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Oftentimes homeowners will let their policies lapse either by accident or due to unforeseen financial challenges. Now, when this happens, a common question we hear is whether or not a home insurance policy can be reinstated. Now, in most cases, when a home insurance policy lapses, it’s because the payment was missed. General speaking, bringing your account up to date and paying overdue fees will reinstate the policy. However, if your home insurance policy has lapsed or has been inactive for some time, then your insurance carrier may cancel it and negate all coverage, but most carriers will be happy to reinstate it. Now, before we your policy, it’s best to check in with an insurance agent. You trust to ensure that the details of your policy reflect the best pricing currently available by doing a little extra digging. You may actually find that you can get a discount or an even better rate on your policy. So if your coverage has lapsed for an extended period of time, check in with your agent first.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

Anyone who has ever had roof damage knows that it is one of the most harrowing and expensive types of damage that could happen to your home. And you know, because of these just nightmare stories, homeowners need to know whether or not roof damage is covered in a home insurance policy. And so well, it depends uh like most kinds of insurance, a home policy covers the types of damage that are outlined in the paperwork. So make sure that you check the details of your policy and see if you’re covered, read that fine print and if you don’t have roof replacement coverage, then you can typically add it into your policy and you know, not for nothing but because roof damage can be so costly. It’s actually a really smart thing to have. Also keep in mind that depending on what kind of uh roof your home has and how the damage was caused, your coverage can vary. So if you are still unsure of whether or not your roof is protected, the best thing you can do is speak with your insurance agent and let them know that you’re concerned

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

I cannot tell you how often new home buyers ask whether or not insurance can be included in their closing costs. So as a general rule, yes, it can. But there are a few things you should address since buying a home can be complicated. Plus, you know, juggling the requirements of your lender, uh the title company and the agent can be a complete headache. The best way to start is to ask the company doing your financing, what their insurance requirements are. Some banks want a full year of homeowners insurance and some only want six months. So it varies honestly. Next, you have to find out if you can have your insurance paid out of your escrow account. That way your bank can actually handle the payments for you, which is great. Uh But before you make any final decisions, it is always a good idea to talk to your insurance agent and make sure that everything is set up correctly. Then once your financing is all established, then your homeowners insurance policy will activate and you’ll be covered and then you can focus on enjoying your new happy home.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

Whether or not you can roll your annuity into an IRA, also known as an individual retirement arrangement depends on your type of annuity. In most cases, if you have a qualified annuity, an annuity, you make contributions to with pre-tax dollars, then yes, you can roll your annuity into an IRA. It is worth mentioning that your annuity is qualified. If you have a traditional 401k or 403 B plan, if you do decide to roll over your annuity, you can either roll over your funds directly through a transfer or indirectly through a qualifying withdrawal. On the other hand, if your annuity is non-qualified, meaning it was funded with after tax dollars, it cannot be transferred into an IRA. If you have a Roth 401k or Roth 403 B plan, for instance, your annuity is non-qualified and cannot be transferred into a traditional Ira Ira s can get tricky. So be sure to speak to your insurance agent or financial advisor about your options before making any financial decisions regarding your retirement planning.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

I’m gonna be honest here required minimum distribution can be a pretty confusing topic and so many investors who are out there weighing their options have questions about whether or not R MD applies to an annuity. The answer is that some annuities are subject to RM DS and some are not uh qualified annuities must meet R MD mandates but non-qualified annuities ignore R MD rules. Qualified annuities are funded with pre tax dollars, which means the investor doesn’t pay taxes on the money that goes into the annuity. On the other hand, non-qualified annuities are paid with post tax dollars. So this pretty much means that the investor has already paid taxes on the money in the annuity and therefore does not need to worry about RM DS. So in other words, if you have a qualified annuity, you have deferred your tax payment. Right? Uncle Sam wants to make sure that your taxes are eventually paid and the R MD makes this happen. So before making any investments in an annuity, you must understand all the rules and obligations. It is so so important, we suggest you speak with a financial advisor that you know that you trust, uh, before making any investment decisions.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

I have to say pretty often home insurance policies are quoted from carriers for an entire year. This leaves so many homeowners wondering if they can pay their premiums monthly. I’ll tell you the answer is usually yes. With most home insurance policies, you can choose to pay premiums on a monthly basis rather than paying for the whole year. There can be complications when it comes to a mortgage though. That’s because a lot of banks pay home insurance automatically from an escrow account. Also, I want you to note that many carriers will offer a lower overall price on home insurance if you pay the entire year upfront rather than monthly. As always, if you have questions about how to handle your home insurance, set aside some time to talk it over with your insurance agent.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

Sometimes trying to understand what the different parts of Medicare cover can feel like alphabet soup. But because Medicare is so important, we want to help clarify things about Medicare. Part A for you. For starters. Medicare parts A and B work together to provide you with what is known as original Medicare. Whereas part B provides you with medical insurance. Medicare part A provides you with crucial hospital insurance. This entails hospital inpatient care, skilled nursing facility care, short term, non custodial nursing, home care, hospice care, and home health care. Additionally, lab tests, surgery and home health care can also be covered by Medicare. Part A. What’s great about original Medicare is that it can be used by any doctor or hospital in the United States that accepts Medicare. Your enrollment period for Medicare part A is a seven month window begins three months before your 65th birthday and ends three months after the month, you turn 65. If you miss this enrollment period, for any reason, you may have delays in signing up and you may also have to pay a penalty if you or a loved one is considering enrolling in Medicare. Part A please speak with a trusted insurance advisor to receive more personalized information on your coverage.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

A common question we receive from policyholders is when are annuities a good idea. The truth is there is no perfect time to buy an annuity. It is best. However, to understand uh what an annuity will provide you with financially before you decide on buying one, an annuity is not in investments. It is insurance and you must approach the purchase of annuities with this mindset. Annuities are insurance contracts that give you guaranteed income with long term tax deferred growth for the rest of your life. There are many different types of annuities but they all have one thing in common. They provide a stream of payments that can last for the rest of your life that makes them an ideal way to create a guaranteed income in retirement. The right annuities within the right financial plan are very often good ideas, especially if you like the financial security and the peace and happiness that comes with it in your retirement years.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

Look, I know we all understand the importance of having life insurance, right? But some policyholders are a little bit confused about whether or not the beneficiary of a life insurance policy can be changed. So in most cases, changing a life insurance beneficiary is relatively straightforward. Uh Typically you’ll just need to fill out a form or two from your carrier uh to name the new beneficiary. Now, I will say in a few cases, however, changing the beneficiary of a life insurance policy will require the approval or permission of someone else. So if you live in a community property state and bought the life insurance policy after getting married, you’ll need the permission of your spouse before changing the beneficiary. Now, on a similar note, if your life insurance policy has an irrevocable beneficiary, then you will need approval from that beneficiary before changing the policy to make sure your life insurance policy is structured properly. The best thing to do is to just sit down with your insurance agent and have them show you your options.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

Whether due to rising costs of insurance or the seasonal use of a vehicle. One common question received from motorists is if it’s possible to temporarily suspend or freeze a car insurance policy. Now, the answer depends on several different factors. Keep in mind that car insurance is required by law for any motor vehicle. So it’s against the law to drive a car without insurance. If however, you’re planning on parking your vehicle and not driving it for an extended period of time, there may be other options available to you. Depending on your carrier, you can often cancel the liability and collision portions of your policy and retain your comprehensive coverage, keeping your parking car covered against theft or damage additionally. Uh depending on where you live, this change may require you to file additional paperwork with the state to let them know that you will not be operating your vehicle to make a fully informed decision on how to suspend some or all of your car insurance coverage. It’s wise to speak directly with an insurance professional and weigh your options.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.