What types of homeowners insurance coverages are recommended in Virginia?

Personal property coverage Personal Liability and Medical Payment to Others Dwelling (Property damage to your home) Wind/hail Hurricane damage Additional Living Expenses/Loss of Rent

What is the average cost of homeowners insurance in Virginia?

The average cost of homeowners insurance in Virginia is $1,119 per year according to NerdWallet. That's 31% lower than the national average.

Myth 1: Life insurance is only for older people.

Generally, the best time to purchase a life insurance policy is when you're young.

Myth 2: Life insurance is too expensive

Most people tend to overestimate the cost of a life insurance policy by as much as 3 times! The good news is there are a variety of different types of life insurance available so you can pick the one that best fits your budget. For example, the average cost of term life insurance for a healthy 30-year-old is around $170 per year.

Myth 3: I only need a life insurance policy if I have children or other people who depend on my income for support.

Life insurance isn't just for people with dependents. In fact, many people buy life insurance to cover any financial obligations they don't want to pass on to loved ones. An example could be if you have a co-signer on a mortgage or car loan. Life insurance can also help you provide support for an individual or non-profit after you die by leaving an inheritance or charitable gift.

Myth 4: I don't need life insurance because I have it through my employer

It's always a good idea to take advantage of any employer-sponsored group life insurance provided by your work. However, what's offered may be less than what you need

Myth 5: Stay at home parents or unemployed adults don't need life insurance because they don't have an income to replace

Stay at home parents and caregivers may not bring home a paycheck, but the work they do is just as valuable. If a child, a spouse, or elderly parents depend on you for support, life insurance can help provide them with a financial resource to ensure their care will continue if you were to pass away.

Myth 6: I can only take out a life insurance policy on myself

If you have a regular source of income and aren't a minor, you can buy a life insurance policy in your own name or in the names of a spouse or child(ren). For example, a parent can buy a permanent life insurance policy such as whole life for their child that can be used to help fund future needs.

Myth 7: Life insurance payouts are subject to significant taxes

In general, life insurance proceeds you get as a beneficiary upon the death of the insured person, aren't considered part of your gross income and don't need to be reported to the IRS.

Myth 8: I have a pre-existing medical condition so I won't qualify for life insurance

While it's true if you have health issues you're likely to pay more for life insurance, there are policies designed for people with pre-existing medical conditions.

Myth 9: Once my life insurance policy issues I can't make changes to the contract

There may be situations where you'll need to make changes to your existing life insurance policy. If you need to update your life insurance, you can without having to take out a new policy or switching companies. Just contact your insurance company or agent and discuss what updates you need to make.

Myth 10: You don't need a life insurance policy if you have savings

Having your loved ones rely entirely on your savings for financial support may not be a wise decision. For example, even a large amount of savings can quickly become drained if there's a major life event such as a medical emergency.

What are the risks of home-sharing?

When you home-sharing, your property isn't licensed or regulated like a hotel or bed and breakfast. Hosting could potentially put you at risk if someone renting your home damages or even vandalizes it. As a host you're responsible for paying for repairs, including any made to common areas - like those in a condo building. And if a guest is injured while at your home, you could be responsible for their medical expenses.

Does homeowners insurance cover home-sharing?

It depends. According to the National Association of Insurance Commissioners, most homeowners insurance policies don't cover accidents at short-term rentals. And, even if your homeowners or renters insurance includes coverage for home-sharing or rentals, your insurance company still could deny your coverage.

How to protect yourself as a home-sharing host

While you could rent only to people who will use their own homeowners or renters insurance policies, that would likely reduce your pool of potential clients significantly. Instead, your best bet is to talk to your insurance company and tell them you're sharing your home. They may suggest you purchase an add-on to your existing property insurance to cover home-sharing. Or, depending on your situation, they may recommend a landlord policy that could cover the structure, the property inside (including your appliances and furnishings), lost rental income in case of damage, legal fees, and liability claims. Pro tip: If you're staying as a guest in a shared property like an Airbnb, check with your homeowners or renters insurance to find out what protection you have if any damages occur.

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What are life insurance riders?

What are life insurance riders?

When you buy life insurance, you may be offered a variety of policy riders. We'll help you better understand what life insurance riders are, the most common types of riders, and the benefits they provide.

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What is a life insurance rider?

Life insurance riders are optional coverages you can add to your life insurance policy. Riders provide you with additional benefits to personalize your policy and give you more coverage.

Like adding comprehensive to your auto policy, a life insurance rider lets you customize your policy to meet your needs.

What type of riders can typically be added to a life insurance policy?

Everyone's life insurance needs are different. That's why insurance companies offer a variety of life insurance riders.

The riders available depend on the type of life insurance policy you have and what your insurance company offers. We've gathered the most common types of popular life insurance policy riders offered by many insurance companies.

Waiver of premium rider

If you become ill or disabled and can't, this rider pays your life insurance premium while you recover. This can help you worry less about money and focus on getting better.

Accelerated death rider

If you're diagnosed with a terminal illness, this rider lets you access your life insurance insurance benefits while you're still alive. You may be able to use your benefits for any purpose like

Medical treatments
A vacation
Paying for in-home or assisted living cars

Accidental death and dismemberment rider

If you die in an accident covered in your life insurance policy, an accidental death and dismemberment rider increases the payout of your life policy. In most cases, this rider doubles the amount of your policy. This rider can also pay a benefit if you lose a limb or become blind due to a covered accident.

Child term rider

If you want your child or children to have life insurance, this rider lets you add them to your policy without buying a separate policy.

Guaranteed insurability rider

A guaranteed insurability rider lets you buy additional life insurance at a future date, without having to undergo a medical examination or answer any health-related questions. People generally buy this rider to ensure they have enough coverage for future life events like

The birth/adoption of a child
Marriage
Buying a home

Return of premium rider

Lets say you have a 20-year term life insurance policy and you outlive your life insurance contract. This rider will refund some or all of your premium payments.

Long-term care rider

This rider lets you access your benefits while you're still alive, for long-term care, if you develop a chronic illness and can't perform basic tasks like

Bathing
Feeding yourself
Getting dressed
Using the toilet

Chronic or critical illness rider

These riders can pay some of your life insurance benefits while you're dealing with serious health issues like

Alzheimer's
Multiple sclerosis
Cancer
Heart attack

Examples of long-term care that can be covered are for

Bathing
Using the toilet
Dressing yourself

Term insurance conversion rider

This rider lets you change a term life insurance policy to a permanent life insurance plan at some point before your term policy expires.

Life insurance riders

Each life insurance policy is different, as are each state's laws regulating insurance policies. When considering a life insurance policy rider, be sure that you fully understand the rules, restrictions, benefits, and any costs associated with each before adding any additional coverages.

Remember, some riders only work with a particular type of life insurance policy. In addition, some life insurance riders have no cost while others will increase your monthly premium.

Learn more about helping to ensure the financial security of your family with a life insurance policy

Or get a life insurance quote

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Please note: Information presented on this page is intended to be general information about insurance and is not specific to Liberty Mutual policies. Policies and coverages vary by state and insurer. Contact your insurance company to understand specifics regarding your policy and coverages.

What are life insurance riders?

What is a life insurance rider?

What type of riders can typically be added to a life insurance policy?

Life insurance riders

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