Do Stay-at-Home Parents Need Life Insurance?

One question we frequently ask at Commonwealth Insurance Center in Williamsburg, VA is, "Do stay-at-home parents need life insurance?" It’s a great question! Here, we provide the guidance you need to make an informed decision about life insurance for parents who stay home to care for or educate their children. 

Why Get Life Insurance?

First, let’s explore why anyone purchases life insurance. Life insurance serves several important purposes: 

  • it helps cover funeral and burial expenses, so your family is burdened with these costs at the time of your passing
  • it can be used to pay off existing debt to reduce the costs for those you leave behind
  • it can replace your income for those who depend on it
  • it provides a rare tax-free benefit to those you leave it for

Additionally, whole life insurance provides another vital purpose: it can be cashed out to fund major life events, supplement retirement income, or assist with emergency expenses. 

Life Insurance for Stay-at-Home Parents

Now that we better understand the purposes of life insurance, we can explore these policies for stay-at-home parents. Stay-at-home parents typically don’t have income to replace, which crosses one benefit off of the list. However, full-time childcare may be needed if the parent providing care passes away, and life insurance can help cover those costs. 

Additionally, the policy can cover funeral and burial expenses, pay off existing debt, provide a tax-free benefit to survivors, and, in the case of your whole life, provide cash while you’re still living. For these reasons, stay-at-home parents typically elect to purchase life insurance. 

Call Commonwealth Insurance Center in Williamsburg, VA, today to learn more about protecting your family or to get started with a quote!

The Importance of Home Insurance

Curious if you need to keep home insurance? Our agents at the Commonwealth Insurance Center serving the Williamsburg, VA area can explain the importance of having a home insurance policy for your house, even if it is paid off. This is because we never know when a disaster will occur. It is so much better to be safe than sorry about the large investment you have made in your home.

The Importance of Home Insurance

No one wants to stand on the sidewalk and watch firefighters attempt to put out a fire at their home. Knowing you have no home insurance policy, you especially don’t want to be in that scenario. Most mortgage companies will require home insurance until you pay off your loan, but even if you’ve already done that, it is still imperative to have home insurance.

What Does Home Insurance Cover?

Whether your home is damaged or destroyed by a fire or is hit by a tornado or some other natural disaster, you will want to have a home insurance policy in place. Even if someone commits an act of vandalism at your home, your home insurance policy can help you pay to repair it or rebuild it, depending on the severity of the situation. Your home insurance policy will also help you out if there is a burglary at your house and your items are stolen.

Home insurance not only covers the structure of your house, but you can get a policy that also covers other structures on your property. These different structures can include garages, sheds, and even decks. Your home insurance policy will also cover your personal belongings, electronics, furniture, appliances, and other household items damaged or destroyed inside your house.

When it comes to liability, home insurance is your number one priority. This is because it will help you cover the medical expenses and other related costs if a visitor to your home is injured. Your home insurance policy can even help you out with legal expenses if the person decides to sue you.

Contact Commonwealth Insurance Center

Our agents at the Commonwealth Insurance Center serving the Williamsburg, VA area are ready to assist you with all your insurance needs, including your home insurance policy. Call today for a quote and to get your policy started.

Protect Your Home and Property with Homeowners’ Insurance

The most significant asset you own is probably your home. That is why it needs to be insured against destruction or loss. Homeowners’ insurance can also provide financial protection if someone is hurt on your property. Commonwealth Insurance Center of Williamsburg, VA can answer all your questions about why homeowners’ insurance is necessary.

A homeowners’ insurance policy will be required to protect the mortgage company’s interest if you carry a mortgage on your property. It will pay for damage and losses to your property if an unforeseen disaster occurs, such as a burglary, fire, or weather event.

Homeowners’ insurance protects you from lawsuits and the equity you have gained in your property. Most standard homeowners’ policies will include a certain amount of insurance for your home’s contents. This is called personal property coverage. How much coverage you need will depend on the type of things you own and their value. Jewelry, artwork, furs, etc., may require a separate rider depending on their value.

It is important to understand that certain things are not covered under a standard policy. Damage that results from neglect or poor maintenance is not covered. This would include general wear and tear, insect or animal damage, rot, rust, mold, etc. Pride of ownership will help your property to hold or increase its value.

Be careful not to purchase too little or too much coverage than is necessary. Remember that rebuilding your home at a later date will cost more than at the time of purchase. A higher deductible will result in a lower monthly premium cost. Improved security and a more disaster-resistant home will also result in a lower premium cost.

Contact the professionals at Commonwealth Insurance Center in Williamsburg, VA, to obtain the coverage you need for your most valuable asset.

You will be glad you did.

Protect Your Home and Property with Homeowners’ Insurance

The most significant asset you own is probably your home. That is why it needs to be insured against destruction or loss. Homeowners’ insurance can also provide financial protection if someone is hurt on your property. Commonwealth Insurance Center of Williamsburg, VA can answer all your questions about why homeowners’ insurance is necessary.

A homeowners’ insurance policy will be required to protect the mortgage company’s interest if you carry a mortgage on your property. It will pay for damage and losses to your property if an unforeseen disaster occurs, such as a burglary, fire, or weather event.

Homeowners’ insurance protects you from lawsuits and the equity you have gained in your property. Most standard homeowners’ policies will include a certain amount of insurance for your home’s contents. This is called personal property coverage. How much coverage you need will depend on the type of things you own and their value. Jewelry, artwork, furs, etc., may require a separate rider depending on their value.

It is important to understand that certain things are not covered under a standard policy. Damage that results from neglect or poor maintenance is not covered. This would include general wear and tear, insect or animal damage, rot, rust, mold, etc. Pride of ownership will help your property to hold or increase its value.

Be careful not to purchase too little or too much coverage than is necessary. Remember that rebuilding your home at a later date will cost more than at the time of purchase. A higher deductible will result in a lower monthly premium cost. Improved security and a more disaster-resistant home will also result in a lower premium cost.

Contact the professionals at Commonwealth Insurance Center in Williamsburg, VA, to obtain the coverage you need for your most valuable asset.

You will be glad you did.

Three Tips for a Safe and Fun Apartment Party

Apartment dwellers tend to feel a bit more constrained than their counterparts who live in houses around Williamsburg, VA. That’s because there are usually fewer square feet and more neighbors to worry about. But that doesn’t mean you can’t have fun! Here are some Commonwealth Insurance Center tips on hosting a fantastic apartment party.

Practice Safe Drinking

This is a necessity. If you plan to have alcohol at your apartment party, taking care of your guests and yourself is essential. Never allow a guest to drive home while drunk. Always offer non-alcoholic drinks as well. Limit hard liquor and keep some non-salted snacks out for everyone.

Consider Soundproofing

If your guests are likely to get drunk or loud, having a few soundproofed rooms would probably be a good idea. Consider putting up sound-dampening blankets and curtains. Rugs on the floor will keep sound from traveling through the floor. A bonus to this is it will help keep sound from penetrating your apartment the next time a neighbor throws a party!

Be Selective About Who You Invite

If you’re hosting a large party, it can be tempting to invite everyone you know. But that can lead to a lot of confused guests and emotional outbursts. It’s better to ask a few people you know well and respect. If you’re inviting people you don’t know very well, keep the guest list small and stick to a reasonable time limit. This can help keep things less chaotic.

Bottom Line

Hosting an apartment party can be a lot of fun, especially if it goes off without a hitch. But even when you do your best, sometimes things can go wrong. That’s why you need renters insurance. If you rent an apartment in Williamsburg, VA, contact Commonwealth Insurance Center today to learn more.

What Are The Threats of Not Having Home Insurance?

Home insurance is a serious monthly expense that you may question when you review your budget. For this reason, in order to save money, you may decide to do without it. However, if you do, you should be aware of certain threats of not carrying this type of insurance. Here is a list of some of them prepared by Commonwealth Insurance Center – an insurance company serving Williamsburg, VA and other surrounding areas. 

Threats Of Not Carrying Home Insurance

Here is what you should be prepared for if you decide not to buy home insurance:

  • Rebuilding costs may be high. Most likely, the cost of your property when it was built and purchased is not the current value. Therefore, if something happens to your home, the replacement costs can be very high. If you do not have home insurance, you will have to cover these costs by yourself. 
  • You risk facing a liability claim. Most standard home insurance policies cover liability claims. This protects you from possible lawsuits that are caused by dangers around your property. Without home insurance, you will have to pay for all the expenses related to a lawsuit out of your pocket. 
  • Mortgage default. Many mortgage lenders require homeowners to have some kind of home insurance. Therefore, if you decide to cancel your home insurance policy, your lender will be notified about your decision, and you may risk losing your mortgage. 

Commonwealth Insurance Center – An Insurance Agency You Can Trust

Home insurance may be expensive, and you may think that you cannot afford it. However, if you live in Williamsburg, VA, or any other nearby town, contact Commonwealth Insurance Center. Our insurance agents will be glad to help you find a perfect home insurance policy that you can afford. If you have any questions, you can visit our website or give us a call. 

Why does someone in Virginia need to maintain boat insurance?

When you are a resident of the Williamsburg, VA area, finding a way to enjoy the summer months as much as possible is a great idea. When you want to have fun during the summer, investing in your own boat is a great option. If you do decide to purchase a boat when you are here, you need to get the right insurance for it for a few reasons. 

When Using Certain Waterways or Marinas

A common situation when someone here will need to maintain boat insurance is when they want to use certain waterways or marinas. It continues to be common for some private areas to require boat owners to carry insurance as it provides liability protection. With liability protection, you can be assured that you will be able to cover any restitution if you cause an accident that results in property damage. 

When Taking Out Financing

You will also likely need to have boat insurance if you have taken out a boat loan. It continues to be required by boat loan providers that borrowers maintain a full insurance plan. With this coverage, the boat lender will know that their collateral is covered if it is damaged or stolen. You may be required to provide evidence of coverage when you take out a loan and from time to time thereafter. 

Those that would like to buy a boat in the Williamsburg, VA area need to ensure that they get the right insurance in place at all times. As you are looking for a new insurance plan in this area, speaking with the Commonwealth Insurance Center is always a good idea. The professionals with the Commonwealth Insurance Center know the value that comes with this coverage. They can then offer any support you need to choose a plan. 

What’s Not Covered by Home Owners Insurance?

 Homeowners insurance has the ability to create real peace of mind. It provides protection for your home’s structure, your personal items, and provide legal protection in terms of liability as well. However, not everything is covered by homeowner’s insurance. As a homeowner, it’s just as important to know what’s not covered by this type of insurance. 

Natural Disasters
There are some natural disasters covered under homeowner’s insurance. However, homeowners should make note of the fact that flooding and earthquakes are not covered natural disasters. As a result, if you live in an area prone to earthquakes or flooding, you may want to seek additional coverage for these situations.  Commonwealth Insurance Center of Williamsburg VA understands that fully understanding what’s covered and what’s not can be a little confusing. Other specific questions regarding natural disasters can be addressed by one of our insurance agents. We’re here to offer guidance. 

Other Uncovered Situations
Some homeowners may be surprised to learn that damage and erosion caused by general wear and tear, aging, and rust rot and mold, aren’t covered under a homeowner’s policy. Also, damage caused by termites, rodents, birds, and insects aren’t covered. Smoke and smog damage from industrial or agricultural processes, as well as defective or poorly made materials associated with your home, aren’t covered areas either. One of our licensed insurance agents can walk you through what’s covered as well as what’s not to help you make the best insurance decisions regarding your unique situation. We can also suggest additional insurance or specialized insurance if you need it. Commonwealth Insurance Center of Williamsburg, VA invites you to visit us online or give us a call. We’re here to answer questions and guide you in the right direction. 

Should I get a home insurance policy?

The most important asset that most people will ever own is their primary residence. Not only is your home a valuable and expensive asset, but it is also the place where you will live. Because of this, you need to take all necessary steps to ensure your home is properly protected. One of the best ways to do this today is through the use of a home insurance policy. There are several reasons why you need to have home insurance on your property.

Protects your Home

The primary reason why you need to make sure that you have insurance on your home is that it will provide you with protection if your home is damaged. If your home is damaged by a fire, storm, or other pressing issues, it can be very expensive to repair and replace. When you have a great home insurance policy in place, it will provide you with the protection that you need. 

Gives Liability Coverage 

When you own real estate, you are taking on responsibility every time someone comes to your home. Even if someone is injured in a complete fluke accident, you could still be held responsible for the injury and any associated bills. When you have a home insurance policy in place, a big part of it will provide you with liability protection. This will help to ensure that you are covered in the event you are sued for liability.

If you have a home in the Williamsburg, VA area, you should speak with the Commonwealth Insurance Center. Our agents will be able to make sure you understand your insurance needs. The Commonwealth Insurance Center in Williamsburg, VA will then help you find a great policy that covers your Virginia home insurance needs and gives you peace of mind.

5 Mind-blowing benefits of having home insurance.

The importance of a home insurance policy is normally not appreciated until you are in need of it. In certain occasions, a mishap or calamity may occur, and the only way to overcome such a scenario is through a home insurance policy. Below are five mind-blowing benefits of having a home insurance policy according to Commonwealth Insurance Center in Williamsburg, VA.

1. You get protection against natural disaster

Notably, you do not have control over natural disasters. As such, the best thing to do is to purchase a home insurance policy which will help you cover such liabilities. In case of natural disaster through which your house is affected, this coverage will ensure that all the costs of rebuilding your house and purchasing of home equipment are covered. This does not cover flooding or earthquakes.

2. Your household belongings will be covered

This insurance policy will not only protect your home but will also ensure that the contents and belongings in your building are safe. With this policy, you are assured of financial coverage against the risk of loss with your belongings in case of accidents and theft.       

3. Damages to your home are covered

These policies provide a liability coverage for the damage risk posed to your house in case of vandalism, fire, or other events covered under this policy. Also, the damage to your personal property due to theft is covered under this policy. However, you can expand the coverage to ensure that it includes your jewelry and other expensive valuables in your home.

4. The policy will cover more than just your home

Notably, a home insurance policy will not only protect your house’s structure, but instead, it will also provide coverage for your attached dwellings, loss of personal property, your guests, and other structures on your property.                                          

5. You will pay a low monthly premium

Fortunately, a home owner’s insurance policy is relatively cheap compared to other policies in the market. However, it depends on the type of home you possess, and as such, if you reside in Williamsburg, VA, it is advisable to visit Commonwealth Insurance Center to learn more and obtain a quote. You can also use our online rating tool for quotes from home on homeowner’s insurance.

Contact our agents to have your questions answered and learn how to start a policy today.