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What’s the difference between comprehensive and collision auto coverage?
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Comprehensive covers all things you don’t have control over. Comprehensive pays for accidental loss or damage to your insured vehicle such as theft, fire, vandalism, collision with animals, falling objects, glass breakage, flood, hail, and windstorm. Collision covers accidents with other vehicles, stationary objects, rollovers, or damage while your vehicle is parked. You can have comprehensive coverage without collision, but not vice-versa.
The liability limits are the most important, you need to be sure that they are high enough in the event that you permanently injure or kill someone. In this situation you must make sure that your policy will cover any medical or legal costs that may result from such accidents.
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| Q: |
What is replacement cost under my home owner’s insurance and how does it affect me?
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Your home’s replacement cost is an estimate of the amount of money it would take to rebuild your home in the event of a total loss. It’s extremely important that the dwelling coverage figure listed in your policy is an amount that will cover the costs of rebuilding your home following a catastrophe. Many homeowners incorrectly assume if they insure their home for its estimated market value or assessed value, they’ll have adequate coverage, but replacement cost is not the same as these values. Bottom line is that you want to be sure your insurance policy is sufficient, I would be happy to review any policy with recommendations.
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How much life insurance does my family need?
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First, look at your annual income. Your family will need at least three to seven times your annual income to maintain your current lifestyle. Gather all your personal financial information and estimate what your family will need after you’re gone. Include ongoing expenses (day care, mortgage, car loans, a college fund) and immediate expenses (medical bills, burial costs and estate taxes). Your family also may need money to help them readjust…perhaps to pay for a move, or job hunting expenses. Remember, life insurance provides financial protection.
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Why do I need life insurance?
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It provides cash to your family after you die. The money your dependents receive (the death benefit) can be an important financial resource-to help pay the mortgage, run the household, and ensure that your dependents aren’t burdened with debt. It can ensure against your family having to sell assets to pay outstanding bills or taxes. What’s more, there is no federal income tax on life insurance benefits. If protection is not your primary goal, you should consider other financial protection. Please call to schedule a consult.
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expert: Shawn Capelle
