Florida Insurance FAQs - FEI & GAC Wealth Management
Answers to the most common questions about insurance and financial planning in Florida. From your local independent agency serving Tampa Bay since 2002.
FEI & GAC Wealth Management is an independent insurance agency and fiduciary financial planning firm serving Tampa Bay, all of Florida since 2002. Below you'll find answers to the most frequently asked questions about insurance and financial planning in Florida. If you don't see your question answered here, call us at (813) 600-3268 or email office@feipartners.com - a licensed FEI agent is always happy to help.
What is FEI & GAC Wealth Management?
FEI & GAC Wealth Management is an independent insurance agency and fiduciary financial planning firm established in 2002, with offices in Land O' Lakes, Florida and St. Petersburg, Florida. We serve individuals, families, educators, and businesses throughout Tampa Bay, including: Land O' Lakes, Lutz, Wesley Chapel, Odessa, and St. Petersburg - and across all of Florida. We are BBB Accredited and have been proudly serving our community for over 22 years.
Do I have to be a teacher to work with FEI?
No. FEI & GAC Wealth Management serves all Florida residents, not just educators. While we were originally founded to serve Florida's education community and still proudly do so, our clients include homeowners, renters, drivers, business owners, retirees, and families from all walks of life throughout Tampa Bay and the state of Florida.
What is an independent insurance agency?
An independent insurance agency like FEI is not tied to any single insurance carrier. This means we can shop your coverage across dozens of Florida's top insurance companies to find the best combination of coverage and price for your specific needs. Unlike a captive agent who can only sell one company's products, FEI works on your behalf, not the insurance company's.
Where are your offices located?
FEI & GAC Wealth Management has two office locations in Florida. Our Land O' Lakes office is at 2660 Stonewood Park Loop, Land O' Lakes, FL 34638. Our St. Petersburg office is at 7901 4th St. N, Unit 327, St. Petersburg, FL 33702. Both offices are open Monday through Friday, 8AM to 5PM. You can also reach us at (813) 600-3268 or office@feipartners.com.
Do I need to wait until my current policy is up before I switch over to you?
No. We can start shopping insurance carriers on your behalf before your policy is up.
Do you have an after-hours emergency contact?
Yes. For after-hours insurance emergencies, you can reach us through text at (813) 618-2822. We understand that storms, accidents, and emergencies don't always happen during business hours, and we want to make sure our clients can reach someone when they need help most.
What does Florida homeowners insurance cover?
A standard Florida homeowners insurance policy typically covers your home's structure (dwelling coverage), personal belongings (personal property coverage), personal liability if someone is injured on your property, and additional living expenses if your home becomes uninhabitable due to a covered event such as fire, wind, or lightning. Homeowners insurance in Florida generally does not cover flood damage, a separate flood insurance policy is required for that.
Does homeowners insurance cover flood damage in Florida?
No. Standard homeowners insurance policies do not cover flood damage in Florida or anywhere else in the United States. Flooding caused by storm surge, heavy rainfall, or overflowing waterways requires a separate flood insurance policy. This is one of the most common and costly misconceptions among Florida homeowners. FEI offers flood insurance through both the National Flood Insurance Program (NFIP) and private flood insurance carriers.
Why is homeowners insurance so expensive in Florida?
Florida homeowners insurance is among the most expensive in the country due to the state's high exposure to hurricanes, tropical storms, and flooding, as well as challenges in the Florida insurance market that have led many carriers to leave the state. As an independent agency, FEI works with dozens of carriers that still actively write homeowners policies in Florida, giving our clients more options and more competitive rates than they might find on their own or through a captive agent.
Can I bundle my home and auto insurance in Florida?
Yes, and bundling your home and auto insurance with the same carrier through FEI can result in discounts on both policies. As an independent agency, FEI identifies which carriers offer the best bundle pricing for your specific combination of home and auto coverage needs. Many of our clients save money on both policies simply by consolidating them through FEI.
Do I need flood insurance if I’m not in a flood zone in Florida?
It is not a requirement to have flood insurance in Florida. However, it is worth considering even if your property is not in a designated high-risk flood zone. According to FEMA data from 2014 to 2024, nearly one in three NFIP flood insurance claims came from properties outside of high-risk flood zones. In Florida, heavy rainfall, storm surge, and poor drainage can cause flooding in virtually any neighborhood, even in a X flood zone. Flood insurance is available to any Florida homeowner, renter, or condo owner regardless of flood zone designation.
How much does flood insurance cost in Florida?
The cost of flood insurance in Florida varies depending on several factors including your property's flood zone designation, the age and construction of your home, the elevation of your property, and the amount of coverage you choose. Policies through the National Flood Insurance Program (NFIP) are federally regulated, while private flood insurance can sometimes offer broader coverage or lower premiums depending on your property. FEI shops both NFIP and private flood options to find the best fit for each client.
Is there a waiting period for flood insurance in Florida?
Yes. Most flood insurance policies - both NFIP and private - have a 30-day waiting period between the date of purchase and when coverage takes effect. This means you cannot purchase flood insurance after a storm has been named or is imminent, and expect to be covered. With Florida's hurricane season running from June 1 through November 30, it is important to purchase or review your flood insurance policy well before the season begins.
What is the difference between NFIP and private flood insurance?
The National Flood Insurance Program (NFIP) is a federal program administered by FEMA that offers standardized flood insurance policies with set coverage limits. Private flood insurance is offered by private carriers and can sometimes provide higher coverage limits, additional coverage options, shorter waiting periods, and more competitive pricing depending on your property and location. FEI works with both NFIP and private flood insurance providers and can help you determine which option is best for your situation.
What auto insurance is required in Florida?
Florida law requires all drivers to carry a minimum of $10,000 in Personal Injury Protection (PIP) coverage and $10,000 in Property Damage Liability (PDL) coverage. Florida is a no-fault state, meaning your own PIP coverage pays for your medical expenses regardless of who caused the accident. However, these minimum limits are often insufficient in the event of a serious accident, and FEI's licensed agents can help you determine the right level of coverage for your situation.
How can I lower my auto insurance premium in Florida?
There are several ways to help lower your auto insurance premium in Florida, including bundling your auto insurance with your homeowners, renters, or condo insurance through the same carrier, maintaining a clean driving record, taking a defensive driving course, increasing your deductible, and shopping your coverage across multiple carriers. As an independent agency, FEI does this comparison shopping for you, at no charge and no obligation.
What type of life insurance is right for me?
The right type of life insurance depends on your age, financial goals, budget, and the needs of those who depend on you. Term life insurance provides coverage for a set period of time and tends to be less expensive than other options.
Whole life insurance (aka traditional life insurance) provides permanent coverage and builds cash value over time. Universal life insurance offers flexible premiums and a cash value component. Key person insurance is designed for business owners protecting their company against the loss of a critical employee. FEI's licensed agents will walk you through each option and help you find the right fit.
What is Medicare Supplemental insurance and do I need it?
Medicare supplemental insurance - also called Medigap - is a private insurance policy that helps cover costs that original Medicare (Parts A and B) does not pay, such as copayments, coinsurance, and deductibles. If you are on Medicare or approaching Medicare eligibility, a supplemental policy can reduce your out-of-pocket healthcare expenses. FEI will gladly answer any of your questions, provide information on your available options, and help you enroll in a plan that best suits your needs and budget.
What is a fiduciary financial advisor?
A fiduciary financial advisor is legally required to act in your best interest at all times — not in the interest of any financial product, commission, or third party. GAC Wealth Management operates as a registered fiduciary, meaning every recommendation our financial planning team makes is driven solely by what is best for you and your financial goals. This is an important distinction from non-fiduciary advisors who may recommend products that benefit them financially.
Does FEI & GAC offer free educational workshops?
Yes. GAC Wealth Management regularly offers free educational workshops for Florida residents and educators covering topics including retirement planning, FRS/DROP, 403b, Social Security strategies, investment basics, income planning, and more. These workshops are open to existing and prospective clients and are designed to provide clear, unbiased financial education with no sales pressure. Visit our Educational Workshops page or call (813) 600-3268 to learn about upcoming events.
Can FEI & GAC help with both my insurance and retirement planning?
Yes. This is one of FEI & GAC Wealth Management’s key advantages. Because our insurance agency (FEI) and fiduciary financial planning division (GAC Wealth Management) operate together under one roof, our team can look at your complete financial picture, both your protection needs and your long-term financial goals, and provide coordinated, integrated guidance. Many of our clients benefit from having both their insurance coverage and their retirement planning handled by one trusted team.