How much life insurance do you need?

Life insurance, in many respects, is the gift that keeps on giving. Not only do you have the assurance that your final expenses will be taken care of in the instance of your death, but life insurance also offers certain perks while you are living. A whole life indemnity plan, for instance, provides a cushion so that you can cash out the interest accrued on your policy to use for emergencies. Term insurance comes with the ultimate perk of having coverage for less money.

Farrell Insurance Associate Inc. can ultimately help you find the life insurance policy that best fits your lifestyle in Lansdale, PA. In the meantime, you can use the guide below to determine which type of assurance plan may be right for your needs.

Whole Life Insurance

Some deem whole life insurance the full package in indemnity plans and for good reason. As the option’s name implies, whole life insurance offers you the benefit of coverage when you pass on all while giving you financial advantages before death.

Many homeowners pursue whole life insurance because of certain assets and the need to feel secure with their decisions regarding final expenses. Those who do not own property may also choose whole life insurance just to have a safety net should there be a reduction in income.

Term Life Insurance

Term life insurance is much cheaper than whole life assurance plans, which is why those who are younger may pursue such options. You can purchase a higher premium when you opt for term plans. It is important to be aware, though, that this more affordable choice comes with the limitation of only being in place for a certain time period. Your insurance guarantee ends when your term is up.

How Much Do You Need?

The amount of life insurance you need depends on your lifestyle. Those with families may choose a higher premium to ensure that all debts are covered. You may not need as much coverage if your financial responsibilities are few.

Farrell Insurance Associate Inc. can help you understand how life insurance plans work in Lansdale, PA. Call them today for a quote!

Can You Drop Commercial Insurance Even if you have a Loan on the Property?

As a general rule, any property or item that you have a loan out on is going to require some sort of insurance to help protect the investment of the bank or other lending agents. This is to make sure that if something happens to the property, the lender is not going to be out the cost of the property. For those that live in the Lansdale, PA area, the agents with Farrell Insurance Associate Inc. can help you to find the perfect commercial policy for your property.

For those that have a commercial property that they still owe money on, an insurance policy is a must. For the most part, your lender is going to require that you have some sort of policy on the property at all times that you are still paying on the loan. In some cases, both a commercial policy and a property policy are both going to work to cover. This means that you can have either a commercial policy or a property policy out on the property.

The main concern is that there is some sort of valid insurance on the property to help protect the lender in the case of an accident. There needs to be fire coverage of some sort, perhaps theft coverage, and certainly coverage of some sort to make sure that if the business is no longer operable, the entire cost of the loan is not lost. This also protects the business owner as it makes it possible to recover and get back to work rather than having to spend all their money to recover.

For those in the Lansdale, PA area, the agents with Farrell Insurance Associate Inc. can help you find the right policy for your property.  

3 Surprising Liabilities to Your Homeowner’s Policy

When you think Home insurance, you’re probably imagining an all-encompassing, magical policy that provides relief in case of an emergency to you, the homeowner. but did you know that some of your possessions might actually be considered liabilities by your insurer?

Your insurance provider in Lansdale, PA cannot cancel your homeowner’s policy without good reason if you’ve already paid. However, the company can opt not to renew your policy when it’s time for you to pay again based on certain factors. Here are 3 surprising liabilities to your home coverage.

1. Certain Dog Breeds

Do you love your pooch?

It turns out your insurance company might not share the love. Though all policies differ in coverage terms, certain dog breeds may not be covered by the provider at all. For instance, if you have a German Shepherd or a Pitbull, the provider may refuse to do business with you altogether.

2. Lackluster Home Maintenance

It goes without saying that homeowners are responsible for regular maintenance. Not everyone has the same standards of upkeep, but providers like Farrell Insurance Associate Inc. expect it to be at least fairly regular.

For instance, you may not mow your lawn every week like clockwork, but you can’t let weeds overrun your yard. You may not deep clean your home religiously, but rotting floors due to disrepair won’t be covered by your insurance.

When you buy a policy, you agree to prevent your home from falling into disrepair. Should your home be abandoned or not maintained, that may be reason enough for an insurer to cancel your policy.

3. Certain Backyard Features

Did you know that some of your kids’ playground equipment may be a liability to your insurance?

For instance, a provider might refuse to cover a trampoline, because it’s a high liability risk. Even unsecured swimming pools can cause your policy to be limited or nonrenewable.

Your liability risk goes up significantly if you don’t have fencing around your property. The provider may argue that anyone can trespass onto your property, injure themselves on your trampoline, and then sue you for liability.

Do you own anything that can put your homeowner’s policy in jeopardy? Contact your agent at Farrell Insurance Associate Inc. to discuss anything that might not be covered by your policy in Lansdale, PA.


Do You Need More Insurance for a Classic Car?

Everyone knows that you need to have auto insurance in Lansdale, PA but if you own a classic car, you may be wondering if you need even more insurance on your vehicle if it is a classic car. Here at Farrell Insurance Associate Inc. we know that the initial answer is yes but you should also consider classic car insurance. Classic cars are unique and rare and you likely want an additional type of coverage.

While standard auto insurance is a great thing to have for a car that you drive regularly on the road, a classic car needs something different. Most classic car owners do not even drive their cars on the road outside of a few joy rides throughout the year. The car does not tend to be a regular mode of transportation and is, instead, an in investment. Because it is an investment, it needs a different type of insurance that is not structured as much as coverage for auto accidents but structured as insurance for the car as an entity. Classic car insurance is the perfect solution to this problem because it is designed to cover the car whether it is being stored, being sown at a car show, or if you are taking it for a joy ride.

You love your classic car and that means that you should make sure it is covered more than a standard car that you find on the street. If you own a classic car, be sure to reach out to us here at Farrell Insurance Associate Inc. serving Lansdale, PA. We can help you figure out the exact type of overage you need as well as how much you need. Beyond that, we can run you a free quote and find one that is in your budget.

Top Things to Remember When Renting a House

For many people, it makes the most financial sense to rent a house rather than purchasing one. Take for example you’re moving to Lansdale, PA for career reasons, but you know within three years, you’re going to be moved to a different location. In this case, it makes more sense to rent than to buy a house. And fortunately, there are plenty of homes for rent regardless of where you’re moving to. As a renter, it is essential to make smart decisions and respect the house as if it were yours and not someone else’s. Here at Farrell Insurance Associates, Inc., we’d like to share two tips for being a responsible tenant when renting a home. 

Some of the Upkeep Is Your Responsibility

When renting a home, one of the first things you’ll want to discuss with the landlord are the various forms of upkeep you are responsible for and what the landlord expects of you. Some landlords will mow your yard for you, while others will require you to mow the lawn or pay someone to mow it. In regards to interior upkeep, like changing air filters on the HVAC system, there’s a good chance you will be responsible for changing the filter. Still yet, because every landlord has his or her own rules, you need to make sure you understand them. 

Invest in Renters Insurance

A lot of people view renters insurance as coverage that is only good for renting an apartment. What they fail to realize, though, is unless you own the home you’re living in, you can’t purchase a homeowners policy. If you’re renting a home, you will need a renters insurance policy to protect you and your belongings.

To learn more about renters insurance and how it can help protect you and your belongings in Lansdale, PA, contact Farrell Insurance Associates, Inc. today.

3 things you should know about motorcycle insurance

You’re riding along the highway in Lansdale, PA when, out of nowhere, a car swerves into your lane. A spill is inevitable, and now you’re wondering if your insurance policy will cover the event. Here are three things you should know about motorcycle indemnity coverage. Farrell Insurance Associate, Inc. can help you sort through the details of your policy. 

Motorcycle insurance covers more than bikes

You can get a policy for your scooter, moped, ATVs, and more. Some motorcycle indemnity plans even cover non-motorized cruisers. Now how is that for added protection? 

Motorcycle insurance is a necessity, not an option

You do not have the choice to go without motorcycle assurance since, by law, you are responsible for providing proof of financial ability to pay for at-fault accidents. You could find yourself on the receiving end of a serious lawsuit if someone is injured by your negligence on the road and you lack proper coverage to pay for the incident. It is important to keep in mind insurance limits when you purchase a motorcycle insurance plan. You may still be sued if you buy the cheapest policy that does not pay enough to cover the victim’s medical bills and vehicle repairs. 

There is umbrella insurance for motorcyclists

What happens if you are on the receiving end of a policy that does not pay enough to get your bike fixed. Should you go after the driver who was at fault for the accident with court proceedings intended to make him pay more. You could, or you can prepare for such occurrence now with an umbrella policy made for motorcyclists. 

An umbrella policy makes up the difference for the amount of money that your standard policy does not pay. You may find that many Lansdale, PA residents are flocking to these plans because of the added security that they bring to the table. Call Farrell Insurance Associate Inc. today to learn more about motorcycle umbrella insurance and what a standard insurance policy looks like!


Does Flood Insurance Cover Leaks Inside The Home As A Result Of Roof Damage From A Storm?

When there is a severe storm, there can be extensive damage to a home in the area. Without the proper insurance, serious financial losses may occur. One of the most common forms of damage from storms is roof damage. Roof damage allows water to enter the home and can ruin walls, floors, and electrical wiring.

Does Your Flood Insurance Protect From Roof Damage?

The good news is that your flood insurance will protect you from flooding as a result of damage to the roof during a storm. It will cover specifically outlined items, which is why consumers should know what the limits of coverage are. For example, basements and external structures are not generally covered by flood insurance. Discuss the limits of coverage before making a purchase. It is important to note that flood insurance does not kick in until 30 days after the purchase date, which is why it is important to buy it as soon as possible. 

Getting Flood Insurance

Purchasing flood insurance from a reputable insurance provider such as Farrell Insurance Associate, Inc. can provide complete protection from natural disasters and other accidental problems causing flooding or water damage in the home. They proudly serve the residents living in and around the Lansdale, PA area and are happy to answer any questions. 

Get the coverage you need to protect your home from flood damage. If you are living in or around the Lansdale, PA area, call or stop by Farrell Insurance Associate, Inc. and speak to a knowledgeable insurance agent about getting the coverage you need to feel secure year round.


Do Health Insurance Policies Cover Maternity Care?

Health insurance is an important part of your overall financial plan. For some, policies that provide coverage for maternity care is also significant. The reality is that since the implementation of the Affordable Care Act, most health insurance policies do include coverage for maternity care. The amounts and types of coverage may differ from policy to policy, however. This is when it is important to contact the agents at Farrell Insurance Associate, Inc. We have been assisting residents in the Lansdale, PA area since 1996. We understand the concerns that you may have and will answer any questions that arise. 

Companies with 15 or more employees are required by law to provide health insurance policies that include some maternity coverage under the Pregnancy Discrimination Act of 1978. If you are employed by a smaller company, you may want to acquire your own health care coverage. Also, even if your company offers a large group plan, you may want to have that policy reviewed to ensure that you have an adequate amount of health care coverage, especially if you anticipate becoming pregnant. By proactively reviewing your coverage options now, you can be assured that you are covered.

The team at Farrell Insurance Associates, Inc. understands that you may have some concerns about your current coverage, especially if you are considering starting a family. In the Lansdale, PA area, they help customers understand their health care coverage options and explain any unfamiliar terminology. We are your community partners to ensure that you and your family are protected. We work hard to ensure that you receive the best health care coverage available for your situation for the best possible price. Your health is important. Call today and get the coverage that you and your family deserve.


Is Life Insurance Required by Law?

Life insurance is something that everyone has heard of but that many people do not fully understand. Life insurance can be a massive help to those that have just lost a loved one and having the right policy in place can make a huge difference in how easy it is for loved ones to handle an estate after your passing. Life insurance is something that is completely at the discretion of the person taking out the policy, and it is never required by law. For those in the Lansdale, PA area, the agents with Farrell Insurance Associate, Inc. can help you choose the policy that is right for you.

Why isn’t life insurance required by law?

For starters, life insurance is not something that all people even qualify for. In some cases, illness, age, and other factors make it next to impossible to get a life insurance policy which means that it is simply not possible for the government to require that people hold policies if not everyone can even qualify for a policy in the first place. Life insurance is something that anyone that takes out a policy can benefit from directly, and their families can benefit from after their passing.

You should take the time to think about what types of coverage you need and what options are going to help you get the best overall policy. Not all life insurance policies are created equally and taking the time to look at what is available to you is the best way to get the coverage you need. For those that live in the Lansdale, PA area, the agents with Farrell Insurance Associate, Inc. can help you find the policy and the coverage that works best for you and your needs.

7 Tips To Protect Your Home From Storm Damage

The team at Farrell Insurance Associates, Inc. knows all too well the toll that wind, rain, and hail can take on homes and properties. As a Lansdale, PA homeowner, you want to do everything you can to protect your investment from weather elements. Consider these tips to safeguard your home against wind and storms.

  1. Fasten metal roofing and siding. When heavy gusts tear away roof panels, secure metal siding and roofing to the side of your home to prevent further damage.
  2. Inspect shingles. Your roof should be protected by a waterproof covering under the shingles. Additionally, each shingle should be held in place by at least six staples or nails placed beneath the edge of overlapping shingles. Replace missing shingles right away, so water doesn’t have a chance to get in.
  3. Secure doors and windows. Made of steel or aluminum, storm shutters can protect windows and glass doors from being shattered by flying objects during a storm. Install window well covers to avoid water accumulation. 
  4. Maintain gutters and drains. Downspouts should be three to six feet long and should drain water away from your home (and your neighbor’s, too).  Keep gutters and drains clear of debris. Have your foundation drain inspected by a licensed plumber.
  5. Chop down trees. If a tree’s distance from your home is less than its height when fully grown, it should be removed.
  6. Anchor outdoor furniture and temporary structures. Bolt down grills and patio furniture. Storage sheds and the like should be secured with ground anchors or a permanent foundation.
  7. Check the garage door. A flimsy garage door can open up your entire home to weather damage. If it’s not in optimal condition, have it repaired or replaced right away.  

Farrell Insurance Associates, Inc. is committed to providing Lansdale, PA homeowners with quality coverage and peace of mind. Give us a call or stop by our office to speak with an agent.