Benefits of getting a health insurance policy in California?

Those that are in the state of California are going to need to have many different forms of insurance. One important form of insurance that all people need to have is health insurance. For those that are in the Aliso Viejo, CA area, there are many benefits that come when you get a health insurance policy. 

Ensure you Receive Affordable Care

The main reason why someone should get a health insurance policy is that it can ensure that someone will get access to affordable care. Those that do not have health insurance will quickly find that going to a doctor or getting a prescription that they need is very expensive. With health insurance, you will be able to get the care that you need without having to spend nearly as much. Ultimately, this will help you to save money and allow you to live a happy and healthy life. 

Legal Compliance

While there are a lot of benefits that come with having health insurance, it also is required by law that you carry this insurance. Today, there is a legal requirement for all people to carry a basic health insurance plan. If you do not have this insurance, you could end up being fined at the end of the year when you file your tax return.

When you are shopping for health insurance, you can find that the process and options are confusing. Due to this, those that are in the Aliso Viejo, CA area should contact the team at BenefitSource Insurance Services, Inc. as soon as they can. When you reach out to BenefitSource Insurance Services, Inc., you can find a pleathora of information and advice that will help you to choose the best health insurance policy for your situation. 

How much flood insurance do I need in California?

The state of California is often regarded as earthquake country. As such, it is essential to have natural disaster insurance that covers your home when the unexpected becomes a reality. What can you do when an earthquake is not the culprit, though? How does flood insurance work in Aliso Viejo, CA, and how much do you need? The agents at BenefitSource Insurance Services, Inc. can help you find the flood insurance policy that covers your home and personal assets. 

What qualifies as an incident covered by your standard home insurance policy?

Not all instances of flooding are brought about by natural disasters. A broken pipe, for example, can destroy your personal goods through water damage. Such an incident is considered human-made and would, therefore, be covered by your standard home insurance policy up to the plan’s limits. A storm that causes the roof to cave is not a human-made disaster and, thus, would not be covered by your standard insurance plan. In this case, you would need a flooding insurance plan. 

How much flood insurance do you need in California?

It is undoubtedly true that California has some of the best weather conditions in the country. You, therefore, may not need as much flood insurance for your home. The average homeowner buys a maximum of $250,000 worth of coverage for floods caused by natural disasters. You may want to consider purchasing umbrella insurance as an additional safety net if your home and personal possessions exceed such an amount. 

Call the agents at BenefitSource Insurance Services, Inc.

We have been in the business of selling insurance plans for many years and can walk you through the process of finding the policy that best meets your needs. Call us today to get started with a quote for flood insurance that covers you when a natural disaster wreaks havoc on your home. 

5 Top Ways Life Insurance Can Be Used

There are numerous ways in which you can use life insurance. A matter like leaving insurance benefits to your family if something happens to you early on is definitely a top consideration for people when they get life insurance. However, there are some situations you might not have thought about. An agent from BenefitSource Insurance Services, Inc., serving Aliso Viejo, CA and beyond can help you.

Wealth Transfer

It’s ideal to put together your assets to leave behind to future generations. You also may want to establish a legacy through charitable means. You can ensure that your estates will be divided equally among your children this way, including a family business and investments. A cash amount can be granted to those who don’t wish to own the business in part or whole.

Widow/Widower Support

Life insurance benefits can help you ensure that a surviving spouse will be able to afford specific expenses after the other spouse passes away. This can include your mortgage, funeral costs, or various types of debt.

Chronic Illness

You can use life insurance to cover the expenses involved in caring for your spouse or for yourself upon becoming chronically ill. Alzheimer’s is an example of such an illness, though any that causes a serious impairment in two out of six daily living activities would qualify.

Charitable Giving

You can set it up so that your life insurance policy goes to a certain charity when you retire. The very existence of your policy allows you to donate real estate property or other property, as well as investments, to a charitable organization of your choice while being able to leave behind something to your heirs.

Bottom Line Benefit

One of the best things about life insurance is that it (normally) is tax-free. You can leave the property and other assets to your children or other heirs without them losing a chunk of the value. You can rest assured your family will have a financially sound future.

Find out more about life insurance policies and benefits through BenefitSource Insurance Services, Inc. of the Colleyville, TX and Aliso Viejo, CA area.

What Does Condo Insurance Cover?

Not many condo owners are aware that the insurance policy held by their condo association only covers the exterior of the unit, permanent fixtures, plumbing, wiring, and carpets. Rarely does the coverage protect your personal belongings. Sometimes, the wording of the insurance policy might exclude coverage for flooding. Thus, it’s smart to get a personal condo insurance policy, but understand what it will cover before coming to an agreement. 

Personal Liability Coverage

In this day and age, it’s essential to protect yourself from any liability claims that could turn into a potential lawsuit. Personal liability coverage does assist with paying for possible legal expenses and resulting medical bills from a person who was accidentally injured inside your condo, and you were at fault. This coverage is a must-have in order to protect yourself financially. Find out more by contacting BenefitSource Insurance Services, Inc. in Aliso Viejo, CA.

Building Property Protection

Most condo owners fail to realize that repair costs inside the unit (flooring, inner walls, and countertops) aren’t covered under their condo association insurance policy. Building property protection will cover the payment for repairs and future renovation projects to your condo. Plus, this agreement will cover the cost to live elsewhere if your condo is badly damaged from a disaster. 

Personal Property Coverage

Condo owners can go several different routes with their personal property insurance coverage. One course is choosing actual cash value, which pays for the depreciation of damaged personal property. Another option is selecting a replacement cost coverage that doesn’t take depreciated value into account. Instead, the condo owner gets to reimburse the difference between the item’s actual cash value and the cost to replace or repair it. Often, this coverage does come with a limit or maximum dollar amount that can be reimbursed on a claim for a covered personal item. In some cases, a condo owner may need to pay a deductible before the coverage goes into effect. 

Life happens fast, so be protected for the unexpected with a personal condo insurance policy. BenefitSource Insurance Services, Inc. of Aliso Viejo, CA can help plan coverage that’s just right for you and your family. 

 

 

 

 

 

 

 

 

What Does Cash-Value Mean?

There are three broad categories of life insurance. They are term life, universal, and whole life or permanent insurance. Some types of life insurance policies build up a value over time that is called the “cash value.” Term life policies are limited to a certain number of years. Universal life policies may build up cash value depending on their investment characteristics. Whole life policies always build up cash value.

It may take quite a few years for the cash value to build up in a life insurance policy, so ask your agent at BenefitSource Insurance Services Inc. in Aliso Viejo, CA to explain the details.

What can cash value be used for?

Once a life insurance policy has cash value, many beneficial things happen. A policyholder can borrow against the cash value for very low-interest rates and use the tax-free funds as they like.

If money is tight, the cash value may be accessed to pay the insurance premiums temporarily to get through a rough financial period in life.

If the cash value is significant, which may happen towards the later years of life, it may be used to create a “paid-up status” for the policy. This means that no further premiums need to be paid by the insured for the remainder of their life.

Of course, the policy can always be surrendered to the insurance company for the cash value; however, it is usually better to borrow against it, rather than give up the policy.

How do you calculate cash value?

Your agent can do this calculation for you and there are tables contained in many policies or available online that show the figures. Some policies offer an annual dividend that can either be taken as income by the policyholder or be used to build up cash value.

What should you do?

The nice thing about having a life insurance policy that builds up cash value is that the process happens automatically. This is a nice investment characteristic that provides savings for the future.

Contact your agent at BenefitSource Insurance Services Inc. in Aliso Viejo, CA by calling 949-215-5431 to schedule an appointment and get a quote for life insurance. Let’s discuss your cash value options.

Commercial Insurance and Damaged Items

Commercial insurance is a must for anyone with a business. It helps to protect your company, your employees and patrons, and your merchandise as well. Even though commercial insurance covers all these things, it also covers damaged items to a certain extent in your commercial business. For those that live in the Aliso Viejo, CA area, the agents with BenefitSource Insurance Services Inc. can help you find the coverage that works for you.

Your commercial insurance covers a huge range of things and damaged items are included. This means that if your merchandise, the computers you use for your business, even components of the building are damaged, your insurance might cover it. There are certain limits to this. For instance, your insurance is not going to cover minor damage to an item that you caused, but if you have a large number of items or a display for instance that was totally destroyed you may be able to get insurance to help cover the cost of repair or replacement. Your commercial policy is in place to make sure that you are able to keep your business operating and that you are not going to have to spend an arm and a leg to recover should something happen to your business.

Your coverage does not work for damages that were intentional or that were caused by negligence on your part. It’s important to remember that your commercial policy is not there to fix every little booboo or mishap but rather to help handle larger issues. For those that live in the Aliso Viejo, CA area, the agents with BenefitSource Insurance Services Inc. can help you to get your policy hammered out and to help you find the commercial policy that is going to work for you.  

Do you need boat insurance if the vessel does not have a motor?

A boat is one of the greatest investments that you can make. There is much to love about the independence that comes with owning your watercraft. Still, there are certain responsibilities that come with having a boat that you can use at any time in Aliso Viejo, CA.

The agents at BenefitSource Insurance Services Inc. can help you find the boat insurance policy that works best for your lifestyle. Read on to learn whether you need watercraft assurance if your boat does not have a motor.

Do you need boat insurance if the vessel does not have a motor?

Technically speaking, you do not need to have boat insurance if your boat does not have a motor in Aliso Viejo, CA. In actuality, boat insurance is not required in California at all. Such is not the case, however, in other states. 

Arkansas and Utah require watercraft owners to obtain assurance policies if they own boats with motors that have more than 50 horsepower. Arkansas requires boat owners to have at least $50,000 of liability coverage. Utah requires watercraft owners to have $25,000 for bodily injury and $15,000 for property damage.

You should invest in boat insurance

A watercraft is expensive, which means that you should do everything possible to ensure that your investment is safe. The agents at BenefitSource Insurance Services Inc. can help you find the watercraft assurance policy that works best for your situation. They have been in the business of insurance for many years and work with you to understand your needs so that you get the most out of your plan. Contact the agents at BenefitSource Insurance today to get started with a quote!

Myths about Umbrella Insurance

An umbrella policy in Aliso Viejo, CA can provide an extra layer of insurance protection, but there are a lot of misconceptions about this type of policy.

Premiums for umbrella policies are too high.

You may be surprised to find out how affordable umbrella insurance can be. For just a small amount, you can add $1 million or more of liability coverage. There could be a number of risk factors, including the number of automobiles, homes, and recreational vehicles you own. You can have peace of mind with so much extra liability coverage for just a few dollars a month.

Only the rich need umbrella insurance.

Umbrella insurance can benefit everyone. It’s even more important for low- and middle-income families that may not have enough assets if they face a lawsuit. Many standard policies won’t cover the money for a lawsuit, while an umbrella policy will. Not only will umbrella insurance provide an additional layer of protection, but it also provides some additional coverage.

An umbrella policy will be the first policy paid out.

Umbrella policies are secondary coverage. It won’t kick into until the primary home or auto policy has been exhausted. You won’t even be able to get umbrella insurance without having certain minimums for these policies already in place.

Umbrella policies are hard to coordinate with other policies.

If you have policies with other insurance companies it can be hard to coordinate coverage, but if you want to take the guesswork out of your coverage you can consolidate policies with BenefitSource Insurance Services Inc.

Umbrella policies will cover personal belongings.

Umbrella policies are liability policies, which means that they won’t cover any property such as the home, the contents, or your autos. Umbrella policies are there to provide extra protection for expensive items, such as art or jewelry.

Contact BenefitSource Insurance Services Inc. serving Aliso Viejo, CA, to get a quote on umbrella insurance. 

What types of water damage does flood insurance cover?

In Aliso Viejo, CA, the agents at BenefitSource Insurance Services, Inc. are always willing to help their clients understand the ins and outs of flood insurance. There may be circumstances in which certain types of water damage may be mistaken for flood damage. The agents can answer questions and help clients make sure they have the right type of insurance in place, especially if they live in a floodplain.

Flood Damage

Flood damage is caused by rivers, lakes, or other natural bodies of water overflowing due to heavy rains. Heavy rain can also cause standing water to form in low-lying areas or floodplains and eventually make its way inside your home or basement. Homes that are in a floodplain are more likely to receive flood damage, even if they only bear a minor risk. 

Other Types of Water Damage

Many other types of water damage are not considered to be “flood” related. A backed up sewer system can force water back into your home, but unless it is directly related to flood waters, it may not be covered by flood insurance. Water damage that is caused by standing water around your foundation is also another type of water damage that will more than likely not be covered as flood-related. In this case, you need to use extenders for your eaves to direct water away from your foundation.

In Aliso Viejo, CA, residents can call the agents of BenefitSource Insurance Services, Inc. to find out if they live in a floodplain and, if so, what types of insurance would be most beneficial in protecting their home. Call today and talk to an agent!

 

Don’t Snooze On Condo Insurance!

If you own a unit within a condominium complex, you likely pay your Condo Association each month for insurance coverage. Typically, this coverage only applies to the structure of the condo building itself and any common areas that are owned on a collaborative basis. In the usual situation, any damage that may occur in your unit will be your responsibility. California law requires that you have adequate insurance coverage for your own unit in addition to the more general coverage that your Association will carry. If you are not sure of the requirements for your condo in the greater Aliso Viejo, CA area, the team at BenefitSource Insurance Services, Inc. is here to help!

Protect Your Condo and Your Material Possessions

California has a lot of different types of requirements when it comes to protecting your condo. It is imperative that you work with a licensed agent in order to make sure that your policy meets all of the requirements in your area and provides the protection that you need. Don’t leave it up to chance, makes sure your policy is the right one!

If an incident occurs in a neighbor’s unit or happens in a common area and then goes on to affect your unit, you will likely be responsible for fixing any damage. Therefore, it is of key importance to carefully review all of your possessions and make sure that your policy provides the coverage that you need in the event of a situation that causes damage or destruction.

Make sure that you have the coverage that you need and that your policy meets the requirements of California insurance law! If you are in the greater Aliso Viejo, CA area, call or stop by BenefitSource Insurance Services, Inc. today to learn more about your condo insurance policy options.