NFIP Flood Insurance Changes

Posted on January 3, 2022January 3, 2022 by Sarah Lane

Flood Risk Rating 2.0

925 Partners Insurance

Austin Williams, VP Personal Division

The National Flood program will start implementing its new Flood Risk Rating 2.0 starting on 10/01/2021 for new policies and 04/01/2022 or later as each policy comes up for renewal. While there are quite a few changes with this new rating system I have highlighted the biggest changes below:

How the rates are derived. FEMA will use both FEMA sourced data and other outside sources as well as the cost to rebuild, new rating variables, and flood frequency to calculate rates under Risk Rating 2.0. Each property has their own individual rate based on their flood risk. Prior to the change the address, value of home, or flood frequency were not used to calculate rates. Currently, policyholders with lower-valued homes are paying more than their share of the risk while policyholders with higher-valued homes are paying less than their share of the risk. Because Risk Rating 2.0 considers rebuilding costs, FEMA can equitably distribute premiums across all policyholders based on home value and a property’s unique flood risk.
Another big change is New Business with effective dates after 10/1/2021 will not require an Elevation Certificate, but if one is entered and more beneficial, it will be used. If the Elevation Certificate is not as beneficial as the information determined by FEMA, the policyholder will not be penalized, it will simply not be used. Prior to this change if the property was in a high-risk flood zone (A, AE, VE, V) then an elevation certificate was required to get flood coverage.
Rates will be calculated per thousand, opposed to per hundred previously, this means coverages will need to be in thousands.
No longer including basements, enclosures, and crawlspaces in the number of floors. Prior to this change a crawlspace was counted as a floor so rating was from the ground level. With this change, homes on a crawlspace or elevated enclosure could see premium reductions as they will now be rating from the next higher floor/actual first floor.
Prior claims variable applied at renewal of a policy, AFTER the first loss reported under Risk Rating 2.0.

While there are quite a few changes, some things are remaining unchanged:

Existing statutory limits on annual premium rate increases require that most rates not increase more than 18% per year.
The current flood maps will still be used in determining flood zone and if flood insurance will be mandatory for purchase with a mortgage.
FEMA will continue to offer premium discounts for pre-FIRM (homes built prior to the area being mapped for flood zones) subsidized and newly mapped properties.
Policyholders will still be able to transfer their discount to a new owner by assigning their flood insurance policy when their property changes ownership.
Discounts to policyholders in communities who participate in the Community Rating System will continue. Communities will continue to earn National Flood Insurance Program rate discounts of 5% – 45% based on the Community Rating System classification. These discounts are earned by the communities based on initiatives and being proactive in their flood plain management and vary by community. However, since Risk Rating 2.0 does not use flood zones to determine flood risk, the discount will be uniformly applied to all policies throughout the participating community, regardless of whether the structure is inside or outside of the Special Flood Hazard Area.

Quite a few home insurance carriers and other stand-alone private carriers offer flood insurance and those programs remained unchanged by the National Flood Program changes mentioned above. If you have further questions on how these changes will impact your home or business, please call/email us and talk to one of our flood insurance experts. We can be reached at 855-925-1200 or admin@925partners.com

What you need to know about classic car insurance

Posted on December 13, 2021December 8, 2021 by admin

At 925 Partners, we understand that classic cars are a lot more than just a hobby. If you are a classic car owner in the Jacksonville, FL area, we are here to help you with all of your insurance needs.

Classic car insurance: what you need to know

Classic car insurance policies differ from traditional car insurance policies in a number of ways. For instance, where you store your car can make a big difference in the type of coverage you need. How often and how far you drive your car can also change your insurance requirements. Someone who keeps their classic car in temperature-controlled storage and only drives it once or twice a year to classic car shows will have different needs than someone who has their car at home and drives it more frequently.

When it comes to classic cars, you will want to make sure that you have the right coverage for your vehicle as well as your unique situation. There is no reason to be overwhelmed by the process of selecting your policy and coverage levels, as our team is here to help! Find out more about the options available and how they can suit your needs today.

Rely on us for all of your classic car insurance needs

If you live in the greater Jacksonville, FL area and require classic car insurance, you can rely on the team at 925 Partners. We understand that a classic car is more than just a vehicle and we want to help you protect your asset. Give us a call or stop by our office today and meet with one of our helpful agents.

Who should buy umbrella insurance in Jacksonville, FL?

Posted on November 22, 2021December 8, 2021 by admin

Who should buy umbrella insurance in Jacksonville, FL?

Name: 925 Partners Insurance Agency
Address: 12735 Gran Bay Parkway, Suite 130-B, Jacksonville, FL, 32258
Telephone: 855-925-1200

Ever wondered why most of your standard home or auto policies have liability coverage? Our litigious society makes us vulnerable to lawsuits that are often too expensive to pay. Insurance companies in Jacksonville, FL are keen to ensure that policyholders have enough liability coverage to help pay for legal fees if they’re sued. That’s why 925 Partners recommend having umbrella insurance. So, who should buy umbrella insurance? Is it necessary? Read on to find out!

Car or boat owners

If you cause a car or boat accident, expenses can quickly skyrocket, especially if there are multiple people injured or multiple vehicles involved. Without enough liability to cover property damage and injuries, you may end up getting sued. With umbrella insurance, you don’t have to worry if your car or boat insurance is not enough, as the policy will pay the rest.

Parents

Being a parent in Jacksonville, FL, especially to young children, means dealing with cases of property damage and injuries. If your child hits another child or damages a neighbor’s property, you will be held accountable for the injuries or damages. It’s worse if you’re sued.

Business people

As a business person, you’re more likely to get sued by your customers or employees for various reasons, including injuries at the workplace. Commercial umbrella insurance can help pay for your defense fees if your liability coverage is not enough.

Dog owners

If your dog bites other people, you can be sued for the injuries. Fortunately, umbrella insurance can pay for the legal fees if your home insurance liability coverage is not enough to pay for everything.

There are so many reasons you may want to add an extra layer of liability protection to what you already have. If you need any help, feel free to contact 925 Partners, and our team will be happy to help.

Life insurance FAQs

Posted on October 15, 2021October 5, 2021 by admin

One of the most important things you can do for your family is to purchase life insurance. While you are with them, you are there to support them emotionally and financially. Life insurance extends that care after you are no longer there in person. If you have questions about life insurance, you are not the only one. Having an independent insurance agent who can answer your questions makes purchasing life insurance easier. At 925 Partners in Jacksonville, FL, we have a team of professionals who work to provide our clients with personalized service.

What type of life insurance should I buy?

Basically, there are two types of life insurance; term life, and whole life. Term life insurance is called term because it lasts for a specific number of years. At the end of the term, you may be able to extend your policy, but the rate will go up. Whole life insurance lasts for your entire life and it earns cash value. Term life is less expensive, but once it ends, if your health has deteriorated, you may no longer be able to buy life insurance. Both types have benefitts and negatives.

How much life insurance do I need?

This is a complex subject that doesn’t have just one answer. How much life insurance you need is particular to your situation and who depends on your wages. It also depends on what your income is.

Can anyone take out an insurance policy on me?

No, a stranger can not purchase life insurance for you. To purchase life insurance for someone, you must have an insurable interest.

Can I choose a child as a beneficiary?

You can choose anyone you want as the beneficiary, but be aware that a child will not be able to collect the money until they are of legal age in the state where they live.

Contact 925 Partners in Jacksonville, FL when you need information about life insurance.

Why should someone get flood insurance in Jacksonville?

Posted on September 30, 2021October 5, 2021 by admin

Those that are in the Jacksonville, FL area may find that buying a home is a great long-term housing option. If you opt to purchase your home, you will want to know that your investment in your property is fully protected. A great way that this can be done is by getting a flood insurance plan. There are several reasons to obtain this coverage.

Protect Their Home and Personal Assets

The primary reason someone will want to get a flood insurance plan in this area of Florida is to protect their home and personal assets. If you have bought a home that is located within a flood zone, there is going to be a chance that it could be damaged by a flood. The costs to repair or replace your home and personal assets can be significant and may not be protected much under your home insurance plan. A flood insurance policy ensures you have protection in these situations.

Comply with Lender Standards

You will also want to get a flood insurance plan to ensure you can comply with your lender’s standards. Those who want to purchase a home in Florida may want to finance their purchase by taking out a mortgage. If your home is in a flood zone, your lender will require you to get flood insurance. Maintaining a full flood insurance plan can ensure you remain in compliance with this obligation.

Anyone that is in the Jacksonville, FL area and wants to get a flood insurance plan should speak with someone experienced and that they can trust. The team with 925 Partners can offer all the support that is needed to ensure your home is properly covered. 925 Partners will help you understand your options and give any support needed to build your next plan.

Hurricane Preparedness Tips

Posted on August 19, 2021January 6, 2022 by Sarah Lane

Hurricane Preparedness Tips
Living near the coast can be a little nerve wrecking during hurricane season. Being prepared is a wonderful way to help decrease panic and ensure life gets back to normal as soon as possible after the storm. Here are a few tips to consider:

Take a Home Inventory
Taking a home inventory ahead of a hurricane is important. Take inventory of everything inside your home—clothing, toys, furniture, kitchen items, electronics, household goods, etc. You especially want to have proof of high value items. A walking video through your home is an easy way to record your property and make the process of getting paid for your damaged items much easier. Save this video online or in the cloud so it can be accessed even if your electronic devices are damaged in the storm.

Have an Emergency Supply Kit
Having an emergency supply kit on hand is important. Not only can these items make dealing with the post-hurricane mess a little more bearable, they can also ensure the safety of your family.
Include items in your kit such as:
• Non-perishable food
• Bottled water
• Batteries
• A battery powered cell phone charger
• Flashlight
• A first aid kit or other medical supplies

Also, consider keeping items of importance with you. This can include bank information, birth certificates, important family photos, etc. If certain members of your family require daily medication, be sure to keep a few days’ supply with you. Find your home insurance policy number and your company’s claims phone number to include in your packet of important documents. 925 Partners sends all our clients an email as the storm is approaching with their home insurance policy number and a link to their company’s phone number to file a claim immediately after the storm.

Secure Your Property & Prepare
Preparing for a hurricane takes a bit of effort. However, there is usually a bit of advanced warning for this type of storm, which allows you to appropriately prepare your home. Identify potential hazards—such as windows that need covering—and make appropriate plans to secure them. Fill your car tank with gas and be ready for any emergency evacuation orders. It is also vital to communicate with your family what your emergency plans are and how to communicate with each other if you are separated during the storm.

After the Storm
• If your property sustains damage, contact your agent to file a claim as soon as you have the chance. In a catastrophic situation, thousands of claims will be filed, and the sooner you file your claim, the sooner it can be resolved.
• As soon as it is safe to do so, take photos of the damage.
• Take any measures necessary, while maintaining personal safety, to secure your property from more damage. Hiring someone to tarp your roof, remove mold, clear debris, etc., will all be covered by your home insurance policy. Keep all receipts and take photos of the work you have done before your claim adjuster can make it to your property.

The team at 925 Partners takes a proactive approach to guiding our clients through the hurricane process. From in-depth guidance when selecting a home insurance policy with the proper coverages and deductibles, to sending correspondence prior to the storm’s arrival to check one more item off your hurricane preparedness list, to assisting with the claim process to get you back on your feet, 925 is prepared to serve the Jacksonville community through the 2021 hurricane season.

When should you review your auto policy

Posted on August 16, 2021July 31, 2021 by admin

Insurance of most types is not static. It is not something you just buy and never have to think about again. When changes happen in your life, insurance needs to be reviewed and auto insurance is not an exception. When your auto insurance renews, you will get a declaration that gives you all the pertinent information about your particular policy. At 925 Partners in Jacksonville, FL, we have a team of professionals with years of insurance knowledge and experience ready to give you the service you expect from your local independent insurance agency.

Yearly review

When you get your policy declaration don’t just throw it away or file it away, actually read it. Look at the coverage you have. Check the amount of liability coverage you have and the other coverage as well. Has one of your vehicles outlived its need for comprehensive and collision coverage? Do you have complete glass coverage and towing? What is your deductible? If you have questions, call your insurance agent.

You add a teen driver

When your children start to drive, it may be time to take a good look at the coverage you have and maybe upgrade it.

When you add or remove a vehicle

When you replace a vehicle on your auto insurance policy, you may not want the exact coverage you had on a previous vehicle depending on the age and type of vehicle.

Take a look at your deductible

Before your insurance kicks in, you need to pay a deductible out of pocket. The higher your deductible the lower your premium. If your deductible is $500, you may want to consider raising it to $1000. Especially if you will rarely use your policy, it can end up saving you money to choose the higher deductible.

Contact 925 Partners in Jacksonville, FL when you have auto insurance questions and needs.

Why Business Owners Need Commercial Insurance

Posted on July 29, 2021July 31, 2021 by admin

Are you a business owner in the Jacksonville, FL area? If so, it’s important that you consider getting business insurance. What is business or commercial insurance? This is important insurance that protects you from liability and financial loss in the event of a lawsuit.

Not My Fault

Sometimes lawsuits arise out of something that is no fault of your own. Even if you do everything right, there is a possibility of injury or damage to others or their property when you create a product or perform a service for them. How do you protect yourself?

What Commercial Insurance Covers

Good commercial insurance in Jacksonville, FL should cover the following (to comply with insurance laws):

Property damage: covers damage to others’ property as a result of your products or services
Commercial Auto: covers accidents resulting in damage to your company vehicles or accidents involving others’ property
Workers’ compensation (required in Florida): covers workers’ compensation claims that result from company actions or conditions or that occur at work

Why You Need It

If you have a business that works with others’ property such as vehicles, recreational equipment, real estate, or other properties, it can be quite costly if you damage someone’s property.

Commercial auto coverage will cover you in the event of an accident that damages your company vehicle or other vehicles that you are using under your business name.

Workers’ compensation is required coverage in Florida, so you should always carry this.

About Liability Insurance

Liability insurance for your business is just as important as an auto liability. This type of insurance pays for damages, injury, and loss of another person who proves that your company’s actions caused their loss or injury. This is necessary insurance to protect your assets.

Start Here

One company you should check out to learn more about this type of insurance is 925 Partners in Jacksonville. They have all of the types of commercial insurance that you need to protect your company from the unexpected.

When you worry about what the future might bring and need to protect your business from liability contact 925 Partners and rest easier.

How Renovation Projects May Impact Home Insurance Policies

Posted on June 24, 2021June 24, 2021 by admin

925 Partners offers insurance to the Jacksonville, FL community, as well as the surrounding areas. We work closely with our clients so that they can find coverage that directly aligns with their vision. We have relationships with over 80 carriers across the country. We are confident that we can help you find the coverage that you deserve.

How Renovation Projects May Impact Home Insurance Policies

Your Jacksonville, FL home is a significant investment. You also have to weigh multiple responsibilities and obligations as a homeowner. Securing insurance is important because it allows you to protect one of your most prized possessions. Home insurance covers any damage to the structure of your home, as well as your personal items. You won’t have to worry if your personal items are stolen. As a Florida resident, you are aware of the dangers of inclement weather passing through the area. Home insurance covers your property if inclement weather moves through the area and causes damage. Liability coverage protects you if a visitor is injured on your property or if you accidentally cause damage to someone else’s property.

At some point, perhaps you plan to undergo a home renovation project. If you want to add new amenities to your home or make repairs, that will change the value of your home. These changes will also impact your home insurance. You will have to adjust your policy to ensure that you remain fully covered. Your standard coverage may not protect your increased living space or a new kitchen. If you plan to install a swimming pool, you should adjust your liability coverage to cover this high-risk accessory.

925 Partners Will Help You Find The Right Coverage

Visit our website to learn more information about home insurance.

All You Need To Know About Classic Car Insurance

Posted on May 28, 2021June 4, 2021 by admin

If you own a classic car, you probably need special classic car insurance in order to protect your precious possession. Definitions of a classic car may vary, but according to the Insurance Information Institute, it is a car that is at least 25 years old. If you are thinking of getting classic car insurance for your valuable car, 925 Partners serving Jacksonville, FL prepared a list of things you should know about this type of insurance:

What Does Classic Car Insurance Cover?

The coverage of classic car insurance is similar to standard auto insurance that includes property damage, bodily injury, collision, and comprehensive liability. It also may cover restoration or specialized repairs if your classic vehicle is damaged or broken.

How Much Does This Type of Insurance Cost?

In general, classic car insurance is 30% cheaper than regular auto insurance. It costs less because it is the primary car that is used for everyday driving. There are also certain factors that have an impact on the cost of classic car insurance, including the value of the vehicle and the number of classic cars you want to insure.

What Are the Criteria For Qualifying For Classic Car Insurance?

The main criteria is the age of the car. As mentioned above, the vehicle must be at least 25 years old. However, there are other criteria as well, including a clean driving record, limited use of the car, and secure storage.

If you live in Jacksonville, FL or other nearby communities and are searching for a trustworthy insurance agency to get classic car insurance, 925 Partners is ready to help you. We offer all types of insurance that are tailored to the unique needs of our clients. If you have any questions, or you want to know more about the options available, feel free to give us a call – our agents are ready to provide you the information you need.