Author: AgentInsure

Can a person have multiple life insurance policies at a time?

Posted on by AgentInsure

When you think about all of the different types of insurance you can buy, you normally think about one policy for each risk that you want to cover. If you have a car or a business, a single policy will provide you with the coverage you need. The same may be true for health insurance and home insurance. Why then would someone in Matthews, NC want to buy more than one life insurance policy?

It is not all that unusual for an individual to have multiple life insurance policies. It is also perfectly legal to have as many life insurance policies as you want. As long as you can find a life insurance company willing to write a policy on your life, and you pay your premiums, you could have a hundred separate life insurance policies.

While it might be a little ridiculous to own so many policies, some people feel more comfortable buying multiple life insurance policies to get the amount of coverage they need. If you want a million dollar term life policy, you could buy a single policy from one insurer, or you can buy 10 separate policies in the amount of $100,000 each.

If you purchased a whole life policy when you were young and your life changes so you need more coverage, you may want to buy a second life insurance policy. A whole life policy may be used as part of your retirement planning. A term life policy may be used to protect your minor children for a period of time until they are out on their own.

Life insurance can cover different events. While you can buy one policy in any amount you choose, sometimes, it is more convenient to buy two or more different policies. Some people use the proceeds of one policy to pay estate taxes. Some people buy a specific policy to cover the remaining principal on their mortgage. Whether you buy one or several policies is up to you. An independent agent can help you decide the best course of action to take when you need life insurance.

Can husband and wife remain on life insurance policies after the divorce?

Posted on by AgentInsure

Getting a divorce can result many different changes, but it does not necessarily mean that a husband and wife are no longer under the current life insurance policy of other individual. Life insurance policies do not make automatic changes to the beneficiary of a plan, so it is necessary for you to change the person listed as your beneficiary if you get divorced and no longer want your ex-spouse to receive the funds if you pass away.

Providing Proof

Depending on your insurer, it may be necessary to provide proof of the change to your life situation and circumstances before you are able to make changes to your current policy. Some insurers may allow you to make changes on a regular basis without proof of a divorce, but sudden alterations or changing certain types of plans may require additional documentation.

Proof of the change to your life circumstances can take the form of a copy of the documentation after you leave the court.

Keeping the Current Beneficiary

Just because you are no longer married, it does not mean you are required to change the beneficiary on your plan. Insurers allow you to name any individual or organization as your beneficiary. You can also name more than one person with a set percentage of the amount.

If you determine that you want to maintain coverage and keep your ex-spouse as your primary beneficiary, then you do not need to make any changes or you may want to focus on altering the percentage if you have more than one beneficiary.

An ex-spouse is not automatically removed from your life insurance plan, so making any changes will require you to contact your insurer. Contact us to talk to an independent agent for more information.

What is the importance of being the first named insured on an insurance policy?

Posted on by AgentInsure

Insurance policies often include the declaration, insuring agreement, exclusions and conditions sections. The exclusion section describes specific items or events for which the policy offers no coverage, and the conditions section identifies the terms under which the policy is effective and valid. The agreement section states the covered items and summarizes the policy. The declaration page is often the first section of policies. It lists what and whom the policy covers.

What Is A Named Insured?

When you purchase an insurance policy, you’ll name people, including yourself, and entities that the policy insures. These are named insureds, and they are declared in the first section of the policy. Named insured have insurable interest in the policy, which means they share in the financial benefits if there is a covered loss.

First Named

The first named insured often is the owner of the policy. If you are this person on an insurance policy, your name is indeed listed first in the policy declarations section. It also means that you are responsible for managing the policy. You initiate applicable changes to the policy, such as adding additional insureds, and cancelling the policy. You’ll likely b the one making premium payments, and you’ll also be the one that receives refunds and policy update notices.

Additional Named Insureds

Courts in Matthews, NC recognize additional named insureds. If you need to name another person or entity in your policy because of some contractual agreement, give us a call so our Matthews community agent can help you update your policy. You’ll likely add them after the insurance company writes your policy, so the insurer will usually list them as addendums to your policy. They have the same rights as named insureds that are listed in the declarations section – though not the same as the first named insured.

Does every licensed driver in a household require that they be on the same auto insurance policy?

Posted on by AgentInsure

You’re in a situation where you have multiple drivers living in the same household, and you’re not sure whether everyone needs to be listed on your policy. In this type of situation, insurance companies assume that all household members have equal access to the vehicles. Due to the potential risk that this causes, many companies require all drivers to be listed on the same auto insurance policy. This may include household members who do not currently hold a license, but have been licensed in the past. In addition, if other household members have their own cars, adding multiple automobiles under the same policy is helpful for decreasing your insurance costs. Multi-car discounts add up fast, although this can backfire if one of the household members has an accident or moving violation.

If you have roommates or other non-family members in the household and you don’t want them sharing a policy with you, some insurance companies allow adjustments to the auto insurance policy. You have to prove that the household member is an excluded driver from your policy. Each company has their own requirements for qualifying as an excluded driver. Generally, the household member has to prove that they hold their own insurance policy on their vehicle, and they will not be driving your vehicle.

Insurance companies may penalize you if an excluded or uninsured driver ends up getting into an accident while driving your vehicle. You are held liable to costs associated with the accident. It’s also likely that the insurance company will cancel your policy in this situation.

My lawn equipment is stolen from my house will homeowners insurance cover this ?

Posted on by AgentInsure

Nothing is more irritating than finding that expensive personal belongings have been stolen from your house. Depending on the situation, you may discover that your homeowners insurance has limitations on the coverage that you have purchased. When your lawn equipment is stolen from your house, you may have coverage to help pay for the replacement cost, but the amount that is available can vary.

Provisions for Theft

Many homeowners insurance policies do have solutions to help pay for the replacement of personal belongings that are stolen from your house, including the lawn equipment. The problem that may arise is related to the amount and the method of calculating the loss.

Some insurers will give the full replacement value of the item. Other insurers may only offer the replacement value after subtracting the depreciation rate from the item. You may also discover that there is a maximum limitation on how much you can claim for personal belongings like lawn equipment.

Protecting Against Theft

Before you assume that your policy has enough to protect against the theft of expensive items, evaluate the details of your plan. In some cases, you may need additional protection due to the high cost of replacing lawn equipment or the limitations in your policy. Many insurers will only provide a percentage of the policy to help pay for the replacement of stolen items. That may mean that you do not have enough to pay for the full cost of replacing expensive equipment.

Every insurance policy is different, so the details about your plan may vary. In some cases, you may want to consider additional protection for expensive equipment or items if you are not sure that your current plan is appropriate. Contact us to talk to an agent for more information.

Can you buy car insurance in one state for a car that is currently registered in a different state?

Posted on by AgentInsure

When you live in Matthews, NC and commute to a different state, it can be tempting to look for insurance coverage that is appropriate for the state where you drive the most often. Even though you may commute across state lines, it is not usually appropriate to buy car insurance in a state that differs from the state where you have registered the vehicle.

Protection Across State Lines

Living in one state and driving over the border to a different state can make it confusing to determine the appropriate auto coverage for your vehicle. State laws often have different minimum requirements regarding the coverage that is appropriate; however, you want to insure your vehicle in the state where you live and have registered the car.

Even if the other state has a higher minimum requirement, buying insurance in a different state can result in losing coverage after an accident or facing penalties in your home state.

In general, many insurers will automatically adjust your policy when you are driving in a different state.

Finding an Appropriate Policy

The decision to buy car insurance that is appropriate for your vehicle can depend on your goals, budget and concerns. An appropriate policy begins with ensuring that the minimum state standards are met. After you know what you are required to carry, you can add to the policy based on your personal concerns, the vehicle and your budget.

It is not appropriate to purchase insurance in any state that differs from the one where you live and have registered the car. If you are moving, then you will need to buy a new plan for the state where you are moving and then register the car as soon as you move. Contact us to talk to an agent for more information.

What type of insurance should I take from the rental car company when renting a car?

Posted on by AgentInsure

Rental cars make life easier when traveling, since you aren’t dependent on taxis and public transportation when you go on vacation or travel for business meetings. One thing to keep in mind when you’re traveling to Matthews, NC is that any insurance coverage on the rental vehicle must adhere to North Carolina’s state minimum insurance coverage. This includes a minimum of $60,000 to cover injuries, $25,000 for property coverage, and you also need uninsured motorist coverage.

Rental car companies offer to insure your car when you pick it up. The rental car insurance may be a flat fee for your entire rental period, or charged on a per day basis. Before taking them up on their offer, look at your own auto insurance policy.

Your auto insurance usually extends to rental vehicles, so you may not need to purchase separate rental car insurance. Confirm that you meet the state minimum standards with your policy before choosing to forgo the rental company’s offer, however. Another rental car insurance option is to pay with a credit card that offers this type of insurance. Credit card based rental car insurance comes in two forms: primary and secondary. Primary coverage acts as full automobile coverage for the rental vehicle, while secondary supplements your existing car insurance by paying your deductible if you get in an accident. Examine the terms of a credit card based insurance option carefully to ensure you’re properly covered.

Keep loss of use costs in mind when deciding whether or not to select the rental company’s insurance. Loss of use is a cost that the company charges to cover the time period it takes to repair or replace the rental vehicle. This is not typically a cost covered by regular auto insurance, but it is by the rental company’s insurance option.

My brother is loaning me his car if I insure the car can he be held liable for an accident I get into?

Posted on by AgentInsure

Borrowing a vehicle from a family member can make the insurance for the vehicle seem complicated. Even if you buy car insurance for the vehicle under your name, your brother is still the owner of the car and may need to have his own policy to ensure that it is properly protected. Depending on the situation, your brother may or may not be held responsible for an accident that you cause while you borrow the vehicle.

Your Insurance

In general, your car insurance policy will pay for any damages or injuries if you cause an accident while you are driving. If your brother also has coverage for the vehicle and your plan does not provide enough to pay for all of the liability costs, then the additional expense may become your brother’s responsibility since the vehicle is his property.

Taking Responsibility

Even if you do not own the car, it is your responsibility to pay for any property damage or injuries that you cause to another person. If you cause an accident, then you are liable for the accident as long as you have coverage.

When you do not have coverage for the vehicle under your own name, the liability will fall to your brother’s insurance plan in most situations. The reason is that he is allowing you to drive the car and you are not the property owner. As a result, he can be held responsible if you are not able to take responsibility for any reason.

As long as you have auto insurance under your own name for the vehicle, the responsibility of an accident that you cause will usually be handled by your policy. Contact us to talk to an agent for more information about liability protection.

My landlord claims that I have damaged the apartment and is keeping a part of my security deposit. Will the Matthews, NC renters insurance cover this loss?

Posted on by AgentInsure

Putting in a security deposit with your landlord in Matthews, North Carolina is a normal way to ensure that any damages to the property are paid after you move out. If damages were not related to normal wear and tear, then your landlord may keep a portion of the security deposit to pay for the damaged property. When this happens, you may or may not be able to make a claim on your renters insurance.

Different Situations

A homeowners plan that is designed for renters can cover very specific concerns. In general, renter’s insurance may cover liability, personal belongings and similar concerns. You may or may not be covered against the damages to the home that you rented, depending on the situation.

Every insurer offers policies that are appropriate for the company and the concerns that you want to address.

Causes of Damage

Since you may have some protection against certain losses, it is possible that the cause of the damage and the reason that the landlord is keeping the deposit may allow you to make a claim.

Damages that were caused by a fire, an accident or any similar situation may be covered by some insurers. The key is finding out what is covered and what is not based on the information provided in your insurance policy.

Renting an apartment can seem complicated, especially when you put in a deposit that you expect the landlord to return. Depending on the situation, you may or may not be able to recover the funds. Contact the JC Demo Insurance Group to talk to an independent agent for more information about your options and the claims process.

What Are The Tips for Estimating the Value of my home in Matthews, North Carolina?

Posted on by AgentInsure

To determine the value of any home, the best practice is to have a home appraiser out to the location and to allow for a thorough evaluation of the property. However, for insurance purposes, this may not be necessary. For homeowners in Matthews, North Carolina, or the surrounding area, it is possible to get some help from an independent agent on estimating this value.

Factors to Consider

For insurance needs, the homeowners policy should cover the value of the home as a replacement value. If the home were to burn down, for example, the homeowner would likely want to rebuild the property. The value of the home, then, must take into consideration the cost of rebuilding it by today’s standards.

In addition to this, an insurance policy should also take into consideration any valuables in the home that would need replacing. This includes basic items, like furniture and clothing. It also includes appliances. In many cases, homeowners need to up the value of their home to include any highly valuable items in the space, including electronics, collectibles, and jewelry.

Getting the Right Figure

By working closely with an insurance company in Charlotte, Concord, or the surrounding area, it is possible to get an accurate estimate of the home’s value. In addition to this, individuals may wish to compare similar properties in the area. Talking to a contractor can also provide specifics about hard-to-value homes.

The key is not to focus just on the home’s value, but also on the cost to replace contents and to actually do the building of it. All of these factors play a role in determining how much insurance a home should have to ensure it is protected from unknown risk factors.