New Year, New Exposures – The Importance of Holiday Gift Insurance

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importance-of-holiday-gift-insuranceEveryone who fit a trampoline, puppy, drone or diamond under the tree, listen up: you are not only popular in your home right now, but you also likely need to adjust your personal lines insurance. For many of us, the New Year came with new exposures. Here’s how to back some of those fun and precious gifts from Santa with the proper holiday gift insurance protection.

  • Puppy owners – Congratulations on your new addition! Along with new bowls and chew toys, it may be time to purchase an umbrella policy. No, not because cuteness is now raining down upon your family, though it most certainly is. Many a Florida homeowners policy excludes animal liability. If protection is available through homeowners insurance, it usually offers a lower limit of liability coverage. A personal lines umbrella can extend your limit or close that coverage gap. Also consider purchasing pet health insurance, especially if your fuzzy bundle of joy is of a breed known to develop health problems.
  • Drones – These unmanned aerial vehicles (UAVs) are classified by the FAA as bonafide aircraft. That leaves your Florida homeowners insurance carrier to decide whether you receive personal liability protection under your current policy. There’s a reason for this. Plenty of accidents have been attributed to drone use. UAVs have been reported to literally fall out of the sky and damage people and/or property. They’re not just ‘remote control cars in the wide blue yonder.’ Check your residential insurance policy with your agent and gauge any additional coverage needs.
  • Golf cart – We’ll ignore for the moment that you obviously purchased that vehicle for yourself. But know this: that cart and your liability arising out of its ownership and operation is likely unprotected. Specific insurance policies or endorsements for golf carts exist precisely for this reason.  Note: When you call your insurance agent for options, be prepared to say, “This sounds like auto insurance!”  Florida golf cart insurance is really very similar, with coverage offered for elements such as bodily injury, collision and property damage.  It’s also important to note – if your golf cart or low speed vehicle has a 17 digit vehicle identification number (VIN), you are then required by the state to have an auto policy with PIP coverage in place at all times.
  • Baubles and other bling – Jewelry may be insured under your Florida homeowners policy – or it may not be. Get an appraisal and work with an insurance expert to properly protect your investment.
  • Additions to existing policies – So you went for the whole bow-on-the-car Christmas morning shock factor? Good for you! Make sure to call your insurance agent and add that SUV to your auto policy. The same goes for a new boat or home expansions.

For all these new exposures and more, you can trust W3 Insurance to offer solid guidance and comprehensive personal lines insurance. Call us today at 727-522-7777. We’ll insure your New Year treasures with peace of mind protection.

The Truth About Jewelry Insurance – Give the gift of COVERAGE

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It’s time to amend the diamond shopper’s guide referred to as ‘The 4Cs.’ Cut, clarity, color and carat are all important, but what about coverage?

Make sure that you consider insurance for that gorgeous tennis bracelet. The ring nestled as a stocking surprise needs protecting, too. Jewelry insurance is a part of most bauble purchases, yet few consumers understand how the process works.

Here’s the truth about jewelry insurance.

  • Your homeowners policy may probably does not fully cover jewelry. Most have limited coverage, if any.
  • Purchased a jewelry floater? That’s a great start, but if you schedule only certain items as part of that floater, those items are all that are covered. Unscheduled coverage is also imperative for smaller items.
  • The appraisal application is extremely important in securing jewelry coverage, so make sure it’s complete. You’ll be asked for a clear picture of the item as well as essential details unique to the piece. For example, up to 50% of the value of a diamond is derived from cut. If this information is missing, the insurance company cannot denote value.
  • A Graduate Gemologist who is also a Certified Insurance Appraiser is the ‘gold’ standard of jewelry insurance. Not only will this professional reveal the true worth of your piece, but his word is golden when it comes to securing proper coverage limits for it.
  • Appraisal forms vary widely. Some are long, some are short – most are downright confusing. Contact your W3 insurance agent to learn more about solutions for jewelry coverage.

Beautiful jewelry isn’t meant to collect dust inside a drawer. Insurance gives the owner piece to the fullest. For more information about jewelry insurance and how you can protect that which you hold dear, contact W3 Insurance at (727)522-7777.

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Why You Need Personal Umbrella Liability Insurance – Umbrellas Beat Raincoats Every Time

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Rihanna’s Umbrella is a metaphor for why you need personal liability umbrella insurance as the ultimate form of protection. Anyone who’s ever stepped into a downpour wearing a thin raincoat will agree that even with that extra layer, you can still get wet.

Chances for rain (and by rain we mean being held legally responsible for an accident) abound. This should not come as a surprise. We live in a society where spilled hot coffee can mean a legal payout in the millions. Nearly everyone has a reason to have an umbrella policy.

Entertaining at home this holiday? Planning to operate a boat or ATV? Motorcycle aficionado? -These are just a few of the many good reasons to have umbrella coverage. Don’t find yourself stuck on the losing end of a lawsuit without personal liability umbrella insurance. There’s a reason why this type of coverage is named after an item we all associate with protection.

Here’s a classic example of why it’s a great reason to purchase a personal liability umbrella policy. Let’s say you’re involved in a vehicle collision, and it’s ruled to be your fault. Sure, auto insurance will help in this situation. However, what if you are ordered to pay $1 million or more to cover the injured party’s medical expenses? This, combined with penalties for pain and suffering and lost wages, can make for a high tally. Having an umbrella policy in this situation means having protection for all your insurable assets.

The above example alone is enough to showcase why personal umbrella liability insurance is a necessary and all-encompassing protection strategy. The affordability and adaptability of an umbrella policy means that you’re insuring yourself where you feel it’s necessary. Coverage usually begins at $1 million, and limits can be raised accordingly. Instead of putting retirement savings and other assets at risk, this policy offers that integral extra layer of protection. After all, that’s what an umbrella does – and it’s why we recommend it to our clients.

Contact W3 Insurance today for more information about the personal liability umbrella insurance policy that is best for you. Remember: other insurance policies offer protection against the light sprinkles and showers that may occur in life. Umbrella policies exist to protect you when life feels like a torrential downpour. Having the protection you need with an agency that cares should give you something to sing about.


What is a Personal Umbrella Policy?

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Umbrella Home Auto InsuranceHow protected would you say you are? You have a homeowners insurance policy and an auto insurance policy. That should be it, right? Did you know that the limits on these policies often do not cover you in the event of a lawsuit? Unfortunately, we live in a very litigious society where your assets and future wages are put in danger without adequate liability coverage. An umbrella policy works as a supplemental insurance policy.

A personal insurance umbrella policy pays above your home, auto and other liability policies. A common limit among homeowners policies is $300,000. As you can imagine, if you are found to be liable for an injury to a guest in your home, this amount would hardly scratch the surface. Certain risk factors make you more susceptible to these types of risks. Examples include teenage drivers, owning a swimming pool or entertaining guests frequently. Most standard homeowners policies are insufficient when covering claims from animal attacks or bites, liabilities arising from social media, claims outside the US, recreational vehicles (i.e. golf carts), and rented boats over 50 horsepower, just to name a few. A personal umbrella policy can also help eliminate these gaps in coverage.

To illustrate the importance of this policy, consider this: You have a large pool with a fenced-in enclosure. You go on vacation and leave your property locked. Four teenagers hop your fence. One of them attempts a dive into the pool, breaks his neck, and as a result becomes paralyzed. The judgment for the lawsuit is $1 million. Your homeowners policy has a limit of $300,000 for liability. The remaining $700,000 would be your responsibility to pay if you did not have a personal umbrella policy. If you did not have the funds to cover this, then your assets would be used to pay this judgment.

While this is a simplified example, it helps illustrate that a personal umbrella policy offers a large benefit for a small yearly premium. The policy offers peace-of-mind from knowing you are protected in the event of a claim. Please Contact Us today for a personalized quote.


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