FREQUENTLY ASKED QUESTIONS  

1. Should I take the time to review and read my insurance policy?

2. Does my policy cover damage to my property by flood (rising water)?

3. If I carry the minimum amount of insurance that is required by law, by my landlord, or by a client, will I always have sufficient coverage for the things for which I may be responsible?

4. If I conceal information or make dishonest statements on an insurance application or in connection with an insurance claim, have I broken a law? Can this kind of behavior affect my coverage?

5. How can I get proof of insurance or other insurance documentation?

6. Are all insurance companies the same?

7. Are all insurance agents the same?

8. Does my auto insurance policy provide any coverage to a rented or borrowed vehicle?

9.  Should I carry Workers Compensation insurance if the State of Florida does not require me to do so?

10. Glossary of Insurance Terms


1. Should I take the time to review and read my insurance policy?

  • Yes. While your insurance agent can explain your coverage to you in a broad sense, insurance policies are contracts and you should always read them thoroughly. You should then ask your agent specific questions that you may have.

2. Does my policy cover damage to my property by flood (rising water)?

  • No and yes.
    Your automobile insurance policy (if it includes physical damage coverage) will include coverage for damage by flood.
    Your business property and home insurance will not provide coverage for damage by flood. Coverage for your home and business property can be secured through the Buhl Insurance Agency, but it is always a separate policy. Please call our office for a quote.

3. If I carry the minimum amount of insurance that is required by law, by my landlord, or by a client, will I always have sufficient coverage for the things for which I may be responsible?

  • No. While some of the minimum coverage required may seem higher than you think necessary, remember that you will only know you were inadequately insured if your claim is for an amount greater than the coverage that you have. You need to evaluate your asset situation and decide on an amount of coverage that is sufficient to cover your assets and protect your business and family.

4. If I conceal information or make dishonest statements on an insurance application or in connection with an insurance claim, have I broken a law? Can this kind of behavior affect my coverage?

  • Yes and yes. In the state of Florida, such conduct is a misdemeanor criminal act. Furthermore, the misrepresentation of material facts can result in the insurance company denying payment for a claim.

5. How can I get proof of insurance or other insurance documentation?

  • Visit our policyholder section. We offer several request forms. You fill the form out and we can get everything ready for you to pick up or have mailed.

6. Are all insurance companies the same?

  • No. Some factors should be taken into account when you make a decision about buying insurance from a specific company: the number of years in business; whether the company is a mail order or telephone support company, or the company does business with local independent insurance agencies that have an office in your community; the company’s financial stature; claims payment patterns; and the overall quality of the management of the insurance company. These factors are reflected in a rating given to insurance companies by the organization A.M. Bests (http://www.ambest.com).

7. Are all insurance agents the same?

  • No! The Buhl Insurance Agency has been in business since 1949. The owners, Karl and Burt Tramer, and their staff offer more than a hundred years of insurance experience to assist you with your insurance needs.

8. Does my auto insurance policy provide any coverage to a rented or borrowed vehicle?

  • Yes - Most auto insurance policies provide some extension of some coverage's for the use of rental or borrowed vehicles. These extensions vary considerably from insurance company to company and policy to policy. For this reason, we encourage our clients to purchase whatever insurance coverage's that are offered for purchase from the rental company.

9.  Should I carry Workers Compensation insurance if the State of Florida does not require me to do so?

  • Yes - Workers Compensation insurance protects your business against claims made by employees under the Florida Workers Compensation Act as well as against lawsuits made under the common law for injuries and disease to your employees. Your employee can file suit against your business even if you do not carry this type of coverage.

10. Glossary of Insurance Terms

  • Actual Cash Value (ACV) - The value of an item after deduction for depreciation.

  • Bodily Injury (BI)- covers other people's bodily injuries for which you are responsible. It is important to purchase adequate limits of liability as you could be responsible for any amount that exceeds your coverage amount.

  • Bonds - Provide financial guarantees for honest or faithful performance. Required by your customers, regulators and the courts.

  • Co-Insurance - A loss adjustment clause that affects how much is paid in a property loss.  It can penalize you for being underinsured. 

  • Collision coverage - Damage to your owned automobile. Caused by contact with another object (car, building, barrier)

  • Comprehensive - Provides coverage for damage to your owned automobile to include Fire, Theft, Glass damage (other than Collision)

  • Depreciation - The amount of diminished value to an item as a result of age and wear and tear.

  • Deductible - The dollar amount you are responsible for in connection with any claim. Can be a percentage of the amount of coverage purchased or a dollar amount.

  • Full Coverage- There is no actual coverage named "Full Coverage" and it may mean different things to different people. It is important to fully review the coverages you are purchasing to be certain they are adequately insuring your needs.

  • Property Damage (PD)- Provides for damage to property of others. 

  • Personal Watercraft - Jet Ski’s, Boats, Yachts

  • Replacement Cost (RC) - The value of an item based upon the cost to replace with kind and quality without deduction for depreciation.

  • Umbrella/Excess - Catastrophe liability insurance purchased to be above and beyond a primary policy that you may purchase.

  • Uninsured/Underinsured Motorist Coverage - An important coverage option that applies to accidents where you sustain injuries and the person that caused your injuries is either uninsured or underinsured to meet their responsibility to you’re for your injuries.

 

     
   
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