Do I Need Insurance for My Condo? If so, Why?

Although a condo isn’t a stand-alone residence, you’re still required to carry condo insurance if you don’t own your condo unit outright. Generally, a mortgage company will require you to carry insurance as a way of protecting their financial investment in your condo in the event that something happens to your unit. However, if you own your condo, you may not be required to carry condo insurance. However, it’s a good idea to know the difference between homeowners’ insurance and condo insurance.

Condo Insurance 

Condo insurance only covers the actual unit and not the exterior halls or structure. Some policies may also cover installed structures like granite countertops and wood floors. You’ll need to purchase insurance on both the contents of your condo and the structure itself. Condo insurance will also cover three main areas: medical payments, loss of use, and personal liability. The exterior areas or common areas of the condo or usually covered by the condo owners association. These areas are usually maintained through monthly fees that owners pay to the Condominium Association. However, each condo association will have different rules and as a result, cover different things. A Tim Huber Insurance representative can answer many questions for St. Augustine, FL residents regarding condo insurance and condo owner’s associations. 

Homeowners Insurance

Homeowners insurance covers the house as well as any other personal property. This includes sheds, garages, and any other property attached to the home. In addition, homeowners’ insurance also covers property that can’t be used or lived in as a result of some circumstance or event as well as medical payments. It also covers personal liability.
 
The Similarities…

Although a condo differs from a conventional residential home, you are still legally required to carry condo insurance if you don’t own it. Condo insurance covers the interior components of your unit only, whereas homeowner’s insurance covers the external areas of a conventional home as well. 
 

Choosing Your Life Insurance Beneficiary

Choosing Your Life Insurance Beneficiary

Choosing a life insurance policy can be complicated enough, and choosing a beneficiary can be even harder. At Tim Huber Insurance, serving St. Augustine, FL, we’re here to help you understand your life insurance policy, and how it can help those you care about after you’re gone. Check out these tips for choosing your beneficiary:

– Think about the purpose of your insurance policy. If your goal is to provide for your family, your spouse or an adult child may be the best option. If your goal is to give to charity, a trusted member of the charity’s board of trustees may be a good choice. 

– Update your beneficiary regularly. As your life and circumstances change, you may also change who you’d like your estate to go to in the event of your passing. For example, if you’re married and name your spouse your beneficiary, but they pass away, you need to name a new beneficiary. 

– Understand your options when it comes to choosing a beneficiary. You are able to name more than one person. 

– Name a secondary beneficiary. In the event that your primary beneficiary passes away or refuses to accept the money, it will be up to a court to decide where your money goes. Having a secondary beneficiary takes care of this problem. 

Call Tim Huber Insurance, Serving St. Augustine, FL

If you’re ready to start protecting your assets and your loved ones with a life insurance policy, we’re here to help. Call Tim Huber Insurance, serving St. Augustine, FL, or stop into one of our offices to chat with an agent about how we can help with your life insurance needs. 

The Basics on Annuities: Are They Right for You?

If you are reaching retirement age, annuities may be a good tool to guarantee an income for the rest of your life. Annuities are contracts made between you and an insurance company rather than through an investment company. 

Simplified Retirement Income

Annuities can be a simple way to turn over a sum of money to get a steady income every month, depending on your contract, in exchange. They are especially helpful for people who are retired and no longer work. There are different annuities such as variable, fixed and more. It is good to understand the basics of annuities with a financial planner assisting you. Once you have a contract set up it is easy to collect income every month for the rest of your life. Many retirees enjoy the simplicity of it and it can be beneficial well into your retirement years.

Annuities Help Those Who Need Them

If you are wealthy and have a good deal of money saved, you may not need annuities. Also, if your Social Security and other assets are substantial enough, annuities may not be something to look into. If you are in good health however, annuities can be a way to have an income into old age and also to help spouses and heirs. It is advisable to consult with financial advisors. Understanding charges, fees, and conditions can get confusing and it is a best practice to have trained professionals that can guide you through it.

If you are shopping around for a carrier and need help understanding if annuities are right for you, contact Tim Huber Insurance of St. Augustine, FL to speak with one of our representatives. We can help you make the most of your retirement financial planning and help walk you through all the complex details of annuities. Give us a call to set up an appointment today.

Preparing Your Home for a Hurricane

When a hurricane is approaching in St. Augustine, FL, there are some things you want to do to prepare your home.

Stormguard the Home: Take steps to fortify the home against downpours and nasty winds. Clean out cutters and make a plan to move outdoor furniture. Depending on how much time you have to prepare, you may also want to strap down the roof, make window covers or storm shutters, caulk around windows and doors, and test drains and sump pumps.

Safety-Proof Landscaping: Plants and landscaping can be vulnerable during a hurricane. Trim trees and shrubs to reduce the chances of windblown limbs. Tie down small trees and shrubs to prevent them from uprooting. When it’s time to replace gravel drives or paths, consider replacing them with bark since windblown gravel can damage the structure.

Review Insurance Coverage: If a hurricane is already coming your way, it can be too late to change insurance coverage so just review the coverage you have. Home insurance policies can vary so if you have questions, speak with an agent at Tim Huber Insurance. Once a storm has passed, be sure to start preparing for the next one and have the right coverage. Remember that home insurance won’t cover any flooding and you may need to purchase a separate wind policy.

Inventory Your Home: Document the contents of the home both inside and out. The best way to do this is with photos and videos. If you do have to make an insurance claim after a storm then you want evidence to support the claim. Another option would be to create an inventory of possessions that also includes the appraised value for expensive items. Store this along with other important documents somewhere safe from the storm.

Contact Tim Huber Insurance serving St. Augustine, FL to get a quote on home insurance. 

Business Owners: Commercial Insurance with Your Success

Smart leaders are often able to organize a company nicely for profits and excellent customer service. Companies with products or services are pleased to have insurance protection and good staff to contact for commercial insurance needs.  A good relationship with an insurance company goes nicely with successful profits and product sales.  

Good Leadership

The owners of businesses are usually good at organizing for success.  This includes a smart hiring process to get the best talent that works with the planned expense amounts.  Business success is a smart reason to consider insurance options.  There are many other reasons owners should consider the benefits of commercial insurance.  A smart focus on commercial auto and commercial umbrella insurance is easier with experienced staff.  Successfully serving businesses in St. Augustine, FL, Tim Huber Insurance is able to answer all of your questions and make the process simpler. 

Business Success

Planning for success is smart and good leaders often figure out how to build a strong network with a long contact list.  Experienced professionals offering commercial insurance can be nice additions to a contact list. Also, the staff involved with commercial insurance can help you with rental payment insurance or business expansions.  New property acquisitions are possible topics of conversation with any new employee hiring and commercial auto needs.  Successful business growth should be celebrated and the people at Tim Huber Insurance are there to applaud your efforts. 

Serving St. Augustine, FL, the insurance company knows business success and can help simplify everything.  The experienced staff at Tim Huber Insurance is available to discuss the options for commercial insurance.  Contact this insurance agency for more information.  You can visit their website at http://www.timhuberins.com/blog.  Let an experienced company help you build your business and celebrate your success.

Life Insurance for Investments

At Tim Huber Insurance of St. Augustine, FL, we want you to understand the many ways insurance can benefit you. This blog explains how to use life insurance as an investment tool to save for retirement.

You can use insurance to fulfill the old adage, “Kill two birds with one stone.” That’s because if you buy the right policy, it functions as both insurance and investment tool. By choosing permanent insurance, you cover your impending burial costs, plus provide for your family. It also works to your advantage in four key ways as an investment tool.

  • It provides tax-deferred growth. You pay no tax on the interest of the cash value component. You won’t pay taxes on capital gains, dividends or interest related to the life insurance policy until withdrawal.
  • You can keep the insurance policy into old age – up to age 120. So long as you pay your premiums, you have coverage. Unlike term, you will still be covered past your 70th year. With improvements in health care, people live longer. This ensures you still have life insurance coverage, so your spouse or adult children do not get stuck with a surprise expense.
  • Your insurance policy works a little like a savings account. If you want to take out a loan for a large purchase, you can borrow against the policy’s cash value. It functions as collateral and makes it easier for you to pay for college for your children or buy a house. Another plus is you can do it without paying penalties or taxes.
  • You can access accelerated benefits if you fall critically or terminally ill. Depending on the policy, you can receive between 25 and 100 percent of the death benefit if you fall ill with a condition specified in your policy, such as end-stage renal failure, heart attack, invasive cancer or stroke. This lets you pay medical bills and improve your end-stage quality of life. While your beneficiaries won’t get the full death benefit, they also won’t be stuck with your medical bills. Even if you have health insurance, you’ll have to pay the deductibles.

Call or visit Tim Huber Insurance of St. Augustine, FL to learn more about how you can use life insurance as an investment tool. Why not obtain a policy that helps you in multiple ways? We can help. Call us.

Some Subtle Differences In My Trailer Home Insurance Policy As Opposed To My Stationery Home Insurance Policy

An insurance policy for a trailer home and an insurance policy for a stationary home are pretty similar in that they basically cover for damages, theft, and other run-of-the-mill things that can occur to a structure. However, there are some subtle differences with a home insurance policy for a home that has the ability to move and for a home that should never move.

Because a trailer home is usually located with other trailer homes, sometimes there is security provided for that particular community as opposed to a stand-alone home that is stationary. It is like the advantage of living in a gated community. As a result, your agent may specifically discuss the merits of how much theft insurance you should carry on the trailer home. There are also many differences in the foundations of the trailer home as opposed to the stationary home which can affect home insurance guidelines. Trailer homes have different types of foundations some of them are made to be temporarily stationary. Before speaking with your agent have a clear understanding of this aspect.

We are a community of homeowners here in St. Augustine, FL and at Tim Huber Insurance we understand the value of what you are trying to protect with your home insurance policy. Whether you own a trailer home or a stationary home, you want your property which you work very hard to be fully protected. Call us today to discuss how we can help you realize your home insurance goals. Additionally, if you are in the market for auto insurance, home insurance, flood insurance, life insurance, commercial insurance, recreational insurance or classic car insurance please call us at  9048–824-2555. Please stop by our offices today, Tim Huber Insurance is located at 28 Clark St., St. Augustine, FL 32084.

 

5 Reasons To Double Check Your Home Insurance Annually

When you have home insurance in St. Augustine, FL, it’s critical that you check the policy annually. It will ensure that you have sufficient protection to avoid problems when you file an insurance claim.

At Tim Huber Insurance, we’re here to make sure that you have the right protection in place.

Home additions and renovations need to be updated on your home insurance. If you have made some purchases throughout the year, these need to be included so that your policy coverage levels are updated.

Your desire to have more riders on the account may have changed. For example, you may now need a rider to increase liability, especially if you have done a lot of entertaining inside your home. You may also need a home office rider if you have started working from home.

Discounts may be available to your policy. What you may not have qualified for last year could be different this year. It’s important to review any discounts that you may be eligible for.

Prices change between the different insurance companies, too. It’s a good idea to get quotes from several home insurance companies so that you can make sure that you are getting the most affordable premiums possible.

Policy fine print can change, too. You may think that you are covered in an area but you’re actually not. Home insurance companies will often renew your policy without identifying any changes made to your policy. It is up to you to manually pull a copy of the policy to read it for yourself.

When your home insurance policy is getting ready to renew, be sure that you take the time to double check everything. Contact us at Tim Huber Insurance so that we can be sure that your policy looks good. We may be able to help you get a better policy in St. Augustine, FL.

 

Common Commercial Insurance Mistakes for Restaurants

Running a restaurant in St. Augustine, FL can be a rewarding experience but can be a challenge if you don’t buy high-quality commercial insurance. The following mistakes are ones we at Tim Huber Insurance have seen far too many unfortunate business owners make.

Weak Liability Coverage

Though general liability coverage is a good choice for restaurants, you’re going to want more than that to protect your business. For example, umbrella insurance policies help protect you from claims such as damage from food poisoning or burns caused by spills. Comprehensive liability also helps to protect you from specialized restaurant claims, such as slipping on a wet floor.

No Loss of Income Coverage

What happens to your business if a fire or a health-related shutdown close your doors for weeks or months at a time? You won’t be getting any money and neither will your employees. If you bought loss of income coverage, this situation wouldn’t be devastating. This coverage will pay for your lost income when your restaurant is closed. It may also help your employees if you set up this type of extra coverage with your insurance company.

Poor Background Checks for Drivers

If your restaurant does deliveries, you need to make sure that you double- and triple-check the records of each employee who drives your company vehicle. Your commercial auto insurance policies will hinge on the abilities of your drivers. So even if you don’t cause an accident but an employee does, you will end up having higher premium rates and struggling to make your payments.

Avoid These Issues With Our Help

So if you run a busy St. Augustine, FL restaurant and want to make sure you don’t fall a victim to these mistakes, please contact us at Tim Huber Insurance right away. Our agents will work with you to identify the best commercial insurance coverage for your restaurant’s needs.

What are the benefits of classic car insurance?

Owning and driving a classic car is a dream for many people around St. Augustine, FL. A classic car is not only stylish, but it can also be a good investment as they tend to increase in value over time. While having a classic car is a dream for many, it is also an important asset that needs to be protected with insurance. One of the best ways to do this is through a classic car insurance policy, which can provide you with unique benefits. 

Gives Additional Value Coverage

If you have a classic car that has the value that you want to protect, classic car insurance is a necessity. Most car insurance policies will only provide you with coverage for up to the actual cash value, which is just the replacement cost less past depreciation. With classic car insurance, you will receive a guaranteed value that has been agreed to in advance by you and your auto insurance provider. This ensures that you can receive the full value of the car if it is damaged beyond repair.

Typical Liability Coverage

Another advantage of classic car insurance is that is can provide you with the standard liability coverage. With a classic car, you will have the same liability insurance obligations as you would if you were driving any other car. Part of your insurance policy will provide you with coverage that will at least the state minimum requirements.

If you are an owner of a classic car in the St. Augustine, FL area, you should reach out to the team at Tim Huber Insurance. Choosing a quality classic car insurance policy can be complicated and you will want to speak with someone that is knowledgeable about this unique product. Tim Huber Insurance will help you to build a policy that provides you with the right level of coverage to protect your classic car.