What are the advantages of shopping for insurance through an independent agent?
An independent agent can offer you a personalized service that saves you time and money. The agents at MD Financial Solutions will provide you with peace of mind you won’t find anywhere else. We will also provide more options than captive agents do because we represent several insurance carriers and can help you compare several policies to find the best coverage for you.

What information will I need when I apply for an insurance policy?
The agents at MD Financial Solutions will start by asking basic information to get to know you better, followed by a series of questions that will be used to determine your premium (name, age, gender, address, etc.). If you are seeking auto insurance, your agent will need to know about your previous driving record, whether you have had any prior car accidents and/ or citations, and your vehicle information. This information is used by insurance carriers to determine your rate.

If I drive an old car, do I really need to purchase auto insurance?
Every state has different requirements but if you own a motor vehicle with four or more wheels in Florida, Florida law requires that you carry at least $10,000 of personal injury protection (PIP) insurance and a minimum of $10,000 of property damage liability insurance. You have the option to not elect any physical damage coverage to cover your personal vehicle.

What is the difference between comprehensive and collision insurance?
Collision insurance covers damages to your vehicle when your vehicle collides with another vehicle or object while comprehensive insurance provides coverage for direct physical damage losses to your auto. For example, if you collide with another vehicle or a guardrail, the damages to your car can be paid under your collision coverage. On the contrary, damage to your vehicle caused by fire, theft, windstorm, vandalism, flood or even hitting an animal can be covered under your comprehensive coverage.

Am I required to have uninsured motorist (UM) insurance on my policy?
UM insurance is not required in the state of Florida but it is beneficial. UM pays if you are involved in a hit-and-run accident. UM can even apply in the event you and your passengers are hit by someone who is deemed at fault for an accident that does not carry sufficient liability insurance to cover the total damages sustained. UM also applies if you are hit by someone who does not have insurance.

Whether you are riding in your car, riding in a friend’s car or even struck by a car as a pedestrian; UM insurance can make payments for medical expenses, lost wages that is beyond your PIP coverage, bodily injury, sickness, disease or death resulting from a motor vehicle accident that you and your passengers suffer.

How is the cost of my car insurance determined?
There are several factors that can can affect the cost of your car insurance. Some of the determining factors that affect the cost of insurance is the type of car you drive, where your vehicle is garaged, what you use your vehicle for, your age, and your driving record to list a few. An adult with a clean driving record usually pay less for auto insurance than a young driver with lots of traffic citations.

Am I required to have a homeowner’s policy?
Just about anyone who owns or leases a property should consider having a homeowner’s policy. Homeowners insurance is typically required by lenders to obtain a mortgage.

What does homeowners insurance cover?
A typical homeowners policy provides coverage for your home and personal liability coverage if you are legally responsible for an injury to a guest or for damage you cause to another person’s property. Homeowner’s may also provide personal property coverage to cover your personal belongings, other structures for detached structures on your property (sheds, garages, fences, etc.), as well as loss of use in the event your home becomes uninhabitable.

How can I get a better home insurance rate?
When you shop for rates, make sure each carrier offers the same coverage you are looking for. Often times, you will find a cheaper rate but it does not include the same coverages. Most carriers also offer a a discount when you bundle your auto and home insurance policy with them. The most proven way to lower the cost of your homeowners insurance policy is to raise your deductible. Many people fail to realize that the higher the deductible, the lower the premium will be, sometimes by as much as five or ten percent.

How are covered losses under a homeowner’s policy paid?
Covered losses can be paid on a actual cash value (ACV) basis or on a replacement cost basis. When ACV is used, the policy owner is entitled to the depreciated value of the damaged property while under replacement cost, the policy owner is reimbursed on the amount necessary to replace the article with one of a similar type and quality at current prices.

What are some factors to consider when purchasing homeowners insurance?
For starter’s, the coverage limit of your house should equal 100% of its replacement cost. If your policy limit is less than 80% of the replacement cost of your home, any payment from your insurance provider will be less than the full cost to replace your home, you will have to come out of your own pocket. You should also be sure that the personal property and personal liability limits you choose are sufficient for your needs.You should also consider whether or not you need any additional endorsements for some of your most prized possessions, like your jewelry.

How much does small business insurance cost?
Each insurance carrier looks at different aspects of your business and weighs certain factors differently to determine your rate.

• The older your business, the lower the insurance rates you’ll be able to qualify for.
• The greater your balance sheet, the higher the risk of you being sued.
• Businesses in the construction industry, for example, carry a greater risk than a credit consulting firm.
• The more claims against your company, the greater the risk.

How can I get the best insurance policy for my business?

What is the real risk my business may face? What is the best solution to manage those potential risks? If you can not answer these questions call us now! It is highly recommended that business owners locate an independent agency that specializes in commercial insurance to help find the best policy rather than going directly to an insurance company or captive agent that can only quote from one provider. Our agents will ensure that you choose the best deal on a policy package while ensuring that you are not underinsured nor over-insured.