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.

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.

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.

Required Commercial Insurance in Arizona

It’s important to have the types of commercial insurance when you run an Arizona business. Two types of insurance are required for many companies. You need to know what these are and whether they are required for your specific business. When you need commercial insurance, contact us at Homeowners Insurance Group in Scottsdale, AZ to find out more. 

Required Commercial Insurance

Workers’ Compensation Insurance

When your Arizona business has one or more employees, you must have a worker’s compensation policy for them. This is true even if your employees are part-time. Even one employee means this insurance is required. It protects your business by paying for expenses like medical bills after an employee gets injured or ill on the job. These bills can be extremely high, so it’s never a good idea to go without this insurance. If you have casual workers, occasional help, independent contractors, or domestic workers in a home, these workers aren’t required to be covered by this insurance. 

Commercial Auto Insurance

In Arizona, any business that owns a vehicle is required to have a commercial auto insurance policy for it. This is a policy that contains both bodily injury and property damage liability. The state doesn’t require much coverage for liability, however, and it’s usually recommended to get more than the minimum. You may also want to get collision coverage in your policy. This will pay for your own property damage if you cause an accident. 

Extra Coverage Options

In addition, there are other types of commercial insurance that are very helpful but aren’t required. You may want to get cyber insurance if you have an online business. You may want general liability or a business owner’s policy as well.

Get Your Commercial Policies

When you need commercial insurance for your Arizona business, call us at Homeowners Insurance Group in Scottsdale, AZ.

How do I know if I need umbrella insurance?

If you own property here in the Scottsdale, AZ area, chances are you need umbrella insurance. Umbrella insurance from Homeowners Insurance Group is an extra layer of financial protection to help cover the costs of major liabilities that may exceed the limits of your standard insurance policies. It can provide coverage for medical expenses, legal fees, and judgments against you in cases such as libel or slander. 

So how do you know if you need umbrella insurance?

Consider whether any of the following apply to your situation: 

Do you own a few properties? Do you have a high net worth? Are there any potential risks associated with your business or profession that could lead to expensive litigation? Have you been sued in the past? Do you have multiple vehicles or boats registered in your name? 

If any of these scenarios sound familiar, umbrella insurance might be a good option for providing additional financial protection against unforeseen circumstances. In addition, if your current liability coverage isn’t enough to cover costs related to a serious injury or accident, an umbrella policy could save you from paying out-of-pocket expenses. 

Ultimately, it’s important to weigh your options and make sure that all potential risks are covered by an appropriate level of coverage for your personal situation.

Reach Out To Us

To get started on finding the right policy for your needs, give us at Homeowners Insurance Group a call today. We are proud to serve the Scottsdale, AZ area and would be happy to help you find a policy that suits both your needs and your budget. So don’t wait! Give us a call today!

5 Flash Flood Tips For Homeowners

Even though we’re blessed with beautiful deserts and an otherwise dry climate, Scottsdale, AZ is no stranger to the danger of flash floods. It seems that with each passing year, we experience at least one monsoon-style rain event that catches too many people off-guard.

At Homeowners Insurance Group, we know too well what can happen when you’re not prepared. That’s why we’ve put together a handy guide for the Scottsdale, AZ homeowners we serve, so pay attention: These tips can help ensure that you and yours will ride out the storm safely.

5 Flash Flood Tips For Homeowners

1. Keep your phone charged.

The National Weather Service will push text alerts via cell phone towers to all mobile users in the Scottsdale AZ area to warn them of up to four different types of flash flooding events. 

2. New flood insurance policies take 30 days to start.

In Maricopa County, it takes 30 days for a new flood insurance policy to kick in, so contact Homeowners Insurance Group before it’s too late!

3. Create a family plan

By discussing what actions to take with your loved ones before disaster strikes, you can increase your chances that everyone will keep their heads above water.

4. You don’t have to own a home to get flood insurance

Whether it’s a condo or a rental unit, contact Homeowners Insurance Group to find out what coverage works best for your living situation.

5. Make a list of emergency contacts outside the flood zone.

That way you can have a stable point of contact to check in with during the chaos.

Give Us A Call

If you’re a Scottsdale, AZ homeowner who wants to learn more about the flood protection options available to you, don’t wait until the storm clouds have already gathered. Reach out to Homeowners Insurance Group today!