Acentria Insurance Blog

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Heather Brinley

Auto Insurance for your teen driver

Teen Drivers & Auto Insurance

Tips to Keep Auto Insurance Costs Down

Being the parent of a teenager that is getting ready to climb behind the steering and venture out on the road is uncharted territory for many. Insuring your new driver can be an expensive endeavor and even overwhelming to think about. We are here to help! The risk of motor vehicle crashes is higher among 16-19 year-olds than any other driving age group. Here are some helpful tips we have gathered to assist you in keeping your premiums as low as possible and to help keep your new teen driver safe and accident-free.

Add Your Teen to Your Auto Policy

Rather than setting up an independent policy for your teen driver, consider adding him or her as an additional driver on your auto insurance policy. Also, if you have more than one vehicle, keep costs down by designating which vehicle your child will be driving.

Deductible Considerations

Auto deductibles typically range from $250 to $1,000. By upping your deductible and using your insurance for big repairs, you can significantly reduce your premium.

Ask for the Student Discount

If your teenager maintains at least a 3.0 grade point average (GPA), he or she typically qualifies for a rate discount.

Weigh Your Buying Decision

Wanting to get your teenager a new car to drive with the latest safety equipment is understandable, but you may be better off purchasing a safe, used vehicle in terms of premium prices.

We’re Here to Help   

Contact our office by phone at 866.374.5084 or CLICK HERE to learn more about all of our automobile insurance and personal risk management solutions.

Top Ways to Save on Your Auto Premium:

  • Consider increasing your Comprehensive and/or Collision Deductible(s)
  • Inquire about a good student discount
  • Have your teen keep up their safe driving record
  • Confirm if there are any multi-policy discounts available to you.

Are you interested in a Parent/Teen Driving Agreement? A driving contract or agreement with your teen can help reinforce that driving is a privilege that should be taken seriously, may help eliminate any confusion about you and your families’ rules when it comes to driving, and provide pre-established consequences to utilize in the event the driving rules are broken. If interested, we have a Parent/Teen Driving Contract available for you to use at your own discretion. Download your copy today. 

Parent/Teen Driving Agreement

 

 

Set Your Expectations for Safety and Minimize Distracted Driving

Teens can get distracted easily. To help reduce potential accidents:

  • Restrict your teen’s nighttime driving
  • Do not allow them to drive with more than one other person in the car
  • Ban cell phone use while driving
  • Lead by example with your own driving habits
  • Ride with your son or daughter occasionally to make sure they are keeping up with the safety habits that they learned in driver’s education

Consider these best practices before your teen starts driving:

  1. As soon as your teen is ready to get his/her learner’s permit, contact Acentria.
  2. If your child gets into an accident, we will generally cover it but may charge a higher premium retroactively if you did not notify them that your child was driving. In rare cases, your coverage may be revoked.
  3. Do not lower your liability coverage drastically to combat rate increases. It simply does not make sense to carry less liability for higher-risk teen drivers. You will be forced to cover damages out-of-pocket if your child gets into an accident without enough coverage if you do not carry adequate car insurance coverage.
                                                                          

You have heard various statistics over the years and may have even experienced them yourself. Did you know that – According to the Centers for Disease Control and Prevention, Teenage drivers are most likely to have an accident during their first year of driving. Teens give in to peer pressure from passengers easily and are more likely to speed or race other vehicles while in the presence of their peers. The National Institute of Mental Health claims that the part of the brain that weighs risks, makes judgment decisions and controls impulses are not fully developed until the age of 25.


To think of the risks teen drivers face can be daunting. No matter what is to come on the road ahead, we encourage you to review your current auto insurance policy with a licensed insurance agent, consider additional liability coverage under a personal umbrella policy and continue the conversation with your teen driver regularly.

Quote My Auto Insurance

Request a personalized auto insurance quote from Acentria Insurance
or a policy review by clicking the link above. 

 
Disclaimer: For information purposes only. The information provided herein is not intended to be exhaustive, nor should it be construed as advice regarding coverage. Eligibility for coverage is not guaranteed and limited to the terms and conditions contained in the applicable policy. © 2008, 2010, 2016 Zywave Inc. 

            
            
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Named Storm Deductibles | How do these deductibles work?

The heavy rainfall, high winds and storm surges associated with hurricanes and other intense storms can devastate any home or business property, even those located hundreds of miles off of a coast. With the potential to cause tens of billions of dollars in damage, insurance companies and carriers generally use special, “named storm deductibles,” to provide coverage in the event of a loss.


Named storm deductibles are typically higher than traditional fixed-dollar deductibles for losses related to fire, theft and even water in some cases. Named storm deductibles are only triggered under specific circumstances and can vary based on location. However, it is important to know the details of these deductibles so your family, your home and even your business are prepared in the event of a severe storm.

What’s in a Name?

Named storm deductibles are triggered by just that—a tropical depression, tropical storm or hurricane that is severe enough to be named by the National Weather Service (NWS).

The NWS first started to name storms to make it easier for the public to track and follow severe storms as they developed. However, after large hurricanes and tropical storms began to cause large amounts of damage, insurance providers began looking for ways to mitigate their losses. Named storm deductibles, tied to the time periods surrounding the National Weather Service-named storms, help insurance providers mitigate losses caused by a named storm.

It is important to note that other organizations have started to name storms. The Weather Channel, a privately owned weather organization, recently began naming winter storms in order to make tracking them easier for its viewers. However, insurance providers only apply named storm deductibles to storms named by the NWS.

The Triggers for Named Storm Deductibles

The triggers for named storm deductibles can vary based on the insurance provider and location, although almost all triggers generally include a timing window, such as 24 hours before a storm is named by the NWS to 48 hours after it is downgraded to a tropical storm. During this window, your named storm deductible will apply to any damage instead of the normal wind and hail deductible.

Other triggers can include when a hurricane makes landfall or when a hurricane watch is declared. Because the triggers for named storm deductibles can vary significantly, it’s important to look up the exact rules as defined by the state you live in and your specific insurance policy.

Price Differences

Named storm deductibles are generally higher than regular deductibles because they are based on a percentage rather than on a fixed dollar amount. Most named storm deductibles are between 1%-5% of your total insured amount, but in high-risk areas, deductibles can reach as high as 10%.

For example, imagine that the Dwelling Coverage A on your home insurance policy is insured for $500,000. If your home is damaged by normal wind or hail loss, you would pay a regular, fixed-dollar deductible—usually $500 or $1,000—before your insurance provider would provide coverage for the remaining damage. However, if the damage was caused during the window of a named storm deductible, your deductible would be calculated using a percentage. For a 5% deductible, this would amount to an out-of-pocket expense of $25,000 before your insurance provider would pay for damages.

What it Means for You

Deductibles for damage caused by named storms are higher in order to mitigate the financial risk to insurance providers while still offering premiums that are relatively low. Additionally, many insurance providers believe that the high deductibles will encourage homeowners and other property owners to take proactive steps to protect their homes from severe storms.

 

For more information on named storm deductibles, tips to protect your home from severe storms or a review of your current home or property insurance policy, contact us today. 

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Life Events that Affect Your Insurance Needs

Life Events that Affect Your Insurance Needs 

As we age and reach different milestones in our lives, our insurance needs change. In order to ensure adequate coverage, contact a licensed insurance agent at Acentria Insurance if you’re affected by any of the following life events:

  • New homeownership— Purchasing a new home is a big investment—one that you will want to protect. After purchasing a home, ensure that you have homeowners insurance to protect against things like fire, weather damage, theft, vandalism and accidental damage. This advice also holds true if you are buying a new condo or vacation home.
  • Home renovations—Once you own a home, you may want to make updates to create a better living space. Be sure to report major home improvements to your insurance company to protect any increased value to your home.
  • New children—Having or adopting children is not only a huge life change, but it’s also a major financial commitment. As such, it’s important to purchase the right policy to secure your child’s future. Add your child as a beneficiary on any life insurance policies, and make sure your coverage is sufficient.
  • Teenage drivers— Teen drivers often carry the highest risk of auto accidents. While you want your teen driver to remain safe on the road, costly accidents can happen without warning. Consider adding your teen driver to your auto policy, as it is generally cheaper than purchasing a separate policy.
  • Retirement—When you retire, you may change residences. If you have more than one home, this is a good time to let your insurance provider know where you plan to spend your time.
  • Valuable purchases—A standard homeowners policy has limited coverage for highly valuable items. Supplement purchases and gifts that exceed the policy’s limits with a floater—a separate policy that provides additional insurance.
  • Marriage—When your marital status changes, so do your insurance needs. Marriage typically leads to the combination of households, vehicles and other property, so it is critical to update your insurance policies accordingly. What’s more, life insurance is vital to married couples as it can ease the financial burden in the event of an untimely death of a partner. Ask about discounts on car insurance for married policyholders.
  • Purchasing or selling a business—If you’re an entrepreneur, there will likely come a time when you will either buy or sell your business. During these times of major change, the proper coverage is crucial.

Insurance is critical for nearly every stage of life. Seeking coverage should be an active process, and individuals shouldn’t assume their insurance needs remain steady over time. Contact us today to better understand your insurance and prepare for your future needs.

*Know Your Insurance is offered courtesy of Acentria Insurance and Zywave, Inc. The above statements should not be construed as legal advice. Readers should contact legal counsel or speak with a licensed insurance professional for appropriate advice.

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Acentria Insurance is a Top Insurance Employer

Acentria recognized as a Top Insurance Employer for 2021

Acentria Insurance is among the insurance industry’s best employers! Based upon survey results from thousands of insurance professionals; we are at the top of our industry, ranking 3rd in Top Insurance Employers with 500+ employees according to “Insurance Business America Magazine” for 2021.  As a Top Insurance Employer, Acentria invests in the growth and development of its team, a positive company culture, comprehensive benefits package, additional time off for volunteer work and much more.

Congratulations to our Acentria team - together we continue to achieve more! 

Read more about Acentria Insurance, Top Insurance Employers and the in-depth rankings here: IBA 2021 Top Insurance Employer

Are you or someone you know interested in joining the Acentria team? Find out more information by visiting our careers page here: Acentria Careers 


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Get Prepared for This Year’s Intensifying Hurricane Season

As this year’s hurricane season enters its peak, predictions have intensified around both the number and intensity of storms we can expect across the Atlantic coast. If you live in the area, it’s critical to start preparing now - before a storm is headed your way - in order to protect the safety of both loved ones and your home.

Take a moment to explore what’s expected for the remainder of the season - and find out how you can take action, right now.

What’s on the hurricane horizon?

The National Oceanic Atmospheric Administration (NOAA) recently issued its annual mid-season update, forecasting a 65% likelihood of an above-normal hurricane season. NOAA also upped its prediction of the number of storms we can expect from six to 10 hurricanes with winds of 74 mph or more (May forecast) to seven to 10, with three to five bringing winds at 111 mph or greater.

How long will hurricane season last?

Generally, peak hurricane season begins in August and continues through October. These months present the most favorable conditions for tropical storms and hurricanes thanks to highly developed African easterly waves and lessening Saharan air layers, low wind shear, rising sea-surface temperatures and more atmospheric convection.

This season, however, NOAA warns of a potential La Nina pattern that could form over the eastern equatorial pacific that would extend hurricane season into November.

Why prepare now - and how?

As we face more storms of higher intensity and a potentially prolonged hurricane season, how can homeowners get prepared? Even if you’re not certain that a hurricane is headed your way, there are steps you can take right now that will better position you in the event that you wind up in a hurricane’s path. As a result, you can limit the property damage that occurs from storm surges, wind damage and flooding - and most importantly, stay out of harm’s way.

Pre-storm preparedness:

  • Document your possessions with photos and/or videos
  • Print important items like IDs and insurance cards and store them in a waterproof container
  • Review your home insurance and flood policy with your insurance agent to identify any possible coverage gaps. Please note, any coverage changes may be subject to a 30 day waiting period or storm-related binding restrictions.
  • Create an evacuation plan - how will you leave? Where will you go?
  • Designate an emergency contact
  • Stock up on supplies: backup chargers, non-perishable food, bottled water, flashlights, etc.

As we can see, many of these items involve forward planning, like setting up a meeting with an insurance agent or buying items that could be in short supply once a storm is imminent. By taking the time now to check these items off, you can lower your risk from both a liability and safety standpoint. Plus, you can reduce the stress of an already challenging situation should a storm arise in your area.

Now let’s look at what you can focus on once you know a tropical storm or hurricane is likely to arrive.

When a storm is forecast to make landfall in the next few days:

  • Fill your gas tank(s) and refill prescriptions
  • Keep electronic devices like your phone fully charged
  • Take precautions to secure your home with shutters or alternative methods
  • Secure any outdoor furniture, garbage cans, etc. that could become flying debris
  • Share your storm plan with a family member, friend or neighbor

Finally, be sure to follow any and all evacuation orders from local authorities. In the event that you are in a storm, avoid floodwaters and fallen power lines at all costs.

One final tip

Keep these steps handy as you get prepared for the remainder of the hurricane season. Increase your readiness in the event of a hurricane, be prepared and get storm ready!

 

Have you reviewed your coverage? No time like the present

The 2021 hurricane season is showing no signs of slowing down, so why wait to review your coverage? Connect with an Acentria Insurance agent today and make sure your home has the right level of protection moving forward.

 

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Structural Building Concerns

Structural Issues and Aging Buildings

Structural Issues and Aging Buildings

While modern building codes and structural engineering have made buildings extremely safe, facilities managers must maintain a high level of upkeep for them to remain that way. As buildings age, they can lose their structural integrity. As such, if simple repairs are left untended, they can balloon into bigger issues, potentially causing significant damage that can interrupt operations and/or even endanger others.

Continual maintenance and inspections are imperative for keeping buildings safe and operable. According to the University of Michigan School for Environment and Sustainability, 72% of commercial buildings in the United States are aged 20 years or older. It's around this milestone that facilities managers should expect to prepare significant funds for upgrades.

Structural Issues

Facilities managers need to keep a close eye on all components that make up a building's functionality. While it may seem that structural issues only refer to the foundation and walls, the reality is that all systems within a building must be working optimally to keep the building structurally sound for the long haul. Many structural issues can be attributed to the following:

  • Concrete decay—Concrete decay is natural and occurs over time as buildings age. However, several issues can cause concrete to decay prematurely, including:
    • Placement issues—The common signs of placement issues include cracks, air bubbles visible in the concrete, pockets of rocks, honeycombing and cold joints.
    • Exposure—Buildings can suffer from exposure to the elements. Depending on location, coastal ocean salt or rock salt used in winter can increase the rate of concrete decay. Chemical deterioration can also occur as a result of acid rain due to pollution.
    • Wind—Excessive exposure to wind can cause concrete to develop shrinkage cracks and erode the outer building layers.
    • Freeze-thaw cycles—These cycles dampen concrete and cool it before there is time for proper drainage, causing expansion, scaling and delamination.
    • Steel support corrosion—When steel corrodes, it expands to create tensile stresses in the concrete. Cracking, delamination and spalling are often a result.

Decayed concrete should be replaced in a timely fashion. Otherwise, the building could sustain severe structural defects or collapse.

  • Roofing—A few factors determine a roof's lifespan, including the type of roof, the climate and the roof’s maintenance history. If the roof is allowed to deteriorate and moisture spreads, other systems will fall apart soon after. Facilities managers should plan to conduct a roof inspection twice a year—once when the weather is at its hottest and once when it's at its coldest.
  • Heating, ventilation and air conditioning (HVAC) systems—Inefficient HVAC systems can be costly to operate and cause air quality issues, such as mold. Mold can lead to structural damage since it feeds on and breaks down organic matter. When mold infests in walls, insulation, paper backing or carpeting, the materials must be removed and replaced. Improper heating and cooling can also cause damage due to a lack of efficient air circulation and ventilation.
  • Electrical—Hot spots can form if the electrical wiring has loose connections, corroded wires/connectors, overloaded circuits, short circuits, imbalanced electrical loading, or faulty fuses, breakers and switches. The excessive heat from these hot spots could start a fire, and even a small fire has the ability to cause damage that hurts the structural integrity.
  • Plumbing—Bad plumbing can cause health risks and have adverse effects on a building and the environment. Leaks can lead to mold and water damage. Some of the significant plumbing issues older buildings face include inefficient fixtures, bad equipment and lead in the pipes, the last of which can contaminate drinking water.

Prevention

Outside of a significant disaster or event, buildings don't typically deteriorate overnight. There are several preventive measures that can be taken to ensure a structure's longevity. These include:

  • Hiring a good facilities manager—Facilities managers should know the building better than anyone else and act as the first line of defense by identifying any repairs that need to take place. Having a proactive facilities manager can save money and ensure buildings remain safe to occupy.
  • Planning for repairs and maintenance—While setting aside a large sum of money for repairs that haven't happened yet may seem unnecessary, it can be beneficial in the long run when it's time for routine maintenance or when unexpected expenses occur.
  • Conducting building inspections—Inspections should be performed by qualified inspectors who have location-specific expertise. Inspectors should be familiar with signs of damage due to local weather, such as areas with saltwater or snow loading. Structural engineers should assess the major structural components of the building to identify any necessary corrective actions. They should document inspections to allow for year-to-year comparisons of issues, being sure to take ample photos. Inspections should occur:
    • Annually
    • After any significant event, such as wind storms, earthquakes or hurricanes
    • Before and after any major addition or renovation
  • Knowing local building codes—Building codes help maintain safe and structurally sound buildings. It's essential to know and understand local building codes so that all requirements are met. Some regulations in harsher environments may have additional requirements.
  • Acting upon identified issues—When an issue arises, it should be dealt with swiftly. Early action can keep costs lower than if an issue is allowed to become more serious. The safety of those who live or work in the building depends on structural issues being addressed and resolved.

All buildings will need repairs and updates eventually. By being proactive, facilities managers can ensure that the structural integrity of a building and the safety of its tenants remain intact.

For more risk management guidance or a review of your current commercial property insurance portfolio, contact us today. At Acentria Insurance we are your dedicated resource for all things insurance. 

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Acentria named Top 100 Independent Agency in United States

Acentria Insurance named Top 100 Independent Agency in the United States

Insurance Journal recently named Acentria Insurance a Top 100 Independent Agency. Ranking 35th of 100, this marks the first time Acentria has been named to the prestigious list, which is designed to spotlight the nation’s most successful independent insurance agencies. Acentria was one of 11 newcomers to the Top 100 Independent Property & Casualty Agency List by Insurance Journal this year.

Here’s how the process works: every year, Insurance Journal selects the top organizations from a large pool of property/casualty independent agencies around the United States with primary business in business in retail, not wholesale. These agencies are evaluated and subsequently chosen based upon their property/casualty revenue (Acentria totaled $73,807,728 in property/casualty revenue for 2020). 

“Being recognized as one of the top independent insurance agencies in the United States is a major accomplishment for our organization,” said Kevin Mason, Chief Executive Officer and co-founder of Acentria Insurance. “To have maintained and continued our level of growth during unprecedented times, especially around a global pandemic is a true testament to our company values as well as our valued team members. As a Foundation Risk Partners, our clients will always remain our top guiding principal as we continue our upward growth.”

Headquartered in Destin, Florida, Acentria was the only North Florida agency selected to the list. The recognition comes months after five Acentria agents were named to the 2021 Top Producers by Insurance Business America.

 We’re proud of our team’s success in 2020 and look forward to continual growth in 2021!

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Medicare 101: Everything you need to know to get started

You hear the term all the time, and clearly, it’s health-related, but what exactly is Medicare, and who is it for? If you qualify, do you also need a Medicare supplemental plan? If you’re looking for these answers, you have come to the right place. We’ll start with the basics and work our way up. 

First of all, what is Medicare? Who qualifies? 

Medicare is health insurance. It’s for people who are: 

  • age 65 or older 
  • under 65 with certain disabilities 
  • any age with end-stage renal disease (otherwise known as permanent kidney failure) 

Exploring the ABCs (and D) of Medicare 

Here’s where things get a little trickier. There’s more than one type of Medicare. In fact, there are four, and they cover different forms of care you might be receiving. Then, you might also consider adding a supplemental plan to close any gaps in your coverage. Plus, each option has a different cost structure attached to it. Let’s review. 

Part A covers the inpatient care you receive in hospitals, skilled nursing facilities, and hospice and home health care.  

What does Part A cost you? If you qualify (see above) and paid Medicare taxes while working, there’s usually no monthly premium. 

Part B covers services not included by Part A. Think doctor’s visits, outpatient care and other medically necessary services. 

What does Part B cost you? It depends on your income. Once you enroll, you pay a monthly, income-based premium as well as an annual deductible.  

Mind the gapMany opt for a supplemental insurance policy, like a Medigap plan, to cover any gaps in coverage across Parts A and B. Supplemental insurance helps you pay any remaining health care costs associated with things like copayments, coinsurance and deductibles. 

Part C can also be referred to as Medicare Advantage Plans. These are combination plans managed by private insurance companies that have been approved by Medicare. Usually, the plans include Part A, Part B and (sometimes) Part D coverage. Whatever the combination, the plan must cover medically necessary services. 

What does Part C cost you? Again, it depends. Private insurance companies assign the copays, deductibles and coinsurance attached to these plans at their own discretion.  

Part D covers prescription drugs, and it’s available to everyone who uses Medicare. 

What does Part D cost you? Like with Part C, Part D plans are provided by private companies approved by Medicare, so you pay a monthly premium. 

One more note about payment: If you have Medicare along with another type of insurance, the question of who should pay, or who should pay first, can get complicated. For example, generally, a group health plan would pay before Medicare, but there are also many exceptions. If you have a current Medicare plan in place that is not administered by Acentria, please visit www.Medicare.gov or call 855.798.2627 to speak to someone about the specifics of your situation. If you are interested in reviewing your plan options or have already purchased a plan with Acentria, please contact us directly for more information.

How do I get Medicare?  

Now that we know the different parts, how do you actually get up and running? Let’s review the key steps and information you need. 

Step 1: Fill out the questionnaire 

You should receive this from Medicare about three months before you’re entitled to start coverage. Medicare uses your responses, like whether you have group health insurance through an employer or family member, to set up your file and make sure claims get paid in the right way. 

Step 2: Communicate any updates post-questionnaire 

Let’s say something about your health insurance or coverage changes after you submit the questionnaire. All you have to do is call the Medicare Coordination of Benefits Contractor at 855.798.2627 and they will update your file. 

Step 3: Schedule a free visit 

Once you’ve started on Medicare, be sure to take advantage of a free preventive visit during the first 12 months of your coverage. The visit will allow you to assess your current health status and set up a roadmap for the future.  

Step 4: Create an account  

To access your information and track claims, head over to Medicare.gov and create an account. This is where you can also complete an Authorization Form that allows your family and friends to call Medicare on your behalf. 

We’re here for you.  

Got more questions? If you or a loved one is nearing retirement age, we’re here to help you with everything you need to know. Don’t hesitate to reach out and discuss your options today!

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Home Insurance | Replacement Cost vs. Actual Cash Value

Your homeowner insurance policy can offer financial protection in the event of an unexpected disaster involving your home or personal property. But how you will be reimbursed following a claim depends on the type of coverage you have. There are two main valuation methods when it comes to homeowners insurance—replacement cost coverage (RC) and actual cash value coverage (ACV). By understanding the difference between these valuation methods, you can make informed decisions about your homeowner insurance policy(s) and secure coverage that meets your needs.

Key Differences Between Replacement Cost and Actual Cash Value
Although replacement cost coverage and actual cash value coverage can both offer financial protection in the event of a claim, the amount that your policy will pay out differs between these two valuation methods.

Here are the key differences:
  • Replacement cost coverage can offer compensation for the cost of replacing your stolen, damaged, or destroyed property with a brand-new version (as long as it’s similar in kind and quality to the original). For example, if your couch is destroyed in a house fire, replacement cost coverage would reimburse you for the cost of purchasing a comparable new couch. In other words, replacement cost coverage will replace your property without any deduction for depreciation.
    • This form of coverage can be especially beneficial in protecting against major losses, such as significant damage to the physical structure of your home or expensive items within your home. However, keep in mind that replacement cost coverage typically requires you to pay a higher premium. In addition, remember that you will only be compensated up to your policy limit amount—if you experience a covered loss that exceeds your policy limit, you may have to cover the difference. If you are concerned about the risk of a covered loss totaling more than your policy limit, be sure to consult your trusted broker to discuss additional policy options—such as guaranteed replacement cost coverage or extended replacement cost coverage—which can provide further financial protection.
  • Actual cash value coverage, on the other hand, can offer compensation for the depreciated value of your stolen, damaged or destroyed property. This value is determined by the age, condition and expected remaining useful life of your property. Under this coverage, you wouldn’t be reimbursed for the full cost of replacing your destroyed couch from the above example. Rather, you would be compensated for the current market value of the couch, based on the condition it was in before the fire. That being said, even if you initially purchased the couch several years ago for $2,000, you might only be reimbursed $1,000 for your loss due to depreciation.
    • Although this form of coverage typically offers reduced compensation in the event of a covered claim, you will likely save money on your policy premium. Actual cash value coverage can be more suitable for individuals that live in low-risk areas (e.g., locations, where incidents such as heavy winds, fires or theft are less common,) or own fewer expensive items.

 

Which Coverage Is Best for You?

There are pros and cons to both replacement cost coverage and actual cash value coverage. In order to select the best coverage that meets your specific home insurance policy needs, follow these steps:

  • Determine what you can afford by assessing the impact of both coverages on your financial stability. It’s important to consider the difference in premium costs and claim compensation amounts between each form of coverage.
  • Create a home inventory checklist (be sure to include photos) of all of your belongings and their original value, as well as an estimate of their current value. This practice will help you better determine which coverage offers the best protection for your unique belongings. Keep in mind that certain high-value items—such as jewelry, collectible items or fine art—won’t be covered by your home insurance policy and will require specialized coverage.
  • Calculate how much it would cost to rebuild your home if it were completely destroyed. Include added costs for labor, materials and any new or updated building codes in your community that you would be required to comply with. Avoid making a rough estimate for this cost—be as specific as possible to ensure you know just how much coverage you need.
  • Analyze your personal risk and speak with a licensed insurance agent to review your options. Be sure to select a coverage option that fits within your budget, risk profile and comfort level.

 

We’re Here to Help

There are several factors to consider when determining which type of coverage is right for you, but you don’t have to navigate this decision alone. Acentria is here to walk you through your home insurance policy and provide expert guidance regarding which coverage option is best for you, your belongings and your wallet. For further coverage guidance, contact us today

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Fireworks Safety

Fireworks Safety | When Things go BOOM in the Night

For most of us, the Fourth of July is a time to enjoy the company of family and friends, having fun and creating memories - whether at home or away from it all. 

But for some families, the holiday is a nightmare. Homes each year in Florida and across the Southeast are damaged by wayward fireworks. Thousands of people are injured in accidents. 

At Acentria Insurance, we want your holiday to be happy, but also safe. So here are some tips to help you protect yourself and your property on the Fourth.

Protecting yourself (and others)

  • To minimize the risk of injury, don’t use consumer fireworks. Attend a public display conducted by professionals in your city or elsewhere.
  • If using consumer fireworks, always follow instructions. Do not attempt to re-light “duds” or create homemade fireworks.
  • Never let children handle or light fireworks. Even sparklers, which burn at more than 1,000 degrees, can cause third-degree burns. Kids under the age of 15 account for approximately 40% of fireworks injuries, according to the U.S. Fire Administration.
  • A responsible adult should always be present when children - even teenagers - are around fireworks. More than half of fireworks injuries happen to those younger than 20 years old.

Protecting your home

  • According to the National Fire Protection Association, the best way to protect your home is to not use fireworks at home. 
  • Remember, fireworks can cause grass fires and other types of blazes as well. Make sure you light fireworks in a safe area, away from homes and buildings, as well as other combustible material. Keep a fire extinguisher nearby in case of emergency.
  • Look out for tree limbs or bushes that could catch fire. Trimming vegetation to keep it away from your home is a good idea anyway, but it could save you from a catastrophic fire on the Fourth of July.
  • If your gutters have accumulated leaves, pine needles or other flammable material, clean them before using fireworks near your home.
  • Finally, if you won’t be home on the holiday, ask a neighbor to keep an eye on your house if others in your neighborhood will be using fireworks.

With some common sense and planning, the Fourth of July can be both safe and enjoyable for everyone. Whether you’re staying at home or heading out to your local public displays, we hope you have a wonderful time celebrating our independence!

Happy Fourth of July from all of us at Acentria Insurance!

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