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105 NW 75th St Gainesville, FL 32607
7960 US Hwy 1 Micco, FL 32976
Q: What is the difference between Sinkhole and Catastrophic Ground Collapse?
A: Sinkhole is a natural depression or cavity in a land surface, generally occurring in limestone regions and formed by the collapse of a cavern roof, or a sudden slumping of the surface due
to overpumping of the aquifers. Sometimes these sinkholes can cause damage to foundations to buildings. Sinkhole Coverage provides coverage for any damage caused by a sinkhole that
exceeds the deductible. Insurance companies in certain parts of Florida now give a large discount in order to exclude sinkhole coverage because the expense involved with determining
whether or not a client has sinkhole damage is between $10,000 to $20,000. Sometimes the company may have to pay this expense only to determine that the damage is due to settlement,
not sinkhole damage. If a client chooses to exclude sinkhole damage, they will still have coverage for "Catastrophic Ground Collapse". This means that sinkhole is only covered if the
damage to the home is "catastrophic" and the building is considered unsafe/condemned.
Q: What is a Hurricane Deductible?
A: In Florida, most carriers will have a seperate deductible for hurricane. This is an annual deductible, so if you have 2 different hurricane losses in one year and you already exceeded your
deductible during the 1st hurricane, you will not have to pay a deductible during the rest of the policy period. The Hurricane deductible only applies if a hurricane watch or warning is issued in
any part of Florida and ends 72 hours from the time the warning or watch is terminated.
Q: Is liability insurance required in Florida for automobiles?
A: Although liability insurance is not required in Florida (only Personal Injury Protection & Property Damage is required), the state has a law called the "Financial Responsibility Law" which
states that if the insured is involved in an accident, the Financial Responsibility Law, regulated by the Department of Highway Safety and Motor Vehicles, also requires Bodily Injury Liability
coverage ($10,000 Bodily Injury one person, $20,000 Bodily Injury one accident). Therefore, unless the vehicle stays in storage and is unused, we recommend to all of our clients to carry, at
the least, $10,000/$20,000 which is the minimum liability limits available.
Q: How do I exclude myself from Workers Compensation?
Q: If I am an owner of a business, and I want to be included on my Workers Compensation policy, what is the
minimum and/or maximum salary that can be used?
A: If you are an officer of a coporation (not an LLC) you can now apply online to be exempt from your Workers Compensation policy by clicking HERE and complete the "Notice of
Election to Be Exempt". If you are in the construction industry, there may be a processing fee of $50.
A: For a corporation (including LLC), the minumum salary is $20,800 and is $119,600 per year. For a Sole Proprietor or Partnership, the minimum salary is $40,700 and
maximum is $51,700 per year.
Q: Are all Workers Compensation Insurance rates the same for each company?
A: For the most part, yes. The rates are filed by the state of Florida. On the other hand, there are a few Self Insured Funds which are a group of similar businesses that determine
their own rates, usually cheaper than the states rates, but these groups can assess additional premiums to their members if the claims exceed the amount of premium they have
collected. Also, some companies may be able to return dividends back to their policyholders if they experience lower claims results than expected.
FREQUENTLY ASKED QUESTIONS (FAQ)
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