Blog

Insurance is an essential part of your life, from your health to your final expenses. However, it's not always easy to understand the benefits of insurance. You keep health and auto insurance because these are required, or you get fines and penalties. But when you understand the basic concepts that all types of insurance share, it makes it easier to figure out exactly what you're getting out of your existing insurance and new insurance.

The basic concept of insurance is pooling together financial risk for a particularly activity. For example, with car insurance the insurance agency puts together risk pools based on how likely it is that accidents are going to occur, how much it would cost to repair the damage, and the amount of medical claims. Each person buying insurance pays a premium, as well as a deductible, which goes into the insurance claim pool. The insurance company wants to have more money coming in than they have to put out for payments.

Health insurance operates on the same principle, although it deals with many more variables. There are high risk pools that people who have preexisting conditions and other high costing medical issues go into, while healthier people balance out this pool to bring down the costs for everyone.

The deductible is the amount you end up paying for your part of the insurance costs. Once you've ended up paying the deductible, your insurance company pays the costs up to a particular maximum. The full amount they pay depends on the type of insurance you have, and the lifetime limits available. Insurance in Miramar, FL is subject to any regulation changes that may affect the coverage level.

If you’ve got a lot of particularly valuable items to protect and insure, from art to jewelry or high-end electronic equipment, you might just need an inland marine policy. And that doesn’t mean you have to live close to the water.

What is Inland Marine Insurance?

The term "inland marine" coverage is a bit of a misnomer, born during the earlier days of the country when individuals needed to insure transportable goods and cargo (which were most often shipped by sea). Today, it’s more an independent category of property insurance, though it still goes by the old-school "inland marine" name.

What exactly does it cover?

According to the National Marine Definition, which was created in 1933 and updated in 1976, an inland marine policy includes primary the following:

shipments of domestic goods
bridges, tunnels, and other transportation devices
personal and/or commercial property floater risks

What does that mean FL homeowners?

As a resident of Pembroke Pines, FL (or just about anywhere else), you can purchase an inland marine policy as an extension of your home property insurance. It covers particular items you own, whether they’re valuable collections of art, jewelry, or something else, against all risks, including theft, weather damage, vandalism, and just about anything else that could damage those items.

To find out more about whether an inland marine policy might be a smart choice to protect your investment, take the time to call or stop by. We’ll be able to talk to you about your questions and your specific situation to help make sure those items are covered, whether that means adding additional coverage to your home insurance or purchasing an add-on inland marine insurance policy separately.