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Life insurance policies can be confusing. There seem to be endless different options, plans, and policies to choose from. You might have simply selected the cheapest life insurance policy because you didn’t fully understand your options. Maybe you selected a pricier policy because “You pay for what you get!” If these describe you, you might not be getting the most out of your life insurance policy. Here are some questions to ask yourself when considering your current life insurance policy.

Do I need term or permanent life insurance?

Although this seems like a tricky question, it can really be boiled down to a few simple assessments. What is your budget? What are your family’s needs? If you’re young and single with no kids, you could save money by choosing a short term life insurance policy. On the other hand, permanent life insurance offers an added amount of safety and security. Higher incomes, larger families, and greater expenses require deeply rooted insurance plans. With permanent life insurance, you can rest assured that you won’t need to worry about renewing, re-assessing, or dealing with insurance agents.

How much coverage do I realistically need?

In order to accurately assess how much financial protection your family needs from your life insurance policy, you must know how much money would be required for your family to continue on after your death. This means estimating your current expenses, understanding funeral costs, and accounting for your income. Make certain that your life insurance policy meets or exceeds this assessment. Knowing that your family is covered if something were to happen to you will bring you and your loved ones peace.

Can I make an annual payment rather than monthly?

Finally, you could save yourself money by paying for your life insurance annually rather than monthly. Most insurance agencies are charging you a small fee for making monthly payments. If you can’t afford to pay an annual fee, you may still be able to pay larger fractured payments every few months instead. If your provider allows, make as few payments as possible throughout the year; ideally, one annual payment. This way, you will ultimately pay less money in total.

People across the nation are breaking out their winter jackets, scarves, and gloves to prepare for the winter months that are upon us. Keeping warm during winter is important for everyone, so it is likely that many people are grabbing their space heaters as well. While a space heater can be a useful tool during the winter, it can also present some dangers when inside your home or office. Here are a few helpful tips to consider while using your space heater this winter.

Only plug it into the wall.

The inevitable temptation to plug your space heater into a power strip or extension cord is common and understandable. Sometimes you need heat in places where no wall outlets are close by. However, you must resist this temptation! Most space heaters require a lot of energy, and you can easily overload a common household power strip with them. You could start an electrical fire in your home or office by overloading your extension cord, so be sure to only plug your space heater directly into a wall outlet.

Give it a break.

Try not to leave your space heater turned on for extended periods of time. You should turn off your heater and unplug it from the wall every couple of hours. By doing so, you are reducing the risk of overworking your heater. Most space heaters have heavy duty heater coils and fans inside of them, so overworking your heater could result in a dangerous malfunction. These malfunctions are rare but if you only use your heater for appropriate amounts of time, you will only further ensure safety.

Leave enough space between your heater and other flammable objects.

Finally, when using your heater, take caution in what is near or in front of the main vent. Because the airflow is usually upwards of 85 degrees, it will slowly but surely warm up anything to dangerous levels. In some cases, the heat exposure may cause certain fabrics to catch fire if left too closely for too long. To avoid this, allow at least three feet of space between your heater and anything that might be damaged or catch fire, including yourself and your clothes.

Protect your assets with insurance. 

If you remember all of these tips this winter, consider yourself protected from any avoidable disasters caused by your space heater. Of course, not all disasters are completely avoidable. If you want to protect yourself from any unpredictable damage to your home this holiday season, be sure to do your research and find an insurance plan that works for you. Whether it be homeowner’s insurance, renters insurance, or additional asset protection, it is always important to make sure that you are covered.

As we get closer to the time of celebration and being grateful, it’s a good time to think about all you are thankful for. One thing that may not always come to mind is your independent insurance agent! When looking into getting your own set of insurance policies, no one else is going to have your back like your local agent. This Thanksgiving season, here are five reasons to be thankful for your local independent insurance agent.

Finding The Best Policy For You

Your insurance agent is always looking out for what is best for you and your circumstances. They are focused on providing the right policy that will match your specific needs – no ifs, ands, or buts about it.

Explaining Everything You Need to Know

Your agent is there to explain everything so you fully understand exactly what you are getting with your policy. In addition, they are happy to explain all the risks and evaluate all options when it comes to insurance! They are focusing on more than what specific insurance carriers provide to help you identify potential areas of exposure.

Bundle Your Personal Policy

One of the best things your agent does for you is building a personal insurance bundle that is specially catered to you! They are able to bundle multiple policies from various carriers in order to cover all of your needs in one package and cover your needs all year-round. 

Community Focused

Your local agent is also a member of your community! They are committed to your success and the success of others throughout the community! They are also great at connecting people throughout the community and creating everlasting networking opportunities for you.

Knowledge Beyond Insurance

Your agent will often provide more knowledge than that of their insurance expertise. As they have worked with many individuals and businesses throughout the years, they are covered in many different types of situations that all require different sets of coverages. This can be beneficial if you are experiencing a situation where you need coverage but aren’t sure what policy is best suited. 

Give your local agent a call and let them know you are thankful to have them in your life!

If you own a business, you may be familiar with the term Business Owner’s Policy, otherwise known as a BOP. This policy combines business property and business liability insurance into one business insurance policy. The intention of a BOP is to help cover your business from claims resulting from things like fire, theft, or any other covered disasters. Additionally, this policy can cover claims that could arise from your business’s operation. Claims such as bodily injury, personal injury, advertising injury, or general property damage.

Requirements to Qualify for a BOP

Not all businesses are eligible for a business owner’s policy. Of course, as with most things, different insurance providers will have a varying set of requirements the business owner must pass in order to achieve eligibility. These requirements can range from the business location, the size of the location, revenue, and class of business. Did you know that most insurance providers only cover businesses that handle all business on-premises? 

Who Needs a Business Owner’s Policy?

These are the business types that are typically eligible for BOPs: retail stores, apartment buildings, small restaurants, and office-based businesses. If you fit into any of these three options, you should look into getting a Business Owner’s Policy:

• Your business has a physical location.
• There’s a possibility of you getting sued. 
• You have assets that could get stolen or damaged. 

What is Included in a BOP?

Business owner’s insurance usually includes:

• Commercial Property Insurance 
• General Liability Insurance
• Business Income Insurance

What Else Do You Need?

It’s important to remember that business owner’s packages do not cover professional liability, auto insurance, worker’s compensation, or health and disability insurance. Once you’ve begun looking into insurance you will need to purchase separate insurance policies to cover professional services, vehicles, and your employees.

Interested in adding a business owner’s policy to your coverages? Reach out to your local agent to learn more.

Umbrella insurance, usually referred to as excess liability insurance, is a form of personal liability insurance that covers claims in excess of regular homeowners, auto, or watercraft policy coverage. An umbrella insurance policy is put in place to help the policyholder pay what they owe. To put it in simple terms, if a dollar limit of the original policy has been used the umbrella insurance is used as a fail-safe so the policyholder will not have to dip into their savings fund to pay the outstanding balance. 

Costs and Premiums 

Like many insurance policies, the cost of an umbrella insurance policy will depend on how much coverage you are purchasing, the state where you reside (insurance rates tend to vary by the state), and the risk of insuring you will cost the insurance company covering you. Depending on the number of cars, homes, and family members needing coverage will decide the cost of the policy. The more you have of each, the more expensive the policy will be. Among other types of insurance, umbrella insurance is considered to be quite cheap in comparison with how much the policy actually covers. 

There are always premiums involved with insurance. If you have purchased an auto, home, or watercraft insurance policy through the same carrier it may be a little less expensive to add an umbrella policy through that same carrier. Of course, depending on the policy provider, the policyholder who is wishing to add an umbrella insurance policy will be required to have a base insurance coverage of $150,000 to $250,000 for auto insurance and $250,000 to $300,000 for homeowners insurance.

What Isn’t Covered?

The best part about umbrella insurance policies is that they are focused on providing broad coverages. Any incident that the policy does not specifically exclude is covered. Remember that there is no insurance policy that covers everything! Below is a list of things that may not be covered by an umbrella policy:

• Damage of your own property. This is a form of liability policy, so it will only cover if you do damage to someone else’s property. 
• Any damage caused on purpose by you or a covered member of the policy. 
• A liability incurred in business or professional activities. Business liability insurance is needed to cover these types of incidents.
• The liability you agreed to assume under a contract you signed.
• Liability related to war or armed conflicts. 

Wanting to learn more about umbrella insurance and maybe add it to your coverages? Reach out to your local agent for more information. 

The first question that you may be asking yourself is, “When will I ever have a vacant property?” It’s surprising how common owning a vacant property is. There are four common scenarios where you may have possession of a vacant property:

• You own rental properties and are between tenants
• You’ve moved for a new job but your house is unsold
• A property is undergoing renovations
• As executor, you are selling a house to close an estate

Depending on the length of the property’s vacancy, the type of policy you are required to have will change. 

Longer Vacancies Require Special Policies

Longer vacancies (usually a year and beyond) require you to purchase a special policy. This policy is traditionally known as peril protection. Peril protection covers the causes of loss listed by name in the policy documents (fire, lightning, wind, hail, explosion, and others). The upside is that this policy covers all the essentials but it doesn’t cover everything. If you have a total or partial loss, having Actual Cash Value (ACV) loss settlement coverage will settle the actual cash value of the loss reported. This ACV will take depreciation into account when settling the claim. 

Policy Terms Available

• 3 months
• 6 months
• 12 months

Eligible Home Types 

• The home must reflect proper maintenance
• Up to four-family construction
• Valued up to $500,000 (most states > $1M in a few)
• Renovations in the process are accepted without surcharge

Vacant Properties Are at a Higher Risk

Did you know that vacant properties represent a higher risk to insurance companies versus a property that is occupied all the time? The reason for this is the lack of an eye on the property increases the chance of damages, vandalism, or other mischief that could occur. In addition to this, the lack of regular maintenance on the property increases the chance of water and fire damages. If you are needing vacant property insurance to cover an older building that wasn’t maintained properly can increase your risk profile and premiums. 

Need to add vacant property insurance to your coverages? Reach out to your local agent for more information.

We are living in an almost fully digital world and it’s becoming more of a challenge to protect yourself online. In order to protect your personal data against the growing identity thieves, it’s important to take steps to minimize your odds of being victimized. The overall goal with these steps is to build as many effective obstacles and tripwires are possible with your personal data. This type of strategy is bound to frustrate and discourage identity thieves that are attempting to access your information. This will lead them to either give up entirely or look for another target whose data is easier to obtain. 

Steps to Protect Yourself

• Set-Up Passwords
  • Passwords are needed to protect your data. Not having a password on your computer or smartphone – and on all financial accounts, too – is akin to leaving your home with the door wide open.
• Mix Up Your Passwords
  • Mix up your passwords in order to keep intruders from getting into additional accounts of yours that use the same passwords. Don’t include your name or your birthday in any passwords.
• Stay Away From Shady Websites and Links
  • If you suspect a link isn’t legitimate, don’t click on it, and never type in your username or password on an unfamiliar login screen.
• Never Give Out Personal Information
  • No legitimate organization (such as the IRS) will call and ask you for personal information—like a bank or credit card PIN number or Social Security number.
• Establish Fraud Alerts if Needed
  • With fraud alerts, financial services, or data security companies normally text or place a phone call to consumers if there is a suspected security breach or if spending on a card or account doesn’t match up with your habits or recent location.
• Limit Your Exposure
  • Limit the number of credit cards you carry in your wallet, so if it’s stolen you can minimize the impact.

Takeaway

It’s important to never take the security of your personal data for granted. Identity thieves are always out there and ready to strike whenever the opportunity presents itself. They will always aim for those who are labeled as unprepared and most vulnerable because this is where they see gold. Ultimately, it is up to the user to stop identity theft from occurring. 

Want to add identity theft insurance to your coverages? Reach out to your local agent to find out more. 

Home inspections are a visual assessment of a home’s physical structure and mechanical systems. This includes the roof, ceiling, walls, floors, windows, and doors. The home inspector has a list of items to go through while checking the home. They will typically check if major appliances remain functional, check the heating and air-conditioning system, look over the plumbing and electrical system throughout the home, and look around the attic and basement areas if the home has them. 

The overall goal of the home inspection is to uncover any underlying issues that may not be presentable to the naked eye. Inspectors will not tell you if you are getting a good deal or offer an opinion in regard to the sale price of the home. 

Exterior Inspection May Include:

• Chimney
• Roof
• Gutters
• Exterior Surfaces (brick, vinyl, etc.)
• Windows and Doors
• Foundation
• Property

Interior Inspection May Include:

• Attic
• Bedrooms, Living Rooms, and Dining Room
• Bathrooms
• Kitchens
• Ceilings, Floors, and Walls
• Fireplace
• Basement/Foundation

The Report

The home inspector will provide an extensive report back to you. These types of reports will contain checklists, summaries, photographs, and notes. There may be an estimate of the remaining life span of major systems and equipment throughout the home, as well as the roof, structure, paint, and finishes. The information listed will include recommendations on repair and replacements for the home. Keep in mind that a home inspection is not a pass-fail exam.

Looking to invest in home insurance? Reach out to your local agent for more information!

The first step in planning your retirement is thinking about retirement goals and how long you have to meet those goals. Next on the list is to look at the different types of retirement accounts that are available for you to help accumulate the money needed to fund your future. As this money is saved, you will need to invest in it to see it grow. Unfortunately, there is a surprise that no one likes: taxes. If you’ve received tax deductions over the years for the money you’ve contributed to your retirement accounts, a significant tax bill awaits when you start withdrawing those savings. 

Timing Your Retirement

The best way to time out your retirement is to break it up into different components. A multi-stage retirement plan must integrate various time horizons, along with the corresponding liquidity needs, to determine the optimal allocation strategy. As a general note, rebalancing your portfolio over time as your time horizon changes will be beneficial. As an example we could say that a parent is wanting to retire in two years, pay for their child’s tuition when they turn 18, and move to Florida. Looking at this scenario to form a retirement plan – the best strategy would be broken up into three separate periods. Two years until retirement (contributions are actively being made to the plan), saving and paying for tuition fees, and the move to Florida (regular withdrawals to cover the living expenses). 

After-Tax Rate of Investment Returns

Everything is always dependent on the type of retirement account you are holding. Investment returns are typically taxed, but this could be different depending on the retirement account held. The actual rate of return must be calculated on an after-tax basis. Determining the tax status when you begin to withdraw funds is a crucial component of the retirement-planning process. 

Estate Planning

Another key step in creating a well-rounded retirement plan is estate planning. Each aspect of a well-rounded retirement plan requires expertise from multiple sources, such as lawyers and accountants, in that specific field. Life insurance is also an important part of an estate plan and the retirement-planning process. Ensuring that you have both life insurance and a proper estate plan protects your assets from being distributed properly. A carefully outlined plan will aid in avoiding an expensive and often lengthy probate process. 

Need to know more about making your retirement plan? Reach out to your local agent today to learn more. 

With the cooler months slowly setting in, parts of the country are going to start seeing the first traces of snow, sleet, freezing rain, and ice forming over the roads. This can create added challenges to our daily lives, the most important being safe car operation. You can increase your driving safety during these months by doing a few simple things. We have listed a few of these strategies below so you can keep yourself and your family safe when winter weather becomes a problem. 

All in One: Service at an Auto Shop

Before any harsh winter conditions startup, it’s important to have your vehicle serviced to be fully prepared for what the weather can bring. Below is a list of important items to have properly serviced to help your vehicle run at its full capacity. 

• Battery – Battery power decreases as the temperature drops, meaning that it takes more power to start your car in the winter.
• Cooling system – It is recommended to maintain a ratio between 50/50 and 70/30 of antifreeze to water. 
• Brakes – Cold weather doesn’t necessarily hurt your brakes, but a thorough inspection can ensure the best performance when driving in winter conditions.
• Belts, hoses, spark plugs, wires, and cables – These can go bad at any time of year, but if they go bad during the winter you could be stranded in a very cold place for a very long time.

Winter Tires 

The climate of your city can affect your need for winter tires. If you live in an area that does not experience harsh winters, keeping or investing in all-season tires will help you just fine! If you do live somewhere that experiences harsh winters often, it is in your best interest to invest in winter tires to handle all the terrain challenges that come with the new weather wave. In addition to the snow, sleet, and freezing rain, when the temperature is consistently hovering around or below freezing the rubber compounds in non-winter tires will harden, which decreases the tire’s ability to grip the road. This is why winter tires are so beneficial to those who live in areas that are heavily affected by winter weather. Winter tires use special compounds engineered to resist hardening in cold temperatures, which provide better traction in ice, snow, slush, and even dry pavement. 

Pack a Winter Safety Kit

It is important to also have a “winter safety kit” in your vehicle at all times during the winter. If something goes astray or you experience an issue, having these items could help you in a pinch. 

• First aid kit
• Pack of matches
• Flares
• Flashlight 
• Batteries
• Ice scraper
• Warm clothing (jacket, boots, socks, and hat)
• Non-perishable food and drinks
• Jumper cables
• Bag of sand
• Shovel
• Cellphone
• Car tool kit
• Extra antifreeze

If you are interested in learning more about insuring your vehicle, reach out to your local agent today.