Spooky Facts About Insurance: How to Protect Your Family this Halloween

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Your insurance policy may not be protecting you very well. At Florida Educators Insurance we insure school employees and their families. When our Tampa agents sit down with new clients, they review any current insurance policies. Very often people are surprised by how underinsured they are. This is why it is important to have your policies reviewed on a regular basis and to call your insurance agent if you have purchased anything new, remodeled the house, etc. During these meetings, our agents can let you know what changes should be made to ensure that you and your family are fully protected.

Here are some scary facts about insurance that you may not know:

Your home insurance policy does not automatically cover you for flood or earthquake damage.

Most people purchase a home insurance policy, thinking that it will cover all types of disasters. This is not the case. Typically, you need to acquire a separate flood insurance policy – something that we can walk you through.

You could owe money to the bank after your car is totaled.

This is one of the scariest parts of an auto insurance policy. When you buy a new car with a loan, there is a good chance that you will owe more than the car is worth for part or all of the time that you are paying it off. This is because depreciation happens quickly and much faster than your loan balance will go down. As a result, if your car is totaled, the insurance policy will write a check for the current value of the car and you will be stuck owing the difference to the bank. You will essentially owe money on something that you will never be able to use again. That is scary. Fortunately, we can provide you with GAP coverage so that if your car is totaled, the entire loan balance will be paid in full.

Your business is probably not covered.

A homeowner’s insurance policy is not designed to cover an at-home business. If you run an after school program, summer, camp, yoga studio, etc. out of your house, you need to purchase an insurance policy to cover your business. Otherwise, if someone is harmed during the course of your business activities, you could be exposed. Likewise, if you run a business out of your car, your auto insurance policy may not cover any damage resulting from your business activities. These can be complicated issues and one of our Wesley Chapel insurance agents can discuss your exact situation to recommend the types of policies that you need to secure to be fully protected.

You may not get enough money to replace your belongings.

No one wants to think of their home being broken into or being destroyed in a fire or some other accident. As Tampa insurance agents, our job is to plan for these unexpected events so that you are prepared when an emergency strikes. That includes making sure that you can replace your belongings. Many insurance policies will pay the Actual Cash Value for items instead of their true replacement cost. While the term “Actual Cash Value” may sound good – it isn’t. That is because depreciation is factored in before you get your money. The couch you bought in 2000 may have been in pristine condition before the accident but that does not mean that you will get enough to replace it with a new couch, unless your insurance policy has guaranteed replacement cost coverage. This small difference in your policy can make the difference between whether you can replace your belongings at Goodwill or at the

department store. Our job is to make sure that you understand the difference, know your options and can select the insurance coverage that is best for your family.

At Florida Educators Insurance, we understand that the concept of insurance can be scary. It can be difficult to understand your policy options and to know whether or not you have the right amount of coverage. Our agents are here to help so call today and schedule your FREE insurance review.

My name is Gary Cucchi, I am the owner of Florida Educator Insurance, LLC (an agency of Horace Mann Insurance). As a previous coach and educator, I was impressed with Horace Mann Companies’ devotion to helping educators for over 60 years. I know first-hand that educators have busy lives, and that is why my staff and I are dedicated to helping our clients meet their insurance needs and plan for their financial future.


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