since you reviewed your insurance give us a call and we'd be happy to use our experience to help clarify things and work with you to remove some of these pesky exclusions! You don't have to know everything about your insurance policy, let us answer your questions. Quotes and conversations are always free! Blog Archive - Search Blog

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Do I Need Flood Insurance?

Tue, 07 Jan 2020 23:00:00 GMT

I definitely DON’T need flood insurance

If you live in a blimp, you probably don’t need flood insurance. You've got bigger problems. If you live in a condo above the 5th floor, you are probably not going to get flooded any time soon. An earthquake in 1958 in Alaska's Lituya Bay generated a wave 100 feet high and a random rouge wave 84 feet high was recorded off the coast of Norway in 1995. Basically, your property has to be really far off the ground or in a place it never rains before you are free from the worries of flooding. But there's a reason property in the Atacama Desert is so cheap; not only has no one heard of it, but it’s probably a sad place to live.

I PROBABLY don’t need it

There are plenty of properties that have a very low risk of flooding, but none of those properties are in Florida. The average elevation in Florida is 6 feet and no part of Florida is more than 80 miles from the coast. Hurricanes easily maintain their strength hundreds of miles inland and drop an average of 16 inches of rain. Hurricane Harvey dropped over FOUR FEET of rain 50 miles inland on an area that is 100 feet above sea level. If that kind of thing happened in Destin, it could rearrange the coastline and cause serious damage to even the most well prepared properties.

I probably DO need it

If you are asking yourself this question, you are probably already worried about flooding so you might as well get the coverage and quit worrying about it. There are a lot more options for flood insurance than there used to be, with non-government policies available in all flood zones, including the CBRS zone (sometimes called Cobra zone) which includes portions of Regatta Bay, Kelly Plantation, and Crystal Beach, along with other areas along the Gulf Coast shoreline.

Use this tool to check out your flood zone here: https://msc.fema.gov/portal/search.

I HAVE to have it

Your bank may require it if your property is in a flood zone. Two houses right next to each other may get different prices for flood insurance based on their individual characteristics. Prices range from a few hundred dollars to many thousands so be careful and know your insurance costs before committing. An Elevation Certificate is the form insurance companies use when determining flood insurance prices, you can find it on the FEMA website or through your insurance agent.

Do I need Flood Insurance?

A better question would be, what are my odds? It's all a number game, you could always take the risk and as long as nothing bad happens it seems to pay off. An insurance agent would tell you to get flood insurance because there is always a chance your property could be flooded. Just because your property is in an X zone or is a third floor condo unit doesn't mean you are immune from floods, it just means there is a smaller chance. An insurance policy wont reduce your chance of flooding but it may give you the weightless feeling of flying on a blimp.

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Growing Your Passive Income Stream with Rental Properties

Fri, 27 Dec 2019 00:00:00 GMT

GUEST ARTICLE

Growing Your Passive Income Stream with Rental Properties

Have you been dreaming about achieving financial independence?

Generating passive income is possible when you make wise investments. One of the common approaches is investing in rental properties. but while the process seems easy and straightforward, successful property investments can pose great challenges.

Market fluctuations, real estate management, and time demands surprise many beginner investors. But the people who are in it for the long run have the potential to generate a sizeable passive income stream.

In this article, we'll go over the main points you should keep in mind when growing your rental property business. Read on for these key takeaways of rental business management.

What generates a passive income stream?

Passive income has many definitions. In most cases, it describes earnings that you aren't actively generating. Having a day job is part of an active income. The profit you generate from working in your small business is active income as well.

Say, for example, you have three vacant rental units and you lease these properties out to tenants. The income derived from this activity is considered to be passive income.

You still have to pay taxes on this income. But it's a smart way to boost your cash flow and save money. It is always possible to further invest the gains into various investment opportunities.

Most definitions state that passive income doesn't include the following:

Investment income Portfolio Salaries

This may look confusing at first. Why aren't investments considered as passive income? That's because there is a third category: portfolio income. The portfolio income covers profit from capital gains, dividends, interest, and investments.

Passive income isn't a get-rich-quick scheme. A successful attempt to grow a passive income stream rests on a solid strategy, plenty of research, and an entrepreneurial mindset.

What are the best rental properties for investment?

There is no golden rule for picking the right properties. 'Best' is a relative term. There are considerable differences between regions, states, cities, and even neighborhoods.

You need to conduct a lot of research to understand your investment opportunities better. Here are some potential choices:

Properties with potential for commercial activity. Compared to residential properties, this type of real estate enables you to charge a higher rent amount. But commercial estate demands higher initial funds to make the purchase.

Properties for investors with a lower budget. When you are operating within a lower budget, low-income housing can be a good start for investments. The income may be smaller, but the numbers will add up in the long run.

Turnkey rental properties. These properties are a great choice for investors who are just starting out. Turnkey properties are rental units, such as offices or homes, that are ready for the tenants to move in. You won't have to deal with considerable improvements or repairs before putting the property on the market.

What are the risks of rental property investments?

The biggest risk is taking a gamble on the property. You should always understand the property, its surrounding neighborhood, and the economic climate. Without proper research, the risk of losing your money is significantly higher.

Some beginners are surprised when they see how much their rental property really costs in the long term. For example, it's essential to fully understand the pricing of turnkey properties. There could be hidden charges that aren't communicated to the clients before signing the agreement.

Negative cash flow is a serious financial loss. When you start losing money every month, the investment may start to seem like a bad deal. Professional property managers help you navigate the complicated map of successful real estate management.

There's another aspect that is executed without any issues by great property management companies. Finding the right tenants might positively affect your passive income in surprising ways.

The key here is efficient tenant screening. Experienced property managers have tried and true systems in place. Additionally, these methods avoid any discrimination charges under the Federal Housing Act (FHA).

The bottom line: growing your passive income with rental properties

Rental properties offer a great chance of investing your money. The generated profit creates a stream of passive income. You can use this passive income for further investments, a rainy day fund, or daily expenses.

Successful investing in rental properties calls for research, analysis, and effective decision-making. As with any other investment and business activity, there are risks involved. However, compared to stocks and similar investments, real estate offers a steadier and less risky income.

Written by Jason McGuire, of ReMax Infinity. He can be reached at remaxinfinitypm@gmail.com

Thanks Jason for your contribution to our blog!

The opinions and views expressed here are solely those of the author and do not represent those of Norco Holdings Inc, it's affiliates or subsidiaries. Blog Archive - Search Blog

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Why is coastal home insurance so expensive?

Mon, 18 Nov 2019 00:00:00 GMT

People are often surprised by how much home insurance costs when they move to Florida. Florida routinely has one of the highest average homeowners insurance premium in the county, nearly 70% above the national average according to the Insurance Information Institute (iii),. The others at the top of the list include Louisiana, Texas, Oklahoma, and Kansas. When you stop to think about it, it makes more sense than at first glance.

#1 Florida has some of the most nutural disasters

Nationwide, property damage (as opposed to liability) accounts for 95% of claims. This includes things like fire, lightning, wind, hail, and theft. The first thing you think about when you think of the top 5 states listed above, you think of hurricanes and tornadoes. After all, 80% of all hurricane landfalls hit TX, LA, and FL and 25% of all tornadoes hit TX, KS, and OK. Florida is #1 in hurricanes, #3 in tornadoes, and #1 in lightning.

Interestingly, wind and hail are not the most severe claims. That unfortunate distinction belongs to fire claims, whose average damage is more than 5 times the average wind claim. Fire often results in a total loss because it the fire doesn't ruin the house, the thousands of gallons of water poured on it from the fire department surely will. But fire claims are not common, in fact you are more likely to have twins.

Wind claims are however the most frequent claim, an easily discerned fact based on the wide scale of damage caused by tornados and hurricanes which boost the frequency numbers. Florida has been hit by the majority of hurricane landfalls over the last 75 years, twice as many as the next state, so it should come as no surprise that insurance companies account for that in their pricing. Being a few miles from the coast is still close enough to experience major damage.

#2 Lack of competition between insurance companies

One of the biggest problems Florida has is the lack of competition among insurance companies, which drives up the price. None of the top ten writer of homeowners insurance in the United States (by premium $) are significant players in the coastal Florida homeowners insurance market. 35 of 67 counties in Florida are coastal, so half of the state and the majority of its population are serviced by a smaller list of insurance companies, many of which specialize in high-risk areas around the world.

What am I supposed to do about it?

Where your home is and what it's made of make a big difference and give you an element of control in how much you'll pay for insurance. Check out a previous blog post about this topic to learn more about what to look for when choosing a home.

Norton Insurance has been around 40 years and have worked with hundred of insurance companies in that time. Many of them come and go but we are still here serving the coastal home buyer. Despite the obstacles, there are still plenty of options for home insurance in Florida and some excellent insurance companies. Feel free to contact us and we will happily answer your questions!

further references: https://www.iii.org/fact-statistic/facts-statistics-homeowners-and-renters-insurance Blog Archive - Search Blog

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5 Tips for getting the best home insurance rate in Florida

Tue, 22 Oct 2019 00:00:00 GMT

40% of the US population lives on the 10% of land closes to the coast, making it five times more crowded than the national population density average. After all the storms and dangers that come from living close to the water, you'd think we would have learned our lesson by now. Here are a few factors to consider when choosing where to live and how to get the best insurance quote on your home in Fort Walton, Destin, Santa Rosa Beach, or 30A.

This ties in closely with elevation but hey, it floods on mountains too. Did you know according to www.floodsmart.gov, 20% of NFIP flood claims come from homes NOT in a high risk area? This can happen due to flash flooding or microcosms such as a neighbor's house being higher than yours. The average flood claim, and therefore the average dollar amount of flood damage, was $42,580 in 2018. Know your zone but also your local risks, there isn't a lot you can do to prevent a flood claim once the house has been built. Most areas of the country dont worry about flooding at all, but with an average elevation of only 6 feet, Floridians should always be on the lookout.

Tip #1: X is the lowest risk zone and anything else is considered a flood zone that your lender may require a separate flood policy.

Distance to Coast

The dream of waking up to the serene sound of the ocean is what draws people here but while few actually get that benefit, the rest of us violently fight for open beachfront parking spaces. A lot of insurance companies have guidelines about how close your property can be to the coast. Being closer to the water doesn't always mean your insurance will be more expensive, it just means you have fewer options. If you are moving here from Georgia or Tennessee, odds are you will not have the same insurance company in Florida and have probably never even heard of it.

Tip #2: common insurance company thresholds are "under 2 miles" and "under 1000 feet" from the coast. It's a combination of distance to coast and the next topic, construction quality.

Construction Quality

Distance to coast isn't a big factor if the house is built really well. A lot of higher-end homes are being built with poured concrete exterior walls and impact glass rated for 150mph winds, or better. If they had windows like that in the 12th century, every castle in Europe would have them. A house like that will do well in any storm, so it will get the best rate regardless. Other homes are built of wood frame, which are usually the ones featured as heaps of wood and personal items when the news people arrive after a hurricane. Even several miles from the coast, these homes get poorer rates.

Tip #3: wind mitigation credits can save many thousands, so ask your insurance agent about it

Many Florida insurance companies consider homes older than 30 to be "old". If a home is older than they like, they look at recent improvements in 4 areas:

HVAC Electrical Plumbing Roof

Tip #4: Updates in the last 20 years will give you the most insurance quote options. Aluminum wiring usually has to be replaced, along with fuse boxes and certain kinds of plumbing.

The mighty Britton Hill is the highest point in Florida, standing at a towering 345 feet above sea level in Walton County. It's about a one hour drive north from Seaside, less than a half-mile from the Alabama border. No tidal surge would likely reach that elevation but hurricane winds could easily carry that far inland, Hurricane Michael was still a Cat 1 when it crossed into Georgia.

If you are afraid of heights, Florida has 1,350 miles of coastline at sea level. 58 of those miles are from Okaloosa Island to St Andrews State Park in Panama City Beach. In that stretch of sand, less than 15 miles of beach front property is NOT in a flood zone, mostly between Seaside and Inlet Beach. In a global context, a difference of 10 feet can seem insignificant, but along the coast it can the difference between losing everything and losing nothing.

Tip #5: as a reference point, Hwy 98 is built along some of the highest land in the area

Plenty goes into the price you pay for homeowners insurance and much of it is outside your control. Prices often go up because of large-scale damage hundreds or thousands of miles from where you live. One thing you can control is what insurance agent you want to use and the insurance company that protects your home. Cheapest isn't always best, so find an agent you can rely on and ask questions to. We hope you will choose Norton Insurance!

5 Tips for getting the best home insurance rate in Florida

X is the lowest risk zone and anything else is considered a flood zone that your lender may require a separate flood policy. Common insurance company thresholds are "under 2 miles" and "under 1000 feet" from the coast. It's a combination of distance to coast and the next topic, construction quality. Wind mitigation credits can save many thousands, so ask your insurance agent about it Updates in the last 20 years will give you the most insurance quote options. Aluminum wiring usually has to be replaced, along with fuse boxes and certain kinds of plumbing. Use Hwy 98 as a reference point. It is built along some of the highest land in the area

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Workers Comp just got easier!

Wed, 14 Aug 2019 22:00:00 GMT

It can seem scary stepping into the world of workers compensation but you need not fear! It seems like most laws add complication to our lives and businesses but a recently passed law allows a change to workers compensation applications that actually makes the process much easier for you. Here is what you should know.

There is a long and speckled past with laws involving injured workers, with support for both the company's and individual's rights dating back nearly 100 years. In reality though, that conflict has probably existed in every generation. I'm not going to go into that, but it has resulted in the system we have now so that's what we have to deal with.

Workers compensation insurance policies follow the local laws of the states in which they apply. Private insurance companies offer this type of insurance in all but 4 states, who have their own monopolistic programs through state-run companies instead. There is little variation in the wording of these policies across insurance companies but there can be territorial restrictions so be sure to tell your agent if you plan on traveling out of the state for work. If you have even a single employee, it's probably a good idea to have this insurance.

Effective July 1, Florida made an improvement this year in the law that removes the notarized signature requirement on the application for workers compensation insurance. This is a big win for you and an extra level of trust in your insurance agent. It means applications can be signed electronically and you don’t have to physically come into the office to complete it. I'm in favor of anything that makes your life easier and give you time to grow your own business.

The advantage of a local insurance agent is you CAN walk into the office if you still want to, and with something as important as work comp I would still recommend meeting face-to-face with an insurance agent. That's why we opened an office in Destin after all and I went through all the trouble of becoming a notary myself.

I hope the change doesn't make insurance agents or business owners more cavalier in writing workers compensation policies because it is still a very serious coverage with strict compliance penalties. Norton Insurance remains committed to setting up these policies to properly cover your business and has over 30 years experience in business insurance. If you would like to learn more about workers comp for your business, whether you are a new business or a seasoned work comp pro, give us a call to see if there is a better insurance package we can offer. We would love to work with you! Blog Archive - Search Blog

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3 Tips for the small business to adapt

Wed, 14 Aug 2019 00:00:00 GMT

Every industry has felt a change in the last few years and doing business certainly isn't what it used to be, but that doesn't mean it is a bad time to start a business. I would argue there has never been a better time to try your hand at the game. Unlike years ago, today you are probably expected to be available 24/7, immediately know the answer to every questions, and have a fabulous Facebook page. Have you been able to keep up with the changes?

We all know the story of failed retail giants like Sears and Blockbuster, forcing retail stores to adapt or suffer the same consequences. Interestingly, there seems to be a resurgence of local mom-and-pop type stores, who cater to those who enjoy shopping local and getting a personalized experience. Being near the beach certainly helps, shopping is a recreational activity around here and interacting with the locals is just part of the experience tourists are looking for. Retail sets an easy example for us to follow and issues a warning to other industries: adapt or die.

How can you take advantage of changes in your industry?

1. Get your business online

People enjoy working with someone that is available and local. Large chains even see the importance of a local presence but the trick is getting people to find you in the weeds of search . Contractors can often turn one job into another and through referrals stay busy continuously. Our family business, Norton Insurance, is lucky to have been around a long time and benefits from referrals but new businesses need to create an online presence that makes it LOOK like they've been around a day or two and know what they are doing. There is nothing wrong with that, assuming they do actually know what they are doing, but that can be a tough road. It may be worth enlisting help in creating your website and improving your web presence.

2. Play to your strengths and find a niche

With few exceptions, your business doesn’t have the luxury of being the "only one in town" anymore. Wisdom and experience can't be bought or bypassed so if you have them, emphasize it! Price remains king and it is certainly annoying when someone will choose another company to do business with over a few dollars but it may surprise you how many people care about quality and are willing to pay extra for it. Sticking to your strengths ensures a good quality product, helping you build a distinct reputation. Over the years our business has shifted as insurance products changed, focusing on things we know we do well and referring to others the things we can't.

3. Don’t give up

Quality businesses have a way of sticking around, cutting corners may save time and money but a stool with a gimpy leg will eventually fail or no longer be worth the pain it causes. Your competitor on the street corner selling his "secret formula" will probably be selling something else next year. You may not feel like your investment in skilled labor or insurance is paying off but I can promise that in the long run it will have been worth it. Insurance is designed to keep you in business when the Big One comes, whether that be a physical or legal storm.

Stability is difficult to achieve in a turbulent business environment. Staying successful is more about being willing to change when the time is right rather than change for the sake of change. Competition will come and go, tastes will change, and innovations will certainly alter the way we do business in the future. Insurance should be part of your long-term stability planning and as you keep adapting, you may soon be the one on the cutting edge that others are scrambling to emulate.

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Bad Renters

Wed, 31 Jul 2019 22:00:00 GMT

It's no secret our economy relies heavily on the hospitality industry but there are plenty of secrets Property Managers (PMs for short) keep. It's for your own good, you really don’t want to know they cleaned suntan lotion out of the microwave yesterday or that they scooped live crawfish out of the pool with their bare hands. They quietly keep the gears of our town greased, so to honor them here are some of their stories you never hear and maybe you or your guests will cut them a little slack this year.

"Nobody knows how the TV works. Most people know how to work a remote but the temptation of a 24 hr service line is just too good to pass up, especially at midnight when they are drunk. I usually just wait patiently until they unlock that part of their brain and figure it out on their own. Vacation-brain also leads to misuse of things like washing machines, that they know perfectly well how to use at home but magically forget when they are washing bathing suits instead of bedsheets."

"One spring break some college kids checked out of a beach house. The cleaner kept saying it smelled like pee in the master bathroom. Well, I guess whoever stayed in that bedroom couldn't make it the additional two feet to the bathroom and peed in the dresser drawer. It soaked into the wood and we literally could not get the smell out.. It smelled horrible."

"They always bring more people than are allowed. It's a dead giveaway when '4 adults and 2 kids' go through 30 towels in two days and ask for more. When I came by to drop off more towels, I saw like 25 suitcases and 40 people in the house. They told me, 'oh they are just staying down the road'. Sure they are."

Like the mint on your pillow, here is some complimentary advice from local Property Managers on how make your stay a little more comfortable:

Don't book it for someone else. None of those teenagers staying in the house can pass for "Carol from Tennessee, married with 3 kids" when the PM shows up.

If it says no pets, really please don’t bring a pet. We always know when you do.

Check in and check out is at a certain time for a reason.

We can't control the weather.

If you broke it, we know it, you know it, so just tell us.

Don’t smoke pot, the Sheriff will gladly educate you on Florida's cannabis law

Some may call them local heroes, but we know them as the Property Manager next door. Thanks for all you do! Blog Archive - Search Blog

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Why Do Hard Things in Life?

Fri, 19 Jul 2019 00:00:00 GMT

“When you do hard things, you are training yourself to accomplish Great Things!”

Theodore Roosevelt was considered to be a very wise man. He was challenged by his father to dedicate himself to hard drudgery. He would later describe what he would call his strenuous life: ‘I wish to preach, not the doctrine of ignoble ease, but the doctrine of the strenuous life, the life of effort, of labor and strife; to preach the highest form of success which comes, not to the man who desires mere easy peace, but to the man who does not shrink from danger, from hardship, or from bitter toil, and who out of these wins the splendid ultimate triumph.‘

-Theodore Roosevelt

The hard things in life are oftentimes the very things we don’t want to do but know we should do. They are the little things that make a big difference in our daily lives. They are the things that require help from others so that we can accomplish things greater than ourselves. Marriage is hard because it requires for you to die to yourself and to give up your right to be right. Prosperity is hard because it requires you to put first things first with your finances. Following is hard because it requires you to follow and sometimes submit your way to another way that may not be as good as your way.

Leadership is hard because it requires that you lead yourself first. This is one of the hardest things you will ever do in life. Excellence is hard because it requires you to be your best. Romance is hard because it requires you to rise above mediocrity of mind and heart. Anything worth having is hard or everybody would have everything they wanted.

What’s hard for you, that may be eventually worth the effort?

by Bryan Wallis, Destin office Blog Archive - Search Blog

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How to Prepare for a Storm Like a Local

Mon, 01 Jul 2019 00:00:00 GMT

We've all seen the memes and heard the jokes about how a Florida local acts during hurricane season but the truth is that Florida has changed a lot since our last batch of hurricanes and I'm not sure those jokes are entirely true anymore. In a fifteen month period during 2004 and 2005, Florida was hit with five hurricanes Category 3 or higher and since we weren't completely destroyed we foolishly felt like we had somehow bested mother nature. Over the next eleven years hurricanes avoided Florida, opting for softer targets in less hurricane-ready states, and the population of Florida changed a lot. There are nearly 4 million new residents since 2005, meaning one in five current residents have never experienced a hurricane.

The last two years brought Irma and Michael, a wake-up call that revived those rusty gears of preparedness in the longtime locals that the unaccustomed new residents can learn from. Here are a few things locals are doing to be prepared for the next storm.

Remove trees

Sometimes the best way to reduce damage during a storm is to take preventative action. A lot of homes in Bay County would have avoided damage all together from Michael if not for trees falling on them. Pine trees grow about a foot a year and they come down with winds around 100 mph, which is produced by a typical Cat 2 storm. It may be time to get some removed from around your house or business. Locals know that not all trees are bad, here is an interesting article about trees that can withstand hurricanes.

Shutters and Generators

If you have them, know how to use them and where they go on the house. If you need them, know they come in many varieties and for all budgets. Homes with second story windows can be very difficult to attach shutters to, plan on putting them on early or know who you can call to assist. If you wait until the day before a storm comes, the person you call may be putting his own shutters on and unable to help. Start with the windward side and work your way around. Generators sometimes require special electrical or permanent gas connections, make sure you are set up correctly and maybe contact a professional like Ronco.

Pools, fences, and other structures

Many insurance policies now limit coverage for fences and pools to actual cash value or cap damages under a sublimit that is well below the replacement cost. Many commercial or Lloyds of London policies will exclude wind damage for fences and pools altogether. Some community associations have especially high value gates and fences; know that it can be difficult or expense to insure them properly, be aware what kind of coverage you have now so you can plan ahead. Also review the Coverage B on your insurance policy, which is Other Structures. This is especially important if you have a carriage house or detached garage and is often overlooked and undervalued.

Insurance value

Ultimately the amount you insure your home for largely comes down to your personal input. Your insurance agent can assist in valuing it using Replacement Cost Estimator (RCE) software but when was the last time you compared it to the actual replacement cost today? Material prices go up and labor get scarce after a catastrophic regionwide event, making the cost to replace your home or condo a lot higher than you may think. Some policies have built in inflation-guard wording, which increases the value of your home over time but if you don’t have that and it has been a while since you looked at it, maybe consider revising your insurable value.

Fuel and Cash

Locals know that 48 hours before a storm arrives, fuel starts to get scarce. Keep your vehicle as full as possible because if you need to leave on short notice you may not find an open gas station for 200 miles in any direction. Unleaded fuel only lasts a few months on the shelf so make sure you recycle it. If power lines go down, cash may be your only option to pay so have a few hundred dollars handy. On a larger note, make sure you have enough in the bank to cover your hurricane deductible, which can often be thousands of dollars. You may not have access to your insurance payment until the deductible gets paid so see how much your deductible is ahead of time.

You can't prepare for everything but preventative measures go a long way. To think like a local you need to think long-term, get a metal roof instead of replacing your shingles, get a permanently installed generator, keep a long term supply of food, buy a house that isn't in a flood zone, and if it comes to insurance questions don’t panic. At Norton Insurance, we've been here since 1982 and will be here for your next storm. Give us a call for a free quote or insurance review today! Blog Archive - Search Blog

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Hurricane Season is Here

Tue, 04 Jun 2019 00:00:00 GMT

The official start of hurricane season is June 1 and lasts through November 30 but for the fifth year in a row the season started early, with sub-tropical storm Andrea forming in the gulf in late May. It seems wrong to have the Disaster Spending Bill for the 2018 season sitting on the President's desk when the 2019 season has already started. It reminds me of those NFL players that hold off on signing their contracts until the first game has already been played, looking for leverage. In this case though, Mother Earth is a tough negotiator.

Every year the National Oceanic and Atmospheric Administration (NOAA) analyzes climate data and comes up with a prediction for the coming season. The headlines you may see from this year include "NOAA predicts a near-normal hurricane season" but that is a little misleading. They only gave it a 40% chance of being near-normal, meaning it is more likely not to be normal, for better or worse. The average number of hurricanes in a season is six and this year, with 70% confidence, NOAA safely predicts there being four to eight hurricanes.

NOAA predictions tend to be reliable. In 2005 for example, the busiest season on record with 15 hurricanes, NOAA gave it a 70% chance of being an above-normal season with a prediction of 7-9 hurricanes. In that year, six storms each caused more than $1 billion in damage. In 2015 for another example, they gave it a 70% chance of being below-normal season. In that year there were only 4 hurricanes and less than $1 billion total damage for the entire season.

This year three new NOAA satellites will see action and NOAA has upgraded its model for the first time in 40 years. It is a complicated model that takes into account sea temperatures, El Nino, and west African monsoons among countless other factors, so it comes as no surprise that they were cautious in replacing it. We all hope this investment in technology will allow earlier warnings and more accurate in-storm data.

The 2018 prediction was very similar to 2019's, with only a 5% decrease in the odds of an above-normal season. In that year there ended up being eight hurricanes and two of Category 3 or higher, both inside the range provided in the model. The number of storms matters little, the severity of those storms makes all the difference. Michael and Florence, the only two major storms of the 2018 season, accounted for nearly $50 billion in damage, or 98% of the total damage done during the season.

It is always wise to be prepared. An average hurricane season is like an average broken leg, some hurt worse than others but they are all painful. Make sure you have supplies of food and water for several days, a travel plan, double check your insurance policies, and maybe ask your agent for some time to go over everything. An insurance agent should do more than sell you insurance, they should be available to answer questions and offer feedback. Norton Insurance is committed to providing you the best service possible and to be here if a storm hits. Blog Archive - Search Blog

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Hurricane Michael upgraded to Category 5 at landfall

Thu, 18 Apr 2019 22:00:00 GMT

In the final report published today by the National Hurricane Center, Hurricane Michael was officially upgraded to a Category 5 hurricane.

This makes Hurricane Michael the FOURTH Cat 5 to make landfall in the continental United States. Since we started keeping hurricane data in 1851, there have been over 900 hurricanes, putting a Category 5 storm in the rare 99.5%. Here are the only other three since 1851:

Labor Day Hurricane (1935)- this storm skirted the gulf coast from the tip of Florida all the way to its landfall near Cedar Key. The tradition of naming storms didn’t start until 1950, so this storm was simply referred to as the Labor Day Hurricane since it hit over Labor Day weekend. Max winds around 185mph and lowest pressure ever recorded for landfall in a US hurricane of 892mbar. If this storm hit today it would certainly cause more damage than the $1.7 billion (adjusted for inflation) it caused at the time.

Hurricane Camille (1969)- Camille made landfall in mid-august on the Mississippi coast as the second lowest pressure storm. Officially the wind speed at landfall was 175mph but they say most of the measuring equipment didn’t survive and speeds could have been above 200mph. Moving rapidly, it brought a 24ft storm surge and caused 259 deaths with $9.8 billion (adjusted) in damage. It was originally forecasted to make a northeastward turn, just like Michael, but the turn never came. It's path would be shadowed by Hurricane Katrina 36 years later.

Hurricane Andrew (1992)- Andrew was the costliest storm to hit America until it was surpassed by Katrina 13 years later. It damaged or destroyed over 200,000 houses, killed 65 and caused $27 billion (adjusted) in damage throughout the southeast. It has the distinction of making landfall in two different states and being both an Atlantic and gulf hurricane. Many attribute the change in Florida's building code as a response to the damage caused in this storm.

Hurricane Michael (2018)- resulted in 16 deaths and about $25billion in damage. It was stronger than Andrew but winds fell a little short, making its wind speed the lowest of the Cat 5 Club at 160mph. It also hit the least populated area of the Cat 5s; the others wreaked havoc over multiple states, spawning tornados, flash floods, and property damage, while Michael tore through mostly agricultural land after hitting the coast. There are a lot of measurements in a storm, but many consider Michael the 3rd most intense storm to hit the continental US.

Yeah, th Cat 5 club is exclusive. Hopefully the trend of 20+ years between them holds true.

Read the full report here

https://www.nhc.noaa.gov/data/tcr/AL142018_Michael.pdf Blog Archive - Search Blog

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You know you're a Destin local if...

Fri, 12 Apr 2019 00:00:00 GMT

5 Ways to Know You Are a Destin Local...

You know the 4 seasons: Snowbird season, Pollen season, Tourist season, Hurricane season You would rather starve than go to a grocery store on Saturday Hair and makeup are planned according to percentage of humidity You think some roads should be for locals only Your evacuation plan includes two options: boat or car

It takes more than living local to be a local

Feeling like a local is more about the location of your heart than the location of your feet. Some people come to the sea shore after spending years away and fall right back into their place as if they never left. Like a school of fish, we know our own kind when we see one and welcome them back with open fins. Everyone who has ever fallen in love with our beach is a part of our ecosystem and remains that way even when they are away for a while.

My grandfather, Hugh Norton, started working here in the late 1970s, bringing with him many years of experience and knowledge. He opened a full-time independent insurance office in the upstairs of a building off Eglin Parkway in 1982, the busiest area around.

In those days before Hwy 98 the two lane beach road was the ONLY road, the mid bay bridge wouldn't be built for another 10 years, and you would be crazy to live so far from civilization. So hardly anyone did. We admire these people now for the groundwork they laid but they wouldn’t have wanted our praise, they would have wanted to be left alone.

Ten years later in 1992 Kelly Plantation was still just a plantation, Regatta Bay was just a bay, Rosemary Beach was nothing but flowers and stray gators, and Crab Island was visited mostly by vacationing crabs. We’ve come a long way since then.

Being a local means more than just coming here or even living here. It's about learning the history, feeling the story of the land under your feet, seeing the past and the path it puts us on for the future, and sharing a commitment to preserve the beauty that was here long before us and will remain long after.

Our independent insurance agency has witnessed a lot in the last 40 years, proudly insuring homes and businesses through 27 hurricanes. We have seen the very best in people during the worst that mother nature can throw at us and are proud to remain standing through it all.

From one local to another, let us help you make sure your home, auto, or business insurance needs are ready for the storms of life.

If you have any old photos or stories to share, feel free to drop us a line or stop by! Locations in Destin and Fort Walton Beach.

We would love to hear your thoughts on "You know you are a local when…" and we may use it in a future article! Visit our Facebook page, call us at 850-244-1574, or email our marketing rep. @ melissa@norton-insurance.com. Blog Archive - Search Blog

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When is the next recession?

Thu, 11 Apr 2019 00:00:00 GMT

I know this seems like an odd thing to bring up, things are good after all. Builders are busy, banks are bursting, and Wall Street is more like Wall Mega-Highway. But how long can it last?

These things are cyclical and years of prosperity are often followed by years of recession. The question is when does it tip from one to the other and are you prepared for it?

The first thing to disrupt a good economy are whispers of worry. We start looking for cracks and wonder how deep they go and making a bigger deal of them than we should. Shallow cracks aren't concerning, every investment carries an element of risk to it. Prophets of doom appear, declaring the roads unsafe and complaining to the city. Everyone else continues on with their lives.

A pothole appears. It could mean a single weak spot in the asphalt or it could mean the whole section of road is about to see a lot more of them. Instead of taking alternate routes to prevent more holes from developing, many just carry on the same path every day assuming tomorrow will take care of itself. Others maybe start taking action, planning alternate routes or maybe getting a 4 wheel drive vehicle that could better handle some bumps.

Obliviousness

After repeated use, one crack turns into many and eventually the road becomes so hazardous that accidents happen, traffic is delayed, and everything comes to a stand-still. People tend to choose the quickest, cheapest path, opting to patch the potholes as they come up instead of preemptively replacing the road. Of course, the road eventually reaches a breaking point but the signs were there for a while.

This breakdown point is the beinning of the recession. We should know better, we've been down this road before and not that long ago. The road closes for repairs and side roads get bogged down with the added traffic. As a result, people who never even saw the crack or the pothole are caught up in the effects. The longer it takes to replace the road, the longer the recession drags on and the longer road to recovery we should expect.

Eventually the road is replaced but by now people have relocated or their alternate routes have become their permanent route. It takes time for traffic to resume as usual. Hopefully this time the road is built better than the one it replaced, allowing a longer time before it too must be replaced in the future. If the road had been replaced before it became unusable, traffic may have been rerouted for a short time and quickly resume normalcy.

Everything has a lifespan, we should use something until it's useful lifespan is completed and have a plan in place to transition to the replacement before it tips to being unusable. We shouldn't wait until it's too late to plan for the future. When the time to act is come, the time to prepare is past. Use the good times to get prepared for the slow times.

Insurance prices have been relatively stable over the last few years, now is a great time to check on your fallback plan. Avoid your personal or your business's recession by planning ahead. Insurance is a tool to keep your feet on the ground and your business open when the potholes rise to the surface.

Have you considered Cyber Security insurance, Professional Liability, Errors & Omissions, Employment Practices Liability, Fidelity or Dishonesty bonds?

Now is the time to put up in store and prepare for tomorrow. Give us a call or stop by! Blog Archive - Search Blog

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Living like a local

Thu, 14 Mar 2019 23:00:00 GMT

It takes more than living local to be a local

For others it takes a little time to blend in and to learn the correct shoaling behaviors without feeling like an idiot. I don't know all the right people or have the best sandal-tan but I'm getting there. But the good thing is that on our beach there are no outsiders, no black sheep or ugly ducklings. Everyone who has ever fallen in love with our beach is a part of our ecosystem and remain that way even when they are away for a while.

My sisters feel like Destin natives even though they can only come a few weeks a year, you all know plenty of others that feel the same way. The beach beckons you and extracts the instinct in all of us to return to the sea, that's why it is so hard to leave. There is a reason 80% of people around the world live within 60 miles of a coast. It's a source of life, not only for the body but for the soul.

My grandfather hHugh Norton started working in the area in the late '70s, opening a full-time office in 1982 in the upstairs of a building off Eglin Parkway. He would have loved to open an office in Destin but there were no buildings with upstairs back then. There wasn't anything built higher than 12 feet unless it was on stilts. Fort Walton and Panama City were considered "town", Destin and Panama City Beach were the sticks, and Santa Rosa Beach was the absolute boonies.

In those days the two lane beach road was the ONLY road before Hwy 98, the mid bay bridge wouldn't be built for another 10 years, and you would be crazy to live that far from civilization. So hardly anyone did. People may have come to visit but only someone running away from something else came to stay. We admire these people now for the groundwork they laid but they wouldn’t have wanted our praise, they would have wanted to be left alone.

They were good at keeping secrets too because while other beach towns like Jacksonville saw population growth of 150% between 1960 and 1970, Tampa 120% between 1950-1960, and Panama City 122% between 1940-1950, the best Destin ever did was 37% growth between 1990-2000. Even Walton County (mostly Santa Rosa Beach) has been in the top 5 fastest growing counties in the country for the last few years.

Don't get me wrong, Destin has changed a lot since then, a LOT. Remember 2003? My car is that old, people wear shoes that old, its recent memory. Back in 2003, Alys Beach was a dream without a single structure or road. The closest schools to 30A were Panama City Beach and Destin. You could set up a chair on the beach and not see another umbrella. Nobody argued about where you were allowed to park.

Go back to 1994, the year Schindler's List won Best Picture, and you will see there was no back road from Destin Commons to Airport Road because there was no Destin Commons and nothing in between. Kelly Plantation was still just a plantation, Regatta Bay was just a bay, Rosemary Beach was nothing but flowers and stray gators.

Being a local means more than just coming here or even living here. It's about learning the history, feeling the story of the land under your feet, and complaining about the newcomers. It's what our forbearers would have wanted. But maybe we've all learned that being kind is a better way to go because a small community like ours means we rely on each other. We are easily outnumbered once the tourist season arrives so we need to stick together.

Our independent insurance agency has seen a lot in the last 40 years, proudly insured homes and businesses through the 20 Gulf hurricanes and 7 Atlantic hurricanes. We look forward to what new locals can bring for another 40 years on the Emerald Coast.

So how do you know when you've arrived and successfully joined the reef to become a local?

We would love to hear your thoughts on "You know you are a local when…" and we may use it in a future article! If you have any old photos or stories to share, feel free to drop us a line or stop by!

The image included with this article is the corner of Hwy 98 and 293 (mid-bay bridge) from the USGS circa 1994. Blog Archive - Search Blog

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Contractor's Bond in Panama City

Mon, 07 Jan 2019 00:00:00 GMT

I've had this question a few times during the hurricane recovery effort, what is this bond for the city of Panama City is requiring for me to do construction work for them? It's pretty simple and usually cheaper than you think. Here's some information that may save you the hassle of calling around and get you working instead.

First off, if you don’t know what kind of bond you need ask the person requiring it for a copy of the bond form they want. If they don’t have a specific form, see if you can at least get the name and description of the form. Call your bond agent next to see if they can help determine the correct form.

Bonds in this sense are not the kind of bonds you see used on Wall Street and they don’t prefer their martinis shaken. Bonds used in construction are guarantees. They can guarantee a huge variety of things, ranging from very specific to very broad.

Contractor's and Builder's Bond is the generic bond the City of Panama City is looking for to allow contractors to work on city projects or in city limits. The bond states that the contractor shall well and truly conform to the building regulations of the City, and building codes, and any other city ordinances. It also includes hold harmless wording in the City's favor (no surprise there).

Hopefully no contractor ever intends to do anything otherwise but the bond gives the city third party assurance that it will be so. The bond company signs their name along with the contractor's. The guarantee amount is $5,000 and the bond renews every year. Since it isn't tied to any specific project it's basically an admission ticket to work in the City and with premiums as low as $100 a year it's probably worth the trouble.

Specific bonds are usually tied to a contract that requires it. These often guarantee payments and performance of the contract. Prices for these vary based on experience but the obligation is usually clearly laid out in the project contract. Payment and Performance bonds for the city of Panama City will probably start coming up soon as they get funding to start repair projects on public facilities. Check the Bay County Bid Postings website listed below for updates on these projects and information on how to pursue them.

A lot of municipal work requires bonds, especially the bigger projects. So if you are interested in bidding some work, don’t let the bond requirement turn you away. Prequalifications are free and, depending on the size of the contract, may have same day turnaround. For more on these types of bonds and how to get one, check out this recent blog post for more.

Bay County Bid Postings Blog Archive - Search Blog

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Florida Workers Compensation 2019 Update

Mon, 31 Dec 2018 23:00:00 GMT

If there is such thing as good news with Florida workers comp insurance it is that we are expecting some rates to go down in 2019. After a large increase in 2017 rates are supposed to drop by around 13% starting January 1 2019.

The state has a governing body that controls the price of workers comp in Florida, the Office of Insurance Regulation. That means that even though there are many insurance companies willing to offer work comp coverage they really have no advantage over each other in giving you a better rate. But they do compete with perks, such as dividends, claims handling, online systems, resources, and more.

Rates took a huge jump in 2017 after the State Supreme Court ruling involving claims-cost restrictions. They were expecting a large windfall of expenses as a result, increasing rates by around 14%. Florida was already one of the more expensive states for workers comp so this increase didn't help. Our neighboring states fare much better on these policies but can have trouble crossing the border for work if they aren't careful.

Results from 2015 and 2016 are a large reason for the drop. There were fewer claims than expected, safer workplaces, and improved efficiency. A lot of times prices are based on estimates and it's a pleasant surprise when things turn out better than expected. How come that never happens with my electric bill?

Rates went down about 9% in 2018 so the drop next year will be two successive years of decreases. There are of course other factors that affect individual customer's prices but it's nice to see some more money put back in the pocket of the business owners who can then use it to improve their business, invest in more equipment, or pay their employees more. We insure hundreds of small businesses and are a family owned business ourselves so we love to see this kind of change happening.

If you have questions about your workers compensation policy or about setting one up, give us a call! Blog Archive - Search Blog

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Is the cheapest insurance the best?

Wed, 07 Nov 2018 00:00:00 GMT

At first glance the answer to this question is obvious, buying the cheapest version of anything is usually a bad idea. That great deal on a used vacuum? Broke in 2 weeks. That secondhand phone you got online? You're lucky if it still turns on. So why do we continue making decisions on price alone when it has burned us on so many other products in the past?

I was recently buying a set of tires and you know, there are a lot of choices. I wasn't planning on spending a fortune on them but once I got into it it suddenly felt like a big decision. There were so many options from so many sellers I really had no good starting place. This must be how people feel who don’t have someone to talk to about tires (or insurance ;).

Luckily I know a few people that know a lot about tires and they tell me brand is important, tread, and estimated lifespan. Brand brings you the history of dependability, tread tailors the tire to your needs, and lifespan determines the real value. You pay more for one that will last you longer but in the end you may buy one set of tires instead of two.

Talking about tires is about as exciting as talking about insurance and there are a shameful number of comparisons that could be made here. I wouldn't buy a tire without knowing at least a little bit about it so here are some recommendations about buying insurance with more than price in mind:

Learn a little bit about what you are buying. You don't have to be an expert in coinsurance to know what you are getting. It's better to learn it now than after a storm tears through town. I've heard several stories from people that bought the cheapest insurance they found, without ever having looked at what it covered compared to the other options.

If you don’t know or don’t want to know anything about insurance ask someone that does. A friend's opinion or talking to an actual agent could save a lot of headaches. Ask for a referral from someone you trust or who has experience in what you need.

Brand matters with insurance too. The independent agent has a brand, figure out what their philosophy is when shopping your insurance. The insurance company they put you with also has a reputation, it's ok to ask about it until you are comfortable with what you are getting. Some are better than others.

Like buying a radial tread in Florida, you may not need those snow tires. Make sure your policy is tailored to fit your needs. Some policy coverages are complete overkill and can be slimmed down becuase you just dont need the options. Some home or condo insurance polciies could have a slow leak that could lead to a big problem down the road. There are different policies for renters, second homes, vacation rental homes, and primary homes.

Look for a policy you can keep for the long haul. If your business grows will your insurance be able to grow with you? Some companies have great online account access, you may be ok dealing with that terrible one for a while but would you really want to keep calling every month to sort out payments?

In the long run getting one dependable insurance policy may be worth two cheap ones and you may not even have to compromise on price. The difference in price for many optional coverages may be surprisingly small so start with the coverage you want and work backwards to get to a price that works for you. Let the insurance agent do the leg work for you and know what to look for when it comes time to decide between your options.

Insurance is advertised a lot of different ways and the way a company advertises tells you a lot about their strategy. What brand are they selling you? Do you want the flashy quick fix or the dependable long term solution that took just a little bit extra? If they are selling pure price that is how they will look at you too.

Norton Insurance is committed to finding the solution that works for you and your bank account. Our goal is getting that roof replaced when a storm blows it off or getting you back on the road after that accident. Price is just one component of a great deal so shop around. We hope you'll choose Norton Insurance for your next insurance purchase! Blog Archive - Search Blog

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Hurricane Michael, week 2

Tue, 23 Oct 2018 00:00:00 GMT

I went with another volunteer group this weekend to help a homeowner that needed some trees and debris removed. She and her family had just moved into the house a few months ago and knew it was going to be a fixer-upper. She works at Bay Medical and rode out the storm at the hospital, not knowing what she would come home to.

We had about 20 people there and in a few hours had pretty well cut and moved the downed trees to the side of the road. Up and down her street you couldn't even see the houses because the piles of tree limbs were ten feet high. It will be a while before they get power because we saw several power poles down along the road.

They were fine and the house will probably be a relatively easy fix but we got to talking and she ended up showing me their insurance policy. She told me they chose their homeowners insurance purely on price, she had no idea what the coverages were. First off that just not ever a good idea unless you know the insurance agent and trust them to give you good coverage as well.

In this case she didn't know the agent and didn’t check the coverage and started freaking out worried she wouldn't have enough. This is not the time you want to start thinking about whether or not you will be able to fix your house. Anyway, the coverage was minimal and didn’t include things many standard policies would have included but it should be enough to get her on her feet again.

The coolest part of the day was once we were finished with that house we asked the neighbors if they needed help because their property was in much worse shape than the first one. They had one tree scraped up against the house which had removed all the siding on one side, one leaning on the front roof, and one across the driveway right in front of the garage trapping their car inside.

It took several hours but we managed to free them and they were incredibly grateful. We left that day feeling both accomplished and overwhelmed, we had done so much but there are so many more that need even more work than these two homes. Many don’t have insurance or don’t have enough.

I met with some members of the local Building Industry Association and if you know of anyone without insurance that had storm damage or is in great need, please contact me or the BIA here:

https://www.facebook.com/BIAOkaloosaWalton/

http://www.biaow.org/ Blog Archive - Search Blog

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Hurricane Michael, week 1

Mon, 15 Oct 2018 00:00:00 GMT

I feel there is nothing I can write other than to share what we have experienced this week with Hurricane Michael. Hurricanes are a community experience, endured together with your neighbors bearing the same risks and dangers as you. Panama City Beach, Panama City, Mexico Beach, and Port St Joe are our neighbors and many of us feel as if it were our own homes that were destroyed because we know darn well how close it came.

I spent Friday in Panama City with a friend who was looking for a few people who have been out of contact. Cell services are completely down, no texts, no calls, no internet. We have talked about this scenario in the material we publish for disaster preparedness- having a designated method and time to make contact after an event such as this. But with something as devastating as this, protocols can be forgotten while immediate needs are met.

There are no street signs, no road signs, no traffic signals, no familiar landmarks, nobody is directing traffic, seemingly nobody to enforce the law, and if we weren't with someone who intimately knew the neighborhood I would have been completely lost. We found the house we were looking for after having to turn back several times because of blocked roads from trees, debris, and downed power lines which are absolutely everywherenearby . His home was made of concrete block walls and a metal roof but a tree was resting on one side and the roof peeled back like a tin can. We worked for hours cutting the tree into chunks and trying to keep it from causing further damage. We helped patch the roof, left some cases of water and went on to the next house.

Every home within sight of this one was damaged and very few trees were left standing. People were working on their own properties but many stood outside unsure where to begin such a massive undertaking. Debris was everywhere and there were nearbu houses with much more damage than this one. Our hearts broke for them and with several people left to check on before curfew there was nothing we could do for them. This area is in western Panama City and we were headed east, closer to the major damage.

The next stop was an apartment building near Hwy 77. Inside the unit we were looking was a tree branch stuck through the roof, right into the bedroom. The residents were surely going to be asked to leave because none of the buildings were safe, so they had nothing to do but wait for help to arrive. They had no way to contact relatives or loved ones to ask for a ride and many of their cars were stuck under trees.

We passed the area where the National Guard had set up a supply pick-up and cars were lining the block with pedestrians everywhere. Word of mouth spread the location and the possibility of fuel brought many cars desperate for a lifeline. The closest working gas station is probably 20 miles away for those lucky enough to get that far. Most people have enough food to last a few days but water runs out quickly and fuel becomes scarce or unavailable if the pumps have no power

Our next stop was in Lynn Haven, an area that had a few inches of flash flooding. On the way there we passed a box truck on its side in the middle of the road, blown over by the wind. I saw a street sign bent around its post like a taco before falling to the ground. Again we were diverted by trees blocking the road but found our way around. This warehouse had its doors blown in, leaving huge gaps in the walls and no way to secure the building or its contents.

The last person we were looking for lives off Hwy 231 on the northeast side of town. An hour with a chainsaw freed their car and cleared the front of the house to make accessing it easier but there were trees down all around the house. This more remote area will probably not have power restored for months

Based on what I saw it will take weeks and probably months for even the basic infrastructure to be usable. Running water is a luxury few have, power is only temporarily granted by generators, toilets are stopped up, and supplies few and far between. The people will need our help for a long time and I urge anyone capable of contributing time or supplies to find a way to help. We will be sending information to our customers on where donation centers will be and possible work opportunities.

The time to prepare for a storm like this starts well in advance. Insurance companies often close days before the storm and will not accept new policies so please don’t wait until it's too late to get the coverage you need. If you would like more material about how to prepare your business or home for a disaster, please contact our office for free information.

And many thanks to all of the amazing people that have already poured into the area to help, including the National Guard, utility workers, and first responders!

Please also note this service being offered by Teladoc:

We know many of you and your members are dealing with the impact of Hurricane Michael. To aid during this difficult time, Teladoc is offering access to general medical care at no charge for residents of the evacuation zones impacted by Hurricane Michael.

To receive care, affected individuals should call the designated hotline below or visit teladoc.com/Michael for more information.

(855) 764-1727

This service extends beyond current Teladoc eligibility, and is available to any individual impacted during this time. Blog Archive - Search Blog

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Insurance for my Golf Cart

Thu, 23 Aug 2018 00:00:00 GMT

Golf carts are everywhere now, for rent from the friendly man on the side of the road, for sale in new stores up and down Highway 98, brought by renters, left by owners for their renters to use, crossing highways like maniacs, it's practically raining cats and golf carts.

This is a hot topic right now in the insurance industry because the risks can be enormous and many (especially vacation rentals) maybe don’t understand the chance they are taking. Here are a few thoughts and things to consider when insuring your golf cart or low speed vehicle.

The main distinction for insurance is whether or not it is registered for use on the road.

When unregistered, physical damage and liability may be included on your homeowners policy under the same kind of coverage that includes riding lawnmowers. The Florida statute describing golf carts says they are "designated and manufactured for operation on a golf course for sporting or recreational purposes and that is not capable of exceeding speeds of 20 mph."

They can be driven on roads that have been designated for their use and which have a speed limit of 30 mph or less. A lot of neighborhoods in Destin, Miramar Beach, Sandestin, and Santa Rosa Beach allow unregistered carts to be driven around. If you leave one for a renter to use, make sure they know the rules:

Drivers shouldn’t be under 14 and the cart shouldn't be driven across roads with a speed limit above 45 mph.

Insurance companies have different restrictions on what all you can use it for so check with your insurance agent for more.

A golf cart can be registered as a Low Speed Vehicle when it meets certain requirements: (check here for the Florida DMV summary)

Top speed greater than 20 mph Has a windshield Exterior mirrors Headlamps Parking brake Seat belts Rear reflectors Brake lights and turn signals Is insured with state minimum limits

When you look at this list it sounds basically like a slow car with no doors. You may still think of it as a golf cart but from the DMV's, Insurance Company's, and the guy-you-ran-over's lawyer perspective, it's a car.

If you leave a registered golf cart or low speed vehicle for your renters to use that is basically the same as leaving them the keys to your Mercedes. Do you know anything about these people, their driving history, or how well behaved their teenagers are? Protecting yourself from this potentially huge liability would be complicated, would probably require assistance from an attorney, and would bug your guests so much they might give up and go somewhere else. We recommend referring your tenants to a rental company, who is much better equipped to deal with the risks and vetting process of each driver.

Consider these scenarios:

I use mine to putter around the house, pick up lawn clippings, check the mail, and nothing else

Usually add it to the homeowners policy or if you don’t have a home, there is a golf cart policy that is cheaper than you may think) for unregistered golf carts.

I also do that but will drive it around the neighborhood on Halloween

Even if you do have a homeowners policy, it's probably better to get a golf cart policy since you take it off the premises.

Mine is registered but I don’t own any other cars in the state

Typically added to an auto Insurance policy as a Low Speed Vehicle but it is possible to insure them on their own.

Each case is unique and it's best to discuss your case with your insurance agent. A lot of insurance companies are changing their opinion of golf carts and low speed vehicles, some for the better and some for the worse, so things may have changes since you last looked at insurance.

Be aware of the risks and take action to protect yourself. Give us a call and we would be happy to discuss your insurance needs!

We also handle insurance for companies renting golf carts, scooters, and more.

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Condo Association and Homeowners Association Insurance Summary

Thu, 07 Jun 2018 22:00:00 GMT

There are often several policies used for home and condo associations, what are they and why do we have them? Here's a brief overview of typical assocation insurance policies, what they are for, and how the price may be determined. This is a brief overview, feel free to contact us any time for a more indepth review.

General Liability

Most businesses and organizations have this as a starting point for insurance. It is meant to cover bodily injury, property damage, medical expenses, libel, slander, advertising injury for which the organization is liable. Legal defense costs are sometimes included in addition to the policy limit, even if you are found not guilty.

Being liable is obviously the big question here, if something happens within the walls of a private home or condo the policy that covers that unit may be the one to cover the injury. But it's entirely possible for the injured person to sue the association as well. If someone is injured in the hallway or elevator of a condominium or maybe getting out of their car in the parking lot, the association policy usually kicks in first.

The annual premium for this coverage can be influenced by:

Number of units in the condominium

Number of homes in the neighborhood

Number of pools or hot tubs

Number of playgrounds

Acreage of common area, such as retention ponds or playing fields

Square footage of any building owned by the association, such as bathrooms, poolhouses, meeting rooms, etc

There is usually an added fee on the policy if any of these are rented out to non-owners

Directors and Officers

Being on the board of directors for an association can bring perks and headaches. Mostly headaches. We have placed insurance over the years for many associations, some understand this coverage well and others don't. An important distinction with this type of policy is whether it is Claims Made or Occurrence based because what happens once you leave the board?

Claims Made means the policy will only cover a claim reported during the policy term

Occurrence means the policy only covers an incident that occurred during the policy term

Claims Made policies have a retroactive date, meaning they wont cover anything that happened before a specific date and once a claims made policy expires there is no coverage if a damage is later discovered or reported. Occurrence policies block off a period of time and will forever be responsible for those dates, even if it isn’t reported until after the policy expires. Prior acts can often be included in this type of policy, which is the more common type for this coverage. Since a lot of money is handled by association directors and officers, it can take years for some things to be discovered so be sure to take the future into account.

Annual premium can be influenced by:

Number of Board Members or Directors

Number of units or homes

Annual revenue of association

I would recommend to anyone serving on a board or as an officer in a home or condo association to ensure this coverage is in place.

Property Insurance

This policy covers the property owned by the association. For condos this is usually main structure including the roof, walls, subfloors, all the way to the foundation. Unit owners are usually responsible for everything inside the drywall but check with your association bylaws on who is responsible for what. Townhome or commercial/mercantile associations can be more complicated, especially who is responsible for the roof, so be sure not to insure things twice (once under the association and again under the homeowners policy)

Things you probably want included

Special Coverage

Wind and Hail

Business Personal Property

Replacement Cost

Things to avoid

Actual Cash Value (especially on anything built before 1990)

Hurricane deductibles with high minimums (look beyond the %, can be as much as $25,000)

Under or Over insuring (an annual appraisal will solve this)

Annual premium can be influenced by:

Quality of construction

Age of buildings

Square footage

Distance to coast

Last updates to plumbing, electrical, roofing, or HVAC

Prices can change wildly year to year and from insurance company to company but I know it's a hassle quoting this all the time. We're committed to doing our best to make it easy for you so give us a try today!

Only a few more, hang in there!

Flood insurance is a constantly changing thing. FEMA is the financial backing to most policies, which should scare you right there, but it leaves the administration to private companies. These companies get a tiny cut but you should see standard prices regardless of which insurance agent you use. The main thing to consider here is coverage amount and deductibles

Annual premium can be based on

Elevation (certificates required for structures in an A or V zone)

Crime and Bonds

This type of coverage fills a gap left by insurance. Most insurance policies won't cover intentional acts, such as dishonesty, embezzlement, or forgery. A bond is an inexpensive way to protect the condo unit owners by ensuring money is handled appropriately. If you're involved with the insurance policy some of these associations have you know there can be a lot of money involved.

Annual premium can be influenced by:

Number of units

Number of employees or people handling money

Procedures in place

Amount of coverage requested

Umbrella and Excess Liability

Because there are so many people involved with these types of policies, it is a good idea to have excess coverage. General Liability policies have one limit for each occurrence and another for the total covered in a year. These limits are often 1million per occurrence and 2million per year. Imagine if more than one homeowner or condo owner sued at the same time, or imagine if they all sued. That aggregate limit would run out quick. This is where an Umbrella (aka Excess Liability) can help, by expanding the annual limits it can help cover more claims in a worst case scenario.

Annual Premium is usually on a scale, with limits available up to 10,000,000 in many cases.

Workers Compensation

Since many associations have no employees, there is a policy that covers "if any" is hired that has no coverage of their own. It acts as a good backup for workplace injuries and could be more affordable than you think. If your association has employees, see our recent blog post about workers comp for more. If you hire uninsured subcontractors, you may have a liability and should look closer at one of these policies.

Hired Auto and NonOwned Auto

This post has been too long already so see our follow-up blog post for more about this coverage.

Norton Insurance has been insuring property and associations in Santa Rosa Beach, Miramar Beach, Destin, Fort Walton, Okaloosa Island, and Navarre Beach for 40 years and would be happy to sit down with you to discuss your needs. Feel free to fill out a request on our website for more information or call us today! Blog Archive - Search Blog

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Tornadoes Suck

Wed, 02 May 2018 00:00:00 GMT

I'm grateful for that alert I got on my phone when the tornado came through Fort Walton last week. I'm sure many others saw that alert and heeded its warning while others carried on what they were doing. Tornadoes happen on every continent (except Antarctica for some reason) but the majority happen in the American midwest from Texas to Ohio. It has something to do with the geography of warm southern waters and the cool jetstream leaving the Rockies, but we end with nearly 1200 tornadoes per year in the United States while Florida averages 66 a year.

My sister was living in Huntsville Alabama in 2011 when a terrible string of tornadoes came through. She and her four girls tell the story of how they huddled in the bathtub in a dark room for hours while the town was hit with four EF4 and three EF5 tornadoes, along with 32 smaller ones. Hundreds of lives were lost with entire neighborhoods destroyed, in all 62 tornadoes tracked across Alabama in an 18 hour period. Many lives were saved becasue of the warnings issued, allowing people to seek shelter, and directing recovery efforts to those hit the hardest.

For some amazing graphics and tons more information about this extraordinary event, check out this NOAA page devoted to it. The picture included above shows the tracks left by the storms, somehow managing to avoid my sisters house and making our family very grateful.

I'm not trying to downplay the tornado that came through our area this past week, any storm like this is dangerous and we are grateful the damage was minimal. The National Weather Service is sending a team to determine the tornado's strength, so no word yet on how it compares to past storms.

How do tornadoes form and what to watch for? It all starts with

Warm and Cool air

This spring weather has been a bit weird and tornadoes like weird. It stayed cool longer than normal and the first ingredient for tornadoes is warm moist air meeting cool dry air, and you'll remember we’ve had both lately. This air collides and causes horizontal rolling air. Combine this with a large thunderstorm and you get a Supercell.

This is what they are talking about with a Tornado Watch is issued. Now how is a watch different from a warning?

Watch vs Warning

A tornado watch is issued when conditions are suitable for a tornado to develop. They are usually issued hours in advance over a large area when a thunderstorm has characteristics of a supercell, ie air spinning inside it. Many storms this size produce lots of lightning, heavy rain and possibly hail. They aren't really sure yet what causes this spinning to turn vertical but when it does, little extensions of clouds emerge beneath the main storm. If they extend far enough to touch the ground, you get a tornado.

A tornado warning means a tornado has been spotted in your area. These alerts are issued minutes in advance over a small area. This is the alert we got on our phones and they aren't kidding, except maybe for that guy who told everyone in Hawaii nukes were on the way. Pranksters make bad weathermen.

Take a look back at the included photo of the storms in Alabama. See how neatly the stroms' paths fit into the boxes? Those boxes were the areas issued Warnings

What to do in a Tornado Watch

Stay alert and review the plan. If you dont have a plan, it's time to make a plan. A Watch means you have time and it's possible no storm will even develop. Watch for a Warning to be issued, and if it is it's time to put the plan into action. The plan can be simple but everyone in the home or business should be aware of it ahead of time. For more information about forming a plan, come by our office for a free Emergency Preparedness Guide.

Unless you have a bunker, the safest room in a house is usually in the center of the bottom floor with no windows. Most tornadoes are small and short lived with winds between 60-100 mph (EF0 or EF1). There was an EF3 in Pensacola in 2016 Many houses around here, especially on 30A, have storm rated windows up to 150 mph. The record longest tornado path was cut by the Tri-State tornado on March 18, 1925. It was on the ground for 3 hours and covered 219 miles in Illinois, Indiana, and Missouri. That of course is worst case scenario.

Peak season is April through June, the nationwide average path length is 5 miles and 165 yards wide. Around here they typically come in off the water (the way this one did), so the closer to the water you are the more likely you'll be to have a brush with a tornado at some point or another.

How well can they predict tornadoes now and how much warning do we actually have?

Ground based radar can't see them develop but satellites can, so we are making progress in efforts to predict and track storms. The reality is there will not be much warning and predicting tornadoes more than a few minutes before they happen is currently out of our reach. Make preparations now on where you will find shelter because a few minutes can make all the difference in the world.

The views expressed here are the opinion of the author and do not attempt to make any recommendation for insurance coverage. Eligibility is determined by the insurance carrier and not all applicants will qualify. Please contact your licensed insurance agent regarding your area's coverage and eligibility. Blog Archive - Search Blog

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Category 4 is worse than Category 2, right?

Tue, 17 Apr 2018 00:00:00 GMT

I was privileged to attend a meeting at the Okaloosa County Emergency Management facility in Niceville last week and wanted to share some of the information discussed during the presentation given by state and local leaders. They are already planning for the next storm so we should too!

Evacuations and storm surge

I know this past hurricane season for the panhandle was a series of close misses but Walton County, including 30A and the coast in Santa Rosa Beach, did have its first voluntary evacuation order in years. Most evacuations are because of storm surge, not wind. 88% of deaths in storms since 1963 are related to water: 49% from storm surge, rain accounts for 27%, and surf/offshore are the remaining 12%.

Storm surge is the sudden rush of water driven by wind. Destin is more elevated than you might think, the highest part of the peninsula is actually the beachfront so it takes quite a surge to flood the entire area. Storm surge doesn’t take into account the tide, so the actual water height could be a foot or two higher. Add breaking waves to the top of that and driven water during a storm could end up several feet higher than the forecasted storm surge and go further inland than you expected.

Many homes in our area, especially those in the COBRA zone that spans from Kelly Plantation to the county line, are elevated above the natural grade. Flood insurance is notoriously difficult to get in these areas (see our article here about flood insurance and preparation) so increasing your elevation is one of the best things to do. Even adding a few feet can be the difference in losing it all or being completely dry. 6 inches of water is enough to lose control of a car, a foot will float many vehicles, two feet will float most vehicles, and 3 feet is considered life threatening.

Category 4 is worse than Category 2, right?

The category is determined purely by wind speed, which would be like selling cars based only on their horsepower. We all know there's a lot more to it than that but get hung up on this because it's easy. Here's an interesting example of why the category doesn’t necessarily tell the whole story:

Hurricane Ike (Sep 2008) skirted the Florida Keys before making landfall near Galveston Texas as a Category 2 storm. Cat 2, no big deal, right? Evacuations were ordered, refineries closed, but nearly 50,000 people didn’t evacuate. Residents felt safe because Galveston has a 12ft seawall, built over a hundred years ago out of concrete which has worked well protecting them in the past. It would certainly make me feel safer if I lived there. For comparison, much of Fort Walton Beach, Shalimar, Niceville, and Bluewater Bay are around 12-15 feet above sea level.

However, the elevation in Galveston is about 7 feet, which is about the same as Mary Esther. So if water breached the wall, the whole town would be flooded. Long story short, Galveston wasn't safe- the storm surge was nearly 17 feet, eclipsing the seawall and putting 5 feet of water through the city. If our town had that much surge, the areas mentioned before could have waves at their front doors, plus Valparaiso, Freeport (not Hammock Bay), and everything north of Hwy 98 from Kelly Plantation past the 331 bridge. Speaking of bridges, every bridge on 30A would probably be underwater.

Now compare this to Hurricane Charley (Aug 2004), one of the strongest hurricanes to ever strike the US. As a Category 4 storm, it had winds peaking at 150mph. This hurricane is memorable because it changed from a Cat 2 to a Cat 4 only two hours before making landfall just south of Tampa. The largest storm surge caused by Charley was about 10 feet, 70 miles south of the eye near Naples, but the surge near the center of the storm was much less. If a storm like this hit out area, the 5-7 foot storm surge would spare most of the areas I listed above. It probably wouldn’t breach the coast but could still flood areas within a hundred feet or so from the bay, especially Santa Rosa Beach.

Be Prepared

This meeting in Niceville was an effort to coordinate between the different agencies that assist before, during, and after a storm and I have great faith in their abilities. We have some of the best people available working for our safety and looking far ahead so we don’t have to. Take some time before this hurricane season starts to assess your owns risks, maybe with your family, home, or business. Make plans to best keep your people safe and think ahead so that no storm will take away anything that can't be replaced. Many property insurance policies exclude wind and flood, so check yours and call Norton Insurance for a Wind or Flood quote today!

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How saving on insurance can backfire

Sat, 31 Mar 2018 22:00:00 GMT

Do you shop for insurance the same way they shop for everything else? Some people will pay extra for a trusted brand, others search high and low for the best deal, and many just take the good-sounding cheapest and easiest option. Why is it that with homeowners insurance, people sometimes throw their good habits out the window and shop purely on price?

There are two sides to this topic, one is obtaining savings that are beneficial to you and the other is saving money now with greater risk later. Getting the cheapest insurance possible is like buying a pair of scissors to mow your lawn. It's cheap in the short term but wont do you much good when you need to cut a half acre before the in-laws come over. It also wouldn't make sense to buy the kind they of mower they use at Yankee Stadium when you only have a tenth acre lot. So there should be a middle ground, a mower that doesn't have 150 horsepower but accomplishes what you need it to.

Bad Idea #1

The first and worst way to save money is to lower your coverage. If you are looking at two prices from the same company, the difference is usually in the coverage. Insurance companies are required to offer all of their agents the same price for a product, no agent has a special deal with the insurance company to get better rates than the guy down the street. How competing agents get ahead is by offering prices from different companies or being the first to offer the right one. Be wary of quotes will little detail about coverages.

Bad Idea #2

Another bad way of saving is to use an insurance company that is financially weak. Think of it like a local bank back in the pre-FDIC days. If everyone rushed the bank at once looking to withdraw their money, the bank would collapse overnight and nobody would get their money back. Insurance companies are a lot like banks, if they don’t have enough reserve one big rush could wipe them out. One big rush is pretty likely to happen in our area, in the form of a hurricane or flood, so it's not if they collapse but when.

In our digital world, it's easy for a small company to put up a legit website and look like a multinational conglomerate, so you'll probably never know the financial stability of a company unless you ask. Companies with a B financial rating carry less reserve, which keeps them from qualifying as A rated but allows them to undercut rates. Be wary of B rated insurance companies, a single localized storm could wipe them and your property out. Check out this recent blog post for more about financial strength.

Bad Idea #3

One final bad way to save is to misstate something about the property, even if it is innocent or unintentional. Maybe you say it's a second home when really it's a rental, or that it has brick walls when it's really a veneer, or that the windows are impact resistant when really they are double pane. These seem like small things that are easy to hide in the beginning but it gives the insurance company a perfectly good reason to deny a claim. Be wary of quotes that are based on guesses.

There are good ways to save on insurance and trade in that monster mower for a smaller one that still gets the job done. Honestly, we could match almost any price out there, but we are not the place to buy scissors because we know they won't do you any good. It's a good idea to regularly quote your insurance. We provide quotes for free and are committed to selling home insurance, flood insurance, and property insurance that fit your needs without going over the top . There may be things on your current policy that you just don’t need and there may be a better company out there for you.

Give us a call or submit a request on our website today to find out more about homeowners insurance, condo insurance, and our other commercial property insurance programs!

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Bonds and how to get bonded

Wed, 28 Feb 2018 23:00:00 GMT

Construction is heating up and there may be way more federal work on the way. We're hoping Eglin, Hurlburt Field, Duke Field, and Tyndall get to see some of that money. Many federal jobs require bonds and the GCs who land the big contracts are often required to provide a bond and make sure their subcontractors are bonded as well. Whether you are the experienced GC or the novice Subcontractor, here are some common things bond companies ask for before giving you a bond.

Personal credit is your foot in the door. A lot of smaller bonds can be approved simply on a good credit score from the business owners. Many types of bonds, such as license and permit, fiduciary, and court bonds are approved this way. Contract bonds, which guarantee the payment and performance of a specific project, are usually available with nothing more than a good credit score up to $400,000 for any single job and $1,000,000 for total bonded work in progress.

The terms are set by bond companies, called Sureties, which are specialized companies with underwriters dedicated to this profession. Since it is a niche, most insurance agents have little or no experience with bonding so check around for an agent with a background in surety. Terms and prices vary from company to company so it is worth checking around.

If your personal credit isn't so good, there are alternative markets that will typically just charge you a higher price for the bond. Worst case scenario is if they require collateral, which is uncommon.

Once bonds start getting bigger than $400,000 the bond companies start digging a little deeper. They are basically signing their name on the line under yours, so they want to know who they are partnering with. You are the experienced one, confident you can succeed in this project, so this is your chance to brag and prove it to the Surety.

Your bond agent plays a huge role in setting you up for success here. He/She keeps relationships with the Surety underwriters and builds trust. If the underwriter trusts him, they are more likely to trust his opinion of you. They say nothing can take the place of a strong recommendation, but your relationship with your agent isn't free either. Take time to understand each other and work together to show the Surety you are qualified to complete this project and display high quality character.

Projects over $1million start becoming more of an academic exercise. I was an underwriter for a few years and spent all day every day analyzing financial statements, work in progress schedules, tax returns, and projecting trends. They are looking for patterns, direction, and good practices. You can hide a poor business in one or two successful years but a five year financial history tells the full story. They will ask for a lot of information, like a LOT, so be prepared. It's like getting a loan but with no way out other than completion of the project, so they want to be sure.

Your agent can help bridge the gap on a borderline case. Most surety companies will issue bonds up to 10-20 times the equity of the business. It's called the Backlog to Working Capital ratio. For example, if you have $100,000 in working capital (if you need help figuring yours out, call me) you can expect approval on bonds totaling $1,000,000-$2,000,000. 10 times is the preferred rate, so plan on the lower end of that scale.

$50,000 equity = $500,000 bond

$100,000 equity = $1million bond

$500,000 equity = $5million bond

There are many other factors so don’t rely on this figure when seeking bonding. If there are other strong selling points, like a wealthy business owner or other available liquid assets, we can work with that. Here are some things the Surety will ask for:

Resume References Last 3 years of financial statements, Compiled, Reviewed, or Audited Balance Sheet Income Statements Work in Progress Schedule Personal financial statements Maybe a few tax returns Bank line of credit

How much does it cost?

Smaller bonds for licenses, permits, or other annual items are typically a flat fee in the $100-2000 range. It depends on many factors and not everyone is eligible, so ask for a quote and expect a pretty quick response.

Bid Bonds are usually free for existing bond accounts, it's possible a Surety will charge for a one-off but that doesn't happen often.

Payment and Performance bonds are usually issued together and priced individually based on all the info gathered above. It usually starts around 3% of the contract amount for new accounts and can go down below 1% for established ones, but a well qualified account could expect to start under 2%. Getting your foot in the door can be the hardest part, once you have a relationship going it can become one of the most important connections in your business.

Norton Insurance of Florida has been in bonding around 50 years and have written bonds all across the country for projects big and small. If you want the touch of a local agent with bonding experience, give us a try and we'll do our best to help seize the opportunity when it arises!

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How much home insurance do I need?

Mon, 26 Feb 2018 00:00:00 GMT

Whoever said owning a home was a good idea clearly never had one on the coast. So much money has already been spent when buying a home that the temptation is to find the cheapest insurance possible and go with that. But is that is a good idea? What are you actually getting when you go with the most affordable home insurance available? If it's a new home purchase or if it's been a few years since you last looked at it, here are some things to consider when insuring your home.

What Insurance do I need for my Home?

Coverage A - The main structure

This is what I call the "big number", the main one that everyone looks at some people never look past. It is NOT always the price you paid for the house, the amount of your loan, or the market value of the house. It IS the cost to rebuild the home, or at least it should be. So how do you come up with that number?

Ask a local builder what is the average cost per square foot for a similar style home and multiply that by the number of square feet (not the # you want it to be). Your floorplan is listed on the property appraiser website (see resources below) so that's what the insurance company will defer to. The value of the land should be left out because odds are it wont get blown away or stolen. That's a good start, but insurance agents use software called Replacement Cost Estimators that give a much more accurate valuation. The more detail the better, it goes into types of flooring, windows, exterior features, door quality, you name it.

Little things like age, updates, siding, roof material, or special features like fireplaces or patios make a big difference in the value. This gives the home insurance agent a starting point and the insurance company a reference point. When using the replacement cost estimator below, you can leave out your address and just fill in the required spots.

The cost to rebuild your house may have changed in the last few years since you looked at it. The price of building materials is very dependant on the market and right now prducts are scarce and building is hot. Some policies have a built-in increase in coverage every year but most need to be revised every so often to account for inflation.

You can see why many people never look past this number, they just want to know their home will be rebuilt if it burns down. It can be exhausting (and sometimes annoying) just getting this far, but your homeowners insurance policy has lots more to offer.

Coverage B - Other structures

This one is often undervalued because people are already sick of insurance at this point and it's a quick way to lower the premium, but hang in there! This is the cost to rebuild Other Structures on your property, such as a carriage house or detached garage or shed. In Seagrove, Watercolor, Seaside, Rosemary, Inlet Beach and nearby this is a big deal because those other structures didn’t come cheap, often totaling hundreds of thousands of dollars.

Coverage B is a % of Coverage A so it's easy to overlook but makes a big difference in price, that's why agents knock it down so much. I recently quoted a home that had a two story carriage house with garage underneath, worth about $250,000, but only had it insured for 10%. It was really only insured for $80,000 (because coverage A was $800,000), less than a third of what it should be. Take care to examine this one becasue you could be overpaying as well if you have no other structures

Lasltly, separate flood policies are needed for each structure so make sure to ask about that.

Coverage C - Contents

Contents are also usually a % of Coverage A (50% is common) but the more important thing with this coverage is whether it is Replacement Cost or Actual Cash Value, often abbreviated as RCV or ACV. Replacement Cost is what you want and it's not always obvious on a quote which one it is so MAKE SURE you find out before choosing companies.

An easy example is to imagine replacing everything in your house with items from a thrift store (ACV) or buying it new (RCV). The coverage on your quote may say $100,000 but if there were a claim and you had ACV, you could expect far less than that. Like way less.

We're happy to answer any questions about home insurance, the value of your home, how much you should be paying, or general questions about anything at all! There are plenty more factors that go into the price, please take time to look past the first number and get a policy that will take care of you. Feel free to contact us anytime, quotes are always free!

Bay County Property Appraiser website

Walton County Property Appraiser website

Okaloosa County Property Appraiser website

Santa Rosa County Property Appraiser website

Norton Insurance has been writing homeowners insurance, auto insurance, business insurance, commercial property insurance and more for over 35 years in Florida. Contact us today!

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Helpful Tips about Workers Compensation in Florida

Tue, 06 Feb 2018 00:00:00 GMT

Starting a business is complicated enough without having to deal with the insurance side of it (see our recent blog post here for more about starting a business). If you've made it all the way to the insurance part you are doing pretty well. Here are some things you may not know about getting workers compensation insurance, what it is for, and how you could save some money.

There are two main categories of businesses to consider for workers comp in Florida, each with different rules.

1. Construction Industry

If you do one of these trades (below), you are considered in the construction industry for workers comp purposes. As a result, you are required to provide workers comp insurance from the beginning, whether you have employees or not. The state keeps track of businesses in this field and others, keeping a Proof of Coverage database that can be accessed by anyone. The owner of the business meeting certain criteria has a choice, if it's an LLC or Corporation, to exclude themselves from workers compensation. Here is where you go to fill out the online application and receive your Certificate of Election to be Exempt. It takes them a while to mail it to you, so plan ahead. If you don’t already have a Tax ID or FEIN, it will provide a link to the IRS website to complete that portion.

Landscaping Welding Masonry Painting Plumbing Executive Supervisor Electrical Carpentry Concrete Work Drywall Street or Road Maintenance Roofing Fence Erection Sign Installation

The full list of what is considered construction can be found here. I know this all sounds very invasive but it's probably for the greater good. By keeping out those who break the law, more work is left for those who run clean businesses. They are shouldering the expense to properly protect their employees from workplace injuries and should be rewarded. Abuse of this system is rampant so fines can be HEAVY and devastating, make sure you aren't a victim and call us today for a quote.

2. Non-Construction Industry

These guys get a bit of a break, with coverage not required until you have 3 employees. Business could be restaurants, realtors, property managers, retail, doctors' offices, and on and on to practically every type of business. Agriculture industry companies have it a little more complicated, with coverage required once they have 6 regular employees or 12 seasonal (30-45 days per year). Even though it may not be required for some businesses, it's still a good idea to have a policy and here's why.

Why get a workers compensation policy?

Health insurance won't cover workplace injuries for the owner of the business or its employees. I know of someone who badly cut his leg while clearing brush on a jobsite. After about 40 stitches, he gets a letter from his health insurance company saying the claim was denied because it happened while he was on the job. Even though it was unrelated to his work, he was on the clock and that puts the injury in work comp territory.

It's required as described above. You may get away with skirting the law for a while but apart from the fine it's possible to actually do jail time for evading workers comp laws. In a recent story from Florida's CFO, a business owner scammed 1.8 million worth of works comp premium and is facing up to 60 years in prison. Paying that much premium may really hurt but jail hurts worse.

If an employee gets hurt on the job, it's likely either their employer will pay for it (you can thank our abundance of lawyers for that) or the workers comp insurance policy will. It's pretty easy to tell which most people would prefer. Often the choice not to purchase insurance comes down to "as long as nothing bad happens, we'll be fine." The problem is things happen all the time and if you stay in business long enough, odds are it'll happen to you. Even if it's not required, it's important to protect the people who work hard every day and represent you and your business.

How much does workers comp cost?

You could call 100 insurance agents and get pretty much the same price on workers comp from all of them. That's because the rate is standard, with the only deviations coming from individual providers fee and possible perks they provide. Yours will fall into one of hundreds of classes of businesses with a set percentage of payroll assigned for workers comp premium.

Rates change every year so it's hard to nail down, but administrative type employees are usually 1-5% and construction employees are usually 8-20%. For an up to date estimate, check with your workers comp insurance agent. How everyone should be classified I'll leave for another post.

There are credits available

If you're feeling brave and maybe pretty confident now, here are some extra steps to save you some money. There are three main things you can do to get that premium down (other than being claim free). It's not as easy as just filling out the application, the procedures must also be sent showing you have them written down and in place. It can take a bit of work but the savings can be substantial. We have helped other businesses navigate these credits and we'd be happy to help you!

Dividends - some companies offer to return a percentage of premium at the end of a policy term if the customer had little or no claims and meet certain criteria. These dividends range from 1-20% depending on the size of the policy and amount of claims. If you are paying more than $5000 a year for workers comp and not getting a dividend, give us a call and we'll be happy to take a look.

Drug Free Workplace - this one requires a little paperwork but offers up to a 5% credit on their premium. Basically they are looking for a 3 part policy implemented by the employer:

Testing Procedures are in place for new hires and employees Notice of Testing Policy given to Employees Education and resources available to employees

Safety Program - offers up to a 2% premium credit on a qualified program, the application can be found here. This one is looking for an employer that has implemented a 7 part safety program:

Written Safety Policy and Rules Safety inspections Preventative maintenance Safety training First Aid Accident Investigation Record Keeping

Workers Compensation is unlike any other kind of insurance and its rules and laws can seem overwhelming. Don’t get bogged down trying to figure it all out on your own, give us a call and we will be happy to help you navigate. Even large, established businesses struggle with workers comp and many aren't aware or aren't getting the credits they deserve. For three generations, Norton Insurance has been helping businesses find the right insurance at the right price. Fill out our workers comp request form or contact us today!

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Building in 2018?

Wed, 17 Jan 2018 23:00:00 GMT

Builders Risk insurance

You won't see this one advertised on by a foreign accented creatures but it's an important coverage for anyone building a home, commercial project or doing an extensive renovation. The homeowner or the builder can purchase this policy but if you're building a home in Santa Rosa Beach, Rosemary Beach, Alys Beach, Inlet Beach, Miramar Beach, (basically anywhere with beach in the name) you should have this policy. Here's why:

There's no other kind of policy that would cover it.

You probably have a General Contractor on the job, which is great. It adds a level of protection for anything he's involved in or his subcontractors because they should all have General Liability insurance. That liability policy is meant to cover you for things that are their fault while your property is in their care. Your contractor should be familiar with the drill and keep Certificates of Insurance for subcontractors throughout the project, it's important to have before anyone starts on the project.

But what if a storm rips the roof off or a lightning strike burns the house down before it's finished? Unless you can prove your cabinet guy has a lightning machine, you probably won't recover those damages from the contractor.

So here's where the Builders Risk policy comes in. Coverages come with many options but this policy is meant to cover a structure during the course of construction for physical damage. That means for things like Fire, Lightning, Wind, Hail, Theft, Earthquake, etc. You can imagine the risks are quite different from standard homeowners or renters insurance, so companies that offer this product are usually different from the standard homeowners companies.

Where to start

Your insurance agent should have access to at least one option for builders risk but the price can vary greatly so you'll want to make sure to ask for multiple quotes. A lot of projects on the coast will end up in the surplus lines markets with offshore companies you've never heard of but that doesn't mean it's a bad option. Many of these companies can be extremely strong international companies looking to diversify into some high-risk areas.

Be aware, some of these companies can offer you cheap rates but can be financially unstable. The state of Florida keeps an eye on the stability of insurance companies doing business in Florida and publishes ratings that we regularly review. There are some prominent companies used often in our area that would face serious issues if we got a direct hit from a hurricane. We avoid these companies but other agents wont, so make sure to ask about it.

Ground-Up and Renovations

We've already talked a little about General Contractors, if you have questions or concerns about their practices just ask. If you plan to manage the project yourself, consult with an attorney on the best practices to protect yourself. Start with certificates from anyone stepping foot on the job and getting a Builders Risk insurance policy.

What a lot of people don’t know is that renovation project would be better covered by a Builders Risk policy than anything else. A homeowners policy has very limited (if any) coverage for materials waiting to be installed and could deny a claim if the home isn't being lived in during the renovation or if it's too extensive.

Sometimes you can keep the homeowners policy you already have, which usually covers the finished portion, and get a builders risk policy for the value of the additions. Premiums start around $400 (as of the date of this blog) so it may not cost as much as you think.

Commercial projects, multi-family housing, retail, and more should also have similar coverage. We have a variety of options and coverage amounts for any project you may be looking at.

Coverage and options

Coverage up to 1 million is quite common, but we can usually get approval up to 10 million. If you're looking at a project bigger than that, call me because we'd be thrilled to work with you. The main factor in the price is the value of the structure but distance to coast and type of structure also come into play. Frame structures (wood studs) are common but also the most expensive to insure. Many builders are now using poured concrete with storm rated windows and doors. These options can save a ton on the Builders Risk and later on the homeowners insurance or commercial property policy.

Terms can vary from 3 months to 18 months, anything longer than that can be added by extension but 3 years is often the max. It only took 1 year and 45 days to build the 102 story Empire State Building, so if your house is taking more than two years something is probably wrong. Most companies will require the builder have 2 years experience but wont ask for much more than their name. Builders around here are all pretty good, their state licensing and continuing ed requirements make sure of that. Obviously, higher value projects will likely ask for more reference material.

This policy also typically protects materials, fixtures and/or equipment being used in construction of renovation or waiting to be installed. The causes of loss are pretty similar to policies you are familiar with but they might ask for some safeguards, like a fence, street lighting, installing material upon delivery, and so on. Also similar to homeowners, these policies can cover debris removal (especially nice after a big storm), trees and plants, fire department charges, and much more.

What to do now?

If you have questions about how this policy could work for you, give us a call and we'd be happy to chat. If you have questions about a quote you've already received, we'd be happy to offer a second opinion. Quotes are always free and usually have a quick turn around. We've insured large multi-story condominium projects and small single family homes on the Emerald Coast for over 35 years, so give us a call today!

Contact your agent for current pricing and eligibility. Each are determined by the carrier at the time of submission and minimums are subject to change.

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Visiting in 2018?

Sun, 31 Dec 2017 23:00:00 GMT

We all know the three most important words in real estate, Location Location Location. That's what brings people from all over the country to our shores. We had some good friends visit from Kentucky over the holiday who knew all about Destin and Santa Rosa beach from things they had heard back home. It's amazing how far and wide our visitors spread! Here are some things to consider if you're looking to join to local community and purchase property in Rosemary, Inlet Beach, or anywhere along 30A.

Get started

You know the area pretty well from visiting and whatever your perceptions are will probably be pretty similar to what other visitors from your home state think. If you feel like it's a long drive from Watercolor to the beach, a potential renter probably will too. If you think it's too hot in the summer, they will too. If you are inconvenienced by the long drive to shopping, others feel the same way. Visiting and living are totally different attitudes though, people will put up with inconvenience for a week but it can get annoying after a while. A lot of people live here because of the solitude, so the distance to various restaurants or shopping is completely relative. Dont listen so much to what people tell you and decide how you want to live.

Consider location as you see it as well as how the locals see it to reach a balance. Perception drives prices as much as anything so make sure you aren't overpaying ust because it's a hot neighborhood right now. If your target neighborhood doesn't have dedicated beach access, consider where you would go and make sure there's parking. Also be aware of local beach ordinances, for example there is only one dog friendly beach in the area and it's down by Panama City Beach. If you aren't as up to date with the area, continue reading for some updates to 30A and Santa Rosa Beach.

Get a Realtor

There are 152 real estate offices and many hundreds of real estate agents listed with the Emerald Coast Association of Realtors between Santa Rosa Beach and Inlet Beach. You are probably experienced enough to filter out the good from the bad but try and get a recommendation from another local person or business you trust before calling around. With so many rental properties around here, different realtors will have different strengths: some may do mostly condo management, some specialize in commercial units, some strictly handle single family homes, some have connections in the high value homeowners market, some work directly with builders, and some do it all.

We work with realtors practically every day and would be happy to recommend someone who fits your needs. Most in the area are knowledgeable and professional but the quest for big sales has brought in plenty of amateurs. Knowing how a home was built can be just as important as location around here.

Get acquainted

The market changes quickly around here, neighborhoods get hot and prices soar while other areas slump. Summer is generally too crazy with renters to get an accurate feel for an area but at the same time the summer tells you exactly what the busiest time can be like. Alys Beach and Seagrove are much quieter with far less through-traffic in the offseason but construction is daily during the winter. It'll be a few years before that quiets down. Grayton beach is pretty quiet most of the year because the state park takes up half the space in that area and new construction is more sparse. There is some bridge work on 30A in that area right now but it should be clear soon.

The western corner of 30A and 98 closer to Destin is being developed for retail and commercial space, St Joe owns the land and are clearing it now. Consider it an improvement to that side of 30A since the closest shopping is some ways off in Miramar Beach.

The rest of 30A is status quo, with new construction practically everywhere and those unchanged glorious beaches. The location is hard to beat after all, so no matter what you end up with you'll be able to find happiness on the shores of the Emerald Coast.

What are you waiting for? Come to visit or come to stay, we'll be here and look forward to meeting you! Call or email anytime for recommendations about the area or questions about home insurance, auto insurance, or business insurance!

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A Brief History of Insurance

Wed, 15 Nov 2017 00:00:00 GMT

Did you know that the earliest forms of insurance are founded in abandoned ghost ships like the one that washed up to shore here in Miramar Beach? Like so many ships before, this one was caught in bad weather and abandoned to the sea. Unlike so many ships before, this one found its way to the safety of our beach and in amazingly good shape. The stories of boats, shipping, and weather are deeply tied to the history of insurance.

When kings and monarchs ruled the world, seas all over the globe were filled with vessels carrying cargo to and from distant ports. The world was shrinking and precious foreign goods were becoming more common. We don’t even think about it now because you can buy something made in every country in the world at your local Walmart, but back then chocolate was an extreme delicacy and corn was unheard of.

The seas were just as dangerous then and the equipment used was far less reliable. Entire seasons of crops or products could be on board, not to mention gold or irreplaceable items. Back then, ships had to cross the tip of Africa to reach the Far East, braving high seas, pirates, and dangerous storms. A successful venture could earn the risk takers a fortune but a ship lost at sea could mean bankruptcy.

As early as the 15th century businessman began making contracts with each other and ship captains, pooling together a portion of profits to build a buffer against total loss. If 9 out of 10 ventures succeeded, profit from the 9 successes were used to pay the expense of the 10th and all walked away happy. By spreading out the risk among multiple companies, one storm or one pirate attack would only have minimal damage to a company.

The largest of these groups were based in London, which still exists today - Lloyds of London. Here in Florida, it's a name we see often in the property insurance marketplace. Insurance expanded from shipping to other forms of risk. Property insurance came about in 1666 when a little bakery on Pudding Lane in London caught fire. Not only did the little shop burn down, but so did 13,000 other houses. The Great London Fire showed how all can be seriously impacted by one person’s small mistake.

Insurance is based on the idea that by all contributing a small amount, one person's catastrophic loss can be repaired. It doesn't seem fair until you become 'that one person', but like those early shippers we should recognize that our risks are just as great as anyone else's. Insurance is there for the small chance of losing your home on the beach, the truck you saved up to buy, or that baseless legal dispute.

The Phantom of the Aqua is a great reminder that although insurance premiums may seem a nuisance, they are a nuisance that provide security and stability. And if you’re ever looking for someone to blame for being required to have insurance, look to pirates on the high seas and a baker that burned down a city.

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Why use an insurance agent?

Tue, 14 Nov 2017 00:00:00 GMT

The business world is changing rapidly. Of course it is, it is always changing rapidly, but what's different this time? Millennials are now the largest group within the workforce, surpassing Generation X in 2015, and with them come new ideas. Millennials have different priorities in choosing a job, with flexibility being near the top, and different expectations with how they do business.

Millennials prefer to do business conveniently and cheaply. We can buy clothes, cars, and condos completely online so why isn’t there a dependable online option for buying insurance? Why do independent agents still exist? They've probably never stepped foot in an Independent Insurance Agent's office, but here are 5 reasons why it's time to consider agents as your best option for insurance.

#1 They can save you time and money

The service we provide doesn’t cost you anything extra, it's built into the premium and we get paid by the insurance company. Basically, it costs you the same to have us do the work for you. Take auto insurance for example. You can go online, fill in all the information to get a quote, and pay thousands of dollars to someone you've never met. If you need to file a claim, you handle it. If you're late on a payment, you spend an hour on the phone getting it fixed. If you bought a car and need to add it to the policy, you do it.

Our agency represents several well-known auto insurance companies, meaning you could come into our office and possibly walk away with that same policy at the same price (or maybe even better). With us, you aren't on your own. We can dispute claim settlements, we can take payments, modify policies, and negotiate on your behalf.

We don’t charge by the hour so we can put in a days work on your behalf and you'll never even know about it. Our goal is your satisfaction and to make things as easy as possible for you. Why not let us do the work for you?

# They can provide more options than online resources or captive agents

We've got options you've probably never heard of. Over $6 billion is spent on insurance advertising each year but it all seems to come from the same few companies. Where does that money come from? It comes out of the premium you pay. There are plenty of other companies that opt to save that money because in the end, it leaves more for paying claims and saves you premium.

I've spent weeks quoting some businesses and all they see is the few minutes it takes to go over the final prices and coverages. We typically quote 3-5 companies on each new policy and present you with the best one. Check out our blog entry on how our agency chooses which insurance company to use because price isn’t everything, especially when your home or loved ones are counting on it.

#3 They can provide expert guidance

There are ways you can save money on insurance that you probably aren't aware of. Do you think the insurance company would help you find them? This comes up a lot with Workers Compensation insurance, where there is a standard price but with credits available for Drug Free Workplace, Safety Manuals, and more. There may be cheap upgrades you can make to your house or business that could make a big difference in premium. We have resources and experience to help guide you to savings while still providing the proper coverage.

If you plan to start a business, there's a lot to consider and we can help with the process. Check out our recent blog on how to start a business here and see what insurance you might need for that.

#4 They'll be with you through growth

Your family will probably grow, your business will probably grow, your insurance should grow with it. We represent 5 Fortune 500 insurance companies, we're prepared to assist with your insurance needs no matter how large it grows. We write personal and commercial lines of business and can find something for practically any need.

#5 They provide a more personabe atmosphere

You expect a bulletproof barrier between you and the nameless desk attendant, but we're actually more casual than that. Our staff members have a name (see our directory), an office you can sit in, a desk to look across, and are available for face to face interaction when you need help. There's no big corporate demands to meet and as a family owned business there's always someone to talk to. It's probably more pleasant than you think

Mr Norton, started his first independent insurance agency when the industry was relatively young. Insurance itself has been around since the days commerce centered around ships with sails, but the model of selling to the masses has only been around 100 years or so. Some agents are still crossing the Atlantic but we've adapted to be an online, flexible, and approachable business ready to thrive for future.

If you haven't given an independent agency a try, it might be time to see what they can do for you. Home, condo, rentals, auto, business and bonds, we hope you choose Norton Insurance of Florida.

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Hurricane Harvey's 50 Inches of Rain

Thu, 31 Aug 2017 22:00:00 GMT

What would 50 inches of rain do to my town?

Hurricane Harvey brought nearly 50 inches of rain to some areas around Houston, burying streets, cars, and houses under feet of water and setting records. Normally this much water coming so quickly can only come from a river overflowing its banks or tidal surge but in this case, most of it was pure rain. Invariably, people look for something to blame for the flooding, whether it be global warming, the Bermuda Triangle, or the Russians. But the truth is, 50 inches of rain in a few days would drown practically any town in America. So I did a little research to investigate the likelihood of this happening in your town.

The rainiest place on earth is Mawsynram India, where it rains over 460 inches a year and is home of the living bridges you see in Indiana Jones movies. Areas of Washington and Oregon get 100 - 130 inches of rain per year, but that is spread over an average of 152 rainy days a year. In other words, their reputation is well deserved as written in this article from the Weather Channel, but the amount of rain cities like Portland and Seattle get isn’t very much when compared to other areas of major rainfall. Check out this story from BBR for more about wettest places on earth.

Houston is a major metropolitan area, fourth biggest in the country. It is relatively flat, about 80 feet above sea level, 45 miles from the coast, and averages 49 inches of rainfall a year. It’s the 8th wettest major US City and it rains there about 100 days a year. They are used to rain and can handle the average thunderstorm without too much trouble. In contrast, Phoenix averages 8 inches a year, less than an inch a month.

Imagine then, getting your entire annual rainfall in less than a week. As a matter of fact, some people are calling it the most extreme rain event in US History (Washington Post), with some areas around Houston near the 1000 yr annual chance of annual rainfall event. FEMA produces flood maps predicting the areas with a 1% chance of flood. These zones are used to determine flood insurance rates but they can't be 100% correct. We've written other articles about flood insurance here if you would like to learn more.

From an insurance perspective, flood can be several things: overflow of an existing body of water, tidal overflow from the coast, rapid accumulation of rain, or even mudflow. Houston sets a new precedent for flooding caused by rain and I would expect it to be considered when FEMA revises the flood zone maps. Think about your own home and see what can be done to be prepared for flooding. Most home insurance, condo, or commercial property insurance policies exclude flood because it is purchased separately. Our blog post from 2016 has some great info about flood prep.

It’s hard to imagine the challenge our neighbors in Texas are dealing with right now. The incredible acts of decency and compassion shown in the wake of Hurricane Harvey should be an example to all of us. The devastation left behind can also be an example of what 50 inches of rain could do to your town.

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How to Start a Business

Sun, 30 Jul 2017 22:00:00 GMT

Starting a new business is a big moment, one filled with excitement, fear, and courage all at the same time. Most of the time you've had to give up a steady paycheck to get here but now it's your turn to be the boss. Your best laid plans are before you but the process is confusing and nobody really tells you what you need to do and in what order. It's the same thing people say when they have a baby, "where's the instruction manual on this thing!"

Here are some steps to take to get the business set up and things you need to do before you hit the job.

Step One - Deciding when to start a business

The difference between a business and a hobby is whether or not there is "reasonable expectation of earning a profit." Once your side project starts becoming your main project, it might be time to start a business. If you have street and book-smarts you can make it happen but keep in mind that you will need both. The most important part is the skill- if you are confident that you can perform just as well on your own, it might be time.

Come up with a business plan and work out the numbers: how much can you make and what will your expenses be? The first thing that derails a start-up is guessing the expenses wrong. Be conservative and add 10% to whatever you are expecting. Talk to someone in your industry that has done it before and find out what you might have overlooked.

Step Two- Register your business

Sole Proprietor- Use your personal name to start a business, making you personally liable for all business activities. Business income is reported as personal income on your individual tax return. This is the quickest and easiest way to get started.

Partnership- Two or more partners offer joint services but face similar risk and taxes as Sole Proprietors.

LLC- Limited Liability Corporations allow the owner to distance themselves a bit from company debt and liability but are taxed similar to sole proprietors. Probably the most common form new businesses take our experience.

S Corporation- Distinct legal entity that can enter into contracts but taxes are passed through to the owner similar to Sole Proprietors. S Corps face higher regulations, such as bylaws, stock, Directors and Officers requirements. Unlike the previous organizations, ownership is transferrable and there is greater liability protection for the owner. If you are looking to pass a business down to someone else, this is a good option.

C Corporation- Most larger corporations (like the Fortune 500 guys) are C Corps because of the protection it gives owners, the indefinite nature of the entity, and the unlimited number of owners available through the issuance of company stock. Taxed as an entity and taxed again as an owners, this is known as double taxation and could be a burden for new organizations. This structure makes most sense for larger organizations, often ones that have grown from the earlier listed types.

Click here for more info on these from the SBA. Filing fees to form a new entity range, but are typically between $50-150 and remember, you need to keep it in compliance year after year. It's not something you set up once and can leave alone forever.

The decision of which entity to choose should be made with great care and possible with consultation from an attorney and accountant because there are legal and tax implications for all of them. If you're thinking of starting a new businesses in Fort Walton Beach, Destin, Navarre, or anywhere in the panhandle just give us a call and we can point you in the right direction.

If you know what type of organization you want, move on to step two. From an insurance standpoint, the price is based on payroll or sales so the entity type usually makes little difference.

Step Three - Licensing and Tax Collector

Florida: https://www.myfloridalicense.com/intentions2.asp?SID=

Alabama: https://revenue.alabama.gov/business-license/

Georgia: https://secure.sos.state.ga.us/mylicense/Login.aspx?process=app

In Fort Walton or Destin, you can get this all done in person at the tax collectors office in Shalimar. In Miramar Beach and Walton County, your tax collectors office is in Defuniak.

Okaloosa County- 1250 N. Eglin Parkway, Suite #101, Shalimar, FL 32579

Walton County- 571 East Nelson Avenue, Defuniak Springs, FL 32433

Alcohol industry, Community Association Managers, Contractors, Hotels, Restaurants, Real Estate Brokers/Agents are among those listed with special licensing requirements. Fees range depending on the industry from $50 to thousands for the appropriate license. Again, ask someone who is in your industry that has gotten through it to learn what to expect.

Most of these industries require pre-licensing education, examinations, and applications. Be aware of these requirements, which can sometimes take months to complete. The General Contractor's license in Florida may be one of the most difficult to get due to the extensive education and testing requirements, which should be a source of pride for those who have accomplished it and a source of comfort for those hiring a contractor. Real Estate Agents and Insurance agents undergo continuous pre and post licensing education, always seeking to stay on trend with the latest changes.

Taxes- in short, 1099 forms are used for subcontractors and W2 for employees. To apply for a Tax-ID or EIN number, click here. If you're looking for a workers compensation policy, a Tax-ID number and W2 employees are preferred. It's free and you'll probably need it to open a bank account. Subonctractors should be included on the insurance policy, talk to your agent about how it should be done.

If you do business in multiple states, make sure you are in compliance with that state's licensing requirements. Go to the links above and contact that state to make sure. Click here for links to the other state licensing and permit requirements.

Step Four - Insurance

Insurance can be obtained for any of the business structures listed above and can change as your business changes. If you want to start off as a Sole Proprietor and incorporate later, that's fine but before you can get to work you'll want to ensure you have the proper insurance.

General Liability is the first step, among other things it provides coverage for the general operations of your business. If the business owns any property, such as buildings, equipment, or vehicles, they should be insured as well and can often be packaged with the liability. Some contracts require certain limits of insurance or bonds, contact your agent to make sure you're getting a policy that works for you.

Workers Comp has a lot of complications. Florida has an entire website devoted to it, click here for more than you ever wanted to know. In the construction industry, it is required for any size business; but non-construction industries must provide it if they have 3 or more employees. Exemptions are also available for owners that meet certain requirements. Your insurance agent can point you to a direct workers compensation policy or a PEO, which provides additional services such as payroll and HR.

If the business name changes or you want to add something, the insurance policy can be altered so don’t worry too much about that. Whatever the correct current information is, make sure your insurance agent has it. They will want to know what kind of work you plan on doing and how many employees you plan to have, including the anticipated annual payroll (excluding the owner) so that you can be properly covered.

You can insure basically any kind of operation but keep in mind that there is a cost-benefit to your operation. Insurance companies generally prefer a small radius of operation and a clear scope of work. For example, if you're a carpenter you may pay a certain amount for insurance, but if you work on airplanes 1% of the time you might pay 10 times that for insurance. Keep it simple and keep diverse operations separate to save money on insurance.

Step Five - Get to Work!

If you've survived this far, you can handle anything your customers will throw at you. The main point in going through all of this is to make sure that your customers are getting the most protection possible, so it's all really in their best interests. They love to see "licensed, insured, and bonded" on the side of your van because they know you cared enough to do it right, which you now know is no easy task.

Our country is a great place, where elbow grease keeps the wheels of progress turning. If you have the right skills, you can accomplish great things. If you do things correctly, you can expect steady returns; but if you choose to stray you may see short term gains but it'll catch up to you in the end.

If you have questions about any of this, give us a call. Our staff has helped countless business get off the ground, with new ones coming through the door almost every day. We've seen startup businesses grow to multi-state, multi-million dollar companies and we would love to serve your insurance needs through it all.

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Homeowners Insurance and Racecars

Fri, 30 Jun 2017 22:00:00 GMT

You are excited to buy the house, you've researched the school districts, analyzed cash-flow, exact distance to the nearest grocery store, and thought about each square foot. You make the big decision to place an offer and usually don’t even consider the insurance until you're headed to the bank. Buying a home or condo in Fort Walton, Destin, or off 30A is like buying a racecar- you either need to be well prepared for what you're getting into or know someone that does.

In many cases everything turns out fine and getting an insurance policy is no big deal but there are cases where you get hit with a big surprise: maybe you didn’t budget for the flood insurance the bank is requiring or maybe the homeowners insurance is more than you expected. Like a racecar, there are a million moving parts and if any one of them goes bad, the whole thing can stall. You need a team behind you, one that can put the parts in order and check all the components before sending you out on the road. An insurance agency is more than just one person, there's a pit-crew when you set off, when you need help, and all in between.

Buying homeowners insurance is like buying tires for your car. I have a friend who buys used tires and will just drive on them until they blow out. He gets what everybody says they want- the cheapest option, right? They still get him from A to B. Most of the time. I've tried convincing him that if you pay twice as much for tires that last three times as long, he'd be better off. With homeowners insurance, the cheapest option is not always the best option. There's more to it than that.

Buying the wrong size tire can worsen your gas mileage or even cause your brakes to fail, which is obviously a waste money and safety in the long run. Why pay for them if it wont actually DO anything when it really counts? One way to save money on homeowners insurance is to reduce the coverage amount, which could be devastating in a total-loss situation. Putting mud tires on a Porche may be cheaper than those expensive nitrogen-filled ones they try to sell you, but maybe there's a middle ground for people that want the best of both worlds? Again, this is where an independent advisor can help. There are ways to save on the insurance premiums that don’t give up safety and protection.

I certainly trust a tire brand I recognize, maybe one that's been around a long time with a proven track record. Some insurance companies have been around a long time and have paid out millions in claims. Stick with a winner and don’t roll the dice with a company that has never even seen one hurricane, your agent should know which ones are reliable and can guide you in making a choice. See our recent blog post "How strong is your insurance company" for more on this topic. Our agency has been through 16 Florida hurricanes, helping claims get paid and people getting their lives back for over 40 years.

We want to be on your team and help you achieve your ambitions. We can help you find ways to save money without giving up protection and are committed to finding the best policy for you at the right price. Check out the rest of our website for more products we offer and feel free to contact us today!

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Beach and Outdoor Weddings: there's insurance for that

Wed, 14 Jun 2017 22:00:00 GMT

It's a great idea in theory: get married on the soft white sand beaches of Destin or Santa Rosa, let the waves add a soundtrack to the smell of roses and words of marital bliss uttered by the officiator. It all seems way too mushy for me but people come from all over Georgia, Alabama, and sometimes much further, to enjoy a perfect destination wedding on the Emerald Coast.

In practice though things always go wrong at weddings. The caterer thought you said "bagels" when you really meant "beignets", or the rings girl dropped it in the sand and the entire wedding party is running around asking to borrow people's beach shovels, or maybe the bride got a little too close to the water when a wave came in and is now crying into her mother's shoulder about a ruined life. A more likely scenario might be bad weather makes you postpone or maybe the groom comes down with the swine flu. Whatever happened to the swine flu anyway?

According to an article on fortune.com, the average cost of a wedding in 2016 was over $35,000. That seems completely ludicrous but luckily the beach is usually free even if the rental house next to it isn't. There are some cool local services that provide beach wedding packages for $2,000 - 5,000 but there might also be some changes coming soon. The city of Destin is considering restricting which beaches can host weddings, which is both good and bad because not all public beaches are created equal. They claim limited parking to be the issue and require permits for groups over 25.

What if you can't rebook? How much money do you have on the line here? Or more likely, how much do your PARENTS have on the line? Consider the loss of deposits, paying the photographer for standing around, tuxedo rentals, and maybe even rented jewelry (which is apparently a thing). It's Florida, hurricanes ruin a lot of special events in the summertime (see our recent tweet about the hurricane season). People go to therapy for the stress this kind of thing causes. The financial side of the big day is the last thing you want to distract you from your dream wedding but it's the first thing you'll fight about after you say "I do."

Wedding Insurance exists and its purpose is to help offset the cost of a cancelled or postponed wedding for various causes. Wouldn't it be nice to unload that stress? Coverages include Cancellation/Postponement expense, liability, medical expense, photos, gifts, special attire, special jewelry, loss of deposits, and yes, even professional counseling. For thousands and even tens of thousands of dollars worth of coverage provided by these policies, it's worth making it part of your wedding budget.

Call us today or check out our website for more information on a quote. We're happy to say Congratulations and wish you the best!

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10 Interesting Traffic Laws in Florida

Tue, 30 May 2017 22:00:00 GMT

There are some things we can remember anytime, anywhere, whether we want to or not: those annoying commercial jingles, the name of our 4th grade teacher, or maybe that nagging back pain. But there are some things we should remember but never seem able to when it really counts, like waking up Mother's Day morning with no present, the night of your daughter's school play and you never made her costume, or do I go first at this four-way stop?

Here are some interesting laws of the road for the state of Florida that may help the next time your mind goes blank while driving or when answering your teen-driver's questions.

#1 Seat Belts

It wasn't that long ago that the seat belt law in Florida was changed to primary enforcement in 2009. Before that, you could be ticketed only after an officer observed some other violation. Now, anyone in the front seats has to wear them but if you're over 18 it is legal to skip it if you're riding in the backseat. Children under 4 years old must be in a child safety seat and then in a booster seat until 6. Sorry kids, your parents and the state of Florida want to keep you safe even though you sometimes reenact that "Freedom!" scene from Braveheart. Whether it's legal or not, wearing a seat belt is always a good idea.

#2 Children in Cars

How long do you think is legal to leave a child unattended in a vehicle? If they are under 6, you've only got 15 minutes (good luck proving that if it comes down to it). If the engine is running, you've basically violated the law the second you close the door. I thought it was interesting that this has to be a law now, but there you go.

Ever have to transport something longer than the bed of the truck? I tried bringing home some 13' boards the other day in my station wagon and have to admit, they didn't quite fit. The rule is if it extends 4 feet or more beyond the side or rear, you need to attach an 18 inch red flag. Nobody wants to be impaled. The bed of a truck counts as a backseat, so the seat belt law applies- meaning if you're over 18 you can ride in the bed with no seatbelt restriction.

#4 Golf Carts

There are so many variations of golf carts now that the state is starting to come up with sub-categories. Road legal carts are now also known as low-speed-vehicles. They have turn signals, seat belts, headlights, a windshield, and can travel up to 30 mph. Their drivers blissfully enjoy the ocean air but remember, you can be ticketed for using roads that don't allow them. Typically, stick to two lane roads with a speed limit of 35mph or less and make sure you have it insured with PIP and liability coverage.

These vehicles can usually be added to your existing auto insurance policy but more and more auto insurance companies are willing to write low speed vehicles by themselves. Golf carts that aren't road legal can be used in other ways, such as with drivers 14 and up, on sidewalks 5ft wide, and don't have the other required safety features. These can usually be insured as an addition to your homeowners insurance or renters insurance policy. Feel free to contact us about either of these insurance options.

#5 Markings

These are everywhere and you probably don't notice them- solid white lines. They are usually employed on a divided highway, often right before intersections or other hazardous areas. You aren't supposed to cross them unless you are avoiding a hazard, so look around on your next drive and see how many people don't even notice when they cross over these markings.

#6 Roundabouts

Roundabouts are showing up all over the place, especially rural intersections. They are great for traffic flow if people are familiar with them. The idea is to keep moving but yield to traffic in the circle. Don’t rely on turn signals to tell you where the person in front of you is exiting. Pretty soon we'll all be driving tiny cars on the left side of the road too if we keep adopting European traffic patterns.

#7 Traffic lights

In some states it is illegal to turn right at a red light (California for example). It's common practice in Florida but is it actually allowed? Turns out (pun intended), you can turn but you are supposed to come to a stop first.

Quiz- what's the quickest way to a suspended license? Texting while driving that results in a crash. There may be faster ways but this could instantly put 12 points on your license, which in Florida is a 30 day suspension (or 12 months if the driver is under 18). There was a judge once who included a cell-phone suspension as well as a driving one, maybe that should become standard practice.

I had a car growing up with just one rear-view mirror so I spent a lot of time backing out of places. Turns out, only one mirror is required (unless the rear window is covered). Did you also know you cant put stickers on your windshield? Drivers also aren't allowed to wear headsets or headphones.

#10 And finally, a DUI stays on your record for 75 years, basically until you can't drive anymore.

Traffic laws vary from state to state and from year to year, I hope you found some of these useful reminders. It won't be long before there will be laws regulating self-driving cars and alternate fuel source vehicles. You don’t have to be an expert on safety and traffic laws but it is your responsibility to be a safe driver. Let your insurance agent be the expert on the ever-changing landscape of auto insurance and its regulation and you can spend your time getting that annoying commercial jingle out of your head.

Check out our website for more information on other products and services we offer, including homeowners, condo, and renters insurance.

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What makes up an insurance premium

Sat, 29 Apr 2017 22:00:00 GMT

With some things we purchase everyday little thought goes into the components of price. Why are apples 99 cents a pound when they literally grow on trees? Can I buy those peaches without the can to save money? How much of my purchase at Walmart goes to simply keeping the lights on in there? We get used to a standard price for a good or service, regardless of its justification but I think it's important to sometimes look a little deeper. The price you pay is more than premium but is actually made up of a few things: premium, fees, and taxes. Premium is a rate, usually a simple % of something. The 'something' depends on the type of business you are in or the type of policy. For example, a cleaning company will probably pay a premium based on a % of payroll while a retail store would probably pay a % based on sales. The rate itself is filed by each company with the state Department of Insurance, who has to approve it. This moderates insurance prices and profits statewide to protect the consumer. Inside that premium are several components: expenses, losses, and profit. The goal is to minimize expenses, guess the losses, and thus make a profit. Expenses refer to company expenses such as keeping the lights on, paying the customer service people, postage for all that paper they send you, and so on. Profit is what's *hopefully left over once the losses are realized. The loss number is the real unknown here but insurance companies have it down to a science, called Actuarial Science, which is an actual thing that employs thousands of people. Actuaries and their departments are employed right now trying to predict the claims an average driver will have in any given year. They have gotten so good that they can predict the likelihood of a driver getting in an accident based on age, gender, credit, relationship status, employment, and more with extraordinary statistical accuracy. Your insurance agent asks you all those questions on the application because it actually matters, go figure right? The same logic applies to all lines of business, not just teenagers and car accidents (which is more of an inevitability than a likelihood). The age of a commercial building, the year the roof was put on the house, the size of your dog, and years experience of a contractor are all taken into account. It may feel creepy but it also ensures you don’t pay more than you need to protect from the risks in your life. In that sense, insurance is a very personal product that applies to all people differently. Your insurance agent is the packaging, the safety label, and instruction manual for your insurance products. There are so many agents they can seem to grow on trees, but I believe they still provide a vital function. Sure it could be cheaper to one day lose the packaging on insurance products and buy directly from the company but consider the risks: there would be little guidance on what is covered and what isn't, no warnings on potential gaps in protection, and no help if something goes wrong. Flood, homeowners, condo, contractors, and business insurance are all unique, shouldn't the service you receive be unique to you? We strive to do more for you and give you the individual attention you deserve while choosing the right insurance product to protect what's important to you. The views expressed here are the opinion of the author and do not attempt to make any recommendation for insurance coverage. Eligibility is determined by the insurance carrier and not all applicants will qualify. Please contact your licensed insurance agent regarding your area's coverage and eligibility. Blog Archive - Search Blog

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Distracted Driving

Thu, 30 Mar 2017 22:00:00 GMT

Distracted driving is a relatively new term but has actually been around quite a while. With so many noisy passengers in his ark, Noah probably wasn’t watching where he was going either and if there were more things to run into, he probably would have hit something. Cars themselves originally had few built-in distractions. If you owned a Model T in 1913 you would have found absolutely nothing interesting to look at on the dash. It only had a temperature gauge and key entry and that stationary temperature needle would get old real quick. What did kids DO in cars back then? Dashboards now are cluttered with gadgets and dials from touchscreens to coffee makers. I'm sure the intent of adding things to the dash was to help keep us on track and safely get where we wanted to go but dashboards have a new and much more frivolous purpose: entertain and impress. The gadgets we really need are the ones that protect us and others, such as the emerging lane-correcting and automatic braking features. But will more safety features like these just make us more complacent to do more distracting activities? I heard a story once of a retired couple who decided to buy an RV and travel the country. Their new RV was very fancy, it had a full working kitchen, two bathrooms, and auto-pilot. The couple happily bounced into their seats and set off. Once on the freeway, the driver set the auto pilot and got up to go to the bathroom. The RV drifted over a lane, then to the shoulder, then to a complete stop in a ditch. Car insurance and RV insurance can't always protect us from ourselves. Turns out, that auto-pilot was really cruise control. Cars can now accelerate, steer, brake, and navigate without the driver doing a thing, with more advances to come. As we move closer towards replacing the human element in driving a car, are we opening the door for more and more distracted driving until we finally reach full automation? As technology replaces more and more of the things that keep us involved in the driving experience, we will be free to spend more and more time focusing on things OTHER than driving. Innovation is born of necessity and it appears that a large number of people have already decided that texting while driving is a required part of life. There are 253 million cars in the US with more cell phones then there are people (including children). Texting is involved in roughly 25% of all car accidents today with distracted driving as the #1 cause of accidents in the US. As convenience technology advances, our attention span wanes. We are trying to solve the problem of distracted driving by removing the driving part out instead of the distractions. Maybe we should refocus our efforts on making driving itself more enjoyable and maybe even preferable to texting. Simpler communication technology (I'm looking at you blutooth), easier to use dash technology (so many freaking buttons), and more encouragement of safe practices behind the wheel from an early age will go a long ways to bringing us closer to the future without the painful lessons learned along the way.

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Why the name of the insurance company matters

Mon, 27 Feb 2017 23:00:00 GMT

I grew up with 4 siblings and sometimes getting my favorite foods wasn't easy. Craving a glass of milk just to find my brother left a teaspoon's worth left in the bottle or forcing myself to eat one extra cookie because I knew the box would be empty tomorrow was pretty maddening. Girl Scout cookies were especially valuable and I used to hide a box in the piano to make sure I got some. Those morsels became worth their weight in gold a week later when those roadside stands disappeared. The concept of saving for a rainy day is familiar to most people, but is much easier with cookies than large sums of money. Financial advisers are a valuable resource in determining how much your individual family might need, taking into account fixed income and fixed expenses. But what about those one-time things: the unexpected vehicle repair, medical bills, vacations, etc? Combine all that together and you can come up with a number to lay-away for the future but sometimes only insurance products can protect from the truly disastrous events. Companies run much like families and insurance companies have to make the same decisions: how much should we stow away for a rainy (maybe a VERY rainy) day? Reserves and Policyholder Surplus are basically a very full bank account based on a % of the total written premium, used to pay for claims as they arise. Liquidity is an important factor in getting the money out to you, the policy holder. Once the Girl Scout cookies run out, it takes a whole year to get more! Companies are rated based on their ability to pay claims using their reserves, policyholder surplus, and reinsurance. Some companies are better prepared, with more money in reserve, than others are. The top companies are given A++ ratings and the weakest are given an F. The state wont even allow a company to sell insurance in its state if it doesn't meet certain require requirements. These proactive actions keep consumers safe in case a major event comes along. Several insurers in Florida are in danger of soon losing their A ratings because those companies don’t have enough in the rainy day fund. Homeowners insurance, auto insurance and business insurance companies are all affected. Make sure the company protecting your dreams isn't one of them, contact us today for an A rated quote from one of the best agencies around!

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Housing Trends for 2017

Mon, 30 Jan 2017 23:00:00 GMT

Technology As technology seeps its way into every facet of our lives, look for more smart-home technology in 2017. With Amazon and Google battling for the crown of complete home integration with their services, the consumers stand to gain most. Eventually the convenience will just be too great to pass up, so start looking for ways you could benefit from this technology. Texture There are an incredible array of options now available to the custom home builder, with everything from Egyptian sandstone fireplaces to Tibetan faucets. Variety and affordability should allow you to find a pleasing balance of textures to fill your home with a feeling of greater expanse and depth than ever before. Terrace The average (mean) annual temperature in Florida is just above 71 degrees, 3 degrees higher than the next closest state, Louisiana and people are embracing the warm weather in Florida more than ever. Many homes now feature exterior walls made entirely of glass that slide or fold away, allowing seamless transition from couch to pool. Greater use of outdoor space is facilitated by these type of walls and they help expand living space to accommodate a greater number of people. Tough In the 10 years since our last major hurricane, homebuilders have been vigilant in maintaining standards. Homes are being built out of solid concrete, or raised several feet to avoid tidal surges, and with the highest quality siding and roofing products available. Metal roofs are nearly standard in new homes in the area, but don’t discount the importance of building everything to last. Toes Pools are becoming part of the whole house design, making it easier to dip your toes in the water. Sun shelves, infinity edges, spas, water features, and decks adorn pools in homes up and down the Emerald Coast. Simplicity and elegance are to be expected for 2017. Tides Trends rise and fall as the tides but some things should always be there when you need it. Consider your homeowners insurance company as a protector of the things you hold dear and rely on them as you pour your heart and soul into your coastal home. Many companies have online accounts and great customer service, don’t be left behind as other companies move into the future. Call your agent today to find out how your company stacks up with the pack for 2017.

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Resolutions and Change

Sat, 31 Dec 2016 23:00:00 GMT

The hardest part about change is change. It's easy to decide to change but actually following through can be a real challenge. Some changes are easy, like moving the milk to the fridge door instead of shoving it to the back. A new year brings a great opportunity to make positive changes to your family or business finances. When insurance companies make profits they are more willing to compromise on prices, leading to what we call a "soft-market" or buyers-market. I believe we are diving into the softest market in years after another profitable year for insurance companies. The only notable large-claim events were Hurricane Hermine and Matthew. Out of over 19,000 claims for Hermine, only 38 were in Walton or Okaloosa Counties, with another 61 in Bay County. Hurricane Matthew brought even fewer claims to our area: 42 total from those three counties. Statewide losses reported by insurance companies were under $1 billion, but considering Florida has nearly $3 trillion in coastal property vulnerable to hurricanes, it was another quiet year. The result is insurance companies are increasingly willing to negotiate prices on coastal property insurance, especially high value commercial buildings such as multi-unit condo buildings. Homes that have traditionally been difficult or expensive to insure, such as those built before 1985, in flood zones, or beachfront, are in some cases now being written nearly on par with their inland counterparts. We recently saw two commercial buildings receive 25% decrease in their premium over last year. If you haven't quoted your property in a while, now is the time. Our agency has access to dozens of companies and options and have had success negotiating prices to beat expiring policies. Our quotes are free but could save you thousands. Make it a goal this year to test the insurance market and see if we can't save you some money. That's pocket change to be happy about.

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How to choose the Right Contractor

Tue, 29 Nov 2016 23:00:00 GMT

In small communities such as ours, individuals and businesses depend on each other. We all endure the traffic nightmare vacationers call "summer" and we know that if you want to go out for dinner, go early. Contractors keep our town running and our buildings from collapsing but with so many contractors who have skills and experience, how do you know which to use for your home or business? When choosing the right one for you, look for a licensed, insured, and bonded contractor. Not all contractors are required to have licenses, such as painters, handyman, or pool techs. Some activities do require a license from the state, such as roofing, air-conditioning, and electrical work. Building codes and regulations in Florida are complicated and getting a license is tough, so let the state do the vetting process for you and hire a contractor who meets their requirements. After checking on their license, everyone who comes to work in your home or business should be insured with a General Liability policy. They are relatively cheap policies that could offer you enormous protection- a million dollars or more. Operations with as few as one person, with nothing more than a glove and rake, can usually get one and there are hundreds of insurance companies willing to write general liability insurance in Florida. Without this policy, you the homeowner or business-owner could bear the risk of any damage caused. In addition to liability, the state has specific requirements regarding workers compensation insurance. You can easily ask your contractor for a Certificate of Insurance showing their current coverage for this and liability insurance. Norton Insurance provides this service for our contract customers free of charge. Workers comp insurance requires a much deeper vetting process and typically reflects a well-established business. Fines for non-compliance with the state requirements can be tens of thousands of dollars. Bonding helps fill the gap for what an insurance company won't provide. For example, a Janitorial Bond offers the customer protection against "loss of money or other property, real or personal… as the result of any fraudulent or dishonest act" committed by the contractor. This are typically not covered by a General Liability policy. There are many other types of bonds that will be discussed in a later blog entry. Depending on the type of bond, obtaining one can require extensive credit, financial, and personal background checks and there may be no greater endorsement given to a contractor than qualifying for a bond. Ask your contractor for confirmation of these things or ask for the number of their insurance agent. We are proud to stand behind our customers and offer them the legitimacy of General Liability insurance, Workers Compensation insurance, and bonding. You, the home or business owner, are the ones who ultimately benefit. If you are looking for a referral for a contractor who meets these standards, give us a call and we can suggest several options for you. We are also available to offer references for our customers. For over 40 years, we have worked with some of the best and strongest contractors from all across the country but there may be none better than the builders of the Emerald Coast.

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What does Condo Association Insurance cover?

Sat, 29 Oct 2016 22:00:00 GMT

Annual condo association meetings are mostly finished but the same questions seem to come up every year. Are we getting the best price for our property insurance? How much is the increase going to be this year? What exactly are we paying for anyway? What is wrong with my football team and why can't we ever win! Condo Association insurance is meant to cover the common ownership areas, usually defined in the bylaws to include the building itself, fences, pools, boardwalks, parking areas, and clubhouses. Most unit owners are only required to obtain insurance for the 'air' between their walls. Essentially, the unit owners pool together to get one big policy instead of a bunch of small ones on their own. The intended result is clearer coverage, easier handling, and cheaper rates.

If nothing has changed at your location, a change in price often takes looking at the bigger picture to explain. Property insurance is strongly dependent on the local and national insurance landscape, which among other things is shaped by economic trends, natural disaster events, and individual insurance company preferences. Insurance is only possible through pooling large numbers of customers from various locations and lifestyles; large disasters in one region can have an effect on premiums nationwide.

On a single day in 2005, the insurance industry paid $8 billion in claims- eight times the profit they had earned collectively since 1980. On this day in 2005 when Hurricane Katrina hit and the days that followed, roughly $40 billion was paid during the recovery in southern states. Is it any wonder why the top three most expensive states for Homeowners Insurance are Florida, Louisiana, and Texas? Since most large insurers are publicly traded, their losses and profits are readily available and reviewed by insurance professionals. Many companies are international and may have paid claims for disasters across the globe. Many have bond departments that face huge risks on single projects, like the billion dollar contract bond on the Panama Canal renovation. Results are published in national newsletters and discussed in insurance offices around the country.

You could spend weeks reviewing insurance companies until you find the perfect fit for you- one with high customer satisfaction, strong financial reserves, catastrophe modeling, familiarity with the Emerald Coast and it's coastal property, specialization in your industry (especially condo associations), and the best premium. Or you could save yourself a headache and rely on the experts.

Insurance agents spend every day with these companies and are constantly looking to partner with the strongest ones, offering customers the best value. The strongest agents have the strongest partners. If you aren't at least asking your insurance agent about your price every year, you should be. Are you confident in the strength of the agency you partner with? Your agent should know the insurance marketplace and whether or not the company that insures your property is giving you a fair price. One company may increase prices while another is decreasing theirs the same year. Try getting an indication from your agent each year on the strength of your company and how well it fits with your goals and plans.

Norton Insurance has been helping customers in Fort Walton, Okaloosa Island, Destin, and Santa Rosa Beach find the perfect fit for their coastal property insurance since 1980. We partner with over 50 nationwide and international insurance companies to find the right price for your needs and are reviewing more everyday. With deep experience in the challenges you face, we are available to answer your questions and partner with you in obtaining the most favorable insurance available.

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Flood Preparation

Thu, 29 Sep 2016 22:00:00 GMT

If you want a hike in Florida, try the stairs that lead to the beach or maybe an unrestricted sand dune to climb. Being the flattest state, Florida doesn’t offer much adventure for the avid hiker, but it can offer some thrilling rapids if there’s enough rain. Without the drainage that hills and mountains can provide, Florida is constantly at risk of flooding. The highest point in Florida is in nearby Walton County: Britton Hill and its mighty 345 feet of elevation. It’s a nice roadside attraction but doesn’t make for very scenic backpacking. Beaches turn from beauty to terror when a hurricane rolls around, making it a unique market for insurance and flood insurance especially. In insurance terms, floods can be caused by water rising from lakes, rivers, tides, or from a whole lot of rain causing flash floods. It was rain that caused the flooding in Louisiana this year (see our Aug 30 blog entry for our firsthand experience). CNN reported 60,000 homes damaged, 6,900,000,000,000 gallons of rainfall in one week, and 13 deaths (http://www.cnn.com/2016/08/16/us/louisiana-flooding-by-the-numbers/index.html). The easiest way to deal with a flood is to avoid it all together. Since there aren’t any mountains in Florida (notice the highest place in Florida is called a “hill”), there are techniques that can be used to lower the risk of flood damage, ranging from elevating the property to using sand bags and buckets, but thinking ahead is the best way to keep your head and feet above water. Knowledge is the greatest preparation for a flood. Do you know what a flood zone is? Do you know which flood zone you’re in? FEMA categorizes land based on the risk that a flood can pose and has a handy search tool to find your address and see what flood risks are near you https://www.floodsmart.gov/flood-zones-and-maps. A large section of Destin is designated Coastal Barrier zone, where flood insurance is sometimes completely unobtainable, including Kelly Plantation, Regatta Bay, and Emerald Bay neighborhoods. Homes here are often elevated and the roads designed to channel water to the bay or bayou. When buying a home, condo, or commercial property, consider searching the address on the FEMA maps to get an idea of the flood zone it is in or around. If the home or business is located anywhere other than an X-zone (see map for details), lenders usually require you to insure the property for flood. See https://www.floodsmart.gov/ for more on the federal program and call our office to get a quote or find out more about your property. Our staff can offer you fantastic service, expertise in flood insurance, and provide many of your insurance needs! Flood zones play a big part in the annual premium but it doesn’t necessarily predict where floods will occur. Think ahead in what home you purchase, plan how to protect it and its valuable contents, and keep your head above water when it matters most.

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Louisiana Flood 2016

Mon, 29 Aug 2016 22:00:00 GMT

Floods can devastate individuals and communities alike. As the water slowly rises, reaction time follows suit as options dwindle. My father, brother, and I had the opportunity to travel this weekend to the Baton Rouge area in Louisiana to help with the flood recovery efforts going on there. Interstate 12 has only just reopened but deep waters still surround some sections and several neighborhoods and roads in Gonzales are still underwater nearly two weeks after the rain stopped.

I posted a link on our twitter account with a video of one of the streets we were on just east of Baton Rouge, Louisiana. The woman we helped had no family, no insurance, and few options. After one day of raining the only road out of the neighborhood was unpassable, leaving the residents to fend for themselves. As the water got higher, she and her dogs sat on the roof of the car until a savior in a small boat arrived. Imagine being in a situation like hers.

We and a crew of several others heard her tale of loss and survival and offered words of encouragement but greater therapy would come with physical recovery. Mold had already grown into every interior and exterior wall, all furniture and appliances were ruined, and little was left to salvage. Just like all of her neighbors in the video link below, the contents of her home were on the street, the light rain causing no further damage than what was already done. After the day’s work the home was left completely bare but with hope. Things can be replaced but not the drawings children made on the walls of their childhood home. It could take months and maybe years for everything to be put back together.

Flood insurance won’t keep the contents of your flooded home from being piled up on the side of the road but it can help you get back to normal quicker. For disasters as extensive as this, insurance companies often call in reinforcements to their fleet of Adjusters, who’s goal is getting you through the claims process quickly. Homeowners insurance often does not include damage caused by floods like the one in Baton Rouge, so consider getting a quote from your local agent for private flood insurance. Premiums are largely controlled by the State government to maintain fairness and standard forms are used such as Elevation Certificates.

Contact Norton Insurance of Florida if you are interested in learning more about disaster preparedness and recovery or for a quick quote on residential flood insurance or commercial flood insurance.

https://twitter.com/nortoninsure/status/770286286984839168

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