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. 

Why should someone in Memphis get life insurance?

Anyone who lives in the Memphis, TN area will want to know that they have the right personal insurance plans. A form of insurance coverage that everyone should consider getting is life insurance. This is a unique form of coverage that can provide you with a way to protect the financial needs of those you care about. There are various reasons someone will want to get a life insurance plan here.

Coverage Offers Financial Support for Dependents

Every breadwinner should want to have a life insurance plan because it can offer financial support for their dependents. If there are people that rely on your income to meet their basic needs, ensuring these needs are protected is very important. If you get a life insurance plan, you can create a policy specifically to meet your needs. This will allow you to build it to ensure that any expenses will be covered. 

Use Insurance as an Investment

You can also consider getting a life insurance plan as an investment opportunity. With a whole life insurance plan, you will enjoy the long-term benefits that come with this form of insurance support. This includes having a policy’s cash value that grows with interest and each payment. This makes it an excellent addition to a personal insurance plan. 

As you are looking to get a life insurance plan in the Memphis, TN area, it is a good idea to call the team at Tackett Insurance Inc. There are many great reasons to get a life insurance plan. Starting your search with Tackett Insurance Inc. is a smart idea. Contact our office to get the support you need when choosing a life insurance policy. 

Are you required to have renters insurance in Memphis?

Renters insurance is something not many people understand. It is a personal type of insurance that protects your possessions and assets in a couple of different ways. At Tackett Insurance Inc. in Memphis, TN, our team of experts customize your insurance to what you need and can afford. Our agency has been serving the locals for more than 100 years. 

As to whether you need to have renters insurance, neither the state nor the city requires it, but some landlords or management companies may. Always read your lease carefully. But just because it isn’t required doesn’t mean you don’t need it and shouldn’t have it. Less than 50% of renters have a policy and that is needlessly reckless. It is affordable and provides valuable protection. 

If your rental was damaged by, let’s just say, a fire, would you be able to afford to replace the damaged items? What if your entire living area was damaged? Could you easily replace all your possessions? If your answer is no, what would you do? If you had renters insurance, you wouldn’t have to worry, you would have the money to replace your possessions. 

No one likes to think about being sued, but it does happen. It happens a lot more often than you probably think. Would you be able to pay for legal fees and a potential judgment against you? You could lose all your savings and even go into debt if you don’t have enough saved. 

Where would you go if your rental was damaged? Loss of use coverage will help pay for a hotel and temporary rental while your unit is being repaired. It beats moving back home and living in your parent’s basement or a friend’s guest room. 

In Memphis, TN, you can be comfortable calling Tackett Insurance Inc. and asking important questions about renters insurance.

How Tennessee Renter’s Insurance Covers You When You Travel

When you have renter’s insurance in Tennessee, you are likely starting off with a general liability policy. There is more to renter’s insurance than that. With additional coverage such as property coverage, you are more protected against financial risks. What many renters do not know is that their renter’s insurance covers them when they travel.

At Tackett Insurance Inc., we want Memphis, TN renters to have the most thorough coverage possible when they are renting their homes. That coverage goes where you go.

Learn more about how renter’s insurance covers you when traveling right here.

Property and Contents Coverage

You can include property and contents coverage in your renter’s insurance policy in Tennessee. If anything happens to your property, through loss, theft, vandalism, or accidents such as fire or weather, you can have those contents replaced.

When you are traveling, if you lose or break something covered in your renter’s insurance, you can have that replaced or repaired with an insurance claim. If something happens to a laptop, phone, or other valuable, your renter’s insurance will cover it.

Liability Coverage

When there is an accident or problem when you are on vacation, your liability coverage with your renter’s insurance will cover it. Your liability coverage on your renter’s policy covers you, and not your building. If something happens while you are away, you can make a claim with your renter’s insurance.

Get a Quote

If you want the most thorough coverage in Tennessee, update your renter’s insurance policy today. At Tackett Insurance Inc., we want Memphis, TN renters to be protected wherever they go. Call us for a quote today.

Is it ever too late to buy life insurance?

The reality is unless you have a terminal illness that will cause your death within months or days, it is never too late to buy life. Life insurance isn’t really about you, it is about your dependents. Even if you are elderly, you may have dependents who count on your income to survive. Talking to your local independent insurance agent will help you to understand what you need. In Memphis, TN, that agency is Tackett Insurance Inc.

Life insurance is the easiest to get and the least costly when you are young, which makes it the ideal time to purchase it. Whole life insurance stays with you for your entire life and if purchased when you are young, it will always be well priced. With term life, the policy has a term limit. You may buy it for a very good price, but when the 20 years of the term are up, you will lose that rate. You may be able to continue your policy, but the rate will be adjusted by your new age. 

When it comes to the potential of being too late to buy life insurance, a lot will depend on your health. To get the best policies, you usually need to get a physical exam. If you have any issues, you could potentially be denied. Policies that don’t require a physical are available but are usually of a smaller payout amount and are more expensive. 

If you are older and want to get a life insurance policy, talking to your local independent insurance agent is a good place to start. They represent a wide selection of carriers and can make sure you get the most for your money. 

If you live in or near Memphis, TN, Tackett Insurance Inc. has a team of experts who can help you will all your life insurance needs. 

Is it Time To Update Your Commercial Insurance Policy?

If you are a business owner, you already understand the importance of having business insurance. Commercial insurance is your safety net that protects your business financially from a loss when the unthinkable occurs. But when should you update your commercial insurance coverage? Well, keep reading for more insights.

Every business has goals and objectives, and one crucial one is increasing its end-of-year profit, have a bigger office space and a bigger team. And it serves as an ultimate indication that your business is doing well. To that end, any change in your company should be updated in your business insurance policy to keep you fully covered. At Tackett Insurance Inc. of Memphis, TN, we have prepared for your instances when it’s time to update your policy.

Change of operating location or office

If you change your office location, let’s say to a bigger space, you must update your business insurance policy. If you fail to, you risk not covering your new building or any equipment stored there. The same case should apply if you downsize your office.

Change of employees

Your business insurance policy is calculated per employee headcount. If you hire more employees, you must include them in your liability protection. Similarly, if the existing employee’s exit, you should update your policy.

Expanding your product portfolio

Business owners know the importance of having insurance for their products. Any defect in your products could cause injury, loss, or even death, attracting lawsuits. To that end, ensure you protect all your products in the event of a claim against your company. If you introduce a new product, you should also include it in your insurance policy

Other reasons for updating your business insurance include:

  • Merging your company
  • Changing the nature of your business
  • Adding new clients or vendors 

Commercial insurance in Memphis, TN

It’s paramount to update your business insurance as changes arise. Focus on business development as we protect your business. Whether you are looking for business insurance or updating, we’ve got you. Call us at Tackett Insurance Inc. for an affordable quote. 

Protect Your Finances With Renters’ Insurance

When you are renting a place to live, one of the things you have to do is to get renters’ insurance. Most landlords now require that you have this coverage. And if they don’t, it can be far too expensive to be without it. If you need renters’ insurance, contact us at Tackett Insurance Inc. in Memphis, TN.

Cover Your Belongings

Not having any renters’ insurance is a bad idea in general, but it is an even harder thing to deal with once an accident or disaster has destroyed your belongings. Without insurance to help you in replacing them, you would have to pay for all of it from your own pocket. This can devastate you financially as well as making it hard to live your life without your possessions. Renters’ insurance will cover what you own so that if the worst happens you won’t have to go bankrupt trying to replace it all. 

Cover Your Liability 

Another area that can lead to you owing a lot of money is not having any liability coverage. A renters’ policy comes with some of this coverage so that you aren’t left paying enormous medical bills if someone were to have an accident in your home. Liability coverage is one type of protection that many people don’t think about, but it certainly comes in handy if there is an accident that you are liable for. 

A Habitable Home

It’s important to your standard of living that you have a home that is habitable and in good condition. If something were to happen that seriously damaged your home, your renters’ insurance can pay for you to leave that home and live elsewhere while the proper repairs are being made. 

Get Your Renters’ Insurance Policy

To make sure your finances aren’t destroyed by an accident happening in or to your home, you need a renters’ policy. Call us today at Tackett Insurance Inc. in Memphis, TN. 

Why should I have umbrella insurance

You never know when a rainy day is going to spoil things. Having an umbrella can save the day. Nobody wants to get a soaking. This analogy fits pretty well with what umbrella insurance does for your assets. If you need to talk to an insurance agent who can give you the information you are looking for about umbrella insurance Tackett Insurance Inc. in Memphis, TN has more than 100 years of experience. We believe in taking the mystery out of insurance and insurance terms. We are happy to provide as much or as little guidance as you need or want. 

Umbrella insurance is liability coverage called excess liability. It is not a policy that stands alone, it is a policy that is additional coverage for a policy with liability you already have. Some policies that have liability are home insurance, auto insurance, condo insurance, and even renters’ insurance. What happens is when you need to use your liability insurance the primary policy kicks in first and when the expenses rise above the limit of your policy, the umbrella policy will begin to cover. Umbrella policies usually start at around a million dollars and go up from there. 

The main reason just about anyone should have umbrella insurance is that in America about 10% of people get sued every year, and you have a better than 30% chance of being sued at least once in your lifetime. Legal fees have skyrocketed and judgments are getting bugger all the time. If you have an accident where you are at fault or someone gets injured while visiting your home or rental, you could find your assets in danger and even your future wages at risk. Umbrella insurance is affordable protection. 

In Memphis, TN, you can count on Tackett Insurance Inc. for all your insurance needs. 

Why should someone get a Memphis condo insurance plan?

In the Memphis, TN area, it continues to be ideal to own a home. Those that are property owners here will enjoy having a consistent place to call home and could see their home value increase over time. A good housing option to consider is a condo, which comes with onsite amenities, more security, and less maintenance needs. Along with a condo, you also need to get insurance. There are various reasons someone in Memphis will need a condo insurance plan. 

Coverage is Needed to Comply with Association

A key reason that people need condo insurance when they are in this area of Tennessee is so they can comply with association requirements. The vast majority of condo owners will be subject to condo association agreements that have various rules. They almost always have rules that state the type and level of condo insurance coverage that needs to be maintained. You will likely need to provide evidence of coverage at least once per year.

Coverage is Required by Mortgage Provider

If you are going to finance your condo purchase with a mortgage, your lender will also require that you have a condo insurance policy in place. Mortgage lenders will take a lien on your property and will want to know that their interest in your property is secure. By confirming that you have coverage and escrowing for payments, they can be assured that you maintain proper coverage.

Those that want to get a condo in the Memphis, TN area will always need to have a condo insurance plan in place. As you are looking for a plan, Tackett Insurance Inc. can be a great company to call. Tackett Insurance Inc. can offer you great support that will be needed to build and choose an insurance plan. 

FAQ’S about life insurance

Life insurance is one of those things people just don’t talk about. This leads to a lack of information being shared. This leaves potential customers with a lot of questions. If you live in or near Memphis, TN, Tackett Insurance Inc. is a local independent insurance agency that has been helping locals with all their insurance needs for more than a hundred years. 

Who should have life insurance?

A simple answer would be everyone but that isn’t completely right. No matter what your age, if you have no dependents, no debt, and have enough money for your final expenses, you don’t need life insurance. 

What is whole life insurance?

Whole life insurance is life insurance that lasts for your whole life. You purchase it and agree to a monthly premium that never changes. You earn dividends on the money in your policy which raises the value of your policy. You can borrow against the value if you should ever need to. 

What is term life insurance?

Term life insurance is a type of life insurance that lasts for a specified term. When the term is over, the policy ends. You can renew, but the premium will increase. What you are paying for is the death benefit, no value accrues. This makes it less expensive which if you need a large amount of life insurance is the most cost-effective. 

How much life insurance do I need?

You need enough life insurance to allow your dependents to maintain their lifestyle in the event you die. How much and for how long is what you need to determine. No two people will need the same amount. Your yearly income multiplied by the number of years they will need your help is the best place to start. 

In Memphis, TN, contact Tackett Insurance Inc. for your life insurance needs.