How Condo Insurance Differs From Home Insurance

Whether you already have a condo or are planning to purchase one, you will need a type of insurance known as condo insurance. Although it is similar in certain ways to home insurance, there are also some key ways it differs. Here are some of those differences, courtesy of Commonwealth Insurance Center serving the Williamsburg, VA area.

Interior of building

A condo insurance policy typically covers the interior of your building as well as your possessions that are in that building, such as your furniture, clothing, appliances, and more. With a home insurance policy, the interior, as well as the exterior of the building, are covered. That includes the land on which the house has been built.

Exterior of building

Meanwhile, with condo insurance, typically the exterior of the building is covered through a policy paid for in another way, such as via your homeowner’s or condo community’s master policy. That policy also covers all of the jointly owned property in the condo community.

Premium amounts

Because a condo is in many instances smaller than a house and because the condo insurance policy does not cover as much as a home insurance policy does, the premium paid for condo insurance will be lower than that for a home insurance policy.

Necessary insurance

Whether you live in a house or a condo, insurance is still just as necessary, although the logistics and requirements are different based on the type of dwelling. Always make sure you have adequate coverage, no matter where you live.

Check on the details of your particular policy to verify what your condo insurance specifications are. If you would like more information about condo insurance or other types of insurance, feel free to contact Commonwealth Insurance Center, serving the Williamsburg, VA area.

How Quickly After a Death Should You Contact the Life Insurance Company?

Having a life insurance plan can help to spare your loved ones from the burden of paying for your final expenses and your funeral out-of-pocket. If you have a loved one who has passed away and they have a life insurance policy, you may find yourself wondering how quickly you should contact the life insurance company. Here is some information about this topic from Commonwealth Insurance Center, serving the greater Williamsburg, VA area. 

What to do in the event of a passing

It is recommended that you begin the process of filing a claim with the life insurance company when you feel comfortable and able to do so. Before an insurance company can pay out on a life insurance claim, they will need a copy of the death certificate. Depending on where you live, this can take a few days to a few months to obtain. Some people file a claim right away and then submit the death certificate when it becomes available. Other parties wait until the death certificate is available to file a claim. There is no right or wrong way to do it. However, once a claim is filed, premium payments will cease, so this is important to keep in mind if any insurance payments will be due while waiting for the death certificate. 

Once a claim has been filed, and the death certificate has been submitted, an insurance company has 30 to 60 days to review the claim and payout. 

If you do not have life insurance, now is the perfect time to consider purchasing a policy. Here at Commonwealth Insurance Center, we can help you find the right life insurance policy and purchase it in the greater Williamsburg, VA area. Contact us now to schedule an appointment to sit down with us and discuss your needs. 

Do You Need Commercial Insurance For An E-Business?

There are more e-commerce businesses than ever before. They have changed the way we shop and conduct daily life. With these changes have also come changes to the way insurance covers a business. If you have an e-commerce business, you may need insurance to cover inventory and other legalities and equipment that you need to run the business.

Insuring Your e-Business

Insurance for an e-business may be slightly different than traditional brick and mortar insurance policies. Commercial insurance today can help cover your equipment, inventory, and other assets and risks associated with today’s internet business landscape. If you are considering opening an e-commerce or internet based business, you need to work with an insurance provider that understand how modern insurance policies can provide coverage for internet-based companies and can help you discover ways to protect your business completely. 

Finding Insurance Coverage For Internet Based Companies

If you are one of the millions who is branching out into businesses via the internet, you need insurance coverage that is designed for your unique needs. Not all insurance is the same, which is why you should work with Commonwealth Insurance Center in Williamsburg, VA. We have the insight and experience to guide you through the process of purchasing the right type of insurance for e-businesses. We can suggest the options that apply to your situation and help you gain peace of mind. 

Don’t leave your e-commerce business to chance. Residents living in or around the Williamsburg, VA area should call or stop by Commonwealth Insurance Center and speak with a representative who can listen to your needs and suggest coverage that works for you. 

Facts about modern classic car insurance

Classic car insurance is a special class of auto coverage that is fashioned to meet the insurance wishes of vintage vehicle collectors. Considering that this is a non-standard kind of insurance package, this means that there are selective state wise considerations that you need to be aware of to obtain coverage for your automobile. Here are three facts that you need to know about classic car insurance in Williamsburg, VA.   

Classic vehicles description 

At Commonwealth Insurance Center in Williamsburg, VA, we have come to realize that it’s a common misconception that people think a classic car is an old car, which is not necessarily the case. In the 1970’s, the numbers of production vehicles were high; subsequently, not all cars developed during and even before this era are considered classics. There are three types of classifications of automobiles that are deemed as classic cars namely: Veterans, Edwardian, and limited. Veterans are vehicles that were developed before December of 1904; on the other hand, Edwardian are automobiles whose manufacturing dates fall between January 1905 and December 1918. Limited edition vehicles are not expressly classified by date, but by rarity, their uniqueness offers them the tag of classics.

Classic vehicles Usage

Most classic car insurance policies stipulate that for a vehicle to qualify for classic collector coverage, it should not be used as the primary vehicle. Regardless of its rarity, a vehicle that is not in a condition to be driven on a daily basis will not be eligible for coverage. The classic car insurance policy traditionally uses restrictions on millage in order to make sure the vehicle is regularly used. For instance, in Williamsburg, VA, a classic car is expected to cover over around 5,000 miles annually in order to meet eligibility criteria.

Classic vehicles Storage Requirements

As indicated, classic vehicles are considered gems by a variety of providers including us at Commonwealth Insurance Center; subsequently, there are strict storage requisites for vintage cars. In order to be covered, you will be expected to have a specially designated storage location for your vehicle. Classic cars that are parked outside the house or garage are exposed to significant damage risks which are a liability to insurance providers. Consequently, it’s always required that classic cars are kept in safe and secure locations within the owner’s premise.

Contact our Virginia offices to speak with an agent and get a quote.

Renter’s Insurance: What You Need

If you rent a home or apartment in Williamsburg, VA, the responsibility of protecting your personal goods falls on you. Your landlord’s insurance will cover damage to his building in the event of a disaster. If you want insurance protection for your belongings, you’ll need to pay for that on your own. A renter’s insurance policy from Commonwealth Insurance Center can provide you with the coverage you need. Understanding the basics of renter’s insurance will make it easier to choose a policy suited to your needs.

What Renter’s Insurance Covers

Personal Goods

A standard policy will reimburse you for damages or loss caused by such common perils as fire, smoke damage, lightning, hail, windstorms, and other natural disasters. You’ll also receive coverage against vandalism, theft, and water damage caused by plumbing issues. The extent of coverage depends on your policy. If you own designer clothes or pricey furniture or electronics, you will do well to obtain sufficient coverage to replace these goods in the event of a disaster.   


If people visit you often, you face a higher risk of someone getting injured on your property due to an accident. A friend could burn himself while attending a cookout or slip and fall down the stairs. Liability insurance protects you against such risks by covering the cost of visitors’ injuries and property damage while on your property.

Additional Living Expenses

If your rental home or apartment receives extensive damage due to a catastrophe, you may need to move out while it’s being repaired. This coverage helps pay for your living expenses during this time to include hotel bills, meals out, laundry services, etc.

The affordable cost of renter’s insurance makes it a wise investment in protecting your interests. For more information on policy options and costs, contact Commonwealth Insurance Center in Williamsburg, VA.

Motorcycle Insurance Basics

When you get a new bike, the open road will call out to you. Before you head out, you need to make sure that you have the right motorcycle insurance. By law, you are required to carry minimum liability insurance. While the lower rates may be tempting, you may be better off with a more comprehensive policy. If you have financed your motorcycle, your lender will have requirements about the type and levels of coverage that you carry. Even if you don’t owe on your bike, you need to understand the insurance options available to you. This is where the agents at the Commonwealth Insurance Center can help. We serve the insurance needs of motorcyclists throughout the Richmond, VA area. 

We can discuss what is covered by a liability policy and the benefits it brings. Basically, if you are deemed responsible for an accident, the policy will cover the repair expenses of the other party.  It will also pay their medical expenses and legal fees, if needed, should they decide to sue. It will not cover the repair of your motorcycle, however, or your medical expenses. Also, a liability policy will only pay out up to a certain amount. If the injured party’s medical expenses exceeded the predefined amount, you will be responsible financially for the additional expense. 

The agents at Commonwealth Insurance Center will talk with you about more comprehensive and collision policies. There is a wide range of options available for motorcyclists in the Richmond, VA area. They will help you find the one that best protects your investment in your bike, as well as, assists if there ever is an accident. The team of agents will walk you through various policy options and answer any questions you may have. Visit our website online for general information then call for an appointment today!

What are the minimum boat insurance requirements in Virginia?

Those wishing to operate a boat in Williamsburg, VA must abide by the rules established by the state’s department of motor vehicles (DMV) before getting behind the wheel of a watercraft. First, potential drivers must be at least 14-years-old. Second, potential operators must fulfill boating education requirements, which may include online as well as in-person courses. It is also paramount that those who own a watercraft have proper insurance coverage to pay for damages caused by accidents. Commonwealth Insurance Center can help you meet the minimum boat insurance requirements in Virginia. 

Does homeowner’s insurance cover watercraft as well?

In some instances, homeowners may find that their boat is also partially covered by their residential indemnity plan. It is not the better idea, however, to solely rely on homeowner’s insurance to pay for all damages ensued by an accident on the water since policy limits tend to be low. You may, at best, receive $1,500 to repair your boat. You are still financially responsible for medical bills of others injured if you were at fault as well as repair costs that exceed the payout from your homeowner’s insurance plan. 

With so little being offered by homeowner’s insurance companies, many boaters in Williamsburg, VA choose a specialized policy for their watercraft. The average Virginia boat insurance provides coverage of anywhere from $100,000 to $1 million. You can, of course, go beyond minimal liability policy limits and choose more products for even more financial assurance. 

The need for yacht insurance

It is important to understand that watercraft between 16 and 26 inches are typically classified as standard and, thus, may be insured under traditional liability limits. You may need to go the extra mile to insure a yacht, which is a boat that exceeds 26 inches. 

Commonwealth Insurance Center can help you find the right type of insurance so that you are fully protected on the water. Contact us today for a quote!

Umbrella Insurance In Williamsburg, VA

Accidents and lawsuits are both incidents that we cannot avoid. Umbrella Insurance is often known as “extra liability insurance" which protects you from serious personal injury lawsuits and all situations where you could be sued. Besides personal injury protection, this policy covers a wide range of legal problems like slander, false arrest, property damage, libel, and other coverage problems that might occur on rental properties.

At the Commonwealth Insurance Center in Williamsburg, VA, we are committed to ensuring you get covered. We often advise mostly landlords to have this policy, although anyone can have it. Some of the coverages done by the umbrella policy include:

Bodily Injury Liability

This policy covers the cost of bodily injury of other people due to your negligence. Examples include:

  1. Accidents in which you are at fault.
  2. Harm caused to people by your pet.
  3. Injuries sustained by your guest at your home.
  4. Injuries on a neighbor’s child who gets injured while playing in your compound. 

Property Damage Liability

This covers the damage cost to someone else’s property due to your negligence. Examples include:

  1. Damage done by your pet on a neighbor’s property like breaking a glass window.
  2. Damage to vehicles in an accident in which you are to be blamed.
  3. Accidental damage incurred on a property as a result of your child’s negligence or ignorance.

Rental Unit Liability

 This policy protects against liability risks a landlord may come across. Some examples of rental unit liability include:

  1. Someone tripping and injuring himself/herself while walking on a cracked sidewalk.
  2. A visitor attacked by an animal and holding you responsible for injuries.

Come and get a quote from the Commonwealth Insurance Center in Williamsburg, VA today. To get more information or for any inquiries, visit our office, and our highly trained staff will be happy to assist you.


Why You Need Flood Insurance from Commonwealth Insurance Center in Williamsburg VA

If you have homeowners’ insurance, you might not know it doesn’t cover flooding. If you are in a flat area or on a flood plain and have a mortgage, your lender usually requires flood insurance. Even if you have paid off your home, you should consider getting flood insurance to protect your belongings.

Facts About Flood Insurance

Floods account for the most costly and frequent natural disasters in the country. They cause massive damage annually. Americans lose about $8.2 billion every year to flood-related property damage.

There are floods in every state and across all types of terrain. Over 20 percent of flood claims originate on properties that aren’t in a high-risk zone.If you carry flood insurance, you can file a claim even if there’s no Presidential Disaster Declaration in your area. These are just some of the compelling reasons to carry flood insurance.

One inch of water in your cellar can amount to $27,000 in damage. If homeowners insurance doesn’t cover your belongings, how can you get flood insurance?

Where to Buy Flood Insurance

You have to buy flood coverage via an insurer that belongs to the NFIP. The National Flood Insurance Program doesn’t sell insurance directly. Ask your Commonwealth Insurance Center agent in Williamsburg, VA to help you purchase coverage.

Here are some questions you should ask to educate yourself on flood insurance in your area. 

  • Does my neighborhood participate in the NFIP?
  • Which flood zone do we live in?
  • Is flood insurance required by my lender? 

Contact Commonwealth Insurance Center in Williamsburg, VA today to set up a free consultation about your options for flood and other insurance needs.

Can Renters Buy Condo Insurance?

If you are looking to rent a condo, you may ask yourself if you can purchase condo insurance as a renter, or if this is something only the condo owner can purchase. Here at Commonwealth Insurance Center, serving the greater Richmond, VA area, we want to ensure that our clientele can purchase the right type of insurance for their needs. Here is what you need to know about condo insurance and being a renter. 

What is Condo Insurance

Condo insurance is similar to homeowner’s insurance. However, whereas a homeowners insurance policy covers the exterior of the home and common places, condo insurance does not. It only covers the walls and space that make up the portion of the condo that a condo owner owns. The condo building owner is required to carry their own insurance for the exterior of the building and commonplaces, such as hallways and pools. As a renter, you cannot obtain condo insurance. This type of insurance is designed to be purchased by the person who owns the unit. 

What Types of Insurance Renters Need

While you cannot purchase condo insurance as a renter, you may still be looking to insure your belongings against fire, flood, or theft. In this case, you will want to purchase a standard renters insurance policy. This type of policy covers renters who live in any type of dwelling, including homes, apartments, and condo buildings. An insurance agent can help you determine how much renters insurance you should carry based on the value of your belongings. 

If you own a condo and are looking to purchase condo insurance, or if you have signed a lease to rent a condo and are looking to buy renters insurance, Commonwealth Insurance Center, serving the greater Richmond, VA area is here to help. Contact us today to get started.