- Meriden, CT 06450
- jcannasso@aol.com
- (203) 631-7334
1.How can I determine whether I need life insurance?
As a general rule, if there are people who depend on you for financial support, like a spouse, children, or aging parents, then you’re a good candidate for life insurance. If you contribute to your household through cooking, cleaning, or childcare, a policy can account for the costs of replacing that labor. Additionally, if you have debt that another person will have to assume, like a mortgage or student loan debts, it's a good opportunity to look into life insurance.
2.What kind of things does life insurance cover?
Life insurance can be used to cover a variety of common expenses, like:
- Co-signed debt, including student loans
- Mortgages
- College expenses for the kids
- Living expenses for your family
- Stay-at-home labor expenses (cooking, cleaning, etc.)
- Burial expenses
- Loans from family members
- Estate taxes that your heirs must pay for other assets
3.What is a deductible?
A deductible is the amount you’re responsible for in the event of a covered loss. In most covered loss cases, you are responsible for any amounts up to your deductible level and your insurance would cover anything beyond that up to your coverage limit. For example, if you select a $1,000 deductible and have a $4,200 covered loss, you would receive a claim payment of $3,200 after deducting the $1,000.
A homeowners deductible applies to each claim. If you have more than one claim in a policy period, you will be responsible for the deductible amount for each individual claim regardless of the number of claims you have during that policy period.
4.How can I make sure that I have coverage for my valuables?
There is limited coverage available for your valuables. In most cases, you may want to consider purchasing a Personal Articles Floater, which provides coverage for your personal articles, such as jewelry, furs or fine arts, when their value is higher than the limits stated in your policy.
5.Is my jewelry covered by my homeowners policy?
On a homeowners policy, there is limited, standard coverage available for your jewelry. In most cases, you may want to consider purchasing a Personal Articles Floater, which provides coverage for your jewelry when its value is higher than the limits stated in your homeowners policy.
6.Why do I need Business Insurance?
Starting your own business means taking on some degree of risk. As a business owner, you already have the passion and drive to take on new challenges, but you'll also need to protect the value of the assets you purchase for your company. Insurance can help you recover when things go wrong. From property losses related to items such as fire or theft, to liability issues should someone sue – or threaten to. With the proper policies in place, you'll gain peace of mind and feel more comfortable in your new role as an entrepreneur.
7.Should insurance be included in my business budget?
Yes, you should include insurance expenses in your initial business plan and yearly budget. From a cash flow perspective, you'll want to understand what kind of payment options and timing are available. When starting out, aim to separate your company assets from your personal items to determine the amount of insurance you'll need to carry. To properly establish your new company, speak to a tax or legal advisor about formalizing the structure of your business.
8.What Does Car Insurance Cover?
It depends on your state, your insurance company and the coverage options you choose. Since bodily injury and property damage liability insurance is required in most states, at a minimum your policy should cover vehicle and property damage, injury-related expenses and legal fees for other people involved in an accident you cause, up to the state-mandated policy limits.
You and your car, however, are not automatically protected by the minimum coverage requirements. To get the most complete protection for your individual needs, discuss available coverage options James Canning Insurance.
9.What Is Umbrella Insurance, and How Does it Apply to my Home and Auto Policy?
Umbrella insurance is a separate, personal liability policy that can provide an additional layer of protection to help cover costs where your car insurance leaves off.
The cost of damages for which you may be personally responsible after a serious accident or incident can quickly add up to exceed the limits on your policy. Umbrella insurance can provide extra protection in these cases, and is a valuable addition to any insurance portfolio, particularly if you have many assets to protect. Underlying auto limits may be required.
10.Can I Get a Discount if I Have More Than One Policy?
In most cases, yes. Buying your home, condo, renters, boat or umbrella insurance together with your car coverage can save you up to 13% on your policy premium.