What A First Time Home Buyer Needs

Buying your first home is exciting and a little scary. Embarking on this quest takes time, resources, and lots of research. It can also create a stressful situation, so you should be prepared. A first time home buyer’s checklist should include a good real estate agent, a trusted mortgage lender and an expert insurance agency. If you have never bought a house before and are considering doing so, here are a few tips.

Have a Budget in Mind

Step number one in buying your first home is establishing a budget. You must know how much you can afford to pay for a house and what your monthly payments will be. Start off by knowing what the monthly income will be that contributes to the house payment. Put together a list of monthly expenses. Most experts recommend that you spend no more than 30% of your income on housing. This is a good guide toward determining what you can afford to spend. In determining these numbers remember that there are additional costs to owning a home over and above the mortgage payment. Some of these are maintenance, utilities, insurance. It’s a good idea to have cash on hand that can be used toward a down payment.

Find a Real Estate Agent

A trusted real estate agent can be a lifesaver, and their advice is invaluable. Don’t go with the first agent you talk to, shop around. Feeling comfortable with your real estate agent is important so you should interview more than one. Recommendations from family members or good friends can help. Your realtor will have the experience to answer all your questions and offer advice as well.

Your real estate agent can also recommend a mortgage lender. This doesn’t mean you shouldn’t do a little homework on your own. There are different types of mortgage loans and you want to find the one that suits your needs best. Be sure to get a credit report and have it on hand when talking to mortgage lenders. Once you have settled on a mortgage lender, try to get pre-approved for a loan. Showing a letter of pre-approval will indicate to sellers that you are serious about buying.

Another area in which that trusted real estate agent can help is buying first time home buyer homeowners insurance. You’ll need to talk to insurance agents, but the realtor can recommend reliable ones. Again, you need to do some research on your own. Find out what coverages you will need, and what levels of protection you can afford.

Find Your Ideal Home

When you are comfortable with your real estate agent, mortgage lender and insurance agent, find your dream house. This is the fun part, but it can be an arduous task. Don’t rush, and check out the neighborhood as well as the house. Find out about schools, recreational facilities, shopping, police and fire departments, etc. You and your real estate agent will work well together and you will soon be enjoying home ownership.

Homeowner’s Insurance Is A Key Element

It is important to have trusted agents working for you in the process of buying a home for the first time. When it comes to insurance, Bogle Agency Insurance has unmatched experience and expertise. We’ve been around for 100 years helping people in New Jersey insure their most valuable asset, their house. When you have decided to buy a house, give us a call at (201) 939-1076 and make an appointment to meet and discuss your first time home buyer’s homeowners insurance requirements. Let us guide you toward the best protection for your new home.

What Are Considered “High-Value Assets”?

High-Value Assets often include expensive homes in ultra-desirable locations, exotic automobiles, jewelry collections, art collections, yachts, high liability risks, and even internet security. Bogle Agency Insurance has partnered with Chubb to provide “insurance coverage for successful families and individuals with high-value assets“.  The benefits of high-value asset coverage are superior expertise and service.

What Are The Benefits of this Insurance?

1. We offer qualified experts to evaluate assets and then correctly insure them. Our experts are experienced in assessing the value of antiques, artwork, rare books, jewelry and other items that are irreplaceable to you.

2. If you are a first-time home buyer, we cater to your unique situation. You may be building your dream house and furnishing it with one-of-a-kind pieces. You may be purchasing a large house on a large piece of property that requires a bit more coverage than regular homeowner’s insurance offers. We are here to offer years of experience in advising first time home buyers.

3. If you have unusual or distinctive assets that need to be replaced, we identify the quality of the items. We never offer inferior replacements.

4. We recommend the use of top quality contractors and specialists.

5. The coverage is comprehensive, not partial.

6. Claims Service is responsive to your needs. If you should have the unfortunate experience of needing to enter a claim, our adjusters work swiftly to help you. Whether the claim is for replacement of a stolen or damaged item, or because of an accident, our staff is always ready to support you. We offer compassion, as well as the information you need to carry on.

7. We offer protection against inflation.

These are just a few of the benefits of our special coverage. For a full examination of your insurance needs, and to see what coverages we can offer, you should consult with one of our agents. Call Bogle Agency Insurance at (201) 939-5378 in Lyndhurst NJ to talk to one of our insurance experts.

Coverage Focused on Your Individual Requirements

This extra coverage is suited to dealing with unusual circumstances and extraordinary personal assets. You have worked hard to build a lifestyle for yourself and your family and should have them protected to the fullest. Life is full of surprises, but you should be prepared for them. Bogle Agency Insurance, together with Chubb, is offering protection, support and service based upon years of experience. We have dealt with unique individuals and situations like yours many times before. We are ready to give you our fullest attention and always respond with ways to say “yes”!

Returning to Work and Benefit Eligibility Considerations | Bogle Agency Insurance 

Employers with employees returning to work after a leave of absence, reduction in hours (e.g., furlough) or termination of employment (e.g., layoff) may have questions about the implications for medical benefit eligibility and the effect on the ACA’s employer shared responsibility rules.

Eligibility

The answer to the benefit eligibility question will depend heavily on whether the employee was terminated from employment (a termination and rehire) or kept active as an employee (e.g., while on furlough) with continued benefit eligibility. Employers should first determine whether the plan document addresses furloughs, rehires, or unpaid leaves of absence. If the employer is interested in waiving waiting periods for rehired employees or otherwise extending coverage beyond what is described in the plan document, it should make sure to get the carrier’s approval and amend the plan document if necessary.

Premium Payments

If employment was not terminated and the employee was kept active on health benefits, the employer may resume taking employees’ premiums out of the employees’ pay. The employer may recoup the cost of any missed contributions during the period the employee was furloughed without pay. Employers should check state wage and hour laws, as some states have limits on what can be deducted from an employee’s pay.

Cafeteria Plan Considerations

Restoring Previous Elections: An individual rehired within 30 days may only make a new election if there has been an intervening event that would permit an election change. When more than 30 days have elapsed between an employee’s termination and rehire, the cafeteria plan may (by design) allow a new election or require the old election to be reinstated.

Status Change with No Loss of Eligibility: If an employee has a reduction in hours but maintains eligibility under the plan, he or she should generally not be given the opportunity to drop or change a pre-tax salary reduction election to discontinue benefits. There must be both a status change such as a commencement of an unpaid leave of absence and the status change must affect eligibility under an employer plan (except for group term life insurance, dismemberment, or disability coverage). However, there are two exceptions:

• Benefits can be discontinued for nonpayment of premiums when an employee is on an unpaid leave.
• A cafeteria plan may allow an employee to prospectively revoke an election of coverage under a group health plan that provides minimum essential coverage or better coverage when there is a reduction in hours of service of a full-time employee that otherwise does not affect group health plan eligibility. Cafeteria plans are often not amended to address this circumstance.

ACA Considerations

Full-Time Status under the ACA: Some employers may be rehiring employees who were previously considered full-time employees under ACA rules. If the employee is rehired within 13 weeks (26 weeks for education organizations), the employee will be considered a continuing employee. This means that if the full-time employee was enrolled in coverage, s/he should be offered coverage no later than the first day of the month following resumption of services. If the employee is rehired after more than 13 weeks (26 weeks for educational organizations), the employee may be treated as a new employee and subject to a new waiting period (or a new initial measurement period if the employee is a part-time, variable hour, or seasonal employee). Part-time, variable hour, and seasonal employees rehired after the end of a stability period do not need to be offered coverage unless the employee worked enough hours during the previous measurement period to achieve full-time status for the subsequent stability period.

Hours of Service: Hours of service do not include hours incurred after the employee has terminated, or when payment is made or due under a plan maintained solely for the purpose of complying with applicable workers’ compensation, unemployment compensation, or disability insurance laws. When counting an employees’ hours to determine full-time employee status under the ACA look-back rules, hours of service include periods where the employee is entitled to pay due to vacation, holiday, illness, incapacity (including disability unless coverage was paid for after-tax and no employer contributions), and leaves of absence (including leave taken under the Families First Coronavirus Response Act).

For special unpaid leaves of absence (such as leave under the FMLA and USERRA), the employer has two options for crediting hours. One option is to exclude the period of special unpaid leave from the applicable measurement period. The other option allows employers to credit the employee with hours equal to the average hours worked during weeks not part of the unpaid leave.

Employers who furlough employees without terminating employment will need to make careful determinations as to whether employees need to be credited with hours of service under the applicable look-back period. The failure to correctly credit hours could cause the employer to misclassify employees as not full-time and cause penalties under the ACA employer shared responsibility rules. Careful records should be kept so that the employer knows each employee’s status as full-time or not full-time during each month of 2020 in order to be prepared for ACA reporting that is done in early 2021. Employers may wish to go ahead and credit employees with hours service during the furlough period. While this would be one way to avoid penalty under employer mandate rules, the employer should get the carrier’s approval before proceeding.

At Bogle Agency Insurance, we are here to help in any way possible. Please do not hesitate to call the office at (201) 939 – 1076 for any questions or concerns.

Everyday Risk Factors That Can Affect Your Homeowners Insurance Policy

Did you know that the risk factors that you present to your home owners insurance can have huge effects on the premiums you pay? It’s true! Risk Factors, by definition, are the characteristics and factors that increase the likelihood of a claim being filed. These can include everything from the condition of your home to your financial standings. In order to save as much money as possible on your home owners insurance policy, you need to not only be aware of your personal risk factors but also how to lessen the risks that insurance companies see! Below, we describe ten of the most influential risk factors that can affect your homeowners insurance policy’s premium. If ignored, these factors can cost you thousands of dollars a year in coverage.

The Most Common Risk Factors For Home Owners Insurance

1. Your Deductible
   One of the most commonly known factors that can affect insurance premium prices is the deductible. An insurance policy deductible is an amount the policyholder will pay before insurance covers repairs or reparations. This is not a way for insurance companies to save money but rather a risk management factor that has been proven to reduce negligence on the policyholder’s side. The idea behind deductibles is a monetary way to increase awareness of potential risk in hopes to mitigate negligent behavior. Naturally, a higher deductible means a lower premium!
2. The Cost To Rebuild or Replace Your Home
   Another commonly associated risk factor with homeowners insurance is the overall value of a home. Like car insurance, the more expensive the item you are insuring becomes, the more the insurance company would need to pay out in the event of damage. Contrary to popular belief, the value the insurance company decides upon is not the same as the market value provided by the tax association.
3. The Condition of Your Home
   Unlike car insurance, the condition of your property is a major concern for homeowners insurance policies. Damages to parts of your home such as a roof or foundation are not just costly repairs, these damages can cause catastrophic failure if not fixed promptly. When it comes to pre-existing damage to your home, insurance companies may charge more for a premium due to the potential for costly claims in the future. Some companies will even deny your application if the roof or foundation is not up to code!

The Most Surprising Risk Factors For Home Owners Insurance

1. Your PETS?!
   Yes, your pets may cause your homeowners insurance rates to increase! Certain dog breeds are considered more dangerous and liable than others according to insurance providers. While this characteristic may not apply to your fur child, it is simply based on a statistical analysis performed by insurance companies.
2. How Close The Home Is To A Fire Station
   Another shocking risk factor that insurance providers take into account when calculating your insurance premium is the travel time between your home and the closest fire station. According to the Insurance Information Institute, Household fire claims make up over 25% of property damage claims in the past 10 years. While using safety precautions to prevent household fire damage is extremely important, neglect is not the only cause of household fires. Your proximity to the fire station may be the difference between having to build a new home or simply remodel the kitchen.
3. Your Credit History
   Yes. Unfortunately, credit history is a factor in even your insurance rates. Aspects like your payment history, current debt, and length of credit history are all considered when calculating your premiums. The thought behind this is not just to see whether the policyholder will be able to pay their premium each month but also to reduce the risks of fraud.

Risk Management Is The Most Effective Way To Reduce Homeowners Insurance Premiums

Simply put, making sure you are doing all you can to reduce the risk of a claim will help to lower your yearly insurance costs. Bogle Agency Insurance experts in Lyndhurst NJ can help you discover any potential risk factors you face before you are hit with a large insurance premium. Although some risk factors are easier to fix than others, it is important to know what these risk factors are so you can work on them and continue lowering your premiums over time!

Protect What You Have Worked Hard to Achieve

Bogle Agency Insurance working together with Chubb is interested in providing  our clients with some of the highest limits of liability coverage available. We know that the unexpected happens, and we want our clients to be insured for all those times when more protection is needed. An Excess/Umbrella policy is for when your other coverages, such as home or auto, don’t cover the costs of the unanticipated. A policy with excess liability coverage should be part of your financial planning. We want our clients with high value assets to be assured of high value coverage.

Protection From Every Aspect

If your lifestyle involves travel, lots of entertaining, extra recreational
facilities at your home (pool, hot tub, trampoline), you need extra liability
insurance. If you have household staff you need extra liability insurance. If
own a second or third home you definitely need extra liability insurance. These
and so many more factors make additional coverage a necessity. You have spent
your life building happiness and security for your family. Let Chubb make sure
you protect it all with a policy that provides coverage for the unforeseen events
that can become real headaches. We always try to make sure clients are made
whole in a way that is satisfactory to their unique situation.

With today’s litigious society, we want our clients to know they are covered for
legal representation. Excess liability insurance offers this kind of coverage in
the event that you should need a lawyer to settle a claim against you. This and
all other coverages can also offer worldwide protection.

We Are Proud Of Our Partnership With Chubb

Bogle Agency Insurance is happy to discuss Excess Liability coverage that is
offered by Chubb with our clients. We are very proud to partner with Chubb, a
premier company that goes above and beyond the usual to protect you. Their
reputation is well documented. If the kind of coverage offered by Chubb’s
Masterpiece Excess Liability is of interest to you, please give us a call at
(201) 939-1076.

What If I can’t Pay My Insurance Premiums?

During this time of COVID-19 challenges, one of the most difficult is when
you can’t pay your bills because of loss of income. Now is a stressful time
and we’re all worried about getting sick or having a family member get sick.
We don’t need the added anxiety of being unable to pay the monthly bills.
Governor Murphy of NJ has signed an executive order allowing for an extended grace period for payment of some NJ insurance premiums due to COVID-19 related loss of income.

Bogle Agency Insurance wants policyholders to know they will have more time to pay insurance premiums in NJ due to COVID-19.

NJ COVID-19 OFFICIAL SITE – FROM ARTICLE

” What happens if I can’t pay my insurance premiums?

Governor Murphy has signed an executive order extending the grace period for
residents unable to pay their insurance premiums because of a loss of income
or other negative impact as a result of the COVID-19 emergency.

The Governor’s order require a minimum 60-day grace period for health and dental insurance policies, and 90-days grace for home and auto insurance, renters insurance, life insurance, and for insurance premium-financing arrangements among others.

Additionally, this order makes clear that all claims covered by the insurance
policy must be paid out to those who are within these grace periods. In addition,
insurers cannot demand repayment of unpaid premiums in a lump sum at the end of the grace period, but rather they must spread these back-payments out over the remainder of the insurance term.

Finally, insurers are required to provide each policyholder with an easily
readable written description of the terms of the extended grace period.

More information will be available when the Executive Order is published.

Posted/Updated: 4/9/20

Source: Executive Order 123 “

Seek Additional Information Regarding Premiums

Bogle Agency Insurance can be accessed remotely or by phone and stands ready to
answer any and all questions about insurance policies and premium payments. We
are also able to offer expert advice regarding any other concerns you may have
about insurance. Please call us at (201) 939-1076 for a consultation.

Does Your Home-Based Business Need Insurance?

Are you thinking about starting a home-based business? Or do you already run a business from your home? In either case you should know about insurance coverage for a home-based business. When someone starts a business from home they often assume that their homeowner’s insurance will cover it. Or they overlook insurance for the home-based business altogether. A homeowner’s insurance policy does not always offer the necessary coverage, and you do want to make certain your home-based business is covered by insurance.

What Kind of Insurance Does Your Home-Based Business Need?

In some cases coverage can be obtained by the addition of a rider to your
homeowner’s policy. You could opt for an in-home business insurance policy,
or a commercial insurance policy. You want to be sure that your home-based
business is covered by insurance. All home-based businesses do not need the
same coverage. An important thing to remember is that business insurance
protects you from claims that might destroy your business. The type of coverage
your business needs varies according to the business you want to insure.

You might need coverage for the breakdown of equipment, the interruption of
business, data loss or data breach. If you have employees you need liability
insurance. There are many different coverages that could apply to your particular
business. A highly qualified NJ Insurance Agent can help you determine just what
type of insurance, and how much insurance your home-based business requires.

Bogle Agency Insurance wants to make sure your home-based business is protected by
insurance.

Get The Information You Need to Protect Your Home-Based Business

The team at Bogle Agency Insurance is able to help you discover what kind of
coverage your home-based business needs. We want you to learn about New Jersey
business and commercial insurance coverages. Allow our knowledge and experience
to be your guide to the protection you need. Give us a call at (201) 939-1076.

Temporary Closing | Bogle Agency Insurance Bergen County NJ

Per the Bergen County Executive order our office will be closing Monday, March 23, 2020  and will reopen to the public when Bergen County states it’s safe for businesses to resume public interaction.

All of our employees will be working remotely.  We have protocols and technology in place to enable our employees to access all systems, resources, email, mail and voicemail to support our client’s accounts.

Please do not hesitate to call the office at (201) 939 – 1076 for any questions or concerns.

Coverage For Your Most Valuable Possessions

At Bogle Agency Insurance we are experts in the insurance coverage of high value assets. Items such as art collections, jewelry collections, expensive homes, expensive cars, boats, and anything else that successful families should protect with valuable assets coverage.

Coverage with Chubb offers the ability to insure things you cherish with confidence. Chubb calls it Masterpiece Valuables. Your beloved treasures are a reflection of your taste and your journey through life. These things may be inherited, bought during your travels, or something you and your family purchased to enhance your surroundings, such as art, rare books, or jewelry. Many times these things develop great value through the years and require extra protection from damage, theft, or fire. Typical homeowners’ policies protect your home and what is inside, but they only provide limited coverage for valuable possessions. That’s where Chubb Masterpiece coverage comes in.

Chubb Looks For Ways to Say “Yes”

With Chubb your valuable assets are protected. If you experience a loss of any of these cherished possessions, they go above and beyond the norm to make the claim process easy to understand and quick in execution. They strive to make you whole in as little time as possible. In most situations, their Claims Adjusters contact you within six hours of the initial report of a claim. They try to issue payment within 48 hours after the adjuster has examined the loss. Valuable assets coverage is a benefit to you and your family.

Chubb Has Experts to Help Prevent Future Losses

If you have a rare collection of jewelry, for instance, they have experts that will share
tips on how to protect these items from burglary. If you are an art collector, they provide complimentary advice on loss prevention and preservation. If you live in a vulnerable area, they advise on how to secure valuables before a wildfire, earthquake, hurricane, flood or other major disaster.

Bogle’s Reputation for Excellence

Bogle Agency Insurance is proud to offer our clients Personal Lines Insurance
Coverage for Successful Families and individuals with high value assets. With Chubb, coverage can be tailored to your needs, and make sure your valuable possessions are truly protected. If you and your family have valuable assets that require extraordinary insurance coverage, give Bogle a call at (201) 939-1076. You can visit us for a consultation at 200 Stuyvesant Avenue, Lyndhurst, NJ.

Insuring Your Seasonal, Vacation and/or Secondary Home

As with any home, vacation or second homes need to be insured. The risks are different, so the coverage may have different costs than primary home insurance. Before you invest in a vacation or second home, you should be aware of the cost to insure it.

Since you don’t spend as much time in a vacation home as in a primary residence, the danger of theft, vandalism, or damage such as fire or burst pipes are a greater risk. If you plan to rent out the vacation home, there may be cost.

Bogle Agency Insurance personal lines specialists are always ready to advise you
about the risks and costs involved with insuring your vacation or second home. We also represent the leading carriers, like for instance Chubb who specialize in these kinds of property risks. 

Factors That Impact The Cost Of Vacation Home Insurance

LOCATION

Where the second home is located makes a difference in insurance cost. If it is in a flood, or earthquake-prone area you will need to consider coverage.

TYPE OF PROPERTY

Whether your vacation home is a stand-alone house or a condo or townhouse makes a difference. If the vacation home is a condo and is maintained by a homeowners’ association providing some security, your insurance cost may be lower. The age and kind of building materials used for the house may also be factors considered for your vacation home.

EXTRA AMENITIES

If your vacation home has a pool or maybe a hot tub there can be added risk. Additional liability
insurance may be something to consider.

How You Can Save Money on Second Home Insurance

You can be judicious and choose a location with lower risk – a little farther from the beach, for instance.

By insuring the vacation home with the same insurer that provides coverage on your primary residence may lower cost. This is known as “bundling” policies.

You can install an alarm system – one that detects both fire and break-ins and this might lower the cost.

Of course, we can also shop around for the best quote on your vacation home insurance.

Talk To An Insurance Expert

Bogle agents are available to give you sound advice on the best coverage and best prices for insuring your vacation home. Our aim is to make the insured have peace of mind about coverage, for the lowest cost. Call us today at (201) 939-5378, or come in for a consultation at 200 Stuyvesant Avenue, Lyndhurst, NJ.