One important type of coverage that consumers in Pembroke Pines, FL need to understand is umbrella insurance coverage. At McCormick Insurance Inc.we offer umbrella insurance coverage.

The following are three common misconceptions about umbrella insurance that consumers need to be aware of.

Umbrella insurance only enhances auto and home insurance policies.

Umbrella insurance policies are most commonly associated with auto and home insurance policies. Umbrella insurance coverage covers the costs of liability issues when they go over the policy maximums of auto and home insurance policies.

However, auto and home insurance policies aren’t the only types of insurance that umbrella insurance adds coverage for. Umbrella insurance also provides added coverage for those who hold boat insurance, recreational insurance, and numerous other types of insurance. 

Consumers with umbrella insurance rarely end up using this type of insurance coverage.

You’d be surprised at how often policyholders with umbrella insurance coverage end up filing a claim on this type of policy. Expensive lawsuits are probably more common than you think.

You shouldn’t underestimate the probability that you will face a costly lawsuit that’s too expensive for your home or auto insurance policy to cover. 

Only high net worth individuals benefit from umbrella insurance.

You don’t need to be a millionaire to benefit from umbrella insurance coverage. In fact, you can benefit from this type of coverage regardless of how much money you make or how much money you’re worth. 

Without umbrella insurance coverage, you put everything you own at risk. That’s why umbrella insurance coverage is important not only for the super wealthy, but also for consumers with an average net worth. 

Are you shopping for umbrella insurance in Pembroke Pines, FL? We can help you in your search for an appropriate policy at McCormick Insurance Inc. Contact us to inquire about our policy offerings. 

Living in Pembroke Pines, FL, there’s an unpleasant issue that comes up every year. The region is at risk of getting hit by hurricanes. It’s something Floridians have learned to endure, but as a homeowner, you need to understand flood risks and flood insurance. It’s a special type of insurance, and it’s a bit strange compared to a standard homeowner’s policy. To help you, McCormick Insurance Inc. has this easy breakdown of flood insurance and how it works.

Coverage

As always, the specific coverage of any policy will vary. These are generalizations that may not apply to your individual policy. That said, flood insurance is generally designed to cover three things: structural damage, cleaning, and lost belongings. That said, most policies do not cover all three. Instead, flood insurance is usually split into policies for the home and policies for personal belongings.

To clarify, flood insurance is designed to cover water damage that comes from a flood that affects two or more acres of land. This does not apply to a broken pipe in the house, but it definitely applies to hurricane-related flooding. Between the two types of coverage, you can have the house and valuables within properly protected.

Finding a Policy

Flood insurance policies are largely structured around specially designated flood zones. FEMA marks the designations. If you live in one of their flood zones, you may be required to have flood insurance for your home. If you aren’t in the zone, the policies will differ and in some cases, it may be difficult to get coverage at all.

The best way to check your flood zones and coverage options for your home in Pembroke Pines, FL, is to talk to a representative. McCormick Insurance Inc. agents can go over the zoning, help you analyze your personal risk, and look at policies that are appropriate for your home.

Life insurance functions as a financial planning tool for retirement as well as protection for one’s family in the event of the insured’s death. A life policy with a cash value account lets Pembroke Pines, FL residents save for the future while providing for your beneficiaries in death.

Many people only know of life insurance as a tool for providing for their funeral costs and a death benefit for their spouse and/or offspring. McCormick Insurance Inc. wants you to know that life insurance also provides a method of wealth building as well so long as you choose a policy with a cash-value account.

These accounts provide the typical death benefit of a life insurance policy, but also have a savings account attached. These accounts either link to a money market account or an investment account that earns in relation to a stock index such as the S&P.

While they once only served the high-income set, the insurance industry has developed products for those with average incomes as well. These policies start with a death benefit of about $70,000 and allow the policy owner to build an account that lets them avoid paying taxes on the savings as well. Similar to contributing pre-tax benefits to an IRA, the money going into the cash value account comes from the premium payment and into a savings account managed by the life insurance company.

This method of financial planning lets the policy owner provide protection to their family or another beneficiary while also building wealth tax-free. The money does incur taxes, but typically at the standard rate if the policy owner withdraws it for use while living. This occurs also if the individual uses it as collateral for a loan.

These accounts can help Pembroke Pines, FL residents save for their future while protecting the financial future of their families as well. Contact McCormick Insurance Inc. today to learn about your life insurance options.

When you live in the Pembroke Pines, FL area and are looking for a new mode of transportation, you should consider getting a motorcycle. A motorcycle can be a very efficient mode of transportation that can also be fun to operate during the warm sunny days that this area of Florida offers to residents and visitors. As you are looking for a new motorcycle, you should also consider your insurance needs. There are several scenarios when someone here will need to get a full motorcycle insurance policy.

When Using on Public Roads

The reason that most people need to get a motorcycle insurance policy is that it is required to have if you want to use the motorcycle on public roads. Anyone that is going to operate a motorcycle, or any other vehicle, needs to comply with the state’s minimum liability insurance requirements. If you do not have this coverage, you will be in violation of the law whenever you are riding it. 

When Financing the Motorcycle

You will also need a motorcycle insurance policy if you are going to finance the purchase of it. Any motorcycle loan provider is going to have requirements that set forth the type and level of insurance coverage that you need to have. It is important to understand these requirements and to comply with them. 

Almost anyone that owns a motorcycle will need to get insurance for it. When you are looking for a new motorcycle insurance policy, you should reach out to the team at McCormick Insurance Inc. The insurance team at McCormick Insurance Inc. has helped people all over the Pembroke Pines, FL area build and choose their own motorcycle insurance policies. This will provide you with comfort that you and your motorcycle are properly covered at all times. 

The shipping and transportation industry is incredibly important as it helps to ensure that people all over the world have access to products that they need. Transportation, shipping, and other logistics companies do take on a lot of risk due to the storage and transportation of products. For those that are in this industry in the Pembroke Pines, FL area, getting an inland marine insurance policy could be a great option as it will cover a company in a number of ways. 

Cargo Insurance Coverage

One of the advantages of an inland marine insurance policy is that it can provide you with protection for your cargo. Any company that will be transporting and storing cargo is taking on some responsibility for it. Since there is always a risk that it could be damaged or stolen, it is important that you receive coverage to ensure you can repair or replace the cargo. With an inland marine insurance policy, you will receive the coverage you need to offset this risk. 

Protection for Liability

Those that are in the shipping and transportation industry will also have some liability risk. There is always a chance that you could cause an accident or be otherwise negligent. When you get an inland marine insurance policy, you are going to have the coverage you need to cover any damages you cause. 

Getting inland marine insurance is clearly very important. When you are looking to get this insurance coverage, you should call the team at McCormick Insurance Inc. The insurance professionals at McCormick Insurance Inc. have helped people all over the Pembroke Pines, FL area understand their needs and options when it comes to inland marine insurance. They can then help anyone to get into a policy that will offer the right coverage to meet their needs. 

It’s summer, and that means it’s boating season! The team at McCormick Insurance Inc. wants all of our Pembroke Pines, FL area friends and neighbors to enjoy their time out on the water. We are here to provide the boat insurance that keeps you safe and protects your craft from damage or theft. If you are in the market for a boat or feel it’s time to upgrade your current boat policy, call or stop by today!

Make Sure You Have the Protection You Need!

If you are enjoying a lot of time out on the water this summer, make sure that your boat policy includes the coverage that you need. This is especially true for people who trailer their vessels from home to the water, as accidents can happen along the way.

Basic boat policies may not provide sufficient liability protection, especially if you are involved in an accident where there are injuries and subsequent medical expenses. Another coverage area that people sometimes overlook is towing. At-sea towing can be expensive, and it is helpful to have this protection included in your policy.

There are a number of enhanced features available in comprehensive policies that can help make your life easier as a boat owner. Don’t find out after the fact that your boat insurance policy does not give you the protection you need. 

The folks at McCormick Insurance Inc. are proud to serve the greater Pembroke Pines, FL community. If you are in need of any type of insurance, including boat coverage, it’s time to stop by! We are here to answer all of your questions and help you choose the boat insurance policy that is right for you and your needs.

Standard RV insurance policies in Pembroke Pines, FL offer many of the same coverage options as auto insurance to include liability, collision, comprehensive and uninsured motorist protection. As recreational vehicles are more complex than autos, however, conventional insurance may not be enough to protect your costly investment. Specialized RV coverage from McCormick Insurance Inc. helps compensate you for the extra risks you face as an RV owner.   

What is Specialized RV Coverage?

Specialized RV coverage is extra protection for your RV investment on top of conventional liability, collision, comprehensive, and uninsured motorist coverage. It includes:

• Total Loss Replacement – to cover the cost of replacing your RV if it’s totaled in an accident
• Personal Property Protection – to protect all the extras you carry around in your RV when traveling
• Vacation Liability – to cover accidental injuries of people who visit your RV or campsite during your travels
• Fulltime RV Coverage – covers any eventuality you may face while living and traveling in your recreational vehicle

Do You Need Specialized RV Coverage?

RVs have aspects that require greater coverage than conventional vehicles. Your RV is, in essence, a home on wheels with its own water source, kitchen, electronic equipment and bathroom. In the event of an accident, there’s so much more that can be damaged. Due to its size and weight, your RV can also cause more extensive damage to others, requiring that you purchase more than minimum liability coverage.

If you’re a frequent RV traveler, it only makes sense to have well-rounded RV coverage to protect your assets and valuable investment. By combining liability, collision, comprehensive and uninsured motorist coverage with specialized RV coverage, you’ll have the protection you need for almost any eventuality.

To purchase the RV insurance you need, contact McCormick Insurance Inc., serving residents in Pembroke Pines, FL and surrounding communities.

Excess insurance can be a lifesaver for a business if a major event occurs. The agents of McCormick Insurance Inc. offer excess insurance for companies that require an additional layer of protection. Business owners in Pembroke Pines, FL who want to make sure their business has the protection it needs to recover from a traumatic experience. Excess insurance can provide the support your business needs during a difficult time.

When Damages Exceed Your Policy Limits

Excess insurance covers the cost of damages that exceed your company’s policy limits or a specified amount that has been designated for unexpected emergencies. Policies are normally written to cover certain types of damage in specific amounts. There are instances in which the actual costs associated with the incident may far exceed the constraints of your commercial policy. 

Protecting Your Assets

Choosing to purchase excess insurance gives you the advantage if, for any reason, you experience a disaster that far surpasses your expectations. A policy that covers an excess amount over and above what your policy allows for can protect you from having to liquidate your assets to pay for the additional costs. Excess insurance may also be able to provide sufficient coverage even if your traditional commercial policy won’t.

In Pembroke Pines, FL, the agents of McCormick Insurance Inc. can explain the concepts behind excess insurance. They can break down both the pros and cons of having this type of policy and how it can keep your business functioning if a catastrophic event occurs. Call your agent as soon as possible to find out what type of business will benefit the most from an excess insurance policy. Your agent can explain the details and give you the information you need.

Builders’ and Vacant Risk Insurance

If you own a vacation home or are thinking about purchasing or building a house in the Pembroke Pines, FL area, consider your options for Builders’ or Vacant Risk Insurance. We are McCormick Insurance Inc. We want you to have the coverage you need. 

What is Builders’ Risk insurance?

Builders’ risk insurance covers homes during construction. If you own the land where the property is being built, you should consider purchasing builders’ insurance. Check with the builder or contractor to see what type of insurance they have, and the claim limits of their policy. During the course of construction, there may be vandalism or theft of the building materials and equipment. Even if the materials are stored off-site, they may be covered.  In Minnesota, a builders’ risk policy can be written on the completed value, or on a reporting form basis. If you purchased custom-made materials to build your house you should certainly consider purchasing Builders Risk Insurance.

What is Vacant Risk Insurance?

Vacant risk insurance protects a residence while it is vacant. Speak with our insurance agent before choosing your policy because a vacant house differs from an unoccupied house and the rates will vary. A vacant house may go unnoticed, but it may not. It is an easy target for thieves and vandals. If you split your time between your main residence and a vacation home, check about using the same insurer for both, they may provide a cost-efficient combination of policies for both homes. 

What are some differences between the two?

Both insurance types protect you from the financial risk of owning an empty house. Builders’ risk insurance covers the period the house is under construction. Some insurers may even provide coverage for less than a 12 month period. Vacant Risk insurance covers a home while the residents are away. An independent agent at McCormick Insurance Inc., in Pembroke Pines, FL, will help you find the best policy for your situation. 

The beautiful waters of the Pembroke Pines, FL area call to all boaters.  Many fun afternoons have been spent with friends and family on the water.  But your boat is an investment that needs to be insured before you head out.  Our team at McCormick Insurance Inc. can help!  They can answer questions and make recommendations based on your boat size and how frequently you use it. 

Boat insurance policies have several features to protect.  The policy should provide liability coverage, protect mechanical equipment, as well as, handle any physical damage to the boat.  If someone is injured on the boat, the owner is protected with liability coverage.  It should also address vandalism and theft.  If the boat isn’t used often, talk with your agent.  They may be able to recommend options for more cost-effective coverage.  Some boat owners mistakenly believe that their boat is covered by their home insurance policy.  Very small boats sometimes can be covered but it’s rare.  Coverage will also be different for larger yachts then small boats on lakes.  Uninsured/underinsured boater coverage is valuable protection.  Lastly, all personal possessions, including sports equipment, should be covered by the policy. 

In the Pembroke Pines, FL area, our agents at McCormick Insurance Inc. are ready to help with your boat insurance needs.  We want you to safely enjoy your time on the water.  They will provide information about your options.  That way you’ll know that you’re covered should an accident occur.  Disasters such as someone being injured or the sinking of the boat can be financially devasting.  Invest a little time to visit with one of our agents.  They will be able to help you make informed decisions that are best for you.  Before you head out, contact us!  It’s worth your time to protect your boat.