Skip to content
Click to Call
Think Insurance Financial Services

300 S. Park Ave, Ste. 903
Pomona, CA 91766

Get Directions

California Insurance Blog

Is Homeowners Insurance Required?

When you own and operate an automobile, in Pomona, CA as well as throughout the United States, insurance is mandatory, so is the same true when you own a home? The short answer: no. 

Legally speaking, homeowners insurance is not required, however in many cases, the lender (most likely the bank from which you are getting the mortgage to purchase your new home) will require a policy to cover unforeseen situations (fire, theft, natural disaster). Be sure to speak to an agent at THINK Insurance & Financial Services, serving the needs of Pomona, CA to discuss the requirements of individual lenders.

For areas that are susceptible to specific problems, such as earthquakes or floods, it will most likely be mandatory that an additional policy is procured that deals with that specific issue (earthquake insurance and flood insurance coverage is separate from homeowners insurance).

When your home has been paid off, and a lender is no longer necessary, insurance is not a requirement by law. Talk to an agent at THINK Insurance & Financial Services to find out more about the importance of maintaining your home insurance policy, however, after your house has been paid off. After all, you will want to protect your investment!

If you have chosen to buy a condominium or co-op, you must follow the Home Owner’s Association (HOA) or the board’s rules. The chances are that they will insist that those purchasing in the community acquire homeowners (or condo) insurance. It is vital then, as the buyer of a condo or co-op, that you find out from the board exactly what kind of coverage is required.

In the case of a townhouse, the association may or may not have a master policy- covering the structure and the common areas- if they do, you will need to additionally purchase renters insurance. If they do not, then you will get homeowners insurance.


Buying A Car That Won’t Increase Your Insurance

Are you looking to buy a new car in Pomona, CA and want to avoid paying too much for your insurance? That is understandable, and we at THINK Insurance & Financial Services can help. Here are tips for buying a car that won’t increase your car insurance rates.

Vehicle Value Is Crucial

The value of your vehicle will affect the insurance rate in a simple fashion: cars that are worth more require higher insurance rates. However, cars with very low values may also cost more to insure due to their more breakdown-prone nature. Try to strike a middle ground here.

Consider Vehicle Size

Do you want a huge beast of a vehicle to haul goods or work supplies? Then be prepared to pay a little more for your insurance. Large vehicles cost more to insure because they usually have lower safety ratings than smaller cars. Make sure to investigate which vehicle of this type has the best safety rating to avoid paying too much.

Buy As New As You Can

Older cars will cost more to insure because they are more prone to breakdowns than newer cars. So try to find a car that is as new as possible and which fits into your personal budget. It may cost a little more initially, but it will save you a bundle on your insurance premiums.

Limit The Car’s Power

One odd thing about high-performance vehicles is that they often cost more to insure than cars with lower powered engines. Why is that? High-powered engines are more expensive to repair and may be prone to the kinds of breakdowns that are difficult to perform. So don’t buy a car with high horsepower unless you need it.

These tips will help anyone in Pomona, CA avoid paying too much for insurance when buying a car. If you need any more help here, please don’t hesitate to contact us at THINK Insurance & Financial Services today.

Recent Posts

Recent Comments




    Servicing States

    • Alabama
    • California
    • Georgia
    • Hawaii
    • Nevada
    • North Carolina
    • North Dakota
    • Texas


    Partner Carriers

    • Allied
    • Biberk
    • CSE
    • Employers
    • Explorer ICW
    • Foremost
    • Infinity
    • Mercury
    • National General
    • Nationwide
    • NEXT
    • Pacific Specialty
    • Progressive
    • Safeco
    • Stillwater