Prestige Insurance Group Inc

15441 SW 137th Ave
Miami, FL 33177

Get Directions
Prestige Insurance Group Inc Blog

Three reasons why umbrella insurance is important for protecting yourself financially

It’s essential for consumers in Miami, FL to understand how umbrella insurance coverage protects their finances. At Prestige Insurance Group, umbrella insurance is one of several types of insurance we provide.

The following are three reasons why it’s vital to have umbrella insurance coverage to protect yourself financially.

Umbrella coverage enhances home and auto insurance policies.

Home and auto insurance is essential for protecting you against liability expenses. However, home and auto insurance policies have limits. You could find yourself having to pay out of pocket if you’re involved in an incident that costs more than your home or auto insurance policy maximums. 

Fortunately, umbrella coverage enhances the coverage offered by other policies you have. Umbrella insurance coverage kicks in if you go over your policy maximums for your home or auto insurance policies. 

Umbrella insurance covers the costs of legal representation in lawsuits.

Anyone can be sued. If you find yourself facing a lawsuit, the costs of legal representation can be extremely high.

Fortunately, umbrella insurance coverage protects you against the costs of legal representation for liability suits in a wide variety of cases. 

Umbrella insurance gives you peace of mind.

Without umbrella insurance coverage, you might be putting your assets at risk. A single accident could potentially wipe out your entire net worth without umbrella insurance coverage.

Umbrella insurance coverage can give you peace of mind. When you have umbrella insurance, you enjoy added financial security and won’t be as significantly affected financially if you do get sued down the road. 

You can find the right umbrella insurance policy by contacting us at the Prestige Insurance Group. Consumers in Miami, FL can take advantage of protecting their assets by investing in this important financial product. 

What is covered by flood insurance

When it comes to natural disasters, floods are number one. They cause more than 8 billion dollars of damage in the United States every year. No state is safe, flooding can and does happen in all 50. Florida is particularly vulnerable due to the flat terrain and its many lakes and rivers, as well as an 1100 miles coastline. Add to that more than 59 inches of rain a year, hurricanes, and tornados, and you have a high risk of flooding. At the Prestige Insurance Group in Miami, FL, we understand flooding and the importance of flood insurance. 

Home insurance does not cover flooding. It would be best if you had a designated flood insurance policy. If you live in a high-risk area, your mortgage holder will require that you carry it. Even if your mortgage is paid off, flood insurance is a good idea in Florida. 

Flood insurance covers damage that is a direct result of flooding. FEMA flood insurance has two parts. It has building coverage and content coverage.

Building coverage includes: 

  • Electrical service and wiring in your house
  • Plumbing including pipes and water heater
  • Heating and cooling units, ductwork and heating runs
  • Appliances such as refrigerators, stoves, dishwashers, compactors and installed microwaves
  • Permanently installed flooring, including carpeting, tile, wood, and laminate floors
  • Built-in furniture such as bookcases and cupboards

Contents coverage

  • Clothing includes shoes, coats and other wearing apparel.
  • Furniture things like dining sets, couches, chairs, beds, dressers
  • Decor this includes wall decor and throw rugs.
  • Electronics such as TVs and computers
  • Personal items including kitchen items like dishes and pots and pans, toys for children, and baby paraphernalia

What isn’t covered is a place to stay while your home is being repaired. Check with your home insurance policy to see if it can help out with finding you a place to stay. 

At Prestige Insurance Group in Miami, FL, we have a dedicated team with more than ten years of experience helping our customers get the coverage that they need. Give us a call for an appointment for a free quote. 

What You Should Know About Condo Insurance?

Condo insurance offers the coverage you need for your property in Florida. It’s complicated because the building’s Home (Condo) Owner’s Association (HOA or COA) already covers the condo with a master policy. At Prestige Insurance Group in Miami, FL, we work with you to understand what’s covered under each policy, to understand where there may be overlap or gaps in coverage.

What’s Covered by Condo Insurance

When you buy a condo, the HOA and the mortgage lender often require that you hold an insurance policy. The HOA coverage falls under two main policy types.

  • Bare Walls: It covers the building itself and the shared areas. It covers just the walls, floor, and ceiling.
  • All In: It covers original features like lighting, cabinets, and plumbing. It does not include features that are not original, like a new kitchen sink, etc.

The master policy from the HOA may cover the basic structure and what originally came with the condo, but you’ll need to include anything else. Here are the primary considerations.

  • Your personal belongings: It covers furniture, clothing, electronics, etc.
  • Liability: It covers injury or damage, including legal and medical expenses, if a person gets hurt while on the property.
  • Additional Expenses: It could cover a hotel stay while the condo is being repaired after a fire or disaster.
  • Loss Assessment: It could cover the costs for damage that exceeds the HOA’s master policy.

Your condo insurance policy can be tailored to meet your needs. That’s why the next step is so important.

Next Step: Contact Prestige Insurance Group to Learn More

At Prestige Insurance Group in Miami, FL, we review your personal situation and make recommendations for the insurance coverage that will best meet your needs. We’re locally owned and operated, which means that we understand and can consult with you about the best coverage in this area. The process is quick-and-easy. When you come in for a free evaluation, we’ll review your situation and offer a comprehensive policy.

Who should get an auto insurance policy in Florida?

If you live in the Miami, FL area, you likely will enjoy being able to experience all that the city and metro area has to offer. For those that are in this area of the state, it is vital that you have a vehicle that is adequately insured. There are several situations when someone will need to have auto insurance in place.

Someone with a Car Loan

When you take out a loan to purchase your car, you are going to need to stay in compliance with your own agreement. Most of the time, this is going to include carrying collision and comprehensive insurance for your vehicle at all times. If you do not have this type of coverage, you will be in default of the loan agreement.

Those Driving on a Public Road

You will also need to get auto insurance if you ever plan on driving your vehicle on a public road. In the state of Florida, drivers are mandated to carry liability insurance whenever they go out for a drive. This form of insurance coverage ensures all other parties that you are able to pay for damages if you cause an accident. Those that do not carry this form of insurance could be penalized.

As you are shopping for auto insurance in the Miami, FL area, you could find that it is hard to pick a policy. Fortunately, the team at the Prestige Insurance Group can help to make this easier for you. The insurance professionals at the Prestige Insurance Group will provide you with the advice and guidance you need to pick a new policy that provides the right coverage. 

The Essential Guide to Commercial Insurance

Whether you started a business as an entrepreneur, a storefront, or a manufacturing operation in Miami, FL, you need commercial insurance. Here’s the thing, though. You do not need the same commercial insurance policy if you are an entrepreneur or a storefront operation or a manufacturer. Prestige Insurance Group wants you to understand the plethora of choices before you, so you choose the right insurance for your business’ needs.

While everyone needs insurance that helps them accomplish business continuity and protects the business against loss, many differences exist, too. For example, a dry cleaning business requires inland marine insurance that protects the property of their clients while on their premises. A home business run by an entrepreneur requires liability, but not a business owner’s policy (BOP). If that business makes regular deliveries using the owners’ vehicle or a vehicle purchased for the business, that requires commercial auto insurance.

Here’s a quick guide to the types of commercial insurance.

  • Construction insurance: also called builder’s risk insurance, covers commercial structures as they are built.
  • Business interruption insurance: covers repair or replacement of real property resulting from a named peril and pays for the income lost due to the interruption of business as usual.
  • Business owner’s policy (BOP): combines the four most necessary policies into a single package to cover the business’ liability and property. You can purchase coverage separately, but it typically costs you more when purchased that way.
  • Commercial auto: similar to the auto insurance you purchase for your personal vehicle, but this automatically provides full coverage and covers every licensed driver who operates your fleet vehicles.
  • Crime insurance: covers your business’ losses from property crimes like burglary, robbery, and theft.
  • Debris removal insurance: this policy pays for removing debris following a named peril, such as a fire.
  • Directors’ and officers’ liability insurance: Covers the legal costs and payouts of lawsuits involving a corporation’s or non-profit’s C-level officers and directors.
  • Equipment breakdown insurance: also called boiler and machinery insurance, pays for the replacement or repair of boilers, machinery, and other equipment and also covers the business interruption losses incurred due to the breakdown.
  • Errors and omissions insurance  (E & O): only those businesses that could possibly injure a third-party via accidental error or mistake require this policy type. The most common businesses that purchase it include attorneys, medical practitioners, manufacturing firms, and publications.
  • Glass insurance: storefront owners often purchase this policy, which covers the replacement of plate glass and broken windows from a range of causes, including named perils and vandalism.
  • Inland marine insurance: covers damages to third party property stored on-premises and property in transit.
  • Liability insurance: pays for injuries you cause to a third party.
  • Professional liability: more commonly called malpractice, covers a business’s losses and attorney fees stemming from injury to a third party caused when a professional failed to provide the proper standard of care.
  • Ordinance or law insurance: cover building demolition and re-construction to building code standards when the structure incurs significant damage. 
  • Property insurance: covers real or personal property damage.
  • Tenant’s insurance: pays for repairs to damages occurring to the lessee’s building improvements and damages by employees of the lessee. It differs from renter’s insurance, which pays for damages to your belongings and property and belongings.
  • Workers’ compensation insurance: Covers the cost of medical care and lost wages due to workplace injury or illness.

Stop by or call Prestige Insurance Group of Miami, FL today to learn how we can help insure your business. Let us help you determine which of the above policy types best suit your business and build a custom commercial insurance policy for you.

Tips for Making Long-Term Care Decisions During a Pandemic

By June Duncan

Caring for an elderly or disabled loved one requires that you make a lot of big decisions together. As the COVID-19 pandemic continues, it may disrupt your loved one’s plans for long-term care. With health concerns in many assisted living facilities, you will want to weigh your decisions carefully. Below, find out how you can choose the best option for your loved one in light of the pandemic.

What Options Are Out There?

COVID-19 has changed just about everything in our daily lives, but it hasn’t changed the fact that vulnerable people need safe places to live. There are numerous types of facilities that provide daily care for people who need help. Assisted living facilities, skilled nursing facilities, and continuing care retirement communities are just a few options.

AARP says that assisted living might be the right choice if your loved one needs help with daily activities but doesn’t require round-the-clock care. Skilled nursing facilities (SNFs) and nursing homes, on the other hand, typically provide a higher level of care.

Although the terms for nursing homes and SNFs are used interchangeably, they’re not the same thing. Not only are these facilities run differently, there are also differences when it comes to Medicaid and Medicare coverage.

Instead of assisted living or nursing homes, continuing care retirement communities (CCRCs) provide the best of both worlds for some people. These facilities provide all levels of care a person may need as their health changes. However, you’ll have to weigh the costs carefully. Kiplinger explains that a stay in one of these facilities can be pricey.

Health Concerns with Assisted Living

COVID-19 has raised all kinds of new concerns for people in assisted living, as well as their families. Even if your loved one would benefit from a greater level of care, you might be worried about whether it’s safe to move right now.

The COVID-19 pandemic does present a threat in these facilities because most residents are already at a greater risk of getting sick due to their age or existing health conditions. However, asking a variety of questions before choosing a facility can give you more peace of mind.

For example, it’s important to ask what a facility’s plan is for preventing infection. Checking up on the general cleanliness of a facility and looking for past complaints can provide helpful insight as well.

Can You Move During COVID-19?

If you’ve decided on a long-term care facility, you might be wondering if it’s even possible to move during the pandemic. In most cases, you can still move despite the pandemic. However, you may want to consider whether it will put your loved one at greater risk to move now or wait until there are fewer new cases of coronavirus.

Keep in mind that assisted living facilities may also have different policies for admitting new residents during the pandemic, such as screening residents or requiring a period of isolation from others in the community.

In-Home Care Options

While many people find that their loved one will benefit most from moving to an assisted living facility or nursing home, it’s not the only option. In-home care is also a possibility. With the pandemic going on, many families are finding this to be a safer alternative.

Home health aides can provide assistance with daily activities such as eating, bathing, or taking medication. You can also hire a homemaker to help with laundry, cooking, and other household tasks.

If your loved one chooses to stay at home, it’s a good time to take a look at their homeowners insurance policy. Not only does a policy cover your loved one’s property, it also provides liability protection. This coverage is always important to have, but it matters even more if you will have a home health aide providing services.

Choosing between assisted living and in-home care is always a tough decision, but the COVID-19 pandemic complicates matters even more. There are many safe facilities that provide the care your loved one needs, but in-home health care is a good alternative if you have concerns about your family member moving into a communal setting during the pandemic.

Will Home Insurance in Miami Cover My Pets?

Will Home Insurance Cover My Pets?

If you’re looking for home insurance in Miami, FL, it’s reasonable to wonder if your pets will be covered under your policy. After all, even well-trained pets can cause unintentional damage to your property, possessions, or even to other people. Prestige Insurance Group wants to fill in the gaps for you, so you have a better idea of what you can and can’t file a claim for. 

Standard Policy Terms 

Under standard policies, home insurance generally does not cover your personal property against pet damage. So if your dog broke your big-screen television or chewed through an expensive piece of furniture, it’s unlikely to be approved for reimbursement. The same is true for the grounds and structure. A rambunctious animal who managed to chew through part of the floor or claw the paint job on the wall is generally not a covered event.  

While your own property may not be covered, though, you may be able to cover other people’s property through the liability coverage on your policy. So if your neighbor puts up a fence and your pet puts a hole through it, you may be able to file a claim still. Please note that in Miami, FL, your pet would likely need to be a domestic, personal animal to file for this type of liability coverage. If your animal is used for commercial purposes, then you would likely need to file the damages under a commercial insurance policy. 

Talk to a Pro 

Prestige Insurance Group wants you to know more about how to protect your home from a variety of threats. We’ve served countless homeowners in Miami, and we’re here to do the same for you. If you have questions about how your pet factors into your policy or you just want to know more about general coverage options, give us a call today. 
 

Partner Carriers

  • AmTurst
  • AmWins
  • Avatar
  • Foremost
  • Hagerty
  • Infinity
  • Mercury
  • Metlife
  • National Flood Program
  • National general
  • Progressive
  • Southern Oak
  • State National