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Homeowners Insurance

A home is one of the biggest investments an individual or family will make. Homeowners insurance, often referred to as HOI, helps to protect from accidents or other incidents that can cause damage to the value of the home itself or the possessions kept inside the home. This may include scenarios such as damage from theft, vandalism, fire, and natural disasters.

What Is Liability Coverage?

In addition to property insurance, homeowners insurance may also provide liability coverage. Liability coverage can offer protection in the event that the homeowner or a family member is responsible for damage to the home. Liability coverage may also provide coverage in the event that a visitor is injured while in the home. In a case like this, homeowners insurance can help to cover the visitor’s medical bills and mitigate the need for legal action.

Natural Disasters

Homeowners insurance should be a special consideration for those who live in areas that are prone to natural disasters, such as earthquakes or floods. While insurance is not legally required for homes, mortgage lenders may impose certain insurance requirements for homeowners who are financing their homes. Homeowners seeking to finance their homes should discuss any potential homeowners insurance requirements with their lending company.

Selecting Your Homeowners Plan

There are several types of homeowners insurance that offer varying levels of protection for policyholders. We can help homeowners conduct a home inventory to determine the value of their property and assets. Based on this home inventory, we can help individuals and families select the optimal type of homeowners insurance to suit their needs, protect their assets, and provide a safety net for possible risks.

Why Should I Consider Long Term Care Insurance?

Many consider long-term care (LTC) insurance as a necessity only for seniors. While seniors are the primary beneficiaries of long-term care insurance, they are not the exclusive audience. In fact, the American Association for Long-term Care Insurance states that 37 percent of those who need it are younger than 65 years old. Those who need long-term care but who do not have proper insurance often face extremely high costs, which poses the risk of depleting a lifetime of hard-earned savings.

What Is Long Term Care Insurance?

Long-term care insurance is in place for those who need financial assistance for managing disabilities and chronic illnesses. These individuals may require assistance with daily care such as bathing, dressing, and eating. Additionally, long-term care insurance assists those with cognitive disorders including Alzheimer’s disease and other types of dementia. The care provided through long-term care insurance may be provided in-home, as well as in a living facility such as a nursing home or an assisted living community.

Long-term care insurance covers costs for services and treatments such as:

  • Nurses and home health aides that provide in-home visits to patients
  • In-home assistance with daily personal and hygiene tasks, such as meal preparation and bathing
  • Community services, such as adult day care programs
  • Costs associated with being admitted into a nursing home or assisted living facility

Long Term Costs

The costs of long-term care vary from state to state. Research shows that in 2013, the national average for a semi-private room located within a skilled care facility was roughly $91,000 each year, or $250 each day. The lower estimate of this yearly cost was $54,000 for Louisiana skilled care patients, and the higher estimate was roughly $170,000 for those in metropolitan New York.

Long Term Care Insurance Misconceptions

There are a number of misconceptions that surround long-term care insurance. For example, many individuals believe that Medicare covers the costs of long-term care services. However, this is not true. Medicaid covers some of these costs for low-income individuals. Additionally, a number of states have cut costs contributed to long-term care coverage for Medicaid patients, making proper coverage an uncertainty.

Middle Income Needs LTC Most

Wealthy individuals may have sufficient finances to cover costs, and low-income individuals may receive Medicaid coverage. But where does this leave middle-income individuals, who comprise the majority of the population? Experts suggest that these individuals are the ones who most need long-term care insurance. These individuals typically have too much income and savings to qualify for Medicaid, but too little income and savings to be able to cover the full costs of long-term care.

Contact us today to discuss your need for long-term care insurance and how we can help.

Auto Insurance

Auto insurance helps to cover drivers from accidents that involve their cars, trucks, motorcycles, and other vehicles. This type of insurance can cover individual drivers or families with multiple drivers and multiple vehicles. Auto insurance coverage is available to protect against financial loss that would occur from physical damage to the vehicle. It can also provide coverage for bodily injury to the insured members or other drivers, as well as other types of liability that may result from an auto accident.

Protection Against Theft or Damage

Depending on the type of auto insurance a driver has, coverage may include financial loss from any theft or property damage to the vehicle. If the insured driver was responsible for an auto accident, appropriate auto insurance can cover the costs of vehicle damage or bodily injuries to other drivers as well.

Injury Coverage

When the insured driver or other drivers are injured, auto insurance can help to pay for mounting medical bills. In some cases, auto insurance will help to cover lost wages faced by injured individuals who are unable to work because of their injuries. In the event of death from an auto accident, it may also help to cover funeral expenses to provide relief for family members.

Auto Insurance Requirements

Not only is auto insurance essential for protecting drivers from the hazards of the road, it’s also required by law in every state. Each state has certain minimum requirements for the types of auto insurance needed for drivers. If you’re unsure of the legal requirements for your vehicle, we can help. Let us evaluate your unique driving needs, habits, and risks to determine the optimal auto insurance policy for you.

4 Considerations for Purchasing Life Insurance

As we grow older, we must begin to answer important questions about our lives and the lives of our loved ones. This means addressing tough issues such as death and what will happen to family members in the event of a tragedy. When considering a life insurance policy, there are several key considerations that individuals should keep in mind. Both short-term and long-term needs and financial conditions should be evaluated. The most important goal is to ensure that a family’s financial plan will remain stable in the event of your absence.

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Life Insurance Considerations

Key considerations for choosing the right life insurance policy cover a broad spectrum of the policyholder’s life. These include details such as marriage, debt and home purchase, children and other dependents, career and income changes, and retirement. Even after a life insurance policy is chosen, these key considerations should be evaluated roughly every five years to ensure that any major changes will not have a negative impact on the policy or the policyholder’s loved ones.

Debt and Home Purchase

Life insurance policies can work to help offset certain costs associated with larger investments, including the individual or family’s home. Debt is also an important issue for consideration, as policyholders need to be sure that they select a policy that is adequate enough to cover needed ongoing payments. As a result, a life insurance policy may help families achieve debt relief. In times of grieving, avoiding added stress of finances can play a significant role in coping with loss.

Children and Dependents

Children and other dependents present a broad range of financial needs that occur over the course of their lifetime. Raising children will require a number of expenses such as diapers, food, clothing, and college tuition, to name a few. Statistics show that even without accounting for college tuition, children cost individuals and families an average of more than $300,000 until they reach age 18.

 Calculating Life Insurance Needs

Before selecting a life insurance policy, prospective policyholders should make sure to calculate current financial needs and issues. Additionally, financial projects should be made to help take into account any foreseeable changes or issues in the future. Life insurance is all about protection and planning, which means that these projections of the future play a critical role. Key components of calculating life insurance needs include the assets needed after the policyholder’s death, as well as the income that will be needed to ensure that loved ones can maintain an adequate standard of living for the household.

For more info, call 781-380-0599

Most Common Types of Personal Insurance

Personal insurance is a broad term used to describe certain types of insurance that help to cover the personal property and liability issues that an individual may face. Each individual’s personal insurance needs will vary. These needs depend on a number of factors, such as the type of property an individual is responsible for and the types of work or other activities an individual is involved in that may create certain liabilities. Being evaluated by an insurance professional is a critical component of staying personally, legally, and financially protected. Contact us to discuss which types of personal insurance you may benefit from.

Auto Insurance

Auto insurance is one of the most popular types of broad personal insurance. This is mainly because some form of auto insurance is required by each state, with laws that vary among states. Even those who rent or lease automobiles are required to have some sort of auto insurance coverage in place to protect from injuries and accidents that may occur on and off the road.

Types of Auto Insurance

There are several types and combinations of auto insurance available to drivers. These types of auto insurance are available to protect an individual’s property and liability, as well as any medical issues to drivers or other individuals as a result of an auto accident. The needs of each driver will depend on a number of factors, which is why it’s important for drivers to be evaluated by an insurance agent to determine which forms are most appropriate.

Common types of auto insurance include:

  • Liability insurance
  • Collision coverage
  • Comprehensive coverage
  • Personal injury protection
  • Uninsured and underinsured motorist protection

Homeowners Insurance

While homeowners insurance is not necessarily required in all areas, it is highly recommended. This is especially true for homeowners who live in certain areas that may present more risks to home damage, such as areas where hurricanes or earthquakes are more common than other areas. Apart from the value of the home itself, homeowners insurance is an important factor to protect all of the valuable belongings that are kept inside the home.

Homeowners insurance can help to protect from potential issues such as:

  • Loss or damage from fires or lightning
  • Vandalism and other types of malicious mischief
  • Snow, ice, or sleet
  • Falling objects that cause damage
  • Damage caused by faulty or damaged domestic appliances
  • Theft or damage of personal belongings, such as jewelry, antiques, and art

Want More Info? CALL NOW: (781) 380-0599

Why Business Insurance is Important

No matter the size of a company, business insurance is a critical element of protection. Business insurance helps to protect companies from a number of losses, such as liability, property damage, and employee injury. When disaster strikes, businesses need the support offered by insurance. In some cases, business insurance can be the key factor that keeps a business afloat in the face of a crisis.

Types of Business Insurance

There are three primary types of business insurance: liability insurance, workers’ compensation insurance, and property insurance. Each of these main types of business insurance has more specific options for coverage, depending on the needs of the business. Business owners should do their research to see which types of business insurance coverage are best. A business insurance agency can also help to provide valuable insight into a business’ insurance needs and the benefits of different types.

Liability Insurance

Liability insurance covers businesses from responsibility in the event that an accident occurs. For example, liability insurance is helpful in the event that a customer slips and becomes injured on the business’ property. Liability insurance would also work to protect a business if a customer becomes injured by a defective product that was manufactured or sold by the business.

Workers’ Compensation

Workers’ compensation is a type of insurance coverage that protects a business’ employees if they become hurt on the job. Workers’ compensation covers injuries that occur on the business’ property, as well as off property if the injury occurred while the employee was “on the clock” performing a job-related task.

Property Insurance

As indicated by the name, property insurance covers any damage that may occur to the business’ location. For example, a flood can result in catastrophic damage to buildings. Without adequate property insurance, a business may be forced to close its doors in the face of overwhelming repair costs and equipment damage.

Legal Requirements

Many states require certain levels of coverage for different types of businesses. Not only does business insurance help to protect business owners and their employees, it helps to keep the business functioning within legal requirements of the state. Business owners who don’t have insurance for their business are urged to speak with an experienced business insurance agency. A business insurance agency in the state will be familiar with the state’s legal requirements for operating a business. The agency will work to thoroughly evaluate the functions and services of a business to ensure that all legal needs are met and all risk areas are covered.

For more info on Business Insurance, call (781) 380-0599

Auto Insurance Savings for Student Drivers

Auto insurance rates are highest for student drivers and those under 25 years of age. The reasons for the increased rates are due to the young driver’s inexperience and statistics show an increase in traffic accidents for young drivers. Auto insurance companies can combat these higher rates by offering a number of discounts to lower the overall cost. Lower insurance rates are available by becoming eligible for these discounts:

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The Good Student Discount

Good student discounts are discounts offered to students who maintain a 3.0 grade point average. To be eligible for these discount students must be between the ages of 16 and 24 and show good scholastic accomplishments such as making the dean’s list, honor roll or achieving high SAT scores. The student remains eligible for the discount, which could be 15 percent or more as long as the grade point average remains the same. The student may be required to submit a copy of the student’s report card or school transcript as proof of eligibility.

Safe Car Discount

Safety features on newer cars such as anti-lock brakes, airbags, and a passive restraint system lower the rates for student drivers. Safer cars generally mean fewer accidents and fewer insurance claims, which save the company and the policyholder money in the end. Reduced rates are given to drivers that have no accident claims.

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Discounts for Driver’s Education Courses

Many insurance companies offer discounts for student drivers that have taken a driver’s education course or defensive driving course. These courses provide the student with the knowledge to avoid traffic accidents and be a safer driver, which also lowers the young driver’s risk factor. These courses can be found by checking your local directory or performing an Internet search. Check with your insurance company for state-specific eligibility and requirements such as certificate of course completion.

Adding Student Drivers to Existing Policy

Parents can add student drivers to an existing policy for less than if the student applied for a separate policy. Assign the student to an older model vehicle for more savings. The policy will cover the student when driving this vehicle. The premiums will go down year after year as long as the student remains on the policy. The longer the student has been driving the less risk they pose to other drivers.

Additional Ways to Save Money on Auto Insurance

Additional discounts are offered for older model cars, multiple cars on the same policy and cars with security or anti-theft systems installed.

Things to Consider When Buying Auto Insurance

In my last blog I talked about things to consider when buying homeowners insurance. I also spoke about the costs associated with the insurance. One thing that can help to offset the premium is to combine home and auto insurance with one carrier. Many companies offer up to a 15{15f1a233c156bea60e24ed4b0a9c44f31f66ebebce98603cd69dbfddc9938677} discount for the business.
 
Other factors that your agent will look at to determine the most effective, cost efficient coverage is the following:
 
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AUTO INSURANCE

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  • Year, make and model of vehicle
  • Address car is garaged
  • Drivers – all household members eligible for coverage
    • Date first licensed
    • License # and date of birth

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COVERAGES

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  • Full physical damage coverage required if loan is involved
  • If more than one vehicle on policy multi-vehicle credit could apply. Also, account credit would apply if home/auto with same company

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Many companies offer various credits and discounts. The best advice is to consult your agent and discuss your coverage needs. Take advantage of all savings by having your agent assess your needs on a yearly basis.
If you would like to read our blog on Things to Consider When Purchasing Homeowners Insurance please click on the following link:

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Things to Consider When Purchasing Homeowners Insurance

Purchasing a home for the first time can be extremely overwhelming. There are so many new considerations, for example finding the right mortgage lender, interest rates, loan amount, space requirements, inspection and homeowners insurance to list a few.

This article is meant to help first time buyers consider some common items that may have an effect on your homeowners insurance:

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    • Is the home in a flood zone? If so, this could substantially increase insurance costs.

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    • Do you own a dog? If so, some insurance companies may deny you home owner’s insurance coverage or increase your premium due to the breed of the dog or what is referred to as “high-risk” breeds, including but not limited to Pit Bull, Rottweiler, Doberman, German Shepherd, etc.For more information regarding “high-risk” breeds contact your insurance agency.

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    • Do you own a trampoline? If so, this could increase insurance costs.

 

  • Cost of Homeowners Insurance:

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The cost of homeowners insurance is based on the cost to rebuild the residence from the ground up. The market value of the home does not play a role in determining the cost to rebuild.

For example, you could buy a 750 square ft. home on Beacon Hill in Boston and have paid $1 million for it because of the land. However the insurance value might only be $ 150K because it is only 750 square feet or the cost to rebuild (i.e. land doesn’t burn).

Generally the insurance value is estimated using a cost to rebuild figure ranging from $185 to $225 per square ft. to rebuild a “normally” constructed home. However, if the house has several upgrades using high end finishes the cost could go as high as $500 per square foot or higher.

As you can see there are many variables that go into determining the cost of homeowners insurance. The best advice is to contact your agent as early as possible in the home buying process so they can give you an estimate as to what the expected cost may be.

Life Insurance Buying Tips

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Life insurance can be a very confusing topic to many people who are looking into coverage for the first time. We have put together some helpful things to keep in mind when you begin the process:

  • How long do you need the coverage to last? By determining this upfront you can usually decide whether Term or Permanent insurance is best for you.
  • Figure out the amount of coverage you need. There are several insurance needs calculators available today over the internet but in short you are trying to determine the number of years of income you are trying to replace on a working spouse. The second major reason to purchase life insurance is to cover the amount you owe on a mortgage or bank loan.
  • Depending on the type of coverage you are looking for you can either begin your research on the internet or by speaking with an insurance broker if you need help calculating the correct amount or type of policy? Insurance rates are the same whether you contact the insurance company directly or work through a broker so you may want to seek some help with this step.
  • Look for an insurance company that is Financially “A” rated or better with one of the major rating services such as AM Best or Fitch.
  • Make sure the policy has a liberal conversion policy. This feature can allow you to continue your coverage in later years even if your health has declined.

Once you have completed your research and found the company with the most competitive rates for what you are looking for you are now ready to schedule your medical exam and start the application process. This final step usually takes 3-5 weeks before you are approved and have your new coverage in place.