I already have homeowner’s and auto insurance. Isn’t umbrella coverage unnecessary?
Umbrella policies are meant to cover anything missed after you max out your auto and/or home insurance. Gonzalez & Company will always encourage you to get the maximum amount of auto and home protection so you aren’t left in a dilemma later. Remember, even if you do get the highest benefit available, there could be a situation where the maximum is surpassed and you still aren’t able to meet all your expenses. Umbrella coverage will pick up the slack left behind by your other policies.
Umbrella insurance also makes sure you have protection against libel, slander, malicious prosecution, shock and mental anguish, false arrest, detention, and imprisonment. Neither your home nor your car insurance will include these safeguards.
I thought my homeowner’s policy covers my personal property. So why do I need a separate plan for valuables?
Your homeowner’s policy will cover a certain amount to replace damaged or stolen belongings. Depending on how your carrier calculates payouts, you may only get a set benefit amount which might not be enough. Of course, you may not care all that much if you’re just looking to buy a new bicycle or Xbox. If you were looking for an insurance payout for more expensive belongings like jewelry, furs, or collectible items, then you may be very disappointed.
That’s why our agents encourage clients to purchase valuable property coverage to make sure they are fairly compensated for items that aren’t covered by homeowner’s insurance. Pricey equipment or machinery, wedding gifts, musical instruments are all examples of possessions that should be named on a valuable property insurance.
I don’t live in a flood area. So I don’t need to get flood insurance, right?
You may have noticed that US weather is a little unpredictable. Regions that never experienced flooding before have recently had entire cities underwater, and seasonal storms are a lot more intense than in past years. Even if you live in an urban area, far away from a lakefront, and in a traditionally non-flood zone, it’s still possible that your neighborhood’s sewer system could become overwhelmed and flood waters will reach your front door.
Gonzalez & Company recommends flood insurance for most homeowners living in New York, New Jersey, and Pennsylvania.
We’re both young and healthy. We don’t even have kids yet. What’s the point of buying life insurance now?
In fact, buying life insurance while you are young and healthy is the best time to do so. Buying life insurance now will ensure you lock-in lower premiums and more favorable terms. Plus, when you’re young then you may not have other investments or assets available that can be used to help settle your estate or assist your family’s budget. That makes life insurance an even more important benefit for you and your spouse to have available.
None of us knows what the future holds, and unexpected deaths caused by accident or illness do happen at every age. Although we can’t protect your family against the emotional loss, we can protect them from any financial hardships by having a life insurance policy in place.
Our house is paid in full and we both get Social Security. Aren’t we too old to invest in life insurance now?
It’s wonderful that you and your partner have planned ahead for your golden years. This means neither of you will be without income or a place to live should the other pass away. However, there are other unforeseen expenses that an untimely death can cause and life insurance can help.
You and your partner may not realize how much you rely on each other. You manage medications, run various errands, and perform household chores. Or maybe your partner does this for you. A life insurance policy can offset the cost of in-home health care or assisted living services should either partner pass away.
Finally, the obvious benefit from life insurance is to pay for the funeral and burial costs which go higher and higher every year.
