Frequently Asked Questions about Insurance

If you have general insurance questions, you are not alone. That’s why our industry experts have answered some of the most common insurance-related questions below. If you have further questions or would like to ask a specific question, contact our team directly.

General Insurance Questions

Most auto insurance providers use credit scores to establish auto insurance premiums.

Credit-based insurance scores predict the likelihood of a customer filing a claim that will cost the provider more money than what was collected in premium payments. It is a tool the insurance company uses to ensure they don't lose money as your auto insurance provider.

Your credit score may also be used to determine if that provider will take you on as a customer. However, some states prohibit this. These states include Michigan, Massachusetts, Maryland, California, Utah, Oregon, and Hawaii. In these regions, an insurance provider cannot ask potential clients what their credit score is, no matter how good or bad that number might be.

Currently, in Florida, insurance carriers legally can use credit scores to determine automotive insurance eligibility and premium rates.

In addition to your credit score, an auto insurance provider may also use your location, vehicle type, and driving record to determine your insurance premium. Providers can also factor in demographic information, like age, marital status, and gender, to price a premium. Some insurance carriers offer pay-per-mile policies, which link premium costs to vehicle usage.
Homeowner policies vary based on the provider and what the homeowner wants. But most homeowners insurance plans cover the same basic details.

Homeowners insurance typically includes damages to a physical dwelling. The policy also extends to physical structures on the property, such as the garage, fence, and shed. Automobiles do not classify as physical dwellings since they can leave the property.

Damage caused by natural catastrophes like floods, hurricanes, tornadoes, or earthquakes may not be covered by a basic home insurance plan. These natural disasters usually require specialized insurance plans. That's why Florida homeowners are encouraged to add hurricane insurance to their policy.

Fires are typically covered by home insurance plans. Most policies include repair and rebuild expenses as well as coverage for living expenses after a fire, like staying in a hotel.

Most policies also include personal property coverage, like TVs and clothing. But homeowners insurance may not cover high-value possessions, like expensive artwork, musical instruments, or jewelry.

To determine what is and isn't covered under your homeowners insurance policy, read the fine print your insurance carrier provided. If you have questions, reach out to your agent.
Technically, you only need renters insurance if your landlord or property manager necessitates it. If a property requires renters insurance, the landlord may ask for policy verification before you can move in.

While it may not be required, anyone planning on renting a property for an extended period (more than six months) should invest in renters insurance.

Renters insurance is similar to homeowners insurance in that it reduces the liability and financial impact of an unexpected event. Renters insurance provides personal property damage, which reimburses tenants for lost belongings up to their policy's limits. It also includes personal liability coverage to protect tenants in the event of an accident in their residence. Renters insurance also covers loss of use. This is when a tenant must move out of the property due to safety concerns.
The most significant difference between condo and homeowners insurance is how much each policy protects. Homeowners insurance covers inside and outside structures. Condo insurance policies focus on the interior unit and personal property.

Dwelling coverage is an example of something included in a homeowners insurance plan, but not condo policies. Dwelling coverage pays for the repair and rebuild of physical structures after they are damaged by a covered peril. Condo owners are only responsible for what is inside their unit, and therefore do not need to rebuild damaged property dwellings. A condo association is responsible for fixing external buildings, walls, elevators, pools, etc.

Condo insurance is only necessary for those who purchase a condo. If you are renting a condo, a renters insurance policy should cover everything you need.
If you are working from home, you do not need business insurance.

But if you are running a business out of your home, homeowners insurance will not cover any losses you incur. Therefore, you need to invest in business insurance. The type of home-based business insurance you require will depend on the industry and type of business you are running.

For example, business property insurance is necessary for business owners that use office equipment on their property. This includes computers, printers, desks, etc. Business property insurance will protect against any damages to your office equipment in the event of a fire or robbery.

If you have clients visiting your home to receive services, invest in business liability insurance. Liability insurance shields you and your business from damages inflicted on a client while they are on your property. It also protects your property from any damages a customer may cause. If a client visits you for a personal training session and gets hurt, liability insurance will protect you from being responsible for their medical bills.

Other types of business insurance policies include professional liability (for consultants), product liability coverage, and business automobile coverage. Reach out to a business insurance expert to learn more about which policy best fits your business needs.

Home Insurance Questions

At Guided Solutions, we work with all of the top insurance providers in the industry to ensure you are getting access to the best and most affordable policies. This makes it easy for you to compare rates and plans so you are getting the comprehensive home insurance you need at a price you can afford.

Many factors influence the cost of your homeowners insurance policy. The value of your home, location, deductible, and insurance limit all play a role in determining the final price of your insurance. In general, homeowners insurance is an affordable way to protect your home following an unfortunate event.
Your homeowners policy may cover more than you think. Depending on the level of coverage you choose, it may cover the entire cost to rebuild your home in the event that it is damaged or destroyed in a fire or other unforeseen event.

Your policy may also pay your living expenses if you are displaced from your home while it is being repaired or rebuilt. Your policy may even replace your valuables if they are stolen from your home.

Homeowners insurance also protects you from liability if someone is injured on your property and decides to file a lawsuit. Many policies also cover you if you accidentally injure someone while you are not on your property.

You may be surprised to learn that your insurance does not automatically cover damage to your home caused by natural disasters that are common in your region. If you live in a coastal area that is prone to flooding or a region that is prone to earthquakes, you may need to purchase additional coverage to ensure you are protected. Our agents can guide you in the right direction for your peace of mind.

We carry a wide selection of plans from the best insurers in the country. While many of our most popular policies might be perfect for your family, we understand that every situation is unique. Our plans are customizable to meet your budget and needs.

Increase your deductible to lower your annual premium or pay less out of pocket with a slightly higher premium. Modify your maximum level of coverage to accurately reflect your home’s replacement value, so you have the right coverage in the event of damage. Our agents can guide you if you have questions about your chosen policy or connect you with the perfect plan for your needs.
While we make it easy to purchase your home insurance policy online or over the phone, we still have local agents on the ground and in the office. These local agents are familiar with the area you live in and can identify a policy that meets your unique needs so you get the protection your home deserves. Please update to say: We have licensed professionals across Florida ready to provide you the best localized service for your needs.
The best way to protect your jewelry, technology, and other valuables is to add them to your plan. We can help you do that, so you have a record of them if your home is robbed. Some policies may even replace a portion of the cash that was stolen from your home.
Getting homeowners insurance is generally a quick and painless process. Simply fill out our contact form or give us a call. Tell us about your current plan or tell us about the new home you are purchasing. Our agents will ask you a variety of comprehensive questions to thoroughly assess your needs. Then they will offer you a choice of plans. The entire process takes about twenty minutes.

Once they have the information, they will give you a quote and typically schedule a home inspection to ensure they can offer you coverage. You may not have to be there for the exterior inspection, though the company may ask you to make improvements to the property before they can extend coverage.

In general, however, the process is simple and takes minimal time and effort. You can usually get coverage starting the day you get the keys to your new home.
Some home insurance providers offer a wide range of discounts that lower the cost of your insurance even further. We work with these providers to identify and pass along these great savings to our clients. Some discounts may include providing annual payments instead of monthly ones, multi-policy discounts, discounts for adding additional security measures, and going an extended period of time without filing a claim.

Auto Insurance Questions

In the state of Florida, you are required to at least carry $10,000 of personal injury protection (PIP) and $10,000 of property damage. If you want to get a policy that satisfies just the state requirements, consider all the other options available along with their benefits first before deciding. Your agent can explain all the plans available before you decide on which to select. Some coverage available is uninsured motorist, bodily injury liability, extended PIP, medical payments, comprehensive collision, rental and towing reimbursement, etc.

Your agent can help you decide on the right coverage plan to cover your needs. To get an accurate estimate on auto insurance prices, the agent will need:

Your Car Information
This includes the year, model, make, and vehicle identification number or VIN #.

Your Information
They will need your driver’s license number, date of birth, and social security number.

Other Drivers
If there are additional drivers in your home, you will need to also provide their information.

General Information
You will also be asked some general questions, like how long you have been driving, how many accidents you had in the past, your credit rating, and more.
Your Driving Record
The better your driving record is, the less your premium will be. In contrast, if you have had any serious moving violations or accidents in the past, you will pay more. Thus, if you didn’t carry insurance for the past several years, your premium may also be higher.

The Total Number of Miles Driven Each Year
The more you drive, the better your chances are of having accidents. If the miles you drive each year are lower than average, which is less than 10,000, then you will pay less. Also, some insurance agencies give discounts to those who carpool.

Where You Live
Insurance agencies look at local trends that include the number of accidents in your area, lawsuits, and car thefts, as well as car repair and medical care costs.

Your Age
Typically, older drivers don’t have as many accidents as drivers with less experience, such as teenagers. Therefore, if your car will be driven by teenagers or drivers who are less than 25 years old, your premiums will be higher.

The Car You Drive
Every car is different, and therefore, will cost more or less to insure. This is because some cars may cost more for repairs, are safer to drive, and are more likely to be stolen than others.

Your Credit
Your credit rating is a key factor in determining how much you will pay for auto insurance, as it is a statistically valid tool for indicating how likely someone would be to file a claim and how much the claim will cost. Credit-based insurance scores contain important information, including your payment history, collections, outstanding debts, bankruptcies, and length of credit history. If you made credit card or mortgage payments on-time or paid off your debts, your score is affected positively, while negative balances or late payments affect your score negatively.

How Much Coverage You Are Requesting
Needless to say, the higher the amount of coverage, the more you will pay. However, there are often some valuable discounts you may qualify for.
Comprehensive and Collision insurance are two different auto coverage policies that protect your car from a covered loss. Collision is optional in an auto policy and is the definition of colliding with something. Here it refers to your vehicle hitting anything it can physically collide with, including another car. It is the coverage that handles how your car is repaired after an accident once your deductible is paid. You pay the deductible, and the insurance agency pays either the cost of repairs, the cost of a replacement, or the actual cash value. Comprehensive coverage pays for damages to your car caused by anything other than a collision. It also covers all accidental and direct losses not covered by Collision insurance unless it is specifically excluded. This includes theft, vandalism, fire, hail, flood, etc.

Of course, you want to get the most for your money when you make any purchase, especially when you are shopping for auto insurance. Here are some suggestions to look into that may help with your needs.

Search for Discounts and Compare Prices
There are several auto insurance discounts available on the internet that you can use to save on auto insurance. Compare different coverage levels of auto insurance. Sometimes the cost of higher limits is not much different from lower ones.

Higher Deductible
Choose a higher deductible. If you choose a higher deductible, you will pay less for your monthly premium but will have to pay more out of pocket if you are ever involved in an accident.

Use An Independent Agent
Find an independent agent that represents a leading carrier. They will shop for you and know exactly what to look for to reduce your premiums, allowing you to select the best options and save.

Bundle
Many companies will give you a big discount for Bundling several types of your insurance plans together with a multi-policy plan that they offer. For example, you can bundle your auto and home insurance to save a lot of money on insurance. Some customers who choose to bundle save 27% on average by getting all their insurance from one company.

Medicare Questions

Medicare is health care coverage for individuals age 65 or above, under 65 with specific handicaps, and any age with End-State Renal Disease – ESRD (perpetual kidney failure requiring dialysis or a kidney transplant). There are various parts to Medicare inclusion that qualified recipients meet all requirements to join. These various parts help cover explicit administrations if certain conditions are met.
You are enrolled in Part A consequently at age 65, or when you qualify through disability there is no extra premium for Part A. You should choose Medicare Part B on the if you are not getting Social Security or Railroad Retirement Board benefits (for instance, you are still working). You qualitfy for Medicare since you have End-Stage Renal Disease(ESRD). Apply 3 months before age 65, and 3 months following (7 months altogether including the birthday month). Medicare inclusion gets successful on the first day of the long stretch of your birthday except if your birthday is on the first (expecting you to apply in a convenient way). There is a month-to-month premium for Part B inclusion.
Indeed, you might be qualified for assistance with prescriptions, and other Medical costs depending on income and assets.
Medicare Advantage Plans are assessed yearly on Quality of Care. The consequences of this assessment produces a Star Rating

·Health Plans with a higher Star Rating are paid more than wellbeing plans with a low evaluating

· Health Plans that keep on getting a low appraising are disposed of

· 5-Star Plans enjoy all year open enrollment

·Rating is dictated by: wellbeing results, preventive consideration, case management and customer satisfaction.
Section A medical clinic inpatient deductible and coinsurance Beneficiary pays: $1,340 deductible for each advantage period (there could be more than 1 every year) Days 1-60: $0 coinsurance for each advantage period Days 61-90: $335 coinsurance each day of each advantage period Days 91 and past: $670 coinsurance per every "lifetime save day" after day 90 for each advantage period (as long as 60 days over your lifetime) Beyond lifetime save days: all costs Part B charge The standard Part B expense sum is $134 (or higher relying upon your pay). Nonetheless, a few people previously accepting advantages have been "grandfathered in" to bring down charges. Those generally on Medicare might be paying less because of minimal effort of Living Increases lately (Congress by law isn't allowed to build the Part B charge more than the rate increment in the yearly Social Security COLA for current Social Security beneficiaries). Part B deductible and coinsurance $183 each year. After your deductible is met, you ordinarily pay 20% of the Medicare-affirmed sum for most specialist administrations (counting most specialist administrations while you're an emergency clinic inpatient), outpatient treatment, and strong clinical gear. Part B Covers Doctor visits, wandering administrations, walking a medical procedure communities, X-beams, Lab work, DME, and Urgent consideration. Late Enrollment Penalty (LEP) A 10% of the premium on a time of a year will be applied to the Part B Premium for every year that the individual defer their enlistment. There is a different Late Enrollment Penalty for not choosing Part D Those in higher levels of pay will pay higher charges for part B through Social Security derivations.
You may likewise apply for a Medicare Advantage plan during a Special Enrollment Period (SEP). These include, but are not restricted to, the accompanying: The 3 months prior, the period of, and the 3 months following your underlying qualification (typically when you arrive at 65), moving into another area, leaving your group health plan, loss of your present plan, qualification for Medicaid, and some more.

Life Insurance Questions

Life insurance serves several purposes upon the passing of an individual. A common use of the death benefits (money paid to beneficiaries) is covering debts and expenses. The benefits fill a monetary gap left in one's death.

The answer to the question of, "who needs life insurance?" doesn't have an easy answer.

Life insurance's value depends on the well-being of those related to the policyholder. If death benefits offer aid to beneficiaries then, yes, life insurance makes sense. However, if beneficiaries are already well-off (or if there are none) then it may not make sense to get a policy.

Relationships may also play a factor in whether one decides to get life insurance. One may choose their beneficiaries who may not be family or friends. A policyholder may not choose a person, either, funneling death benefits to the estate.
here are quite a few life insurance options on the market today. But, the two primary ones include term and whole life insurance.

Term Life Insurance
Term life insurance involves coverage for a set amount of years. Those who die within the term life timeframe will see death benefits distributed. Unfortunately, if a person passes between plans (a coverage lapse) then benefits aren't paid to beneficiaries.

Term life insurance policies are only a few years at a time. Many individuals choose this for its affordability and flexibility. One would, in essence, pick up coverage when they feel most vulnerable.

Whole Life Insurance
Whole life insurance is an on-going coverage (hence "whole life").

Once a person starts a whole life insurance policy they are locked in. The coverage combines a death benefit with additional investments (savings). In a way, it acts as both insurance and savings. A plan where the savings funnel into the plan and compound its benefits.

An individual may choose to opt-out of this form of policy, receiving a "surrender value" but at a loss. This change may occur from life-changing moments such as business success, a high-profile marriage, and/or financial windfalls.

Other Insurance Types
There are other forms of insurance such as variable life insurance, group life insurance, and more. A consultation with one's insurance company reveals which of these coverages are available.

An individual may choose to have many life insurance policies. While this is less common, it's still an option one may consider if they lead complex lives!
A common reason for getting life insurance is providing aid to loved ones (the survivors). Sudden death is a traumatic experience. One's passing may create a financial void that makes living tough.

Life insurance is an act of caring, giving stability through the grieving process. It grants survivors time to adjust to this sudden lifestyle change, too. It is peace of mind knowing they are secure while processing the event and the arrangements.

Finally, life insurance lets a person create a lasting legacy well after they're gone. It is not an inheritance but it does help survivors thrive after the breadwinner is long gone.
Life insurance isn't a catch-all payout for those who pass. Companies offering whole or term life insurance have guidelines. Common reasons for death benefits denial include the following:

Fraud
Failure to disclose risky behaviors, vices, or known health issues.

High-Risk Activities
Partaking in activities and/or hobbies known to be dangerous.

Suicide
Taking one's life within a policy's "suicide clause" timeframe.

Dying Abroad
Obtaining a policy, traveling/moving abroad, and dying while away.

Natural Disasters
Death due to catastrophic events and disasters caused by nature.

Contesting Death Benefits
An insurance company will contest payout if there is a suspicious death. Whether it's due to illegal activities or reckless behavior, murder, and more, the insurance company will do its research.

Don't feel intimidated if health issues are present. Most deaths are covered by life insurance policies. An individual simply needs to be transparent to the company as they apply for coverage.
The best approach to buying life insurance is by comparing all your options. At Guided Solutions, we leverage tech to find an insurance policy that fits your needs.

The best advice we can give is to be open and transparent.

Insurance companies need a complete picture of one's life. This attention to detail is to protect both policyholders and insurers. It allows proper underwriting and coverage without the risk of death benefits denial.

Commercial Insurance Questions

Commercial or commercial insurance offers protection from problems that could arise during operations. These issues may include vandalism, lawsuits, workplace injuries, intellectual theft, and the like.

Owners are liable for their business operations. In turn, this means the risk of lawsuits and damages. Owners are at the whim of their markets. Competition is fierce, and woes may strike at any moment.

Commercial insurance provides peace of mind from the unexpected. In turn, the business can continue operating despite setbacks. They persevere through tough times caused by financial losses.

The insurance also aids workers by way of worker's compensation. In a roundabout way, business protections are linked to worker protections. Ensure their well-being, and the business thrives.
Although not all insurance options are necessary, they are each worth one's consideration. Why? Because seeing hard work crumble due to an accident is not the desired exit from an industry.

Keep in mind that "commercial insurance" is an over-arching term.

All states have some form of required insurance coverage for business operations. This includes worker's compensation insurance.

Common coverage may also include commercial auto insurance (if there are company vehicles). General liability insurance, too, is commonly held to protect customers and third parties.

Larger organizations may take protection into their own hands. They have the capital and resources necessary for coverages. As for small businesses? Forgoing business insurance isn't recommended.
There are different types of commercial insurances for different needs. As noted, some insurance is required by law, while others are optional. The accessibility, too, can be dictated by the insurance company.

The main types of commercial insurance include:

General Liability Insurance
General liability insurance (business liability insurance) aims to offer coverage and protection from accidents and mistakes. Relate this insurance to body and property damage. It's ideal for retail businesses and others that engage customers physically.

Commercial Property Insurance
Commercial property insurance is protection for items at the business and on its property. Relate this insurance to events like fires, floods, and major storms. It's ideal for all businesses operating in a physical location.

Commercial Vehicle Insurance
Commercial vehicle insurance covers company vehicles. The policy also covers those in the vehicle and others involved in an accident. It's ideal for any company offering employees a vehicle and fleets. Delivery drivers are specially protected through this insurance type.

Worker's Compensation Insurance
Worker's comp insurance is what covers employees when they're sick or injured. Insurance pays out, covering employee expenses while they recover. It's a necessary coverage for any business with employees.

Business Interruption Insurance
Business interruption insurance offers protection during downtimes. The intent is to cover expenses while the business is unable to operate. Relate this coverage to disasters. Though truly unexpected, it's an insurance that's ideal for those in volatile locations.

Cyber/Data Liability Insurance
Data (cyber) liability insurance provides coverage from data breaches, attacks, and disruptions. This insurance is becoming a necessity since so many rely on computers and the Web. It's a plan that adapts to the rapid changes in modern business and tech.

Other Commercial Insurance Options
From crime insurance and coverage for accounts receivable to umbrella policies and more, business owners have options! As business evolves, so does commercial insurance.
Commercial insurance has its limits and regulations. Just as one finds with personal policies, companies reserve the right to deny claims if needed.

What isn't covered by commercial insurance? What causes claim denials? Consider activities such as:

Illegal Activities
Whether it's shady manufacturing to money laundering, don't expect insurance coverage nor payouts for illegal practices. Denials can extend to unethical practices, too. If it skirts the line of legality, then be aware that there are serious consequences from all fronts.

Intentional Negligence
Intentional neglect of items that lead to dangers and accidents aren't covered by insurance. Activities that harm employees or customers are grounds for claim denials, too. Think of it like this: If corners are getting cut and causing problems, then expect issues with the insurer.

Labor Disputes and Issues
Breaking labor laws goes well beyond claim denials from an insurance company. The business is now in hot water with state and federal laws. If a business has sunk this far, then claims coverages are a zero.
The cost of commercial insurance is decided by the insurance company and its underwriters. However, there are a few common items that influence the plan's pricing and rates.

The type of coverage and its extent is a major factor. Next, the industry and business type are considered. Location, property, assets, challenges, and employees go into the pricing, too.

Commercial insurance is affordable.

Many plans only cost businesses a few hundred dollars each year. The total amount will depend on the needs of a business. But, it's far less than the financial fallout caused by a single incident.

It's best to get a few quotes to find the perfect median price. This is after deciding exactly what's needed and reducing risks. Consider bundling insurance policies to receive an extra discount.
At Guided Solutions, we've streamlined the process of finding commercial insurance options. We've blended tech and industry experts to get the best coverage for your business.

All businesses are unique, and so insurance isn't one-size-fits-all.

Have more questions? Ask our Insurance Experts.

Let us know how we can help and we will get back to you as quickly as possible.