Condo owners have unique concerns about what’s covered by condo insurance. Although they own their unit, they don’t own the exterior or common areas of the condo. As a result, it’s often difficult to determine who’s responsible for what. Some forms of damage aren’t covered by your condo insurance or the condo association. Our team at THINK Insurance & Financial Services is invested in helping Pomona, CA condo owners understand what’s covered and what’s not.

What Does Condo Insurance Cover?

Typically, condo insurance covers the repair of your condo and provides financial compensation for repairing or replacing your damaged personal items. However, there are situations where damage or replacement may not be covered under your condo policy. Damage to your personal items or unit caused by burst pipes from another unit, or some other issue that affects your unit, should be covered by the condo owner responsible for the damage. The condo association may cover damage caused by circumstances outside your unit.

Will My Condo Insurance Cover the Flood Damage in My Condo?

Condo insurance will cover damage from pipes that burst inside your unit and various other forms of water damage expressly covered under your policy. However, condo insurance will not cover flood damage. Flood insurance will cover any damage caused by flooding. If you live in a flood zone, investing in a flood insurance policy is wise because your condo insurance will not cover flood damage. If you have questions regarding condo insurance, call us. We can help you explore your options.

Renters insurance can create peace of mind for renters in the same way that homeowners insurance can. Renters insurance can cover your personal belongings as well as theft and a variety of other different situations. THINK Insurance & Financial Services wants Pomona, CA renters to understand the benefits of renters insurance.

What Does Renters Insurance Cover?

The policyholders are the only people covered by a renters’ insurance policy. Renters’ insurance covers damage to your personal items, damage from natural disasters, injuries, theft, and much more. Your renters’ insurance policy will even cover injury or damage to a visitor’s personal belongings while visiting your home. Your personal items are covered even if they are stolen from your car. Renters insurance is a good investment for any rental property you reside in. This includes dorms, apartments, or even a rented house. Although your renters’ insurance policy would cover your personal belongings if they were stolen from your car, it wouldn’t cover any damage to your vehicle.

Will Renters Insurance Cover my Roommates’ Belongings?

Unfortunately, renters’ insurance only covers your belongings, not your roommates.’ Your roommate must be on your renters’ insurance policy to be covered. However, your liability coverage would provide for the repair, replacement, or injury of a guest that sustained an injury or damaged belongings while visiting your home. Your roommate would need to get a renters’ insurance policy to have coverage or be added to your policy. If you have questions about renters insurance and are considering investing in it, call us. We’d be happy to help you explore renters insurance and find the best policy for your unique situation. 

Protecting your company is a top priority as a business owner. You’ve likely invested a lot of time and money into building your business, so it’s essential to insure it is covered in an emergency. That’s where commercial insurance comes in. Commercial insurance protects businesses from potential liabilities and losses, and various types of coverage are available. Some types of commercial insurance are required by law, while others are optional but still highly recommended. Here are four types of commercial insurance that every business owner should consider:

1. Property Insurance

If you own or lease commercial property, you’ll need to purchase property insurance to protect your assets in the event of damage or theft. This type of insurance will reimburse you for the cost of repairs or replacement up to your policy’s limit. 

Contact THINK Insurance & Financial Services for a property insurance quote today.

2. Liability Insurance 

Liability insurance protects your business if someone is injured on your property or you are sued for damages. This type of coverage can help cover the cost of medical bills, legal fees, and more. 

3. Worker’s Compensation Insurance 

If you have employees, you are required by law to carry worker’s compensation insurance. This type of insurance will help cover the cost of medical bills and lost wages if an employee is injured on the job. 

4. Business Interruption Insurance 

If your business is interrupted because of a covered event such as a fire or severe weather, business interruption insurance can help reimburse you for lost income and expenses incurred. This coverage is often overlooked but can be crucial for small businesses. 

Purchasing commercial insurance is an essential part of being a business owner. To learn more, contact THINK Insurance & Financial Services. We can help you find the right coverage for your business.

THINK Insurance & Financial Services, serving the greater Pomona, CA area, offers life insurance policies for our clients. One of the questions we often get asked is when someone should consider increasing their life insurance policy. While many life events warrant an increase in life insurance policy amounts, one of the most overlooked is after someone’s wages have increased significantly. Read on to learn why it may be essential to increase your policy after this happens. 

Why Should You Consider Increasing Your Life Insurance Policy If Your Wages Have Significantly Increased?

You should consider increasing your life insurance policy if your wages have significantly increased because your current policy is likely based on your older, lower wages. A life insurance policy helps to cover your final expenses, but it also helps to provide for your family if you pass away unexpectedly or early in life. This allows your spouse to keep a roof over their head and helps to make up for the lost wages due to your death. If your wages have increased, your life insurance should increase to ensure your family can continue to live the quality of life they have become accustomed to should you unexpectedly pass away. 

You should consider increasing your life insurance policy after your life changes, including getting married, purchasing a home, having children, or even if your wages have increased significantly. If it has been a while since you last increased your life insurance policy and experienced significant life changes, now may be the perfect time to take a look at your policy and consider increasing it. Reach out to THINK Insurance & Financial Services, serving the greater Pomona, CA area, to learn more about increasing your life insurance policy.

California motorcyclists must meet state minimum insurance requirements just like motorists to legally drive their motorcycles. THINK Insurance & Financial Services is dedicated to helping Pomona, CA motorcyclists obtain the necessary insurance.

California State Insurance Requirements

Motorcyclists must carry motorcycle liability insurance that meets California’s state minimum requirements. Minimum state requirements must be adhered to in the state of California to legally drive your motorcycle. The current minimum insurance requirements include $15,000 per accident per person for death and injury and $30,000 per accident for death or injury for multiple people. Motorcyclists must also carry $5,000 in insurance coverage for property damage.

Other Considerations…

Liability insurance will only cover damage to other people’s property and other people’s injuries, not your own. You will need to purchase additional insurance to cover damage to your motorcycle and any injuries you sustain while operating your bike. 

Underinsured/Uninsured Insurance

If you’re in an accident and you’re not at fault, there’s a chance the other motorist may be underinsured or uninsured. Suppose your injuries or damage to your motorcycle exceed a specific limit. In that case, the other motorists may not have enough insurance to fully pay for damages to your property, bike, or any physical injuries you may sustain. Investing in underinsured or uninsured insurance will cover any damage or injuries you may support from drivers that are underinsured or uninsured. 

If you have questions about how much insurance you should purchase to legally drive your motorcycle in the state of California, give us a call. Please invest in the coverage that will best fit you and your situation. Our team at THINK Insurance & Financial Services is here to help Pomona, CA motorcyclists get the insurance coverage they need. 

Life insurance is a practical and beneficial investment for several different reasons. Not only does it have the ability to pay for any final expenses, but it also fulfills future and immediate needs. Our Pomona, CA team at THINK Insurance & Financial Services understands that many people are unaware of the number of benefits life insurance can provide. 

Final Expenses

Obviously, life insurance pays for burial, cremation, medical expenses, and other costs associated with final expenses. Most people understand that life insurance pays for final expenses. However, the benefits don’t end there. 

Federal/State Taxes, Replacement Income, and Debt

Believe it or not, life insurance can also replace the income of the deceased person, pay off debt, and pay estate taxes. However, our THINK Insurance & Financial Services team can discuss any relevant fees/taxes with beneficiaries or potential life insurance buyers. If you’re the primary breadwinner, your family will suffer financially due to your death. Life insurance can replace your income to ease the financial burden that your death would create. Your life insurance payout can be used to pay for debts as well. Your beneficiary or beneficiaries can use your life insurance in any way they see fit. 

Inheritance

Life insurance can also be used to gift beneficiaries money in the form of an inheritance. A beneficiary can be chosen as an heir to receive your death benefit by simply listing the person as a beneficiary on your life insurance policy. You can also decide to record a charitable organization as the beneficiary of your death benefit. Life insurance can be used in many different ways and has many benefits. If you’d like to know more about life insurance, call our team at THINK Insurance & Financial Services. We’d be happy to answer all of your questions.