Is Flood Coverage for You?

As a homeowner in Fords, NJ, you’re aware of the importance of home insurance in protecting your home and goods against theft, fire, storm damage, and other disasters. But are you as concerned about the risk of flooding? Many NJ homeowners are still on the fence about flood coverage. If you’re not sure flood insurance is for you, these flood facts from Five Star Insurance Agency can help you make an informative decision.

Floods Can Occur Anywhere

Floods may occur more often in high flood zone areas, but they can (and have) happened almost anywhere, putting your Fords, NJ home at risk of flooding. Unless you have the financial means of repairing or replacing your home after a flood, you’d do well to protect it with flood insurance.

Home Insurance Doesn’t Cover Flooding  

Your homeowner’s policy may cover interior flooding due to faulty plumbing or a leaky roof. It doesn’t, however, cover flood damage from rising river waters or storm surges. If your NJ home floods due to a hurricane, you’ll be glad you have flood insurance to compensate you for damage.  

Flood Insurance Protects Your Home & Belongings

You can purchase flood coverage to protect your home and belongings. A standard flood policy can protect your home up to $250,000 and your goods up to $100,000 to facilitate your recovery after a flood disaster.

Flood Insurance is Reasonably Priced

If you live outside a flood zone, as many homeowners in NJ do, you can purchase flood coverage at a reasonable price, putting it well within your reach financially. This makes flood insurance a good investment in protecting your home and valuables.

For more information about flood insurance or to purchase a flood policy, contact us at Five Star Insurance Agency. For your convenience, we serve residents in Fords, NJ, and surrounding communities.

How can condo insurance protect me?

If you live in the Fords, NJ area, owning your own home can be a great option. Those that live and own in this area will have a stable place to live and can benefit from rising home prices over time. If you do decide to purchase a home in this area, one great option to consider is getting a condo as they often have fewer maintenance obligations. When buying a condo, it is important to get a full condo insurance policy as it can protect you in several different ways.

Provides Coverage for Liability

One advantage of getting a condo insurance policy is that it can provide you with coverage for liability. When you own your condo, there is a higher level of liability risk compared to other forms of housing. If you live in a condo building with other units below or adjacent to you, a leak or other issue caused by your unit could cause damage to other units. If this occurs, your liability insurance policy will give you coverage for the damage done.

Covers Asset

Another advantage of getting a condo insurance policy is that it can provide you with coverage for your asset. A condo is a valuable asset that will require a big upfront purchase and down payment. When you get a condo insurance policy, you will receive coverage to repair your dwelling if it is damaged. 

Having condo insurance is important for anyone in the Fords, NJ. When you are looking for insurance around here, you should call the Five Star Insurance Agency as soon as you can. When you call the Five Star Insurance Agency, you can learn a lot more about your options. This will help to ensure you get into a quality policy that provides the right protection. 

Personal Health Insurance Is Necessary For Every American

Having Health Insurance is Now a Federal Law

Having adequate health insurance helps to protect you financially should a health crisis hit you or a family member. Having adequate health insurance is vital and the right of every American citizen. However, there are still a lot of Americans that do not have health insurance coverage, and usually, this is due to the fact that many people cannot afford to buy health insurance. Come in for a visit at Five Star Insurance Agency, LLC, Fords, NJ, and set your mind at peace, knowing that there is the right policy fitting your health needs and budget. Speak to one of our licensed agents today and find a solution to your health insurance needs. 

Our insurance agency was established in 1984, and serve the residents in Fords and surrounding areas. Our licensed agents are seasoned, and experienced in the insurance industry and earned the trust of our community. 

There is a wide range of minimum and essential health care coverage plans to fit specific needs. Let us sit down together and take a closer look to find a policy that meets your needs and budget. If you are a Medicare recipient, we can help you find a supplement insurance plan that accommodates your Medicare Plan. Never allow a stack of medical bills to put you into debt for many years to come because you did not have adequate health insurance coverage. We can help you with the following available programs.

  • Government-Sponsored Programs
  • Employer-Sponsored Plans
  • Marketplace Plans
  • Grandfathered Health Plans

Health Insurance, an Urgent Need

Having a health insurance plan is now a requirement under federal law in not only New Jersey but all other states across America. Find out what medical procedures were not covered but are now covered by health insurance. Find acceptable and affordable health insurance with Five Star Insurance Agency, Fords, NJ. Give us a call today, come visit us and speak with one of our seasoned and knowledgeable agents for a free, no-obligation quote.

Term vs Whole Life: Which is Right For You?

Term and whole life are both popular forms of insurance. Which one is right for you will depend on your specific situation and goals. At Five Star Insurance Agency in Fords, NJ, we are happy to explain the differences between these two types of life insurance.

Term Life

Term life insurance is for a specified time period, usually 10, 20, or 30 years. Term life will pay the agreed-upon amount at your death, as long as you meet the qualification guidelines, regardless of how long you have had the policy. If you pass away after one year or nineteen years, the benefit will be the same. 

Whole Life

Whole life insurance is designed to stay with you for the remainder of your life. These policies build cash value over time. Once you have cash value in the policy, you can borrow against it or withdraw it. Most policies will pay the death benefit plus accumulated cash value upon your death. 

Which One Do You Need?

When choosing which type of policy is right for you, an important consideration is how long you will need life insurance. If you are 30 years old and plan to have significant savings and no outstanding debts by 60, 30-year term life would be a good option. If you pass away in the time period, it will cover your debts and help replace your income. If you pass away after 60, you have the savings to cover your final expenses and see your family through to retirement. 

However, if you want insurance to cover you for the rest of your life, the whole life is the better option. It can also be used as a way of accumulating savings, which makes it a good option for many people. It’s also the best option if you would like to leave your family with a significant death benefit regardless of your age at your passing. 

At Five Star Insurance Agency in Fords, NJ, we believe in offering clients the best insurance options for their needs. Life insurance is complex, with many considerations. Let one of our experienced agents help you determine which is best for you. 

Commercial Insurance in New Jersey

The state of New Jersey requires all commercial businesses to have worker’s compensation liability coverage, which is part of a typical commercial insurance policy. Anyone that hires at least one employee is required by law to carry worker’s compensation liability. Factors that will determine the cost of insurance policy will be the type of industry you are in, the coverage limits, your location and the size of the company. If you are in a high-risk industry such as construction, your worker’s compensation liability might make it more expensive. A typical commercial insurance policy covers bodily injury and property liability, which means any damages at your business premises caused by you or your employees to someone else or their property. The state of New Jersey makes it mandatory for businesses to offer employee disability coverage.

You should get commercial insurance to insure the future of your business, yourself and your employees. A single accident or lawsuit can wipe out your funds. Paying an insurance premium is the least you can do to protect your business. What you need is an insurance agent that is well acquainted with local rules and regulations and has in-depth knowledge of commercial insurance in New Jersey. It is also important for the agency to have good customer service for their clients. Five Star Insurance Agency serving Fords, NJ is one such agency that can help guide you with the right policy for you. Not only with the offer advice on commercial insurance but will provide you with an understanding of how your commercial insurance integrates with other insurance policies you might have. For Fords, NJ residents, you can get in touch with Five Star Insurance Agency by either stopping by at the office or giving them a call. The contact details are available on the website.

 

Why Comprehensive Condo Insurance is the Way to Go

Owning and living in a condo is a great way to enjoy life! You have a wonderful home and someone else is there to take care of major repairs and maintenance. While you may pay an association fee, you benefit from a fairly carefree lifestyle. With all of the perks that condo living provides, it’s easy to think that insurance is also someone else’s responsibility. The team at Five Star Insurance Agency in Fords, NJ is here to help you navigate the insurance selection process and ensure that your condo is covered!

It’s Time to Consider Comprehensive Condo Insurance

Your condo association does carry an insurance policy for your building, but it rarely includes coverage for individual units. Typically, a condo owner is responsible for the insurance of their own unit and is obligated to foot the bill for any damage or repairs inside their own home unit. A comprehensive policy will protect you from a number of different events that can cause damage within your unit. The right policy can also protect you from damage that is caused by a neighbor. It’s true that if your upstairs neighbor causes a flood that damages your interior, you will likely be responsible for the cost of repairs. 

With a basic policy, these types of events might not be covered, and the financial burden will fall to you. That is why it’s worth considering a comprehensive condo policy. Be sure that you have the protection you need!

If you own a condo in the greater Fords, NJ area, come see the friendly and knowledgeable agents at the Five Star Insurance Agency. We’ll help you review your options and determine which type of policy is right for your needs. Call or stop by today!

How Can Beneficiaries Use Life Insurance Benefits?

Whether you’re supporting a wife and children or helping aging parents through retirement, a life insurance policy from Five Star Insurance Agency in Fords, NJ can help those you love upon your unexpected demise. Here are a few ways your beneficiaries can use life benefits to carry on after you’re gone.

Pay Outstanding Debts

If you’ve taken out a mortgage, car loan or private student loan with a loved one, he or she will be responsible for repaying that loan after you’re gone. Life insurance benefits can help cover these loans so your loved one can start with a clean slate for the future.

Cover Daily Expenses

Life benefits can help pay for daily expenses that your paycheck used to help cover for your family. This includes rent/mortgage payments, food, clothing, school needs for the children, doctor visits, utility bills, etc., to help your loved ones carry on.

Pay for College

If you have children, life benefits can be put into a trust to help pay for their college expenses after you’re gone. A college degree can help your children kickstart a successful career to enhance their future.

Supplement Aging Parents Retirement

Life benefits can help supplement your aging parents’ retirement. If you’ve been providing financial support to your parents while you were alive, you can have peace of mind that they will continue to be taken care of after your demise.

Pay Your Funeral Costs

If you’ve not made prior arrangements for your funeral expenses, life benefits can help cover these costs so your spouse or remaining relatives don’t have to assume this financial burden.

These are just a few of the many ways a life insurance policy can benefit those you love. To learn more about life insurance options and costs, contact us at Five Star Insurance Agency in Fords, NJ.

 

What kind of commercial insurance policy do you need?

What kind of commercial insurance policy do you need?

If you just opened a business, you probably do not have all your ducks in a row yet. You probably need commercial insurance, but which one? 

Wait. You didn’t know there is more than one kind of policy? Five Star Insurance Agency of Fords, NJ wants you to understand the differences behind the phrase commercial insurance.

That term actually refers to a group of policy types that include a range between malpractice and glass insurance. It simply depends on what kind of business you run.

Every business needs a business owner’s policy (BOP). It combines basics like liability and property insurance.

Liability cover things like slip and fall accidents. It also covers you if a customer gets hurt by your product.

Property insurance covers your damage from named perils like fire, flood, tornado, etc. You will need an equipment breakdown or boiler and machinery insurance policy to pay for the repair of equipment breakdowns though. It also covers your business interruption losses. 

To clean up after events such as a tornado, you need a debris removal policy. It pays for damage cleanup from a flood, fire, windstorm, etc. You have to remove debris so you can begin rebuilding.

You can insure just the glass of the building, too. A glass policy pays to replace the glass on your storefront when damaged. It covers interior glass, too. 

Businesses that deliver items or transport or store them, require an inland marine insurance policy. Doctors need malpractice insurance.

Fidelity bonds refer to a type of commercial insurance that protects against a dishonest employee stealing from the business. It also protects the business from acts of fraud and forgery.

While crime insurance still covers the two items that a fidelity bond covers, it also provides insurance coverage against computer and funds transfer fraud as well as kidnap, ransom and extortion coverage. This policy type also covers money and securities, money orders and counterfeit money.

There is much more to the world of business insurance. Come in and talk to an insurance agent at Five Star Insurance Agency of Fords, NJ  to learn more about which policies protect you.

How Life Insurance and Income Tax Impact One Another

You purchase life insurance to provide for your family in the event of your death. You want to make sure they get the full amount. That means planning a method that goes untaxed. Five Star Insurance Agency in Fords, NJ wants you to understand how your life insurance policy affects your total estate and why, depending on the scenario, your beneficiaries might get taxed.

Typically, a life insurance payment goes untaxed. The death benefit does not count toward taxable income. The exception to this occurs when the life insurance benefit comprises part of a larger estate. Currently, the US tax law sets this cap at $11.4 million.

For many executives and those with accumulated wealth, life insurance can easily drive an estate above the 11.4 million mark. That’s when placing your life insurance policy in a trust becomes vital. You can protect your investment and your beneficiaries’ benefits by placing the policy in an irrevocable trust.

Also, check your state’s estate cap. Each state uses its own and if you move, the new cap applies. Your beneficiaries could owe money on state taxes.

Your beneficiaries could also end up paying taxes if you, as the policyholder, arrange for the insurance company to “hold the policy” for a short time. Your beneficiary will pay taxes on any interest earned during that period.

Contact Five Star Insurance Agency in Fords, NJ for help planning your life insurance and your estate. We can help you find the right mix of investments and policies to protect your family and provide an untaxed death benefit for them in the case of your demise.

Who needs to carry umbrella insurance

The simplest answer to the question of who should carry umbrella insurance is anyone who has any assets. Another name for umbrella insurance is excess liability insurance and though it doesn’t give as visual a picture as the term umbrella, it is more self-explanatory. In order to determine whether umbrella insurance is a good choice for you personally stop by the office of Five Star Insurance Agency in Fords, NJ and discuss your situation.

Umbrella insurance is an additional layer of liability insurance that covers you beyond the limits of the liability coverage on your home and auto. Depending on the value of your assets, this may be the protection that you need. Your home is likely the largest investment you will ever make. The normal limits that home insurance offers are pretty basic and may be giving you a false sense of security.

If someone is hurt while visiting your home or as a result of an automobile accident they may sue you for damages. If you have to rely on the basic liability coverage provided as part of your insurance, you could possibly come up short. A typical umbrella policy can raise these liability limits up to a more acceptable amount.

In the event of a case being filed against you, your umbrella insurance can help with the legal costs involved which these days can be catastrophic. If you own a pet or have a pool, this is especially important coverage. You have worked too hard to have the assets that you have to let them be placed at risk. In a judgment against you. If you do not have enough coverage you could lose not only your current assets but your future assets.

If you live in or near Fords, NJ  why not stop by the office of Five Star Insurance Agency or give us a call. We have agents who are knowledgeable in umbrella insurance coverage and will be happy to discuss this with you