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.

 

History of Columbus Day

Columbus Day

Early in the morning of October 12, 1492, a sailor on board the Pinta sighted land, beginning a new era of European exploration and expansion. The next day, the ninety crew members of Columbus’ three-ship fleet ventured onto the Bahamian island that he named San Salvador (now Watling Island, and then called Guanahaní by the natives), ending a voyage begun nearly ten weeks earlier in Palos, Spain.

Promontory of Florida. Photoreproduction from Theodor de Bry and Charles de la Roncière, La Floride Française: Scènes de la vie Indiennes, peintes en 1564 [facsimile of the 1564 original (Paris, 1928)]. 1492: An Ongoing Voyage. Rare Book & Special Collections Division

As a reward for his valuable discovery, the Spanish crown granted Columbus the right to bear arms. His new coat of armsadded the royal charges of Castile and Leon and an image of islands to his traditional family crest. Columbus further modified the design to include a continent beside the pictured islands.

Before his final voyage, the Spanish monarchs prepared a Book of Privileges, a collection of agreements showing how Columbus was remunerated for his explorations. In 1502, four copies of the book were known to exist. The Library of Congress’s copy of this work is one of the Top Treasures included in the online exhibition American Treasures of the Library of Congress.

The first recorded celebration of Columbus Day in the United States took place on October 12, 1792. Organized by the Society of St. Tammany, also known as the Columbian Order, it commemorated the 300th anniversary of Columbus’ landing.

[Christopher Columbus]. Photograph of a painting, c1908. Detroit Publishing Company. Prints & Photographs Division

The 400th anniversary of the event inspired the first official Columbus Day holiday in the United States. President Benjamin Harrison issued a proclamation in 1892, “recommending to the people the observance in all their localities of the 400th anniversary of the discovery of America…” and describing Columbus as “the pioneer of progress and enlightenment.” Since then, school programs, plays, and community festivities have been organized across the country in celebration of Columbus Day. Columbus and the Discovery of America, Imre Kiralfy’s “grand dramatic, operatic, and ballet spectacle,” is among the more elaborate tributes created for this commemoration. The World’s Columbian Exposition or Chicago’s World’s Fair, which opened in the summer of 1893, was designed to commemorate Columbus’ discovery of the New World 400 years earlier.

K.[nights] of Columbus. McGranahan & McIntyre, c1914. Panoramic Photographs. Prints & Photographs Division

In the decades that followed, the Knights of Columbus, an international Roman Catholic fraternal benefit society, lobbied state legislatures to declare October 12 a legal holiday. Colorado was the first state to do so on April 1, 1907. New York declared Columbus Day a holiday in 1909 and on October 12, 1909, New York Governor Charles Evans Hughes led a parade that included the crews of two Italian ships, several Italian-American societies, and legions of the Knights of Columbus. President Franklin Delano Roosevelt designated Columbus Day (then celebrated October 12) a national holiday in 1934.

Since 1971, when Columbus Day was designated the second Monday in October, it has been celebrated as a federal holiday. In many locations across the country Americans hold parades to commemorate the day.

Hammock. In Fernández de Oviedo y Valdés, La Historia general y natural de las Indias. (Seville, 1535). 1492: An Ongoing Voyage. Rare Book & Special Collections Division

Oviedo came to America in 1514 and for over thirty years compiled detailed ethnographic descriptions of the goods, products, peoples, and customs of the Caribbean and Central America. The hammock was first introduced to Europeans during Columbus’ first voyage of 1492.

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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.

 

 

History of Labor Day

Labor Day: What it Means

Labor Day, the first Monday in September, is a creation of the labor movement and is dedicated to the social and economic achievements of American workers. It constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity, and well-being of our country.

Labor Day Legislation

The first governmental recognition came through municipal ordinances passed in 1885 and 1886. From these, a movement developed to secure state legislation. The first state bill was introduced into the New York legislature, but the first to become law was passed by Oregon on February 21, 1887. During 1887 four more states — Colorado, Massachusetts, New Jersey, and New York — created the Labor Day holiday by legislative enactment. By the end of the decade Connecticut, Nebraska, and Pennsylvania had followed suit. By 1894, 23 more states had adopted the holiday, and on June 28, 1884, Congress passed an act making the first Monday in September of each year a legal holiday in the District of Columbia and the territories.

Founder of Labor Day

More than a century after the first Labor Day observance, there is still some doubt as to who first proposed the holiday for workers.

Some records show that Peter J. McGuire, general secretary of the Brotherhood of Carpenters and Joiners and a co-founder of the American Federation of Labor, was first in suggesting a day to honor those “who from rude nature have delved and carved all the grandeur we behold.”

But Peter McGuire’s place in Labor Day history has not gone unchallenged. Many believe that Matthew Maguire, a machinist, not Peter McGuire, founded the holiday. Recent research seems to support the contention that Matthew Maguire, later the secretary of Local 344 of the International Association of Machinists in Paterson, N.J., proposed the holiday in 1882 while serving as secretary of the Central Labor Union in New York. What is clear is that the Central Labor Union adopted a Labor Day proposal and appointed a committee to plan a demonstration and picnic.

The First Labor Day

The first Labor Day holiday was celebrated on Tuesday, September 5, 1882, in New York City, in accordance with the plans of the Central Labor Union. The Central Labor Union held its second Labor Day holiday just a year later, on September 5, 1883.

In 1884 the first Monday in September was selected as the holiday, as originally proposed, and the Central Labor Union urged similar organizations in other cities to follow the example of New York and celebrate a “workingmen’s holiday” on that date. The idea spread with the growth of labor organizations, and in 1885 Labor Day was celebrated in many industrial centers of the country.

A Nationwide Holiday

Women's Auxiliary Typographical UnionThe form that the observance and celebration of Labor Day should take was outlined in the first proposal of the holiday — a street parade to exhibit to the public “the strength and esprit de corps of the trade and labor organizations” of the community, followed by a festival for the recreation and amusement of the workers and their families. This became the pattern for the celebrations of Labor Day. Speeches by prominent men and women were introduced later, as more emphasis was placed upon the economic and civic significance of the holiday. Still later, by a resolution of the American Federation of Labor convention of 1909, the Sunday preceding Labor Day was adopted as Labor Sunday and dedicated to the spiritual and educational aspects of the labor movement.

The character of the Labor Day celebration has undergone a change in recent years, especially in large industrial centers where mass displays and huge parades have proved a problem. This change, however, is more a shift in emphasis and medium of expression. Labor Day addresses by leading union officials, industrialists, educators, clerics and government officials are given wide coverage in newspapers, radio, and television.

The vital force of labor added materially to the highest standard of living and the greatest production the world has ever known and has brought us closer to the realization of our traditional ideals of economic and political democracy. It is appropriate, therefore, that the nation pays tribute on Labor Day to the creator of so much of the nation’s strength, freedom, and leadership — the American worker.

https://www.dol.gov/general/laborday/history

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.