Things to Know Before Buying Long Term Care Insurance

No one wants to think about needing long-term care, but the fact is that many of us will require some form of assistance as we age. Whether it helps with activities of daily living like bathing and dressing or more comprehensive skilled nursing care, long-term care can be costly. That’s why many people choose to purchase long-term care insurance (LTCI), which can help cover the cost of care. But before you buy a policy, there are a few things you need to know.

1. Medicare does Not cover long Term Care

Medicare, the federal health insurance program for people 65 and over, does not cover most long-term care services. There are a few limited exceptions, such as skilled nursing care after a hospital stay, but generally speaking, Medicare will not pay for the type of extended care that many people will need as they age.

2. Cost Varies

Just as with any insurance, long-term care insurance costs depend on several factors, including your age, health, and the benefits you select. This means that there is no one-size-fits-all policy or price. Be sure to do your research and get a quote from a reputable company before purchasing.

3. Savings and Assets May Be at Risk

When considering long-term care insurance, it’s important to understand that your savings and assets may be at risk if you don’t have a policy. The cost of care can quickly eat up your savings, and if you don’t have insurance, you may have to sell your home or other assets to pay for it.

Long-term care insurance can be a valuable tool to help cover the cost of care, but it’s important to understand how it works and what it covers before you purchase a policy. Pete Webb Agency in Fredericksburg, VA can help you find the right long-term care insurance for your needs and budget. Give us a call today to learn more.

Ready to upgrade your auto policy?

Having the right auto policy can make all the difference if you are ever involved in an accident. That’s why the team at Pete Webb Agency is dedicated to serving the insurance needs of the Fredericksburg, VA community. If it’s time for you to upgrade your auto policy, give us a call today!

Is it time to upgrade your auto policy?

Owning a car is necessary for our area, and it is very important to ensure that it’s protected. When you opt to upgrade your policy, you can not only choose a higher policy limit, but you can also opt for some helpful add-ons. These features can help your life run smoothly if your car needs repair or replacement. 

For example, if your car is in the shop, but you still need a way to get to work, an upgraded auto policy can help you. There are features available that will cover the cost of a rental car. This coverage typically comes into play when your vehicle needs to be replaced or repaired due to a covered incident. You can often receive reimbursement for the cost of a rental car, which can help make an auto accident somewhat less disruptive to your life.

This is just one feature you can opt for when upgrading your auto policy. While protecting your vehicle and keeping you from financial liability are the primary purposes, auto policies can provide more.

Please stop by or give us a call today!

Pete Webb Agency is proud to serve the Fredericksburg VA area. If you have any questions or concerns about insurance, we are here to help. Give our office in Fredericksburg, VA a call today or feel free to stop by anytime!

Different Ways That Virginia Business Owners Can Amend Their Commercial Insurance Policies

Pete Webb Agency serves the Fredericksburg, VA community and the surrounding areas. We are committed to helping our clients obtain coverage to protect their assets. We work closely with several carriers throughout DMV. This allows us to offer flexible policies that adapt to our client’s changing needs. Proving excellent customer service is a core value.

Different Ways That Virginia Business Owners Can Amend Their Commercial Insurance Policies

As a Fredericksburg, VA business owner, you constantly think of strategies to attract more customers and sustain a competitive advantage. A solid commercial insurance policy provides multiple benefits. You are covered if your equipment or inventory is destroyed or stolen. The policy also covers your place of operation against potential damages. Liability coverage is essential. You can be sued at any time. Liability coverage helps protect your assets if you are involved in a serious liability dispute. Perhaps one of your customers broke their ankle on your property, or one of your products caused substantial damage. Workers’ compensation is another significant part of your policy. You rely on your employees to help your business continue to thrive at its highest levels. Workers’ compensation protects your business if you are dealing with an issue in the workplace. One key feature of commercial insurance policies is their versatility. Here’s a look at a few ways to amend your policy.

Liquor Liability Coverage

If you are a restaurant or bar owner, you may serve liquor to patrons. Liquor liability coverage protects you if you serve a patron one too many drinks and they cause damage or injure someone.

Interruption Coverage

Business interruption coverage allows your business to continue functioning if your place of operation needs extensive repairs.

Pete Webb Agency Will Help you Protect your Investment.

Contact our office to learn more information about commercial insurance.  

Will My Health Affect My Life Insurance?

The process that life insurance companies use to determine rates is known as underwriting. This involves the calculation of the overall risk of the company having to pay out a claim. One of the biggest factors considered in the underwriting process is the health of the policyholder. The professionals at Pete Webb Agency of Fredericksburg, VA are here to answer any questions you have about the underwriting policy.

Current Health Status

Regardless of whether you have had a condition your whole life or something new is affecting your health, your life insurance policy will be impacted. Some conditions that will have the greatest effect on your life insurance include diabetes, asthma, high blood pressure, heart disease, mental illness, and sleep apnea. In some cases, if you are able to prove that you are taking steps to improve your current health status, you may have the option to reduce your premium.

Pre-Existing Conditions

The term pre-existing condition refers to a health issue for which you received a diagnosis prior to applying for life insurance. Pre-existing conditions can affect your options for coverage. While you will not be automatically denied coverage, you can expect limited choices and higher rates.

Typically, applicants are grouped into rate classes based on health, such as super preferred, preferred, and standard. The exact terms used may vary from one insurance provider to the next. This is the system used to categorize risk associated with insuring you according to your health status.

People with serious health conditions will usually fall into the standard rate category. The reason for this is that a pre-existing health condition may lead to unexpected or early death, which is a greater risk for the insurer. Therefore, the cost of a life insurance policy will be higher.

If you have questions about the effect your health has on your ability to purchase a life insurance policy, contact Pete Webb Agency of Fredericksburg, VA. Call us today.

What Is Not Covered On a Standard Home Insurance Policy?

A standard home insurance policy in Fredericksburg, VA protects your home from several different perils. However, there are some exclusions of which you should be aware. When you know what is and is not covered by your home insurance, you could save yourself a great deal of heartache and money in the future. At Pete Webb Agency, we believe in providing our customers with all the knowledge that they need to ensure they have the best possible coverage to meet their specific needs.

Damage From Floods and Earthquakes

In Fredericksburg, VA, earthquakes are not covered by a standard home insurance policy. It is possible to purchase earthquake insurance as an endorsement on your policy at an additional cost. Flood insurance must also be purchased separately to protect your home and your belongings in the event of a natural flood.

Additional water damage types that may not be covered by your home insurance policy include backups and overflows from drains, sewage systems, and sump pumps. Talk to your insurance provider about purchasing coverage for these events separately.

Maintenance Problems

Maintaining your home with regular maintenance and repairs is not something that a standard home insurance policy will cover. Likewise, problems that arise from failing to properly maintain your home also will not be covered. In addition, hidden defects, poorly made materials, and mechanical breakdowns are not usually covered by a standard home insurance policy.

These are only a few of the most common items excluded from a standard home insurance policy. To learn more and make sure you have the proper coverage in place should disaster ever strike your home and family, contact the experts at Pete Webb Agency. Our team is standing by to assist you with finding the coverage to meet your needs. Call today.

Common Auto Insurance Exclusions

If you have invested in a car insurance policy from Pete Webb Agency in Fredericksburg, VA, you expect it to shield you from all risks. Unfortunately, just like other insurance coverages, car insurance has exclusions – and knowing these exclusions is as essential as understanding what your coverage covers. Below are typical car insurance exclusions.

Engine damage

If you collide with another motorist or stationary object, your insurer will compensate you if your engine is damaged in the process. However, if your engine suffers damage from an oil leak or water ingression, typical auto insurance won’t come to your rescue. Thankfully, you can boost your auto insurance by buying an "engine protect" add-on.

Personal belongings in the car

Should loss or damage occur to personal assets in the car, typical auto insurance is unlikely to compensate you. Your assets are covered by other coverages such as home or renters insurance.

Using your car for business use

If you have personal auto insurance, it’s unlikely to cover you if your car is damaged while carrying out business errands. That said, you should consider commercial auto insurance if you need to use your vehicle for commercial duties.  

Custom parts and equipment

Typical auto insurance covers items like GPS that come with the vehicle. However, typical auto insurance doesn’t cover custom equipment like detachable sound systems, custom seats, and performance enhancement mods. However, all hope is not lost because you can purchase an endorsement to cover custom equipment.

Drag racing

If you participate in car racing, your typical insurance won’t cover your injuries and damages to your car. In such cases, you need to purchase motorsports insurance to protect yourself when participating in car racing.

Learn more about car insurance in Fredericksburg, VA

Would you like to learn more about auto insurance? Please get in touch with Pete Webb Agency for more information. We also provide affordable and personalized auto insurance coverages.

Benefits Of Having Commercial Insurance

Commercial insurance is a type of insurance that you will need if you have your own company, and you want to protect your business, yourself as a business owner, and your employees. If you are thinking about whether you need this type of insurance or not, Pete Webb Agency serving clients in Fredericksburg, VA and other nearby towns prepared a list of benefits of business insurance you should know about: 

Benefits of Commercial Insurance

Here is a list of advantages of business insurance to be aware of: 

  • It helps minimize the financial losses of your business. Commercial insurance protects your business in many different ways. For example, it repairs and replaces your commercial property if it is damaged or destroyed, covers legal costs from a lawsuit, and even covers medical costs if someone gets injured on your business property. 
  • It increases the credibility of your business. If you carry commercial insurance, your clients will have peace of mind and will definitely trust you and your company more. 
  • It can help your business to save money in the long run. If you purchase commercial insurance, you are able to minimize your business losses, especially if you pair risk management strategies with your business insurance policy. 

If you are a business owner running your business in Fredericksburg, VA or any other nearby town in Virginia, and you are currently looking for proper commercial insurance, Pete Webb Agency is the right place to contact. We specialize in different types of insurance, and commercial insurance is one of them. Feel free to give us a call if you are ready to purchase a policy or if you have questions. 

Does Home Insurance Cover my Pets?

Pets are part of the family. So it makes sense to keep them as safe as possible. And because many pet parents care about their pets, they have invested in pet insurance coverage to cushion their pets against diseases and accidents.

But what happens if your pet causes property damage? What if they cause injuries to other people? Does your home insurance cover? If you are in the dark regarding this issue, please keep reading as Pete Webb Agency of Fredericksburg, VA shares how home insurance protects you against pet damage. 

When your home insurance doesn’t cover pet damage

Suppose your furry friend shreds your curtains in one of her midnight romps. Or perhaps, your puppy rips through your expensive couch. Will home insurance cover the damage? The answer is no. Typical home insurance doesn’t cover pet damage for own belongings. 

Similarly, home insurance doesn’t cover structural damage from pets (just like it excludes pest and mold damage). So, if your dog or any other domesticated animal damages your fence or breaks your door, your claim is not likely to go through.

What pet damage does home insurance cover?

Home insurance comes in handy when your pet causes bodily harm or physical damage to other people. For instance, home insurance should cover medical expenses if your pet bites a visitor or a neighbor. Additionally, your home insurance coverage should pay for legal costs if you are sued. 

Besides, home insurance covers property damage caused by your pet. For instance, if your dog or horse tramples on a neighbor’s property, home insurance should cover property damage costs and possible legal charges. 

While home insurance doesn’t cover all damages caused by your pet, it shields you from liability damages, which tend to be expensive. But if you think your liability insurance isn’t adequate, you can boost it with umbrella insurance. 

Buy home insurance today!

Whether shopping or renewing your home insurance policy in Fredericksburg, VA, you can count on Pete Webb Agency for all your home insurance needs. Contact us today to start the conversation. 

What Is Term Life Insurance?

If you have heard about life insurance, you may have heard different terms used to describe your insurance options. Term life insurance is one of the options you may consider when you have loved ones you want to provide financial protection for.

Pete Webb Agency, which provides insurance services for the people of Fredericksburg, VA, knows that insurance can be difficult to understand. As you wait to speak with a professional, here’s what you should know about term life insurance.

Term Life Insurance Covers a Specific Time Period

When you buy a term life policy, you are buying insurance that covers a specific period of time, like 10 or 20 years. The death benefit replaces income and some other expenses after you pass away. Your family will be able to receive some compensation so long as you pass away during the time period in which your term life insurance policy is meant to cover.

Term Life Insurance Is a Great Choice for Many People

Term life insurance may be a good policy for you based on your role in the family. For example, you might choose this kind of policy if you are the breadwinner or a stay-at-home parent. It is also a good option for people who own homes or businesses.

Term Life Insurance Helps You Plan Ahead

No matter the circumstances you are in, term life insurance can provide some financial security. When your family is dealing with financial and emotional hardship, an insurance policy could make all the difference.

Are you ready to learn more about term life insurance? Contact Pete Webb Agency, which serves Fredericksburg, VA for more information.

Understanding Virginia Auto Insurance

Having auto insurance in Fredericksburg, VA is paramount. Regrettably, many Fredericksburg, VA residents aren’t conversant of the type of insurance they’re buying. Whether you are a seasoned driver driving an old car or a new car owner, you require magnificent auto insurance from Pete Webb Agency to shield you and your expensive asset from imminent perils like accidents and theft. Sometimes landing proper auto insurance might be a daunting task for many Fredericksburg VA drivers, behold are elaborative facts to make a well-guided and informed decision.

Is Auto Insurance Mandatory in Virginia?

Like many states, auto insurance is legally required in Virginia. Car owners are expected to maintain minimum liability coverages in their auto insurance policy. These minimum requirements include bodily injury and property damage liabilities. Hitting the roads of Virginia devoid of these mandated requirements may attract stiff consequences like fines and license suspension.

Auto insurance coverage options in Virginia

Abiding by your state’s required minimums isn’t an indication that you are adequately shielded. Unluckily, serious injury can easily exhaust the set limit per accident if you injure more than one person. It’s pivotal to consider other optional coverages for all-around protection. It includes:

Collision coverage: It pays for repairing or replacing your car after a collision involving another vehicle or stationary objects.

Comprehensive coverage: It provides an additional level of protection propagated by an incident other than collisions such as vandalism, hail, and other prevailing eventualities.

Uninsured and underinsured motorist coverage: If you engage in hit and run situations or engage in a crash with a motorist with no or inadequate coverage, this coverage guarantees protection.

Medical payments coverage: It pays for reasonable and necessary medical costs related to accidents such as surgery and x-rays if you, your passengers, or your family members are injured in an accident.

Factors affecting auto insurance premium payment

Vehicle model, driving history, and past claims are considered when computing your premium payment for auto insurance. Other factors include:

  • Occupation
  • Marital status
  • Location
  • Age
  • Credit rating

Accidents do happen, and they are unpredictable. It’s wise to procure a good auto insurance policy to protect you and your car in Fredericksburg, VA. Don’t hesitate to contact us at Pete Webb Agency for all your insurance needs.