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. 


Is Liability Insurance Required in Every State?

If you live in any state, you’ll need to ensure your vehicle has liability coverage. Having minimum liability coverage is a state requirement. Anyone in the Memphis, TN, area interested in acquiring auto insurance, whether it’s a liability or full coverage, can count on the experts at Tackett Insurance Inc.

Auto Insurance Experts 

Anyone driving on the road must have liability insurance in every state. However, most people opt to select full coverage insurance. Full coverage insurance refers to a combination of coverages that include liability, collision, and comprehensive. In addition, you may also choose other optional add-ons and features such as towing, windshield, hospitalization, and more.

Whether you’re in the market for new insurance or need reliable auto coverage for a new purchase, we can help. Our team of insurance agents is happy to work closely with each client to assess their situation carefully. Once they grasp current and future needs, they’ll recommend policy options that meet those needs. Not only do agents assist with submitting documents to acquire coverage, but they can also assist with any changes during the policy’s life. They’ll even provide help with filing claims.

Reach Out Today 

If you or someone you know is in the market for reliable auto insurance, our helpful team of experts can help. Call or stop by the offices of Tackett Insurance Inc., serving a resident in the Memphis, TN area, to schedule a consultation today. Our goal is to provide our customers with insurance products they can count on to give them peace of mind and security. Don’t wait to get your auto coverage. Get started today and protect yourself and your automobile, whether on the road or parked at home.

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.

Safe driving tips for Memphis

There are many safe driving tips that can help you stay safe on the road. This blog post will discuss some of the most important ones. Following these tips can reduce your risk of getting into an accident.

  1. Don’t drink and drive. It may seem obvious, but drinking and driving are one of the most common causes of accidents on the road. If you are going to be partying or celebrating with friends, make sure you have a designated driver who will stay sober and keep everyone safe while driving.
  2. Avoid distractions while driving. Texting, talking on the phone, and fiddling with the radio are all common distractions that can make it harder for you to focus on the road. If possible, try to minimize these distractions while behind the wheel or pull over if you need to take a call or send a text message.
  3. Follow the speed limit. Driving at a safe speed is essential for staying in control of your vehicle and avoiding dangerous situations on the road. Observe the speed limit and adjust your driving as needed, especially in bad weather or heavy traffic conditions.
  4. Keep a safe distance from other cars. Maintaining a safe following distance is integral to being a responsible driver. This means allowing time to slow down or stop if you need to and not tailgating other vehicles too closely.
  5. Use turn signals when turning or changing lanes. Notifying other drivers of your intentions on the road is essential to sharing the road safely with others.

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

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 signs that it’s time to update your auto insurance policy

There are plenty of reasons why you may need to change your auto insurance policy. Some changes you make to your policy could save you money or make it so that your coverage is more closely aligned with your needs.

If you are a motorist in need of an updated insurance policy, get in touch with us at Tackett Insurance Inc. The following are three signs that it’s time to update your auto insurance policy in Memphis, TN. 

You’ve bought an additional vehicle.

You need to notify your auto insurance provider of any new vehicle purchase if you want to have every vehicle you own covered.

If you buy a new vehicle, this may increase your auto insurance coverage costs. That’s why it’s essential to immediately notify your auto insurance provider of a new vehicle purchase to ensure that you’re covered behind the wheel in any of your vehicles. 

You’ve moved to a different area.

It’s important to be aware of the differences in auto insurance requirements in different communities and states.

If you’ve recently moved to a new area, update your coverage accordingly. Your previous auto insurance provider might not offer coverage in your new area, so research any changes regarding your auto insurance needs. 

Your vehicle usage habits have changed.

If you’re not driving as far as you used to as part of your daily commute, you might be eligible for a low mileage discount. You should look into this possibility if your vehicle usage habits have changed. 

We’re standing by to assist you with your auto insurance needs in Memphis, TN. Give us a call at Tackett Insurance Inc. if you need to update your auto insurance coverage. 

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.