How does the liability component of my condo insurance work?

When you buy a condo in Williamsburg, VA, you’ll need a specific type of home insurance known as condo insurance. The condo policies that Commonwealth Insurance Center offers contain the same type of liability policy as homeowners’ insurance and so does your condo complex’s master policy.

Your condo complex buys a master policy that covers all of the public areas of the complex for property damage and liability. Your condo policy covers your specific domicile for property damage and liability.

So, if both carry liability, who pays what? This blog explains what the condo policy covers versus what the condo complex’s policy covers.

The master policy covers everything that is walls out from your condo and other people’s condos. Your condo policy covers what happens inside your condo – the walls-in coverage.

With respect to liability coverage, the condo complex’s policy covers liability in all public places, whether the hallways outside the front doors to the condos or the swimming pool or condo’s clubhouse. If you have a friend visit and they fall down the steps leading into the complex’s entry, the complex’s liability coverage handles it. If your friend falls getting out of your shower, your condo insurance policy’s liability coverage handles it.

You will have to purchase condo insurance when you buy your condo. The owner’s association of the complex will require the coverage, typically, as a part of its covenants.

When you buy a condo in Williamsburg, VA, let Commonwealth Insurance Center help you find the coverage you need. Call us today to get your condo covered.

When you’re young, it can seem like there is an endless road of life ahead of you. Having insurance for when it passes is a problem for a much later version of you. A child brings reality sharply into focus, and you are likely to consider all of the potential futures that lie ahead of their young life. Commonwealth Insurance Center would like new parents in Williamsburg, VA or around the nation to reevaluate their life insurance for the following reasons.

Your Financial Needs Have Increased

A life insurance policy is a safety net against the financial responsibilities left behind by your death. When you are young and more likely to have a partner with their own career, those expected costs are lower. With the addition of a child, you now have to worry about how both your partner and your offspring will manage after you pass.

Life Insurance Costs Trend Upwards

Whether you’re 19, 39, or 59, getting a life insurance policy or improving an existing one is going to be cheaper for you now than it will be in a few years. Getting into a policy earlier may allow you to lock in a lower rate, saving you quite a bit over the length of any life insurance contract.

Life Insurance Benefits Can Improve Over Time

There are life insurance policy options that might accumulate a cash value over time. Depending on the insurer, you might earn interest on this value and be able to take out a loan against its value. Most will allow you to cash out the accumulated value if you cancel the policy, and the cost is usually tax-deferred. Other insurers might increase your liability limits or provide other incentives if you stick with them for a long time.

You Have More Time to Consider Your Options

Acting early is the best way to improve the results of any insurance coverage. Commonwealth Insurance Center is standing ready to answer any questions that Williamsburg, VA parents have about their life insurance options.

With relatively recent changes to which benefits are exempt from the grasp of creditors, Commonwealth Insurance Center can help get you updated on what you need to know.

Most of Your Life Insurance Benefits Should Be Protected

In most cases, your life insurance beneficiary will not have to pay off any of your debt with the proceeds. The laws protecting these benefits are covered by Virginia law §38.2-3122. Given it’s just a few years old, Williamsburg, VA residents who purchased a policy several years ago may be unaware of the change.

Exemptions Are Likely to Exist

There are few definitive answers when it comes to insurance policies, and life insurance is no exception. A spouse who receives the benefit could see creditors come after the payment if the two of you had any joint accounts with a debt. Even though most life insurance is paid out to a beneficiary, some are placed into a trust that is linked to your name.

A later section of the law does allow creditors to make a claim, but only before the payment of the claim. Creditors use this option when a life insurance policy is used as a way to defraud creditors, so it shouldn’t be an issue as long as you are a law-abiding citizen.

These are not the only ways that your policy might be vulnerable to creditors or other factors that limit its payout, but they should paint a picture of the complexity.

Update Your Policy and Your Knowledge

Despite the slow pace that the law can move, it’s still a changing body of work. If you have any questions or want to look at options for updating your insurance portfolio, Commonwealth Insurance Center has offices in Williamsburg, VA and several surrounding cities that are on hand to help you.

If you have a classic, collector’s, or antique car in Williamsburg, VA, you need a classic car insurance policy tailored to suit your car. Classic car insurance differs from standard auto insurance in that your classic vehicle appreciates compared to typical cars that start depreciating from the moment you start driving. 

But I don’t drive my classic daily; why is insurance necessary? If you have been looking for reasons to justify classic car insurance, Commonwealth Insurance Center gives you four advantages of investing in this coverage. 

Liability coverage

Similar to driving a conventional car, you can cause accidents when driving your classic vehicle. When you are deemed liable for accidents, you could face bodily and property damage claims that can amount to thousands of dollars. Fortunately, a classic car insurance policy ensures you don’t incur out-of-pocket expenses when liability claims come calling. 

Protects the value of your car

When you subscribe to classic car insurance coverage, you agree on a value with your insurer, protecting your vehicle’s unique value. Unlike standard auto insurance that assumes your car depreciates as you continue driving, classic car insurance considers the fact that your classic vehicle value appreciates as years go on.

It’s affordable

Since most classic cars are rarely driven, purchasing this coverage is quite affordable compared to new vehicles and even some second-hand models. With classic car insurance, you don’t have to break the bank to preserve your heritage. 

Roadside assistance

Since classic cars are likely to break down than your typical vehicle, you need help when it stalls away from home. Roadside assistance provides services like flatbed towing to ensure that your vehicle is safely relocated to a garage.

Buy classic car insurance today!

Given that you treasure your classic car, it’s wise to keep it insured. If you are in Williamsburg, VA and its environs, please contact Commonwealth Insurance Center for an affordable quote. 

If you are in the Williamsburg, VA area, you may find that renting a home is a good idea. There are a lot of advantages that come with renting, including having flexibility and have fewer maintenance requirements. If you do choose to rent a home here, you should pursue an appropriate insurance plan. Those in this area will need to have renters insurance coverage for several reasons. 

Protection is Often Required Under Lease

A reason that a lot of people in this area of Virginia will need to get a renters insurance plan is that it could be a requirement set forth by their landlord. There are a lot of protections that are provided by a renter’s insurance plan, which often can indirectly benefit the landlord as well. Due to this, it is common for the property owner to require a tenant to maintain this coverage throughout the term of the lease.

Valued Protections

You should also get a renter’s insurance plan as it will offer some very valuable coverage and protection. With a renter’s insurance plan, you will get the coverage needed to cover your personal assets. This will be helpful if your assets are damaged or stolen. You will also receive liability coverage, which can be helpful if you are deemed liable for an accident.

There are a lot of advantages that come with renting a home in the Williamsburg, VA area. If you are looking for a rental home here, you should also speak with Commonwealth Insurance Center about your insurance needs. The team with Commonwealth Insurance Center understands the value and needs of this coverage. They can help you assess your needs and options to build a plan that meets your needs and is ideal for your situation. 

When you are in the Williamsburg, VA area, you are going to want to have a reliable vehicle so you can get around town. One option to consider getting is a motorcycle, which can offer you a fun and efficient mode of transportation. Along with this vehicle, you also need to get the right insurance for it. Everyone should have this coverage for a few reasons. 

Coverage Protects Motorcycle

A reason to have a motorcycle insurance plan in Virginia is that it can protect your motorcycle. Those that are looking to purchase a motorcycle when they are in this part of Virginia will want to enjoy it for as long as they can. With a proper insurance plan, you will have the coverage to repair or replace the asset if you do incur a loss. 

Legal Compliance

It is also important to get a motorcycle insurance plan to ensure you stay in legal compliance. Anyone that is going to operate a motorcycle is bound to state laws that will require them to carry liability insurance. This coverage will be included in your motorcycle insurance plan and offers support in the event you are liable for damages in an accident. Further, if you do not have coverage, you are at risk of penalization. 

People that are in the Williamsburg, VA area are going to want to have motorcycle insurance due to the value it provides. As you are shopping for a new plan, you may end up having some questions and need support. The team with Commonwealth Insurance Center can help you pick a plan that will offer the ideal support for your situation. If you work with the Commonwealth Insurance Center, you can learn a lot about your different options to ensure you remain properly covered at all times. 

Because humans are to error, that’s why we buy liability insurance to cover damages when you cause physical injury or property damage to third parties. Unfortunately, your insurance isn’t perfect either. It can let you down when you are facing substantial financial liabilities. 

Fortunately, you can amp up your liability coverage by purchasing umbrella insurance from Commonwealth Insurance Center, serving Williamsburg, VA, and the surrounding areas.

What is umbrella insurance?

Think of umbrella insurance as the safety net you run to when your standard policies run out. For instance, if you are sued for $300,000, and your liability coverage is up to $200,000, you are responsible for topping up the difference from your pocket. However, your insurance can cover this difference if you have umbrella insurance.

It’s important to note that umbrella insurance is slightly different from excess liability insurance that gives you higher coverage on your current liability policy. On the other hand, umbrella insurance provides additional coverage that is ordinarily not included in your typical insurance policies. For instance, most umbrella insurance covers legal fees if you are accused of libel/slander.

Is umbrella insurance mandatory?

Virginia State doesn’t require you to carry umbrella insurance, but it’s vital to purchase one if you have any kind of livelihood. Specifically, if you are in the below categories, you should buy umbrella coverage.

• You own property
• Own a dog or other possessions that can cause injury to others
• You are a high net worth individual
• Have an inexperienced driver in your household
• Participate in sports that you are likely to injure others (like hunting)

What does umbrella insurance not cover?

While your umbrella insurance might seem like the mother of all liability coverages, it may not save the day in the below circumstances:

• Own-inflicted injuries or property damage
• Damages from breach of contract
• Intentional or criminal acts
• Losses to be covered by your typical insurance policies

Are you looking for umbrella insurance? Please get in touch with Commonwealth Insurance Center, located in Williamsburg, VA. This way, you will be protected against injuries, personal liabilities, and certain lawsuits.

The rainy season sends chills to many Williamsburg, VA residents as the cold weather marks the streets with floods; destroying properties and taking lives. Residents have to find ways to protect their families and property by buying flood insurance, but is buying insurance enough? Probably not because there are other things you can do to keep your home and family safe. Here is what the Commonwealth Insurance center advises residents to do to prepare for flooding events.

Waterproof your basement and elevate your utilities

Install flood sensors in your basement to detect water leaks and a water alarm to alert you when there is water leakage. Keep a working sump pump to protect your basement and maintain a battery-operated backup pump just in case of power failure. Next, elevate your essential utilities like propane tanks, wiring, sockets, electrical panels, appliances, and heating systems. Make sure that all electrical wires are well covered in and outside the house.

Clear your gutter and unblock all pipes

Many people in Williamsburg, VA tend to forget about all the debris build-up, leaves, and other unwanted materials in the gutters, which can be a potential water block during heavy rains. After checking the gutter, check water pipes and other water channels for any blockage that may prevent the easy flow of water.

Remove the carpet and move your furniture.

If your local authority announces the possibility of floods, don’t wait. Move your furniture and other valuables to safe places like the attic. If your home has one or several floors, move most of the items to the upper floors, particularly things that can easily get damaged by water. Pack a bag or two with supplies in case of an emergency and maintain communication with your family and relatives.

Buying flood insurance soon? Commonwealth Insurance Center would like to help. We are not only ready to guide you but also answer all the questions you might have. Call us today!

When you are in the Williamsburg, VA area you will need to make sure that you get proper insurance coverage for any type of property that you own. If you are a condo owner, this means getting a proper condo insurance plan. Condo insurance is a necessity for people in this area of Virginia for a few different reasons. 

Insurance is a Mortgage Lender Requirement

One of the reasons that you should get a condo insurance plan is that it could be a mortgage requirement. If you have used a mortgage to finance the purchase of your condo it is important that you carefully follow your mortgage lender’s insurance requirements. This will almost always require that you carry condo insurance and also escrow for the payments with the bank each month.

Insurance is Required by Home Association

You should also get a condo insurance plan in Virginia if it is required by a condo association. Almost all condo developments will have a condo association that governs the rules of the community. Most of the time, the association will require that you carry a full condo insurance plan at all times. This can help to ensure that you are covered and able to repair your home and another person’s property if you accidentally cause damage. 

When you are in the Williamsburg, VA area and are a condo owner, it will continue to be very important that you get proper coverage for it. As you are in the market for a new condo insurance plan, you should call the team with Commonwealth Insurance Center. There are a lot of important factors that go into picking a condo insurance plan and Commonwealth Insurance Center can give you the guidance that you need. This will help ensure that you remain properly covered and protected. 

Life insurance brings peace of mind in a variety of ways. Here at the Commonwealth Insurance Center serving the Williamsburg, VA area, we’d like to take a moment or two to help you understand just how advantageous life insurance really can be, especially during hard times. Here’s a look at the top two reasons to buy life insurance.

Provide Financial Benefits to the Beneficiary

Do you have someone that depends on you for financial support? If so, what happens when you pass away? Will this person still receive some sort of financial support from you? Unless you have a bunch of money tucked away in your sock drawer or in a savings account at a bank, your loved ones will need steady income as a form of financial support once you pass away. And that’s exactly what a life insurance policy does. It provides peace of mind in knowing your loved ones will receive a payout amount once you’re no longer alive. This means you can spend your time here on earth enjoying moments with your family instead of having to worry about what will happen to them when you pass away.

Pay Off Old Debts

Do you have some debts that you need to ensure are taken care of when you pass away? If so, you can ensure your loved ones receive money through a life coverage policy that will cover these debts. When you pass away, the beneficiary amount can be used to pay off debts and keep your family in good financial health. This is an excellent way to help ensure good financial health for your loved ones once you are gone.

Want to learn more about the benefits of life insurance? Contact the Commonwealth Insurance Center serving the Williamsburg, VA and surrounding areas today.