Three things you need condo insurance to cover

As a condo owner, it’s vital that you invest in a condo insurance policy that will cover you for liabilities and assets that the master policy for your building won’t cover. At Allkane Insurance, we provide insurance coverage to Stamford, CT condo owners. 

The following are three things that condo insurance will cover for condo owners looking to cover their liabilities and protect their assets.

The interior of the policy holder’s condo

A condo association or master insurance policy for a condo building won’t provide coverage for a condo unit’s interior walls and fixtures. However, individual condo insurance that the condo owner purchases will provide coverage for the interior of the condo unit. 

Liability costs for lawsuits made against the condo owner

If a guest enters an individual condo unit and gets injured on the inside, condo insurance will cover the resulting expenses. This makes it so that condo insurance protects a condo owner against lawsuits and other types of liability claims made against them.

Such coverage is very valuable for the policyholder because liability expenses could get very high if they involve medical bills or loss of income expenses for the injured individual. 

The personal property that the condo owner keeps within the condo

A condo owner’s personal property within the unit is protected by condo insurance. This means that if personal possessions, including furniture, clothing, and electronics, are damaged within a condo unit, condo insurance will reimburse the policyholder for the resulting expenses. 

If you’d like to learn more about your options for condo coverage in Stamford, CT, let us know. At Allkane Insurance, we’re here to answer all of your questions about condo insurance coverage. 

How age affects life insurance premiums

At what age should you buy life insurance? When is it cheaper, and how does age determine your rates? Life insurance has become a super-powerful financial strategy for many homes in Stamford, CT. It is no longer surprising to see a neighbor or friend at 24 years with a life insurance policy. Allkane Insurance will help you understand how your age affects your life insurance premiums.

The lower the age, the lower the cost

Life insurance companies use different mechanisms to decide how to price a policy product. The techniques employ statistical data analytics to determine the amount of risk the company is willing to take and remain financially stable.

Since the elderly are the primary customers of life insurance, companies tend to hike the premiums in order to keep customers serviced. The older the insured, the higher the chances of writing a vast death benefit in a short time. Companies, therefore, lower the premiums for young policyholders as they are likely to live longer and take longer to claim.

The older you are, the higher the chances of developing medical conditions.

Age is closely associated with significant illnesses, which mostly lead to death. Seniors are more vulnerable to lifestyle and respiratory diseases such as stroke, asthma, diabetes, cancer, arthritis, stroke, and many more. Applying a life insurance policy past the age of 65 may not be a good idea. No matter how healthy you may seem, your insurance company will still consider that you are susceptible to age-related diseases.

Whether you are looking to buy term or whole life insurance, your age is the primary factor. Before making any commitments, you can speak to us at Allkane Insurance, and we can help you with useful advice to help you make a wise decision. Contact us or visit our Stamford, CT offices today!

Do All Auto Insurance Policies Cover Towing and a Rental Car After an Accident?

Auto insurance policies can be confusing, considering the different types of policies and types of coverage you have to choose from. At Allkane Insurance in Stamford, CT, agents can explain all of the benefits so you can make an informed decision. Two of the most common benefits people inquire about are towing and the option for a rental car after an accident. The right agent will be able to provide you with the type of coverage you are looking for.

Types of Policies

Not all policies are the same. PL/PD policies only cover the other driver if you are in an accident. Collision only covers damages related to an accident involving a collision. Comprehensive covers a wide variety of damages and losses, including vandalism and theft.

Adding Additional Benefits

A comprehensive policy may include towing and rental car coverage if you get a more inclusive policy. In some cases, however, you may have to ask for it to be included. This can sometimes depend on the insurance carrier. If you aren’t sure if towing or rental car coverage is included in a specific policy, talk to your agent, and if it isn’t covered, they can take steps to add them to your policy.

Car owners in the Stamford, CT area can rely on the agents of Allkane Insurance to provide them with the answers they need to make the best possible choice. If you have questions about what benefits are included in your auto insurance policy, ask your agent for a policy review. They can explain your benefits and add towing and the rental car option if you don’t already have them. Talk to your agent today!

What Kind of Coverage Does Your Small Business Need?

It takes a lot of work to run a small business. In addition to keeping your customers happy, maintaining adequate inventory, and caring for your employees, you need to protect your business against unexpected events that can cut into your profits. Commercial insurance from Allkane Insurance can provide the protection your Stamford, CT business needs to help it grow and prosper.

Here’s what you can expect from a commercial policy:

Types of Commercial Coverage

Commercial policies offer numerous coverage options for you to choose from in protecting your enterprise from financial loss. These include:  

Property

If your business is based out of a shop, warehouse, or office, property insurance is a must to protect your building against theft, fire, and other disasters. Property coverage also covers the contents of your building to include furniture, business equipment, and inventory. If a severe storm damages the roof of your business and your inventory gets waterlogged, property coverage will compensate you for your loss.

Liability

If a customer has an accident in your place of business, liability coverage safeguards your business assets by covering their medical costs. If an injury leads to a lawsuit, this same coverage will pay your legal fees and settlement, if you lose, up to the limits of your policy.

Business Interruption

Business interruption protects you against temporary shutdowns of your business due to disaster damage. It compensates you for lost revenue, payroll, leasing of your business building, and other operating expenses until you can reopen. In the event of a major disaster, this coverage could be instrumental in preventing bankruptcy. 

Workers Comp

Workers comp insurance is required of Connecticut businesses with one or more employees. This coverage compensates a worker for medical bills and lost wages if he’s hurt on the job. 

To learn more about commercial insurance protection, call or visit Allkane Insurance in Stamford, CT.

How long do I have to carry mortgage insurance? Is there any advantage to keeping it when I’m no longer required to?

When you buy a house in Stamford, CT, you get all the advantages of the location but you also take on a lot of responsibility. After taking into account the mortgage, utilities, repairs, and everything else that comes with owning a house, you are probably looking for ways to save money.

When you purchased your homeowner’s policy through Allkane Insurance, you probably had to get Private Mortgage Insurance (PMI) as a requirement. Usually, anyone who did not put a full 20% down towards the total house payment is required to purchase PMI. The cost of the PMI is usually about .20% to 1.5% of your mortgage, depending on factors like your credit score and loan term.

The mortgage insurance is there so that if you end up not being able to make the payments on your home, the mortgage insurer will pay for a portion of that loss. Unfortunately, the PMI protects your lender but offers no protection to the homeowner.

That means that you may think it is beneficial to cancel the Private Mortgage Insurance as soon as you are allowed to do so. You can check your contract, but most lenders will let you cancel your PMI once you have a certain amount of equity in your home, probably 20 or 25% of the total value. This does not mean that you need to stop having insurance on your home. There are many things that can happen from liability issues to fire and hail. A lot of unpredictable situations can occur. A home insurance policy is beneficial to anyone who wants to hold the value of their home.

If you live in Stamford, CT, you don’t want to miss out on coverage from events that could be easily fixed with the right policy. If you have any questions about homeowners or mortgage insurance, or other general questions about insurance, please feel free to call Allkane Insurance today.