Types of Life Insurance

Have you been searching for a life insurance plan but you don’t know the right plan that will suit your needs? There is a broad range of life insurance plans you can consider. You will be in better position to pick a suitable coverage from insurers like Insurance Shopper VA in Virginia Beach, VA if you familiarize yourself with the common types of life insurance plans.

Life insurance policies are categorized depending on the terms of coverage. The categories include:

Term life insurance

This plan is the most basic type of life insurance and is designed for people below the age of 50. This plan is written for a certain period of time (1-10 years) and is renewable once the term is complete. The premiums may increase once the term ends, particularly for older individuals.

Whole life insurance

This policy combines a savings component with permanent protection as long as the insured continues to pay the premiums. A section of the premium is accrued as cash value. You can be allowed to borrow a section of your policy’s cash value as the plan continues to gain value.

Universal life insurance

A universal plan is similar to whole life although it offers an added benefit of higher earnings on its savings component. The policy is more flexible when it comes to the premiums and face value. The premiums can be decreased, increased, or deferred while the cash value can be withdrawn.

Variable life insurance

This is another life insurance plan that offers fixed premiums. The policyholders can invest their cash value in bond, stock, or money market-based investment alternatives that the insurance provider offers. The death benefits and cash value can fall or rise depending on the performance of the chosen investment option.

You can get any of these policies from Insurance Shopper VA, a company that serves the entire Virginia Beach, VA area. Talk to us for more details.

Some House Alarms Qualify for Coverage Discounts, Some Don’t

There is no question that a Virginia Beach, VA house alarm meets the definition of a risk prevention measure, and in the world of insurance what reduces risk means a potential reduction in the cost of coverage for an insurance provider. While many insurance providers don’t automatically assume that an alarm stops break-ins, they do recognize that the systems make a homeless of an attractive target. And in that respect providers are willing to discount coverage costs many times for the presence and installation of a proven alarm system. Again, a lot of this acknowledgment is due to the fact that an alarmed home raises the chances of being caught, which is not what a thief wants to be exposed to when it can be avoided, according to cases seen by staff at the Insurance Shopper VA.

However, keep in mind that not every Virginia Beach, VA alarm system qualifies. Known brands by major alarm companies that also provide remote monitoring tend to be the most successful. These services combine on-the-premises alarm systems along with living staff who will react to an alarm signal after a number of minutes and call the local police to respond. A store-bought sound equipment that has no such monitoring and follow-up is unlikely to get the same response from an insurance provider, even though it may very well since an intruder and go off. To know for sure which services will likely generate a discount, a homeowner is best off asking the provider directly or choosing a policy that specifically includes a discount for an alarm system with detail as to what type and what is required. To find out more about how such discounts can be obtained and applied, the experts at the Insurance Shopper VA can help. Give them a call today to find out more.

What Is Covered With A Commercial Insurance Policy?

Virginia Beach, VA has always been a popular tourist spot. Fishing is a big draw and the sport requires boats. Boats that take tourists fishing are considered to be a commercial enterprise and require commercial insurance according to the State Corporation Commission of the Commonwealth of Virginia.

A commercial insurance policy provides a wide variety of protection for boat owners, employees, and the tourists who use the boats to enjoy the fishing in Virginia Beach, VA. Insurance Shopper VA has been providing this type of protection for boats and businesses for the last 20 years.

Commercial liability insurance provides protection from damage to property, injury to people, crime, damage caused by repair contractors, some acts of nature, and even acts of terrorism.

Some common circumstances can clarify what can be covered.

A fishing customer who is injured while fishing could sue the owner of the boat for the injuries, pain, and suffering, and lost wages. Commercial insurance covers this cost.

An unscrupulous employee may steal a valuable part of the boat’s equipment that is needed for the boat to operate. Commercial insurance can cover replacement costs for the lost equipment.

You could accidentally ram another vessel. Your commercial insurance policy would pay for damage to your boat and the boat you hit.

A new addition to commercial insurance protects the boat owner from any loss if their boat is used by a person in the commission of an act of terrorism.

The job of Insurance Shopper VA is to work with each individual boat owner to determine exactly the type of coverage that they need. The size of the boat, the number of people taken on any fishing trip, the size of the engines, the number of crew members, and the certifications of all crew members play a part in the determination of the best coverage for each individual.

We spend time with you so that the policy fits you. That means you are protected as completely as possible based on facts and planning.

What’s Covered Under Your RV Insurance?

Your RV may serve a number of functions in your life ranging from “pleasure cruiser” to “home, sweet home.” With RV insurance, you can protect this valuable investment so you can continue to enjoy its many benefits. A chat with an Insurance Shopper VA agent can give you a better understanding of RV insurance options at your disposal. A basic policy may cover the following:

Liability Coverage

Liability coverage protects you against injuries or property damage sustained by others in an accident you cause. If you hit another vehicle while traveling and cause injuries to the driver or passengers, your liability insurance will pay their medical bills and the repair of their vehicle so you won’t be held liable.

Collision/Comprehensive Coverage

Collision coverage will help pay for damages to your RV if you collide with another vehicle or object when traveling. If your RV is stolen or suffers damage from inclement weather, fire or vandalism, comprehensive coverage can help repair or replace your unit, depending on the extent of the damage.

If you travel frequently around Virginia Beach, VA or surrounding areas in your RV, you’re more susceptible to accidents. Adequate insurance protection will give you greater peace of mind in your travels.

Additional Coverage Options

If you’re traveling with valuable camping gear or electronic gadgets or simply want to safeguard your personal effects, you can get insurance coverage to protect these assets against theft or loss.

Other coverage options include emergency towing and the rental vehicle in the event you have a breakdown on the road. It also doesn’t hurt to obtain uninsured/underinsured motorist coverage to protect you and your RV against drivers that don’t have adequate insurance coverage.

Learn more about RV insurance and what it has to offer by contacting Insurance Shopper VA in Virginia Beach, VA.

Does Umbrella Insurance Work Best With Another Policy?

Umbrella insurance is no something that every insured person needs to know about or needs to worry about. For those that are thinking of taking out an umbrella policy, you should know how they work and what capacity they work best in. For those that live in the Virginia Beach, VA area, the agents with Insurance Shopper VA can help.

For the most part, an umbrella policy can stand alone but they do work best when used alongside or in conjunction with another policy. The reason for this is that an umbrella policy is not necessarily a blanket policy that works for one specific type of insurance. This means that it might seem like enough to have an umbrella policy in place, but in specific instances, it is going to be better to have another policy that is focused on the accident at hand.

If you want to add an umbrella policy you should take the time to really look at what you have and to make sure that you are adding coverage where it is needed most. Umbrella policies are great for those that have an existing policy and simply want to add a bit of coverage and really make their coverage a bit rounder and a bit more focused on what they need. For those that do want to add coverage, an umbrella policy is going to do just that without raising the monthly cost of your existing policy.

For those in the Virginia Beach, VA area, the agents with Insurance Shopper VA can help you find the policy that you need and want and can help you make sure that if you are adding an umbrella policy, you are adding the amount of coverage that you really need and want.  

How Does Umbrella Insurance Work?

Umbrella insurance is meant to cover liability disputes that may either drag out in court or ruin a reputation. This is not a policy that covers all of your property and wealth, it’s an additional policy you take out on top of the normal auto, home, and life insurance you may already have. You may be surprised at just how handy it can be for certain individuals, so learn more about how it works. 

Extending Your Limits 

A normal insurance policy in Virginia Beach, VA will have limits when it comes to how much it will cover for liability. But just one lawsuit can eat up those limits quite easily. So if you get into a serious collision, you may be required to either fight the charges or potentially pay for the medical costs if the other party sustained bodily injury. In the case of a chronic injury, you may need to pay the bills for the rest of a person’s life! If your auto insurance policy has bodily injury limits of $500,00, then the umbrella insurance can take care of the rest of the charges.

Umbrella Insurance in Virginia Beach, VA 

Insurance shopper VA offers umbrella insurance to protect everything that you may not want to lose. Whether someone has accused you of a crime or indiscretion that didn’t happen or you’re determined to be at fault in another claim, umbrella insurance is literally there for when the rain really starts to pour. If you have questions about how an umbrella insurance policy can stand between you and financial ruin, give Insurance Shopper, VA a call for more information about how we can help. The best part about umbrella insurance is that it’s usually more affordable than people think, so call us for a quote!

What Is FEMA?

The Insurance Shopper of  Virginia Beach, VA role is more than to offer flood insurance policies, but our goal to educate Virginia residents about the history of flood insurance. 

History of Flood Insurance

There is a two hundred year history of  Federal emergency management relief. For instance, when the John T. Ford’s Theater collapsed in June 1893, compensation legislation was passed, to cover the structure and personal injuries by the 54th Congress. President Jimmy Carter issued two Executive Orders, on April 1, 1979,  which ordered the creation of FEMA, the Federal Emergency Management Agency, within the Department of Homeland Security.

The Role Of FEMA

FEMA coordinates disaster relief in the United States requested by state and local governments. To initiate FEMA, the state Governors must seek disaster relief. If the catastrophe occurred on Federal property, such as the destruction of the Alfred P. Murray Federal Building in Oklahoma City, no initiation from the state’s Governor was necessary.  

As can be seen in Hurricanes, Harvey, and Irma, FEMA aid came in the form of the National Flood Insurance Program (NIFP), on the ground support of experts in the specialized fields of construction and infrastructure. Further, relief funds are provided to state and local government as low-interest loans, along with support from the Small Business Administration.  

Private Flood Insurance

FEMA, on March 16, 2012, issued a memorandum,  “Non-Federal Flood Insurance Policies." The memo stated that it is FEMA’s official policy that lending institutions that underwrite flood insurance have the authority to accept non-Federal flood insurance.

The importance of adding private flood insurance is that the NIFP  limits its coverage too. $250,000. The consumer would have to purchase an Excess Flood Insurance Policy.  However, NIFP will permit a private flood insurance policy to offer its coverage more than $25,000. Thus, if the price is right, an Excess Flood Insurance Policy would not be needed.

Flood insurance can be complicated. We at Insurance Shopper of  Virginia Beach, VA will cut through the red tape. Please contact us before the next big storm.

Myths about Flood Insurance

Floods can cause a lot of damage and having additional flood coverage will help you protect your home and belongings, but there are a few myths you should know about before your purchase a policy.

1. You Can’t Buy Insurance if You Don’t Live in a Flood Plain

If you live in a flood plain then you will be required to get insurance, but even if you don’t live in a flood plain you will still be able to get flood insurance if you want it.

2. A Homeowner’s Policy Covers Floods

A standard homeowner’s policy will not cover floods, which is why there is additional flood insurance. There is a 30-day waiting period for flood insurance, so if you want it you have to plan head.

3. If You Didn’t Need It When You Bought Your House You Won’t Ever Need It

Flood plains can change and just because you weren’t in a flood plain when you purchased your property doesn’t mean you won’t be in a few years. Keeping up to date by speaking with an insurance agent at Insurance Shopper VA will help you determine if insurance is needed.

4. Flood Insurance Covers Everything

Flood insurance may cover most of the physical structure of your house, depending on the value of your home. However, it won’t cover things like living expenses if you have to relocate.

5. Flood Insurance Is Only for Homeowners

You may be able to purchase flood insurance if you are a renter, condo owner or business owner in certain areas. The maximum amounts vary depending on needs. There is a $250,000 coverage limit for single-family residential buildings and condo owners and a contents coverage limit of $100,000, which is available to renters.

Contact an agent at Insurance Shopper VA, serving Virginia Beach, if you are interested in flood insurance.

Home Owners Insurance vs. Condo Insurance: What you need to know.

Many people wonder what the differences are between a homeowners insurance policy and an insurance policy for a condominium. There are a few fundamental differences that one should be aware of in order to make sure your Virginia Beach, VA, condo is adequately insured.

The largest difference you will see is the dwelling coverage. Under a condo policy, the property policy will cover everything inside of the individual unit. The policy will pay to repair damage to the interior of the unit starting from the wall studs. In a condo, the owners pay a fee to the association and part of that fee is used to purchase an insurance policy to cover damage to the exterior walls, shared spaces, elevators, etc.

Liability coverage for condos is also meant to cover incidents inside your condo such as a guest being injured. If that same guest were to be injured at the community pool, your association policy would most likely respond to the claim.

As a condo owner, you will all want to make sure you are insured for your personal property such as your jewelry, TVs and other computer equipment. Unfortunately, most condo associations will not have an insurance policy to assist with covering your personal property. If you lose a piece of jewelry in the hallway, it is unlikely the association’s insurance will cover the loss.

Typically a homeowners insurance policy will have higher coverage limits than a condo policy. It is important to sit down with your agent at Insurance Shopper VA to discuss your insurance package for your condo to make sure you have sufficient coverage in place.

If you would like to learn more about insurance for your condo or your home, please reach out to us at Insurance Shopper VA. We proudly service the Virginia Beach, VA, area.

 

Does Condo Insurance Cover Loss of Use for Renters?

When you purchase condo insurance, your condo insurance helps cover you against the loss of use. This means that if a pipe burst and your condo is uninhabitable until it is fixed, your insurance policy will help pay for a hotel or housing until the problem if repaired, after you have covered the cost of your deductible. But if you are renting your home out, you may find yourself wondering if this coverage applies to your renters as well.

As a general rule of thumb, the coverages that apply to you as the owner do not apply to any renters that you have living in the condo. This means that if you have renters in your condo, chances are, the loss of use coverage does not apply to those renters. Renters can purchase rental insurance which should cover their loss of use while living in the condo.

It is important to let your condo insurer know if you are renting your condo out, either for short term or long term use. You will need to add rental dwelling insurance to your policy or purchase an entirely new policy for this purpose. The rental dwelling insurance helps to cover your condo when you have renters inside. While this policy may not cover your renters loss of use, it may help you cover the loss of rent that you may be out if something happens and the unit becomes inhabitable and you cannot collect rent on the unit.

If you are looking to purchase condo insurance for a condo located in the greater Virginia Beach, VA area, let Insurance Shopper VA help. We can help you find the right insurance policy for all of your needs, including condo insurance to help cover you if you are renting your condo out. Call us today to get started.