Life insurance can protect your family in your absence and ensure their financial well-being. The policy is especially useful if other people depend on your income or if you have any outstanding debts in your name.

However, other responsibilities, like student loans or mortgage payments, may prevent you from getting life insurance. It is advisable to consider it at young age to enjoy maximum benefits.

Benefits of Getting Life Insurance at a Young Age

The best age to buy life insurance is when you are young, as you are likely to get a good deal on the policy. Your insurance premium will be lower if your life expectancy is high. As you grow older, you become prone to illnesses that may increase the premium. In some instances, you may not even qualify for certain policies.

When Should You Buy Term Insurance and Permanent Life Insurance?

Term life insurance covers a fixed period, so it should last at least until your dependents become financially independent. For instance, if you have children, the policy term should last until the time they start earning. If you and your partner co-own a house, the term should last until the debt is cleared.

Permanent life insurance has a cash component to it. The earlier you start, the more money you can accrue. It can grow large enough to account for the down payment of your home or add to your retirement fund. However, for that, you need to purchase the policy when you are young. The best age to buy life insurance is as soon as you start earning.

Getting life insurance guarantees that your loved ones will be taken care of in your absence. Do you have additional questions about life insurance? Contact the experts at First Insurance Solutions. We are ready to help you with all your coverage needs.

Understanding Homeowner Insurance

If you are like most homeowners, your initial decision to purchase homeowners insurance has more to do with qualifying for a mortgage loan than believing you will ever need the policy benefits one day. In fact, if you are purchasing your first home, you may be so overwhelmed by that process you are tempted to not even read your insurance policy that carefully. This is a mistake too many harried first-time homeowners make, and it can come back to haunt you later.

What is Homeowner Insurance?
Homeowner insurance is a policy designed to ensure if emergency strikes, you can afford to replace your home to its exact original specifications. At a less extreme level, homeowner insurance can also protect you if a visitor gets injured while on your property or if your possessions are lost, stolen or damaged.

Understanding Your Policy Coverage
Your homeowner insurance policy will not cover you for every type of incident that can affect your home. For instance, you may need to purchase special additional coverage if the area you live in is prone to flooding, earthquakes or other unique weather patterns. What your basic policy should cover is replacement of your home itself (not including the land it sits on).

Different Types of Coverage
In general, experts recommend taking out a policy that covers at least 80 percent of the replacement value of your home if it were to be totally destroyed. But there are different ways your coverage level can be calculated.

– An “actual cash value” policy will compensate you for the value of what was lost at the time it was lost. This may or may not be enough funding to replace what was lost in full.

– A “full replacement value” policy or “comprehensive homeowners coverage” policy will reimburse you for the cost of replacing what was lost, damaged or destroyed sans depreciation.

– A “guaranteed replacement value” policy will reimburse you for up to 20 percent more than the policy maximum payout limit.

– If you have additional property of substantial value that you keep on the premises at home, you may want to purchase a special “rider” to cover the replacement value of that property as well.

Reading through your homeowner insurance policy may not be the most interesting activity, but you will be glad you did if you need your benefits!

Contact us we can help you detect vulnerabilities in your homeowners Insurance coverage.

Questions relating to insurance are often present with those who own a home. Deciding if a certain type of insurance is required also demands certain pieces of information before tapping into the investment. It is noted that there is an average of $3.5 Billion in claims for flooding per year, combined with natural and manmade damage that occurred. This shows that an effective protection program assists with complete assistance for your home.

The characteristics of flood insurance are designed to assist you with damage that may occur in your home. If there is a natural disaster or flood, then damage to your home and property can become problematic. It is noted that floods are the top cause of damage in the United States.

Causes of Flooding

  • Hurricanes and tropical storms cause floods that can create far more damage than high winds.
  • Extra-tropical cyclones, also cause flooding and storm surge.
  • Heavy rains, winter storms, and spring thaws bring flooding to river basins.
  • Overburdened or clogged drainage systems lead to property damage both within and outside floodplains.
  • Construction and new development affect natural drainage and create new flood risks.

Most believe that flood insurance is preparing for the worst and may not be necessary. However, it is an important factor to consider in a home. If the flood water covers any area of your home, then that space will deteriorate. Furniture and your belongings may be ruined and difficult to replace without the right protection. The flood may also cause problems with the total value of your home, causing your property to deteriorate.

Flood insurance is available to homeowners, renters, condo owners/renters, and commercial owners/renters. Costs vary depending on how much insurance is purchased, what it covers and the property’s flood risk.

All policy forms provide coverage for buildings and contents. Typically, there’s a 30-day waiting period from date of purchase before your policy goes into effect. That means now is the best time to buy flood insurance.

Contact us we can help you detect vulnerabilities in your homeowners Insurance coverage and help you get protection against flood insurance

Life insurance is one of those products where it seems that just about everyone has an opinion. A friend might tell you that it’s too expensive. A colleague might say that you don’t need it, and so on. Unfortunately, there’s a lot of incorrect information floating around, and this is a problem because personal insurance is the kind of product that could really help out a lot, in case accidents or other bad things happen to you, or to the people around you. So it’s time to call these myths out once and for all and spread the word because no one else should end up making a bad insurance decision based on a myth.

 

Young People Don’t Need Life Insurance

 

It’s tempting for young people to think that they don’t need insurance because they’re fairly healthy, they don’t yet have any dependents or a spouse, and they have a steady job. This myth is based partly on the idea that younger people don’t need permanent life insurance or some similar product since there isn’t anyone who relies on them anyway, as a breadwinner. There’s a problem with that line of thinking though because it’s too narrow. It may be true that a young person doesn’t have kids or other people who rely on him or her, but just think about what would happen if the person were to suffer a fatal accident.

 

Who will take care of any residual hospital expenses? Who will spend on the wake, burial or cremation? Whose funds will be used for all the logistics, travel and other smaller expenses related to tying up the loose ends in that person’s life? Now, if the person had a whole life insurance plan, then this wouldn’t be a problem. Those costs would be handled by the insurance proceeds, and wouldn’t need to be imposed on the parents, siblings or other loved ones who were left behind.

 

Life Insurance Only Helps When a Person Dies

 

Some people think that life insurance is a straightforward product, which can only offer benefits once the person dies. This is not true since insurance products offer a wide range of additional advantages which are useful and valuable while the person named in the policy is alive. For example, there’s the intangible but crucial peace of mind that comes from knowing that things will be less difficult for loved ones, in case you pass on. This forms part of how to care for your parents, spouse or significant other, and with a life insurance policy in place, you can stop worrying about them in case something happens to you. Furthermore, there are also policies, which offer riders and benefits that apply in case of disability or sickness. A policy might pay a fixed amount for each day of medical confinement, for instance, or it can offer a small lump sum payment in case the person loses a finger or toe.

 

These are just some of the many myths out there. What is important is to mention all these, discuss why they are untrue, and convince other people to give these myths up.

Do you have any experience you want to share or questions about Life Insurance? Ask a question in the comment section and we will try to help you!

 

We are First Insurance Solutions; we understand the importance of personalizing a unique insurance package based on the exclusive needs of each customer. Contact us today for all of your insurance needs.

Hotel Insurance: Is Your Current Coverage Sufficient?

Whether you are an individual or business entity, chances are, you will cringe on the thought of spending your money in insurance. Many people see such as an unnecessary expense, which is why they do not bother about thinking on investing their money in insurance policies. In reality, however, insurance is very important, especially if you have a business. It will provide you with the financial protection that you need in case the unexpected happens.

Hotel and motel insurance is beneficial because it is a legal requirement in business performance. In the same way, it provides protection against catastrophic loss, theft, and personal injury, among others. Nonetheless, is your coverage enough? It is important to ask this question to know if you should ask for a higher insurance premium for a more extensive coverage.

One of the first things that you have to keep in mind is the fact that your income may no longer be the same as when it was during the time you applied for your insurance. Ideally, your business is earning more now. If you are still stuck with your old insurance, the coverage may no longer be enough. Have an updated insurance by making sure that the coverage is still in accordance with your earnings to prevent income loss in case the inevitable happens.

It is important to have an evaluation of the current risks to which the hotel is exposed, which will be essential in determining if the current coverage is already enough. The trends in the past five years will be evaluated, and you should also look at the future. The competition will also be assessed. Once the evaluation shows that the risks are higher and that the current coverage is insufficient, the management should consider having a change in the insurance that they currently have.

Lastly, it is also important to think about customizing your hotel and motel insurance. Many of the insurers in the past did not provide much attention in having the coverage tailor-fitted on the budget and needs of the business. It may now be about time to rethink about how sufficient your insurance is to be assured of having adequate coverage.

Talk to a Specialist Now!

Are you wondering if your hotel and motel insurance coverage is already enough? Stop thinking about it. Talk to an insurance specialist today and learn more about your options. A professional consultant can provide you with insights on what can be done to make the most out of the benefits that you can yield from your insurance.

Do you have any experience you want to share or questions about hotel and motel insurance coverage and premiums? Ask a question in the comment section and we will try to help you!

Hotel Insurance: Why It Matters

Whether you are an individual or a business entity, chances are, you will cringe on the thought of spending your money in insurance. Many people see such as an unnecessary expense, which is why they do not bother about thinking on investing their money in insurance policies. In reality, however, insurance is very important, especially if you have a business. It will provide you with the financial protection that you need in case the unexpected happens. In the rest of this post, you will learn why insurance is important, especially for those who are in the hotel and motel business.

 

Legal Responsibility

 

One of the most important reasons to have hotel and motel insurance is the fact that it is a legal requirement. In the absence of insurance, you may not be issued the necessary permits and licenses to operate. In addition, there is also a possibility of suffering from excessive penalties in the absence of complying with such. The insurance needed by hotels and motels will depend on which area it is operating or the specific laws of the state.

 

Catastrophic Loss

 

Fire, hurricanes, and floods – these are just some of the natural disasters that will have a negative impact on your hotel or motel business. In most instances, at their most damaging state, they can signal an end for your business. On the other hand, if the business is insured, you can be extended the financial assistance that you need to get up and be back in the scene. This will make sure of having continuous income flow.

 

Theft

 

Many of the equipment you have at the hotel can be a target of theft, including computers. If you have an insurance, such can be included in the coverage, providing you peace of mind that you will never have to incur too much expenses if theft happens. With this kind of insurance, financial assistance can be provided in their replacement or in repairing damages that could have been caused by the invasion of thieves.

 

Personal Injury

 

It is inevitable that guests in a hotel or motel can suffer from injuries during their stay. One of the most common would be slipping on a wet floor. If you have an insurance, there is no more need to be worried about the expenses as such will be most likely covered. The same thing is true in the case of injuries for the members of the workforce.

 

With the things that have been discussed above, there is no doubt that a hotel and motel insurance is a necessary expense. It does not only provide financial protection, but it also helps you to create a better brand and positive impression in the eyes of your clients.

 

We are First Insurance Solutions; we understand the importance of personalizing a unique insurance package based on the exclusive needs of each customer. Contact us today for all of your insurance needs

There are multiple options when it comes to buying insurance, and with all the different choices it may get a bit confusing. However, when you use an independent insurance agency we are here to clear the confusion and help you with your needs.

As an independent insurance agency, we represent multiple carriers and are able to explore all of your insurance options in order to find you the best policy at the best price. When using a traditional insurance company, you are limited to what they themselves offer.

Over time, your individual and business insurance needs may change and as an independent insurance agency we can make that transition much easier on you.

When it comes to you, your family, and your business we want to make sure you have the coverage you need – it’s our job to help you!

At First Insurance your needs are our first priority, contact us today for all of your insurance needs.