Home Insurance: What to Know Before You Buy

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Home insurance is one of those things that you hope you never have to use, but it’s there for peace of mind in case the worst happens. Since your home is likely your most valuable asset, it makes sense to protect it in case of fire, theft, or other damage.

But what exactly does home insurance cover? And how much should you buy?

Wai Cheng Insurance Inc. in Bay Area, CA explores these questions and more in this guide, so you can make an informed decision about whether home insurance is right for you. 

What Does Home Insurance Cover?

Home insurance typically covers the structure of your home and your personal belongings inside. This can include things like furniture, clothing, and electronics. Some policies also cover detached structures on your property, like a shed or garage. If you have valuable items like jewelry or art, you may want to add them to your policy as well.

Most home insurance policies will also cover some amount of liability in case someone is injured on your property. This can be helpful if, for example, a delivery person slips and falls on your front steps.

What Does Home Insurance Not Cover?

There are some things that home insurance doesn’t cover, such as damage from earthquakes or floods. You may be able to purchase additional coverage for these types of disasters, but it’s important to know that they’re not typically included in a standard home insurance policy.

Another thing to keep in mind is that home insurance generally won’t cover damage resulting from poor maintenance. So, if your roof leaks because you haven’t had it repaired in a while, your home insurance policy probably won’t cover the resulting damage.

How Much Home Insurance Should You Buy?

The amount of home insurance you need depends on a few factors, such as the value of your home and belongings and the amount of liability coverage you feel comfortable with. It’s a good idea to get an estimate of the replacement cost of your home before you start shopping for insurance, so you have an idea of how much coverage you need.

Now that you know a bit more about home insurance, you can decide if it’s right for you. If you’re looking for home insurance in the Bay Area, CA, Wai Cheng Insurance Inc. can help. We offer a variety of coverage options to meet your needs and budget. Contact us today for a free quote.

What Are Some Common Exclusions In Commercial Insurance Policies?

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Commercial insurance policies often have exclusions that limit the coverage available to a company or business. Exclusions may apply to a certain risk, such as fire or earthquakes, or they may apply to a certain industry, such as manufacturing or construction. 

In most cases, it’s best to talk with your agent or broker about the details of your company’s current coverage to determine what might be excluded and what might be added. For issues in Bay Area, CA and surrounding cities, visit Wai Cheng Insurance Inc. 

Exclusions in Commercial Insurance 

Most commercial insurance policies will have a list of exclusions that won’t be covered under the policy. These exclusions can include items such as: property damage from lightning, wind, or hail, or from earthquakes, floods, or other natural disasters. 

Also, usually not covered are:

  • Damage from certain animals or insects, such as bees, fleas, rats, or termites
  • Damage from certain types of weather and climate conditions, such as hailstorms or tornadoes
  • Damage from acts of terrorism

Exclusions are often based on the type of business and the risk involved, so they will vary greatly depending on the policy. Many policies include specific exclusions for things like accidental death and dismemberment, intentional acts, travel, and many other scenarios. 

Certain types of assets, such as inventory, are typically excluded in commercial insurance policies. An inventory might be worth thousands of dollars, but when it’s written on paper and stored in a warehouse, it has no value. 

Another common exclusion is equipment. Most businesses have some type of equipment, from computers to coffee makers, that can be worth a lot of money. 

Most businesses insure these items, but if you want to make sure your policy covers them, you can ask your insurance agent about equipment exclusions. Another common exclusion is business interruption. 

Contact Us Today

Most commercial insurance policies have a list of things that are typically excluded. In some cases, these exclusions may be related to certain events that are deemed to be of low risk. 

In other cases, there may be legal or moral reasons for why certain things are not covered. Wai Cheng Insurance Inc. will handle your inquiries in Bay Area, CA.

How much auto insurance is required in california?

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In California, auto insurance is required by law to own and operate a motor vehicle. Failure to carry insurance can have dire consequences, which include fines, driver’s license suspension, and jail time for repeat offenders.  Wai Cheng Insurance Inc. in Bay Area, CA offers you the following guide to navigate auto insurance policies. 

Auto Insurance Requirements

Insurance requirements vary by the state that the vehicle is registered in with California mandating that drivers have the following minimum liability coverage:

  • $15,000 Injury Liability (per person)
  • $30,000 Bodily Injury Liability (per accident)
  • $5,000 Property Damage Liability

If this coverage does not sound adequate, that’s likely because it isn’t. In a vehicle accident that involves a third party, you’ll quickly exhaust your liability limits if you only carry the minimum which could leave you on the hook for thousands of dollars in fees and expenses. 

Although not required like liability, optional auto insurance coverage includes the following:

  • Personal Injury Protection: Pays for the medical costs for you and any passengers in an accident, regardless of fault. 
  • Uninsured/Underinsured Motorist: If you are in an accident with an uninsured driver, this coverage will help pay for any fees associated with repairing your vehicle or medical bills that cannot be recouped from the other party because of their lack of insurance.
  • Collision: Pays for damage to your vehicle after an accident and includes a deductible which is the amount you pay first before the insurance company foots the remainder of the bill. If you are leasing or financing your vehicle, you’ll likely be required to have collision coverage.
  • Comprehensive: If your vehicle is damaged by anything other than a collision including storms, theft, vandalism, or wildlife this coverage will pay for the repairs minus your deductible.

To learn more about your California auto insurance requirements, contact Wai Cheng Insurance Inc. in Bay Area, CA. We’ll help you find the right insurance for your needs at a price you can afford. 

Commercial Insurance Myths To Watch Out For

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Wai Cheng Insurance Inc. serves the Bay Area, CA community. We are committed to helping our clients find the coverage they need to live life comfortably. We provide our clients with multiple coverage options so that they can make the best decision possible.

Commercial Insurance Myths To Watch Out For

The Bay Area, CA community is a competitive marketplace for businesses that are looking to move forward. As a business owner, you have to manage multiple responsibilities at one time. Commercial insurance policies can help take some pressure off. The policy covers your assets during emergencies. You are covered if your equipment or inventory is vandalized or stolen. You are also covered if your property is damaged in a fire or natural disaster. Liability coverage protects you if a guest is injured while visiting your property. You are also covered if you accidentally damage someone’s property or if a customer alleges that your products caused them harm. While looking over your commercial insurance policy, pay attention to these common myths.

Commercial Insurance Only Benefits Large Businesses

Opening a small business is a significant investment. That makes obtaining commercial insurance even more important. As a small business, you’re unlikely to have enough capital to survive a serious emergency. One liability dispute could put your entire business at risk. Commercial insurance can help small businesses stay afloat during troubling times.

Coverage Isn’t Necessary For Remote Businesses

If you are operating a home-based business, you still need commercial insurance. Commercial insurance can help cover you if something happens to your home based equipment. Also, you can add cyber liability coverage to protect the network that you’re working on against the threat of computer hackers.

Wai Cheng Insurance Inc. Will Help You Protect Your Investment

Contact us today to learn more information about commercial insurance.

Home Insurance Buying Guide

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Although homeowners insurance is not legally required – unless you have a mortgage – it is truly a necessity. In short, home insurance protects both your home and belongings from covered perils like damage and theft. 

What is Covered By Homeowners Insurance

In the event of a covered incident such as fire, hurricanes, vandalism, and lightning your insurer will pay for your house to be repaired or rebuilt up to your policy limits. Bear in mind that destruction from earthquakes, floods, and improper home maintenance is not likely to be covered. If your home has any free-standing structures like a garage or sheds these may need a separate policy to be covered. Contents inside your home including furniture, art, jewelry, appliances, clothing, and electronics are covered if destroyed during a covered disaster. Most policies will provide coverage on your belongings for between 50% to 70% of your home structure’s cost. For example,  if your home is insured for $200,000 then there would be up to $140,000 of coverage for your personal belongings. 

Liability Coverage

Liability coverage protects you from being sued by third parties due to accidents that happen at your house. Examples include a repairperson slipping on icy steps, a dog biting a neighbor, and more. The more possessions you own and the higher value they possess, the more liability insurance that you’ll want to purchase. 

At Wai Cheng Insurance Inc. in Bay Area, CA our talented team of insurance professionals knows the insurance market better than the rest and are happy to help with all your home insurance needs. We’ll create a customized insurance policy that ensures your home, possessions, and interests are protected should a claim ever need to be filed. 

Why California Businesses Need Commercial Insurance

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Wai Cheng Insurance Inc. serves the Bay Area, CA community. For over 15 years, we have helped our clients find the coverage they need to protect their assets. We offer multiple types of coverage to ensure that our clients are secure regardless what life throws their way. We look forward to helping you protect what matters most.

Why California Businesses Need Commercial Insurance

Bay Area CA is a thriving marketplace. Many businesses are looking for ways to distance themselves from competitors. While brainstorming ways to increase sales, you also have to prepare for the worst. Imagine one of your employees forgets to mop the wet spot on the floor and one of your customer’s slips and falls, suffering a serious injury. Your entire business could be at risk if you don’t have the necessary insurance coverage. Commercial insurance protects your business if you are held responsible for an accidental injury. Your business is also covered if a fraudulent product causes property damage. These are common situations where your assets are at risk if you don’t have insurance.

Perhaps an accidental fire totals your property. All of your equipment and inventory are ruined in the fire. Without commercial insurance, starting over may be impossible. All the hard work and sacrifices you’ve made to establish your business, and it’s gone in a few minutes. Commercial insurance can prevent you from losing everything. All of your repairs are covered, and you can add business interruption coverage to your policy. This allows your business to continue functioning until your original property is restored. You can also adjust your commercial insurance policy to fit the unique needs of your business.

Wai Cheng Insurance Inc. Will Help You Cover Your Assets

Visit our website to learn more information about commercial insurance.  

What Your Auto Insurance Needs to Protect You

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At Wai Cheng Insurance Inc., we can help Bay Area, CA residents find insurance policies that make sense for their overall needs. For example, when finding a car insurance policy, it is critical to tweak it to include various protection types. These all vary based on your needs and the overall quality of your insurance policy. Just a few that may work well for you include:

  • Liability Protection – Liability coverage will pay to repair any physical damage or personal injury issues your auto accident triggers, including destroyed or damaged vehicles.
  • Health Coverage – If you or someone else gets hurt while you’re driving your car, this coverage type can pay the costs of their health treatment and even their lost wages while they recover.
  • Repair Assistance – Damage to your vehicle will require an auto insurance policy that can protect you from heavy financial investments, including paying to replace expensive parts.
  • Replacement Costs – If your car is damaged to the point where it makes no financial sense to repair it, you can get it replaced by your car insurance up to its current market value.
  • Underinsured Driver Help – Many drivers ride with poor insurance policies that may not cover everything that happens in an accident, and this policy option can ensure that you get help.

Get a Policy Today

If you need a better car insurance policy or want to avoid unnecessary financial burdens, please contact us at Wai Cheng Insurance Inc. to learn more. We serve the Bay Area, CA region and will do what we can to help your auto insurance needs. Reach out to us today to learn more about each of these options and how you can find a policy that feels appropriate for your needs.

What Kind of Insurance Does Your Startup Need?

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When you are starting a brand-new business in Bay Area, CA, you probably have a lot on your plate. However, the one thing that you don’t want to forget about is business insurance. Having the right coverage for your business is just as important as having the lights on in your building and having a sign-up outside that will attract customers.

Of course, there are numerous types of commercial insurance options available, potentially leaving you incredibly overwhelmed. For this reason, the team at Wai Cheng Insurance Inc. wants to share some of the basic types of insurance that your startup needs.

General Liability

When a legal claim is made against your company, a general liability policy helps to cover any medical or legal fees associated with said claim. This type of commercial insurance coverage pertains to property damage, physical injuries, libel, or slander. In the event your business handles any kind of personal information or data, it may be a good idea to consider adding a rider in the event of a data breach.

Professional Liability

If your business offers services, you will also need to invest in professional liability insurance coverage. This type of insurance policy is also referred to as Errors and Omissions (E&O). This coverage will provide protection for you and your business when a customer makes a claim against you for unsatisfactory, incomplete, or late work that has potentially negatively impacted them. In the event that you are taken to court, E&O coverage covers the legal fees and assists your business in keeping its doors open.

Commercial Property

Commercial property insurance coverage will insure your business property and assets in the event they are damaged or lost as a result of a covered event, such as theft, fire, or natural disaster. However, some events, such as a flood, will require separate insurance coverage.

Workers’ Compensation

If you employ individuals, you will need to invest in workers’ compensation coverage. This type of commercial insurance will protect you in the event that an employee suffers an illness or injury while at work. The coverage will pay for the medical care for the employee as well as their lost wages if they’re unable to work. If a fatal accident occurs, workers’ compensation will provide the family with financial benefits.

If you are thinking about starting a business or have a startup in Bay Area, CA, make sure to invest in commercial insurance with a company like Wai Cheng Insurance Inc. Contact our team today to learn more about the commercial insurance options available to you.

Home Insurance Exclusions

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You have purchased home insurance from Wai Cheng Insurance Inc. for your Bay Area, CA, so it should cover everything? Wrong! While home insurance covers numerous risks, including fire, theft, vandalism, and natural disasters, it has exclusions. And taking note of these exclusions and exceptions is crucial to know what supplementary coverages you need.

Let’s take a look at common exclusions for typical home insurance.

Floods

Home insurance covers flooding if a covered event causes it. For instance, home insurance will cover the damage if water damage results from leaky pipes or a faulty roof. However, for overland flooding, you must purchase flood insurance to protect your dwelling and its contents.

Earth movement

Your home insurance won’t cover you when earthquakes, sinkholes, and mudslides knock on your doors. However, you can buy additional coverage to get protection from these risks. 

Intentional / preventable loss

You can’t break your glass door intentionally and run to your insurer for compensation. Similarly, your insurer won’t come to your aid for damage that’s preventable. For instance, damage from pest infestation can be prevented by extermination and proper upkeep of your home. 

Business-related claims

When you start a home-based business, your home insurance won’t cover business-related claims. For instance, if a customer falls or slips in your home while attending a meeting, your home insurance won’t cover medical costs for their treatment. Home insurance only covers the aspects of your home — the building and its contents.

If you need coverage for your home-based business, consider commercial insurance for optimal coverage.

Luxury items

Home insurance provides limited coverage for high-value items like cash, silverware, art, and jewelry. However, you can obtain separate coverage for items with a high price tag.

Get home insurance today!

Are you looking for affordable home insurance in Bay Area, CA, and its environs? Don’t hesitate to get in touch with Wai Cheng Insurance Inc. 

Do I need auto insurance if my vehicle is paid off?

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Owning a motor vehicle comes with a lot of responsibility. Not only do you need to lease or purchase it, but you need to maintain it. In addition, you need to have insurance on it. Some auto insurance is optional and some are mandated by the state. Your independent insurance agent will be able to inform you about the types and amount of insurance you are required to have. At Wai Cheng Insurance Inc. in Bay Area, CA, we have more than 20 years of experience that we share with our customers. We work for you and getting you the best insurance at the best price is our goal. 

When your auto loan is paid off, it feels like you are finally free. You can’t be free however from basic liability insurance which is mandated by the state of California. The mandated amount is15/30/5. This is a very basic amount of coverage. It will only be enough if you have a very old car and no assets. For everyone else, you need to seriously think about what coverage you need to have. 

With only a max of $30,000 for all bodily injuries in an accident, you could come up very short of what you need. You could be responsible to pay the excess out of pocket. $5,000 for property damage is even less coverage when you consider the average value of a motor vehicle. 

If you need your vehicle to maintain your everyday lifestyle you also need to make sure you have collision and comprehensive coverage which will repair your vehicle if it is damaged. Most people will find it a hardship to pay for repairs out of pocket. 

If you have questions about your auto insurance coverage Wai Cheng Insurance Inc. in Bay Area, CA has a knowledgeable team who can provide you with the answers you need. 

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