Is State-required Auto Insurance Adequate?

Everyone wants to save. And when it comes to auto insurance, it isn’t uncommon for motorists to buy the state-required minimum auto insurance. But is it adequate? Hang on as THINK Insurance & Financial Services of Pomona, CA advises whether you need more than the state’s minimum car insurance. 

State-required auto insurance in California

Like many states, California requires drivers to carry auto insurance. Here are coverages that car owners are expected to maintain:

  • Bodily injury liability: Covers you when you are legally liable for an accident that causes physical harm to other people. The minimum required is $15,000 per person and twice the amount for accidents relating to more than one person.
  • Property damage liability: Pays for damages that you cause to other people’s property. The minimum amount required in California is $5,000.
  • Uninsured motorist coverage: Provides bodily injury and property damage coverage when you collide with a motorist with no insurance. In California, this insurance is optional, but it’s highly recommended.

As you can see, the minimum coverage limits may not protect you when involved in a severe accident. To avoid sliding into a financial mess, talk to your insurance agent to increase your liability limit. Alternatively, you can consider umbrella insurance to offer you extra liability protection when faced with significant liability claims.

Are the minimum-required auto insurance coverages sufficient?

While observing the state-required minimums is essential, most drivers consider other insurance coverages for optimal coverage. You see, the required auto insurance coverages cover other people but not you and your vehicle. That said, if you need well-rounded protection, consider the below optional coverages:

  • Collision coverage: To cover physical damage to your car when you collide with other motorists.
  • Comprehensive coverage: Protects your vehicle against non-collision-related perils like theft and vandalism.
  • Medical payments coverage: Pays for medical expenses for you and your passengers when involved in an accident. 

Are you looking for auto insurance coverage in Pomona, CA? Please contact THINK Insurance & Financial Services for a competitive quote.

What type of health plan is best for you

Choosing your health insurance plan is vital to your health care. The plan you choose needs to provide coverage that will protect you and be there to help pay medical expenses when you need it. Not all health insurance is the same, picking the right plan will help to make sure you can count on it to be there for you. At THINK Insurance & Financial Services in Pomona, CA, we are one of the largest full-service independently owned insurance agencies in the state. It allows us to provide our clients with the best service and rates. 

Different types of plans have different provider networks and in order to make an educated decision, you need to understand what each type of plan has to offer and how it affects your cost. 

HMO– With a Health Maintenance Organization you must see a healthcare provider within the plan network except in rare instances. You have a primary care physician who is in charge of your overall healthcare, and you may need them to make referrals to specialists within the network. 

EPO– If you have an Exclusive Provider Organization plan you must get your health care within the network, but you are not required to have a primary care physician nor do you need to get a referral to see a specialist within the network. 

PPO-With a Preferred Provider Organization you have more options. You can see someone in the network or outside the network, the choice is yours. You may pay more for services outside the network but having flexibility may be worth it. 

POS– If you can’t make up your mind, a Point of Service is a combination of PPO and HMO. You will need a referral to see a specialist, but you can get service outside the network. 

Contact THINK Insurance & Financial Services in Pomona, CA with all your health care insurance needs. 

Tips for Buying Renters Insurance

Renters insurance may not be mandatory in Pomona, CA, but some landlords may require you to have it when renting their properties. While it comes with benefits such as protecting your possessions and providing liability coverage, it is vital to have an idea of what to expect when buying your policy. THINK Insurance & Financial Services details some of the crucial factors to keep in mind when getting renters insurance.

Understand the Different Coverage Options

Renters insurance helps to protect tenants against multiple incidents such as theft, vandalism, and fire outbreaks. Depending on the coverage you take, this policy will also help you replace your personal property when hazards occur, along with providing compensation for repairing covered parts of the building. However, events such as flooding are not covered by some policies, meaning it is worth going through the finer details of your coverage options to evaluate any inclusions and exclusions.

Take Inventory of Your Possessions

Renters insurance comes with different limits for every tenant, a factor that is often based on the value of your personal property. Due to this, consider taking inventory of your possessions to evaluate a suitable cover for your needs. Make it a point to inform your insurance agents of any valuable items such as expensive jewelry, as these may require separate coverage.

Avoid Sharing Policies

Sharing renters insurance with your roommates may seem like an ideal option for saving costs but may end up creating difficulties down the road. Sharing policies will likely open up room for conflicts over matters such as compensation and default payments that cause penalties. Getting an individual renters policy makes for a suitable alternative. It helps you have a properly laid out structure of handling any emergencies that arise during your renting period.

If you reside within Pomona, CA, consider getting renters insurance from THINK Insurance & Financial Services. Get in touch with us today to help you get started on your coverage journey.

What’s the Difference Between Condo Insurance and Homeowners Insurance?

As a Pomona, CA resident, it’s best that you have insurance for your home. You might have a challenge choosing between condo insurance and homeowners insurance. This because, on the surface, the two policies seem similar because they both protect the homeowner from risks associated with their home. To know which among the two is best for you, it’s best to look at their differences. No matter what policy you end up settling for, THINK Insurance & Financial Services has your back.

The Structure of the Policy

Condo insurance (HO6 policy) is structured to offer protection to the inside of a home at its basic level. As the homeowner, you can upgrade your condo insurance policy with a condo association’s insurance to protect your building’s exterior and surroundings. There is also the condo association’s master policy which protects fixtures inside like appliances, furniture, and carpets. This policy can also be expanded to offer loss of use and personal liability coverage.

In contrast, homeowners insurance policy (HO3 policy) offers comprehensive coverage for the interior and exterior of the house at its basic level. Thus, you won’t need to upgrade your policy to cover most of the stuff included in the condo association’s policy and the condo association’s master policy.

Can You Take Condo Insurance as a Renter? 

Risk doesn’t choose whether you are a homeowner or just a renter; you need some insurance, but not a condo insurance policy. Your landlord is the one to take this as it will help them repair and renovate the house in case of any disaster. As a renter in Pomona, CA, you should go for a renters/tenants insurance policy. This will cover the loss of your belongings if they are damaged or stolen during a disaster.

Are you looking for condo insurance? At THINK Insurance & Financial Services, we’ll provide you with all the help you need. Contact us today.

Auto Insurance: Expectations vs. Reality

When most of us shop for auto insurance, we expect to get all the coverage we want for an affordable price. When reality doesn’t materialize, we are often left confused and disappointed. There are many factors and variables that go into determining how much you will pay for your auto insurance. It’s a good idea to explore the realities of the different factors that affect how much you’ll pay for car insurance so that you’ll know what to expect and how to navigate your choices. 

Factors that Affect Insurance Rates…

Yes, this is true. The team at THINK Insurance & Financial Services of Pomona, CA understands this. However, they understand what variables affect how much a diver will pay. If you’re a driver under twenty-five, have numerous traffic violations, live in an urban area, or drive a luxury car, what you pay for car insurance will more than likely be impacted by these factors. 

Why Do These Factors Matter?

As you explore the reasons for a great increase, it becomes clear that certain things may raise risk factors. For example, living in an urban area increases the likelihood of car accidents and theft.  Drivers under twenty-five are typically more inexperienced drivers, which typically puts them more at risk for potential car accidents. Motorists who own and drive luxury cars usually pay higher insurance rates than people who drive cars that have higher safety ratings and lower replacement or repair costs. logically speaking, most of us understand that numerous tickets and traffic violations make us an obvious risk, and as a result, often affect what we’ll pay for car insurance. If you’re a motorist that has questions about what factors may affect your insurance rates, give us a call. Were here to help. Our team at THINK Insurance & Financial Services is committed to helping motorists navigate car insurance and find the best rates and the best types of coverage for their unique situation. 

What to Look for in Health Insurance for Pre-Existing Conditions

If you or a closed loved one has a pre-existing condition, you must have health insurance.  However, when looking for health insurance, you have to find one that effectively meets your family’s specific health needs.  Our agents at THINK Insurance & Financial Services serving the Pomona, CA area could work with you to find the best plan that could cover you and your family’s health conditions.

Find a Reasonable Plan

In California, there are various types of health insurance plans.  There are HMOs, PPOs, and plans for people with low-incomes.  However, if you have a pre-existing ailment, it’s important to find one that could cover your condition.  In 2014, California law made it illegal for an individual health plan to deny coverage or charge high premiums because of a person’s condition.  So the state created a marketplace called Covered California that helps you determine if you qualify for a program that meets your needs and finances.

Two Programs for People with Pre-Existing Conditions

When finding a health insurance plan that fits your health situation, you could also try looking at special programs.  California has created a couple of programs for people with pre-existing conditions who can’t get a regular plan.  One of those is known as the Major Risk Medical Insurance Program (MRMIP).  This insurance program is state-funded and does sometimes have a waiting list due to limited funding.  Those who qualify for the program participate in paying monthly premiums to cover its cost.

Contact us for help in Finding a Plan

Finding the right plan for you or your family member’s pre-existing condition takes a lot of work.  Let one of our trusted insurance agents at THINK Insurance & Financial Services assist you.  Contact us regarding what policies are available today.            

How Does Renters’ Insurance Work?

When you are renting a place to live you need specialized insurance to protect you from a number of disasters and calamities. If you don’t yet have renters’ insurance, call us at THINK Insurance & Financial Services in Pomona, CA to talk to an agent about this must-have insurance type. 

Protecting Your Belongings

Unlike home insurance, renters’ insurance doesn’t cover the building itself. The building is the responsibility of the owner, and they must have insurance for it. As a renter, all you need is a renters’ policy. This will give you financial protection against your belongings being ruined or destroyed. It’s an important type of insurance to have to ensure your quality of life after a disaster happens.

Protecting You Financially

Part of a renters’ insurance policy is coverage for your liability to third parties. If someone were to become injured or ill in your rented home, you may be liable for the conditions that led to it. That’s where renters’ insurance comes in. It pays for the medical bills that are incurred during an incident that you are liable for. This is a much-needed type of financial protection that is far better to have in place than to simply go it alone and hope that an accident or other incident never happens. 

Protecting Your Standard of Living

If your rented home were to have a serious calamity that made your home uninhabitable, your renters’ insurance will pay for you to maintain your standard of living and to live elsewhere while the rented home is repaired or rebuilt. This allows for plenty of peace of mind as you don’t have to worry about what you would do if there were a serious catastrophe.

Talk to an Agent

If you don’t have renters’ insurance in place yet, you need to talk with an agent to learn more. Call us at THINK Insurance & Financial Services in Pomona, CA.

 

 

3 Myths About Condo Insurance

Buying a condo in Pomona, CA? There are a few things you should know before settling in, and a few myths we’d like to dispel.

1. You’re Covered Through Your Condo Association

Not exactly. Your condo association fees will cover insurance payments, but that is only on the building itself. That means that if the building were to catch on fire, if someone were to drive into it, if it were to be damaged by a storm, then your condo association’s insurance would kick in to cover the losses.

If your condo were to be broken into, on the other hand, the condo association policy would only cover the broken window. The lost items would have to come from your own personal condo insurance policy.

2. I Can Afford To Replace My Stuff, So I Don’t Need Condo Insurance

First of all, your condo association might require you to carry insurance, anyway. Secondly, the real concern is a liability. If someone is injured on your property, you’re going to be the one paying for it if you don’t have a personal condo policy.

3. My Policy Will Cover Tenants

If you’re renting your place out, either temporarily or on a permanent basis, your policy will only cover your tenants if it specifically states that it will. And it probably doesn’t. Your renters will need to get covered on their own renter’s policies. It’s not a bad idea to require this of your tenants.

If you have any questions, get in touch with THINK Insurance & Financial Services. THINK Insurance & Financial Services can get you the coverage you need for your condo in Pomona, CA.

Life Insurance Options in Pomona, CA

If you want to know what your life insurance options are in Pomona, CA, you should consider what the professionals who work with THINK Insurance & Financial Services can do for you.

In the state of California, how much life insurance do you need depends on your responsibilities and your age. You should consider the standard of living things that you want for your dependents after your passing. You should also think about the number of resources and assets that you want available to your dependents at this point. Basically, you just need to think about what your needs and the needs of your descendants are going to be and purchase life insurance accordingly. If you are overinsured, this can end up being a very big problem for your long-range financial goals and budget. However, you don’t want to be underinsured either, because then you won’t be adequately providing for your loved ones.

You can work with a professional to determine how much life insurance you need. You should also think about how much money you can actually afford to pay. Based on your current family budget and coverage goals, you should choose a life insurance policy. The good thing is that you do have many options, but it’s good to make sure that you choose the right one.

There are two basic types when it comes to life insurance; these are term life insurance and cash value life insurance. There are also many policy variations within these categories.

If you have questions about life insurance in Pomona, CA, you should consider contacting THINK Insurance & Financial Services. The skilled professionals here will be able to answer any questions you have about life insurance and possibly be able to point you in the right direction in terms of getting a policy for yourself.

Commercial Insurance Requirements in Pomona, CA

Anyone who is interested in learning more about commercial insurance in Pomona, CA might want to see what a real agency, such as THINK Insurance & Financial Services, has to offer.

If you are a business owner in the state of California or contemplating becoming one, you will need to know about commercial insurance. It can provide you with protection from common business losses, such as business interruption, property damage, liability, theft, and worker injury. You will need to purchase the appropriate policy in order to have these protections. When you are looking to work with a broker-agent, you will need to verify this individual’s insurance license. Make sure that it can be found with the California Department of Insurance (CDI).

The types of insurance that you will need to purchase will depend on the individual risk characteristics that are associated with your specific business. The two main categories of commercial insurance are property insurance and casualty insurance.

Property insurance will give you coverage for property that is damaged or stolen by any event that is covered. There are many lines of insurance that fall under this category, including boiler and machinery, crime, inland marine, and commercial property.

Casualty insurance will give you coverage for liability exposure of your organization or business. This means liability from negligent omissions and other acts of a business, individual, or organization that can cause property damage or bodily injury to a third party. There are a few types of casualty insurance, including commercial general liability, commercial automobile, commercial umbrella, and workers compensation insurance.

If you are looking for commercial insurance in Pomona, CA, you should contact the professionals at THINK Insurance & Financial Services. They will be able to direct you towards what you need and perhaps even provide you with the right policy themselves.