When should you reconsider the amount of life insurance that you have

Life insurance is an important form of protection. It helps you to sleep at night knowing your loved ones will be taken care of if something happens to you. Your need for life insurance does not stay the same throughout your life. Reconsidering it from time to time will make sure you have the protection you need.  At BenefitSource Insurance Services Inc in Aliso Viejo, CA, we do our best to give you the peace of mind that comes from knowing you are protected from the bad things that can happen. 

When you buy a home

Buying a home is for most people the biggest purchase you will ever make. You likely will have a mortgage, and you need to have enough life insurance, so you don’t leave your loved one’s trying to sort out your estate with no money. 

When you get married

When you get married, it is time to take a good look at your life insurance. You will probably be changing the beneficiaries on your policy anyway, so this is the ideal time to consider if you have enough life insurance to protect your spouse. 

When you start a family

Raising a family is not inexpensive. If your income was no longer available, how would your family maintain their lifestyle?  Having enough life insurance to provide the necessary income over a long period of time is vital. Experts suggest 7-10 years of your income in life insurance. 

When you retire

When you retire you may find you have a much smaller need for life insurance. If you have whole life you can decide to cash it in for the accumulated value. Be sure you have enough money or insurance to cover your last expenses. 

Contact BenefitSource Insurance Services Inc. in Aliso Viejo, CA if you have life insurance needs. 

What are the advantages of having flood insurance in Aliso Viejo?

Those that live in the Aliso Viejo, CA area and want to buy a home need to make sure that they get the right insurance in place. An important form of coverage to get when you are here is flood insurance. Those that do get a flood insurance plan can benefit in several ways. 

Coverage Will Protect Against Risk of Significant Damage

When you live in an area that is prone to flood risk, there is a chance that your home could be impacted by rising waters. If this does occur, the impact on your home could be very significant. In some cases, you may need to spend months and a considerable amount of money fixing your home. In extreme situations, the entire property may need to be rebuilt. As standard home coverage plans only offer a limited amount of flood protection, a flood insurance plan should be considered a necessity as it will offer the protection and support you need. 

Coverage is Required by Lenders

Those that are in a designated flood zone and want to finance their purchase will find that their mortgage lenders require specific insurance. In most cases, you will need to have flood insurance in place before you close on the purchase and loan. The lender will then usually escrow payments each month. 

It is clear that there are plenty of situations when having flood insurance will be advantageous for Aliso Viejo, CA property owners. If you would like to get a flood insurance plan in this area, the team with BenefitSource Insurance Services Inc. should be contacted. When you call BenefitSource Insurance Services Inc. you will get more information about this form of insurance coverage and will be able to build a plan that is ideal for your situation. 

Common Myths About Condo Insurance

If you have recently become a lucky owner of a dream condo, it is time to start thinking of proper condo insurance. In order to have the right information about this type of insurance and get the perfect coverage to protect your assets, you should be aware of several misconceptions and myths surrounding condo insurance. Here is a list of a few of them prepared by BenefitSource Insurance Services Inc. that serves Aliso Viejo, CA and other surrounding towns:

Condo Insurance Protects Personal Belongings Only

Condo insurance is similar to homeowners and renters insurance, meaning that it protects much more than just personal belongings. It also covers additional living expenses (in case if your condo becomes uninhabitable and you have to live somewhere else for a while) and liability claims. It also covers the additional cost of renovations you have made to your unit. 

There Is No Need To Get Condo Insurance If a Condo Corporation Already Has One

Unfortunately, insurance carried by a condo corporation is not designed to protect you as an owner or any renovations that you have made to your condo or personal items. Condo corporation insurance protects the building itself and common areas, including gym, rooftop lounges, hallways, and others. In order to protect the stuff inside your unit, you need to get other policies. 

Condo Insurance Covers All Types of Water Damage

The truth is that usually coverage for sewer backup or overland water damage is not included in a standard condo insurance policy. However, there is a possibility to add it as an extra policy.

If you are a lucky owner of a condo, you probably understand that protection of it is important. The most efficient way to do it is to have condo insurance. If are a lucky owner of a condo in Aliso Viejo, CA or any other surrounding town, professional and experienced agents of BenefitSource Insurance Services Inc. are ready to assist you and help you find a policy you really need. 

What to Look For in Health Insurance

If you’re new to health insurance, you may need help purchasing a policy. At BenefitSource Insurance Services Inc., we can provide the help you need. Knowing what to look for in health insurance will enable you to make good insurance choices. Here are some factors to consider when researching your health insurance options in Aliso Viejo, CA.

Premium

Your premium is what you’ll pay for your coverage. Most people pay it in monthly installments. However, you can also pay it in full annually. Different plans have different coverage and premium costs. The more coverage you choose, the higher your premium. The cost of your premium will also be affected by your deductible (the amount you pay before your insurance comes into play). A high deductible can help reduce premium costs.

Health Care Provider

If you have a doctor or hospital you attend now, make sure the plan you choose includes these health care providers. Otherwise, you’ll need to switch doctors or hospitals to ones that are covered by your new health care policy.

Coverage

Before shopping for health insurance, take time to evaluate your current medical needs. If you’re in poor health due to a pre-existing condition and require extensive medical care, choose a plan that offers extensive medical coverage to save on health care costs. Your plan should also cover any medications you’re currently on.

On the flip side, if you’re in good health and only need occasional medical attention, you can choose a plan with less coverage to save on premium costs. Matching your health insurance coverage to your medical needs ensures you get accurate protection at affordable costs.

To learn more about health insurance or to purchase a policy in Aliso Viejo, CA, contact the insurance specialists at BenefitSource Insurance Services Inc.

Will Flood Insurance Cover My Condo?

Condo insurance benefits businesses and homeowners, this includes condo owners. BenefitSource Insurance Services Inc. wants Aliso Viejo, CA condo owners to understand what they can expect from condo insurance as well as what is covered and what isn’t. 

Flood Insurance for Condo’s
Condo properties invest in flood insurance which means that individual unit owners pay part of the premium for flood insurance as part of their condo fees. Condo unit owners own the common areas of a condo building too. This is why HOA members pay part of the flood insurance premium. 

What Does Flood Insurance Cover for Condo Members?
Condo insurance covers each unit. Each unit has flood insurance coverage for the floor and floor coverings, and the walls and ceilings. Electrical fixtures, water heaters, appliances, water heaters and filters, and the countertops and cabinets. All of these parts of a condo unit are covered under the standard flood dwelling policy. Flood insurance coverage for condo unit owners applies to improving and restoring individual condo units first and then the common areas of a condo. Flood insurance will restore the floors, ceilings, and walls, as well as the appliances and other interior countertops and cabinets. 

Things You Should Also Know…
There are times when HOA flood insurance coverage may be inadequate for condo unit owners. This means that you may need to purchase additional insurance. Condos are single-family homes. This gives unit owners the ability to choose their own coverage. You may want to include possessions coverage to cover personal possessions inside your condo that may have been damaged from the flood. We know that flood insurance may be a little difficult to understand as a condo owner. However, we’re committed to helping you understand the benefits of this insurance as a condo owner. Give us a call. We’re here to help. 

How to Choose the Right Coverage Limitations for your Home Insurance

Although home insurance is not legally mandated by your state like auto insurance is, it is important to know that it is a necessity not an option and many lenders will require you to have coverage if you carry a mortgage. Keep in mind that a policy can be customized in a myriad of ways, but traditional policies will cover damage to the interior or exterior of your home resulting from hurricanes, fires, vandalism, theft, lightning, and other covered incidents. Flood damage is usually not covered by homeowners insurance and requires a separate policy. In addition to the damage to your home inside and out, homeowners insurance also includes personal liability coverage for damage or injuries to a third party. For example, if your dog accidentally bits a neighbor and that person sustains injuries or homeowners insurance will help pay for their medical bills. Last but not least, the majority of policies will provide housing reimbursement if you cannot stay in your current property because it is being rebuilt or repaired due to a covered loss.

When choosing the type of coverage limitations, it is important to consider a few factors such as the likelihood of being sued by a third party because you have a safety hazard like a pool or dog, the total value of all your assets (investments, savings, retirement accounts, etc), and the market value for your home. 

At BenefitSource Insurance Services Inc in Aliso Viejo, CA we’ll walk you through all your insurance options and help you choose the coverage level that makes the most sense for you whether it is actual cash value, replacement cost, or extended replacement cost/value. Give us a call today to learn more. 

5 Reasons Why Condo Insurance Is An Asset

BenefitSource Insurance Services Inc. assists the Aliso Viejo, CA community, as well as the surrounding areas by offering different types of insurance policies. We take the time to listen to our clients and help them find policies that closely align with their needs. We want to establish long term relationships with our clients.

Benefits Of Condo Insurance

Staying in a luxury condo in Aliso Viejo, CA is a significant investment. Condo insurance allows you to protect your asset. You will be covered if your personal belongings are stolen or damaged. You will also be protected if you invite friends over and throw a party at your condo and someone gets injured. Here is a closer look at some of the benefits of condo insurance.

Comprehensive Protection

All of your most valuable items, including your electronics, furniture, and appliances are covered in the event of an accidental fire or some other type of natural disaster. This should give you peace of mind knowing that your losses are protected.

Covers Pets

You can amend your liability coverage to cover your pets. If your pet bites someone at your home, you will be protected. The policy also covers you if your pet injures someone away from home.

Luxury Items Are Covered

If you have special items such as antique paintings or a fur rug at your condo, you will be protected if someone tries to break in and steal something. Consider having your luxury items appraised so that you can determine their true value.

Exterior Damage Is Covered

If the exterior of your condo is vandalized, you are covered.

Temporary Lodging Benefits

If your condo suffers serious damage and you need to stay somewhere else, the policy covers you. This should make the process of finding alternative lodging run a little more smoothly.

BenefitSource Insurance Services Inc. Will Help Simplify The Process

Visit our website today to learn more information about condo insurance.

Three reasons why you shouldn’t wait to purchase life insurance in California

If you haven’t yet purchased a life insurance policy to protect the financial future of your family, it’s important that you don’t wait any longer. We provide life insurance to consumers in Aliso Viejo, CA at BenefitSource Insurance Services Inc.

The following are three important reasons why you shouldn’t wait to purchase life insurance in California.

You never know what the future holds.

Unfortunately, unexpected accidents can happen. Regardless of how young or healthy you are, it’s always possible for an accident to occur. Purchasing a life insurance policy protects you and your family against the unexpected in life. 

Your family will lose your income if you pass away unexpectedly. 

If you are the primary breadwinner in your family, it’s important that you can understand the extent of the financial difficulties your family might be left in if you pass away.

Life insurance can replace your income for your family if you pass away. This way, your family will have the financial support they need to pay expenses and maintain their lifestyle even if you pass away. 

Life insurance gives you peace of mind.

One of the biggest benefits of having life insurance is simply the peace of mind that it offers. With life insurance, you know that your family’s finances are protected. 

It’s worrisome to think that your family could be left destitute if you were to experience an accident and untimely death. Avoid the stress and worry by purchasing an appropriate life insurance policy today. 

If you’d like to learn more about our life insurance offerings at BenefitSource Insurance Services Inc. contact us via our website. We can provide you with information on meeting your life insurance needs in Aliso Viejo, CA.

Things To Consider While California Business Owners Research Different Commercial Insurance Policies

BenefitSource Insurance Services Inc. assists the Aliso Viejo, CA community by offering residents multiple types of insurance policies. We strive to simplify the process of searching for insurance so that our clients can find the policies that directly suit their needs. As an independent agency, we have established successful partnerships with multiple carriers in order to ensure that we find custom policies for our clients.

Commercial Insurance

If you are a business owner in Aliso Viejo, CA, consider the benefits of commercial insurance. Commercial insurance allows business owners to protect their most valuable investment. The policy covers your business, equipment, and employees. You can enjoy peace of mind knowing that commercial insurance will help you navigate the risks associated with operating a business. Here are some things to consider while researching different policies.

Assess Your Property

While you are researching different policies, be sure to take inventory of your business equipment. This should help you figure out the overall value of your equipment. Commercial insurance covers your equipment in the event that it is vandalized or damaged by a natural disaster such as wind or hailstorm.

Liability Coverage

Liability coverage protects you in the event that someone is injured while visiting your business. Liability coverage is especially important if your business has a lot of patrons. The coverage also protects your business if some of your equipment causes damage to a person or another object. This type of coverage is an asset if you are involved in the wholesale or manufacturing industries.

Protecting Your Employees

Worker’s compensation allows you to cover your employees in the event that they are injured. Covering your employees is a good way to show that you value them and should also keep their morale high.

BenefitSource Insurance Services Inc. Will Advise You

For more information on why commercial insurance is an asset for your business, visit our website today!

What isn’t covered by home insurance?

Most of us would never debate the value of a homeowner’s insurance policy. It covers many different things, and as a result, can create great peace of mind. However, it’s important to understand that there are certain things that it doesn’t cover. It’s not uncommon to assume that this type of insurance is a blanket for anything and everything that could go wrong in or around your home. However, this is simply untrue. 

What Does Homeowners Insurance Cover?

What a homeowner’s insurance policy can cover can vary from one company to another. However, there are broad areas of coverage that are generally covered by most homeowners policies. Most policies cover your home’s physical structure, your garage, fencing, driveway, and your shed. However, it should be noted that some structures on your property wouldn’t be covered under your o=homeowners policy if they were designated for business. You would need a separate policy for a business structure. However, damage caused by some natural disasters is covered, in addition to vandalism, fire, and liability if anyone becomes injured or hurt on your property. Many insurance policies will cover the theft of your watercraft if it occurs on your property but this coverage won’t extend if it occurs on someone else’s property or away from your home. Your personal property is also included in your homeowner’s insurance.

What’s NOT Covered?

It may seem as if almost everything is covered under a homeowner’s policy, however, this isn’t true. Most homeowner’s policy’s wont cover flooding or earthquakes. These natural disasters require a separate policy. Also, earth movement that includes earthquakes and sinkholes aren’t covered. Water damage from overflows and backups, damage from your drains or sewer systems, and damage from termites, rodents, and general wear and tear aren’t covered. However, some of these issues can be covered under a separate policy or an addendum to your current policy. Other less common issues that aren’t covered include damage that occurs from a nuclear hazard or war. Also, most policies won’t cover artwork or jewelry. You may have to purchase a separate policy for that. Our team at BenefitSource Insurance Services Inc. is dedicated to helping Aliso Viejo, CA policyholders understand how homeowners insurance works and what is covered. Give us a call today. We look forward to answering your questions.