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What is homeowners insurance?

August 3, 2018 By Flor Caballero Lynch

real-estate-2734564_960_720A home insurance policy is what you want to have when things like damage happens to your home through acts of god, fires, and theft. Each of these things are hard to swallow thinking about, but this is a necessity in the world of homeownership (And required if a house is mortgaged). These policies are renewed yearly, and price can vary depending on the coverage— and like most other insurance policies out there, you will have to pay a deductible when you make a claim!

Say for instance you have a pipe burst in your kitchen causing water to flood everywhere! You luckily have home insurance and call your provider to find out your next steps, what they will do is send an insurance adjuster over and they will take into account the damage that the water caused and how much it will be to fix/replace everything (Including the pipe!). plumbing-840835_960_720

Once given approval for your claim, your insurance provider will then deduct the amount of your deductible and pay out the balance to repair your kitchen! The higher the deductible the lower your the payment, and the lower the deductible the higher your payment— just depends on your preferences!

By Aaron Young

Filed Under: Homeowner Insurance, Insurance Tagged With: home warranty, homeowner insurance, homeowners insurance, insurance

How Sureties Are Carried Out

July 20, 2018 By Flor Caballero Lynch

Say you did mess up (God forbid), you didn’t pull through on time, the project didn’t pan
out as it should’ve, or negligence happened— then your bond will be at risk if a claim is placed against it! club-2492011_960_720

If they do file a claim, then the claimant finds out who issued the bond and they contact the bonding company to file a claim. The company then receives, responds, and investigates the claim to find out if the claim is truly valid— if the bonding company finds that the claim is invalid then no further action is taken, but if it is valid the bond amount will be paid out. You may think that they won’t pay out to a claimant, but they do since they are bound by law to be impartial and pay out when warranted!

justice-2060093_960_720If the principal is paid out, then you will be on the hook for the amount and the bonding company will then demand the money from you! It is always extremely important to treat surety bonds with respect and to always carry out the commitments that are promised by them!

By Aaron Young

Filed Under: Business Insurance, Insurance Tagged With: bonded, bonds, business bond, business insurance, insurance, insurance coverage, surety, surety bonds

Top Mistakes Made When Buying Surety Bonds

July 13, 2018 By Flor Caballero Lynch

Surety Bonds can get confusing, but honestly don’t let it get in the way of using your decision-1697537_960_720noodle and seeing that it’s not as intimidating as it seems! These 3 mistakes are what I have found to be the most common:

Mistake #1 Getting the Wrong Bond Amount

It is always the buyer’s responsibility to double and triple check the exact bond amount before taking out a surety bond! The reason you want to get this right the first time is because the bond will be rejected when it is submitted with the wrong amount, and you will have to do the process and pay the premium a second time! Not fun!

Mistake #2 Getting a Surety Bond Through Unsavory Sureties

mistake-876597_960_720It happens, there are those rare few stories out there about how obligees have been victimized by an unsavory (Usually unregistered) surety. But to make sure that you are always getting what you agreed to, always do business through reputable agents, make sure that they are registered with the state by talking with your state insurance commissioner or by verifying membership through one of the various national surety bond associations just to make sure!

Mistake #3 Not Buying the Surety Bond Before the Given Deadline

Just as the title says, always be punctual and get it done on time! time-481444_960_720Otherwise you will have to do the process again and possibly face judgment! Just like those nightmarish days in college, deadlines do matter!

In sum, always do your homework and don’t be afraid to ask questions! As I mentioned before, mistakes do happen— but be proactive and you can avoid them!

By Aaron Young

Filed Under: Insurance Tagged With: bonds, insurance, insurance coverage, surety, surety bonds

Why Would A Normal Consumer Need A Surety Bond?

July 6, 2018 By Flor Caballero Lynch

Say you bought a sweet 69’ Camaro out of state and the guy you bought it from lost the title years ago (Or pocamaro-rs-1253606_960_720ssibly is a title-jumper, who knows!), and you thought— what the heck, I’ll see what I’ll have to do, I really want that car!

After you do a bit of research you discover that you will need to get a “bonded title” through a surety company. Reason being is the state needs to have some sort of promise that you own the vehicle, and to keep dated and proper documentation of a previously untitled vehicle on hand in case it turns up stolen!

reception-2507752_960_720
I wish the DMV was always this empty

After you get the Surety Bond based on the value of the vehicle, you submit the bonding documents to the state DMV and acquire your new bonded title, with the car now 100% in your name!

There are some practical uses to Surety Bonds and shows that they have a much different role than a regular insurance plan!

By Aaron Young

Filed Under: Auto Insurance, Insurance Tagged With: bonds, car, dmv, insurance, surety, surety bonds

Surety Bonds

July 2, 2018 By Flor Caballero Lynch

What is a surety bond? Say you opened a business in commercial contracting and you have to get bonded according to your state’s regulations.building-2762319_960_720

You may be asking, why do I need this? This surety bond is enacted so a consumer can do business with a qualified contractor with some piece of mind—which the government wants to help negate risk to facilitate the local economy. If a contractor does not do his job correctly due to negligence or malice (Say they are lazy and decide to cut corners, or did not live up to contract terms), then the customer can file a claim against the bond since the underwriter guaranteed their work!

binding-contract-948442_960_720The difference between this and an insurance plan is the company that bought the bond cannot make a claim against it! Surety bonds are usually made to protect the customer as well as the bonded company in higher risk business scenarios and in situations, but if you are the bonded party and do lose your bond, the surety company will be expected to be reimbursed in full! The surety buyer’s protection is very short lived!

By Aaron Young

Filed Under: Business Insurance, Insurance Tagged With: bonded, contractor, insurance, protection, surety, surety bonds

So You Want To Hotshot With Your Giant Pickup Truck?

June 22, 2018 By Flor Caballero Lynch

A buddy of mine decided to become an RV Transporter since he had a nice red 2005 truck-3395788_960_720Dodge Ram 3500 and a 30 foot trailer that he could use to hotshot with (Trucker slang for hauling loads with a smaller truck). So he was telling me how he started to look around for insurance only to find how much depth there is to this part of trucking and how many different options there were!

truck-2920533_960_720He thought that he could take off his trucker hat and drive home as a private civilian after a job– but he was wrong! Since he will be under a permanent lease with his

company operating under a DOT number with this truck, he had to have at least Bobtail Insurance to get home. He had no idea that using his truck in this capacity would require him to have an unladen liability policy of $1 million.

So he bit the bullet and got himself unladen insurance, but here’s where it gets interesting: He actually was driving home from a job hauling some drilling equipment out in Odessa when a man driving an old pick-up truck smashed into his empty hotshot

trailers-1581033_960_720

trailer, totaling it only a quarter of a mile away from leaving his delivery point! He said that at first his heart sank that his expensive trailer was trashed, but was happy that his truck was okay and that he had insurance that would cover this exact occurrence!

If he did not have insurance on his unladen trailer, a quarter mile would have separated
him from being insured versus not! Don’t let Deadheading or Bobtailing hurt you– look into your coverage options today!

By Aaron Young

Filed Under: Business Insurance, Insurance Tagged With: bobtail insurance, commercial insurance, insurance, trucking insurance

Unladen Liability Insurance, Why You Need It!

June 15, 2018 By Flor Caballero Lynch

trucker-2946821_960_720Driving deadhead or Bobtail can create a strange situation in where you do not have a load (Dispatched or not), and are liable for anything that can occur on the drive. Since most rigs (The ones with a sleeper cab at least) can cost in the ballpark of $100k or more depending on what bells and whistles you get, you don’t want to be caught up the creek without a paddle if your rig were to get in an accident or cause injury while not hauling any weight, bobtail or deadhead.

truck-driver-614191_960_720Most companies require their contractor drivers to get this type of insurance if they are under contract, and it is beneficial since it fills in the cracks that are in Bobtail Insurance and Non-Trucking Liability Insurance plans–preventing the potential of your insurance company telling you “I’m so sorry but this is not covered, due to X”, with an Unladen Policy you are always covered when not pulling weight!

By Aaron Young

 

Filed Under: Insurance

Why You Need Bobtail Insurance

June 8, 2018 By Flor Caballero Lynch

truck-308439_960_720It is not fun driving bobtail, it’s a waste of tire tread and precious engine wear. But while driving bobtail to another job without a trailer you do not want to be in an accident that can take your rig out of commission without any insurance funds to fix it! There’s a crucial difference in Bobtail insurance and Non-Trucking Liability Insurance in that NTL does not cover you if you are traveling to another job.

So say you are travelling from Lubbock to Texarkana and on the way through Fort Worth you are sideswiped by an inattentive guy on his cellphone in an SUV, ruining your front end and requiring repairs! But thankfully you decided to get Bobtail Insurance after realizing that driving Bobtail should not be your Achilles Heel, and in doing so saving your behind in the DFW area!

driving-844132_960_720

If you bobtail frequently, or even infrequently (It does happen sometimes), you should look into a way to cover your rig to prevent any hardship that could be
caused by an accident! We all have seen how much people like to text and drive, so protect yourself from their inattentiveness! (Please never text and drive y’all!)

By Aaron Young

Filed Under: Auto Insurance, Insurance Tagged With: bobtail, commercial vehicle, insurance, liability, trucking insurance

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Think Insurance, Think Flor

4420 N. Mesa St
El Paso, TX 79902

(915) 996-9799
FAX: 1-866-514-3064

flor@florinsurance.com
www.florinsurance.com

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