Do All Health Insurance Plans Offer The Same Minimum Coverage?

When Fords, NJ residents who seek health insurance take the time to meet with various agents from Five Star Insurance Agency, one of the most common questions that are asked focuses on the minimum coverage offered by health insurance plans. Do all of these plans offer the same minimum coverage?

The Effects of the New Jersey Health Insurance Market Preservation Act

Now that the state has made this mandate, those who seek health insurance in Fords, NJ are given the chance to receive minimum essential coverage. Residents of this state must obtain acceptable health insurance or risk being penalized as a result. While every health insurance is not going to offer the same minimum coverage, there are a wide range of minimum essential coverage plans available. 

Four different plans are available to those who seek assistance from Five Star Insurance Agency. Let’s take a closer look:

  • Grandfathered Health Plans
  • Government Sponsored Programs 
  • Employer Sponsored Plans 
  • Health Plans Purchased In The Individual Market 

Starting in 2019, the aforementioned New Jersey laws go into effect and those who have not obtained minimum essential coverage will be penalized. While all health insurance plans are not going to offer clients the same level of minimum coverage, there are a number of available plans in the individual market that allow New Jersey residents to tailor their chosen to their specific needs. 

It is also important to note that New Jersey is the second state to have passed their own individual health insurance mandate. While the ACA is eliminating their individual health care mandate starting next year, New Jersey residents will have to make sure that they remain in lockstep with the new laws.

If you would like to learn more about minimum coverage health insurance plans, be sure to contact Five Star Insurance Agency as soon as possible. 

How to File a Commercial Insurance Claim

Filing an insurance claim can be hectic and confusing, to say the least. There are some steps that are pretty common across the board however that will help you to file your claim in a timely manner. These steps apply to most insurance policies, but especially to commercial claims. For those that live in or around the Fords, NJ area, the agents with Five Start Insurance Agency can help you to file your claim in a quick and efficient manner.

The first step to any claim is to take the time to gather your evidence. If you are dealing with a commercial claim like theft you want to make sure you have any surveillance videos, that you have an in-depth inventory and sales record, and that you have all your paperwork ready so that when the adjuster comes they are able to quickly and easily access the basics of your claim. You also want to make sure that if you have any witnesses, you are able to call on them for their testimony.

The next step is to contact your insurance agency to start the claims process. They will want you to fill out a form to state what happened and what type of claim you are filing and what you are seeking. You will then need to speak with a representative and then meet with an adjuster that is going to be able to continue the claims process. It is important that you go along with the adjuster and work to help make the process easier by supplying all the information you have.

If you need to file a commercial claim and you live in the Fords, NJ area, the agents with Five Star Insurance Agency can help you to file your claim.  

Life Insurance For Entrepreneurs: What You Need To Know

Are you interested in life insurance as a form of financial security for your business?

If you haven’t explored this avenue yet, it’s worth understanding how you can profit from it both personally and professionally. Life insurance purchased in Fords, NJ can be a powerful tool for you as an entrepreneur, but only if you choose a policy that makes financial sense.

Term VS Whole Life Insurance

Both term and whole life insurance can be valuable to a small business owner. Term insurance tends to cost less in terms of the monthly premium, and it can be your lifeline in case of an emergency. If you pass away, your loved ones can be taken care of immediately with a lump payout.

Whole life insurance is more costly per month. However, your value grows steadily with the age of your policy.

Also, you can borrow against whole life insurance in order to invest in your business. It can be used as a vehicle for investment or as a source of cash flow in case of an emergency.

As a compromise, you can opt for convertible insurance. This means your policy would start as a term life policy, and then you would have the option to turn it into whole life coverage. Check with the Five Star Insurance Agency to learn about the specifics of the convertible policies provided.

Base Your Coverage On Your Business Valuation

Life insurance is a useful option for entrepreneurs, but it can quickly become a burden if you choose a policy that doesn’t match your financial situation. Base your coverage on the value of your business as well as your personal equity in the business. Calculate how much debt you have, versus the steadiness and value of your current income. Think about your future needs, and what kind of payout you would need for the business to go on in case of your death. Given all of the above, find a policy that gives you sufficient coverage without sending you further into debt.

Are you ready to secure your business and loved ones with a life policy in Fords, NJ? Contact an agent at the Five Star Insurance Agency to go over your needs. together, we can find a policy that fits your needs like a tailored suit.

You Made An Error On Your Tax Returns: Does Tax Insurance Help?

Preparing your own taxes is often a wise choice if you know what you are doing. However, we at Five Star Insurance Agency have seen too many Fords, NJ area residents make mistakes that cost them serious cash. Will tax insurance cover your needs or is it just for professionals?

Tax Insurance is a Broad Type

Tax preparation experts typically have to purchase some type of liability insurance to protect themselves in case they make a mistake. That’s because it is very easy for a single error to cost hundreds, or even thousands, of dollars for their customers.

With tax insurance, they are safe from paying liability charges in a lawsuit because their insurance will pay most of it for them. That said, even individuals who prepare their own taxes but who don’t own a preparation business can buy insurance to help pay for their own mistakes.

There are Multiple Types of Coverage

If you are a tax preparation expert, you can get single-practitioner coverage for your business. However, if you run a company with multiple preparation experts, you should get multi-practitioner insurance. This covers you in case anybody makes a mistake in your business.

Just as importantly, you can get single coverage for yourself if you are doing your own insurance. This type of insurance policy is offered by multiple providers, meaning you can shop around a bit and find the one that is right for your needs.

Don’t Get Caught Without Coverage

So if you are a tax prepare or somebody who does their own taxes, it is wise to invest in high-quality tax insurance from us at Five Star Insurance Agency. We can help you and other people in the Ford,s NJ area get the tax insurance you need to prevent serious errors and costly mistakes that can cost you big bucks.

Is renters insurance expensive?

If you rent in Woodbridge, NJ, hopefully, you are considering acquiring a renters insurance policy to protect yourself against losses. While many people consider it an unnecessary expense, it is surprisingly affordable and offers protection that could make a large difference in your life. A landlord’s policy will not protect your personal property.

What Renters Insurance Does

If your rental property is burglarized or if there is a fire, you could lose your possessions, including appliances, clothing, entertainment systems, and other important items. Your landlord’s property insurance will not cover your personal losses. That means that you could be forced to start over and pay for everything out of your own pocket. It may take years for you to replace the items you lose. Renters insurance can also cover a temporary residence to stay when your home is damaged, and help you replace items stolen from your vehicle. 

How Much Does Renters Insurance Cost?

When you get a quote from Five Star Insurance Agency for renters insurance, you will be pleasantly surprised or even shocked when you find out how inexpensive it is. Unlike a homeowners policy, you will not need to cover the building and property. Some renters insurance policies start out very low but it is dependent on how much is covered and your situation. 

Be careful, though. You can get a comprehensive renters insurance policy that gives you the kind of protection you need for your own situation, with the deductible you deserve. A few dollars could make a big difference, because renters insurance costs so comparatively little. 

If you are in Woodbridge, NJ, talk to the agents at Five Star Insurance Agency today. We will inform you of all of your options and answer all your questions. Contact our agents to receive a quote and get started.

3 Facts About Umbrella Insurance You Need to Know

Umbrella insurance offers additional liability coverage for homeowners insurance, auto insurance, and boat/watercraft insurance. It helps to pay for liability claims that exceed the limits of your standard insurance coverage. If you wish to get extra protection for your assets in Fords, NJ, contact Five Star Insurance Agency for umbrella insurance quotes.

Facts About Umbrella Insurance

Umbrella Insurance Covers All Your Assets

Unlike other insurance policies which only cover one asset such as a home, boat, or car, umbrella insurance covers everything. You can think of it as an umbrella which covers not just one part, but the entire body. The policy applies when you exceed the liability limits of other insurance policies. Instead of paying the balance from your pocket, you can claim your umbrella insurance. It also covers you in case of risks that are excluded from other liability policies such as slander.

You Can’t Buy Umbrella Insurance Without Other Policies

Umbrella insurance is a secondary insurance policy that is meant to provide additional protection. This means that you can only use it along with other policies. You cannot substitute your commercial, home, or auto insurance policies for umbrella insurance. Umbrella insurance is a great option if you have valuable assets that need supplemental protection. You can only claim your umbrella insurance after the other insurance policies reach their limit.

Umbrella Insurance Doesn’t Cover Your Property Damage

The purpose of umbrella insurance is to protect you if you are legally liable for property loss or damage, bodily injuries, professional errors and omissions, and malpractice. It does not pay for damages to your own property. Check with your insurer to establish what they cover as a liability.

Contact Five Star Insurance Agency in Fords, NJ to discuss your new quote for umbrella insurance. Our agents can help answer your questions and get you started.

Does Flood Insurance Cover Flooding From Bathtubs?

When you own a home, there are plenty of things that can go wrong. One of the significant issues homeowner’s face is flood damage. This can be a result of a natural disaster, storm damage, pipes bursting, and even human error. One of the most common causes of human error related to flooding is forgetting to turn the bathtub faucet off. This can result in severe flood damage. If it is in the upstairs portion of the home, it can damage the ceiling and the walls below. 

Am I Covered By My Home Insurance?

In the event you experience water damage to your home as a result of an accident or human error, most homeowner’s insurance policies will cover the cost to repair the damage. If mold remediation is necessary, it will usually cover that cost as well. Before you make an insurance purchase, however, know what to expect and whether or not events like bathtub flooding are covered. If you have questions, it is a good idea to ask a professional insurance agent so you can make an informed decision. 

Finding The Right Coverage

Getting the right insurance for your home is the key to preventing financial losses due to incidents that cause loss. Shop for the policy protecting your home adequately. Not all insurance products are the same. Try to get the most for your money by purchasing a policy that offers complete coverage. Residents of Fords, NJ can ask the professional insurance agents at Five Star Insurance Agency for information and recommendations.

Residents living in or around Fords, NJ are encouraged to reach out to the professionals at Five Star Insurance by calling or stopping by the office. Get the insurance products you need to give you and your family a blanket of protection against covered events. 



Where Does Your Condo End and the HOA Begin?

Before purchasing condo insurance for your Woodbridge or Fords, NJ unit, it’s a good idea to get together with your agent from Five Star Insurance Agency and a representative from your home owner’s association. It might surprise you to learn exactly what parts of the building, property, and even common areas you might be responsible for so you can prevent any holes in your policy. 

Review Your Unit and Plot Plan with the Home Owners Association

Whether you are buying a policy from a new insurance company or shopping before you close on the purchase of your condo, it’s vital to understand exactly where your property begins and where the common areas begin. If you are buying a townhouse with neighbors on either side, you might need insurance only for the interior of your unit. When buying a duplex or a single-family unit in a gated community, you might have your own lawn and driveway.  

Talk to your agent to make sure all areas are included in your policy.

Is the Garage Community Property or Part of Your Unit?

If your garage is located underneath your condo with access to your unit, it is likely considered part of your unit. If your townhouse has parking located under a covered area that is shared by multiple units, its maintenance and security will be part of the HOA.

Windows, Decks, Roofs, and Sidewalks

Should you not ask the right questions and leave areas off your condo insurance, you could be stuck with a hefty bill when it is damaged in a severe summer storm. 

The key to purchasing condo insurance from Five Star Insurance Agency for your Woodbridge or Fords, NJ townhome is to make sure that not only is your agent part of the discussion but also a representative from your home owner’s association that is able to answer all your crucial questions. Reach out to our agents for more information.

Where Can I Get Health Insurance?

Having adequate health insurance is a necessity for all people to have and today is required by law. When you are looking for health insurance, there are a number of different places where you can get it.  

Employer Plan

For those that are in the Fords, NJ area and are looking for a good health insurance option, one place to start is through an employers plan. Employers of a certain size today are required to offer their employees with a health insurance option. In most cases, employer plans will offer a subsidized option that can help anyone to save money on the cost of their insurance.

Government Exchanges

Over the past few years, the Affordable Care Act has allowed millions of people to access more affordable health care through a variety of state and federal exchanges. These exchanges can provide an individual or family with many different insurance options to choose from. These exchanges are a good option for those that do not have a health insurance option through their employer.


For those that are over the age of 65, getting Medicare is a great health insurance option. Medicare will provide someone with a quality health insurance option that will provide great coverage. There are also additional Part B and gap insurance options to provide someone with the additional coverage that they need.  

For those in the Woodbridge or Fords, NJ area that are looking for health insurance, one company to talk to about their needs would be the Five Star Insurance Agency. Our agency will be able to provide someone with more insight into health insurance options and costs. The Five Star Insurance Agency will be able to help you get a great policy that provides you with the right level of medical coverage. 

Life Insurance as an Estate Planning Tool

When people think of retirement and estate planning, the most apparent components include having a will, considering a trust, putting mid-life income in an individual retirement account to depend on later, and savings. Very few, however, think about the double benefit and power of a life insurance plan. Aside from the very basic life insurance form, known as term life insurance, expanded types of life insurance include both the coverage protection for the unexpected as well as a savings component. The savings component not only can be collected with payments to provide for liquidity in later years, but it can also be left to others in an estate plan if desired as well.

Planning for your Future

Planning for an estate in Fords, NJ and elsewhere is a complex process that varies from person to person. No two cases are exactly alike. Unfortunately, what consumers are taught about estate planning is often generic and treats them as if everyone is the same. No surprise then, very few understand how life insurance works and can be fully used both as a risk prevention as well as a savings vehicle.

The folks at Five Star Insurance Agency understand the above problem and work hard every day to help regular consumers fully understand their financial planning options with every aspect of life insurance, not just what the typical media byline describes. That means explaining how each type of life insurance works, answering questions, educating folks, and help out Fords, NJ residents from all walks of life genuinely handle estate planning with every tool available to them. Granted, there are a few other things people might want to be doing versus estate planning, but the experts at Five Star Insurance Agency are there to help and get people from point A to point B with their financial future. Take one more thing off the worry list and plan a life insurance approach right. Give Five Star Insurance Agency a call today.