Life insurance when you are in your senior years

Many people carry life insurance when they are young, the idea being that if they should die unexpectedly, a policy can provide for their spouse or partner and minor children. But what about life insurance when you are in your senior years when all the children are grown? Asset Planning Insurance Agency, LLC, serving Johnstown, PA, would like to explain.

When a person dies, he or she not only leaves behind grieving loved ones but also final expenses. These expenses include things like taking care of the funeral, retiring credit card debt, home mortgage, and likely medical costs. A good life insurance policy will take care of all of those debts, relieving your heirs of having to worry about them.

A life insurance policy can also be an excellent way to leave a little extra money to your spouse, partner, business partner, or grown children. Depending on applicable state law, proceeds from an insurance policy are not subject to the estate or death tax.

For your spouse or partner, proceeds from a life insurance policy will provide a little bit of extra financial security. If you have a business partner, the policy can make sure that the enterprise you spent many years growing will survive your death. Your kids will have a little something to remember the love and regard you have for them over and beyond pleasant memories. They may have children of their own with college and other expenses for which a life insurance policy payout would be of considerable help.

When you have a life insurance policy in your senior years, you are providing your loved ones some peace of mind. For more questions on life insurance and what it can do for you and your family, contact Asset Planning Insurance Agency, LLC, serving Johnstown, PA.

How Often Should I Update My Commercial Insurance Inventory?

Any insurance policy you could hope to buy, the fact is that your insurer cannot cover you if they don’t know what you’re covering. When you make upgrades to your car, you tell your insurer. When you make additions to your home, you tell your insurer. And of course, when you upgrade your business, you update your insurer.

So here’s the question: How often should you take inventory and let your commercial insurance provider know how your Johnstown, PA business is doing? There are only two instances that you need to worry about:

  1. You’ve just made a big purchase.
  2. It’s been six months to a year since your last inventory update.

Suppose you’ve just bought a new pizza oven or you’ve just replaced some dining tables. Those are significant purchases, and the sooner you tell your insurer about them, the better.

On that second point, all the miscellaneous purchases we make to keep a business running, from USB drives and coffee machines to potholders and plates, most of it isn’t worth calling your insurer about on the day of purchase. But it all adds up, and you may wake up one day and find that you have hundreds of dollars of unprotected property in your store. So you’ll want to photograph, video, and make a list of all this stuff once every six months to a year, depending on how fast you’re acquiring it.

If you’re looking for a commercial insurance provider for your business in Johnstown, PA, get in touch with Asset Planning Insurance Agency, LLC. Asset Planning Insurance Agency, LLC can get you the protection that you need to keep your business in ship shape.

How Is the Value of a Classic Car Determined?

In Johnstown, PA, classic car owners can rely on the agents of Asset Planning Insurance Agency, LLC to offer them the best advice on insuring their classic car. Classic cars are often some of the most sought after vehicles around, especially the muscle cars. Before restoring a vehicle, it is a good idea to find out its current value. Once the restoration has been completed, you will need to have the vehicle appraised to find out what its insurable value is.

Uniqueness

One of the primary factors in determining value is the vehicle’s uniqueness. If it is one of a kind, you may need to insure it for more than what you would a "cookie-cutter" model or one that is easily found and easier to restore.  

Supply and Demand

Another determining factor has to do with supply and demand. If your car can easily be found in restored condition, the insurable value may be lower than what it would be if there are only a few of your make and model available. The fewer the number, the higher the insurable value will be. 

Replacement Value vs. Sentimental Value

While you may be attached to your vehicle, it’s replacement value will often be far less than what you consider to be its sentimental value. Your vehicle may be regarded as priceless in your eyes, but only worth a few thousand dollars when it comes to replacing it.

The agents at Asset Planning Insurance Agency, LLC can assist Johnstown, PA residents in insuring their classic car. We understand the different variables that need to be considered and will work to find a value that you can live with. Call your agent today and get the answers you are looking for. 

How Is the Value of a Classic Car Determined?

In Johnstown, PA, classic car owners can rely on the agents of Asset Planning Insurance Agency, LLC to offer them the best advice on insuring their classic car. Classic cars are often some of the most sought after vehicles around, especially the muscle cars. Before restoring a vehicle, it is a good idea to find out its current value. Once the restoration has been completed, you will need to have the vehicle appraised to find out what its insurable value is.

Uniqueness

One of the primary factors in determining value is the vehicle’s uniqueness. If it is one of a kind, you may need to insure it for more than what you would a "cookie-cutter" model or one that is easily found and easier to restore.  

Supply and Demand

Another determining factor has to do with supply and demand. If your car can easily be found in restored condition, the insurable value may be lower than what it would be if there are only a few of your make and model available. The fewer the number, the higher the insurable value will be. 

Replacement Value vs. Sentimental Value

While you may be attached to your vehicle, it’s replacement value will often be far less than what you consider to be its sentimental value. Your vehicle may be regarded as priceless in your eyes, but only worth a few thousand dollars when it comes to replacing it.

The agents at Asset Planning Insurance Agency, LLC can assist Johnstown, PA residents in insuring their classic car. We understand the different variables that need to be considered and will work to find a value that you can live with. Call your agent today and get the answers you are looking for. 

Why Should You Purchase Renter’s Insurance When You Do Not Own The Property?

Are you are a renter in the Johnstown, PA area?

If so you should call us at Asset Planning Insurance Agency, LLC to discuss your renter insurance needs. Many people who do not own their home do not realize the many perks of having their own insurance policy for their rental. 

Your landlord’s insurance policy will protect them and their assets. This means if the building burns down, or a natural disaster occurs, you may be responsible to cover the losses of your own property. Where does this leave the tenants? The building owner’s policy may cover the cost of a motel rental for the tenants or it may not, but it will not cover the personal belongings of each tenant in any case.

If you purchase your own renter’s insurance policy, then you will be covered for a variety of events that you cannot control. For example, depending on the policy and the circumstances around the event, you may have full personal property compensation and motel stay coverage if your neighbors burn down a shared wall and destroy your entertainment center and paintings. There are many situations where you may have property damage or need to stay in an alternate location and renter’s insurance can help, depending on the details of your personal policy. 

Contact us at Asset Planning Insurance Agency, LLC to discuss your insurance needs in Johnstown, PA. We will be happy to answer any questions you may have about renter’s insurance or any other type of insurance. We love to see our clients fully protected from whatever life may throw their way, and we offer reliable policies for the coverage. 

What type of insurance coverage does one need for a motorcycle?

Whether you drive your motorcycle across the country or just around the Johnstown, PA area, it is crucial to put in place a comprehensive insurance package that best suits your needs. Not all policies are the same, so it is essential to discuss with your agent at Asset Planning Insurance Agency which coverages are the appropriate ones for your particular needs. 

Liability Coverage 

Liability is the one coverage that you are required to carry by law. Liability coverage will help cover the cost of damages caused to a third party as a result of an accident in which you are at fault. There is a minimum required by law, but like auto insurance, it is wise to carry limits over the requirement. 

Comprehensive and Collision Coverage 

The second type of coverage you will want to consider is comprehensive and collision coverage. Collision coverage will cover the cost to repair or replace your motorcycle in the event you are in an accident. Comprehensive coverage will cover events outside an accident, such as theft or damage caused by a storm. 

Medical Payments 

Even the most skilled motorcycle driver can end up hurt in an accident. Medical coverage will help cover your bills in the event you are in an accident. Injuries as a result of a motorcycle accident can quickly skyrocket, so medical payment coverage is essential coverage to consider. 

Lay-up period

In the event you plan to put your bike in storage for the long Pennsylvania winters, you may want to consider lay-up period coverage, which will protect you in the event your motorcycle is damaged or stolen while it is in storage. It is critical not to drive the bike during this period as you will not have any liability coverage. 

If you would like to learn more about any of these insurance options, please reach out to an agent at Asset Planning Insurance Agency today. We proudly serve the Johnstown, PA area. 

Is Boat Insurance Necessary During The Winter?

Those who own a boat may not know how important it is to have boat insurance during the warm months when it will be used. Additionally, most who do have insurance are unclear about the need for insurance during the cold weather months. 

Boat Insurance During Winter

Depending on the circumstances, boat insurance may be necessary during the winter months. People who plan to use their boats in the winter are subject to the hazards they might now face during the warm weather months. Having boat insurance in those instances is necessary. However, if the craft is going to be stored or parked on a trailer on personal property until the winter passes, boat insurance may not be necessary. Home insurance will usually cover a boat parked on personal property. If the boat is in commercial dry storage, the liability insurance of the business will cover the boat while it is located on the property. Before making any assumptions, however, make sure to check with the insurance company carrying the home insurance to make sure the craft is protected when parked on personal property. 

Getting the Right Amount of Boat Coverage

It is important to understand exactly how a boat will be protected by insurance during different circumstances. Before moving a boat or putting it in the water, check with an insurance agent to get a clear picture about the insurance policy needed to offer complete coverage. Those who plan to have a boat near Somerset or Johnstown, PA should consult with Asset Planning Insurance Agency, LLC to get an understanding of how to protect the vessel year-round and in a variety of storage circumstances. 

Boat insurance can be complicated without the guidance and assistance of an experienced insurance agent. Call or stop by Asset Planning Insurance Agency LLC, serving Johnstown, PA, to find out more about boat insurance and how to protect from losses. 

How Does Umbrella Coverage Work?

Asset Planning Insurance Agency, LLC, works closely with our friends in Somerset and Johnstown, PA to select a reliable insurance policy for all of your assets. Whether you’re insuring your home, auto, business, or anything in between, having the right amount of coverage can make a huge difference during a time of crisis. But what happens when the standard limit to your policy isn’t enough to cover claims made against you? That’s where umbrella coverage comes in.

How It Works

As a type of liability insurance, umbrella coverage is used for situations where you are sued or otherwise held legally accountable for an injury or damage to another party, and the limit of your standard liability insurance is exhausted. In short, it is an extra layer of protection to keep you from having to pay out-of-pocket for legal expenses or damages in a liability case. Without an umbrella policy, you would have to pay the difference once your regular policy reaches its limit.

What It’s Good For

There are many situations where umbrella coverage can be beneficial. Just a few include:

  • Major car accidents where you or a family member are found liable for damages and injury to multiple persons or properties
  • Someone sues you for injuries sustained while on your property
  • Protection in cases of libel, slander, or defamation
  • Coverage for accidents that occur on your commercial property or damage caused by yourself or employees during business operations on another person’s property

Umbrella coverage can also offer a safety net in unique cases where your average policy does not cover the situation at hand. This can include losses from cybercrimes such as hacking and data loss.

If you reside in the Somerset or Johnstown, PA area and are interested in learning more about umbrella insurance, please reach out to Asset Planning Insurance Agency, LLC today!

 

3 Tips for Buying Flood Insurance in Pennsylvania

Flooding is a disaster that can wreck your property. Whether by an act of nature or a faulty roof or pipes, flooding causes water damage that gets very expensive if it’s not taken care of right away. If you live in Johnstown, PA, you may want to consider protecting your property with a flood insurance policy. At Asset Planning Insurance Agency, LLC, we’ve put together a shortlist of tips to help you get started. Read on to learn how to find the right flood insurance policy

1. Bundle Your Insurance Policies

One way to save money on a new flood insurance policy is to bundle it with your other policies under one insurance company. Bundle your home, life, auto, boat, commercial, umbrella, and other policies to save money on your premiums. You can stay with your current insurance provider or switch to a new one for added savings and quality coverage.

2. Compare Several Quotes

It’s recommended to compare two or more quotes before making a decision. Your insurance agent can help you with this. They will go over the details, explaining both the coverage and cost to help you find the right policy for your needs.

3. Work with a Reputable Agent

If you’re looking to save money and find the right flood insurance policy, it’s essential to work with a reputable agent. At Asset Planning Insurance Agency, LLC, our trusted agents will answer your questions and address concerns while taking the time to find the right policy for you. To learn more about acquiring a flood insurance policy in Johnstown, PA, give us a call today. We serve this area and can be reached at 814-536-1040.

Who You Can Name as a Life Insurance Beneficiary

Life insurance is something people may put off until a later date because of the nature of this type of coverage. It is important to take responsibility and consider who will be the beneficiaries of your policy. There are several parties that you may choose as beneficiaries whether you have family or primarily live alone. Researching the possibilities can help you make better plans for the future and protect loved ones from sudden loss while ensuring your assets go to the appropriate beneficiaries.

Family

The most common beneficiaries are usually family members. Family members who are dependent on you for financial support can suffer hardship if they are not named in your policy. You will need to decide who is the primary beneficiary and can add contingent members as well. Many people will choose spouses, but any family member can be named as the primary or contingent beneficiary. 

Estate

You can name the administrator of your estate as a beneficiary. A will must be drawn up beforehand and the estate beneficiary must be approved by the probate court. This can be a long process and is not always the first choice of beneficiary. However, there can be advantages to this type of beneficiary. More complex distribution of assets and funds can be arranged with this type of beneficiary. 

Other Beneficiaries

Some other beneficiaries include charities which can be the primary or contingent beneficiary, trusts, and key persons which allows business owners to name co-owners as beneficiaries. There are not many restrictions aside from naming minors on who can be a beneficiary or not.

Call or stop into Asset Planning Insurance Agency LLC of Johnstown, PA to schedule an appointment with one of our courteous representatives. We will be happy to assist you in choosing the right life insurance policy and naming the beneficiaries who are most important to you.