Pepe Insurance Agency BLOG
Auto Mechanic Insurance
Whether you are driving 1 mile, 10 miles, 30 miles, or just around the corner, taking care of your vehicles and making sure they are running correctly is a very important part of our lives. So we do everything we need to keep them running smoothly. That starts out with finding a great and trusted local mechanic to help keep our vehicles rolling for the years to come.
That's a lot of responsibility for a good auto mechanic to undertake. Sometimes they are so involved with making sure your vehicle is repaired that they forget to purchase the necessary insurance. Here we discuss a few important insurance coverages that any auto mechanic needs to purchase to help protect their customers and themselves.
An accelerated death benefit (ADB) is a life insurance rider that pays out some of the death benefit while you are alive if you are considered terminally ill or chronically ill. It is a living benefits rider that lets you withdraw from the death benefit when you have a terminal illness. With most companies, this rider is usually included in your policy at no extra cost to you. Both term life and universal life policies offer this extra rider. Here we discuss who qualifies for the ABD rider, how it works, and what expenses it covers.
Your auto insurance company typically provides policyholders with the option to choose from different liability amounts, either using a split limit or a combined single limit. The type of limit you have determines how much your auto insurance company will cover if you are responsible for bodily injury or property damage. Here we look at the difference between split limit and combined single limit liability coverage and give an example how they both work in the case of an accident.
When clients buy a home and purchase the needed homeowners insurance, they might hear the word escrow thrown around. Let's look at what escrow is, how it is used, and how it can benefit you as a home buyer or homeowner.
Life Insurance and Pregnancy
Having a child is a major life event that drives people to consider getting term life insurance. When you have loved ones who depend on you financially, term life insurance provides a cost-effective way to protect them from financial hardship if you were to suddenly pass away. If you plan on having children, many people seem to wait until they are pregnant or had the baby already before they purchase life insurance.
Actual Cash Value
Actual Cash Value is the depreciated value of an item of property at the time of the loss. This type of settlement does not allow you to replace what you have lost. Instead, it compensates you for the value of an item as if were being sold at a garage sale. Think of actual cash value as the replacement cost of an item after depreciation is taken into account. In fact, actual cash value is simply replacement cost minus depreciation. So how does it work? Let's look at actual cash value with a few examples.
Replacement cost is a term generally used in homeowners insurance. It basically states that if you have a claim, you will be compensated for the cost of replacing the property using today's prices. It allows you to put yourself in the same position you were in prior to the loss. It provides you with the necessary money to replace your items with another item of like kind. Compared to actual cash value, replacement cost does not take depreciation into account, so it is more favorable to you as a homeowner. So how does it work? Let's look at a few examples.
Yes, absolutely! No question about it. The stay-at-home parent is contributing multiple ways to the family, and the costs for those contributions can add up substantially. If the stay-at-home parent were to die, the working parent would still need to work, but would also need to pay for childcare and take on all of the household jobs. The price tag on childcare alone is expensive. It would be a huge financial strain on a family, especially after a terrible loss.
I Cracked My Windshield!
You are driving down the road listening to your favorite music. The next moment you hear a sudden bang on your windshield and a crack suddenly appears. Something hit your front windshield and now it is damaged. Whether it was a small rock, a loose grain of sand that fell of a construction truck, or a stick that fell of a tree, you need to get your windshield fixed. It needs to be done since you can be pulled over and issued a driving violation if your windshield is cracked and obstructing your driving view. But will your insurance company pay for the damage?
Insurance for Youth Sports Teams
Youth sports are a popular recreational activity in our area of Dutchess County and the entire Hudson Valley and beyond. Whether it be baseball, softball, soccer, football, or any other sport, they are an enjoyable pastime for the entire family. On an given day, you see multitudes of teams practicing and playing their sports. Team spirit and good sportsmanship are learned and forever friendships are formed.