Monthly Archives: April 2014

Will a roommate’s renters insurance policy cover my possessions, too?

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Personal belongings and possessions are only covered under a roommate’s renter policy if you are named on the policy. If your name is not on the policy, all personal belongings and possessions that do not belong to the individual named on the policy will not be covered.

Renters insurance typically only applies to the individual who is listed on the policy. There are some cases, such as spouses, domestic partners, and family members, which are exempt from this rule.

When applying for renters insurance, the individual who is applying has the option to add a co-applicant to the policy. This co-applicant can be another roommate. If, and when, the policy is purchased, the individual who is listed as a co-applicant will have their personal belongings covered.

In cases where a roommate has already purchased renters insurance, there may be a possibility to add an additional person to the policy. This can be done by contacting the insurance company and asking to add another person to the policy.

While adding an individual to an existing roommate’s renter policy is ideal, some insurance companies do not allow that to happen. In these cases, the individual not listed on the policy will need to purchase their own renters insurance to cover their personal belongings.

Another situation where an additional renters policy may be needed is an incident where the cost of personal belongings exceeds the limit of the renters policy. When adding someone to a renters insurance policy, the limit for claims does not increase. If the cost of personal belongings exceeds that limit, two renters insurance policies may needed to provide adequate coverage for all personal belongings.

Don’t find yourself in a situation where your personal belongings are not covered when living with a roommate. Work with your ROP Insurance agent to find renters insurance policies that will provide adequate coverage for your personal belongings.

If a Trip is Cancelled or Interrupted, will I be Reimbursed for all Travel Expenses I Paid for a Trip, Including Those that may have been Purchased After Purchasing an Travel Insured Program in Milford, PA?

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Travel insurance is designed to protect you from financial losses when your trip is cancelled or interrupted in Milford, Pennsylvania. Depending on the type of coverage you purchased and the details of your policy, your travel expenses may be covered, regardless of when you purchased the item, ticket or insurance.

Policy Details

Since insurers may offer a variety of different policies and options, buying the right travel insurance can depend on the situation. Before you assume that you are covered for every ticket or item that you purchased, read your policy and evaluate the clauses, exceptions and details.

In some cases, you may be covered for a canceled trip. In other situations, you may discover that only the tickets and items that were purchased before the insurance will be covered in full.

Partial Coverage and Possible Options

In some cases, your trip may be partially covered for certain tickets and fully covered for other tickets. For example, some insurers may offer partial coverage for items or tickets that were purchased after the insurance while others will offer full coverage for every factor related to your trip.

A variety of options are available, so the amount of coverage that you purchase may vary. You may also have a set limitation on how much you will be reimbursed, depending on the policy that you purchased.

Insurers offer several different plans, so the exact details of your policy may vary. In many cases, you will be able to make a claim for all of the expenses, but some insurers may have a set limitation on the dollar amount they will provide. Contact us to talk to an independent agent for more information.

What are the benefits of buying child life insurance in Dunmore, PA?

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Most people think of buying life insurance for themselves and their partner since the main benefit is to replace the income that is lost when a person dies. Since children aren’t providing any economic benefit to the family, most people see buying a child’s policy as a waste of money. However, buying life insurance for your child does have some benefits.

First, since you’re buying a smaller policy, the premiums are quite affordable. For most children, a $10,000 policy is enough as it will cover funeral and burial expenses, and the premiums on a policy that small are minimal.

Purchasing a life insurance policy while the child is young may help them remain covered for the rest of their life. You’ve probably heard the stories about young adults, ready to purchase their first life insurance policy, turned down because they survived cancer as child. Likewise adults who develop health problems as adults may also be denied coverage. Some policies allow for children to remain covered, throughout adulthood, even if they become ill.

Buying a policy for a child may also build up some savings for them to use when they’re ready to go to college or buy their first home. A number of whole life insurance polices build up a cash value so that when the policy is canceled, the child can receive a portion of the premiums which were paid into the account. However, at this time the policy would be canceled and another type of life insurance should be purchased.

If you’re interested in buying life insurance in the Dunmore, Honesdale or Milford, Pennsylvania areas, an independent agent from our team will be happy to answer your questions and assist you in the decision process.

Should I just buy basic life insurance coverage or is it worth considering the “bells and whistles” that some policies offer in Honesdale, PA?

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Many people are confused by the life insurance options and as a result decide to do nothing. It seems that just ignoring the issue is easier than wading through the information to decide which policy is best for you and your family.

However life insurance is very important, especially when you have dependents that rely on your income. If you pass on, your partner will have to not only get through the grief, but also care for and support the children on their own salary. If your family’s budget is set up to require two incomes, you really cannot afford to be without life insurance.

For many families with young children, a basic term life policy that’s good for 20 or 30 years will be sufficient. It’s inexpensive and it will be in effect until the children are grown and out living on their own. Most young families have mortgages, car payments and kids’ activity fees, so having low premiums is a great feature. Once the term is over, you won’t have any coverage, but you will likely be at a point where you have built up your own savings, have increased your income and no longer have child-related expenses, so you won’t need the money a life insurance policy will provide.

Whole life policies are great for people who are older and will need the certainty of a payout upon death. If you’re already near retirement but don’t have sufficient savings or if you have a disabled adult child who depends on you for financial support, a whole life policy, with all the bells and whistles, is probably your best option since you will be covered until you pass on.

Residents of Honesdale, Dunmore and Milford, Pennsylvania who are interested in buying life insurance can contact us for more information. An independent agent will explain how life insurance works and answer your questions so you can make an informed decision before you purchase your policy.