Do You Have Adequate Insurance Coverage for Your Family?
Your family is naturally your primary concern, and an important manifestation of this concern is carrying the necessary home and life insurance. Because life has a way of thrusting unexpected events our way, having insurance in place that inspires peace of mind is paramount, and an experienced Northridge California insurance agent who works with both home and life insurance can help you with that.
Home Insurance
Many homeowners are confused about how much home insurance they need and about what it actually covers. All the following are basic elements that should be included in your homeowners policy (in the event that disaster strikes):
- Enough coverage to rebuild your home’s structure
- Enough coverage to help replace the bulk of your family’s belongings
- Enough coverage to allow you to live elsewhere while your home is being repaired (if it is rendered inhabitable)
- Enough coverage to protect your assets in the event that someone else is injured on your premises as a result of your negligence
You’ll need to address each of these within the context of your family’s insurance needs. For example, all the following can directly affect how much coverage you’ll need to rebuild your home’s structure:
- The cost of local construction
- The square footage of your home
- The construction of your home’s exterior walls
- The style of your home (colonial or ranch, for example)
- The kind of roof your home has – and the materials used
- Your home’s number of total rooms and the number of bathrooms
Life Insurance
Life insurance helps to ensure that you can continue providing for your loved ones in the event you are no longer there to do so in person. Deciding how much life insurance is the right amount for your family can feel like a roll of the dice, but it doesn’t have to. There are a wide range of methodologies for calculating how much life insurance is the right amount, but the best approach is consulting with an experienced insurance agent who is committed to helping you understand your unique life insurance needs. The kinds of factors that come into play include:
- Your current salary
- The number of years until you retire
- The amount of debt you carry
- The number of people, including your minor children, who depend upon you
The younger and healthier you are at the time you purchase life insurance, the less costly your premiums are likely to be.
Generally, you should purchase an amount of life insurance that will replace your income – with an additional amount incorporated as a buffer against inflation.
Reach Out to an Experienced California Insurance Agent Today
The knowledgeable Northridge California insurance agents at Panorama Insurance Agency have a wealth of experience helping clients like you obtain home and life insurance policies that address their insurance needs and work best for them. We’re here to help, so please, contact us for more information today.
