How Often Should I Have My Homeowners Insurance Reviewed?

The agents of Asset Planning Insurance Agency LLC understand that things change. They make themselves available to their clients who live in the Johnstown, PA area and are facing changes that could alter the type and amount of homeowners coverage they need. Reviewing their homeowners’ policy at least once a year or ever two or three years if there are no significant changes in the near future.

Life Changes

Life changes are often a major reason to review a homeowners’ policy. A new baby or the last child leaving for college are huge transitions. As your children grow, you may see an increase in the number of electronic devices you find in your home. You may even upgrade your furniture. Both of these life changes can substantially increase the value of the contents of your home. Making sure you are fully insured means that you won’t be at a loss to replace those newer items if the unthinkable happens.

Home Changes

The birth of a new baby may mean renovations to the home. Adding a nursery, swimming pool, or any other significant structural changes will increase the overall value of your home. Increasing the amount of insurance you have in place will protect your investment as well as cover your liability.

Residents in Johnstown, PA can look to the agents of Asset Planning Insurance Agency LLC for all of their homeowners’ insurance needs. The agents have the answers to all of the most frequently asked questions and are available to help figure out the right answer for you. Call and set up your appointment today to make sure your home is fully insured and your investment is protected.

 

Reasons You Must Have Insurance for Your Classic Car

If your vehicle is old and unique, it may qualify as a classic car. You should consider insuring it even though you may hardly drive the vehicle around. There are always unexpected dangers that may happen and without insurance, you could lose thousands of dollars. The independent agents in Johnstown, PA at Asset Planning Insurance Agency, LLC can help you get started with classic car insurance to protect your prized possession.

What is Considered a Classic Car?

To be considered a classic car, your vehicle would need to be at least 10 to 24 years old. It would also need to have enough historic interest that it could be considered a collectible. Your older model vehicle would also need to have limited usage. For example, it would not be used to drive to work, but it could be used to drive to a car show annually. Generally, the vehicle would need to be restored or under the restoration process to be considered a classic car.

Why Do You Need Classic Car Insurance?

Classic car insurance isn’t like your standard car insurance. It’s unique just like your car. With a standard policy, you have liability, comprehensive, and collision coverages. Although you can add these types of insurance coverages, having classic car insurance makes claims somewhat simpler. You and your insurance provider will agree on the total value of your vehicle and you will be able to collect that value if anything happens to your vehicle. Unlike All-Cash Value reimbursement, your cash payout will not be the depreciated amount or the current market value of the car.

Where to Purchase Classic Car Insurance?

You can stop by or contact one of the independent insurance agents at Asset Planning Insurance Agency, LLC in Johnstown, PA. We can help you decide what you need to make sure your classic car is protected.

3 Benefits of Renters Insurance

Although purchasing insurance for a home you own is mandatory in some cases with a lender, renter’s insurance is an optional form of coverage that often goes overlooked by those doing the renting. However, purchasing a renter’s insurance policy is a great idea for anyone who is renting their home or apartment. That said, let’s take a closer look at the following three benefits of renter’s insurance. 

Theft Protection

Although the potential theft might be the last thing on your mind with regards to renting a home, purchasing a renter’s insurance policy is an excellent way to protect your belongings. Unless you can prove that your home was robbed as the result of negligence on behalf of the homeowner, it is highly unlikely that you will be repaid for any damages that occur as a result of your home or apartment being burglarized.

Fire and Wind Damage

On another note, the potential for a fire or your home to become damaged as the result of high winds is ever-present in many areas. Given the insurmountable damages that are often caused by fires or wind damage, purchasing a renter’s insurance policy beforehand is one great way to get ahead of the problem.

Affordable

A highly affordable method of protecting your home and belongings, renter’s insurance policies are typically very inexpensive when compared to other forms of insurance. Given that this is a way to protect your home, belongings, and even the people who visit or inhabit it, it makes sense to make this small investment to ensure your home and family are well-protected.

Overall, for those who live in Johnstown, PA  and are seeking renter’s insurance, Asset Planning Insurance Agency, LLC is an excellent option. No matter if you purchase renter’s insurance alone or opt to purchase a bundle deal including auto and any other type of insurance you need, Asset Planning Insurance Agency, LLC is here to serve you. Call, email, or stop by our Johnstown, PA office to find out how to start your policy at once and hopefully save yourself some money.

Do You Have to Have Motorcycle Insurance for Bike You Do Not Drive?

Motorcycles are fantastic vehicles. They can save you gas, insurance costs, and more. That being said, they are also difficult to insure if you do not know just how to go about insuring them and what amount and type of insurance you need. For those that live in the Somerset or Johnstown, PA area, the agents with Asset Planning Insurance Agency, LLC can help you find the coverage that you need.

When it comes to a motorcycle, or with any vehicle, if you want to drive it, you must have insurance on it. This is to protect not only you but also to protect other drivers. If you are not going to be driving the motorcycle, however, you may not be required to have insurance on it. The key to this question is whether or not the bike is going to be tagged and registered. If the bike is going to be registered where you live, you will be required to have insurance on it in order to be issued tags and registration for the bike.

If you have a bike that you are working on, for instance, but you cannot or do not drive it, you do not have to have any sort of insurance on it because it is not going to be on the road and it is not going to be driven. This means that until you are ready to drive it, you can keep the bike without having to keep insurance on it. For those that live in the Johnstown, PA area, the agents with Asset Planning Insurance Agency, LLC can help you determine if you need insurance, what type of insurance you need, and how to go about getting the coverage you need.  

Why you need boat insurance in Johnstown PA

While boat insurance is not legally mandated in Johnstown, PA, it is still a good idea to have it. Your boat is probably used for leisure or sport, yet you should always have a financial risk in mind. You may find something that is reliable and provides full protection if you consult with Asset Planning Insurance Agency, LLC.

Your Homeowners Insurance Probably Doesn’t Cover It

There is a common assumption that homeowners policies will cover a boat stored on your property. In fact, many plans do not include your boat unless specifically included. If that’s the case, you need a separate policy.

Your Boat Is Not Always Covered By Auto Insurance

When you are towing your boat in a trailer, it is likely that your auto insurance may extend to your boat. When you have it in the water or storage, it is completely outside any possible coverage. Luckily, many policies will allow you to schedule periods for when you are using or not using the boat to plan accordingly.

Liability Coverage

Similar to home or auto insurance, boat insurance will keep you covered if someone was injured on your boat. Property damage or injuries to other boats are also covered in one of these plans. Without liability coverage, a lawsuit may be more devastating than the monthly payments of insurance.

Since you are not obligated to get boat insurance in Johnstown, PA, it is up to you to make the logical choice. Having boat insurance is a financial investment to potentially mitigate risks that could devastate you financially, which is why many boat owners get it. If you are shopping around for insurance for your new boat, consider contacting Asset Planning Insurance Agency, LLC.

 

Do Renters Need Umbrella Insurance

You may feel that just because you are renting a house or an apartment, that you may not need insurance or if you have insurance you might believe that you’re covered against claims. Talk with the Johnstown, PA insurance agents at Asset Planning Insurance Agency, LLC if you have questions regarding umbrella insurance for renters.

What is Umbrella Insurance?

Umbrella insurance is an added benefit that could cover you over the amount of your renter’s insurance. If you want to protect yourself from large liability claims, having umbrella insurance is for you. As a renter, you have personal possessions and property that you wouldn’t want to lose because someone is suing you. If you have renters insurance, then you are covered from liability claims to a certain extent. Each has a liability limit in their policy. You can discuss adding an umbrella policy to cover costs outside of those limits.

What’s Covered?

  • Bodily Injury – is a liability insurance that protects you if you injure someone. If you accidentally hit a bicyclist and cause serious medical injuries, umbrella insurance could cover the cost above your insurance limits.

  • Property Damage – if you cause damage to another person’s property, such as in a car accident, then you will be liable for restoring their vehicle.

Where Can Renters Get Umbrella Insurance?

You could easily be sued by someone who was injured in an accident that is deemed your fault. Although you only have a specific limit to your renter’s insurance policy, you can always increase the amount with umbrella coverage. Start by visiting the independent agents in Johnstown, PA at Asset Planning Insurance Agency, LLC. Talk with an agent about protecting yourself with umbrella insurance. You will also be happy to know that these agents can easily set you up with auto, home, and life insurance as well.

 

Even if You Aren’t Required to Have Flood Insurance, Should You Get It?

Floods are the most destructive natural disaster impacting the U.S. Ninety percent of all such disaster include floods and every state including Alaska and Hawaii have witnessed flash floods. Your representative from the Asset Planning Insurance Agency, LLC can help you learn more about flood insurance in Johnstown, PA. In the meantime, read up on the basics below.

How Widespread is the Danger?

Floods are at the top of the list for destructive weather-related damages in the U.S. and account for 90 percent of natural disasters. Homeowner’s insurance won’t cover flooding and a special flood insurance is federally guaranteed by the National Flood Insurance Program (NFIP).

The legislation was recently introduced to create a private flood insurance market to address current issues and unintended consequences of the federally backed insurance. For one thing, it makes it extremely difficult for insurance companies to voluntarily offer flood protection. The market for private flood insurance isn’t that big, but more sophisticated risk mapping has made some insurers comfortable enough to want to offer their own policies. Now, the private market can accurately predict risk, so it’s easier to reflect a price that makes it worthwhile to the company.

The federal insurance guarantee confirms Congress’s intent that mortgage lenders should accept private flood insurance in lieu of NFIP, and this will make it easier for private insurers to offer competitive, perhaps lower rates.

Contact the Asset Planning Insurance Agency, LLC to find out more about obtaining federally backed or privately insured flood coverage in Johnstown, PA. Make an appointment to get a quote for flood insurance or to talk to us about all your insurance needs.

 

Healthcare Coverage Requirements are Still in Place for 2018

Starting in the 2015 tax year, individual tax filers in Johnstown, PA and the rest of the country who reported they did not have their own health insurance or coverage from an employer would realize a tax penalty. Known as the coverage requirement in the Healthcare Reform Act, this federal law was changed as part of recent tax reform passed under the current President Trump administration. However, due to the way the Tax Cuts and Jobs Act law was written, the healthcare insurance requirement actually stays in place for the 2018 tax year, regardless of the fact that the law passed at the end of the 2017 calendar year. That creates a bit of a surprise for some folks who assumed with all the changes that were passed they didn’t need to hold onto health insurance policies.

The Tax Cuts and Jobs Act doesn’t kick in any removal of the coverage requirement until 2019. It also means that folks will still realize a penalty for the 2018 tax year if they are not covered. This is where the folks at Asset Planning Insurance Agency, LLC can help. Usually, trying to get a policy after dropping an existing healthcare coverage can be a real headache. Asset Planning Insurance Agency, LLC can help cut through the mess and put your coverage back in place. Doing so will then trigger the necessary paperwork a Johnstown, PA party needs to avoid the healthcare coverage penalty on their 2018 tax filings come April 2019. Don’t let your tax refund get gutted by surprise next year around tax time. Work with the pros, get your coverage in place, and avoid the nasty tax surprises that many will still find and be unprepared for due to just planning their taxes based on the 5 o’clock news.

 

Life Insurance Benefits & Related Taxability

If there is one thing that the Internal Revenue Service is clear about, it’s that any financial gain considered income is taxable. And depending on the circumstances for someone in Johnstown, PA or elsewhere, some types of insurance coverage payouts fall into that category. The issue has to do with what is considered a replacement of what was already owned versus what is a gain. In the case of life insurance, the coverage is a gray area because what’s being replaced is the potential income earning capability or financial stability of a person who has passed away, not necessarily a gain per se.

According to the IRS, life insurance benefits for a death are not taxable. However, where money was saved in some plans, the interest gained over time by the policy is considered taxable income to the beneficiary. This can easily happen in life insurance plans with a savings account component in addition to the basic insurance coverage. Topic 403 Publication from the IRS covers the matter in more detail, but it won’t be exactly clear on which plan type will play out a certain way for a given consumer in Pennsylvania.

That’s where help from Asset Planning Insurance Agency, LLC becomes essential. The experts here can go through the mechanics of each insurance plan type, point out what would actually earn interest versus be a straight benefit, and then apply the probable results to a consumer’s specific situation. So if you want to make sure that you have a financial safety net for loved ones, but you also want to make sure you avoid leaving any tax surprises for them, a good discussion with the folks at Asset Planning Insurance Agency, LLC in Johnstown, PA may be worth your time.

When Should I Update My Auto Insurance?

Your auto insurance policy protects your car from covered risks including liability claims and collision. A professional insurance agent can help you get reliable policies depending on the type of car you drive and the risks involved. If you live in Johnstown, PA, contact Asset Planning Insurance Agency, LLC to find the most appropriate auto insurance policy.

Updating Your Auto Insurance

When You Make Big Life Changes

Your life changes may cause overlaps or gaps in your auto insurance. If, for example, you get a new job, you will most likely change your commute. Your new commute could include higher or lower risks which your insurer must consider. If you are moving to another place, your new area of residence may introduce new risks or remove old ones. Either way, you will need to update your auto insurance.

When You Buy A New Car

Your new car can have a big impact on your premium rates. If you purchase a car with security and safety features or good crash test ratings, you will get discounts on your new auto insurance. Be sure to inform your insurer ahead of time. If you do not want to pay high premium rates, contact your insurance agent before buying a car and get their suggestions.

When The Value of Your Car Depreciates

If you got your existing car insurance when your car was brand new, then you are paying premium rates for the value of your car at that time. That value depreciates with time. Update your auto insurance coverage to get premium rates of the current value of your car. That way, you can save some money.

Contact Asset Planning Insurance Agency, LLC in Johnstown, PA to discuss an auto insurance policy for your car.