Author: agentinsure

NFIP Flood Insurance Extended: What Pinecrest, Coral Gables & South Miami Homeowners Need to Know

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If you own property in Pinecrest, Palmetto Bay, Cutler Bay, Coral Gables, South Miami, or the surrounding area we have important news about your flood insurance coverage. The National Flood Insurance Program (NFIP) has been reauthorized through January 30, 2026, ensuring continued flood protection for homeowners and businesses throughout Miami-Dade County.

What This Means for Pinecrest and Coral Gables Homeowners

Your Current Flood Insurance Policy

If you already have NFIP flood insurance in Pinecrest, Palmetto Bay, Cutler Bay, Coral Gables, or South Miami, your coverage continues without interruption. All policy terms remain exactly as they were before the reauthorization.

Filing Flood Insurance Claims in Miami-Dade

FEMA continues to process and pay flood insurance claims throughout South Florida. Whether you’re in Coral Gables or Cutler Bay, if you need to file a claim, there are no delays or disruptions to the claims process.

Important Information for Realtors, Lenders & New Homebuyers in Palmetto Bay and Beyond

Closing on a Home in Pinecrest, Coral Gables or Cutler Bay?

The NFIP reauthorization is excellent news for anyone buying or selling property in South Florida’s flood zones. Here’s what realtors, lenders, and homebuyers in Pinecrest, Palmetto Bay, Cutler Bay, Coral Gables, and South Miami need to know:

For Home Closings, including Miami-Dade County:

  • Flood insurance policies can now be issued without delay for properties in Special Flood Hazard Areas (SFHA)
  • Lenders can proceed with closings that require NFIP flood insurance as a condition of the mortgage
  • The standard 30-day waiting period for new flood insurance policies still applies for those properties where there is no loan closing, so plan accordingly

For Real Estate Professionals in Pinecrest and South Miami: If you have clients who were waiting on flood insurance to complete their transactions in Palmetto Bay, Cutler Bay, or other South Florida communities, those applications are now moving forward. Policies that were put on hold are being released, and new applications are being accepted and processed normally.

Why Flood Insurance Matters in Pinecrest, Coral Gables & Palmetto Bay

Living in Miami-Dade County means understanding flood risk. From hurricane season storm surge affecting Cutler Bay to heavy summer rains impacting Coral Gables and South Miami, our communities face unique challenges. The NFIP reauthorization ensures:

Questions About Flood Insurance in South Miami or Coral Gables?

As your local independent insurance agents serving Pinecrest, Palmetto Bay, Cutler Bay, Coral Gables, and South Miami, we’re here to help you navigate these updates and ensure your property stays protected. Whether you’re looking for a new NFIP policy or private flood option (private flood option in many cases is a less expensive alternative to NFIP coverage), need to review your current flood insurance coverage, or have questions about flood zones in your area, we’re just a phone call away.

Citizens Property Insurance Non-Primary Residence Surcharge:

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Are You Paying Hundreds (or Thousands) Extra Without Knowing?

At Hamilton Fox Insurance, as your dedicated South Florida independent home insurance experts, we’re committed to empowering homeowners with the knowledge to protect their biggest investment. If you’re a Citizens policyholder in areas like Pinecrest, Palmetto Bay, Coral Gables, or South Miami, there’s a potential hidden cost you need to know about: the non-primary residence surcharge. We’ve helped countless South Florida homeowners uncover and eliminate these charges applied in error, and today, we’re breaking it down for you.

What is the Citizens Non-Primary Residence Surcharge?

Citizens Property Insurance Corporation, Florida’s insurer of last resort, classifies properties as either primary residences or non-primary ones to ensure fair risk pricing. A primary residence is defined as a home (or rental property) occupied by you or your tenant for more than nine months per year—think your everyday family hub or long-term lease. Non-primary residences include second homes, vacation getaways, or seasonal spots like snowbird retreats in our sunny suburbs.

Under Florida law (bolstered by recent reforms like those in HB 1503), Citizens can now apply higher rate caps to non-primary policies—up to 50% above the prior year’s rate. This isn’t a flat “surcharge” in the traditional sense but acts like one: it accelerates premium hikes. For context, while primary residence rates rose an average of 12.3%, non-primary policies face steeper increases to depopulate Citizens faster.

The Implications: Skyrocketing Rates for Non-Primary Homes

The big takeaway? If your property doesn’t qualify as primary, you’re looking at much higher premiums. For a $400,000 waterfront home in Pinecrest, Palmetto Bay or South Miami this could mean a jump from $3,000 to $4,500 or beyond. These hikes hit harder in zones near Biscayne Bay, Brickell and Coconut Grove, where we see more rental properties. Worse yet: Eligibility rules tightened in 2023, with proof of residency now required via driver’s license, voter registration, or homestead exemption. Without it, your policy could silently shift to non-primary status mid-term.

The Hidden Trap: You Might Be Overpaying Without Realizing It

Here’s the expert alert we’ve seen trip up too many South Florida homeowners: Unless you or your agent are monitoring your Citizens policy closely—reviewing declarations pages, endorsements, notices— you could be slapped with the non-primary surcharge without realizing it. If you missed the request from Citizens for proof of primary residence, your policy could be surcharged in error and automatic renewals can embed the increase quietly. In our audits, we’ve caught cases where an outdated address pushed a primary home into surcharge territory, costing clients hundreds or thousands annually.

What Should You Do Next?

At Hamilton Fox Insurance, we make spotting these overcharges simple through our complimentary policy review process. We dive deep into your Citizens docs, identify any non-primary surcharges and work with homeowners to submit the appropriate paperwork to remove them—often saving clients thousands. Our South Florida, Spanish-speaking team, and 24/7 client portal ensure you’re always up to date on all policy changes.

Could your policy be hiding a surcharge? Contact us today—we’ll audit it free and fast, no obligation.

Tired of being a Citizens policyholder—expensive flood requirements, possible improperly applied non-primary surcharges? Let us pull you out of Citizens with one of our competitively priced private carriers. We will likely save you money in the process.

Let’s chat and safeguard your peace of mind.

Reference: Citizens Property Insurance Corporation Rate Filings & Florida Statutes (e.g., HB 1503)

The Difference Between Hobby Farm Coverage and Commercial Farm Insurance

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When you’re running a small farm operation, understanding your insurance options can feel overwhelming. At Hamilton Fox & Company Inc. in Pinecrest, FL, we help farmers navigate these important decisions every day.

What Is a Hobby Farm?

A hobby farm is typically a smaller operation where farming isn’t your primary source of income. For example, you might keep a few chickens for fresh eggs or grow vegetables for your family and the local farmers’ market. These operations usually cover less than 50 acres and generate minimal revenue compared to your day job.

Hobby farm coverage is designed for these smaller-scale operations. It’s generally less expensive because the risks are lower. You’re not dealing with massive equipment or hundreds of livestock. Your coverage might include basic property protection for your barn and equipment, plus some liability coverage if someone gets hurt on your property.

How Commercial Farm Insurance Differs

Commercial farm insurance is tailored for serious agricultural businesses where farming is your livelihood. These policies cover everything from crop damage and livestock mortality to expensive farming equipment and employee injuries. The coverage limits are much higher because the financial risks are significantly greater.

Commercial policies also include specialized protections like business interruption coverage. If a storm damages your operation and you can’t harvest for weeks, this coverage helps replace lost income during the recovery period.

Choosing the Right Coverage

The main difference comes down to scale and income dependency. If farming supplements your income, hobby farm coverage is likely sufficient. But if your family depends on farm revenue, you need commercial protection.

Hamilton Fox & Company Inc. in Pinecrest, FL, can help you determine which coverage fits your operation best.

What Does Florida’s “No-Fault” Auto Insurance Coverage Mean?

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When you’re a Florida driver, you must purchase auto insurance. Many Florida drivers need assistance selecting the best auto insurance policy to meet their needs. If you’re in the Pinecrest, FL, area, our team at Hamilton Fox & Company Inc. can help you explore your policy options and choose the right coverage. We’ve been working with drivers like you since 1947.

What Does Florida’s “No-Fault” Auto Insurance Coverage Mean?

All drivers in Florida are required to have auto insurance. According to the Florida Insurance Information Portal, Florida is a “no-fault” state regarding auto insurance. The “no-fault” designation means each driver involved in an auto accident will submit a claim to their own insurance company, regardless of who is at fault. Under Florida law, every driver must have at least $10,000 of personal injury protection (PIP) and property damage coverage (PD). The "no-fault" law has been in effect since 2008.

Both drivers will submit their accident claims to their respective insurance companies. Each driver’s car repair costs and medical expenses will then be handled by their own insurance provider. According to Legal Clarity, since the “no-fault” law results in compensation from their own insurance company, an injured driver cannot seek further compensation from the “at-fault” driver unless their injuries meet a legal threshold for extreme injuries.

Call Us Today for Your Appointment

Driving without auto insurance places you at risk for financial and legal penalties. Our agents at Hamilton Fox & Company Inc. can help you find a policy that provides the coverage you need at a price you can afford. Drivers in the Pinecrest, FL, area have trusted our team for over 75 years. Call us today to schedule an appointment and let us help you secure the right auto insurance policy.

Regular Home Insurance vs. High-Value Home Insurance: What’s the Difference?

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Pinecrest, FL is an upscale neighborhood with much to offer. The schools are excellent, the area is centrally located and safe, and there are plenty of amenities for residents to enjoy. If you own a home here or are considering purchasing one, protecting your investment from potential loss is essential. While standard home insurance may be suitable, high-value home insurance could be the better option for pricier properties.

What Is the Difference?

High-value home insurance provides the same basic protections as a standard home insurance policy, including coverage for your house, outdoor structures, and belongings. It also includes loss of use coverage and liability protection. However, high-value home insurance offers additional perks that are not typically included in regular home insurance policies.

For instance, some high-value home insurance policies include coverage for collectibles and other valuable items that would otherwise require a separate collector’s insurance policy. Additionally, these policies may offer identity theft protection, providing compensation for individuals who are at a higher risk of being targeted by criminals. Another significant benefit is the option for cash benefits in cases of extensive damage to your home. This allows policyholders to choose between rebuilding or repairing their home after a disaster or simply taking the cash payout and moving on.

Contact Hamilton Fox & Company Inc. for More Information

Hamilton Fox & Company Inc. offers a variety of home insurance options to homeowners in and around Pinecrest, FL. Contact us today to learn more about high-value home insurance, request price quotes, or begin the process of selecting the right policy for your needs.

Does Flood Insurance Cover Plumbing Disasters?

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Many Florida homeowners wonder if flood insurance through Hamilton Fox & Company Inc., serving Pinecrest, FL, will help cover water damage caused by plumbing issues within their homes. It’s an understandable question, especially in a state where protecting against water damage is always a priority. However, flood insurance and plumbing mishaps generally aren’t connected in the way people might hope.

What Flood Insurance Actually Covers

Flood insurance is designed to protect your home and belongings from water damage caused by external sources of water. This includes water entering your home due to heavy rain, storm surge, overflowing rivers, or similar natural events. The coverage applies explicitly to flooding that affects multiple properties in your area.

For example, if a hurricane pushes water into your living room or a sudden downpour causes local streets—and your yard—to flood, a flood insurance policy can help cover the cost of repairs.

Why Plumbing Failures Aren’t Included

Damage from burst pipes, malfunctioning water heaters, or backed-up drains is typically not covered by flood insurance. These types of issues are considered maintenance or accidental problems within the home. Instead, they are usually covered under your standard homeowner’s insurance, provided you’ve maintained reasonable care, and there are no exclusions in your policy.

Get Clarity Before Problems Happen

Water damage can be complex, and it’s essential to understand how your policies work before you’re faced with an unexpected expense. A Florida insurance agent can review both your homeowners and flood insurance policies with you, explain what each one covers, and identify any gaps that might leave you vulnerable.

Taking the time now to understand where flood insurance ends and homeowners coverage begins can provide valuable peace of mind—and ensure you’re protected from water damage, no matter how it starts. Contact Hamilton Fox & Company Inc., serving Pinecrest, FL, to learn more.

I Want to Buy a Home in a High-Risk Area: What Are My Options?

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Purchasing a home in Florida can be challenging, especially when it comes to securing home insurance. Many providers have left the area due to the risks and costs associated with covering homes frequently exposed to hurricanes and other natural disasters. This creates a serious obstacle for potential homeowners. Without home insurance, you may face higher mortgage costs and lack protection against hurricanes or floods. So, what are your options? Here’s what you should consider when buying a home in Florida and how Hamilton Fox & Company Inc. in Pinecrest, FL, can assist you.

What to Do If You’re Experiencing Insurance Issues

If you’re struggling to find home insurance or have been dropped by your provider, the first step is to explore other insurance companies. Some providers may still operate in your area, giving you the opportunity to switch and maintain coverage for your home. If you find that no private insurance solutions are available, you can turn to Florida’s FAIR plan.

The FAIR plan, officially known as the Citizens Property Insurance Corporation, is a consortium of private insurance companies that serves as a last-resort option for homeowners. While it may not offer the comprehensive coverage you desire, it provides a basic level of protection, which is far better than having no coverage at all.

Keep Your Home Covered with Hamilton Fox & Company Inc.

If you’re searching for a new home insurance policy, Hamilton Fox & Company Inc. in Pinecrest, FL, can simplify the process of finding and comparing quotes. Contact us today to request quotes and ensure your home is protected.

Flood Insurance Alert: Palmetto Bay Residents to Receive 25% CRS Discount Beginning April 1, 2025

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At Hamilton Fox & Company, we’re always looking for ways to help our Palmetto Bay neighbors stay informed and save money, especially when it comes to vital coverage like flood insurance. We’re excited to share that beginning April 1, 2025, Palmetto Bay has qualified for a 25% premium discount on National Flood Insurance Program (NFIP) policies through the Community Rating System (CRS).

What Is the Community Rating System?

The CRS is a voluntary program under the NFIP that rewards communities for implementing floodplain management practices that exceed the program’s minimum requirements. Thanks to the efforts of the Village of Palmetto Bay to reduce flood risk through education, planning, and infrastructure improvements, the community has earned a CRS Class 5 rating—which translates to a 25% discount on flood insurance premiums for eligible properties located in high-risk flood zones (also known as Special Flood Hazard Areas).

Important: Discount Rollout is for New or Renewing Policies Effective on or after April 1st

While the effective date of the CRS Class 5 rating is April 1, 2025, discounts will not be applied midterm to your existing policy. The CRS Class 5 rating discount should be automatically applied to your newly issued or renewal policy with an effective date of April 1st 2025 or later.

Tip: Renewal offers are generally delivered 45-days in advance. If your policy renews between April 1st and May 16th you may want to double check your policy. Why? Your renewal was developed prior to April 1st and your discount may not have been applied. A manual override may be necessary to ensure the discount is properly applied to your policy.

How Will You Know You’re Getting the Discount?

If your policy qualifies, your renewal declarations will show “Community Rating Discount” and the corresponding amount should be approximately 25% of the Annual Premium as shown directly above. Don’t worry if this number doesn’t exactly equal 25% of the Annual Premium. You are still receiving the full credit if the discount is off by a few dollars.

A Word About the 25% Discount

While the CRS program offers a 25% discount, it’s important to understand that your actual savings will not be 25%. Flood insurance premiums are based on many factors, including elevation, building characteristics, and recent rating reforms under Risk Rating 2.0. The CRS credit is just one piece of the overall pricing formula and will offset otherwise scheduled rate increases.

Additionally, Palmetto Bay already qualified for a CRS Class 7 Rating Discount which applied 15% savings. The net savings difference is 10% due back to policy holders.

So, if your renewal premium doesn’t drop by the full 10%, or actually increases, don’t be alarmed—that doesn’t mean you’re not receiving the benefit. It simply means that other factors are influencing your final premium.

What Should You Do Next?

  1. Review your declarations page once you receive the revised version.
  2. Contact your insurer or our agency if you have questions about how the CRS credit is being applied.
  3. Stay insured—flooding is a real risk in South Florida, and this discount makes protection more affordable.
  4. Private flood an option? – Not satisfied with your flood insurance policy cost? Consider private flood options. Contact our quote team to access more than 10 private flood insurers.

For more information, here is a link to the notice:

https://www.palmettobay-fl.gov/DocumentCenter/View/18376/CRS-Class-Rank-5–Notice-from-FEMA?bidId=

To learn more about how to save on flood insurance in Palmetto Bay, or any Florida city, visit our flood webpage HERE.

At Hamilton Fox & Company, we’re here to guide you through this transition. Feel free to reach out if you’d like us to review your policy, explain your coverage, or answer any flood insurance questions.

Reference: Wright Flood, NFIP Underwriting Team

Stay safe, stay informed, and as always—thank you for trusting us with your insurance needs.

Your Local Team at Hamilton Fox & Company

New Quotes: 855-4A-QUOTE or 855-427-8683 or quote@hamfox.com

Existing Customers: 800-263-1947

Does Your LLC Need Commercial Insurance? What You Need to Know

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Establishing an LLC (limited liability company) can provide a protective barrier between your business and your personal assets. However, having an LLC doesn’t mean your business is immune to risk. Commercial insurance is a layer of protection that helps your LLC maintain financial security in case of lawsuits, property damage, or other issues.

Indeed, Your LLC Requires Insurance

Forming an LLC limits your personal liability, but it doesn’t shield your business from financial losses. For instance, if a customer is injured on your premises and you’re sued for negligence, you could face substantial out-of-pocket expenses. Commercial insurance can help cover these costs, enabling your business to recover and continue operating.

Consider Industry-Specific Requirements

Specialized coverage may be necessary in specific industries, such as construction and food service. At Hamilton Fox & Company Inc., we’ll collaborate with you to ensure you have the appropriate level of coverage for your business and industry.

Varieties of Insurance

The right insurance for your business will depend on several factors. Many LLCs benefit from various insurance types, including general liability insurance, commercial property insurance, professional liability insurance, and workers’ compensation insurance. Collaborating with a qualified insurance agent can help you determine which types of commercial insurance are the best fit for your business.

Reach Out to Hamilton Fox & Company Inc., Serving Pinecrest, FL

At Hamilton Fox & Company Inc., we’re proud to serve the commercial insurance needs of our Pinecrest, FL, customers. Whether you’re just starting an LLC or you’re wondering whether your current commercial insurance policy is the best fit for your needs, we’ve got you covered. Give us a call or visit our office today to chat with an agent and learn more.

Does the Extraterritorial Reciprocity Clause Apply to Your Company?

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If you operate a company outside the state of Florida but want to do business in Pinecrest, FL, or another area of the state, you may need a separate workers’ compensation policy. Hamilton Fox & Company Inc. knows that navigating the ins and outs of workers’ comp already takes some serious study, so we’ll make it easy. If you operate a business of any kind in one of 21 states that don’t offer extraterritorial reciprocity, your company will need a Florida workers’ comp policy.

States with No Extraterritorial Reciprocity Clause

An out-of-state business needs to buy a workers’ comp policy specific to Florida unless its existing policy contains an Extraterritorial Reciprocity Clause that includes Florida. States that do not reciprocate workers’ compensation coverage with Florida include:

  • Alaska
  • Colorado
  • Connecticut
  • Delaware
  • District of Columbia
  • Hawaii
  • Illinois
  • Iowa
  • Kansas
  • Massachusetts
  • Michigan
  • Missouri
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • South Carolina
  • Virginia
  • Wisconsin

The insurance rules differ by type of business, too.

Industries with Special Rules

A company in the construction industry with just one employee must carry Florida workers’ comp insurance, but a non-construction company can have four employees before needing a standalone policy. Agricultural firms with six regular employees must carry a Florida policy. If the ag company uses mostly seasonal workers, it can employ fewer than six regular employees and fewer than 12 seasonal workers before needing a policy.

Contact Us Today

Email or phone Hamilton Fox & Company Inc. today to find out what your business needs to operate legally in Pinecrest, FL, or the surrounding area. Let us help you obtain the workers’ compensation insurance your business needs for compliance.