How is my Homeowners insurance premium determined?

How insurance premiums are computed can vary from company to company. However, a majority of insurance companies will use the following criteria when deciding what to charge you for your homeowners insurance.

• Location – Insurance companies will consider the crime rate in your area, how close your home is to a fire department, and the likelihood for weather-related claims.
• Type of construction – Companies will check to see whether your home is made of wood, stucco siding, brick, or stone.
• Age of home – Newer homes can typically qualify for reduced rates. • Amount of coverage – the amount of coverage you purchase on your home, the contents within the home, and the liability limit will all contribute to the cost of your policy.
• Loss valuation – the way your policy will pay for your home in the event of a claim–whether it will pay the actual cash value or the amount it costs to replace the items lost.
• Deductible – how much of a loss you are willing to pay before you insurance begins to chip in. If you have a mortgage on your home, the greatest amount of your deductible will many times be imposed by your lender.

Make sure you have the best rate for you Miami FL Home Insurance with Allstar Direct Insurance & Financial Services today!

Interpreting Windstorm Coverage

Interpreting Windstorm Coverage on Your Homeowners Insurance Policy

A lot of people see their home insurance policy as an all encompassing record that guards their home without considering the danger behind the insurable event. While this is basically true, your home policy in reality has many different deductibles that must be covered for different insurable events. A generally misinterpreted deductible is the windstorm deductible.

Windstorm Coverage and Deductibles

Occasionally winds are powerful enough to ravage your property. These winds create their own series of problems. You could risk buildings, roofs, inside contents, windows and more because of windstorm damage. Therefore, they have their own deductible and limits within your homeowner’s insurance policy. Limits can be imposed on property such as trees and fences.  A separate windstorm deductible is typically a portion of the dwelling amount.
Depending on the state you live in and the amount of risk you are exposed to, you might need an additional windstorm policy. To certify that you can afford a policy with adequate coverage you can adjust the deductibles to minimize some of the insurance company’s risk and your premium.

Be sure you're covered with your Miami FL Home Insurance from Allstar Dircect Insurance & Financial Services

Miami FL Home Insurance

There's a rising tide of media reports covering the sinkhole threat facing Florida's homeowners. Don't believe the rhetoric that we have a sinkhole crisis in Florida, because we don't. The more accurate assessment is we have a sinkhole claims crisis that has created a cottage industry that now threatens Florida consumers.

The Office of Insurance Regulation, recently reported to the Senate Banking & Insurance Committee that annual sinkhole claims increased from 2,360 in 2006 to 7,245 in 2009, totaling 24,671 claims throughout that period.

What's more troubling is OIR discovered sinkhole claims have surfaced in areas not historically wrought with sinkholes, like Miami-Dade and Broward counties. The number of claims from these two counties in 2009 was seven times what it was in 2006.

There is no geological cause behind these significant increases in claims, especially in areas that are not generally subject to sinkhole activity like South Florida. Yet, more than $1.4 billion in sinkhole losses were incurred over this four-year period beginning in 2006.

by Don Brown - Sun Sentinel

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Common Types of Commercial Vehicles Insured

If you own a business and have a vehicle that you use for or within that business, then you must consider the purchase of a commercial auto insurance policy in order to protect your business from the financial losses associated with a damaged commercial vehicle.

Many business owners aren’t sure what they should consider a vehicle and what they should consider equipment when it comes time to get the proper insurance coverage. Here is a brief guide to give you an idea about how to differentiate.

Vehicles by Ownership Status

You can insure a commercial vehicle that you hold the title for, but you don’t need to own a vehicle in full before you add it to your commercial auto policy. You can insure leased vehicles, hired or rented vehicles and in some cases, even vehicles that you borrowed for the purpose of your business.

Types of Vehicles

There is almost no limit to the kinds of vehicles you can insure under your commercial vehicle policy. Here is a list of some of the most common vehicles insured:

• Private passenger vehicles. As long as the automobile is used for business purposes, a private passenger vehicle can be covered.
• Delivery vehicles. This might include vans, trucks, cars, motorcycles—even scooters.
• Trucks. If your business uses dump trucks, panel trucks, tow trucks, or any other type of industrial truck it can go on your policy.  
• Trailers. Trailers are considered vehicles and can be covered on a commercial auto policy.
• Buses. Whether you use the bus for private charters or daily passenger transportation, you can protect it with your commercial vehicle policy.  
• Some earth moving equipment. Not all earthmoving equipment qualifies for coverage under a commercial auto policy.

Click to read full story about the vehicles that are not covered and the different types of coverages.

Call us at 855-754-7414 to get a free Florida business & commercial insurance quote.

How to Shop for a Safe Car

The internet has created a world of opportunities for consumers who are interested in becoming educated about keeping their family safe. However, at times, it can be overwhelming to try and figure out which sources to listen to and which to disregard.

The Insurance Institute for Highway Safety, is an independent, non-profit group that researches data that can help reduce highway accidents, injuries and crash deaths. The group is funded by auto insurers and provides a wealth of educational materials and videos to better educate consumers.

Today, I am going to discuss one of their videos, Shopping for a Safer Car. This video gives an overview of all the safety features that you should look for when you go to buy a new car. Click to learn more about car safety features.

Call us today at (866) 467-8726 for a comprehensive Miami Auto Insurance quote.

The Effect of Your Credit History on Car Insurance Rates

When applying for auto insurance, you expect the insurance carrier to ask for your demographic information and, naturally, to pull your Motor Vehicle Report (MVR) to verify that you have observed safe driving habits in the past. But did you know that many auto insurance companies also check your credit report before issuing your auto insurance policy?

In fact, some insurers are now saying that credit history, like driving history, can indicate whether a policyholder actually acts in a safe and reasonable manner in life—which can give some insight to the way they can be expected to act behind the wheel. For instance, maxed out credit cards can indicate a certain irresponsibility that is indicative of an additional layer of risk to the insurance company if they decide to insure that driver.


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Miami Auto Insurance

Allstar Direct Insurance & Financial Services are certified professionals offering solutions to your insurance needs. We specialize in Miami auto insurance as well as home & business insurance in Orlando, Ft. Lauderdale, Miami & surrounding areas in Florida.

Our products also include truck, restaurant, DUI, boat, motorcycle, & non-owners insurance. We have professional affiliations with FAIA, PIA, LAAIA, & BBB, making us a reliable choice.

Contact us today for your insurance needs!