RTI Insurance Services Blog | Lakewood Ranch, FL

What is Hurricane Insurance and Do You Need it?

websites@hibu.com (Hibu Websites) — Tue, 22 Jun 2021 09:55:53 GMT

Hurricane season in Florida stretches from June 1 to November 30 and typically peaks around August and September.

For homeowners in the Sunshine State, this timeframe can be one that leads to damage to likely their largest investment, their home.

In Florida, homeowner policies may or may not include coverage for wind loss. It is important for consumers to make sure they know if this coverage is included in their policy. If not, you can purchase a separate wind policy for your protection.

Wind coverage, whether on the homeowner policy or on a separate wind only policy, has a specific hurricane deductible that applies to a covered loss that takes place during a named storm. The most common hurricane deductible is 2% of the dwelling amount so it can be quite substantial.

In this blog, we’ll cover some of the coverage you should consider.

Insurance Options to Protect Your Home During Hurricane Season

Homeowners insurance - This is property insurance that covers damages and losses to a person’s home and assets. Typically, the policy covers interior and exterior damage as well as damage to personal belongings and injuries that occur on property. Every homeowners insurance policy has a liability limit that determines the amount of coverage a person has if an incident is to occur.

Flood insurance - This is a specific type of insurance that protects a person’s property in the event of a flood. When it comes to hurricane season, flooding caused by heavy and/or prolonged rain as well as coastal storm surges are typically covered with a flood insurance policy.

Windstorm insurance - This type of insurance covers the policyholder from destruction caused by wind including damages to property and personal belongings. Windstorm coverage generally carries a high deductible for damage due to a hurricane.

If you’re unsure about your coverage, contact us today. Our agents are here to help you find the right coverage to protect your home and belongings this hurricane season and beyond.

Home Buying Checklist for First-Time Buyers [Infographic]

websites@hibu.com (Hibu Websites) — Fri, 14 May 2021 10:39:07 GMT

Buying your first home is an equally exciting and intimidating decision. But beyond the thrill of looking at new homes and finding the one you’re willing to write an offer for, there are steps you’ll want to take to ensure you’re being thorough and attentive throughout the process.

In this blog post, we’re sharing five to-do’s during the home-buying process.

Find a realtor you trust

Working with a licensed real estate agent can make the entire home-buying process easier. That’s because real estate agents are trained professionals who have a deep understanding of the process from start-to-finish.

But, before choosing an agent, do your research.

Ask your family and friends who they’ve used in the past and about their experience. Or, head to Google and do some searches about local real estate agents and read about their accolades, online reviews, and check out their social presence to get a better idea of their capabilities.

Understand how much you can comfortably afford (and get pre-approved)

Understanding the range of your budget is an important step in the process. It essentially dictates the parameters you’ll provide your real estate agent when looking for homes.

If you’re not sure where to start, begin with calculating your debt-to-income (DTI) ratio. This will give you a better idea of your current financial situation.

From there, you’ll want to approach the bank of your choice to get a pre-approval for a mortgage. Now, this isn’t a guarantee you’ll get a loan for your mortgage. However, a pre-approval does mean a loan officer has reviewed your finances (assets, debt, credit history, and income) and determined how much money you can borrow from a bank, your monthly payment, and the interest rate.

Save for a down payment

If you’re unfamiliar, the down payment is a sizable, one-time payment that’s applied to the purchase of a new home. How much you put down depends on the type of mortgage you choose.

According to Rocket Mortgage, the average down payment is about 6% of the borrower’s loan value. However, a homebuyer can put as little as 3% down depending on the type of loan and the person’s credit score.

But, be aware even a smaller down payment can be a large sum of money. For instance, a 6% down payment on a $300,000 home is $18,000.

Consider speaking with a financial professional to create a savings plan to help you set and reach your down payment goal.

Begin the house hunt (and make an offer)

Now that you’ve selected a real estate agent you can trust, have an understanding of what you can comfortably afford, are pre-approved, and have money saved for a down payment, it’s time for the fun part...House hunting!

Before you begin your search, share a list of must haves with your real estate agent to give them a better idea of what you’re looking for. Some things to consider might be:

Price

Square footage

Commute to work

The overall condition of the house (is it turn-key or does it need updates?)

Giving your agent some criteria to work with will help them better understand what you’re looking for in a home.

Once you’ve found “the one,” it’s time to make an offer. This is typically the step where your real estate agent takes over. They’ll submit an official offer letter that includes some information about you and your situation.

There are some different strategies that can be applied at this point, however, that’s something you’ll want to discuss with your agent at the time.

After your offer is submitted the seller can either:

Accept the offer and you move onto the next step.

Reject the offer and it’s up to you and your agent to either move on to another home or resubmit another offer.

Counter your offer to which you can either accept, reject, or come up with a counteroffer of your own.

Get an appraisal and inspection

Once you and the seller have reached an agreement, it’s time to move on to the appraisal and inspection portion of the home-buying process.

A home appraisal provides the current value of the property you’re looking to purchase. This is a necessary step as an appraisal is needed for a mortgage loan.

A home inspection is also needed to gain a better understanding of the overall condition of the home and uncover major issues that could lead to a costly mistake if purchased.

And, before you close on your new house, it’s a good idea to start doing your research to find a homeowner’s insurance policy. If you have any questions when it comes to choosing the right coverage for your home, contact one of our insurance experts today.

3 Commercial Auto Insurance Tips to Consider

websites@hibu.com (Hibu Websites) — Thu, 15 Apr 2021 10:00:38 GMT

Commercial auto insurance is a policy that covers the costs associated with an accident if you or an employee is involved.

The vehicles used for business purposes including cars, trucks, and vans should be properly covered by a commercial auto insurance policy.

And, just as car insurance protects a driver from expenses such as medical bills, repairs, legal defense, and more, commercial auto insurance also provides that level of protection for the company as well as:

Bodily injury liability coverage - This type of coverage is usually required by most states and helps the person who’s at fault for an accident pay for the medical expenses and lost wages of the person who was injured in the accident.

Combined single limit (CSL) - A single dollar amount is applied to any combination of bodily injury and property damage liability claims to one person or several.

Comprehensive physical damage coverag e - Damage to your company’s vehicle from flood, fire, theft, vandalism and more are paid for.

Though these are just a few examples of the extra protection commercial auto insurance provides a company, making sure your business has the right coverage can be tricky. It’s for this reason, among many, we recommend working with an insurance expert to make sure your company is protected.

In addition to working with an experienced insurance agent, business owners can take proactive steps to make sure their team is equipped and ready to safely take the road in a company vehicle.

Here are three tips to make the most of your commercial auto insurance.

Use Technology

Just as professional athletes and coaches spend time watching film, so too should you and your drivers.

Make it a point, with the help of a GPS fleet tracking software, to sit down and review footage and data with your drivers to give them safety tips and advice to prevent future accidents and eliminate risky behavior.

Follow the Rules

An important lesson to impress upon your employees is the need to abide by the rules of the road. This can be as simple as following the posted road signs, understanding where your blind spots are, avoiding hard braking and accelerating, and abiding by the Hours of Service rules to reduce drive fatigue.

All of these aspects and more should be emphasized to ensure your employees are safe and your company reduces the odds of an accident.

Clear Communication

The culture of your company plays a major role in how your employees approach their work. Bad behavior and poor attitudes are often a direct result of subpar leadership and communication.

That’s why clear and consistent communication between leadership and employees is essential in making sure everyone is on the same page and working toward the same goals.

Through proper education and training, companies can clearly articulate their expectations and employees can also voice their concerns and questions.

An open and honest dialogue can alleviate problems, address pain points, and encourage all parties involved to give their best day in and day out.

If you’re interested in learning more about how auto insurance coverage can protect your business, contact us today.

Understanding Boat Insurance

websites@hibu.com (Hibu Websites) — Mon, 15 Mar 2021 10:16:55 GMT

What is boat insurance? What does it cover? Do I need it?

These are just a few of the questions we’ll cover in this blog post as we dig deeper into the topic to help you better protect yourself and your watercraft.

What is Boat Insurance?

Think of boat insurance as you would auto insurance. The primary purpose is to protect yourself financially if your boat is stolen or damage/injury is caused on and off the water.

Although most states do not require boat insurance (Arkansas and Utah are the only two states with boat insurance laws), there are a handful of states that do require a person to have an actual boating license. They include:

Alabama
Delaware
Georgia
Mississippi

Though it might be legal to forego boat insurance in your state, it may be required by a bank if you lease or finance the boat or a marina if you rent a dock or boat slip.

Whether it’s required or not, boat insurance not only gives you an added layer of protection if an accident involving your boat were to happen, but it also protects your wallet as expenses caused by an accident wouldn’t be entirely out-of-pocket.

Note: Boat insurance is NOT covered by homeowners insurance.

What Does Boat Insurance Cover?

At RTI Insurance Services, we offer a number of boat insurance coverage options including:

Boat liability
Medical payments
On-water towing
Property damage
Uninsured/underinsured watercraft
Consequential damage coverage
Salvage coverage
Trailer

What Types of Watercraft Does RTI Insurance Services Cover?

Our team of insurance experts focus on three categories of watercraft. They include:

Boats - vessels between 16 feet and 26 feet long
Yachts - vessels over 26 feet
Personal watercraft - under 16 feet (Jet Skis, WaveRunners, etc.)

Get a Boat Insurance Quote

No matter if you’re dry docked or enjoying a ride out on the water, make sure you’re covered by one of our comprehensive Boat Insurance Plans.

Why?

Because accidents happen. And, if you’re injured, your boat sinks or capsizes, or is even damaged by a storm, you can rest assured your policy will protect you.

If you’re interested in learning more about how boat insurance coverage can protect your investment and save you money, contact us today.

Time Element vs. Broad-Form CPL: What’s the Difference

websites@hibu.com (Hibu Websites) — Thu, 11 Feb 2021 01:45:03 GMT

Pollution coverage in the oil and gas industry is becoming an increasingly popular topic among contractors and in order to know what the best coverage is for your business, you have to gain a basic understanding of the difference between the offerings.

In this blog post, we’re focusing on two of the most common, time element and broad-form CPL.

Before we dig into the details, let’s first define pollution insurance.

Pollution insurance is insurance that covers costs related to pollution such as pollution clean-up and liability claims for pollution-related injuries, illnesses, and fatalities.

Pollution Insurance Options for the Oil & Gas Industry

The energy industry fluctuates and with these ebbs and flows comes increased or decreased insurance risks.

That’s why it’s important for oil and gas contractors to make sure their pollution insurance grows and aligns with their business.

As mentioned before, two of the most common types of pollution coverage in the oil and gas industry are time element and broad-form CPL.

Time Element Pollution Coverage

This type of pollution coverage is time sensitive and tends to exclude clean up and for oil and gas contractors will exclude completed operations and Action Over.

Simply put, time element pollution coverage is based on time. If you discover and report an issue in a specific timeframe, you’re covered and if you don’t, you’re without coverage.

Time element pollution coverage has two windows.

The first is the discovery phase which a company has 24 - 48 hours to discover the problem. The next window is reporting the problem to the carrier in a 72 hour timeframe.

If either of these deadlines are missed, the company will not be covered.

Time element pollution coverage is a more cost-effective form of insurance and is usually enough for a number of oil and gas contractors, however, it’s accompanied with exponential risk if a problem is not discovered and/or reported in the designated time periods.

Broad-form CPL

Comparatively speaking, though broad-form CPL is the more expensive pollution insurance option, it offers more coverage.

That’s because the discovery and reporting phases aren’t a determining factor if a claim is covered or not.

For example, let’s say an accident happens but the damage isn’t discovered until a later date. In this situation, a company with broad-form CPL insurance would still be covered. Whereas a company with time element coverage would not be covered and would have to pay the expenses out-of-pocket.

It’s important to note, broad-form CPL isn’t limited to above or below ground, in or out of water and air transmission.

If you’d like to learn more about oil, gas, and energy insurance options, contact our Pittsburgh office , today.

5 Factors That Can Affect Your Car Insurance Premium

websites@hibu.com (Hibu Websites) — Fri, 08 Jan 2021 10:57:20 GMT

A car insurance premium is the amount of money you pay for your six- or 12-month insurance coverage.

The amount a person pays for their car insurance premium is determined by a number of factors and in this blog post, we’re highlighting five of the most common.

Driving Record

Your driving record and your insurance costs go hand-in-hand.

If you have a good driving record, your car insurance premium will be lower than if you have a poor driving record. Your auto insurance premium will increase dramatically with any ticket or accident.

These factors will affect your premium for three to five years.

Driving Experience

Another factor is driving experience. Youthful drivers and those who’ve never owned a vehicle will pay more for insurance.

Conversely, the likelihood of drivers with more experience making mistakes, receiving citations, and ultimately making claims is usually lower which leads to a decrease in insurance prices.

Where You Live

Where you live is another significant factor in car insurance rates.

Think about it.

Big cities tend to have crowded streets and higher crime rates which can lead to more accidents and claims as opposed to suburban or rural areas that are less densely populated and have lower crime rates.

It’s important to note, however, car insurance is regulated at the state level which means it’s subject to the respective state’s regulations.

For instance, drivers in both Florida and Pennsylvania (The two states we have offices) require drivers to have a minimum of personal injury protection (PIP) insurance and property damage liability (PD) auto insurance.

How Much You Drive

More miles means more exposure to risk.

That’s why insurers pay attention to how much the vehicle is used.

A person with a long commute to and from work will likely pay more for car insurance than the person who uses their car from time-to-time to run errands.

Your Vehicle

The make, model, and year of your vehicle are all contributing factors in the cost of your car insurance premium.

That’s because some cars are a lot less expensive to insure than others.

For example, it will typically cost more to insure a luxury vehicle as it would a non-luxury vehicle. The price of the car and repairs play a major role in the price of auto insurance.

Tip: Just as insurance premium rates can increase, there’s also ways to earn discounts as well including students receiving good grades, being accident free, having multiple insurance policies, and more. Check with your agent to see if you’re eligible for any applicable discounts.

Contact us today if you’d like to learn more about our personal auto insurance options and how we can find the right policy for you .

5 Ways to Winterize Your Home

websites@hibu.com (Hibu Websites) — Mon, 21 Dec 2020 17:15:07 GMT

5 Ways to Winterize Your Home

Today marks the first official day of winter and whether you're planning to head south to escape the cold or stay put for the season, we've put together a list of five ways to winterize your home.

Insulate Pipes

A pipe that bursts can lead to major problems for a homeowner. Insulating pipes that are exposed to cold air can add a layer of protection and prevent them from freezing.

Clean the Gutters

A build-up of debris can lead to roof and interior home damage if not addressed. Routinely clean your gutters to avoid these problems.

Test Your Detectors

According to the US Fire Administration , half of all home heating fires occur in December, January, and February. Replace batteries and test your detectors to make sure they're working properly.

Caulk Cracks

Take a good look at the exterior of your home. If there are any holes or cracks, be sure to fill them with an expanding-foam sealant or acrylic-latex caulk to close the openings.

Replace Weather Strips

Inspect the weather stripping on all exterior doors. Rips and tears can cause air leaks which can lead to an increase in your energy bills.

Learn more about our homeowner's coverage .

Feel free to share this infographic to help your friends and family protect their homes this year, too.

10 Insurance Terms You Should Know

websites@hibu.com (Hibu Websites) — Tue, 01 Dec 2020 14:38:54 GMT

10 Insurance Terms You Should Know

Every industry has its terms and phrases and when it comes to insurance there’s some common terminology you should familiarize yourself with when considering insurance options for yourself or your business.

To help you get a better understanding, we’ve put together a list of 10 common insurance terms you should know.

Beneficiary

The person or entity who’s named in the life insurance policy and will receive the death benefit after the death of the insured.

Claim

A formal request for payment to a person’s insurance company after a loss.

Deductible

This is the amount of out-of-pocket expenses a person is responsible for before the insurance company pays any expenses.

Flood Insurance

This is protection from damages that result from a flood. It’s important to note homeowner’s policies don’t cover flooding. Flood insurance can be purchased separately to cover belongings and property from flood damage.

Lay-up Period

This is the time when a boat isn’t used. Keep an eye on the dates of your policy. Using your boat during a lay-up period means you won’t be covered by insurance.

Limit of Liability

The maximum amount of money the insurance company is responsible for if something bad happens to you, your belongings, or property.

Perils

A specific cause or risk of a loss such as fire, flood, theft, water damage, and more that’s covered by an insurance policy.

Premium

The amount of money a business or individual pays for insurance coverage.

Term

The specified amount of time a policy is written.

Umbrella Insurance

Umbrella insurance is extra liability insurance coverage that exceeds the limits of a person’s auto, homeowners, or watercraft insurance.

No matter what type of insurance policy you’re looking for, our mission at RTI Insurance Services is to be the clear choice in insurance providers for businesses and individuals through our professionally-tailored products and services.

Welcome to the RTI Insurance Services Blog!

websites@hibu.com (Hibu Websites) — Mon, 23 Nov 2020 19:46:24 GMT

Welcome to the RTI Insurance Services Blog!

For 30 years and counting, our mission at RTI Insurance Services is to be the clear choice in insurance providers for businesses and individuals through our professionally-tailored products and services.

From c ondominium association insurance policies and watercraft and yacht coverage to Oil, Gas, & Energy Insurance in Pittsburgh, and everything in between, at the heart of every insurance policy is our clients’ best interest.

Our team of skilled insurance agents will find the right policy, at the right price to meet your needs. No matter what type of insurance you’re in the market for, We’ve Got You covered!

What Can You Expect from the RTI Insurance Services Blog?

In an effort to educate our clients and those interested in learning more about the ins and outs of various insurance policies, we created the RTI Insurance Services blog to act as the central hub of valuable insurance-focused information.

We’ll share tips, advice, and company updates, as well as cover a wide range of insurance topics to keep you informed and up-to-date on what matters most to you and your coverage.

We’re looking forward to building this blog into a valuable resource for our current and future clients alike.

If you’d like to learn more about how our team at RTI Insurance Services can help you, fill out this quick form and a representative will reach out to you ASAP.