Cronin Insurance Agency Blog

How to Buy Car Insurance: The Introduction

Hello, this is Kevin, one of the Independent Agents at Cronin Insurance Agency. I'm here today to announce a series of videos that will teach you how to buy Car Insurance. For many of you this will be a refresher course and for some of you, it will be an introduction to Auto Insurance 101.

We will break down the blogs into subjects such as:

Auto Liability when you have an at fault accident
Physical Damage to cover your car
Medical coverage for injuries you suffer in an accident

Some of your questions we plan to answer are:

What is an Auto Policy Declaration Page and how do I read one?
What is covered by my Car Insurance policy?
Which Auto Coverages should I buy?
How much Auto Coverage should I buy?
How can I save money on my Car Insurance?

So stay tuned to the Cronin Insurance Blog and you'll find out everything you ever wanted to know about Car Insurance, but were afraid to ask. Next week we'll start to cover Auto Liability.

And, as always, if you have any questions about Auto Insurance, just contact the Independent Agents at Cronin Insurance and we'll be happy to answer you.

Florida Home Insurance - Myths of Flood Insurance

Rainy season in Florida is just beginning. And Hurricane season is a month away. Its time to think about Flood insurance. There's a lot of misinformation out there about Flood Insurance. Here are 5 common myths about Flood Insurance.

Myth #1 "I'm already covered by Flood Insurance" All Home policies specifically exclude Flood damage. They may pay for damage from a broken pipe, but not damage that arises from Flooding outside the home.

Myth #2 "I don't live in a flood plain, so I don't need a policy." People outside of high risk areas file more than 20% of National Flood Insurance claims and receive one third of disaster assistance for flooding.

Myth #3 "Flood coverage is expensive." A flood policy can be purchased for as little as $300 depending on how large your home is.

Myth #4 "A flood loss would only be a minor set-back." Just an inch of water can cost you thousands of dollars in damage to floors, walls, and personal property.

Myth #5 "If there's a really bad disaster, FEMA will pay for the damages." Federal disaster assistance typically comes in the form of a loan and does not compensate for your losses. A $50,000 loan at 4% interest would cost you $240 a month for 30 years compared to the $400 a year the typical Flood policy costs. And Flood insurance pays even if the President does not declare a disaster area.

Now is the time to buy your flood policy as there is usually a 30 day wait before the policy takes effect. Have the peace of mind that only Flood Insurance can give you as the rainy hurricane season begins. And, as always, contact the independent agents at Cronin Insurance with any questions you may have.

Contact the independent agents at Cronin Insurance with any questions you have.

Can you Deduct an Insurance Claim from your Taxes?

It‘s Tax Time again and if you’re like some people you’ve decided that the weekend before April 15 is the perfect time to get your taxes done. As you start to figure your income taxes, you may say to yourself, "can I deduct my deductible?" or "Can I deduct an Insurance Claim from my Income taxes?"

According to Gary Bloome, a Boca Raton CPA, the IRS allows a filer to deduct a Casualty Loss subject to 10% of Adjusted Gross Income. For example, if your Adjusted Gross Income is $50,000, you must have an "un-reimbursed" loss that is more than $5000 before you can take this deduction. As you can see, this is pretty hard to hit as most policies have $1,000 or $2500 deductibles. You might want to keep this deduction in mind if you ever have a Hurricane loss as those deductibles are 2-5% of your Dwelling coverage and it‘s common to see deductibles of $5000 and more.

Another Casualty loss question might be, "If my insurance carrier turns down my claim, can I deduct the loss from my taxes?" The answer is probably not, as the IRS uses the Insurance company's standards for determining if you have a Casualty loss. For instance, if you claim damage to your home from a leaky roof, and the Insurance Company denies the claim because your roof is old and needs replacement due to normal "wear and tear", the IRS will probably rule this a maintenance issue and not a Casualty loss.

Is your deductible deductible? In most cases it will be too low to deduct from your taxes, but could be if you are suffer a Hurricane loss with a high deductible.

Florida Insurance - Gun Liability Insurance

Since the tragedy in Newtown Connecticut, Gun Control has been debated throughout our country. Homeowners and Renters policies carry liability, which covers a number of negligent acts possibly committed by the insured.

How would insurance companies respond to the Newtown tragedy?

They probably wouldn't, as most Homeowner's policies carry an exclusion for "intended injury". Based on evidence, Adam Lanza, intended to kill or injure his victims. Therefore, insurance carriers would deny any liability claims.

Several states including California and New York have proposed legislation that would require gun owners to buy separate liability policies. Much like car insurance, it would reward safe behavior.

For instance, lower rates would be offered for less dangerous weapons, safety locks on guns, and locked gun safes and cabinets.

Gun control advocates favor this approach and even the National Rifle Association thinks the idea might be OK if its voluntary and not compulsory. The coverage itself might take the form of mandatory liability insurance or it might require the gun owner to purchase a bond against intentional acts or other misadventures.

The insurance industry has reservations, too, as some State proposals require coverage for willful acts as well as negligent ones. The Insurance Information Institute feels that Gun Liability Insurance should only cover accidents or unintended consequences and should not give coverage to intentional and illegal acts.

Because its virtually impossible to pass Federal Gun legislation, if and when Gun Liability Insurance is required, it will be on a State by State basis. So far, Florida has not proposed any Gun Liability Insurance requirements.

As far as insuring your guns, Home policies carry a Sublimit of $2,000 for the theft of firearms. So, if your collection is worth more than $2000, consider insuring them on their own policy.

Contact the independent agents at Cronin Insurance with any questions you have.

Florida Auto Insurance - Insurance For Your RV

Although the weather is great in Florida year round, spring is the time when many thoughts turn to the open road. In other words, its time to plan the summer road trip.

Now if you are making your trip in an RV, you don't want to insure your RV the same way you insure your car. For instance, if you have an accident on your road trip, and have to leave your RV at the repair shop, where will you sleep that night?

Progressive's RV policy will cover the cost of staying at a hotel while your RV is being fixed. With Total Loss Replacement and Personal Effects Coverage, Progressive will replace your totaled RV with a new one and cover your personal belongings too. Taking care of your home away from home, now that's Progressive.

When you need the right kind of coverage for your RV, contact the independent agents at Cronin Insurance. Get an RV quote here.

Florida Auto, Home, and Life Insurance