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. Workers Compensation Fraud
If I misclassify, under report payroll information, or otherwise attempt to mislead my insurance company about the status of people working for me, could I be subject to criminal charges? Yes, in Florida, this sort of conduct can either be treated as a misdemeanor or as a felony.
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.
Business Interruption Insurance - A type of property insurance that provides protection to a business. It helps pay the business for financial loss resulting from the interruption of normal business activities resulting from a "covered property claim at the business."
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)
Coverage is Bound - Means the Agent has made arrangements with the Insurance Company to place requested coverage in effect as of a certain time and date. An applicant's request, whether it is e-mail, letter via USPS, fax, text or phone message does not constitute coverage being placed in effect. Generally, a signed, completed application accompanied with payment is a requirement for the Agent to bind coverage.
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
Physical Damage Gap coverage - An optional coverage available that is designed to offset the loss of the difference between the ACV of an automobile claim that may be insufficient to pay off the loan or lease balance.
PIP (Personal Insurance Protection) - A Florida coverage that is included in all Owned automobile insurance policies. It is designed to pay for medical bills and loss of wages resulting from injuries you may sustain in an automobile accident. This coverage generally applies without regard to Fault.
Replacement Cost (RC) - The value of an item based upon the cost to replace with kind and quality without deduction for depreciation.
Sinkhole vs Catastrophic Ground Cover Collapse - Florida has more sinkholes than any other state in the nation. A change in Florida law requires all insurers to provide coverage for "catastrophic ground cover collapse" but damage caused by sinkhole-like activity may not be covered by your policy.
The reason is that the law defines "catastrophic ground cover collapse" differently from "sinkholes".
Florida law defines a "sinkhole" as a land form created by subsidence of soil, sediment or rock as underlying strata are dissolved by groundwater. Catastrophic ground cover collapse is defined as geological activity that results in ALL of the following:
The abrupt collapse of the ground cover;
A depression in the ground cover clearly visible to the naked eye;
Structural damage to the building including the foundation, and
The insured structure must be condemned and ordered to be vacated by the authorized government agency.
This means that if your home is damaged by sinkhole activity, but does not meet ALL four of the requirements of a catastrophic ground cover collapse, your policy may not pay.
Sinkhole coverage is frequently not included — while catastrophic ground cover collapse coverage is. Many, (but not all) insurance companies may offer "sinkhole coverage" for an additional fee and pre-inspection. Check with your agent for availability.
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.
