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This Month: Assess Your Personal Insurance
Coverage On An Annual Basis
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Dear Valued Customer,
Most of us lead busy lives which is why an annual assessment of your personal insurance coverage is vital.
In this issue of "Personal Connection," we focus on annual insurance planning for you and your family. Read about homeowners insurance and find out how much you need, we're always faced with natural disasters, wherever we live. Learn more about how to protect yourself and your family against an earthquake, hurricane, mudslide, or other disaster of that sort. If you're concerned about life insurance to protect your family, find out how much you really need. Learn what is included in a basic auto policy, and much more.
There are many types of coverage that may be right for you, from homeowners to renters; healthcare to disability, and; umbrella to auto insurance, so consider this just a summary review. We urge you to please contact us for a total review and for our professional recommendations.
We appreciate your continued business and look forward to serving you.
Regards,
Jeff Gelineau
President
United Agencies Burbank
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How Much Homeowners Insurance Do I Need?
How Much Homeowners Insurance Do I Need?
You need enough insurance to cover the following:
The structure of your home. Your personal possessions. The cost of additional living expenses if your home is damaged and you have to live elsewhere during repairs. Your liability to others.
You need enough insurance to cover the cost of rebuilding your home at current construction costs. Don't include the cost of the land. And don't base your rebuilding costs on the price you paid for your home. The cost of rebuilding could be more or less than the price you paid or could sell it for today.
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Am I Covered Against Natural Disasters?
If a fire, flood, earthquake, or some other natural disaster were to destroy or damage your home, would you have the right insurance coverage to rebuild your house?
This brochure, based on the questions consumers most frequently ask, explains what is covered in a standard homeowners policy and what is not. Where gaps in coverage exist, it tells you how to fill them.
To simplify explanations, we assume that you have a policy known as Homeowners-3 (HO-3), the most common homeowners policy in the United States. Find out what type of homeowners policy you have. If you have a different policy, you should review your options in question #17.
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How Much Life Insurance Do I Need?
 In most cases, if you have no dependents and have enough money to pay your final expenses, you don't need any life insurance.
If you want to create an inheritance or make a charitable contribution, buy enough life insurance to achieve those goals.
If you have dependents, buy enough life insurance so that, when combined with other sources of income, it will replace the income you now generate for them, plus enough to offset any additional expenses they will incur to replace services you provide (for a simple example, if you do your own taxes, the survivors might have to hire a professional tax preparer). Also, your family might need extra money to make some changes after you die. For example, they may want to relocate, or your spouse may need to go back to school to be in a better position to help support the family.
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What Is Covered By A Basic Auto Policy?
Your auto policy may include six coverages. Each coverage is priced separately.
This coverage applies to injuries that you, the designated driver or policyholder, cause to someone else. You and family members listed on the policy are also covered when driving someone else's car with their permission
It's very important to have enough liability insurance, because if you are involved in a serious accident, you may be sued for a large sum of money. Definitely consider buying more than the state-required minimum to protect assets such as your home and savings.
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