Is Term Life Insurance Right For You?

Life insurance is essential coverage but can be confusing and often overwhelming. Homeowners Insurance Group serving Scottsdale, AZ wants to help our clients understand their options so they can confidently make choices.

Here are some FAQS to help you learn how term life insurance works and if it’s a good option for your needs:

What are the pros and cons?

Pros

  • 5-30 year terms.
  • Affordable, flexible premiums.
  • Simple policies.

Cons

  • Temporary benefits may not work for everyone’s needs
  • No cash value or investment value
  • Age limited

What happens if you die during the term? 

Your insurance company will pay out a tax-free lump sum to your beneficiary. 

What happens if you age out of the term? 

You can terminate the policy, roll it into a whole life or universal life policy, or renew the term life policy at your present age. 

What happens if you need to cancel?

You can terminate a term policy with no penalties. 

Who benefits most from term life insurance?

  • Business Owners – Covers debts, outstanding taxes, and expenses typically appear in the buy-sell contract. Can also be purchased to cover critical employees, known as key man insurance, in which the business pays for the coverage and is also the beneficiary. 
  • Sole Incomes – If you are the sole income for your household and want to protect your family if you pass away, term life can give your partner time to recover before looking for work or paying for education or childcare expenses. 
  • Young Couples – The younger and healthier you are, the more affordable term life is. 
  • Those with Hefty Debt – Term life can reduce significant debt like mortgages to ensure your property can pass into family hands rather than be sold. 

Get The Right Coverage For Your Needs

If you are in or near Scottsdale, AZ, and are ready to select the life insurance policy that works best for your needs, call or stop by Homeowners Insurance Group today. Our knowledgeable staff can answer your questions, discuss your options, and help you select the life insurance policy that serves you best. 

What coverage comes with an umbrella insurance plan?

The Scottsdale, AZ area continues to be a great place to live. Anyone that is in this area of the state will want to know that they are properly insured. When you are looking for personal coverage, an umbrella insurance plan is a great option and a form of insurance to consider getting. An umbrella plan offers various forms of coverage that will make it a good investment for you to add to your personal insurance plan. 

Umbrella Insurance: What It Entails

Support for More Significant Claims

One type of coverage that you will get with your umbrella plan is support for some larger and more significant claims. If you own a home or a car, you likely already have some liability coverage. However, these plans will always have limits and a major claim could exceed your policy. If you are covered with umbrella insurance, you will have additional liability coverage on top of the existing plans. 

Broader Liability Coverage

It is also helpful to have an umbrella plan because it will offer broader liability coverage. An umbrella insurance plan covers different potential risks that may be covered under a home or auto plan. Ultimately, this helps to ensure you are prepared for unexpected events that could result in a liability claim. This could be a great financial resource during an otherwise challenging time. 

Contact Us Today

There are plenty of insurance options for people in the Scottsdale, AZ area to consider and umbrella insurance should be a priority. When you are evaluating your options here, it would be helpful to call the Homeowners Insurance Group. The team with the Homeowners Insurance Group will be able to help you evaluate all of your liability risks and needs. Based on this assessment, we can help you create a plan that will properly mitigate your liability risks. 

What Scottsdale residents need to know about flood insurance

The Homeowners Insurance Group is here to support the greater Scottsdale, AZ area and help residents with all of their insurance needs. If you have questions about protecting your home from flood damage, give us a call today.

What you need to know about flood insurance

When it comes to protecting your home from flood damage, the more information you have, the better. Even if you don’t live in a flood zone, or your lender hasn’t made it a requirement, you can still benefit from having a flood insurance policy. Most primary homeowners’ policies do not provide coverage for damage that is caused by a flood.

Flash flooding can cause a significant amount of damage, as can flood waters that collect in low-lying areas. Now is a good time to take a closer look at your current homeowner’s policy to determine if it provides the coverage you need. Adding an additional flood insurance policy to your overall protection is often a smart move to make.

If your home is destroyed by a flood or water damage, you will want to have adequate protection in place. A local agent can sit down with you to discuss flood insurance and if it makes sense for you to have a policy based on the location of your home. Don’t wait until a flood event happens to find out that you don’t have the protection you need for your home. Take a look at your coverage now.

Call or stop by today!

Homeowners in Scottsdale, AZ and the surrounding region can count on the team at Homeowners Insurance Group for all of their insurance needs. We are here to help! Contact our office or come by today to find out more about our insurance services.

Commercial insurance that most small businesses can benefit from

The vast majority of businesses in the United States are small businesses and small business owners face many risks. You can’t do much to lower the risks except to make sure that you have the right commercial insurance to protect you if a hazard hits.  Our agents at Homeowners Insurance Group in Scottsdale, AZ can personalize your commercial insurance for you and your business. We will make sure you will be able to survive a disaster.  

These are some coverage that your business can benefit from:

Property coverage

Commercial property insurance offers a lot of protection to a small business. Even if you don’t own the building or if you have your business in your home, it can still be very valuable. It covers the things you use in your business. Things like tools for a plumber, display cases, and racks for a store. It also covers your inventory and raw materials and all the office equipment and machinery.  These are the things that help you to make money, so you need them replaced asap. 

Liability insurance 

Businesses get sued all the time. As a matter of fact, about a third of all businesses get sued every year. That makes your risk pretty big. With liability insurance, you will have the money to pay for legal fees and a judgment if you should lose the case. This could make all the difference to whether or not your business can continue to operate. 

Business interruption insurance

When a covered hazard hits your business, you will not have any income coming in. Unfortunately, your bills don’t stop just because your income stream does. With this insurance, you will be able to meet your obligations and hold out until you are able to get back to business as usual. 

Give Us A Call

Contact Homeowners Insurance Group in Scottsdale, AZ to discuss your commercial insurance and how we can help your business. 

How to Choose the Right Life Insurance Policy

There’s a lot to think about when you’re trying to choose the right life insurance policy. It’s also not something you can just put off and hope for the best. You need to ensure you have enough coverage to protect your loved ones in case something happens to you. Homeowners Insurance Group offers this guide in navigating this important coverage.

What Are My Life Insurance Options in Scottsdale, AZ?

There are two primary types of life insurance: term life insurance and whole life insurance.

Whole life insurance is exactly as it sounds. It’s lifetime coverage as long as you pay your premiums. Term life insurance covers you for a specific period, usually 10-20 years.

Another option is a universal life insurance policy that offers both term and whole life insurance. This policy gives you more flexibility in how much coverage you need and when you need it. The difference between whole and universal life is that it’s based on market value, not just a set premium payment.

For help understanding the different types of life insurance policies, contact the experts at Homeowners Insurance Group.

How Much Life Insurance Do I Need in Scottsdale AZ?

This is probably the most critical question when you’re trying to choose the right life insurance policy. There are a few things to consider when trying to figure out how much coverage you need.

First, you need to consider how many dependents you have. This includes your spouse, children, and other family members who rely on you for financial support.

You also need to think about your current debts and future expenses. This includes mortgage, car payments, credit card debt, student loans, and other outstanding debts.

Last, income plays a role in how much life insurance you need. If you’re the primary breadwinner for your family, they will need enough money to replace your income if you die.

Contact Us Today

When choosing the right life insurance policy for you and your loved ones, it’s essential to consider all your options. The team at Homeowners Insurance Group can help you find the right policy for your needs.

Life Insurance Coverage: Who Needs It?

When it comes to life insurance, a lot of people don’t think they need life insurance. There is more than one benefit of obtaining life insurance that you may not realize. Here’s what you need to know about life insurance in Scottsdale, AZ and how Homeowners Insurance Group can help you get the coverage you need.

Who Needs Life Insurance?

Believe it or not, everyone needs life insurance. If you’re a parent, life insurance can help you with the everyday expenses of raising children and saving for their college tuition or other essential milestones. As a spouse, life insurance guarantees that you’re covered for any shared expenses, including loans. If you’re a student, obtaining a life insurance policy can help with federal student loans. These loans are forgiven if you pass away. However, private student loans will be transferred to the co-signers. Having an active life insurance policy protects your loved ones from carrying this debt.

As an entrepreneur, life insurance can help keep the business running by naming a business partner as your life insurance beneficiary. You will also benefit from having life insurance if you’re a caretaker. Whether you’re providing care for an adult child or aging parent, a life insurance policy can help your relatives find a new caregiver if something happens to you.

Contact Us Today

Here are a few takeaways regarding life insurance. This type of insurance provides your family with financial protection when you pass away. Buying life insurance when you are in your twenties and thirties can save you money on your premiums in the long run. Life insurance can take care of your funeral costs, your family’s everyday expenses, and any debts you might leave behind. 

Homeowners Insurance Group is dedicated to providing Scottsdale, AZ residents with insurance options. Contact us today to learn more about our insurance services.

Do I need umbrella insurance?

You’ve worked hard to earn your money and the last thing you want is for that cash to be ripped away from you because of a lawsuit or accident. As you accumulate more wealth, the larger a target you become to be sued, because people know that you have the assets available to lose. The best way to protect yourself and your money is to purchase an umbrella insurance policy. Included in every insurance policy from homeowners to auto is liability coverage which protects you from having to pay for damages incurred, medical bills, or any other fees associated with a third party or their property being injured in an accident that you cause.

Similar to any other insurance policy that you carry, liability coverage includes a maximum amount that your insurance company will pay – anything beyond that is your responsibility. Let’s say that you were the at-fault driver in a three-vehicle pile-up that caused $750,000 in damage. Your existing auto liability policy caps at $500,000, which means that you need to come up with the extra $250,000. Luckily, this is where umbrella insurance comes into action by continuing to offer liability coverage above and beyond your existing policies to ensure more broad and far-reaching coverage. In addition, umbrella insurance protects not just you, but all other members of your household – spouse, children, and animals. 

If you have a significant net worth and don’t have an umbrella insurance policy, act fast by contacting the Homeowners Insurance Group in Scottsdale, AZ. We’ll schedule a one-to-one no-obligation consultation with one of our knowledgeable insurance professionals to walk you through the benefits of umbrella insurance and set you up with the right policy for you and your family’s needs. 

 

How Do I Know if I need Flood Insurance?

With climate change generating more natural disasters – including floods – in otherwise unexpected areas, the need and popularity of flood insurance are on the rise. Although your home may not be located in a common flood area, that does not mean that disaster can’t strike, with FEMA estimating that even an inch of water can cause upwards of $25,000 in damage. 

If you live in a coastal or flood-prone area, you are likely required to have flood insurance. If you have a mortgage through a federally banked lender such as the VA or FHA, then having flood insurance will be a condition of your home purchase. To determine if your home is in a flood zone, FEMA’s website maintains a Flood Map Service Center to check the address. When using this resource, keep in mind that FEMA is responsible for the entire United States, and their flood map may not be updated in real-time. 

Contrary to public opinion, flood coverage is not likely to be included in your homeowner’s insurance policy and must be purchased separately. Typically, a flood policy will cover your home’s foundation to include all electrical and plumbing systems and personal property such as furniture and electronics. Additionally, suppose you are forced to relocate because your home is inhabitable due to a flood. In that case, your flood insurance should include coverage to chip in and help pay for those living expenses. 

Whether you live in a flood zone or not, flood insurance should be a priority for all homeowners. At Homeowners Insurance Group in Scottsdale, AZ, our dedicated team of insurance professionals will help you select the right policy for your needs. Give us a call today to schedule a no-obligation consultation with a member of our team. 

Different Ways That Arizona Business Owners Can Amend Their Commercial Insurance Policy

Homeowners Insurance Group serves the Scottsdale, AZ community. We are committed to helping our clients obtain the coverage they’re looking for. We want to make sure that our clients are protected in every situation. We offer flexible policies that are designed to evolve as our clients’ needs change over time.

Different Ways That Arizona Business Owners Can Amend Their Commercial Insurance Policy

As a Scottsdale, AZ business owner, you have to juggle multiple responsibilities. It’s important to build a good foundation. Obtaining a strong commercial insurance policy can help alleviate a lot of stress. The policy protects the future of your business in multiple ways. You are covered if your inventory or equipment is damaged or stolen. You are also covered if your property suffers damage due to a fire or inclement weather.

Liability coverage protects your business if you are held responsible for causing injuries or other types of damages. Workers compensation covers your business if there is an injury in the workplace. Workers comp will take care of your employees’ medical treatment. Commercial insurance policies are known for their flexibility. Here are a few ways that you can amend your policy to add extra coverage.

Business Interruption Coverage

Business interruption coverage protects your business through giving you a safety net in the wake of a disaster. If your place of operation suffers extensive damage, you may be unsure of your next move. Business interruption coverage helps you continue to operate your business as usual while your property is repaired.

Professional Liability Coverage

Professional liability coverage protects your business if one of your employees makes a serious error while performing a task. You’ll have a layer of protection as you fight the allegations of negligence.

Homeowners Insurance Group Will Help You Protect Your Assets

Visit our website to learn more information about commercial insurance.

3 Facts you need to know about life insurance for the self-employed

Working for yourself can be a dream. But, in reality, it comes with added responsibility.

Being your own boss can be rewarding. It offers freedom and control as you watch your business grow. Yet, unlike a traditional job, you have heightened uncertainty and less security. You alone must absorb these risks. Fortunately, there are ways to protect your interests. Life insurance is at the top of the list.

Homeowners Insurance Group wants to help ensure you’re prepared. Located in Scottsdale, AZ, their skilled agents list three facts about life insurance.

Life insurance is custom.

Just like your business, a life insurance policy should be unique. The two most common types are term life and permanent life. As the name implies, term life will expire after a set number of years. Depending on age, gender, health, and other factors, term life can be much more affordable when compared to permanent plans.

Life insurance shields your business.

Your business is your legacy. You’ll want it to continue after you’re gone. Life insurance makes that a possibility. Payouts from these policies can keep finances in line, covering debt, loans, or expenses that may be outstanding. It can even help fund a selling agreement for a partner or beneficiary.

Life insurance protects personal matters too.

Life insurance provides for your family as well. Any dependents rely on your income. In addition to paying medical bills or long-term care, it may also cover funeral costs. This money may also pay off any mortgages or credit cards so your family doesn’t have to absorb this burden.

Find an agent serving Scottsdale, AZ

If you run a small business or are self-employed, Homeowners Insurance Group can help. Serving Scottsdale, AZ, they will construct a life insurance policy that’s right for you. Schedule an appointment today.