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Golden Way Insurance Services, Inc.

10092 Chapman Ave # 2
Garden Grove, CA 92840

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How Often Should I Review My Home Insurance Policy?

You should give your homeowner’s insurance coverage every year. You can upgrade your coverage if you add significant valuables to your home or purchase a new policy if you move to a new city or state. 

You should also review your policy every time there is a major change in your circumstances, like buying a new home or marrying into a family with a spouse who has significant medical bills. Finally, you should review your policy whenever you have an emergency, like a fire or flood that causes significant damage to your home. Golden Way Insurance Services in Garden Grove, CA is here to help with expert insurance advice.

Home Insurance Policy: When To Review

While there is no set schedule for when you should review your policy, most experts recommend doing so at least once a year. If you experience a significant life event, such as a move, marriage, or the purchase of a new home, you should review your policy sooner. Additionally, if you make any significant changes to your home or lifestyle, such as installing a swimming pool, you must review your policy to ensure it still meets your needs. Depending on your life events, you may need to update your coverage. Second, look for discounts. Many insurers offer policyholders the opportunity to save money on their coverage by enabling certain policy features. 

Many insurers offer discount rates if you bundle multiple policies. If you make significant changes to your home, such as installing a swimming pool or adding an elevator, you may need to get a new policy or add an endorsement. Keep an eye on any changes in the market, such as spikes in natural disaster claims, and be sure to review your policy for accuracy and up-to-date coverages. If you make changes to your home, such as adding a swimming pool or purchasing a new piece of valuable equipment, you should review your coverage to make sure that you are adequately protected. 

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While there isn’t a specific timeline for when you should review your policy, it’s important to stay up to date on any changes to your policy and make sure that your coverage still meets your needs. 

You may also want to review your policy if there are changes in your situation, such as a new addition to your family, a significant life change, or a major purchase that would be covered by your policy. For expert insurance advice, consult with Golden Way Insurance Services in Garden Grove, CA.

The Top 5 Mistakes People Make When Buying Auto Insurance

When it comes to auto insurance, there are a lot of different factors to consider. From the type of coverage you need to the amount of coverage, it can be overwhelming trying to figure out what you need. And with so many options available, it’s easy to make a mistake when purchasing auto insurance. To help you avoid making a mistake, Golden Way Insurance Services in Garden Grove, CA  can provide expert guidance.

Here are the top five mistakes people make when buying auto insurance:

1. Not Knowing What Type of Coverage You Need

The first mistake people make when buying auto insurance is not knowing what type of coverage they need. There are many different types of auto insurance coverage, and each one covers different things. If you’re unsure what type of coverage you need, it’s a good idea to speak with an insurance agent or broker who can help you determine the right coverage for your needs.

2. Not Knowing How Much Coverage You Need

Another mistake people make when buying auto insurance is not knowing how much coverage they need. Just like there are different types of coverage, there are also different levels of coverage. And depending on your needs, you may need more or less coverage than someone else. Again, speaking with an insurance agent or broker can help you determine the right amount of coverage for your needs.

3. Not Reading the Policy

Once you’ve decided on the type and amount of coverage you need, it’s important to read the policy before purchasing it. This is because the policy will outline what is and isn’t covered by your insurance.

4. Buying the Minimum Coverage

One of the most common mistakes people make when buying auto insurance is only purchasing the minimum coverage required by their state. While this may save you money in the short term, it could cost you a lot more if you’re in an accident and your coverage isn’t adequate.

5. Omitting Important Information

When applying for auto insurance, it’s important to be truthful and provide all the necessary information. If you omit important information, it could result in your policy being voided or you having to pay more for your coverage.

Golden Way Insurance Services in Garden Grove, CA can help if you’re looking for auto insurance. We offer a wide range of coverage options and can help you determine the right coverage for your needs. Call us today to get started.

Whole or Term Life Insurance: What Is Right For You?

Life insurance is one of those things that people often think about but don’t act on. It’s human nature to believe that you’re invincible, especially young. But anyone can unexpectedly die. So, having life insurance in Garden Grove, CA is so crucial. It gives peace of mind to know that your loved ones will be taken care of financially if something happens to you.

What Types of Life Insurance Are There?

There are two main types of life insurance- whole life and term life.

Whole Life

Whole life insurance is a type of permanent life insurance. That means that the policy will stay in force as long as you continue to pay your premiums. So, even if you live to be 100 years old, your family will still receive the death benefit payout.

Another advantage of whole life insurance is that it builds cash value. So, if you ever need to borrow money, you can do so by taking out a loan against your policy. The good thing is that you don’t have to pay interest on the loan- only the amount you borrowed.

Your Golden Way Insurance Services representative can give you more information about whole life insurance.

Term Life

Term life insurance is temporary life insurance. It only covers you for a set period- usually 10, 20, or 30 years. If you die during that time frame, your family will receive the death benefit payout. But if you’re still alive when the policy expires, there is no payout.

Term life insurance is often less expensive than whole life insurance. That’s because it’s only meant to cover you for a specific period. So, if you’re on a budget, term life insurance might be the better option for you.

So, which type of life insurance is right for you?

That depends on your needs and budget. Golden Way Insurance Services in Garden Grove, CA can help you determine which policy is best for you. Call us today!

Time to upgrade your home insurance policy?

If you have owned your Garden Grove, CA area home for a significant length of time, it may be time for an upgrade to your homeowner’s policy. Golden Way Insurance Services is here to help you find the insurance policy that best suits your needs. Give us a call today!

Is it time to upgrade your home insurance?

When it comes to our homes, it’s important to have the right insurance in place at all times. This can be something that often falls through the cracks, as we often just renew the same policy year after year. If you have owned your home for a long period of time, and it’s been a while since you’ve taken a close look at your insurance, there’s no time like the present!

It is very typical for home values to increase over time. This phenomenon means that your need for increased insurance protection will also be true. Another aspect to consider is any work that you have completed on your home. Ideally, if you update a kitchen or bathroom, or add an extension to your home, you will increase your insurance coverage as you complete the work. If this did not occur, it’s more important than ever to give your current policy a close look.

Protecting your home with the right insurance, at the right level, is an integral part of responsible homeownership, and we can help!

Give us a call today, we can help!

Golden Way Insurance Services is here to provide residents in the greater Garden Grove, CA area with the insurance they need. If you’ve neglected your home policy for too long, and it’s time to upgrade, give us a call today. We look forward to helping you with all of your insurance needs.

Mistakes To Avoid When Buying Auto Insurance

When it comes to auto insurance, there are a lot of mistakes that people make. And unfortunately, those mistakes can lead to higher premiums and even cancellation of coverage. To avoid making those mistakes, it’s essential to know what they are. We’ve put together this list of the four most common ones. Read on to learn more!

1. Getting the Lowest Price and Thinking That’s All You Need

These days it’s prevalent to see ads for auto insurance with low prices, but those low prices may not be so great. It would help if you looked at what those rates include. Often, the best rate isn’t as low as it appears because it doesn’t have all the features you need. It may not cover the kind of vehicle you have; it may not cover all the people on your policy, or it may not offer complete coverage.

2. Assuming Your Insurance Company Will Pay Any Damages After an Accident

Many auto insurance policies have exclusions for certain types of damage depending on the cause of that damage. For example, if another driver hits your car, your insurance company will pay for the damage. But if it is damaged in a flood or by hitting a pothole, they won’t cover it.

3. Not Knowing What Coverage You Have

If you haven’t read through your policy recently, you may not fully know what it does and does not cover. Every state has different laws about where the coverage starts and stops. You could be underinsured if you don’t know how much is included in your basic coverage or aren’t familiar with the exclusions.

4. Letting Your Insurance Lapse Before Renewing

It’s important to renew your insurance policy before it expires. If you let it lapse, you could be without coverage when you need it.

There are a lot of mistakes that people make when buying auto insurance, but it doesn’t have to be that way. Golden Way Insurance Services knows what’s essential, and we go the extra mile to ensure our customers are taken care of.

If you come here looking for insurance services in Garden Grove, CA, Golden Way Insurance Services is the company to call. We provide a wide range of services, including car insurance, home insurance, business insurance, etc.

 

5 Key moments to buy or update your life insurance needs

As your life changes, so should your policy.

In fact, many people don’t understand just how important life insurance is until it’s too late. Even existing policyholders typically fail to update their plans frequently. Life insurance requires more than a "set it and forget it" mentality. Just like financial strategy or estate planning, you should regularly review and revise a life insurance policy.

Fortunately, Golden Way Insurance Services can help. Serving Garden Grove, CA, the agency shares five life events that should prompt a re-evaluation of your life insurance needs.

Getting married

Marriage is a financial commitment. If someone passes, the bills and debt left behind may be overwhelming. Life insurance provides for the surviving partner, helping alleviate this burden.

Having a child

Having a baby changes everything. A life insurance policy that protects your child’s future may help you have a few less sleepless nights. Add more coverage with a child to cover expenses in case of an emergency.

Owning a home

You’ve likely worked hard to buy a house. If something happens to you, a spouse, or partner, life insurance can supplement the mortgage payments so that the house can remain with your family.

Starting a business

Small business owners and entrepreneurs perhaps value the most from having life insurance. Most importantly, these policies protect inventors, who could have concerns about the companies’ direction if you were to pass.

Approaching retirement

The sole purpose of life insurance is to replace wages earned by a deceased partner. In retirement, these needs are likely less because of pension and Social Security.

Call Golden Way Insurance Services today

Make sure your life insurance coverage matches your needs. Serving Garden Grove, CA, their experienced agents can ensure you and your family have proper life insurance coverage. Schedule an appointment today.

What does homeowners’ insurance cover?

The standard homeowner’s insurance policy usually covers six general areas. As with most insurance companies, there may be some variation in terms of the details of what’s covered. However, the standard areas of coverage usually fall into six categories. Generally, homeowners insurance is designed to repair or replace your home if damaged. This type of insurance is generally a requirement if you have a mortgage. This insurance also protects the insurance company’s investment as the financier of your home, before it’s paid for. 

What’s Covered

Homeowners insurance provides protection for your home in the event that it’s damaged by some natural disasters as well as vandalism, theft, and other situations. Typically, a homeowners policy provides coverage for damage that may result from fires, smoke, theft, vandalism, lightning, wind, and hail. However, not every natural disaster is covered under a standard homeowner’s policy. For example, flood insurance may need to be purchased separately if you live in an area prone to flooding. The typical homeowners’ insurance policy covers several different areas.

 Areas of Coverage

  • Dwelling-The exterior and interior structure of your home and your property
  • Personal Property-The belongings inside of your home
  • Other Structures-Sheds, detached garages, and other structures on your property
  • Liability-This coverage provides legal protection if a guest is hurt or injured while on your property 
  • Medical Payments- Coverage that provides payments for guests that are hurt or injured on your property.
  • If the personal possessions of a guest are damaged while on your property, homeowners insurance provides coverage for situations like this as well. 
  • Loss of Use-If you have to leave your home and live elsewhere while it’s being repaired/renovated, loss of use coverage will provide money for this additional expense.

Basic Levels of Coverage

Coverage levels usually fall under three categories. These categories include actual cash value, replacement cost, and extended replacement cost or value. Potential homeowners should also note that lenders will more than likely require a homeowner to carry homeowner’s insurance. This is their way of protecting their investment in your home before it’s paid for. Our team at Golden Way Insurance Services is committed to educating Garden Grove, CA customers about the ABCs of homeowners insurance. If you have questions about homeowners insurance, give us a call. 

Do You Have Teens? Here’s What You Need To Know About Auto Insurance

When it’s time for teens to start driving, it is very important for parents and guardians to understand their legal responsibilities concerning auto insurance. At Golden Way Insurance Services, serving Garden Grove, CA and surrounding areas, we want to help families transition their teens into driving safely. Keep reading to learn more. 

When Should I Add My Teen To My Insurance?

You will want to check with your local laws, but the safe rule of thumb is that teens should be added to an insurance policy when they first get their learner’s permit. You will want to talk with your particular insurance company to find out more details. 

Will My Rates Go Up When I Add A Teen?

Adding a new driver, whether they are a teenager or not, can in some cases raise your rates. This is because it is simply more expensive to insure multiple drivers. There are more risks involved. If you are concerned about how your rates may change when you add a teen driver, you can always call your insurance representative and discuss the specifics of your policy and get an estimate of how changes will affect your rate. 

Are There Discounts Available?

There can be discounts available for students who get good grades or for students who are willing to take defensive driving courses. You will want to talk with your insurance company to get more details. 

If you would like to learn more about our services, or if you are interested in adding a teen to your insurance policy, please contact us at Golden Way Insurance Services, serving Garden Grove, CA and surrounding areas. 

I am Single. Do I Need Life Insurance?

The mention of the word life insurance is likely to remind you of your children and spouse. But is life insurance all about married people? If you think that life insurance isn’t for single people, you need to change your tune.  Life insurance from Golden Way Insurance Services in Garden Grove, CA, benefits single persons more than one way.

Why do you need life insurance even if you are single?

Most people without a partner or children think that they don’t need a life insurance policy. No one relies on your income, so why waste your money by investing in a life insurance plan? Hold on. You shouldn’t write off life insurance just yet. It would help if you had life insurance even when single because of the following reasons:

Things are going to change

You may be unmarried now, but your situation could change in the future. Similarly, you might be having no children now, but you could adopt or bear children in the future. Given that you won’t be single forever, it makes sense to invest in life insurance today when you are young and healthy.

You have other family members

Being single doesn’t mean you don’t have a family. Do you have aging parents? Or perhaps a dependent sibling? You may not have children or a spouse, but you can put your other family members as beneficiaries in your life insurance plan.

To pay your funeral costs

Who is going to finance your final costs when you die? You might think that a small funeral ceremony will do, but that’s costly too. Instead of burdening your friends and family with funeral expenses, invest in life insurance.

To pay off your debts

Life insurance comes in handy by paying off your mortgage, car loan, and credit card when you pass away. This way, you don’t have to bother your cosigners with unpaid debts.

Invest in life insurance today!

Ready to get started with life insurance in Garden Grove, CA? Please get in touch with Golden Way Insurance Services Garden for an affordable quote.

When to review your home insurance policy

Like so many things in life, home insurance is not static. You can’t just buy it when you purchase your home and then never think about it again. Things change, your life changes, your risks change. Taking these into account when you are renewing your home insurance makes good sense. At Golden Way Insurance Services in Garden Grove, CA we understand that change is not a bad thing. We work with our customers to make sure their home insurance is as up-to-date as possible and meets their changing needs.

When your home insurance renewal time arrives, you will be sent a new copy of your policy. The front page of that policy is your declaration page. This gives you all the pertinent information about your policy. It tells you what types and amounts of coverage you have. This is where to begin your review. 

Do you have enough coverage on your home? Keep in mind this does not cover your land. Could you rebuild your home in your neighborhood for the amount of coverage you have?  Have you made improvements that are not included? It is important that you know the answer to that question.

Check the amount and type of content coverage you have. Do you understand the difference between real cash value and replacement cost? It is an important difference.

Does your liability coverage make sense with the amount of risk you have and your net worth?  Should you have an umbrella policy to supplement your liability coverage?

Do you have any endorsement? Do you need endorsements?  Are your jewelry and electronics adequately covered?  Is your dog covered? These are all things you should review when you get your policy. Are there discounts you’re entitled to? Have you installed safety equipment? 

Contact Golden Way Insurance Services in Garden Grove, CA for all your home insurance needs. 

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