Can You Have Multiple Life Insurance Policies?

People who want to provide security for loved ones in the event of their unexpected passing, usually choose to purchase a life insurance policy. This type of insurance protection can help with final expenses as well as provide financial support to those individuals for years to come. 

More Than One Life Insurance Policy

Most people consider purchasing a life insurance policy at some point, but what about more than one? In the event the policyholder would prefer to offer additional protection to those beneficiaries, they can purchase multiple policies and have the same individuals to be the beneficiary. This method can offer a greater amount of security to those named as the beneficiary. Individuals who have extensive property care needs and require more upkeep than the ordinary household, for instance, could greatly benefit from this strategy. 

Working With A Knowledgeable Life Insurance Agent

Anyone who plans to make multiple life insurance policy purchases needs to work with an agent who has the experience to help them discover which options work and provide the most coverage. Buying life insurance can be confusing, but when the client works with an agent, the chances of purchasing the most ideal policies greatly increase. Additionally, if there are claims, they can help the beneficiary with the process of document submissions. Residents who live in or around the Memphis, TN area should consult with Tackett Insurance Inc. before making a life insurance policy selection, especially if there is a situation where more than one policy is necessary. 

Don’t guess when it comes to the future security of loved ones. Get the life insurance protection that a licensed, knowledgeable life insurance agent can provide. Call or stop by Tackett Insurance Inc. Providing superior insurance products to the residents of Collierville and Memphis, TN. 

Do You Need Full Coverage Auto Insurance?

We offer many types of insurance at Tackett Insurance, Inc. in Memphis, TN, including full coverage. Full coverage auto insurance is more expensive than liability insurance, so it’s natural to wonder if you need it. Is saving money with liability only worth the risk?

What is Full Coverage Insurance?

Insurance companies don’t provide insurance packages titled "full coverage". However, full coverage usually means that you have liability insurance plus comprehensive and collision coverage.

In simple terms, liability insurance protects you in case you cause damage to someone else’s vehicle. Most plans also cover medical expenses incurred by the other party due to an accident.

Comprehensive and collision coverage provides protection for your vehicle. If your vehicle is damaged, this type of coverage will pay for the repairs or the cost of your vehicle. Most plans also cover any medical bills you sustain due to an accident. 

Who Needs Full Coverage

If you have a loan on your vehicle, many companies will require you to have full coverage insurance. If the vehicle is totaled in an accident, and you refuse to pay for it, the lien holder won’t recoup much of their money with a destroyed vehicle. Regardless of whether you have a lien on it, full coverage is wise if you have a newer or valuable vehicle. 

The cost of insurance premiums is well worth the peace of mind of knowing that your car will be fixed or you will have the money to replace it in the event of an accident. 

Do Good Drivers Need Full Coverage Insurance?

Everyone is legally required to carry liability insurance, which means if there’s an accident and its the other party’s fault, their insurance should cover the damage. However, even though the law states every vehicle should be insured, not everyone follows it. If someone without insurance hits you, you will need full coverage insurance to cover the damage.

It’s also important to realize that even good drivers can have an accident. If you can’t afford to replace or repair your vehicle in the event an accident occurs, then you need full coverage insurance. 

If you need insurance or would like to see if you have enough coverage for your needs, contact us at Tackett Insurance, Inc. in Memphis, TN. We would be happy to discuss your situation with you and provide you with the right coverage. 

Are weather events covered by home insurance?

No matter where you live in this country, weather events will be a part of your life. Snow and ice in the north, heat, and wind in the south and mudslides in the west. Weather can cause a lot of damage to your house and if you are to have peace of mind, you must know that you have insurance coverage to protect it. If you live in Oxford, MS you have Tackett Insurance Inc. to offer you advice and to make sure that your home is protected today and into the future.  

One weather event that is almost never covered by traditional home insurance is flooding. In order to have flood coverage, you need to have flood insurance which is a separate policy. Hurricanes are also a weather event that is not covered by every home policy. If you live in an area that is prone to hurricanes, be sure that you talk to your insurance agent and by all means, read your policy carefully so that you understand what is and isn’t covered and what your deductible is. 

In the case of mudslides, they also are not covered as they are considered land movement like an earthquake and earthquakes are not covered. You can, however, get a DIC (difference in conditions) policy that will cover mudslides if they are a risk you face. 

Weather events that are covered are high winds, rain, hail, snow, ice, and sleet. 

Making sure that your home is safe from weather events that are just waiting to cause damage is vital. If you live in the Oxford, MS area why not stop by or give the office of Tackett Insurance Inc, give us a call, or visit our website.  Our experienced staff will be happy to answer your questions and provide a no-obligation quote. 

Things to Look For When Buying Commercial Insurance Policies

If you run a business in Oxford, MS, you need high-quality commercial insurance coverage to ensure that things go smoothly for your needs. Thankfully, we at Tackett Insurance Inc. have created a simple, but thorough list of what you should consider when purchasing this type of policy for your business.

Limitations

Many types of insurance policies will limit how you use your home or vehicles for business activities. Read through your options to find one that works for you.

Licensing Needs

Make sure that you pay special attention to any licensing needs that your company requires to ensure that you get the proper insurance for your needs.

Lender Desires

Do you have any lenders or landlords involved with your business? If so, talk to them about what kind of coverage they want and expect from you.

Employee Needs

If you have several – or even a handful – of employees at your business, you need to get commercial insurance that covers their needs, including disability and workers’ compensation.

Client Demands

Talk to your clients about the insurance that you purchase to ensure that their rights are protected and to keep yourself from potential lawsuits if they get upset with your services.

Potential Denial

Make sure that your policy explains why denials occur. In some cases, rejection is either accidental or something that can be reversed if you have good evidence.

Liability Demands

If people get injured at your company or as a result of its actions, you need a liability policy to protect you in case somebody tries to sue you due to break of contract or safety hazards.

We Can Help

So if you live in Oxford, MS and you need exceptional commercial insurance, please contact us at Tackett Insurance Inc. to learn more about your options. We’ll sit down with you and work out several policy options that will fit your needs and keep you satisfied with the money that you pay.

Will My Landlord’s Policy Cover My Belongings?

When you rent versus owning a home, you can save a lot of money. There aren’t that many things to keep up with when you rent. For example, you don’t have to pay for homeowners insurance. But just because your landlord has home insurance, that doesn’t mean you don’t need insurance to protect your belongings in the case of a disaster. While the homeowner’s policy covers the physical dwelling, as a renter, you are responsible to buy your own protection for your valuables. Let a Tackett Insurance Inc. walk you through the details of obtaining renters insurance in Oxford, MS.

Why You Need Renters’ Insurance

Your landlord’s policy doesn’t typically cover your belongings. Instead, you can purchase renters insurance to cover your personal property and other factors.  If your rental home or condo burns down, you would incur a loss for any of your belongings that are lost or destroyed. This doesn’t paint a pretty picture.

Benefits of Renters Insurance Protection

There are many benefits to buying renters insurance to protect you and your guests. Property protection isn’t the only covered item in a renters policy. If you or someone in your home causes accidental damage to another person’s property, your renter’s policy may help you pay for the damages or to replace the item. Also, if a guest in your rental units hurts themselves at a party or event, you won’t have to sweat it if they threaten a lawsuit. Renters insurance can be customized to include liability coverage. The landlord’s insurance policy doesn’t cover any of these examples. 

Make an appointment for a free quote with a qualified Tackett Insurance Inc. agent in Oxford, MS. Let us help you make sure you get the renter’s insurance coverage you need.

Protecting your financial security with an umbrella policy

You may be asking yourself how can an umbrella policy protect my financial security and that is a valid question. Financial security is important to everyone and protecting it is one of the most important things that you can do. One that the agents at Tackett Insurance Inc. in Oxford, MS would be delighted to discuss with you. If you are in the market for insurance of any kind they have the expertise to help you make the choices that are right for you.

For most people, their home is the biggest investment they ever make and as such your home plays an important part in your financial picture. The money you have invested in your home is your nest egg and it is something that you want to protect so that you will be able to use that accumulated wealth at some point. It may be to help fund your children’s college education or it may be your guarantee of a comfortable retirement.

Umbrella insurance is excess liability insurance that gives you protection above and beyond the limits of your home and auto insurance. In the event that a legal case is filed against you, it will give that additional coverage that may be necessary. If you or a member of your household are sued, it is entirely possible that the limit of your normal insurance just might not be enough. Your most important asset might be at risk if you do not have the additional coverage provided by an umbrella policy.

Life is uncertain and bad things do happen. Don’t be a victim. If you live in or near Oxford, MS, talk to the knowledgeable agents at Tackett Insurance Inc. about the valuable protection that an umbrella policy can provide. Don’t put your financial security at risk, an inexpensive umbrella policy can give you the peace of mind you need at a price you can afford.

 

 

What to Look for in a Condo Insurance Quote

When looking for a car insurance quote in Oxford, MS, you should have your condo association policy handy so you can make sure you have enough coverage with an agent at Tackett Insurance Inc.

Your policy should fill in the gaps that your condo association policy leaves uncovered. Insurance protection from the master policy can range from a bare walls policy, which may only cover community areas, to an all-in policy, which may cover everything except your personal belongings. A bare walls policy will only cover the walls, ceilings, and floors in the condo, so you will need coverage for fixtures that are in the condo. Fixtures will include wall coverings, appliances, and countertops. All-in policies cover ceilings, walls, and floors, as well as standard fixtures.

The policy should fit your needs. Condo policies will cover standard features that include personal property coverage, building property coverage, personal liability coverage, loss of use coverage, and loss assessment coverage. Beyond the standard coverage, condo insurance polices can also be customized to add a variety of different features for a higher cost. When you shop around you will be able to find features that can suit your needs. You can get extra protection for things like water backup damage or identity theft. If you are planning to rent out your condo, then you want extra coverage to protect your belongings against any damage or theft.

Part of comparing quotes is also comparing rates. You need to make sure that you are comparing similar policies when looking at rates. One of the key factors in determining your rates is the amount of personal property coverage you want to purchase. There may also be discounts that are available to you from certain insurers.

Contact Tackett Insurance Inc. serving Oxford, MS to get a quote on condo insurance. 

Benefits of Life Insurance

It’s easy to ignore the benefits of life insurance in Oxford, MS because no one wants to think about their own death. While term life insurance provides some benefits, many of the significant benefits come from permanent life insurance. An agent at Tackett Insurance, Inc. can help you determine which policy is the right fit.

  • Death Benefits: This is the main reason to get life insurance, and it gives you and your family a protected future. These death benefits can be used to create an inheritance, pay for final expenses, pay for funeral costs, and pay for college for children.
  • Investment Return: When compared to other investment options, life insurance will yield better results. Money invested in life insurance is safe, unlike some other investments, and will be given back once the term is complete.
  • Loan Options: If you are in need of money, many policies will allow you to take a loan out against the policy. The amount for the loan can be taken as a percentage of the cash value or sum that is assured under the policy, depending on different provisions.
  • Assured Income Benefits: Many families rely on a steady income and just having that income disappear can be a huge financial burden. Your family will stay secure with an assured income they are used to receiving. The money can pay for the mortgage and other expenses.
  • Life Stage Planning: Life insurance helps with life stage planning and enables you to plan out your financial goals at your convenience. This insurance can help make sure you have a plan for every stage of life.
  • Riders: Riders are additional benefits that can be added to an insurance policy to provide even more comprehensive protection. Riders can cover family income benefits, personal accidents, or critical illness.  

Contact Tackett Insurance, Inc., serving Oxford, MS, to get a quote on life insurance. 

Reasons You Should Increase Your Auto Insurance Coverage

By law, you are required to have liability insurance coverage in Oxford, MS. However, many people only carry the minimum amount required, or a lower amount than they need. Here at Tackett Insurance, Inc., we encourage people to increase their auto coverage amounts over the state minimum amount. Here are a couple of the reasons why you should increase your auto insurance coverage. 

Most People Do Not Have Enough Auto Insurance Coverage

One of the reasons why you should increase your auto insurance coverage is because most people do not have enough coverage. The state requires you to purchase liability insurance, which covers medical expenses for the driver and passenger in the other vehicle, and damage to their car. It does not cover damage to your car or your medical costs. On top of this, the minimum required often is not enough to cover medical expenses for a severe accident or cover damage to a car that has significant damage. 

Having the Right Amount Protects Your Financial Assets

The second reason you should increase your auto insurance coverage is that having the right amount of coverage helps to protect your financial assets. If your auto insurance policy does not provide enough coverage to pay for the damages you caused in an accident, the other driver and passengers can come after you. They can file a lawsuit against you to recover money. This can hurt you financially. Having enough auto insurance coverage helps to protect you from this. 

Now is a great time to find out if you have enough auto insurance coverage to cover you in case of an accident. Here at Tackett Insurance, Inc. serving the greater Oxford, MS area, we can help you determine how much coverage you need and find you the right policy for your needs. Contact us today to get started. 

Keeping Your Doors Open: Why You Need Business Income Coverage

What would you do if your Oxford, MS business suffered a loss that forced you to shut your doors and resulted in income loss? How will you pay your continuing expenses? Business income coverage from Tackett Insurance, Inc. will protect your company against any loss of income resulting in a shutdown to your business operations. Also called business interruption insurance, this coverage may be issued in combination with expanded coverage or in a separate policy. Business interruption insurance is crucial if you want to keep your doors open in the event of a loss.

What Is Considered Business Income? 

Business income is generally regarded as: 

Your net income – This is the income (including profit or loss) your company typically would have brought in before your income taxes are subtracted. 

Your continuing expenses – These are your normal operating expenses you’ll continue to pay after a loss, such as a payroll, electricity, property taxes, and rent. 

What Are My Business Income Coverage Options? 

When purchasing business income coverage for your Tupelo or Oxford, MS business, you have one of three options: 

  • Business Income Including Rental Value  
  • Rental Value Only  
  • Business Income Without Rental Value 

Requirements for Business Income Coverage 

A business income loss for your business will only be covered if all of the following conditions are satisfied: 

  • You suffer income loss 

  • You suffer a physical loss of a covered peril  

  • You are within your scheduled limit  

Suspension During Period of Restoration  

A suspension occurs if due to a covered peril, your business operations and income slow down or cease completely. If you are a landlord and your insurance coverage includes rental value, then a suspension will occur if all or some of the covered premises become uninhabitable due to damage by a covered peril. 

For more information about how to cover your business from income or rental income loss, call the experts at Tackett Insurance, Inc. today.