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Pomona, CA 91766

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California Insurance Blog

Renovating Your Home and Your Home Insurance

You updated your home to a proverbial castle, and it probably feels great to enjoy the time there. Your update improved your quality of life and the other individuals living with you. Your home insurance policy from THINK Insurance & Financial Services helps you do this, and this blog explains why you need to update your home insurance policy after renovating your home.

Renovation Improves Your Home

Your Pomona, CA, home improvements didn’t just make your home more fun to spend time in; it also made it more valuable. Improving the curb appeal, adding insulation, building a deck or porch, or many other projects add value to your home.

Some items, like a new bathroom or bedroom, add thousands of dollars to the value of it. Renovating the kitchen adds about $20,000 in lasting value to your home. That figure applies if you update all appliances, update the cabinets and the counters, and replace the floors if they need it. Many projects add whopping amounts to the value of your home.

Your Home Insurance Requires an Update

Aha! When you increase the value of your home, you need to increase the value at which your insurance covers it. When you purchased your policy, it included the home value from the purchase. If you paid $240,000 for your home, that’s the amount you insured it for.

Just as the bank checks the home’s actual value before offering you a mortgage and only funds it, home insurance lets you insure it at its actual value. When you renovate, adding $100,000 of value, you need to update the home policy to cover the home’s new value of $340,000.

Contact THINK Insurance & Financial Services Today

Insure your Pomona, CA, home fully. Contact THINK Insurance & Financial Services today for a home insurance update. Let us help you protect your financial investment in your home.

Auto Insurance for Rideshare Drivers: What You Need to Know

Providing rideshare services can be a great way to leverage your vehicle to earn a full-time or part-time income in Pomona, CA, and the surrounding areas. But before you sign on with Lyft or Uber and start taking customers, you’ll want to ensure your auto insurance policy is comprehensive enough.

We at THINK Insurance & Financial Services can help you assess your current insurance and determine whether you need an upgrade. But in the meantime, check out the following information for a quick look at what you should know.

Your Existing Policy Might Not Cover You

Many new rideshare drivers assume that since they’re using their car, their existing car insurance policy will be protection enough should they get into an accident. However, unless you happen to know your current policy also covers business use of your vehicle, you’re probably dealing with a coverage gap.

Failing to disclose the fact that you’re now using your car to earn money and update your policy accordingly can land you in hot water with your insurer. Not only will they likely not compensate you if you have an accident while driving your car for business purposes, but they may decide to drop you as a client altogether.

Your Rideshare Service Might Not Cover You, Either

Yes, services like Uber and Lyft provide some protection for their drivers while they’re on the job; but it’s not enough. You still need rideshare coverage to ensure you’re always protected – with or without passengers in the car and whether or not your rideshare app is on.

If you’re in or near Pomona, CA, drive for Uber or Lyft, and need help upgrading your auto insurance, call us at THINK Insurance & Financial Services. We’ll help you make sense of everything and settle on the perfect policy for you.

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