• Q: What is covered by a California Homeowner's Insurance Policy?
  • A: Typical homeowners coverage insures your dwelling, other structures and contents, and may cover against losses such as:
    • Fire or lightning
    • Windstorm or hail
    • Breakage of glass
    • Explosion
    • Riot or civil commotion
    • Theft
    • Aircraft
    • Vehicles
    • Smoke
    • Vandalism and malicious mischief
  • You may elect to buy specialized homeowners coverage that provides additional protection for your dwelling and contents beyond the standard coverage limitations in most homeowners policies. Ask your insurance agent or broker about available endorsements to extend coverage. Endorsements to coverage such as building code upgrade can greatly add to your protection in a loss. You may also want to consider separate earthquake coverage or flood insurance, as these types of hazards are specifically excluded in most homeowners insurance policies.
  • Your policy also covers loss of use, including increases in living expenses due to fire or other insured loss. It is a good idea to be familiar with the coverage provisions for living expenses and include the information in your regular disaster plan in case of emergency.
  • Liability coverage protects you for injuries or damages to others caused by you, a member of your family, or pet. Medical payments insurance covers medical expenses to non-family members injured at your home.
  • Important: Read exclusions in your insurance contract. Earthquake, flood, mold, earth movement, and "wear and tear" are some of the perils that are usually excluded. When an insurer writes your homeowners coverage, the insurer is legally obligated to offer you earthquake coverage for an additional premium. The earthquake coverage may be written directly by the homeowner's insurer, by a separate insurer, or through the California Earthquake Authority (CEA).
  • Tenants (renters) insurance covers the loss of personal property and loss of use due to the above-mentioned perils, and may include liability and medical payments coverage.
  • Condominium insurance is similar to tenants insurance and covers personal property and improvements. Loss of use is generally limited to 40 percent of the contents limit. The condominium association generally purchases insurance for the building structure and common areas, such as corridors. Loss Assessment Coverage can be an important policy provision for you. It covers you for certain assessments the condominium association makes. However, you should check if it covers you for earthquake losses and how much it will provide you in the event of an earthquake loss. You should also carefully analyze the type of insurance your association has and how it would affect you in the event of a loss. Most condominium association policies cover the common areas and walls. Your condominium owner's policy will cover interior damage to your unit.
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  • Q: Is my jewelry covered by my homeowner's policy?
  • A: There is limited coverage available for your jewelry on a standard California Homeower's Policy. In many cases, you will need additional coverage. A Personal Articles Floater extends protection for your jewelry or other items when its value is higher than the limits stated in your homeowner's policy. Please contact your agent for details.
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  • Q: How can I cover my home in case of an earthquake or flood?
  • A: Flood and earthquake insurance can be purchased separately from most insurance companies. If you live in an area prone to those types of natural disasters, you should consider purchasing the additional coverage. These policies often work very differently than other insurance policies. For example, earthquake insurance typically includes a deductible as a percentage of coverage instead of a fixed dollar amount. We will be happy to explain all the details on these valuable policies.
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  • Q: What is life insurance?
  • A: Life insurance is a contract, often called a "policy", between you and an insurance company to provide money to a person you designate, in the event that you die during the time the contract is in force. In essence, during your lifetime you pay money, known as the insurance "premium", to the insurance company. It promises to pay money to the persons you name, the "beneficiaries", at your death.
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  • Q: How much life insurance I should have?
  • A: Your need for life insurance will vary with your age and responsibilities. The amount of insurance you buy should depend on the standard of living you wish to assure for your dependents.
  • A "needs analysis" is a systematic procedure that looks at your overall life insurance and other assets (investments, social security, pension, etc.) as a portfolio and relates those assets to needs and obligations that would have to be met upon your death.
  • Steps To Determine How Much Life Insurance You Need:
    1. Determine how much life insurance you need based on the factors mentioned above.
    2. Decide how much money you can afford to pay.
    3. Choose the type of life insurance policy that meets your coverage goals and current family budget. Fitting these two factors together will move you toward a successful overall financial plan.
    4. Contact Integrity First Insurance Services, Corp.
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  • Q: What is term insurance?
  • A: Term life insurance is insurance that lasts for a specific time, such as 10, 20 or 30 years. The policy pays a death benefit in the event the insured dies during the specified period. Since term insurance is for a limited period and accumulates no cash value, the rates tend to be low for a given amount of insurance. The important thing to remember with term insurance is that the policy ends when the term ends. Some term policies might include an option to renew or to convert the term policy to a whole life policy.
  • Term policies can be:
    1. level, (the amount of coverage is fixed during the period of coverage) or declining, (the coverage drops according to a specified schedule).
    2. renewable, (the policyholder can continue the coverage at the end of the term by paying further - higher - premiums) or non-renewable, (the policyholder cannot continue the coverage at the end of the term).
    3. convertible, (to whole life or other cash value insurance) or non-covertible, (no convertibility to whole life or other cash value insurance is available).
  • Term policies with options to continue or convert coverage would generally cost more than those that do not have such options.
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  • Q: What is a personal umbrella liability policy?
  • A: A California Personal Liability Umbrella Policy increases Liability Protection. It is generally purchased in million dollar increments. The coverage would be in excess of the underlying policies liability limits. The underlying policies could include automobile, homeowner's, recreation or more.
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  • Q: Why would somebody need liability policy?
  • A: In today's litigious society, financial protection for your assets is very important. A large accident or loss may leave your home, bank accounts or future wages at risk. A personal umbrella policy is an inexpensive protection option.

 

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