When does umbrella insurance kick in?

Umbrella insurance is a form of coverage that can provide additional protection when other insurance policies have reached their limits. It can help protect you from the financial costs associated with lawsuits and other legal issues here in Memphis, TN. We at Tackett Insurance Inc. are often asked when umbrella insurance kicks in. 

Umbrella insurance typically kicks in after your primary liability coverage has been exhausted. If you are facing a lawsuit, your auto or homeowners policy will pay out up to its maximum limit, but your umbrella insurance policy will cover any additional costs. For example, if you were sued for damages exceeding $500,000, but your auto or homeowners policy only provides up to $200,000 in liability coverage, the remaining $300,000 would be covered by your umbrella policy. 

Umbrella policies also offer personal injury protection, which can cover legal fees and court costs associated with a lawsuit. Since umbrella policies don’t come with a deductible like other forms of insurance, they can provide great peace of mind should you ever find yourself needing additional coverage beyond what your primary insurer offers. 

Ultimately, when it comes to understanding when umbrella insurance kicks in, it’s best to speak with an experienced agent who can explain the details and help determine if it’s right for you. Protecting yourself and understanding when additional coverage is needed is critical to ensuring you’re adequately insured for unexpected events.

For more information or to explore a policy that will protect you, call us at Tackett Insurance Inc. today. We proudly serve the Memphis, TN area and would be happy to help you find a policy that suits your needs and budget.

Renting out your condo – what you need to know

Renting out your condo in Memphis, TN can be a great way to supplement your income, but knowing what you’re getting into is crucial before you start. From condo insurance to tenant screening, there are a lot of factors to consider to ensure a smooth and successful rental experience. Tackett Insurance Inc. is here to help.

Condo Insurance

One of the most important things to consider when renting out your condo is your insurance coverage. Your regular homeowner’s insurance policy may not provide coverage when tenants live in your unit. You’ll need to purchase a separate landlord insurance policy that covers rental property. This policy can protect you from damage caused by tenants, liability claims, lost rental income, and more. 

Tenant Screening 

Selecting the right tenants is essential to a successful rental experience. You want tenants who will pay the rent on time, take good care of your unit, and respect your property and neighbors. Before renting out your condo, be sure to screen potential tenants carefully. This should include a credit check, employment verification, and references from previous homeowners. 

Rental Agreements 

A clear and comprehensive rental agreement is important to protect you and your tenants. This agreement should cover the rent amount, due date, late fees, and rules and expectations for living in your unit. It’s a good idea to have a lawyer review your rental agreement to ensure it’s legally binding and enforceable in case of any disputes.

Take the time to secure the right insurance coverage, select the right tenants, create a comprehensive rental agreement, keep your unit well-maintained, and handle rent increases fairly and transparently. If you are based in Memphis, TN, contact Tackett Insurance Inc. for more information about landlord insurance coverage.

Two Types of Life Insurance

When you have loved ones who depend on you, life insurance is always a good idea. If you’re looking for a policy, it’s a good idea to find out about the two types of life insurance on the market. Then, you can make the best decision for you and your family. These types of life insurance work very differently, and one may be better for your budget than the other. Call us at Tackett Insurance Inc. in Memphis, TN when you need a life insurance policy.

Term Life Insurance

This type of insurance runs for a set term of time. When you get a term life insurance policy, you sign up for a policy with an eventual expiration date. That’s when the policy ends, and you will have to get another policy entirely to be covered again. The term of time that the policy lasts is usually a set number of years, such as 10 or 20 years. One of the advantages of this insurance type is that it is priced lower than the other type. This tends to be an affordable way to get life insurance that is easier to fit into tight budgets. 

Whole Life Insurance

This type doesn’t come with the expiration date that term life policies do. Instead, it’s good for the rest of your life. It stays in effect no matter what age you reach. Many people like that they won’t have to get another policy, but these policies cost more than term life. These policies also build a value over time that you can later borrow if you should ever have a financial emergency. This cash value starts to build up after a few years of owning the policy. Some choose this type of policy because of this cash value. 

Get Life Insurance 

To get a life insurance policy of your own, call Tackett Insurance Inc. in Memphis, TN to find out more. 


What commercial insurance covers

When running a business, it is essential to understand what commercial insurance covers and how it can help protect your business from potential risks. Commercial insurance offers financial protection against losses resulting from damages or liabilities associated with running a business. Whether you are just starting out in the world of entrepreneurship or have been operating for years, having the right coverage is an essential part of protecting your company’s assets. In this blog post, we at Tackett Insurance Inc. will discuss the different types of commercial insurance available in the Memphis, TN area and provide guidance on choosing the best policy that suits your needs.

Commercial insurance comes in many shapes and sizes, from property to liability coverage. Property coverage protects your business from damage or loss of assets due to fire, vandalism, theft, or other covered events. This coverage may also include compensation for lost income and the costs associated with replacing damaged equipment. Liability coverage protects you from legal claims due to injury or property damage caused by your business activities. This type of coverage may also include payment for medical bills, legal fees, and other costs associated with defending against a claim.

When looking for the right commercial insurance policy for your business, it is crucial to consider your company’s specific needs. Different businesses have different risks that need to be accounted for in their policies; for example, if you are running a restaurant, you will want coverage that includes protection from liability due to food-borne illnesses. Additionally, depending on where your business is located, certain types of insurance may be required by law, such as Workers’ Compensation Insurance or Professional Liability Insurance.

For more information, call Tackett Insurance Inc. today. We proudly serve the Memphis, TN area.

Are You a Renter? Renters Insurance Will Protect Your Belongings

Do you currently have renters insurance? If not, contact Tackett Insurance Inc.

Few renters have renters insurance. Why? They assume incorrectly that their landlord’s insurance covers them. Another reason is that they underestimate the value of their personal property. Add up the value of electronics and clothing, and you will find it won’t take long to get into the range of thousands of dollars.

A renter needs insurance to cover their personal property. The landlord’s insurance will cover losses on the building itself. The renter’s personal property, along with certain liabilities, is covered only by a renters’ insurance policy that the tenant has to find and pay for.

Another reason that is often overlooked is the liability coverage provided by the policy. If someone is injured in your home, you could be sued. If your dog bites the pizza delivery person or another guest, the policy’s liability portion will take over.

Renters’ insurance is very affordable. Your cost will be based on how much coverage you need, the type of coverage, the amount of deductible, and where you live.

There are a few losses that are not covered. A separate rider or policy is needed for losses resulting from earthquakes or floods. Wind damage may need a separate rider in an area prone to hurricanes.

Don’t allow your belongings to go unprotected. For a reasonable cost, you can have peace of mind knowing that your personal property will be protected in the event of a fire, theft, or injury to a visitor.

Are you a renter living in Memphis, TN? Don’t risk a loss. Contact Tackett Insurance Inc. today for a no-obligation quote or answers to any questions you may have. You will be glad you did.

When should you review your life insurance coverage?

For many people, life insurance is something they don’t spend a lot of time thinking about. However, if needed, it can become the difference between a life that is a struggle and a life where you can afford to continue as normal. In Memphis, TN, you can count on Tackett Insurance Inc. to provide the help you need to ensure that you have the coverage that will protect your loved ones. 

When you get your first major job, it is probably time to look at your future and whether or not life insurance should be part of your financial plans. The younger you are, the less you will pay for your life insurance, so it makes good financial sense to buy some at this stage of your life, even though you are young and healthy and have no intention of dying anytime soon. 

You need to make sure that you don’t just count on the life insurance you get from your employer. When you change employers, you will need to review your coverage and see if it can remain with you or if you need to start over. 

Joining your life with someone else is an excellent time to rethink your coverage and if you want to provide a nest egg and a safety net for them. You may not have to support a spouse or a partner, but it can be that to retain the type of life that you currently enjoy, it may require two incomes. If one of you is suddenly confronted with the possibility of having to do it with only one, it may be difficult. Life insurance can fill that gap quite nicely. 

In Memphis, TN and the surrounding area, contact Tackett Insurance Inc. when you have questions about life insurance. 

Three Reasons Why Commercial Insurance is Important for your Tennessee Business

Owning a Memphis, TN business is an achievement in itself. So, you don’t want to see it collapse if it’s sued for damages. It’s the reason why you need commercial insurance. There are three reasons why.

1. It Shields Sole Proprietors

A sole proprietor company doesn’t have the same protections as a limited liability corporation. The latter protects your assets if a customer or another business sues you. On the other hand, a sole proprietorship considers all monies, whether personal or business, subject to collection in a legal settlement. 

Commercial insurance adds liability protection. Thus, legal fees and settlements are covered by the policy.

2. It Can Help You Recover From A Cyberattack

One version of commercial insurance sold by firms like Tackett Insurance Inc. helps you recover from cyberattacks. Whether your data is stolen/destroyed or your systems are under a ransomware attack, a policy covers income and customer loss damages. Furthermore, specific commercial insurance programs hire a public relations firm to minimize the impact of a cyberattack.

3. It Offers Peace Of Mind To Customers And Employees

Even if they don’t know the specifics of your commercial insurance policy, customers and employees feel better about your business when they know one exists. To them, it means the company is more than a money-maker. You take their safety seriously. As a result, employees remain productive while your employees stay loyal.

In the end, you can’t run a business in Memphis, TN without some form of commercial insurance. If you don’t have an active policy, reach out to a representative of Tackett Insurance Inc. for assistance. They’ll direct you to a program that fits your budget and goals. 

What Does Renters Insurance Cover?

When you rent an apartment or condo, you are not usually covered under your landlord’s insurance policy. Some landlords offer a tenant’s insurance as an add-on, but this will likely not cover everything you own. A renters insurance policy will protect your personal belongings in case of a covered accident or disaster. 

Your personal belongings are typically covered under a renters insurance policy if they are stolen or damaged due to a risk that is covered under the policy. If you have questions in Memphis, TN, consult Tackett Insurance Inc. 

Know About Your Renter’s Insurance 

If you live in a condo or apartment, your policy will likely cover some things that most homeowners’ policies do not, including the common areas of the building, such as the lobby or gym. 

Renter’s insurance covers a variety of items, including damage from a fallen object, a lightning strike, or a broken heater. It can also cover medical expenses if someone is injured in your home due to negligence. First and foremost, renter’s insurance can assist you in rebuilding your life if your belongings are destroyed.  

If your home is destroyed due to a covered cause, renter’s insurance may cover the cost of re-renting your home or finding a new place to live. It can also cover temporary housing costs if your home is uninhabitable. 

Renters’ insurance can protect your personal belongings if your apartment is robbed or a natural disaster hits your neighborhood. It also gives financial security if someone is hurt on your property in an accident. 

Finally, it offers financial protection if your property is damaged due to an accident (e.g., a gas leak) or damaged by a guest who isn’t covered by their own insurance policy. 

Bottom Line 

The primary purpose of renters insurance is to provide financial protection against losses that would cause significant inconvenience if they occurred. It will cover the cost of replacing your personal possessions such as furniture, clothing, electronic equipment, and other valuables in the event of a covered loss. Are you stranded in Memphis, TN? Consult Tackett Insurance Inc.

What to look for when selecting your condo insurance

Residents in the greater Memphis, TN area can rely on the team at Tackett Insurance Inc. for all of their insurance needs, including condo policies. We can answer any questions you may have and help you find the right policy for your unique needs. Call or stop by today.

Things to look for when reviewing your condo insurance options

When selecting your condo policy, considering the following suggestions can make your search shorter and more effective. Take a look:

  • Protection for your unit. Many condo buildings have regulations stating that all owners are responsible for damage within their units, no matter who may be at fault. You’ll need coverage if your upstairs neighbor has a plumbing problem that causes water damage to your unit or some other similar scenario.
  • Review your condo board rules and regulations to ensure that you have the coverage you need. Your condo board may have minimum protection levels as part of your insurance requirements. Be sure to familiarize yourself with such standards before finalizing your policy.
  • Review available discounts. Some insurance carriers provide discounts to their clients. This can happen if you have more than one policy with them or own your residence free and clear of any financing. Double-check so that you don’t miss out on any savings!

Give us a call today, and we can help!

If you live in Memphis, TN, or the surrounding area, you can turn to Tackett Insurance Inc. for your condo insurance needs. We’re here to help you find all of the insurance you need to protect yourself and your family. Reach out to us today. You’ll be glad you did!

Do You Really Need Condo Insurance?

When buying a condo, you may be wondering whether you need insurance for it. To insure your condo, you may not want to spend that much money every month (or year). That being said, if you ever find yourself needing insurance, you will wish that you had it. 

Here are some reasons why you need condo insurance:

If you have a loan, you may be required to have insurance. Most mortgage companies require you to have condo insurance to protect your investment. 

Your condo association may also require it. Depending on where your condo is, the association may also require insurance to protect its community. 

If you can’t afford to fix your home if something occurs, you want to have insurance at that moment. Your insurance will cover most damage that occurs to your condo. If you don’t have tens of thousands of dollars lying around, you will need insurance to pay for the damages. If your pipe leaks, you could be looking at damage to the walls, floor, and ceiling below. This could add up! 

It will even cover the possessions that you have inside your condo. It will cover (to a certain extent) the cost of replacing your possessions, including your clothing, furniture, and even the artwork on your wall. You may need an umbrella policy if you have some expensive pieces of jewelry or art. This extra policy shouldn’t cost you too much extra, but it will be worth it if your jewelry is stolen. 

If you want to ensure that your condo is protected, don’t hesitate to contact us at Tackett Insurance Inc. in Memphis, TN.