Personal Insurance
When and why would I need personal insurance - the life cycle (most of the time):
Auto Insurance - Required by the State of California to register your car and avoid suspension of your registration. If you are in an auto accident and it is your fault the insurance company pays up to the limits of your policy for medical bills and damage done to the car you hit. The policy will also pay to repair or replace your car when you have physical damage protection coverage. Your policy, when the protection is purchased, can protect you from other drivers who do not have insurance or not enough insurance and you have injured occupants in your car and/or damage to your car.
Renter's Insurance - You are on your own or with roommates. No longer at home with Mom and Dad. It protects your personal property from fire and theft. Your landlord or property manager does not cover your personal property in these events. Plus it can give you a nice discount on your auto insurance.
Condo Unit Owners Insurance - If you own a Condo, do not fall into the trap that a Master HOA policy covers or protects the "inside" of your unit. You must purchase a unit owner's policy to protect your personal property from fire, water loss or theft. This policy also provides liability coverage in case someone is injured in your unit. A major coverage to add to this type of policy is "dwelling coverage" which is sometimes known as "walls in" coverage. This is what protects you, for instance, if a kitchen fire damages your counter, cabinets, flooring and fixtures. If you own a condo and rent it to someone else you need a Rental Condo Unit Owners policy for basically the same reasons.
Home Insurance - Always required when you have a loan from a bank or other financial institution. Your home insurance policy is what will pay to repair or replace your home due to losses from fire and water damage. This policy also protects you from theft of personal property. This policy DOES NOT cover flood or earthquake risk and those polices are purchased separately.
Rental Dwellings - property that you buy and then rent out or lease to others on an annual basis. This policy provides dwelling coverage for fire and water loss. Liability protection is another feature of this policy.
Personal Liability Umbrella - this is "excess liability" you may purchase which provides additional liability over and above the liability limits on your residence and auto insurance policies. You must maintain certain levels of liability coverage on the residence and auto policies to qualify for an umbrella policy. Rental properties may also be protected under an umbrella policy as long as the liability on the rental property policy also meets certain guidelines. A personal liability umbrella is an inexpensive way to purchase excess liability protection. Your driving record and age are important factors in the overall cost of an umbrella.
Earthquake Insurance - always purchased separately from residence insurance policies. The cost of earthquake insurance is usually dependent upon the replacement cost of the home, age of home, type of home foundation, if it has been earthquake retro-fitted, and zip code, additional coverage is available for homes with fireplaces and swimming pools. Deductibles of 10% or 15% of the dwelling replacement value apply. Deductible "buy down" policies are available for purchase.
Flood Insurance - always a separate insurance policy from the residence policy. Every "base" flood policy is issued by the National Flood Insurance Program with a maximum of $250K in dwelling coverage. These policies are available through many standard insurance companies. Excess Flood Insurance is available for clients who want more then $250K to protect their dwelling. Depending on the location of the home, some mortgage companies make this insurance a requirement of the loan.
OneStone Insurance Services
4695 Chabot Dr. Ste 200
Pleasanton, CA 94588
Phone: 925-326-1809
888-509-1988
Fax: 888-457-4887
E-mail:
CA License #: 0H37426