Why you need your own renter’s insurance plan

When it comes to renting a new place, securing a renter’s insurance plan is as important as choosing the location or decorating the interior.

Renter’s insurance, which is sometimes called tenant’s insurance, covers your personal belongings in the property you are occupying in the event of a mishap such as theft or a fire.

While the owner or the landlord or owner of the place you are renting has his or her own insurance, their policy only covers the owner should something happen. Their plan will not protect renters or their belongings, which is why they should secure their own.

The same also applies to an insurance plan that a roommate may have, as such a policy will only cover his or her possessions. That is why the experts at THINK Insurance & Financial Services in Pomona, CA encourage renters to select and maintain a policy, even if your landlord does not explicitly require renters to do so.

In addition to a plan covering personal property, renters can also consider additional coverage options. Such additions typically include personal liability protection, loss of use and one covering others’ medical costs.

Renters should also consider whether they need coverage for actual cash value or the replacement cost. Coverage for actual cash value will compensate at the current value of the property, while replacement cost will replace the item at its current price.

With so many stories on the news about renters losing all of their possessions in the wake of a tragedy, securing renter’s insurance on the front end can eliminate headaches in the event a catastrophe should strike.

Renters in the Pomona, CA area with questions about renters, home, auto or other insurance should contact the team at THINK Insurance & Financial Services today.

Condo Insurance Moving to the Clouds

Condo insurance providers are among one of the newer industries to use cloud technology, and collectively, they have found ways to effectively implement this new business tool into their daily operations. This has boosted their own capacity to deliver immediate benefits to suffering condo insurance policyholders. 

The Benefits of Cloud Technology

After years of skepticism, the insurance industry has embraced the use of cloud technology, and it has improved website security and industry regulatory capabilities. Cloud technology has established itself as a vital component in the marketplace. Condo insurance agents like THINK Insurance & Financial Services in Pomona, CA has tapped into the potential of utilizing cloud technology to streamline their own business practices and unlocking savings for condo insurance policyholders. All of these actions should help to maintain a competitive advantage over other brokers in town.

The amount of information provided by cloud technology has increased dramatically in a short period of time. Condo insurance policyholders or potential clients have better access to analyze and gain a better insight into the coverage provided. Agents like THINK Insurance & Financial Services of Pomona, CA can make real-time changes to current insurance policies and potential packages in order to stay a step ahead of the competition. 

How Cloud Technology Helps Condo Owners

Utilizing cloud technology will enable condo insurance agents to better inform their clients of the rapidly changing laws and regulations that are inherent to the insurance industry. Adapting to using cloud technology in the workplace helps agents to make immediate changes to existing policies and potential insurance packages that available to all. Plus, it helps current insurers to check their own policy to see if the recent changes have effectively lowered their own premium. And all of this can be ascertain by having access to the information faster than ever before. Finally, cloud technology has shown to be well-equipped to protect a condo insurance policyholder’s sensitive personal information from hackers. 

 

How Does Commercial Insurance Help a Company?

When you are the owner of a business, you will need to do whatever you can to protect your business. For those that are in the Pomona, CA area, one great option would be to invest in a commercial insurance policy. A commercial insurance policy can help a company a number of ways. 

Protects Business Assets

When you own a business, you will undoubtedly spend a lot of money investing in assets and inventory for your business. If you are a victim of a fire, storm damage, theft, or other cause of loss, you could end up losing this investment. When you have commercial insurance in place at all times, you will have the protection that you need to replace these assets if you suffer a loss.

Ensures Compliance

There are a variety of entities that will require you to carry commercial insurance. This can include state and local laws, investors, and lenders that want their interests protected. When you have commercial insurance in place, you will be able to stay in compliance with these requirements.

Gives Peace of Mind

Ultimately, having commercial insurance will give you peace of mind. Owning and managing a business comes with a lot of stress. This level of stress will only increase if you are not properly protected by insurance. When you have commercial insurance, you can rest easier knowing that you are covered for losses related to property damage or liability. 

Once you have decided that commercial insurance is the right option for your business, you should contact THINK Insurance & Financial Services. The THINK Insurance & Financial Services company has been helping Pomona, CA area business get into great commercial insurance policies for a long time. This company will be able to explain the benefits of having commercial insurance and make sure that you get the right type and level of coverage.

Which Type of Life Insurance is Right for Me?

For people in and around the Pomona, CA area, being properly covered by insurance is very important. One important type of insurance that many people need to have is life insurance. If you are shopping for life insurance, you will quickly find that there are many different options to choose from. There are several factors to consider when you are trying to determine which type of life insurance is right for you.

Maximum Coverage for Smallest Cost

Most people that are shopping for life insurance will want to have the most amount of coverage possible without spending too much on a monthly basis. In these situations, getting a term life insurance policy is a great choice. With a term life insurance policy you will get a certain level of coverage for a fixed period of time. The level of coverage that you gets tends to be much higher than other life insurance options.

Investment Opportunity

An additional benefit of life insurance is that it can provide you with a low-risk investment option as well. If you invest in a whole life insurance policy, you will get a policy that will remain in place for as long as you want. Further, a portion of your monthly premiums will accrue in an investment account. This will build up significantly over time and can eventually be liquidated. 

If you are in the Pomona, CA area and are looking for a life insurance policy, the team at THINK Insurance & Financial Services should be your first call. When you call the professionals at THINK Insurance & Financial Services, you can receive the support you need to make a good decision about your life insurance options. This will ensure you get the right coverage and policy type for your situation. 

Accident Forgiveness

THINK Insurance & Financial Services in Pomona, CA is an independent agency that offers automobile insurance advice to meet the needs of its customers.  The standard auto insurance policy includes such types of coverage:  liability, damage to property, collision, comprehensive, Personal Injury Protection which pays for medical, rehabilitation work loss, funeral costs and replacement services and uninsured/underinsured motorist coverage.

One facet of automobile insurance is “accident forgiveness”.  "Accident forgiveness" is a cost-effective device to entice the driving public to purchase an automobile policy.  Other than the true savings on the cost of automobile insurance accident forgiveness most attractive features are the prevention of an insurance premium from rising if the insured is involved in an at-fault accident, preventing insurance premiums to increase and protecting the customers driving record due to an insurance company’s “at-fault” rating system.   However, the accident is still on your driving record.

Generally, accident forgiveness insurance is offered to an insured that has a “clean” driving record.  For instance, if a customer has multiple auto accidents in the past three years or excessive speeding/moving tickets, you will not qualify.  On the other hand, if your carrier does not offer accident forgiveness, it may offer discounts as your driving record improves.

Buying the cheapest insurance premium does not always save cost as a result of an accident because there are higher out of pocket expenses.  The cost of accident forgiveness may result in a slight increase in the premium while overall reducing the costs because of hidden costs associated with a gap in insurance coverage because the bodily injury limits are too low, the limits for property damage are inadequate, higher out-of-pocket deductible expenses and not rental car coverage.

The agents of THINK Insurance & Financial Services in Pomona, CA  will advise you of your auto insurance needs and ways you can increase the value of your policy to reduce any of the hidden costs of being underinsured.  Please call for an appointment!

Tips for Buying From the Health Insurance Marketplace

The health insurance market place is open from November 1, 2018, to Saturday, December 15, 2018. If you are looking to purchase health insurance through the marketplace, you must do so by December 15 or you cannot purchase from here unless you have a qualifying life event. Here at THINK Insurance & Financial Services, serving the greater Pomona, CA area, we are often asked about buying health insurance from the marketplace. Here are a few tips to help guide you through this process. 

Compare Private and Health Insurance Marketplace Prices

If you are looking for health insurance, it is important to compare the prices for policies available within the health insurance marketplace to private policies available outside of the health insurance marketplace. Many people assume that the health insurance marketplace is the most affordable option. While it usually is for those who receive credits or have a pre-existing condition, it may not be for everyone. Always take the time to compare rates. 

Carefully Review Deductible and Maximum Coverage Amounts

Another tip is to carefully review the deductible and maximum coverage amounts when buying a policy. Not every policy is the same on the health insurance marketplace. Some have high deductibles and low maximum coverage amounts, while others may have lower deductibles and higher maximum coverage amounts. Never assume coverage is the same and carefully review it. 

Consider What Plans Your Current Doctors Accept

Lastly, always ask your current doctor what insurance plans they accept. If you want to stick with your current doctor, find a plan that they accept. Many people prefer to stay with their doctors, but don’t select a plan that their doctor accepts, which forces them to have to change providers. 

Are you looking to purchase health insurance in the greater Pomona, CA area? Then let THINK Insurance & Financial Services help you find the right health insurance policy for your needs or for your family’s needs. Contact us today to get started. 

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.