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. 

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. 

Often at times, when disaster strikes, it does not matter whether you are a homeowner or renter. According to Tackett Insurance, Inc. in Oxford, MS, as a renter, it is essential to have your personal items protected by purchasing renters insurance to protect your personal property against losses within the rented property. Some people underestimate the value of their property not knowing the how important certain items are.

The common types of renter’s insurance policies include:

1. Coverage for personal property

This type of coverage protects your personal property from loss due to theft, lightning, vandalism, explosion, fire, and any other types of loss. As a renter, it is important to buy enough renters insurance that will cater for replacement of all your personal possessions in case of any loss. You can choose between replacement cost coverage which will provide enough payment for replacement of your possessions or actual cash value coverage which includes a deduction for replacement.

2. Personal liability protection

Personal liability protection provides liability protection against any legal actions for bodily injury or property damage instigated by the renter or any of their family members. The coverage covers lawful justification costs up to the limit of your policy. Also, it includes a no-fault medical coverage as a section of the liability protection which facilitates the bills of an injured person under your rented property.

3. Additional living expenses protection/Loss of use

Loss of use or additional living expense provides coverage for safeguarding against financial risks of an indemnified catastrophe which has made it indispensable to stay somewhere else in the short term while their rental homes are being repaired or rebuilt.

Purchasing renters insurance is always worth the hustle, especially when you consider the value of your items vs. the cost of coverage. At Tackett Insurance, Inc. in Oxford, MS, we are always ready to help you get the protection you need. If you are a tenant looking for this coverage, don’t hesitate to call us. We will be glad to help you and make sure you are covered.

 Making sure that you are adequately covered by insurance is extremely important. When you were considering your insurance needs, there are many different types of policies that you may need including home, auto, and medical. One additional type of insurance that some people need is umbrella insurance.

Umbrella insurance is a type of liability insurance coverage that is typically on top of the coverage you receive from your home and auto policies. While most people may be OK with the base liability coverage that they receive through their home and auto policies, there are situations in which you may need to have umbrella insurance.

Significant Assets

The first situation in which you should consider having umbrella insurance is if you have significant assets. If you have a high net worth and are a notable person in your community, you are also more at risk of being sued for liability. Because of this, you may want to have a better umbrella insurance policy in place to provide you with protection.

Risk of Items Not Covered

When you have a home and auto insurance policy in place, you will receive some basic liability coverage. However, this coverage often does not include liability coverage for some specific issues. For example, if you are a reporter or author, you will not receive coverage for libel or slander. Because of this, people in these fields should always consider having an additional umbrella insurance policy in place to provide the protection that they need.

If you are in the Oxford, MS area and are curious about your umbrella insurance needs, speaking with the team at Tackett Insurance, Inc. would be a great option. The professionals at Tackett Insurance, Inc. in Oxford, MS will be able to review your situation and give you an honest assessment of your needs for this coverage and help determine how much coverage you should acquire. 

The agents of Tackett Insurance, Inc. in Oxford, MS are experts in all categories of home insurance and should be consulted before you purchase your home. When you are purchasing your first home, you better know what you are buying. Are you buying a condominium, townhouse, single family home, or a detached condominium? 

An inexperienced real estate agent or an attorney whose area of specialty is not real estate cannot be depended on to determine the right category of home. The time to decide on the right category of a home must be made before closing or buy the property. There are situations where the developer did not follow state regulations and a homeowners association was not established after the last lot in the development was sold. The legal implications are dire if you thought you were buying a condo and ended up buying a townhouse or you thought you were buying a single family home where you owned the land and houses interior and exterior, and then found out that you purchased a detached condominium.

Condominium insurance is unlike homeowners insurance. The condo owner’s policy typically would cover interior walls, personal property, valuables, and appliances. It will also pay for fire and smoke, explosions, wind and hail, theft, vandalism, lightning, and burst pipes, but will not pay for earthquakes, floods, nuclear hazards, damage from birds, rodents and insects, wear and tear, and damage from underground water (such as sewer backups).

Your policy will also protect the condo owner against liability claims if the owner is responsible for a third person’s injury, medical expenses, or property damage, or any legal fees as a result of a lawsuit.

Contact Tackett Insurance, Inc. in Oxford, MS and make an appointment. Please call before you purchase!

Just because you’re single doesn’t mean you can’t benefit from the financial help that life insurance has to offer. As a single, life insurance from Tackett Insurance, Inc. in Oxford, MS can provide you with the following benefits and more:

Financial Security for Loved Ones   

You may not have a spouse and children, but there are probably people you care about who could benefit from financial assistance if you were to pass on suddenly. Life insurance benefits could help your aging parents in retirement, or younger siblings pay for their college education. Benefits can even go to your favorite charity to help those in need.

Funds to Liquidate Debts

Some debts are automatically liquidated when a person dies. Co-signed debts, however, will need to be paid off. Life insurance benefits can help liquidate co-signed debts such as private student loans, mortgage, joint credit cards, business loans, etc., so your relatives or business partners don’t have to assume this financial burden.

Monetary Help for Business Partner

If you own a business with one or more partners, your sudden demise could leave them in trouble due to depending on your financial investment. Life insurance can act as financial security for your business partners, providing them with the monetary assistance they need to continue the business after you’re gone.

Funds to Pay Funeral Costs 

Life insurance benefits can help cover your funeral costs, so your parents or siblings aren’t burdened with this unforeseen expense upon your demise.  

Security for Future Family

You may not have children now, but that could change in the future. Getting a life insurance policy now will provide financial security for your spouse and kids in the future.

To learn more about life insurance options and costs, talk to an agent from Tackett Insurance, Inc. in Oxford, MS.