Mississippi Auto Insurance Must-Haves

Posted on by admin

At Tackett Insurance Inc., we want our Memphis, TN, customers to understand the auto insurance that they have to have to drive legally on the state’s roads and the auto insurance they should add to protect their financial investment in their vehicle properly. Driving without insurance results in fines and the potential loss of your license if caught.

Mississippi Auto Liability Insurance Requirements

The state of Mississippi, like all other U.S. states, mandates auto insurance coverage for its drivers. The state requires 25/50/25 liability coverage. Let’s consider what that means each policy must have.

  • Bodily injury coverage for $25,000 per person per accident
  • Bodily injury coverage for $50,000 for all persons total per accident
  • Property damage for $25,000 per accident.

Each driver can choose to add other coverage to their policy, such as uninsured/underinsured motorist (UM) coverage, comprehensive, collision, medical payments, and roadside assistance.

Why Add Other Coverage?

The state-required insurance only covers your liability. If you cause an accident, the auto policy covers the injured party’s medical bills and damage to their vehicle. Adding coverage like collision protects you financially because it pays for your vehicle repairs or replacement. Comprehensive covers damage from acts of nature and humans, such as hail storms and riots. Without these additional types of insurance coverage, you would have to pay out of pocket for damage to your own vehicle or your medical expenses, which medical payments coverage handles.

Contact Tackett Insurance Inc. Today

Don’t back out of your Memphis, TN driveway without the appropriate auto insurance. Contact Tackett Insurance Inc. today to purchase or update your auto insurance so you can drive fully protected.

Reasons You Need Life Insurance

Posted on by admin

Life insurance is a critical insurance policy to have because it provides the peace of mind and security that you need and deserve while you are still on this earth. This type of insurance serves as a safety net that can ensure that your family is financially protected in the event of your untimely death.

The Importance of Life Insurance

Our agents at Tackett Insurance Inc., serving the Memphis, TN area, want you to know and understand how important a life insurance policy is.

Life insurance is essential because it can serve as an income replacement for your family so that they can maintain their standard of living, pay bills, and cover their other expenses. This type of policy can also help you with debt coverage on your car loans, credit card bills, and mortgage payments after your death or even while you’re still alive.

Even smaller life insurance policies, such as one you may have through your employer, can help cover your funeral expenses, which will spare your family from having to shoulder that financial burden during an already difficult time.

Types of Life Insurance Policies

There are many different types of life insurance policies that you can choose from. Listed below are the four most common types.

Term life insurance will provide coverage for you and your family, but only during a specified period. Those terms usually are 10, 20, or 30 years. This policy will offer a debt benefit, but only during the term it is in effect. Remember that you can renew it at the end of its term.

A whole life insurance policy will provide your family with a guaranteed death benefit, and it even has a cash value component that will grow over time. The premiums are higher than those for a term life insurance policy, but the death benefit will remain the same throughout the duration.

A universal life insurance policy is the most popular with most people. This is because you can adjust your death benefit and premiums throughout the time you have it in place and can borrow money from it to pay off debts ahead of time.

Contact Tackett Insurance Inc.

One of our experienced and trustworthy agents at Tackett Insurance Inc., serving the Memphis, TN area can assist you in choosing the correct type of life insurance policy for you and your loved ones. Call today for an appointment.

Auto Insurance for Electric and Hybrid Vehicles: What You Need to Know

Posted on by admin

The rise of electric (EV) and hybrid vehicles marks a shift towards a more sustainable mode of transportation. As more consumers make the switch, it’s essential to understand how this transition impacts auto insurance. Here’s a guide about auto insurance for electric and hybrid vehicles from Tackett Insurance Inc., serving the greater Memphis, TN region.

Differences in Insurance Costs

Many factors determine insurance rates and vehicle type is one of them. Historically, some EVs have had higher insurance premiums than their gasoline counterparts, mainly due to the high cost of parts and repairs. However, this dynamic may change as technology becomes more widespread and competition increases.

Potential Discounts and Incentives

Some insurance providers offer discounts for EV and hybrid drivers, recognizing their contribution to environmental conservation. These incentives and government rebates for electric vehicles can help offset the potential higher insurance costs.

Coverage for Specialized Equipment

Electric and hybrid cars come with specialized equipment, such as charging stations at home. It’s crucial to ensure your policy covers these specific components. Typically, a comprehensive policy covering equipment and installation costs is a wise choice.

Safety Considerations

Modern EVs and hybrids come equipped with advanced safety features, which might lead to lower insurance premiums. Enhanced safety can mean reduced accident rates, which is always a bonus for insurance companies.

While insuring electric and hybrid vehicles may present unique considerations, being informed can help you find the best coverage. As the automotive landscape evolves, ensuring you remain protected on the roads remains paramount. The team at Tackett Insurance Inc., serving the greater Memphis, TN, would love to ensure you are fully covered, regardless of what you drive. Call now to schedule an appointment.

Commercial Insurance and International Business

Posted on by admin

Expanding business operations in and around the Memphis, TN area for international purposes offers exciting growth opportunities. Still, it presents a complex web of risks that can impact the success and stability of a company. Organizations need to understand the unique insurance considerations when venturing into international markets, including coverage for foreign liability and global property protection.

Foreign Liability Coverage: Mitigating Legal and Regulatory Risks

Foreign liability coverage, often called international liability insurance, helps protect businesses from legal claims and lawsuits arising from their global operations. This coverage addresses risks such as:

  1. Third-Party Bodily Injury or Property Damage: Foreign liability coverage helps mitigate financial losses from legal actions.
  2. Product Liability: International liability insurance helps cover legal expenses and potential damages if a company product causes harm to consumers in another country.
  3. Compliance with Local Regulations: Foreign liability coverage assists businesses in navigating complex local laws and regulations, ensuring compliance and minimizing legal repercussions.

Global Property Protection: Safeguarding Assets Across Borders

Operating internationally often involves establishing physical assets in foreign countries, such as offices, manufacturing facilities, and warehouses. Global property protection insurance ensures that these assets are adequately covered against risks such as:

  1. Property Damage: Natural disasters, fires, theft, and vandalism can lead to significant property damage. The safeguard is on a broader scale of coverage. 
  2. Business Interruption: A disruption in operations due to property damage can lead to revenue loss. Global property protection is for financial support during the recovery period.
  3. Political and Currency Risks: Businesses may face political instability or currency fluctuation risks in certain regions. Global property protection lessens the losses resulting from these unpredictable events.

Tackett Insurance Inc. Can Help You

At Tackett Insurance Inc., we can answer all your questions concerning commercial insurance. We assist the Memphis, TN region. Contact us today.

Will my homeowners insurance cover my damaged mailbox?

Posted on by admin

Homeowners’ insurance creates peace of mind for many people. It protects the exterior and interior of your home and other structures on your property. It also provides protection and coverage for your personal belongings. However, although many incidents are covered by homeowners insurance, not everything is. Our team at Tackett Insurance Inc. knows that many homeowners are confused about what’s covered by a homeowner’s policy. We’re dedicated to erasing the confusion for our Memphis, TN residents.

What is Homeowners Insurance?

Homeowners insurance is designed to cover your home, the structures on your property, and your personal belongings. Homeowners’ insurance can pay for repairing or replacing your home if it’s damaged due to a covered incident. Fire, theft, and some natural disasters are covered by homeowners insurance. You also have liability coverage as well. Suppose you damage someone else’s property while visiting your home or due to a covered incident. In that case, your homeowner’s insurance policy will pay for repairing or replacing the damaged item. Many forms of coverage and protection are part of homeowners insurance. It’s a good idea to understand what’s covered and what’s not. A licensed insurance agent can walk you through your insurance policy and eliminate confusion. 

Will Homeowners Insurance Cover My Damaged Mailbox?

Maybe. Your homeowner’s policy covers "other structures" on your property. This form of coverage would include your mailbox. However, the damage must be caused by a covered incident. Your insurance company will determine whether or not an event covered by your policy caused the damage. The damage may have been caused by an incident not covered by your policy. If you have questions about homeowners insurance, call us. We’d be happy to answer all of your questions. 

Renter Responsiblities

Posted on by admin

Choosing to rent is a great housing option for many people. To make the most of your rental experience, though, you need to be aware of your responsibilities as a renter. Here at Tackett Insurance Inc., serving Memphis, TN, we want to help reduce liability risks in all aspects of their lives. Keep reading to learn about important renter responsibilities you should be aware of. 

Property Cleanliness

The renter is always responsible for keeping the property clean and free of clutter. Cleaning the property may not seem like a big deal, but it can affect your relationship with the landlord over time. If your lack of cleaning causes any safety hazards or pest infestations, you might also be held liable. Always keep your rental home clean to avoid these risks. 

Replacement or Repair of Broken Items 

Your lease will outline which if any, broken items you will be responsible for replacing or repairing if you are the one who broke the item. Some examples might be windows, door frames, ceiling fans, light fixtures, faucets, door handles, or other items. You should take care not to damage things in a rental home, but it does happen sometimes. 

Report Damage or Repair Needs

You are responsible for quickly reporting any damage or things that need maintenance. When you fail to do this, you might create bigger repair issues later. For instance, if you notice that a toilet is leaking and you do not report it, the leak could cause water damage which is expensive and difficult to repair. 

If you want to learn about renter’s insurance, contact us at Tackett Insurance Inc., serving Memphis, TN, and the surrounding areas. We will be happy to help you find the right policy today. 

When does umbrella insurance kick in?

Posted on by admin

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

Posted on by admin

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

Posted on by admin

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?

Posted on by admin

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.