Umbrella insurance is often misunderstood by many. This insurance steps in after policy maximums have been met for homeowners, auto, or watercraft policy coverage. In other words, this insurance covers what your other insurance policies don’t. However, several things must be understood to figure out who is best served by this type of insurance and how it works. 

How Does it Work?

Umbrella insurance isn’t difficult to understand. This insurance covers/pays once you have used up or reached the maximum liability limits of your insurance policy. It may also cover things that aren’t covered at all in your insurance policy. Your primary insurance company will pay the maximum amount according to your policy coverage. However, it should be noted that umbrella insurance won’t pay for your expenses or anything that isn’t part of your coverage. It also won’t cover any exclusions listed in your policy. It is designed to kick in once your policy has reached its maximum limit, and more coverage is needed. At Tackett Insurance, Inc., we understand that this type of insurance is not recognized by many. This is one of the many reasons why we are dedicated to helping Memphis, TN residents who might benefit, learn the ABC’s of this type of insurance. This insurance covers a wide variety of different things. It can be beneficial by protecting you in bodily injury and property damage liability claims, in addition to slander, legal fees, and false arrest.

Most people who invest in umbrella insurance opt to have, at the least, a million-dollar policy, even if the assets they own are less than a million in value. This level of coverage can cover many unforeseen situations and circumstances. Think of umbrella insurance as additional liability coverage when damages or other situations max out your primary insurance limits. This insurance steps in to cover the rest. 

In short, umbrella insurance helps cover any financial responsibility due to an injury or loss to someone else and supplements other policy coverages. We take pride in educating people. Your win is our win. Give Tackett Insurance, Inc. a call.

If you have recently purchased a condo in the greater Collierville or Memphis, TN community, we want to welcome you! The team at Tackett Insurance, Inc. is here to provide all of your insurance needs, and we can help you determine which condo policy is right for you.

Important Coverage You Need from Your Condo Insurance Policy

Owning a condo is a bit different than owning a house, and the insurance requirements also differ. While your condo association will have a policy that covers the condo structure itself, along with common areas within the building, you are responsible for any damage that occurs within your own unit. This responsibility also includes any damage that may be caused by a neighbor, such as leaking pipes, that also affect your home. Because of this, it is vital to have the right coverage at the correct policy limit levels to ensure that you are protected in the event of a mishap, no matter who may be the cause of the damage. We recommend that condo owners review their policies regularly to ensure that they have adequate protection for their needs. Don’t find out that you don’t have the coverage you need after the damage is done! Get the right policy now that provides the coverage you need.

If you are in the greater Collierville or Memphis, TN area, and need a new or upgraded condo insurance policy, it’s time to talk to the team at Tackett Insurance, Inc. We are here to help you determine which policy is right for you and help you make sure that your coverage limits are adequate to your needs. Call or stop by today to learn more about the condo insurance policy options that are available in our area.

Whole life policies were created to provide your family with the financial security they need when you can no longer provide for them. In Memphis, TN, local residents have the option to choose between different types of life insurance policies. The agents at Tackett Insurance, Inc. have the information they need to make an informed choice when buying a life insurance policy for themselves.

Provides an Income to Make Up for Losing Yours

A whole life policy will pay the entire face value of the policy upon your death no matter how long you have been paying into it. The rule of thumb is to choose a policy amount that will sustain your family’s current lifestyle for two or three years if you are no longer there to support them. In most cases, this would be three times the amount of your annual income. Although the money will not replace you, it will allow your family to be cared for in your absence.

Offers Long-Term Stability Through Trusts 

If you choose, you can decide on a higher amount so the extra money can be put in trust accounts for your children. This money is set aside and will continue to grow interest. When your children reach a certain age, typically 18 or 21, they can use the funds for college or whatever they choose.

If you’re near Memphis, TN, take a few moments and call the agents of Tackett Insurance, Inc. Each agent understands the sensitive nature of life insurance and caring for your family’s needs. You can get the answers you need by merely making an appointment and talking to an agent. Call today!

Commercial insurance is essential for growing companies. However, many business owners make big commercial insurance mistakes that detract from the value they get out of their coverage.

At Tackett Insurance, Inc., we offer commercial insurance policies to business owners in Memphis, TN. We recommend that small business owners avoid the following three commercial insurance mistakes. 

Purchasing a policy with liability limits that are low to save money

It’s true that monthly premiums will be lower on policies that offer less liability coverage. However, low liability limits can really create problems for business owners if they need to file a claim. 

Low liability limits mean that a company needs to pay for any expenses over the liability limits out-of-pocket. It’s also important to note that commercial insurance that is required by law should specify how high the liability limits need to be. Business owners must meet any liability limits that are required by law to avoid harsh penalties. 

Overlooking important types of coverage

There are a lot of different types of commercial insurance coverage out there. Business owners need to be aware of all the coverage options to choose the ones they most need for their companies. Some commercial insurance types that are often overlooked include errors and omissions coverage, commercial property insurance, and premises liability coverage. 

Neglecting to update a commercial insurance policy as one’s company changes

As your company grows, it may take on new liabilities and responsibilities. You need to adjust your insurance coverage accordingly. Discuss your insurance coverage with a representative from your commercial insurance provider as your company changes. Make sure your coverage is regularly updated to adjust to changes at your company. 

To explore the policies we offer to Memphis, TN business owners, contact us at Tackett Insurance, Inc.

Your renter’s insurance policy from Tackett Insurance, Inc. is a great investment. It makes sure that if you lose your personal possessions due to fire or theft, they will be replaced. It also helps out with medical bills if somebody has an accident inside your Collierville or Memphis, TN home. However, there are limits to what it can do.

Storage Areas in the Basement

Most renters policies only protect items in your dedicated space–not any kind of common area. If you have a storage bin in the basement or attic of the building, its contents would not likely be protected by your insurance. This is due to the fact that multiple people have access to the area and damage would not be limited just to your items in the event of a disaster or criminal entry.

Common Parking Garages

If your apartment has a garage that is accessible only by your unit, that area would be protected by your policy. If you park in a large shed that houses multiple vehicles from different units, that would not be covered. Any tools or accessories you store in this area may not even be covered by the apartment building complex policy.

Decks and Patios

Finally, your shared deck or patio would also no fall under your single unit policy and that would extend to the furniture, BBQ, or bicycle that you leave there. In order to be covered by most renters’ insurance policies, the deck would need to have a tall fence surrounding it with a locked gate preventing any passersby from causing harm or absconding with your gear.

If you have questions about which areas are considered common in your Memphis, TN apartment building, take the time to speak with both your building manager and your agent at Tackett Insurance, Inc.

People who want to provide security for loved ones in the event of their unexpected passing, usually choose to purchase a life insurance policy. This type of insurance protection can help with final expenses as well as provide financial support to those individuals for years to come. 

More Than One Life Insurance Policy

Most people consider purchasing a life insurance policy at some point, but what about more than one? In the event the policyholder would prefer to offer additional protection to those beneficiaries, they can purchase multiple policies and have the same individuals to be the beneficiary. This method can offer a greater amount of security to those named as the beneficiary. Individuals who have extensive property care needs and require more upkeep than the ordinary household, for instance, could greatly benefit from this strategy. 

Working With A Knowledgeable Life Insurance Agent

Anyone who plans to make multiple life insurance policy purchases needs to work with an agent who has the experience to help them discover which options work and provide the most coverage. Buying life insurance can be confusing, but when the client works with an agent, the chances of purchasing the most ideal policies greatly increase. Additionally, if there are claims, they can help the beneficiary with the process of document submissions. Residents who live in or around the Memphis, TN area should consult with Tackett Insurance Inc. before making a life insurance policy selection, especially if there is a situation where more than one policy is necessary. 

Don’t guess when it comes to the future security of loved ones. Get the life insurance protection that a licensed, knowledgeable life insurance agent can provide. Call or stop by Tackett Insurance Inc. Providing superior insurance products to the residents of Collierville and Memphis, TN.