When purchasing life insurance, the question really isn’t how much you need, but how much capital your family will need at the time of your death, which depends on two variables:
Expenses. How much will be needed at death to meet immediate obligations? This amount takes into account all final expenses: uncovered medical bills, funeral and estate-settling costs, outstanding debts, mortgage balance, and college costs to name a few.
Income. How much future income is needed to sustain the household? This is the number you’ll arrive at after calculating the “present value” of cash-flow streams your family will need after your death.
During the fall and winter in southwest Virginia it’s common for cold fronts to bring strong winds to our area.
So what happens if a storm damages your roof and blows some shingles off? Is this covered by your homeowners policy?
Yes, partially damaged roofs are covered on your homeowners policy. However, your deductible applies first before coverage is available. Remember that your policy deductible is the amount you’re responsible for before insurance “kicks in.”
Homeowners insurance only pays for the damaged part of the roof. So if a storm blows some shingles off or if the roof is partially damaged, your policy will not pay for a brand new roof. Again, only the damaged part is covered.
A typical homeowners policy will have a deductible of $1,000. It’s a good idea to review your deductible every few years to see if you have enough cash saved in case of a claim. A higher deductible will lower your policy premium.
Serving the Commonwealth of Virginia For Over 50 Years!
At Dove Insurance Agency our family of Independent Agents are dedicated to serving you and working with your lifestyle. We’ll educate you on the coverage you need to keep your property and family secure, no matter what the future brings.
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.
Technology continues to disrupt each industry and insurance is no different. When I say disrupt, this isn’t meant in a negative way.
There are numerous examples of how technology has simplified both personal and business insurance. Sometimes it shows up in your yearly premium, and often you’ll see it as “ease of doing business.”
Do-It-Yourself Home Inspections
Whenever you start a new home insurance policy your carrier will inspect the property. These inspections are exterior only, though if your property is deemed high valued (typically $1 million plus) your carrier may require an interior inspection as well.
More insurance carriers in Virginia are rolling out DIY home inspections. Instead of sending someone, your inspections can literally be completed in the palm of your hand. All you need is smart mobile device and 10-20 minutes.
These apps will link to your insurance policy and upload the pictures directly to your carrier. For example, the app may ask you to take a picture of your home from the outside front with the roof line pictured as clear as possible. Then you just snap and send.
A DIY inspection is not available for each insurance carrier. I expect in the next few years this will be widely adopted, and some carriers may require a DIY inspection as part of the application process.
First off, congratulations! Hopefully by paying off your vehicle or home you’re one step closer to being debt free.
While the loan may be satisfied there are still other items that need your attention. Here are 3 things to do now that you’ve paid off your car or home:
Contact Your Insurance Agent. When you finalize your payment requirements for your loan it’s up to you to notify your insurance carrier. Credit unions, mortgagees, and banks (even local ones) will not contact your insurance carrier to be removed from the policy. That falls on you. It’s a small task, but it can help avoid a bigger problem down the road.
Review Your Insurance Coverages. According to lendingtree statistics, the average auto loan length in Q1 of 2019 was 69 months! Now that your car is paid off do you still need full coverage? Or would lowering your deductibles help save on the rate? Now that enough time has passed do you need to increase your liability limits? The point being that there are many benefits by reviewing and updating your insurance policies.
Consider Paying Your Insurance Policies In Full. With the extra monthly payment gone it’s a good idea to look at other ways to save on your insurance policies. Your homeowners insurance is already calculated on a paid in full basis if it was previously mortgagee billed. If you elect to put it into payments that will increase the rate. Many carriers, including Progressive, Travelers, Safeco, and Grange, offer discounts for paying your policies in full. Paid in full discounts can even be up to 20%!
If you need Insurance for your Virginia Business you should contact us at Dove Insurance.
We can help with many business types, such as Accounting Office, Church, or an HVAC Business. And we have several coverage and carrier options for you with top Insurers including Travelers, Liberty Mutual, and Hartford.
Debris from vehicles, falling branches, or even sudden expanding cracks as you’re driving down the road—yes, glass damage happens all the time and comes in many forms. My favorite is the policyholder who broke their back glass loading wood beams… twice in consecutive weeks.
Glass damage falls under Other Than Collision Coverage (comprehensive) and is subject to a policy deductible depending on the severity of the damage. Often if your glass can be repaired there’s no deductible.
So what’s the difference between a windshield repair and replacement? According to Glass America:
Windshield Repair: a convenient, cost effective way to fix minor chips and cracks in your car’s front windshield. If your windshield damage is not directly in the driver’s line of vision, chances are good that your auto glass can be repaired. Another good way for you to assess the damage is to see if the crack is NOT longer than your credit card, then it can usually be repaired.
Windshield replacement: If the windshield damage is more severe than a minor chip or crack, or if the crack is in the driver’s line of vision, then most likely your windshield will require replacement. Cracks or holes that go all the way through the glass and cracks that are longer than a credit card usually indicate a replacement is warranted.
Who can fix your glass? Insurance carriers work with a wide number of local shops that are part of their “glass network.” National companies, such as Safelite and Glass America, are also used by most carriers. And you can even use a shop out of a carrier’s glass network, though work may not guaranteed.
Full Glass Coverage On Auto Insurance
Insurance carriers such as Progressive, Grange, and Safeco offer full glass coverage, meaning that there is no deductible for glass damage. This coverage is for glass only, and separates the amount you pay out pocket from your selected Other Than Collision deductible.