Selecting life insurance in Burlington, NC that is appropriate for your goals and needs can be complicated, especially when you are unsure about the appropriate type of policy. In general, a term-life plan can provide a variety of terms that are available to address your needs and goals for a set period of time. Picking the right plan ultimately depends on your preferences.
Current Financial Concerns
Financial commitments, like a mortgage or student loans, can impact the duration of a term-life policy. If you have a long period of time before your commitments are paid off, then you may want a policy that is long enough for the total duration of your payments.
Generally, the amount of life insurance that you purchase for your family should consider the debts and liabilities as well as the amount of funds that you feel is appropriate for your loved ones.
Even though your commitments can give you a good rule of thumb, it is usually important to consider your personal preferences when it comes to selecting a policy that is appropriate for your goals and concerns.
Personal preferences can vary, but it ultimately depends on your comfort level. If you want a policy that will last until your children get through college, then you may need a policy that will protect your loved ones for 25 years. If you are only worried about short-term needs, then you can obtain a one to five year policy.
The key factor that sets term-life apart from a whole-life policy is the flexibility when it comes to the duration of the policy. You are not required to maintain your policy for several years. Contact us to speak to an agent to learn more about your options.
Most homeowners insurance policies do cover a roommate’s belongings if the homeowner still resides in the residence. It is best to check with your insurance company to see if there are any restrictions or exclusions that would affect this situation.
If you are renting out a room, it may be a good idea for the roommate to purchase a renter’s insurance policy for extra protection. This will guaranteed the coverage of their belongings should a disaster or unforeseen tragedy occur. These types of policies also provide protection in the event the roommate is sued for some reason.
Is there an additional charge associated with having a roommate covered under my homeowners policy?
This varies based on the insurance company. If you have more than one roommate, there may be an additional charge associated that may affect the cost of your current policy.
Do I need a lease for my roommate for their items to be covered?
Again, the insurance company will determine whether or not you need to have proof that the person was a roommate in your home. A lease should always be drawn up for a roommate agreement as standard practice for your own protection.
If the roommate is related to you, it is still a very good idea to have them purchase a renters insurance policy. You want to make sure every situation is covered.
These are just a few suggestions when considering taking on a roommate in your home. Consulting an independent insurance agent or your insurance company will save you time and money in the event something happens. Being proactive is the best way to approach any situation, and putting the safety of you and your tenants is first.
Having home insurance is necessary to ensure the protection of your home. If you are ever in a position where you feel the need to switch your insurance company for one reason or another and have your payments deducted from an escrow account, there are certain steps you have to take to make sure your insurance does not lapse during the process. Quite a few people think escrowing your insurance payments will cause problems if you ever need to switch. This is not true if you know what you are doing.
Can I cancel mid-term?
As a homeowner, yes you can. First, contact your mortgage lender to see if they can make payment to the new insurer, refunding the old insurer to balance out your account. Depending on the circumstances, you may be in the position where you will have to make that payment to the new insurer yourself and use the refund to replenish your account.
Getting the information from your home insurance company directly on how to complete the process will help. If you choose to have your mortgage company make your payments, escrowing your funds is a necessity and not an option. Take the time to speak to an independent insurance agent like Don Allred Insurance to ensure there are no missteps which could leave you financially liable. An independent agent can also help you find an insurance company that will meet all your needs to prevent having to switch carriers again.
For the best information that will help you make an informed decision, go to your trusted independent agent. Contact an associate at Don Allred Insurance today to get the results you need!
Having car insurance is mandatory under the law, but are there situations where you may need to have additional protection? This may be a factor when you start customizing your vehicle with specialized car stereo systems and expensive equipment. You may have to increase your liability insurance to keep your car fully covered. Why?
Just like a home, the value of your vehicle increases when you add improvements. Your current policy limits may not be adequate enough to cover the new additions. Policy restrictions and requirements vary based on which insurance company you have coverage with, and having an endorsement to cover your new stereo system is important, especially if it is very expensive. It’s best to speak to an independent agent that can give you options and help you compare policies that work for you and your budget.
Taking precautions to protect your investment is a smart move. Although this may be a higher coverage expense for your car, you can rest knowing that if anything happens, you will be able to recoup your losses. An agent can help you get a full coverage policy that would provide the best liability insurance coverage, and will help you determine which items need higher limits than others.
For quick, thorough advice in New York, contact an independent agency that can get results. The agents at Don Allred Insurance can help you acquire a policy that will keep you in the driver’s seat with money left in your wallet. Don’t take a chance on not having enough coverage for your car. After all – it’s a huge investment of time and money. Contact an associate at Don Allred Insurance today and see how they can assist!