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!

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.