Is Renters Insurance Required?

Many people have never heard of renters insurance, and some might even question why it would be necessary. The fact is, renters need protection from the unfortunate just as much as home owners do. They may need it even more. Renters often live in buildings with multiple units. This raises the risk of an individual causing an incident that could impact other renters within the building. What can a renter do? They can insure their possessions so that if the worst comes to pass, they can recover much more quickly. Our agents at THINK Insurance & Financial Services can help them with that.

Renters who learn about renters insurance often have a variety of questions about it. Here at THINK Insurance & Financial Services, we can discuss your questions and fill you in on the value of renters insurance. We’ll even help you sign up for dependable insurance that is provided by reputable companies. This saves you the trouble of making a long list of phone calls to various insurance companies or reading dozens of websites. We’ll have all that information in one place and give you the answers you need. You can leave our office with the insurance coverage policy you can use. Save yourself the time and hassle of doing all the research yourself. We will provide all the latest information in one place and at one time. Renters living around Pomona, CA can rely on us to treat them with respect and offer services that provide peace of mind.

Renters insurance is not required by law. However, some rental companies require it as a condition of their rental agreement. This kind of protection just makes sense, and our agents are pleased to help renters throughout the Pomona, CA area. Contact us today.

Does Condo Insurance Cover Condo Vacation Rentals?

More people than ever are looking to rent out their homes, condos or townhouses as vacation rentals. This is because the internet makes it easy to do so. If you are considering doing this, you may find yourself wondering if your regular condo insurance coverage still applies if you use your condo as a vacation rental. Here at THINK Insurance & Financial Services, serving the greater Pomona, CA area, we want you to be informed. Here is what you need to know about condo insurance and condo vacation rentals. 

A regular condo insurance policy is designed to cover you living in the condo. It is not designed for people who are planning on renting their condo out, either for short or long term rentals. If you are planning on renting your condo out as a vacation rental, you may need what is known as a short-term rental policy or a vacation rental insurance policy. If you are planning on renting out your condo for a long period of time, you may need what is known as a landlord insurance policy. The right insurance policy will cover you and your property when you are renting out your condo. 

Having the right insurance policy in place for your condo is important, and the right type of policy varies based on how you plan on using the space. Whether you are looking to reside in the condo, rent it out as a short-term rental or rent it out for the long term, THINK Insurance & Financial Services, serving the greater Pomona, CA area, can help you get the right insurance policy for your needs. Contact us today to get started. 

Using Life Insurance for Estate Planning

After working a lifetime to build a legacy for your family, you need to make sure to cover every aspect of your estate planning process. Life insurance gives you a source of support for your survivors, education funding for dependents in the event of a sudden passing and a means of protecting both your business partners and your family.

This is why it’s so important to understand how life insurance can simplify your estate planning. Ask your THINK Insurance & Financial Services agent in Pomona, CA what your best options are, but first, get started with the essential information below.

When Does Life Insurance Need to be Included in Your Estate?

Smaller estates don’t realize the significant tax savings made possible by life insurance ownership. However, if your net worth exceeds $2 million, life insurance helps your beneficiaries save on tax obligations and sets them up to move on with their lives. 

Planning Objectives for Insurance

Life insurance is used in estate planning to pay off any debts, support your dependents and even to accumulate wealth. You can get term life insurance that covers you up to a certain milestone, such as your children finishing their education or the retirement of your spouse. However, many choose permanent insurance, typically whole life insurance, due to its flexibility in terms of building wealth.

Whole life insurance can be used for long-term goals, has consistent premiums and is a great way to accumulate additional wealth accumulation.
Universal life insurance is great when you want flexible premiums, death benefits, and nominal savings potential.

Types of Life Insurance Trust Arrangements

There are two kinds of life insurance trusts to help you preserve your wealth.

Revocable Life Insurance Trust. The trust is the beneficiary if you pass away, but you retain the right to nullify the trust as well as the ownership of your property. This protects you as well as your beneficiaries and is recommended for younger families.

Irrevocable Life Insurance Trust. This policy allows your spouse to be the beneficiary without controlling the principal and is subject to approval by the trustees.

THINK Insurance & Financial Services in Pomona, CA is here to help you understand all your life insurance options. Call today to set up an appointment for a quote.

 

 

 

 

Choosing A Commercial Insurance Policy That is Right for your Business

Many risks gnaw at your business provided that it is running. The best way to navigate through these risks safely is by getting your business an insurance cover. It can, however, be a daunting task trying to find the right commercial insurance policy for your business if you don’t know where to start or where to look.

Here are three things you need to consider when searching for an insurance policy well suited for your business

  • Research on the internet

The internet is an excellent start to researching different business policies. Currently, there are a ton of Insurance companies offering different insurance covers for business owners. It is incredible how much information you can get. By visiting various websites, you can get to learn about the cover best suited for your business and the different rates in the market.

  • Cheap is costly

Different insurance website on the internet provides different rates for their covers. However, one thing to always have in mind is that cheap is expensive. Insurance companies are also businesses out to make money. Some of these companies give you covers that barely give you the coverage you need.

  • Provide accurate information on your business

It is a legal requirement to provide accurate information as you fill in the form for an insurance cover. It is also vital if you wish to avoid problems that may arise over the value of items insured especially after incurring a substantial loss. Always make sure that you add up all the assets you would like protected and do a valuation before you fill in the insurance form.

 To learn more about commercial insurance, contact THINK Insurance & Financial Services, serving Pomona, CA for more information and details.

 

 

 

Emergencies While on Vacation

There are many things we plan for.  Planning for medical emergencies while on vacation isn’t one of those things we prepare for.  Hopefully, you will never find yourself in a situation where an emergency comes up, but it’s always good to be prepared.  THINK Insurance & Financial Services wants to help you prepare for your next vacation abroad so you can fully enjoy your time away.

Before You Go

Before you go to the airport and leave Pomona, CA you have to plan.  Here are some things you should consider doing before you go.  

  1. Register with the U.S. State Department:  Registering with the US State Department can be done online and will ensure that you get help should an emergency arise while traveling.  
  2. Find contact information for the U.S Embassy:  Before you leave, find the contact information for the U.S. Embassy in the country you will be traveling to.  If you have a medical emergency while you are on vacation the Consular at the U.S Embassy should be able to provide aid.
  3.   Fill out emergency contact information on passport:  That emergency contact page in your passport is one that’s often overlooked, but if you’re planning to leave the country you might want to revisit that page.  Filling out may prove helpful if you have a medical emergency and will be something that police look for when providing assistance.

 While You’re There

If the unthinkable happens to call for help as soon as possible.   If you have access to your personal phone you can call, and if you don’t you can shout for help.  Once someone comes to have them take you to the nearest medical facility as soon as possible.  

Being prepared before you leave Pomona, CA will help and THINK Insurance & Financial Services is available should you have further questions.  

 

 

 

 

 

Why You Need Renter’s Insurance

One of the biggest mistakes you can make as a renter is not taking out renter’s insurance. While you may not own the property you do own the items within the property. If anything is stolen or damaged there is a good chance your landlord will not cover this kind of damage. That is exactly why you need renter’s insurance. So whether you live in or around Pomona, CA the team at THINK Insurance & Financial Services can help. 

Increased Risk of Property Damage

When you live in a home the greatest risk of property damage comes from the people living inside. However, when living in a rental you don’t need to just worry about those living in your unit. You need to worry about everyone. If one person on the other side of the building falls asleep while cooking or plugs too many items into a power outlet it may start a fire that engulfs all of your valuables. When renting a property you’re at greater risk, which is why you need renter’s insurance. 

Protect Your Personal Investments

Do you have an entertainment system? Perhaps you have an expensive gaming laptop or you have an elaborate wardrobe. If these items are stolen or damaged you will likely be out of luck and forced to re-purchase everything. That is unless you have renter’s insurance. Renter’s insurance is a valuable investment to consider as it will safeguard what you currently own within the property you are renting. 

No matter the size of your rental space, whether you’re renting an apartment for yourself or for your family, it is important to invest in renter’s insurance. So if you’re living in or around the Pomona, CA area now is the time to contact THINK Insurance & Financial Services. 

Who Should be Your Life Insurance Beneficiary?

Obtaining a life insurance policy from THINK Insurance & Financial Services in Pomona, CA is the first step toward establishing a financial foundation for the future. The next step is naming a beneficiary. Your beneficiary will receive the proceeds of your policy upon your demise. Here are a few aspects to consider when selecting a life insurance beneficiary.

Spouse and Family

If you’re married and have children, your primary responsibility is to your immediate family. Naming your spouse and kids as beneficiaries provides them with financial support to carry on after you’re gone. Proceeds from your policy can be used to pay the bills, liquidate debts, cover childcare and medical expenses and more, giving your spouse time to plan for the future.

Even without children, your spouse will need financial assistance after you’re gone, especially if you were the main breadwinner of the family.

Parents

If your parents helped co-sign your private student loans or loaned you money for a down payment on your home, you may want to name them as co-beneficiaries with your spouse to help repay their generosity.  This alleviates your parents of the financial burden of these outstanding debts.

Minor Children

As a single parent, you may want to name your minor child or children as beneficiaries of your life insurance policy. If so, be sure to designate a trusted custodian to help manage these funds until your kids come of legal age to make decisions on their own. You can also place these funds in a trust for your children to be distributed at a designated time.

Siblings/Close Friends/Charity

Other considerations for beneficiaries include siblings, close friends, business partner or your favorite charity for which you’d like to provide financial support.

For more information on choosing a beneficiary or life insurance options and costs, contact THINK Insurance & Financial Services in Pomona, CA.

Can Commercial Insurance Be Customized?

When it comes to making smart business decisions, one of the most important is the type of commercial insurance you buy. Not all commercial insurance policies are the same. When choosing your insurance provider, along with the terms and conditions outlined in the contract, you should also inquire about the ability to customize the policy to cover your specific needs.

Why Customize?

Depending on what type of industry your business is in, you may need to beef up your policy in certain areas or add riders to cover additional property or offer a greater amount of protection. Some industries have specific hazards that are unique, which is why selecting an insurance company that has flexible policies is crucial for some types of business. Customizing ensures that there are no gaps in the coverage that can leave you financially crippled. 

Selecting A Provider

Finding the right company to protect your business from potential risks and losses is the key to having peace of mind. One of the things you should look for is excellent customer service. Most companies offering a high level of service will also provide excellent insurance products. Check with a reputable company such as THINK Insurance & Financial Services serving the residents and businesses in and around Pomona, CA. They can give you additional details about customization and services available to potential customers. 

If you are located in or around the Pomona, CA area and would like to purchase quality insurance products from a commercial insurance provider that values quality and satisfaction, contact THINK Insurance & Financial Services today and speak with a knowledgeable representative. Get the coverage you need to protect you tomorrow. 

Is it Mandatory To Purchase Renters Insurance in Pomona, CA?

Just like with home insurance, there is no legal obligation for a tenant to have renter’s insurance in Pomona, CA. On the other hand, a lease may include the requirement for the tenant to have liability coverage as a part of the private contract. It still may be a good idea if the tenant has a lot of precious personal items inside of the property. If you would like to protect your personal belongings with renters insurance, consider consulting with THINK Insurance & Financial Services for a great deal.

Renter’s insurance is always a good idea to cover your personal belongings in the event of a disaster. Things covered may be your furniture, electronics, cabinets and other fixtures. What is even more important is having it to cover your liability if someone is injured on your rental property. Keep in mind, renter’s insurance is typically cheaper than home insurance and there may be bundled discounts if you have auto or insurance.

There are some limitation of renter’s insurance. For example, jewelry or collectibles may have a capped coverage limit that is not very high. Some clients are not approved for renter’s insurance if they are pet owners, and those that are approved are usually owners of low-risk breeds.

The minority of renters, although still a significant amount, choose to have renter’s insurance. Considering it is usually at a low cost, it is likely worth it if you have expensive furniture, electronics, and other personal items within the home. If you are looking for an affordable insurance plan in the Pomona, CA area, consider contacting THINK Insurance & Financial Services for a quote.

Recent Changes to Covered California Plans in Pomona, CA

Weaving your way through the health insurance exchanges can be a daunting task in Pomona, CA. Affordable options that have all the benefits your family needs are out there, but it’s difficult to know where to find the information you need to make the best decisions. At THINK Insurance & Financial Services, you can get straight answers to your most pressing questions.

Coverage Changes

Knowing your rights is the first step to choosing optimal coverage from a plan you can afford. Health, dental and vision benefits are available to different degrees under the most recent changes to Covered California.

Most health insurance for individuals and small business owners is labeled Platinum, Gold, Silver or Bronze to distinguish the level of coverage. Also, there’s a minimum plan available to workers under 30 who are going through financial hardship. Under state law, all comprehensive packages have to include certain essential benefits. Prescription drugs, emergency services, mental health care and other services are divided into 10 categories of coverage for comparison.

Dental and Vision

For vision insurance, kids are covered under every plan on the exchange. While Covered California doesn’t include adult vision care in its health plans, participants are linked with insurance agencies that provide quotes for coverage. This keeps the process transparent in an effort to keep premiums reasonable. California kids are covered for healthy smiles under all plans available for purchase on the exchange. Dedicated pediatric dental care is provided. The exchange does offer dental coverage for adults that are available through family dental plans.

Call the experienced agents at THINK Insurance & Financial Services to learn more about your health insurance options in Pomona, CA. We can help you set up an appointment for a quote today.