How To Determine The Amount Of Life Insurance You Need

Date: September 29, 2021 Author: Rinehart Insurance

Life insurance is not a fun topic to think or talk about. However, it is a necessary one. Do you have loved ones that depend on you financially? Do you have college loans or a mortgage that you do not want you family members to have to take over? Life insurance is about protecting those you love in the event that something happens to you. Your designated beneficiary would collect a financial benefit upon your death.

Life insurance can be confusing, but that’s where we come in. There are numerous types of insurance. Term, Whole Life, Universal Life. Not all plans may be the best fit for your needs. When looking at life insurance you want to make sure to get the best rate but also the best fit for your family’s needs.

Click here to learn more about the types of life insurance.

Once you determine that you need it and what type you want, how to you determine the amount of life insurance you need?

How Much To Buy?

A few common factors to keep in mind when determining the amount of life insurance you need are:

What debts do you have?
What is your income?
Do you want to pay for a child or children’s college education?
What expenses will continue even after you are gone?

Many people decide based on an income replacement calculation, between 5 and 10 times the amount of your current income. Think about your personal circumstances. Is your income the sole income for your household? Are there other expenses, such as college tuition, that may arise in the future? Don’t forget to include potential medical and funeral costs. One goal of life insurance is to ensure your family does not get stuck with bills, debts or expenses that they cannot afford.

Click here for a life insurance calculator.

If you have people that depend on you for financial support, it’s important to make an educated decision about life insurance options. Contact your agent today to discuss life insurance and your family’s needs.

Common Auto Insurance Terms You Need To Know And Understand

Date: August 25, 2021 Author: Rinehart Insurance

Auto insurance can be confusing at times. Policies often contain a variety of auto insurance terms that can be difficult to understand, especially for someone without a background in insurance.

The following is a list of common auto insurance terms to keep in mind the next time you meet with your insurance broker:

Accident report form: Sometimes referred to as a police report, this form contains important information about an auto accident, such as circumstances that led to an accident, the parties involved and details regarding the citations given.
At fault: This term refers to the degree to which a party caused or contributed to an accident. This term is often used to determine whose auto insurance company pays for specific portions of damages incurred as the result of an accident.
Automobile liability insurance: This refers to a type of insurance that provides coverage when a party causes an accident and either physical or property damage occurs.
Bodily injury liability coverage: This type of insurance provides coverage for injuries or deaths to people involved in the accident other than the insured driver. This coverage kicks in if an insured person is legally liable for an accident and also provides coverage for defense costs if the insured is sued.
Claims adjuster: A claims adjuster is a representative from an insurance company who investigates and settles claims. This person’s job is to ensure that all parties involved in an accident receive fair compensation.
Collision coverage: A form of auto insurance that provides for reimbursement for loss to a covered vehicle due to its colliding with another vehicle, object or the overturn of the automobile.
Comprehensive coverage: This coverage pays for any repairs not directly related to a collision. This includes damages from fires, thefts, windstorms, floods and vandalism.
Covered loss: A covered loss is any damage to yourself, your vehicle, other people or property covered by your insurance policy.
Declarations page: Sometimes referred to as an auto insurance coverage summary, this is a document provided by an insurance company. These documents list the following for policyholders:
o The types of coverage elected
o Specific limits for each coverage
o The cost of each coverage
o Specific vehicles covered by the policy
o Types of coverage for each vehicle covered by the policy
Deductible: A deductible is the portion of a covered loss that a policyholder agrees to pay out of pocket.
Endorsement: Any change, addition or optional coverage added to an insurance policy. An endorsement may require additional premium.
Garaging location: A garaging location refers to the primary location you park your car when it’s not in use.
Limits: Limits refer to the maximum dollar amount of protection purchased by the policyholder for specific coverages. State laws often require drivers to have a minimum level of coverage.
Loss: Refers to direct and accidental damages to a person or property.
Medical payments coverage: Coverage that pays for reasonable medical expenses and death benefits to a policyholder and any passengers injured in the event of an auto accident, regardless of fault.
Motor vehicle report (MVR): MVRs are official records held by states that detail a driver’s licensing status, violations, suspensions and other infractions incurred over the last several years. These forms are often used to determine premiums.
Named insured: The primary person the insurance policy is issued to.
No-fault automobile insurance: This type of coverage is used to compensate victims of accidents without having to prove who caused the accident.
Non-owners policy: This policy provides liability and add-on coverage for someone who does not own a vehicle.
Personal injury protection coverage: Sometimes referred to as PIP, this coverage pays for medical expenses, and, in some states, lost wages and other damages, if a person is injured in an auto accident, regardless of who is at fault. This coverage often covers pedestrians struck by vehicles as well.
Premium: A premium is the amount a policyholder pays to an insurance company for coverage.
Primary use: Primary use refers to how a policyholder mainly uses his or her vehicle. Primary use options often include work, business, pleasure or farm use.
Principal driver: The principal driver is the person who drives the insured vehicle the most.
Property damage liability coverage (PD): If an insured person is legally liable for an accident, PD coverage pays for damage to others’ property resulting from the accident. PD also pays for legal defense costs if you are sued.
Rental reimbursement coverage: This coverage reimburses you (up to a set daily amount) for a rental car if your car is being repaired due to damage covered by your auto insurance policy.
Uninsured/underinsured motorist coverage (UM): This coverage helps pay for medical bills, pain and suffering related to bodily injuries caused by a driver who is uninsured or underinsured.
Vehicle identification number (VIN): This is a unique 17-character sequence containing both letters and numbers that identifies a vehicle.

If you need clarification on any auto insurance terms or conditions when meeting with your insurance broker, don’t hesitate to ask. Doing so ensures that you fully understand your policy and get the coverage you need.

To discuss your auto insurance needs, contact Rinehart, Walters & Danner Insurance Agency today

Helping You Understand Your Auto Insurance Coverage

Date: June 2, 2021 Author: Rinehart Insurance

If someone were to ask you what was covered under your auto insurance policy, would you be able to tell them? Like most of us, you would probably have a hard time confidently answering that question. Interpreting the various types of coverage offered under your auto insurance policy can be tricky. But it can also be extremely beneficial. The more you understand your policy, the more peace of mind you have knowing you are sufficiently covered in an accident. To help you develop a better understanding of your policy, here are six types of coverage that it may include.

6 Types of Auto Insurance Coverage

1) Liability Coverage

Purchasing auto liability coverage can offer you financial assistance in the event that you are found liable for a vehicle-related incident. In most states, you are required to have two forms of liability coverage in order to meet the state’s minimum auto insurance requirements. The two forms of liability coverage offered are:

Bodily injury liability: Bodily Injury liability coverage pays for medical expenses caused by an incident for which you are found at-fault. If you or others listed on your policy were to injure a third party with your vehicle, it would be covered under your bodily injury liability coverage. Not only does bodily injury liability cover medical expenses, it can also help cover lost wages of the injured party.
Property damage liability: Similar to bodily injury liability, if you or someone on your policy collide with another person’s vehicle or property, your property damage liability coverage will assist you in paying for repair or replacement costs.

2) Personal Injury Protection (PIP) Coverage

Unlike bodily injury liability coverage, PIP is designed to cover medical costs, lost wages and other expenses for you, drivers listed on your policy and passengers in your vehicle who may become injured due to a car accident. Regardless of who is deemed at-fault. As such, it is also referred to as “no-fault” coverage. PIP coverage is not offered in all states. Since PIP requires your insurance company to help cover expenses regardless of who’s at fault for the incident, having PIP coverage typically results in higher premium costs.

3) Collision Coverage

Damage to your vehicle from a collision with another vehicle or object should be covered under your collision coverage. Collision coverage is typically required if your car is still being financed. But, once your car is paid off, you often have the choice to keep or remove collision coverage from your auto policy. Although your policy may be cheaper without it, collision coverage can be beneficial in helping you cover damages to your vehicle for which you are found at-fault. If the damages were caused by a third party, it would be up to their insurance company to cover the damages.

4) Comprehensive Coverage

Simply put, comprehensive coverage provides insurance for losses caused by anything that isn’t covered under your collision coverage. Such as losses from natural disasters, riots, vandalism and contact with an animal. If a tree were to get struck by lightning and fall on top of your vehicle, your comprehensive coverage could help cover damages to your vehicle from the incident. Although comprehensive insurance tends to have lower premiums than collision insurance, the cost can vary depending on your deductible amount and policy limits.

5) Uninsured Motorist Coverage

A recent study by the Insurance Research Council revealed that, in the United States, roughly 1 in 8 drivers are uninsured. Having uninsured motorist coverage can ensure you are protected in the event that your car is involved in a hit-in-run or if you get in a car accident with an uninsured third party. Let’s say you don’t have uninsured motorist coverage—if an uninsured individual were to crash into your vehicle, resulting in major repair costs and medical expenses, you could be financially responsible for all of your vehicle repairs and medical bills.

6) Underinsured Motorist Coverage

Much like uninsured motorist coverage, underinsured motorist coverage applies if you are involved in an accident with an individual who doesn’t have sufficient insurance to cover all of the damage to your vehicle or your medical bills. For example, if your claim exceeded the other driver’s policy limits, underinsured motorist coverage would help cover the remaining balance of the claim after the third party’s insurance limit was reached. Both underinsured and uninsured motorist coverage are required in some states, while it still remains optional in others.

Contact Us

For more information on the various types of coverage offered under your auto insurance policy, or for more information on your current policy, contact Rinehart, Walters & Danner today!

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Or Click Here to read how to save money on your auto insurance premiums.

Distracted Driving And The Risks You Need To Know

Date: April 21, 2021 Author: Rinehart Insurance

Did you know a recent study from the University of Minnesota found that talking on a cell phone while driving impairs one’s ability even more than driving while intoxicated? Talking on a cell phone and other driver distractions pose a major hazard to everyone on the road.

Preventing Distracted Driving

When driving, make sure to use the following precautions:

Do not talk on your cell phone or use the text messaging feature.
If you absolutely must conduct a conversation, use a hands-free device and speed dial.
Never touch up your makeup or hair in the rear view mirror.
Limit your conversations with passengers and ask them to keep their voices down so you can concentrate.
Do not smoke while you are driving, as you will probably pay more attention to not burning yourself or putting out the cigarette than driving safely.
Only adjust the radio or CD Player when you are completely stopped.
Never allow animals to sit on your lap while driving.
Do not eat or drink while driving.
Avoid reading maps or directions. Instead, pull into a parking lot to get our bearings and determine where you need to go next to reach your final destination.
Do not take notes or search for phone numbers.
Never use a cell phone (even with a hands-free device) in bad weather, work zones or heavy traffic.

We can help with all of your auto insurance needs, however, it’s up to you to drive safe. Distracted driving can lead to dangerous, and even fatal, consequences. Be a responsible motorist and make paying attention to the road your number one priority when you’re behind the wheel.

Click here to learn more about auto insurance.

Learn How To Save Money On Auto Insurance

Date: April 7, 2021 Author: Rinehart Insurance

In today’s world, everyone is looking for ways to make the most out of every dollar. Insurance premiums can be a large expense in most households. Even though auto insurance is something you are required to have, it doesn’t have to break the bank. We have a few recommendations that could help you save money on auto insurance premiums.

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Consider a higher deductible

The higher the deductible the lower the premium. A deductible is the money you the insured will pay before the insurance company pays out. If you have a $250 deductible and the total cost to fix your car is $2,000, you pay $250 then the insurance company will pay the remaining $1,750. However if you have a $1,000 deductible the insurance company will pay $1,000. By paying a bigger portion of a claim, your monthly premium will be lower. You pay premiums monthly, however, you will only pay your deductible if you have a claim. Why not save yourself money every month?

Keep a good driving record

Your auto premiums are a direct result of your driving record. This amount is determined by the insurance company to cover costs of insuring you and your family as drivers on the road. If you have no accidents or moving violations on your records, you may be eligible for a lower rate or good driver discounts.

Check if you qualify for low mileage discounts

Many insurance companies have “classes” of drivers based on how many miles they drive their car annually. Check to make sure your insurance agent has the correct mileage for you and if you qualify for any low mileage discounts.

Multi Line Discounts

Many insurance carriers offer auto, home and renters insurance. As a result, if you have your auto and home or renters insurance with the same company, you could qualify for additional discounts. This is not only a good way to save money, but a great convenience as you only have to contact one company or agent for monthly payments, questions, changes or the unfortunate event of a claim.

Click here to learn about homeowners insurance

Click here to learn about renters insurance

Work with an independent insurance agent/agency

By working with an independent insurance agent/agency you have more insurance companies available to you. A captive agent works with one company, an independent agent works with multiple companies. This works in your interest as they can shop insurance companies for you and find the best fit for your needs at the best rate. They can do the work for you to help you save money on auto insurance.

We’re here to help. Whether you’re a current customer or not a customer at all, give us a call and we can start looking into ways to help you save money on auto insurance today.

Replacement Cost vs Actual Cash Value, Which Do I Choose?

Date: March 17, 2021 Author: Rinehart Insurance

Your homeowners insurance policy can offer financial protection in the event of an unexpected disaster involving your home or personal property. But how you will be reimbursed following a claim depends on the type of coverage you have. There are two main valuation methods when it comes to homeowners insurance for you to choose between. Replacement cost coverage vs actual cash value coverage. By understanding the difference between these valuation methods, you can make informed decisions about your homeowners insurance and secure coverage that meets your needs.

Key Differences Between Replacement Cost vs Actual Cash Value

Although replacement cost coverage and actual cash value coverage can both offer financial protection in the event of a claim, the amount that your policy will pay out differs between these two valuation methods. Here are the key differences to help you weigh replacement cost vs actual cash value:

Replacement cost coverage can offer compensation for the cost of replacing your stolen, damaged or destroyed property with a brand-new version (as long as it’s similar in kind and quality to the original). For example, if your couch is destroyed in a house fire, replacement cost coverage would reimburse you for the cost of purchasing a comparable new couch. In other words, replacement cost coverage will replace your property without any deduction for depreciation.This form of coverage can be especially beneficial in protecting against major losses. Examples would be significant damage to the physical structure of your home or expensive items within your home. However, keep in mind that replacement cost coverage typically requires you to pay a higher premium. In addition, remember that you will only be compensated up to your policy limit amount. If you experience a covered loss that exceeds your policy limit, you may have to cover the difference. If you are concerned about the risk of a covered loss totaling more than your policy limit, be sure to consult your trusted broker to discuss additional policy options. This would be options such as guaranteed replacement cost coverage or extended replacement cost coverage—which can provide further financial protection.
Actual cash value coverage can offer compensation for the depreciated value of your stolen, damaged or destroyed property. This value is determined by the age, condition and expected remaining useful life of your property. Under this coverage, you wouldn’t be reimbursed for the full cost of replacing your destroyed couch from the above example. Rather, you would be compensated for current market value of the couch, based on the condition it was in before the fire. That being said, even if you initially purchased the couch several years ago for $2,000, you might only be reimbursed $1,000 for your loss due to depreciation.Although this form of coverage typically offers reduced compensation in the event of a covered claim, you will likely save money on your policy premium. Actual cash value coverage can be more suitable for individuals that live in low-risk areas. For example locations where incidents such as heavy winds, fires or theft are less common, or own fewer expensive items.

Which Coverage Is Best for You?

There are pros and cons to both replacement cost coverage and actual cash value coverage. In order to select the best coverage that meets your specific homeowners insurance policy needs, follow these steps:

Determine what you can afford by assessing the impact of both coverages on your financial stability. It’s important to consider the difference in premium costs and claim compensation amounts between each form of coverage.
Create a home inventory checklist of all of your belongings and their original value, as well as an estimate of their current value. Taking photos is a great way to capture and save information for your inventory. This practice will help you better determine which coverage offers the best protection for your unique belongings. Keep in mind that certain high-value items won’t be covered by your homeowners insurance policy and will require specialized coverage. This would include items such as jewelry, collectible items or fine art.
Calculate how much it would cost to rebuild your home if it were completely destroyed. Include added costs for labor, materials and any new or updated building codes in your community that you would be required to comply with. Avoid making a rough estimate for this cost. Be as specific as possible to ensure you know just how much coverage you need.
Analyze your personal risk. Be sure to select a coverage option that fits within your budget, risk profile and comfort level.

Should I Bundle My Insurance Policies Or Not?

Date: November 4, 2020 Author: Rinehart Insurance

If you’ve ever shopped around for insurance, you’ve likely been asked if you want to bundle your policies. In other words, combine your home or renters, auto and life insurance policies with the same carrier. Although you have the option to shop around individually for each policy, it almost always makes sense to have the same carrier cover as many of your policies as possible.

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Benefits of Bundling

The discount—Most policyholders bundle their policies because of the promise of a discount. The amount varies by provider but can generally range between 5-25 percent.
The option of a single deductible—With bundled policies, your deductible may be cheaper in the event of a claim that affects multiple policies. For example, if your home and auto policies are with two separate carriers, and a hailstorm damages your home and your car, you’re responsible for paying both your home and auto deductibles before receiving payment. But if you bundle your policies, your provider may offer you the option to pay only the higher of the two deductibles.
Less chance of being dropped—If you’ve made claims or gotten tickets, having your policies bundled with one provider can decrease the chance of them dropping you.

When It Doesn’t Pay to Bundle

It isn’t always better to bundle your policies with one insurance carrier. Here’s when it may be better to split them up:

If you have tickets or past claims that make your auto insurance expensive – In this case, it may be cheaper overall to buy each policy from separate providers.
When premiums increase—Bundling discourages people from price shopping, which makes it easier for providers to increase their rates. Most assume that you won’t go through the effort of shopping around when your policies renew.
If policies aren’t technically bundled—Some carriers may insure you with an affiliated company. Although you may get a discount with that company, you’ll lose the convenience of paying your premium with one familiar provider.

A Few Tips to Consider

Although discounts are the main reason people bundle their insurance policies, never assume that bundling is the cheapest option. Your needs and circumstances will dictate whether you should combine your policies with one carrier. Consider the following tips:

Shop for new coverage when your policies renew. Ask for the price of the individual premiums as well as the price of the bundled premium. Then you can decide whether it is worth it. Just make sure you compare the same coverage when shopping for quotes from each carrier.
Ask if the provider uses a third-party insurance company. Remember that you may save money but lose the convenience of dealing with one provider and a combined bill.
Ask an independent insurance agent to get prices from multiple companies so you don’t have to do the legwork. An agent that is loyal to a particular carrier may be able to offer discounts that you can’t get alone.

With multiple factors contributing to the price of your insurance premiums, it is important to shop around in order to get the best rate for your insurance needs. Feel free to contact us to determine if bundling is right for you and help you take advantage of all available discounts.

How to Avoid Underinsuring Your Home

Date: August 5, 2020 Author: Rinehart Insurance

Your home is one of your greatest assets and a significant long-term investment. As such, it’s vital to protect your home and its contents with adequate homeowners insurance. Nevertheless, recent research found that many homeowners lack proper coverage. In fact, nearly 2 out of every 3 homes in America are underinsured! That means that the home is protected to an extent by a homeowners policy, but that policy doesn’t have sufficient limits or coverage features to cover the full expense of a potential claim. What’s worse, the average underinsurance amount is over 20%, with some homes being underinsured by as much as 60%.

Don’t let your home become another statistic and suffer the devastating consequences of inadequate coverage in the event of a loss. Review the following guidance to ensure your homeowners insurance policy meets your unique needs and avoid underinsuring your home.

Coverage Elements to Consider When Insuring Your Home

Homeowners insurance offers financial protection in the event of an unexpected disaster or accident involving you, your home or your personal property. However, homeowners insurance policies consist of several different types of coverage. With this in mind, it’s important that you review each form of coverage included on your policy to make sure you are adequately insured for your specific risks. Here are some key coverage elements to look out for:

Dwelling coverage

Dwelling coverage is the portion of your homeowners insurance policy that can offer compensation for the cost of repairing or rebuilding the physical structure of your home if it gets damaged or destroyed by a covered event (e.g., a fire, a windstorm or vandalism). To secure proper dwelling coverage:

Make sure you have enough coverage to compensate the full cost of rebuilding your home in the current market. That includes construction expenses (e.g., labor and materials) and the associated costs of making sure your home is compliant with any new or updated building codes within your community. Many homeowners make the mistake of only purchasing enough coverage to compensate the real estate value of their home. That is typically far less than the cost of rebuilding.
Don’t forget any important features of your home’s structure when determining the cost of rebuilding. This includes the flooring, countertops and the type of or quality of materials used throughout the structure. Further, avoid making a rough estimate when determining the cost of rebuilding. Be as exact as possible and consider getting assistance from a qualified property valuation expert to ensure a correct calculation and adequate coverage.
Be sure to recalculate the cost of rebuilding your home and review your coverage needs whenever you make changes to your home. Examples would be things such as renovating the bathroom, remodeling the kitchen or adding an attached garage.

Other structures coverage
Other structure coverage is the portion of your homeowners insurance policy that can help cover the cost of repairing or rebuilding any detached structures on your property (e.g., a shed or fence) if they get damaged or destroyed by a covered event. Similar to dwelling coverage, it’s crucial to ensure that you have enough other structures coverage to compensate the full cost of rebuilding any of your detached structures. In addition, be sure to reevaluate your coverage needs whenever you make changes to any of your detached structures or add a new detached structure to your property.

Personal property coverage

Personal property coverage is the portion of your homeowners insurance policy that can provide reimbursement for the cost of stolen or damaged items inside your home, such as furniture or electronics. To ensure adequate personal property coverage:

Review your policy to ensure you have the best form of coverage for your unique needs. At a glance, there are two forms of personal property coverage—replacement cost and actual cash value. Replacement cost coverage can offer compensation for the cost of replacing your stolen, damaged or destroyed property with a brand-new version (as long as it’s similar in kind and quality) following a covered event. Actual cash value coverage, on the other hand, can offer compensation for the depreciated value of your property. This value is determined by the age, condition and expected remaining useful life of your property prior to the covered event. Be sure to weigh the pros and cons of each form of coverage before making a final selection. Click Here to read more about Replacement cost vs Actual cash value
Maintain an up-to-date home inventory checklist. Be sure to include photos of all of your belongings and their original value, as well as an estimate of their current value. This practice will help you better determine just how much coverage you need to fully protect your personal property. However, keep in mind that certain high-value items—such as jewelry, collectible items or fine art—won’t be covered by your homeowners insurance policy and will require specialized coverage.

Loss of use coverage
Loss of use coverage is the portion of your homeowners insurance policy that can help pay for temporary living expenses in the event that you have to move out of your home while it’s being rebuilt or repaired due to a covered event. Loss of use coverage typically equates to up to 20% of the insured value of your home. That being said, make sure you consult your broker if you are concerned that such a value won’t offer enough financial protection for your temporary living arrangements. Also, remember that if you conduct business within your home, this form of coverage will not protect against any loss of income related to your business. You will need to secure specialized coverage for business-related risks.

Liability coverage

Liability coverage is the portion of your homeowners insurance policy that can offer compensation for the expenses that may result if you are found liable for injuring another person or damaging their property. These expenses include medical payments, pain and suffering settlements, lost wages, legal costs and death benefits. Because these expenses can be significant, it’s vital that you have adequate liability coverage tailored to your specific risks. Otherwise, a liability claim could wreak serious havoc on your assets and financial well-being.

Most homeowners insurance policies typically offer a minimum of $100,000 in liability coverage. But, depending on your personal risk profile, you may need to consider securing additional coverage. After all, various property features (e.g., having pets, a trampoline or a pool) can increase your liability risks and require further protection. You may even want to consider purchasing personal umbrella insurance, which can provide additional compensation if your liability coverage is exhausted following a covered claim.

Keep in mind

Lastly, keep in mind that some events—including overland floods and earthquakes—are not always considered covered events on your homeowners insurance policy. If you live in an area that has an elevated risk of these weather-related catastrophes, you will need to obtain additional, specialized coverage. Also, don’t forget that you will usually (with the exception of liability coverage claims) have to pay a deductible before your homeowners insurance kicks in. What’s more, each form of coverage is subject to a limit, which is the maximum amount your policy will pay for a covered claim. Be sure to review your coverage limits to ensure maximum protection. After all, you want to avoid underinsuring your home.

How to Avoid Condominium Coverage Gaps

Date: July 22, 2020 Author: Rinehart Insurance

A new home, less work for you, now it’s time to relax and enjoy all the amenities…well, maybe not yet. If you own a condominium, it’s important to make sure you don’t have any condominium coverage gaps. Owning a condo creates both common and personal insurance needs. Make sure to determine what exactly is covered by your association’s master policy, and what is not.

Condo Association Master Policy

Typically, the condo association carries a master policy. This policy insures all of the property and common areas that are collectively owned by the unit owners. However, it usually does not provide any protection for the interior of your unit or personal possessions. That leaves you with condominium coverage gaps. So what do you do?

Purchasing Your Own Coverage

A Condo Insurance policy is designed to help prevent condominium coverage gaps. A condominium is different than a standard home, therefore it needs a specialized policy. The policy includes coverage for your personal possessions, structural improvements made to your living space and additional living expenses incurred due to an accident.

In addition to the covering your belongings, you will also want to purchase liability protection. This will cover you against lawsuits for bodily injury or property damage that you or a family member cause to other people. In some cases, it even includes coverage for pets. It will pay for the cost of litigation as well as any court awards. Coverage will be provided up to the limit of your policy, and covers you at home or away.

Other potential Condominium Coverage Gaps

Some additional coverages to consider including:

Unit assessment coverage: This coverage reimburses you for the expense passed on to you by the association as long as the cause of loss was covered by the association’s policy.
Sewer backup: This coverage insures your property for damage by the backup of sewers and drains. It does not include flood protection.
Flood or earthquake: These can strike anywhere, so It’s important to understand your risks and check into coverage options.

We are here to help. Give us a call if you would like to review your current coverage or if you need to get a brand new policy.

What All Newlyweds Need To Know About Insurance

Date: January 29, 2020 Author: Rinehart Insurance

Choosing insurance may not be as romantic as deciding where to go on your honeymoon, but it is one of the most important things you can do as newlyweds. Although most couples are aware of the need to readdress their insurance needs when they get married, there is a disconnect between that awareness and whether they take action.

Use the considerations in this article as a way to start a discussion about your insurance needs. Rinehart, Walters & Danner can then help you narrow down your options.

Auto Insurance

If you and your spouse have separate auto insurance policies, it may be wise to combine them. Get quotes from each of your carriers, and shop around to see if any others offer multivehicle discounts.

Life Insurance

Newlyweds who both have jobs and are not yet dependent on their spouse’s income may not see the need for life insurance. However, as they build their lives together, that dependency grows. If you’re young and healthy, you can benefit from getting life insurance early in your marriage. Typically, you can lock in better rates than if you were older. Remember that the older you get, the higher the rates, so don’t put it off for too long.

While life insurance is less urgent for young couples who are both working and don’t have children, it is important for newlyweds with only one working spouse or those who have children from a previous marriage to purchase life insurance early in their marriage.

If you already had life insurance prior to tying the knot, don’t forget to add your new spouse as a beneficiary.

Disability Insurance

Young people are more likely to become disabled than die prematurely. In fact, more than half of Americans identified as disabled are in their working years—between ages 18 and 64— according to the Council for Disability Awareness.

Disability insurance is historically inexpensive, and can pay you between 50%-70% of your regular monthly income if an accident, illness or injury prevents you from being able to work. If your employer doesn’t offer disability insurance, you can purchase it on your own. This coverage can be critical for you and your loved ones.

Health Insurance

Don’t make the mistake of declining health insurance, even if you and your spouse are healthy. An illness or emergency can cause newlyweds financial hardship that could have been prevented with health insurance. If you and your spouse both have health insurance through your employers, you can maintain separate plans, but it may be cheaper to be on the same plan. Doing so can help you reach your annual deductible more quickly.

Certain life events, such as marriage, allow you to join your spouse’s plan as long as it is within the required time frame. If you decide to share a plan, compare both employers’ coverage and costs to determine which plan best fits your health needs and finances. Be sure to consider each plan’s deductibles, coinsurance, copayments, coverage limits, prescription coverage and choice of health care providers. Remember that if you have a preferred doctor, you’ll want to make sure he or she is in your network.

Don’t panic if employer-sponsored health insurance is not an option for you. Coverage is available to everyone through the Affordable Care Act. You can visit https://www.HealthCare.gov to review and select a plan through the health insurance marketplace, either during open enrollment or within 60 days of getting married. Or, you can contact one of our health insurance specialist and they can assist you with this process. Timing is restrictive so it is important you check into this promptly.

Renters Insurance

If you rent your living space, you should consider renters insurance to cover the value of your possessions. If you already have renters insurance, don’t forget that you have more to lose now that you have combined belongings, such as furniture, electronics and jewelry. Consider increasing your limits on personal property coverage, which pays to replace or repair items that are stolen or damaged.

Homeowners Insurance

Homeowners insurance is similar to renters insurance, but it covers more than just your possessions. It also covers your home in case of fire, theft or other perils. Both renters insurance and homeowners insurance also provide liability coverage.

Shop Around for Coverage

Addressing your insurance needs early provides a solid foundation for your marriage. Review your financial situation and objectives with your spouse. Then contact Rinehart, Walters & Danner to help you find sufficient coverage within your budget.