Numerous conditions can cause flooding in Okeechobee, FL—pouring rains, hurricanes, storm surges, and king tides. Although flooding can happen anywhere at any time, certain areas are prone to more flooding than others. For homeowners and business owners with property in areas that are prone to flooding, known as high-risk flood areas, they might be legally required to maintain flood insurance on their property. To understand whether you’re required to purchase flood insurance for your home or business, contact Pritchards and Associates, Inc. in Okeechobee, FL to find out whether your property is in a high-risk flood area.
The Homeowner or Business owner Has a Mortgage
A home or business with a mortgage from a federally regulated financial institution or lender that is in a high-risk flood area is required to have flood insurance. Although there is no federal requirement that a home or business in a moderate-to low-risk flood area must have flood insurance, the lender might still require the owner to purchase insurance.
The Homeowner Received Disaster Assistance
If a homeowner lives in a high-risk flood area and has previously received federal disaster assistance in the form of FEMA grants or low-interest loans from the U.S. Small Business Administration (SBA) after there was a Presidential Disaster Declaration, then the homeowner must purchase and maintain flood insurance if they want to be considered for future federal assistance.
If you have any questions as to whether you must purchase flood insurance for your property, contact Pritchards and Associates Inc. in Okeechobee, FL. We can answer any questions that you have about a flood insurance policy.
When tax reform was passed, one of the major changes in Okeechobee, FL and elsewhere was the reversal of the required Obamacare health insurance requirement. However, despite tax reform passing and implementing significant changes in a number of tax areas, there is still a lot of confusion about how it "recalled" the health insurance requirement.
First, the health insurance requirement and its related reporting are still in place as law in 2018. That means you, the average taxpayer in Okeechobee, FL, will get a tax penalty if you report that you have no health insurance coverage when you file your 2018 income taxes in April or Fall 2019 (assuming a tax extension is used). The tax reform changes made the withdrawal of the coverage requirement effective in the 2019 tax year versus immediately. For those employed by a company or agency as an employee worker, nothing has changed, and the new law had no noticeable impact. However, for independent contractors, business owners, freelancers, and consultants, the coverage requirement still applies.
Failure to have health insurance, confirmed by reported to the IRS, will result in a tax penalty that either increases your taxes due or reduces your tax refund for the 2018 tax year. It’s a sizable one too; the cost could range from $695 to as high as $2,085 per individual, depending on 2.5 percent of household income.
If you want to avoid this headache, it’s not too late to prevent this nasty tax surprise. Give the folks at Pritchards and Associates, Inc. a call or email to get a personal policy started. Pritchards and Associates, Inc. can work with a number of providers to match your specific needs and get you in a good place with your tax return before the year ends.
Life insurance is something that many people do not know much about. What might seem like an easy enough thing to understand, can actually be quite difficult without the proper knowledge. There are tons of different types of life insurance policies to consider. If you live in the Okeechobee, FL area, the agents with Pritchards and Associates, Inc. can help you find the life insurance that is right for you.
There is a huge number of different life insurance policies to choose from. For starters, there are a large number of differences when it comes to the amount of overall coverage that you choose. The monetary value of the policy is what is going to determine the monthly premiums. Though this may not be considered levels of coverage, it certainly is different varieties of coverage. The more coverage you have, the more expensive the policy is going to be. You can also take out policies that pay out in different situations. Some policies pay out in partial if you are dismembered or very seriously injured, some allow you to borrow against their value, and some will enable you to cash out the policy when they reach a certain age.
It is vital that when you are working to find the right coverage for you, that you take the time to think about what amount of coverage you want really. You should take the time to determine how much coverage you need, what stipulations you want to apply to the policy, and what company you want to take your coverage out with. For those that live in the Okeechobee, FL area, the agents with Pritchards and Associates, Inc. can help you find the perfect policy with the ideal amount of coverage for your particular needs.
The right kind of insurance policy coverage can aid in getting you back behind the wheel swiftly in the instance your vehicle is damaged or wreaked due to an accident, theft, vandalism or any other issues that are covered by your insurer. In Okeechobee, FL, your insurance coverage may include protection against medical as well as legal costs that may come up as a result of injury, death, or damages on a property caused by your car. Nonetheless, some of these insurance privileges are optional thus there is a need for you to go through a checklist when selecting your auto insurance policy in 2018 as presented in this article.
What Kind of Coverage Do You Need?
Before calling any insurance company for a quote on your auto insurance policy, it is advisable to take a moment to decide what cover fits your needs. As earlier mentioned, every state has its minimum insurance necessities; in Okeechobee, FL, the basic minimum auto cover is the liability insurance. Pritchards and Associates, Inc. offers two types of liability policies that deal with injury and property issues in case you are involved in an accident.
What is the best Insurance Company for your needs?
After identifying the coverage you need, you should then go through a variety of insurance providers to see who offers the best coverage quotes at a premium price. It is advisable always to select a provider who has a flexible coverage that can be tailored to your needs as well as their financial strength. The last thing you want to do is get involved with an insurance partner who wants to deal with your case under a shoelace budget.
How accessible and available are my insurance providers?
In order to make sure your needs are always a priority, you are advised by Pritchards and Associates, Inc. experts always to seek a partner who is on call 24 hours a day, every day. This allows you to keep in touch in case of emergencies as well as getting information for an upgrade in service.
If you have a home-based business in Okeechobee, FL, you can roll out of bed, get dressed, and head across the hall to your home office. It’s a life many people dream of but are you covered against legal suits and negligence? Your homeowner’s insurance won’t cover this, but commercial liability insurance will. Contact Pritchards and Associates, Inc. to find out how to protect your home and business against business-related liabilities.
Commercial Liability for Your Home-Based Business
Your homeowner’s insurance only protects you from damage covered in the policy. For business purposes, you need additional coverage against vandalism, fraud, liability claims, theft, and employee injuries. Commercial liability basic coverage pays for:
- Property and liability claims
- Workers’ compensation claims
- Business auto claims
The Advantage of Home Business Commercial Insurance
If a disgruntled client or injured employee tries to sue your business, you are at serious risk if you lose. In order to protect your home, your most valuable assets, and other wealth, you need adequate business liability insurance. Get business liability insurance to pay for injuries and property damages due to business-related activity. This insurance acts as a financial buffer to replace lost property or loss of income.
How To Qualify for Commercial Insurance
Here are some considerations insurers take into account:
- Business and building’s primary use
- Are you the owner/operator
- Number of employees
- Do you offer home care service
Displaying signage changes the nature of the building, even if it’s also your residence.
Call Pritchards and Associates, Inc. today in Okeechobee, FL to answer these questions and to make an appointment for a free quote to get your business covered.
You need sufficient homeowners insurance to protect your Okeechobee, FL home from risks such as theft, vandalism, and liability claims. To understand the amount and type of homeowners insurance coverage you need, contact Pritchards and Associates, Inc. Keep your homeowner’s insurance updated to make sure that you have all the coverage you need at all times.
When to Update Your Homeowners Insurance
In Case of Lifestyle Changes
If you adopt a new lifestyle, hobby, or activity, you should update your homeowner’s insurance. A new lifestyle could mean a change in the risks your home is exposed to. If, for example, you retire, you may get a discount on your home insurance. Insurance providers assume that retired people have more time to perform maintenance on their homes. Buying a dog may cause your premium rates to increase.
If Your Current Policy Isn’t Enough
If you feel that your current insurance policy does not offer you adequate protection against liability claims or other risks, you may need to update it. Get a policy that offers you all the coverage you need. You may get additional coverage such as umbrella insurance for extra protection.
If You Have Made Improvements
Any improvements to your home increase its value. If, for example, you add a swimming pool, the value of your home will become higher than it was. It also increases your liability risks because other people could drown in your pool. In such cases, you will pay higher premium rates. Adding an alarm system may lower your premium rates because it reduces the risk of thieves stealing from your home. Contact your insurance provider every time you make improvements to your home and update your homeowner’s insurance.
Contact Pritchards and Associates, Inc. in Okeechobee, FL to get a home insurance quote or try our online rating tool. We can also answer any questions you may have about a home insurance policy.