3 Tips for Getting the Right Life Insurance Policy

At Dove Insurance Agency, every agent knows how important it is to have the right type of life insurance policy. Residents who live in Blacksburg, VA have many different options available to them when it comes to making sure their loved ones are financially secure if the unthinkable happens. The right life insurance can make all of the difference. 

Know Your Goals

Know what your goals are. Do you want to provide for your family if you pass away and leave them behind or do you want to have enough set aside to cover your final expenses? If a term life insurance policy is opened early enough, you may be able to cash it out and use the money for your retirement.

How Much Coverage Do You Want?

Life insurance policies can be written for almost any amount of money if you are willing to pay the premiums. Do you want enough coverage to help your family maintain their lifestyle? Many people want to leave enough money to protect their loved ones from financial disaster.

How Much Do You Want to Pay?

Whole life is more costly than term because it is designed to continue to grow equity. Term life is only for a set period. Once the value of the policy is reached, the payments stop. Term policies are more affordable, but they are also more limited.

In Blacksburg, VA, the agents at Dove Insurance Agency are able to answer all of your questions concerning life insurance and the types of policies that are available. Call today and schedule an appointment so you can get the answers you need.

Buying A Rental Property? Know Some Key Insurance Points

There are many ways we can fall into owning a rental property. Some save diligently, while others may simply find a great deal. Sometimes we inherit properties through family or rent out a former home.

For those Dave Ramsey followers, if you’re in the latter stages of the baby steps then you should know to be patient, and do your homework.

No matter how you came into possession of your rental property, there are some items to consider to properly insure your investment.

Amount of Dwelling Coverage

This is the amount of coverage on the structure. Ideally you want coverage for the full replacement cost, so in the event of a fire or covered loss, there’s adequate coverage to fully rebuild. Replacement cost takes into account the characteristics of your property (square feet, number of stories, brick or frame, kitchen/bathroom quality, etc..). And remember, replacement cost won’t always match your purchase price or tax valuations. Each of these calculations are specific to their valuation platforms.

In some cases, the property may not be worth the replacement cost or perhaps the condition of the structure warrants less coverage. An ACV (Actual Cash Value) policy can used in these situations. Older homes and mobile homes often fall into this category. An Independent Insurance Agent can help you make the right choice.

Loss of Rents

Coverage that provides fair rental value of the property while it’s uninhabitable due to a covered loss. Length and amount of coverage varies by carrier. Some, like Lititz Mutual, include loss of rents at no additional charge while others offer this coverage as an added endorsement.

Liability Coverage

Similar to your auto or home insurance, landlord insurance provides liability coverage for claims where you’re legally responsible for an accident on the property that causes injury to others. Amount of coverage typically ranges from $100,000 to $1,000,000. Depending on the number of properties you own a personal umbrella may be a good product to look into.

Some Final Tips

Here are some other tips from Dave Ramsey to consider with real estate as an investment:

  • Be patient and look for deals. The better the deal, the better your potential return on investment. Buying foreclosures is a good way to get a deal if you shop smart.
  • Don’t buy an investment property for the tax write-off. You’ll make more money investing in mutual funds.
  • Consider better tax advantages. After you’ve done 30 or more deals, you can consider buying and selling real estate within a self-directed IRA. That means your investments grow tax-deferred. Talk to an investment Endorsed Local Provider about this option.
  • Work with a real estate professional you can trust. With all the experience Dave has in real estate, he still uses a real estate agent. If you’re ready to buy or sell property, talk with one of Dave’s real estate Endorsed Local Providerstoday!

Serving The Commonwealth of Virginia For Over 50 Years

Instead of working for one big company, our family of Independent Agents represent multiple insurance providers. This allows us to compare rates and coverages so you’ll get the best coverage-to-value policy available.

We’re here to serve you.