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You buy insurance for your car, your home, your health, and now you are looking into buying life insurance policies to financially aid your loved ones when you no longer can. This is one of the most important decisions you can financially make for your family and even for yourself, too.

The idea behind any insurance policy you purchase is to mitigate the financial risk associated with unforeseen events. By purchasing the right life insurance policy, you shift the potential monetary loss from yourself to your insurance company.

Of course, most young individuals don’t often prioritize the value of life insurance policies, but they have proven to be beneficial at all stages of life. There are several types of life insurance policies with varying coverage and affordable premiums that may have you wondering how to best evaluate and choose the right one for you.

How to Evaluate Life Insurance Policies

There are several factors you should consider when purchasing the best life insurance policy for you, and the following are a few pro tips to help you evaluate them.

#1 Determine Appropriate Length of Coverage

You can purchase a life insurance policy at practically any age. Life insurance policies are either designed to accommodate a specific or limited period of time, known as term life, or an entire lifetime. As you review various policy options, consider the length of time you would like to have coverage.

#2 Consider the Amount of Coverage You Want

Like most insurance policies, you can decide how much coverage you want. As you begin calculating how much life insurance you will need, consider what costs you may be leaving behind, such as any debts, income replacement, burial wishes, and educational expenses for your dependents.

#3 Choose the Beneficiary Wisely

The beneficiary of the life insurance policy you choose will be the person, or entity, on the receiving end of its payout. When choosing who you want to name as the beneficiary, choose someone who is mature and responsible enough to manage the funds accordingly.

Evaluating Life Insurance Policies

Life insurance can help give you peace of mind and secure what matters most for all ages and stages of life.

Protect the life you want for those that matter most. This is what GWK Insurance is here for. We make it a point to educate, inform, and assist our clients in the process of making the right insurance choices.

Contact us today to start evaluating life insurance policies that can help provide financial security for your loved ones by covering expenses like the mortgage, college tuition, and other everyday living costs.

The word ‘home’ means something different to everyone. Home could mean the town you grew up in, where your family has lived for decades, or the house or condo you come back to every day. In the eyes of insurance, however, a home has a very distinct definition.

If you own a home or condo, you are invested in the place you rest your head each night and where you create a lifetime of memories. While homes and condos may serve the same purpose, how you insure them is quite different, and they must be insured accordingly.

Differentiating Condo Insurance & Homeowners Insurance

The main difference between condo insurance and homeowners insurance is what is required to be covered under the policy, and it all comes down to ownership.

Homeowners Insurance

With a home, you own the land it sits on, the garage, and even the shed in the back. Whereas when you own a condo, you own space you reside in, but the condominium company owns the land and amenities.

For a home, anything that happens on your property, including on any land you own, is your responsibility. You can modify your home insurance coverage based on your needs and the common risks in your area.

Home insurance also protects the homeowner against liability. While owning a home opens you up to more liability, as accidents can occur not only inside your home, but anywhere on your property, your insurance can protect you if anything goes wrong.

Condo Insurance

Unlike homeowner’s insurance, condo insurance only covers everything inside your walls. It can protect you against liability and cover property damages.

For a condo, the rest of the structure is typically covered by condo association insurance. Condo association insurance should cover the facility itself and the amenities you share with the rest of the people in your building.

However, it is important to understand exactly what your specific condo association’s insurance covers because any property not insured by the association is the responsibility of the condo owners.

Getting the Best Condo Insurance for You

You can get in touch with your condo association to better understand what their specific coverage insures so you can best protect yourself and your property.

Selecting the best insurance policy, no matter the type of property you own, can be an intimidating task. Contact GWK Insurance to help you find the policy that best fits your specific home or condo needs!

The devastation that natural disasters leave in their wake is a quick reminder that auto, home, or renters insurance is often an invaluable investment to help cushion any associated financial hardships.

It is imperative to know exactly what your insurance policies cover to provide you the most peace of mind in the event of an accident and to keep money in your pocket when disaster strikes.

What Isn’t Covered by Renters Insurance?

While renters insurance covers a wide span of damages, there are a few things that it may not cover. Knowing what is and is not protected by your renters insurance policy can only help you. It also allows you to purchase any additional insurance you may want in order to put your mind at ease, knowing you’re covered.

Here are a few things that likely aren’t covered in your renters insurance policy.

#1 Some Severe Natural Disasters

While most renters insurance covers fire and wind damage, there are a few types of natural disasters that typically are not covered.

Earthquakes, flooding, and sinkholes are the common culprits that are often excluded from renters insurance policies, so you may want to seek additional coverage if those are a concern to you.

#2 Pest Property Damage

Rodent, bug, and other pest infestations are frustrating, and the damage they cause is typically not covered by renters insurance.

A portion of your rent may be allocated for pest control, but that isn’t always the case. You can help avoid these pesky pest problems by setting up preventative measures throughout your rental property.

#3 High-Value Items

For coverage of any personal items, make sure you have proof that they were indeed purchased by you and owned by you. You can do this by taking photos, keeping receipts, and logging all of your valuables.

However, some items are not necessarily covered by renters insurance. For example, your high-ticket items, like valuable jewelry, expensive cameras, tech, or artwork, are likely not covered by your policy.

#4 Your Roommate’s Things

While it may seem intuitive that everything in one unit is covered by one policy, that is not how insurance companies see it.

No matter how many roommates you have, all of their items need to be independently insured. Get them on board with protecting their personal items early to avoid any conflict over unforeseeable circumstances.

The only exception to this rule is if you are related to your roommate by blood, marriage, or adoption. In most cases, they can be covered under your policy.

#5 Damage from Terrorism or Nuclear War

This may seem outlandish to have in the first place, but it is important to note that this is no longer a standard coverage area for renters insurance.

Like most other coverage types, you can purchase additional coverage if you would like. But with all of the variables, the best way to figure out what is right for you is to reach out to an experienced insurance agent.

Get Comprehensive Coverage for Your Renters Insurance

Life takes many twists and turns, and having the best insurance coverage can help soften the financial blow when accidents happen.

To determine the best insurance coverage for your budget and needs, reach out to an insurance agency that can help you determine the best coverage for your belongings.

At GWK Insurance, we believe that no two clients are the same. Contact us today to help get the best coverage and renters insurance for your specific needs.

Nearly everything in life has a price tag associated with it, and that price tag may be lower today than it will be tomorrow.

The same is true for auto insurance rates–they fluctuate. While it is a bit frustrating, rates are calculated on a variety of factors and founded on shared risk. For example, if there is an increase in auto insurance claims, it can affect all insurer’s rates.

There are several other factors that play a role in determining your auto insurance rates, and the following are a few reasons why yours may have increased, or maybe even decreased.

Your Vehicle(s) Affects Your Auto Insurance Rate

Just like every driver is different, every vehicle is, too. This means that the cost to insure each type of vehicle will vary.

This is just a fraction of the equation. But for example, newer cars tend to have higher quality safety features, which are often calculated at a lower cost.

The older the vehicle, the more likely you are to experience mechanical problems which means a higher risk and an increase in your insurance premium.

Your Location Affects Your Auto Insurance Rate

Your zip code is also taken into account when insurance companies calculate your auto insurance rate. These five digits are used to help determine an insurance rate based on accidents, theft, vandalism cases, etc. in that area.

The more there are, the more of a risk there is for the insurance company and the greater the chance of your insurance rate increasing.

If you have moved to a different zip code that has higher risk, then that may be the reason why your insurance rate increased. Other factors based on your location that include population densities, costs of living, and the liability requirements, all of which can affect your overall policy costs.

New Technology Affects Your Auto Insurance Rate

While newer safety features may decrease your insurance rate, newer technology may do the opposite.

This is mostly because there is often a higher price tag to repair new technology in your vehicle, including sensors, cameras, and other fancy features. This factor not only affects your insurance rate but also affects general rate auto insurance prices for everyone.

Find the Right Auto Insurance Policy for Your Budget

There are many factors that affect insurance rates, and they are out of your control. With ever-changing algorithms and increasing rates, it can be hard to find the best insurance provider that meets your budget and vehicular needs.

If you have seen a spike in your rate or are interested in a new policy or provider, we can help. At GWK Insurance, we make it a point to educate, inform, and assist our clients in the process of making the right insurance choices. Contact us today to find the best insurance for you and your loved ones.

Whether your business is small, medium, or growing in size, you poured your heart into it to make it succeed, and you should protect that hard work. One of the best ways to do this is by investing in business insurance.

There are several types of businesses and industries of all different sizes. There are also several insurance variables and options you can choose to purchase, and the first step is recognizing the need for it.

3 Reasons to Invest in Business Insurance

While some states require business insurance by law for certain types of businesses, here are the top three reasons you should further invest in your company by investing in business insurance.

#1 It protects your employees.

The most valuable asset to any company is its people. Each member of your team helps to grow sales, build relationships, and ultimately keep your business running.

Investing in business insurance allows you to properly protect your employees through workers’ compensation, disability pay, and more. In turn, protecting your employees also protects you.

The more protection you embed into your company’s foundation with business insurance, the more peace of mind you will have when your employee falls ill or gets hurt on the job.

This protection may also help attract high-quality employees down the line that recognize your commitment to protecting your employees.

#2 You could be sued.

Getting sued is something no company wishes for or dreams will happen, but it is time to face the facts and realize there is a possibility that your business could be enthralled in a legal battle at some point.

With the high costs of fighting lawsuits potentially putting you out of business, it is a main reason to build your business’s legal protections and invest in liability insurance.

Liability insurance will be your saving grace in the event that legal action is taken against your company, and it is affordable for its benefits.

It is also essential whether you have a product or service-based business. With one disgruntled client, customer, or employee, liability insurance could be the difference between long-term business success or falling into financial pitfalls.

#3 Finally, business insurance protects against natural disasters.

If you have a physical location for your business, such as an office space, storefront, or storage facility, you should protect those locations with insurance that can protect you against damage from floods, fire, tornados, and other natural disasters.

These are obstacles you can’t predict, and insurance is the only way to protect your company from them. If you want to learn more about business insurance and how GWK Insurance can help you, contact us today and learn how we can protect your business together.

Having home insurance coverage is an essential part of owning a home. While you can choose the best home insurance policy for your needs, you do not necessarily have control over the industry’s rate calculations.

It may or may not surprise you, but Florida is actually the third largest property insurance market within the U.S.

Similar to car insurance, there are several factors that create the average rate home insurers charge. These factors are largely responsible for mass increases and decreases in home insurance rates as a whole. And, as of 2021, home insurance rates are seeing a significant increase in Florida.

But these rate increases have been building up over the past several years for a few reasons.

“Florida insurers requested 105 rate increases during the first ten months of 2020, Altmaier said. More than half of the increases that regulators approved were greater than 10%.” – Carrier Management

Why Florida Home Insurance Rates are Increasing

There are a variety of reasons why home insurance companies may raise their rates, but it does not typically ruffle any feathers. However, now, Florida’s homeowners are experiencing substantial spikes from their home insurers.

The following are a few reasons why home insurers are raising their rates in the Sunshine State.

#1 Previous Hurricanes

Hurricanes in Florida can pack a powerful punch and cause catastrophic damage to properties. With lingering damage from hurricanes that have blown through over the past few years, home insurers have helped mitigate the cost of those losses and are now playing financial catch-up, resulting in higher rates.

#2 Florida Litigation and Fees

Florida litigation also plays an important role in rising home insurance rates. A section of the law can actually require the insurer to pay attorneys’ excessive fees. This helped open a door for contractors and lawyers to work together to encourage homeowners to sue insurance companies for more than they are actually owed, such as for the cost to replace an entire roof rather than the few damaged tiles.

#3 Aging Plumbing

Aside from damage caused by severe weather conditions, the plumbing in an older home is much more likely to burst or leak. As a structure ages, it tends to have more and more issues, such as an old pipe that bursts, which can quickly cause substantial damage to any home and take a toll on the home insurer’s ability to stay afloat.

Home Insurance: Moving Forward

“Insurers are hoping Florida’s state government will approve proposed legislation that would curb the elevated litigation costs they have seen in recent years. The bill, if passed, would add to other reforms enacted in 2019.

Measures would include limiting the fees insurers must pay lawyers in claims disputes, shortening time frames for filing claims and capping payouts for roof replacements.” – Carrier Management

Though you may have little control over the rise in home insurance rates this year, you still have plenty of affordable options that will meet your needs and help protect your family and property. Reach out to our team at GWK Insurance or give us a call at (561) 241-0167 to help you find the best home insurance policy for you.

Whether you are renewing your home insurance policy or taking out a new one, you may be wondering why premiums and deductibles have been conspicuously high lately.

The reason that the average cost of a homeowner’s insurance policy has substantially increased is a compounded result of roof replacement litigation and a few seasons of severe storm damage.

The rate as which insured homeowners have been filing roof damage claims is through the roof. They are demanding the entire roof be replaced, due to wind or hail damage, when the rood could have just been repaired rather than fully replaced.

Legislation Addressing Rising Homeowner’s Insurance Costs

Rising homeowner’s insurance costs have been catching Florida legislators’ eyes and have even led to a few proposed bills that are now working their way through the house and senate.

The following three bills are aimed at resolving the root causes of rising homeowner’s insurance costs, including:

● Homeowner roof claims

● Associated attorney fees in homeowner’s claims

● Challenges surrounding notices to insurers

Florida Senate Bill 76: Passed

“Senate Bill 76 would allow insurance carriers to limit coverage on roof claims. Under the provision, a carrier can include a roof surface reimbursement schedule endorsement to the insurance policy, which allows for reimbursement for repairs, replacement, and installation based on the annual age of a roof surface type, unless the roof is less than 10 years old.

The schedule also would provide reimbursement amounts of no less than 70% for metal roofs, 40% for concrete, clay tile, wood shaker, and shingle roofs, and 25% for any remaining roof types…also extends certain statutes to cover all property insurance claims instead of just a windstorm or hurricane claim, which would bar property claims if the insurer is not provided notice of claim or supplemental claim within two years of the date of the loss.” – Insurance Journal

House Bill 305: Pending

“The Florida House of Representatives companion bill to SB76 would amend the same statutes as SB 76, except it does not involve adding the claimant’s requirement to provide notice of intent to initiate litigation proposed in SB76. This bill is currently awaiting a hearing by the House Banking and Insurance Subcommittee.” – Insurance Journal

Senate Bill 212: Pending

“The Florida Senate also introduced this as a standalone bill addressing just the attorney’s fees issue of reasonableness and multipliers. SB 212 would only entail adopting the lodestar fee for property insurance policy lawsuits. SB 212 is currently awaiting a hearing by the Florida Senate Banking and Insurance Subcommittee.” – Insurance Journal

These bills, once passed, should help lower or, at the very least, slow the rise in homeowner’s insurance costs–especially all Florida home lenders require you to have it.

If you need assistance finding a home insurance policy that fits your budget, contact GWK Insurance to get started. We will find you the best policies that meet your lifestyle and financial needs.

Each year brings a new milestone. When you turn 16, you can drive; when you turn 18 you can vote; and, when you turn 25, you can get cheaper auto insurance–right?

Auto insurance rates are calculated based on a variety of factors, including age, which indicates several things to insurers.

It can help measure the amount of driving experience an individual has, which in turn helps assess how much of an accident risk they are.

The way auto insurance companies view it, the more years you have driven, the more experience you have had, which means that you would be less likely to be in an accident. Therefore, they can offer you a lower premium.

While that is the premise of getting cheaper auto insurance when you turn 25, is it a guarantee?

How Age Affects Your Insurance

While your age does play a significant role in your auto insurance rate, it does not mean that you will automatically get a cheaper rate when you turn 25. However, the odds are likely in your favor.

The majority of your insurance rate is calculated on the amount of financial risk you pose to the insurer.

This means that you could be 30 and have a higher insurance premium than, say, an 18-year-old if you have a poor driving record, accident history, or even a low credit score.

“Teenagers drive less than all but the oldest people, but their numbers of crashes and crash deaths are disproportionately high. The fatal crash rate per mile driven for 16-17 year-olds is about 3 times the rate for drivers 20 and older. Based on police-reported crashes of all severities, the crash rate for 16-19 year-olds is nearly 4 times the rate for drivers 20 and older. Risk is highest at age 16.” – According to The Insurance Institute for Highway Safety (IIHS)

Teens are not the only age bracket that may have higher insurance rates. Elderly drivers, in their late seventies and early eighties, will often have a higher premium rate, as their risk increases too.

Find the Best Auto Insurance for Your Needs

Age does not trump other factors that are also calculated into your insurance rate. There are several ways to pay a lower insurance premium if you are under 25, such as the Good Student Discount or a multi-car discount.

Need help finding the best auto insurance in Florida? We can help.

We bring the best insurance options and quotes to you so you can easily choose the best solution for your budget and needs. Contact us today to get started.

Whether it is a house or a condo, investing in an insurance policy can help mitigate any financial burdens resulting from potential accidents down the road. However, homeowner’s insurance and condo insurance policies work differently as they are different structures requiring different levels and types of coverage.

Condos have shared communal spaces, such as lawns to recreational areas, whereas houses are typically stand-alone structures. Because there are shared spaces, condo owners can benefit from sharing some insurance costs with their condo association–the keyword being “some.”

Just because your condo association provides some insurance coverage does not necessarily mean that it is comprehensive. You will very likely still need to purchase a separate condo insurance policy to be sure all of your bases are covered in the event of an accident.

Basics of Understanding Condo Insurance

Condo insurance can often be referred to as an HO-6, studs-in, or a walls-in policy which is essentially property insurance for the condo and owner of a specific unit.

This type of insurance differs from condo association insurance because it covers the personal belongings, liability, improvements, or alterations specific to the inside of the individual condo unit.

3 Rules of Thumb About Condo Insurance

Like homeowner’s insurance, condo insurance policies can vary based on many factors. However, there are a few general rules of thumb to know about acquiring condo insurance.

#1: Master Policies

Your condominium will typically have a condo insurance association policy already in place. Some may be extremely comprehensive, while others are very basic..

Here are three common master policies that your association may have:

● All-in and all-inclusive coverage helps cover your unit’s interior surfaces, fixtures, additions, installations, etc.

● Special entity coverage helps cover nearly every part of the condo’s structures including fixtures in individual units, while excluding structural improvements.

● Bare walls-in coverage helps cover the condo’s interior fixtures, countertops, and personal property.

#2: General Losses Condo Insurance

Nearly every condo insurance policy covers a few basic losses, including fire, weather, theft, vandalism, smoke damage, and frozen pipes. But it will likely exclude break-ins, water damages, or liability.

You may want to consider purchasing a separate policy that does cover you for those accidents, and speaking with an insurance agent can help you determine the best coverage options for you and your budget.

#3: Loss-Assessment Insurance

Depending on the condo association’s coverage, damages or losses may exceed the group or policy coverage. This is when having loss assessment insurance can provide you with an added layer of protection. This type of coverage can provide protection for things like injuries sustained at the community pool, for example.

Get the Best Condo Insurance for Your Needs

Finding the best condo insurance for your needs and within your budget can be complex, from understanding the condo association’s existing policy and coverage to evaluating your additional coverage needs.

At GWK Insurance, we make it a priority to educate, inform, and assist our clients throughout the entire insurance selection process. Contact us today to learn how we can help you find the best insurance policy for you and your wallet.