When should you review life insurance coverage?

Life insurance is one of the most important types of insurance. It helps to protect your loved ones if anything happens to you. Your need for life insurance changes over your lifetime, and it needs to be reviewed occasionally to ensure your coverage is adequate for your needs. At Homeowners Insurance Group in Scottsdale, AZ, our team of independent insurance agents has the expertise to help you make the life insurance decisions that will provide for your loved ones.

When you change employment

If you are lucky enough to have life insurance as part of your benefits package, you may think it’s all the life insurance you need. That could be a risky assumption. If you change jobs, you may lose your coverage. Even if you get the option to retain the coverage yourself, it might not be the right amount or the best-priced option for you.

When you get married

Even if your spouse isn’t entirely dependent on your income, acquiring a mortgage may require both your incomes to maintain the home, pay bills, and save for retirement. As such, it’s crucial to be able to provide the portion of your pay needed to keep and maintain your home.

When you have children

Having children profoundly changes your life insurance needs. If one parent passes away, the care and expense burden falls on the surviving one. Ensuring your family home doesn’t need to be sold and your children can remain in their home is essential. You might also consider providing for their future education, which means revisiting and possibly adjusting your coverage.

Contact Homeowners Insurance Group in Scottsdale, AZ for your life insurance needs and if you need a review of your coverage.

Umbrella Insurance FAQs

A liability claim can cost thousands or millions of dollars, but umbrella insurance can help you protect your financial security. We offer umbrella insurance at Homeowner’s Insurance Group in Scottsdale, AZ. 

What are the Requirements for Umbrella Insurance?

To get umbrella insurance, you’ll need to have the maximum coverage allowed by your auto and home policies. This reduces the chances that you’ll need to utilize umbrella insurance. 

How Much Coverage Do I Need?

Experts typically recommend that you have coverage equal to your net worth. You can determine your net worth by adding up your assets, including investment, property, retirement, and bank accounts. Then, subtract your debts. This is your net worth. 

If you want to protect your future financial security, you should consider getting coverage greater than your net worth. Umbrella policies are typically sold in increments of $1 million. 

What is Covered by Umbrella Insurance? 

Umbrella insurance covers catastrophic liability. In most cases, your home or auto policy must cover the liability first. Then, the umbrella policy covers the remainder. For example, if you are involved in a car accident with $1 million in damages and your auto coverage limit is $500,000, your umbrella policy will cover the remaining $500,000. 

Umbrella policies also cover some things that are not covered by standard policies. These include slander, defamation, and legal fees. 

Is My Family Covered? 

Yes. Generally, family members who live in your household are covered under your umbrella policy. Your children may also be covered if they are living away from home. Some exclusions apply, so contact your insurance company to be sure. 

Umbrella Insurance with Homeowner’s Insurance Group 

If you need umbrella insurance in Scottsdale, AZ, contact us at Homeowners Insurance Group. Our experienced agents will help you choose the best policy for your unique needs.  

I don’t live in a flood zone. Should I invest in flood insurance?

The Importance and Benefits of Flood Insurance in Scottsdale, AZ

Many homeowners in Scottsdale, AZ may not realize that flood insurance is not included in standard homeowner’s insurance policies; it must be purchased separately. This coverage can potentially save you from devastating financial loss in the event of a flood. The Homeowners Insurance Group team is dedicated to helping Scottsdale, AZ residents understand the benefits of flood insurance.

What Does Flood Insurance Cover?

Flood insurance is designed to cover the repair or restoration of your property and compensate for losses resulting from a flood. It protects your home, personal belongings, and even the foundations and other structures on your property, in addition to covering cleaning up after flooding.

Is It Wise to Get Flood Insurance Even If I Don’t Live in a Flood Zone?

Every homeowner should consider obtaining a flood insurance policy. Even if your area has never experienced flooding, all it takes is one rare flood to cause catastrophic damage to your home and belongings. Surprisingly, over a quarter of flood claims come from homeowners who don’t live in designated flood zones or high-risk areas.

Do you have more questions about flood insurance? The Homeowner’s Insurance Group is ready to help. Please feel free to call us.

Does Comprehensive Insurance Cover Animal Damage?

To effectively safeguard their financial investments in their homes, residents of Scottsdale, AZ, need to select a trusted and reliable insurance provider. Encased within our licensed insurance agency, our agents are devoted to ensuring that your insurance plan is meticulously tailored to meet your individual requirements. Our quintessential service, coupled with the goal of exceeding customer expectations, guarantees that you receive both insurance and support throughout the lifecycle of your policy.

Understanding Home Insurance Protection

Homeowners Insurance Group in Scottsdale, AZ offers various coverage, including protection from certain animal-related damages. However, it is essential to review the inclusions and exclusions in your policy carefully. In most cases, insurance companies cover damages caused by larger animal species but will not cover damages instigated by house pets.

Addressing Uncovered Damages

For instance, if your dog chews your furniture or your cat accidentally breaks an irreplaceable item, your insurance policy won’t cover these particular instances. Also, expenses resulting from damage by pests or wildlife might not be covered entirely by your insurance policy. However, these additional costs can be handled via a rider or a separate policy. Therefore, discussing the breadth of your coverage with your insurance company is imperative to ensure you have adequate protection against all potential animal-related liabilities.

Quality Home Insurance Near Scottsdale, AZ

Choosing the right home insurance is critical for homeowners in Scottsdale, AZ, who want to adequately cover their financial investments. Our licensed representatives at Homeowners Insurance Group are looking forward to assisting you with a homeowner insurance package tailored to your unique needs. Contact us today to discuss our broad range of coverage options and get your property insured quickly and conveniently.

Commercial insurance that most businesses can benefit from

Secure Your Business with the Right Commercial Insurance

As a business owner, protecting your investment and livelihood is critical. Commercial insurance offers various types suited to your needs, providing the security necessary for your business. At Homeowners Insurance Group in Scottsdale, AZ, we evaluate your risk level and guide you in securing the best-suited insurance for your specific business.

Types of Commercial Insurance Coverage

Commercial Liability Insurance

Every year, businesses, regardless of size or field, face the risk of litigation. Data shows that almost half of all businesses face legal action annually, and 90% will eventually face a lawsuit. Given these statistics, liability insurance is vital for your business’s survival, as it can cover legal fees and any judgment against your company.

Commercial Property Insurance

Commercial property insurance protects not just your business premises but also assets vital to your operations. Depending on your business type, it can cover tools, machinery, display units, office equipment, and even inventory.

Workers Compensation Insurance

In Arizona, employers must carry worker’s compensation insurance even if they have only one or part-time employee.

Business Interruption Insurance

When an unexpected event forces your business to suspend operations temporarily, this coverage can keep you afloat. It covers regular business expenses and payroll and even pays your wages until operations can resume.

Choose the Right Commercial Insurance with Homeowners Insurance Group

Reach out to Homeowners Insurance Group in Scottsdale, AZ, if you want to discuss the best commercial insurance strategy for your business. We’re always ready to help you protect your venture with the most suitable policy.

What will come with a home insurance plan in Scottsdale?

If you have recently visited the Scottsdale, AZ, area, you will likely see it can be a great place to own a home. As you are looking to purchase a home here, you will need to ensure that you are also getting the right insurance. One of the best ways this can be done is by working with a professional to build a new home insurance plan. Your home insurance policy will offer many advantages and coverage options, making it a great choice. 

Protection for Dwelling

One of the reasons you will want to have a home insurance policy is to get protection for your dwelling. If you choose to buy a home, you will want to know that you are covered in the event of a fire or natural disaster. If you are insured, you will get support to repair or replace your property in many situations. This can help ensure you are supported during otherwise difficult times. 

Liability Risk Mitigation

Getting a home insurance policy to reduce your liability risks would also be a good idea. There is always a risk you could be named liable if an accident results in damages. If one of these situations does occur, you will have some personal coverage through a home insurance policy. This can prove to be helpful if an accident occurs on your property. 

Home insurance must always be considered necessary if you are in the Scottsdale, AZ, area. As you are looking for a home, calling our team with the Homeowners Insurance Group would be brilliant. Our professionals with the Homeowners Insurance Group can offer any help you need in choosing a new insurance plan, whether you are purchasing a new home or are simply evaluating your coverage needs and options. 

Questions to ask before choosing life insurance

There is nothing unusual about having questions when considering changing your life insurance coverage. At Homeowners Insurance Group in Scottsdale, AZ, our team is dedicated to ensuring you have the right coverage at the best price. 

What is the difference between team life and whole life?

Both whole life and term life provide a death benefit, but that is about all they have in common. A whole life insurance policy lasts for your entire life, and a term policy has a term which is often 20 years. A whole life policy earns dividends, and a term life doesn’t. When the term is up, nothing is left. 

When is the best time to purchase life insurance?

Life insurance is at its most affordable when you are young and healthy. Of course, that is usually the time when you feel you have the least need of it. It is also when you may be the least able to afford it. At this time of life, whole life is probably the best option. Buying term life insurance may be too early because you want it to last for all the years you need it. 

How much life insurance do I need?

This is the most challenging question for anyone to answer. So many different factors go into figuring it out. It depends on your income, the number and age of your dependents, and how many years you want to cover them. 

Who should I have as a beneficiary?

Choosing your beneficiary is a very personal decision. You may want your spouse, a friend, or your grandchildren. It is up to you. 

Contact Homeowners Insurance Group in Scottsdale, AZ, when you want to ask questions and discuss your life insurance coverage. We are here to help.

Umbrella Insurance vs. Excess Liability Insurance: Which Do You Need?

Many Scottsdale, AZ residents want liability protection beyond what their homeowner’s policy affords. Both umbrella and excess liability insurance can provide this additional protection, but what you need depends on the specifics of your situation.

Understanding Umbrella Insurance

Umbrella insurance provides extra liability protection over your existing policies, such as homeowners, auto, and boat insurance. It increases your liability limits and potentially covers a broader range of scenarios that may not be included in your primary policies.

An umbrella policy typically covers bodily injury, property damage, and personal liability situations, including incidents like libel and slander. This protection normally applies when the limits of your underlying policy are exhausted.

Excess Liability Insurance

Excess liability insurance is similar to umbrella insurance in that it provides additional coverage beyond the limits of a primary policy. 

However, excess liability insurance normally only extends the policy’s coverage limits. It doesn’t add onto multiple policies, and it doesn’t add protections that aren’t already covered by the one underlying policy. Excess liability essentially only raises the liability limit of that one policy.

Choosing Between the Two

Deciding whether you need umbrella or excess liability insurance depends on your specific circumstances and the level of protection you require. 

Assess your personal risks. Umbrella insurance might be more appropriate for individuals with significant assets, high-risk hobbies, or public profiles because it covers more scenarios. Check your coverage for gaps, which would be another reason to choose umbrella coverage.

Excess liability might make more sense if there aren’t major risks or gaps that require broader protection.

We at Homeowners Insurance Group can help you through the decision process as you evaluate which would be better for you.

Get Help From a Knowledgeable Agent

If you’re in Scottsdale, AZ, and need assistance with either excess liability insurance or umbrella insurance, contact us at Homeowners Insurance Group.

5 Proactive Steps to Take if You Live in a Flood Zone

Homeowners in Arizona experience between 40 and 100 flood events annually. Arizona homeowners typically experience floods as a result of heavy rains, storms, and monsoon storms, as well as water overflowing river banks. Damage and loss from floods is not something typically covered with standard homeowner’s insurance, so flood insurance coverage from an agency such as Homeowners Insurance Group serving Scottsdale, AZ is highly recommended.

If you do live in a flood zone, here are five steps you should take:

1. Buy Flood Insurance

Your mortgage company may only require you to have flood insurance if you’re at high risk. But it pays to protect your property from flood damage with this extra little insurance. With unusual weather events occurring more frequently, you’ll sleep better at night knowing you’re covered.

2. Elevate Expensive Equipment

Consider the possibility of flooding when you design the placement of items inside your home. Keep pricier items, like electronics, jewelry, and similar items up high where they’re more likely to escape flood damage.

3. Anchor Fuel Tanks

If you have outside, above-ground fuel tanks, be sure they’re secured in a way that will help keep them from being knocked off their bases and carried away in rushing waters.

4. Make a Flood Emergency Kit

Assemble an emergency kit with essential supplies like non-perishable food, water, medications, and first-aid items. Include important documents like insurance policies and identification.

5. Use Waterproofing Sealants

Waterproofing sealants are easy-to-use, and can simply be painted on over your regular finishes. Apply it to interior and exterior walls that are below ground or low to the ground.

Schedule A Consultation Today

Homeowners Insurance Group serving Scottsdale, AZ offers flood insurance as well as standard home insurance policies. Get in touch today for more information about how to purchase flood insurance and what kind of coverage you can expect from this extra bit of protection.

Arizona Auto Insurance: Your Guide to Protection on the Road

Homeowners Insurance Group in Scottsdale, AZ is your go-to for all of your auto insurance needs, as our agents are always on standby. We pride ourselves on providing the necessary background information on every available auto insurance policy so that our clients are able to choose the one that is best for them. Let’s take a closer look at some of the best tips and pointers so that you can remain protected on the Arizona roadways.

Remove Unnecessary Coverage

The importance of an experienced insurance agent will reveal itself when it is time to go over your policy. Are there any unnecessary coverage aspects that have to be removed? If so, this is the perfect opportunity to do just that. The last thing that you need is an overstuffed policy that does not actually provide the correct amount of protection.

Knowing The Basics

For starters, a larger car is going to require a much different insurance policy from a smaller one. The more expensive a car may be, the more likely it is to need a different insurance policy as well. Meanwhile, hybrid and eco-friendly cars can also qualify for policies that you were not previously aware of. Take a moment to learn the basics so that our agents can make your consultation even easier.

Anti Theft Devices Are Key

The simple installation of one of these devices can provide untold peace of mind for the motorist in question. Best of all, the motorist may even qualify for policies that they were previously unaware of. Ask our agents about any other devices or improvements that can be made that will work to your benefit over the short term and long haul.

Consult With Us

When you are looking for the proper protection for your automobile, you need the sort of experience that Homeowners Insurance Group in Scottsdale, AZ. Stop by or give us a call as soon as possible so that we can start the process of guiding you and your vehicle in the right direction.