6 Times You Should Review Your Auto Insurance Coverage

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When you buy auto insurance at Wai Cheng Insurance Inc. serving Bay Area, CA, you should know that you also need to review your auto insurance coverage when certain life events occur.

These include:

1. When You Move to a New Location

Your residence determines in part how much your insurance premium is. It also needs to be documented in your policy. Whenever you move, notify your insurance representative so they can make any necessary adjustments, even if you only move across town.

2. When Your Commute Changes

If you get a new job and your commute changes, let your insurance rep know. The change in the distance you travel for work may mean that your premium also changes.

3. When You Divorce or Marry

Your relationship status factors into how much you pay in premiums. A quick call or email to your insurance representative is all it takes, but be sure to let them know.

4. When Your Child Turns 18

If you have a child who’s on your auto insurance policy and has turned 18, be sure to let your auto insurance rep know so they can make any adjustments necessary to your policy.

5. When You Buy a Home

If you buy a home, you’ll likely need home- and auto insurance. Bundling these two products—and possibly with life insurance as well—can save you money on your insurance. Contact your representative to discuss your options in this situation.

6. When Your Credit Score Improves Significantly

Your credit score is a factor that is considered when your premium is calculated. If you have a significant increase in your credit score, you may want to talk to your insurance rep for a possible adjustment.

Get The Right Coverage For Your Needs

Contact Wai Cheng Insurance Inc. serving Bay Area, CA whenever any of these events occur in your life. We will make sure you have the right auto insurance policy for your needs. 

When you buy a house do you need home insurance at closing?

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When you buy a home in the Bay Area, CA, you’ll need to purchase home insurance to cover it against loss. At Wai Cheng Insurance Inc. we understand that if you have never purchased a home before, you might not know that you’ll need to obtain your insurance policy before you close on your home.

When to purchase home insurance

That might sound strange, but you must purchase home insurance before you own the home. Most mortgage lenders require proof of purchase of home insurance at the closing. The term closing refers to a meeting at which you sign all of the paperwork and finalize the home’s purchase. Your bank or credit union requires certain paperwork at this meeting to show that you’re ready to take possession of the home.

A home insurance policy that meets the requirements of the mortgage lender tops the list of needs. Home insurance provides the bank with assurance that if something happens to the home to reduce its value, such as a fire or tornado causing damage, the bank won’t lose its investment. That’s called risk reduction.

When a lender provides you with a mortgage to purchase a home, until you pay the mortgage, the bank actually owns the home. Each payment you make on the mortgage earns you equity in the home. Once your equity equals 100 percent, you own the home.

When you buy a home policy to close on a home, the policy uses an insurance binder, a temporary agreement between the insurance company, in this case, Wai Cheng Insurance Inc., and you. The policy becomes permanent when you close on the Bay Area, CA house.

Preventing Slip and Falls at Your Business

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At Wai Cheng Insurance Inc., we serve Bay Area, CA companies with commercial insurance to fit their needs. We also take pride in helping businesses maintain lower rates by assisting them in managing risks. One of the significant risks businesses face is liability claims from slips and falls.

Here are some tips for preventing slips and falls at your business:

Addressing Known Issues is Key

It is important to note that businesses are more likely to be found liable for injuries sustained in a slip and fall if it can be shown they were aware of the cause of the slip and fall and failed to respond by addressing it promptly. This is why it is critical to fix a potential area of danger when it is noticed.

Have Appropriate Materials to Address Leaks

Make sure you have signage to identify areas that may become temporarily wet. These can include mini-sandwich boards, bright-colored pylons, and caution tape.

Highlight Level Changes

Use yellow paint to identify curbs and step edges. Stripes can help identify ramps. This makes these hazards easier to see for vision-impaired visitors.

Train Staff

Make sure your staff knows the significance of slips and falls, and knows how to address potential issues. They also should note if they also should note whether the fall occurred in a restricted area, if the person was running, or wearing inappropriate footwear.

As a business owner, it is your responsibility to provide a safe environment for visitors and customers. Preventing slips and falls is a good place to start.

Get Insurance Coverage To Protect Your Business

Wai Cheng Insurance Inc. offers Bay Area, CA businesses property and liability insurance to protect their investment. Business and commercial insurance can protect income, vehicles, real estate, inventory, and more. Contact us for your commercial insurance review and price quote today.

Don’t Be Left Out In The Rain Without Umbrella Insurance For Your Business.

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If you already have a commercial insurance policy you may assume that you are protected from anything that can come your way. However, commercial insurance is only for specific instances and while important, it is also more generic than some businesses need.  Wai Cheng Insurance Inc. serves the Bay Area, CA with quality insurance services. We can provide the exact umbrella policy for your unique needs. 

Why Should You Consider an Umbrella Policy for Your Business?

Umbrella insurance can provide specialty coverage for businesses that have unique assets or risks that are not covered under broader insurance policies. For example, a general use would be if your current policy covers X amount of loss, but you know your product is worth more than that. The umbrella could make up the number difference and reduce your risk if something goes wrong. 

Another example of umbrella insurance is to cover a specific risk that may not be covered in your current policy. If you work in a field that has high public interaction then a level of coverage for lawsuits is wise. If you run a finical business then an umbrella policy to insure the large amounts of money that moves with risk is a good idea. 

Contact Us Today

Wai Cheng Insurance Inc. serves the Bay Area, CA and the surrounding community with quality insurance services. If you worry that your current commercial policy does not cover all the aspects of your business or is not enough then give us a call, and we will be happy to answer any questions you have about umbrella insurance for your company. 

What Does Home Owner Insurance Cover?

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Wai Cheng Insurance Inc. in Bay Area, CA is happy to help the area residents with all their insurance needs. When you go to buy a home, you also need to get homeowner’s insurance. However, you may be overwhelmed by all of the choices that you may have. There are different prices because some cover more than others. 

That being said, a standard homeowner’s insurance will cover basically the same things.

These include: 

Repair and replacement. Most standard insurance policies will cover the cost to repair and replace your home (and everything in it) if there is damage. This may be due to fire, smoke, or even storm damage. Most also cover damage due to theft and vandalism. 

Outbuildings. Most policies will cover the repair or replacement of outbuildings that are on your property, such as garages and barns. If you have a swimming pool, swing set, or fence, that may also be covered. 

Alternative lodging. If your home is severely damaged, and you need to live elsewhere, your expenses may also be paid by your insurance company. 

Liability. Liability will protect you if someone gets injured on your property. It will pay for their medical expenses. If you are sued, it will help to cover your legal fees.

Though you may want to save some money, the truth is that you need to have homeowners insurance. It will cover the expense of fixing your home, as well as any outbuildings that you may have. It also covers liability, which will protect you in case someone is seriously injured at your home. 

Get Home Insurance Today

If you want to make sure that your home is protected in the Bay Area, CA, don’t hesitate to contact us today at Wai Cheng Insurance Inc. 

How to Build an Emergency Preparedness Kit

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Any time is a great time to start thinking about emergency preparedness. For those who live in disaster-prone areas like Bay Area, CA, it is essential to have an emergency kit on hand. 

Here are some tips from Wai Cheng Insurance Inc. on what to include in your emergency preparedness kit.

Why You Need an Emergency Supplies Kit

Regardless of your location or climate, you can be affected by natural disasters. Earthquakes, hurricanes, tornadoes, and floods are all possible threats in any part of the world.

In an emergency, it is essential to have a kit of supplies that will last you and your family for at least 72 hours. Preparing a kit of supplies in advance will help you weather any emergency.

What to Include in Your Emergency Supplies Kit

When assembling your emergency supplies kit, make sure to include the following:

  • A three-day supply of non-perishable food and water

  • A first-aid kit

  • A flashlight

  • A battery-operated radio

  • Extra batteries

  • A map of the area

  • A whistle

  • A dust mask

  • Moist towelettes

  • Garbage bags

  • A can opener

  • A wrench or pliers

  • An emergency flare

  • A multi-purpose tool

  • A charged cell phone

How to Assemble and Maintain Your Emergency Supplies Kit

Your emergency kits can be assembled into new, clean backpacks, plastic bins, or other easy-to-move storage containers. Store the kits in a cool, dry place, preferably close to whichever room you will shelter in. Check your supplies at least once a year, swapping out expired items as needed.

When disaster strikes, the last thing you want to worry about is your home insurance coverage. Wai Cheng Insurance Inc. is a Bay Area, CA based insurance company that offers dwelling coverage, personal property coverage, and liability coverage. Reach out to us today to learn more.

What is basic auto insurance and why it may not be the right choice?

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You may wonder if you can get away with having the least possible auto insurance. Basic insurance is what is mandated by the state of California. At Wai Cheng Insurance Inc. in Bay Area, CA, we have more than 20 years of experience, and we will work hard to make sure we find the best policy at the best price to meet your needs. 

Auto Insurance: What You Need To Know

Basic insurance in California is liability coverage, and you are required to carry 15/30/5. This means $15,000 for one person injured in an accident and $30,000 for all injuries. Additionally, you must have $5,000 for property damage. It doesn’t take much knowledge to realize this really is very basic. With the average price of a used vehicle at more than $30,000, you can see that $5,000 won’t go very far when it comes to replacing a vehicle. 

If you have a car loan or are leasing a vehicle, you will not be able to have basic insurance. The loan holder or leasing company will require you to have complete coverage, which includes collision, and comprehensive. If you count on your vehicle every day, you may want to protect your vehicle. 

If you have a vehicle that is old and has little value, then basic auto insurance is just fine for you, but if you have a vehicle that you would be hard-pressed to replace financially in the event it was totaled, then having more than basic coverage is a good idea. If you have a considerable amount of assets, a home, savings, etc., you may want to carry more than basic liability coverage to protect those assets from the results of an accident where there are significant injuries and damage. 

Give Us A Call

Contact Wai Cheng Insurance Inc. in Bay Area, CA to discuss whether or not basic auto insurance is the right choice for you. 

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. 

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