What are the benefits of getting an all-inclusive motorcycle insurance package?

Your motorcycle insurance coverage options are many, friend, so don’t be dismayed. In just the same way you would seek to fully cover your car under "auto insurance" premium packages, something quite similar is offered when it comes to motorcycle full comprehensive coverage. In fact, many consider motorcycle coverage to be the same as auto insurance coverage, falling under a subdivision of auto insurance all on its own. Let’s have a closer look at all this with information from Pritchards and Associates, Inc.

First of all, when getting the full package, you want to consider all of the following: 

  1. Collision Coverage – The first benefit is that you can be protected from the ongoing legal consequences of any type of collision, be they great or small, and possibly even regardless of who’s fully at fault. 
  2. Bill Pay Coverage – Never miss a payment again. Add this benefit to your list. 
  3. PIP (or Personal Injury Protection) Coverage – Protect yourself from those terrible medical bills that sneak up on you after you’ve been injured and unable to pay. 
  4. Trip Interruption Coverage – Need to cancel or postpone? This’ll do it. Enough said.
  5. Repair or Replacement Coverage – Need a custom accessory or part? Any other equipment? 
  6. Regular Maintenance Coverage – Keep your motorcycle updated and "tuned." 
  7. Transport Coverage – Need to have it hauled or transported across states or countries? 
  8. Roadside Assistance Coverage – You never know when you might "break down" in the middle of nowhere. 

So, what are you waiting for, folks? Pritchards and Associates, Inc. serves Okeechobee, FL, and many other areas around the state. We know all about properly insuring your motorcycle and helping you get a great deal at the same time. Contact our offices in Okeechobee, FL today. You’ll be quite glad you did.

My Boat Is In Storage, So Why Do I Need Insurance?

If you’re a fan of water sports, as an Okeechobee, FL boat owner, you probably take your boat out of the water for storage when the weather turns inclement. Like most boat owners, you probably store your skiff in a garage, shed, or your driveway when not in use. Have you thought about what might happen if you stored your boat in your garage and your garage burnt down? Your homeowner’s insurance may cover the cost of rebuilding your garage, but it won’t likely cover the cost of replacing your boat.  

Does My Okeechobee, FL Homeowners Insurance Cover Boat Loss? 

No, The maximum coverage the typical homeowner’s insurance policy will cover for the loss of a boat is $1,000 to $1,500, even if it was stored on your property or in your garage at the time of the loss or damage. It won’t cover damage that occurs while in use, or while loading or unloading the boat. Because your homeowners insurance only provides limited coverage for loss or damage, a separate boat insurance policy is the best way to protect your assets. Pritchards and Associates, Inc. can help you determine what type of coverage will be best for you. 

What Type Of Boat Insurance Do I Need? 

Depending on whether your boat is in use or in storage, you may need different types of insurance coverage. Insuring your boat while stored will protect you in the event of vandalism, fire, theft, or natural disaster. It will also protect you in the event you are involved in a boat-related accident, and your boat is damaged, as well as protecting you if you cause injury to a marina, another boater, or another boat. Call Pritchards and Associates, Inc. today for more information about how to protect your boat whether on the water or in storage.

Are Some Property Owners Required to Have Flood Insurance?

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.  

Why You Still Have to Report Your Health Insurance on Your 2018 Taxes

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.

Are There Different Levels of Life Insurance Coverage?

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. 

Do you need commercial insurance for a home-based business?

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
  • Crime

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.