What Happens If I Cancel My Life Insurance Policy?

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Many West Chester, PA residents have taken life insurance to protect their loved ones’ financial well-being in case they pass away. However, you might be considering canceling your life insurance policy. Therefore, you might wonder – what happens if I cancel my life insurance? Well, it depends on the type of life insurance you have. 

Term Life Insurance

In most cases, if you cancel your term insurance, you won’t get your premiums back. However, if you took a convertible term life policy, you can sell the policy to recoup some of your premiums instead of canceling it. Additionally, you have a "return of premium" feature on your policy; we at Griffith Insurance LLP advise that you try to outlive the policy’s term rather than canceling it. Your premiums will be refunded if you outlive the policy’s term. Remember that adding a "return of premium" feature to your policy will make it more expensive. 

Whole Life and Universal Life Policies

Since whole life and universal life policies have a cash value component, you will likely receive some cash if you cancel them. However, how much amount of money you receive will depend on the age of the policy. The older your policy, the more cash value it accrues and vice versa. If you cancel your whole life or universal life policy after a couple of years, likely, it hasn’t accrued a considerable amount of cash value. Thus, you may have to incur surrender fees on the cash value, significantly reducing the amount of money you receive. On the other hand, if your policy is decades old, it might have significant gains. However, these gains will be viewed as taxable income if you cancel the policy, which will be taxed, and you will get less money. 

Do you need help figuring out your life insurance in West Chester, PA? We at Griffith Insurance LLP are ready to help. Call us today.

Does Motorcycle Insurance Cover Hospitalization?

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If you plan to ride a motorcycle, it’s essential to carry adequate motorcycle insurance. Since motorcyclists need to be more aware of other drivers on the road, they must understand how and what their insurance coverage protects. So, does motorcycle insurance cover hospitalization? 

Motorcycle Coverages

Motorcycle insurance can be customized just like auto insurance. When you decide to build a policy, you will want to consider adding medical payments to your policy to ensure that you and anyone you’re hit can get medical attention paid for by insurance coverage. It’s not mandatory to have medical payments on your motorcycle insurance policy. However, if you’re in an accident, you’ll appreciate having that part of the policy in effect. 

Selecting Insurance Coverage

Residents living around the West Chester, PA area need top-quality insurance they can rely on when a covered incident occurs. The right insurance coverage offers peace of mind from losses, from repairs or replacement to paying for medical bills. To get the best protection available, it’s important to work with a highly knowledgeable insurance agent like the experts at Griffith Insurance LLP. Our team is dedicated to providing each client with personalized service so they can learn more about the types of insurance that offer them the best protection. From choosing a policy to submitting details for a claim, we are here to help. 

Reach out Today

To find the best coverage for a motorcycle, please reach out to us to begin receiving round-the-clock protection to cover your investment and yourself. Residents living in and around the West Chester, PA area can rely on us to guide them through the entire process from start to finish. Don’t guess when it comes to your insurance coverage. Let the experts on our team at Griffith Insurance LLP help make the process more understandable and less of a hassle. 

Is Boat Insurance Required in Pennsylvania?

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In recent years, boating has exploded in popularity, with thousands of new enthusiasts taking to the waterways. If you have purchased a boat and reside in Pennsylvania, you’ve likely asked yourself – is boat insurance required? Boat insurance is not legally required in Pennsylvania. In fact, per the U.S. Coast Guard, only three states require boat owners to have insurance – Arkansas, Hawaii, and Utah. With that said, you’ll still want to purchase boat insurance, and your lender, if you are financing your boat or the marina that you plan to store it at, will likely mandate it. Even if they don’t, similar to how car insurance protects your vehicle, yourself, occupants, and others during an accident, boat insurance does too. 

Boat insurance typically includes "All Risk" coverage which protects against several disasters to your boats such as fire, theft, vandalism, sinking, or grounding. Most boat insurance policies will include the following:

  • Damage to Property: If your boat causes damage to another vessel or property, this coverage will help pay for those repairs.
  • Bodily Injury: Should your boat be involved in a collision that injures or kills a third party, this coverage will pay the medical bills and legal expenses associated with the accident up to your policy limits. 
  • Collision: If your boat is involved in a collision, this coverage pays for repairs or replacement
  • Comprehensive Coverage: Assists in paying repair costs if your boat sustains damages from an incident other than a collision, including fire, floods, natural disasters, and theft.
  • No Insurance/Under-Insured Third Party: If a third party damages your boat or causes injuries but lacks insurance, this coverage will help protect you. 

Give Griffith Insurance LLP in West Chester, PA a call for more information on boat insurance.

Common Umbrella Insurance Myths Revealed

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Griffith Insurance LLP is an independent agency. We assist the West Chester, PA community by helping residents obtain the coverage to protect their assets. We have partnerships with several carriers throughout the East Coast. We are confident that we can help you find coverage that aligns with your situation.

Common Umbrella Insurance Myths Revealed

Sometimes accidents arise when you least expect them. Life is full of unpredictability. During these emergencies, it’s essential to have insurance in place. Umbrella insurance is a policy that you can lean on during troubling times. The policy is a form of supplemental coverage that you can add to your home or auto insurance policies. Umbrella insurance steps in if you are involved in a liability dispute. Perhaps you are late shoveling the snow at your West Chester, PA residence, and a guest slips and falls on your porch, breaking their hip. You may be liable for their injuries. Maybe you are texting on your phone one day, which takes your eyes off the road. You cause a serious collision resulting in multiple injuries. Umbrella insurance protects you in these situations by stepping in once you’ve reached your liability limits. Look over your policy carefully to avoid these umbrella insurance myths.

Umbrella Insurance Doesn’t Make Sense For Me.

All of your possessions hold value. If you were forced to handle the litigation process without the proper coverage, your entire livelihood could be at risk. Umbrella insurance helps you protect your assets.

My Liability Limits Are Enough

If your liability limit is lower than the total amount of your assets, you need more coverage. You want to avoid a situation where you could lose everything you’ve worked for.

Griffith Insurance LLP Helps You Protect Your Assets

Contact our office to learn more information about umbrella insurance.  

Safety tips for PA drivers

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Griffith Insurance LLP is proud to be a part of the West Chester, PA business community. If you are interested in learning more about how to stay safe while driving, keep reading! We encourage all of our clients to follow safe driving practices year-round.

Follow these safety tips and stay safe!

Auto safety is everyone’s responsibility and something that every driver should take seriously. Here are a few tips to help you stay safe when out on the road:

  • Do not drive if you are intoxicated or excessively tired. We all know the dangers of DUIs and the consequences. As much attention should also be paid to avoid driving after drinking, while on prescription medications, or too tired to drive safely.
  • Keep an emergency kit in your car. Be sure to have a blanket, shovel, extra windshield fluid, and boots in your trunk.
  • Sign up for roadside assistance, or opt for an auto policy that includes that important feature.
  • Avoid distractions by putting your phone away while you are driving – even while stopped at red lights. It can wait!
  • Defensive driving lessons are another great way to improve your driving ability. Driving is a skill and one that can be improved upon.

These are just a few ways to stay safe while out on the roads. Our team is here to help you protect yourself, your vehicle, and your passengers with an auto policy that is right for you.

Visit your hometown insurance agency today

Griffith Insurance LLP is here to assist the residents of the West Chester, PA community with all of their insurance needs. If you need some help with your auto insurance policy, call or stop by our office today!

Why Your Business Needs Commercial Insurance in Pennsylvania

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If you own a business in West Chester, PA, commercial insurance is an essential piece of your company’s ability to survive, thrive, grow, and expand in the coming years. The team at Griffith Insurance LLP is excited to share all about our commercial insurance options and what the coverage can offer your business to find prosperity and success. 

While Pennsylvania does require businesses to carry commercial insurance in order to legally do business in the state, the reasons for investing in a commercial insurance plan run much deeper than state requirements. Insurance protects your business from financial ruin, protects your assets in the event that they are damaged or stolen, protects your brick and mortar location in the event of weather damage or vandalism… and that’s just to name a few. 

Establishing a credible business takes time and effort, patience and money – the things you spend a lot of time nurturing deserve the best protection possible. Starting a business and making it a successful endeavor will be one of your life’s greatest accomplishments, and Griffith Insurance LLP would be honored to play a small part in your success. 

We know commercial insurance can be confusing and overwhelming, but our agents are here to help. We have years of experience working with businesses of all sizes in the area to find a policy that suits the needs of your business where it is now, while also allowing you to plan for future growth and success. 

If you need a quality insurance plan for your business that will properly protect your assets, employees, reputation, and financial freedom, contact us today. We’ll do our best to work alongside your company until all the boxes are checked. Contact us if you’re in West Chester, PA! 

Commercial Insurance for Traveling Shows: What You Need

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Being a touring company is a fascinating field that can be very financially rewarding. However, Griffith Insurance LLP knows that West Chester, PA traveling shows need a lot of commercial insurance protection to stay safe. Here’s what you need to know about your options here.

Touring Professional Insurance 

If you’re part of a traveling show or a manager of one, you need to get insurance to help protect your investment. These policies bundle together multiple types of coverage options to make sure that everything is handled. Depending on your show, your protection needs will naturally vary. 

For example, do you have a lot of musical equipment that could be expensive to replace if stolen? This policy will have you covered. What about liability for your performers and guests? You can also get protection by adjusting your policy to meet these unique needs and demands. 

It can also protect your equipment for travelings, such as your trucks and trailers, though you may need specialized commercial insurance for some vehicles. Talk to your agent to learn more about what is covered and what is not, as this may vary based on your company and your needs. 

Just as importantly, this type of policy can help to keep your employees paid if you run into any loss of income situations. Did your gig get canceled, and do you still need to eat? Touring insurance may help you, as long as the funds are available, and you do not cause the loss of the gig. 

Get the Policy You Need 

If you’re a touring company that wants to protect itself from serious financial struggles, it is important to talk to us at Griffith Insurance LLP right away to learn more. Our team of professionals will do what they can to ensure that your West Chester, PA company remains solvent. 

What besides your home’s structure does home insurance cover?

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Your homeowners’ insurance policy from Griffith Insurance LLP protects much more than just the structure of your home. The liability coverage extends to your trailer, recreational equipment like a trampoline, your swimming pool, boat, etc.

The liability coverage your home insurance provides for your home in West Chester, PA protects you from financial loss if someone has an accident at your home. Let’s say a visitor to your home slips on icy stairs. They break their arm. The liability component of your home policy pays for their medical costs as well as paying a settlement if they take you to court.

Your home insurance does the same thing if you take your boat to the lake and collide with another boat, causing injuries to another person. The same coverage applies if you have a pool party, and someone falls and hurts themselves. In fact, any recreational equipment you own gets the same coverage.

Your recreational equipment also gets damage coverage from your home insurance. That means that if the collision damaged your boat, then the home insurance pays for the damages up to the amount provided in your policy. This means actual cash value, replacement cost, or guaranteed replacement cost. Your policy will also contain a cap or maximum payout for your reimbursement on your West Chester, PA home.

Call or email Griffith Insurance LLP serving West Chester, PA for more information on home insurance and how to obtain this coverage. We can help you determine which value for your items to choose. While replacement and guaranteed values are most likely to pay for the full purchase of a new item, they cost more than the actual value coverage.

Who Needs Flood Insurance in West Chester, PA?

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Since your typical home insurance doesn’t cover damage from floods, it’s a wise decision to consider flood insurance from Griffith Insurance LLP in West Chester, PA. But because nobody likes spending unnecessarily, you may ask: Do I really need flood insurance? But I live in an area outside a flood zone? If such questions are running through your mind, we are here to answer the question: Who needs flood insurance?

If you have a mortgage

While flood insurance isn’t mandatory in Pennsylvania, if you have a mortgage with a federal-regulated lender, they may insist you purchase flood insurance if your home is in a high-risk flood area. But even though you live outside the flood-risk zone, your lender may still require you to purchase flood insurance coverage. 

Every property isn’t safe from floods

While your property may be located outside the flood-risk area, it doesn’t mean it’s 100% safe from floods. Here are some facts:

  • About 20% of flood insurance claims come from homeowners living in moderate to low-risk areas
  • Floods are the number one disaster in America
  • In your 30-year mortgage period, you are likely to experience floods more than a fire
  • Just a one-inch rise in water level may lead to repairs of about $25,000

Because floods can strike anywhere and anytime, you require flood insurance to protect your building and the contents when floods happen. Besides, rains and hurricanes aren’t the only cause of flooding. Mudslides melts, winter storms and inefficient drainage systems may cause flooding.

If you need peace of mind

Because floods can occur anytime, you don’t have to keep worrying about the safety of your home and loved ones. Instead, purchase flood insurance, and you don’t have to live on the edge every time the weatherman mentions a looming storm. 

Would you like to protect your West Chester, PA home with flood insurance? Don’t hesitate to get in touch with Griffith Insurance LLP for a competitive quote.

4 Benefits of a West Chester, PA condo insurance policy

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You’ve turned your condo into a home. You’ve done the hard work. Condo insurance will help you rest a little easier.

Whether you rent, lease or own a condo, it’s important to protect your investment. Many fall victim to the misconception that condo insurance isn’t essential. While it’s true your condo association has its own policy, this coverage is limited and often only includes the building’s structure.

Don’t get stuck with inadequate protection. Griffith Insurance LLP can help make sure you’re prepared. Serving West Chester, PA, the agency shares four reasons why having condo insurance should be at the top of your to-do list.

Insures the interior

When you own a condo, the inside isn’t part of your building’s master policy. Dwelling protection extends to anything on the interior you are responsible for. Be sure to choose the proper coverage. Refer to your association agreement to narrow down what specific areas value under your jurisdiction.

Offers liability coverage

If someone is injured on your property, liability protection has you covered. This includes any property damage or claims caused by you, your family, or your guests.

Safeguards personal possessions

Condo insurance will cover replacement costs if your personal items are damaged, destroyed, or stolen. Check to make sure water and fire damage are in your plan as well.

Protects against loss of use

If a catastrophic event or natural disaster does occur, you may be forced to temporarily relocate. Condo insurance will reimburse you for these additional living expenses as you stay somewhere else.

Contact a West Chester, PA agent

If you live in a condo near West Chester, PA, call Griffith Insurance LLP. In addition to providing affordable coverage options, their experts can find a personalized condo insurance policy that best meets your needs.