FAQs Archive -

Q: How do I know if I need a personal umbrella liability policy?

It used to be that the only people who needed personal umbrella liability policies were wealthy individuals who had sizable amounts of personal assets that would be at risk in a lawsuit. However, in our very litigious society, even individuals with modest incomes and assets are often subjects of large lawsuits. Since they are even less able than a wealthy individual to pay large damage awards, they recognize the need to have coverage limits greater than what can be obtained from their homeowner or auto policies.

Q: Why would I want to buy renters insurance?

If you live in an apartment or a rented house, renters insurance provides important coverage for both you and your possessions. A standard renters policy protects your personal property in many cases of theft or damage and may pay for temporary living expenses if your rental is damaged. It can also shield you from personal liability. Anyone who leases a house or apartment should consider this type of coverage.

Q: Should term insurance or cash value life insurance be purchased?

This is a difficult question – one whose answer will vary depending on your personal circumstances. First, recognize that in any life insurance purchasing decision, two questions must be answered: “How much life insurance should I buy?” “What type of life insurance policy should I buy?” The first question should always be resolved first. For example, the amount of life insurance that you need may be so large that the only way you can be afford is through the purchase of term insurance, since term insurance has a lower premium. If your ability to pay life insurance premiums is such that you can afford the desired amount of life insurance under either type of policy, it is then appropriate to consider the second question – what type of policy to buy. Important factors affecting this decision include your income tax bracket, whether the need for life insurance is short-term or long-term (e.g., 20 years or longer), and the rate of return on alternative investments possessing similar risk.

How do I know if I need a personal umbrella liability policy?

It used to be that the only people who needed [...]

By zappainssvcs|2021-03-30T07:42:02+00:00March 30, 2021|Umbrella Insurance|Comments Off

What is a personal umbrella liability policy?

The personal umbrella liability policy is designed to increase your [...]

By zappainssvcs|2021-03-30T07:40:45+00:00March 30, 2021|Umbrella Insurance|Comments Off

What if I share my apartment with a roommate? Do we both need to have renters insurance?

Standard renter’s policies cover only you and relatives that live [...]

By zappainssvcs|2021-03-30T07:38:53+00:00March 30, 2021|Renters Faqs|Comments Off

Why do some apartment complexes require tenants to have renters insurance?

Owners of apartment complexes buy insurance policies for their liability [...]

By zappainssvcs|2021-03-30T07:38:06+00:00March 30, 2021|Renters Faqs|Comments Off

What if I share my apartment with a roommate? Do we both need to have renters insurance?

Standard renter’s policies cover only you and relatives that live [...]

By zappainssvcs|2021-03-30T14:54:39+00:00March 30, 2021|Renters Faqs|Comments Off

How does a renters policy protect my personal property?

A renters policy provides named perils coverage. This means that [...]

By zappainssvcs|2021-03-30T07:36:03+00:00March 30, 2021|Renters Faqs|Comments Off

Why would I want to buy renters insurance?

If you live in an apartment or a rented house, [...]

By zappainssvcs|2021-03-30T07:32:19+00:00March 30, 2021|Renters Faqs|Comments Off

Can an existing life insurance policy be used to provide for the repayment of an outstanding mortgage loan?

Yes. An existing policy, either term or cash-value life insurance, [...]

By zappainssvcs|2021-03-30T07:30:09+00:00March 30, 2021|Life Insurance|Comments Off

How does mortgage protection term insurance differ from other types of term life insurance?

The face amount under mortgage protection term insurance decreases over [...]

By zappainssvcs|2021-03-30T07:29:04+00:00March 30, 2021|Life Insurance|Comments Off

Should term insurance or cash value life insurance be purchased?

This is a difficult question – one whose answer will [...]

By zappainssvcs|2021-03-30T07:28:09+00:00March 30, 2021|Life Insurance|Comments Off