For many people, their home is their greatest asset, so it is crucial to avoid being underinsured. To protect their investment from disasters, homeowners should update their insurance regularly to include improvements, major purchases and increased rebuilding costs.
Since the end of the Great Recession in June 2009, despite the major drop off in construction activity, construction prices have actually risen significantly. Furthermore, after a disaster, materials and labor may become scare, driving repair and rebuilding costs up even further.
To properly insure your home, it is important to know the answers to these insurance items.
Do I have enough insurance to rebuild my home?
Your policy needs to cover the cost of rebuilding your home at current construction costs. Unfortunately, some homeowners simply purchase enough insurance protection to satisfy their mortgage lender. Others confuse the real estate value of their home with what it would cost to rebuild it. Quite simply, you should have enough insurance to rebuild your home in the event that it is completely destroyed. Be sure to consider the following:
Replacement Cost
Most policies cover replacement cost for damage to the structure. A replacement cost policy pays for the repair or replacement of damaged property with materials of similar kind and quality.
Extended Replacement Cost
This type of policy provides additional insurance coverage of 20 percent or more over the limits in your policy, which can be critical if there is a widespread disaster that pushes up the cost of building materials and labor.
Inflation Guard
This coverage automatically adjusts the rebuilding costs of your home to reflect changes in construction costs. Find out if your policy includes this coverage or if you have to purchase it separately.
Ordinance or Law Coverage
If your home is badly damaged, you may be required to rebuild it to meet new (and often stricter) building codes. Ordinance or law coverage pays a specific amount toward these costs.
Water Back-Up
This coverage insures your property for damage from sewer or drain back-up. Most insurers offer it as an add-on to a standard policy.
When considering your needs for insurance products for your home or business consider contacting Bennett Insurance Group at 623-979-4140
Presented By:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com
The Bennett Insurance Group is very proud to be part of Arizona and once a week we will feature places in the state that we feel should be part of the knowledge, culture and heritage of all of those who love this state.
The Heard Museum is a perfect example of that thinking. If you have never taken the time to visit try to work in a trip to this institution.
Explore the museum’s rich history as one of the Phoenix area’s first cultural attractions, and see how the museum has grown to be one of the world’s finest destinations for learning about American Indian arts and cultures.
Since its founding by Dwight and Maie Heard in 1929, the Heard Museum has grown in size and stature to become recognized internationally for the quality of its collections, its educational programming and its festivals. Dedicated to the sensitive and accurate portrayal of Native arts and cultures, the Heard is an institution that successfully combines the stories of American Indian people from a personal perspective with the beauty of art.
Through innovative programs, world-class exhibitions and unmatched festivals, the Heard Museum sets the standard nationally for collaborating with Native people to present first-person voices. Partnerships with American Indian artists and tribal communities provide visitors with a distinctive perspective about the art and cultures of Native people, especially those from the Southwest.
The museum's activities revolve around collecting, preserving and presenting art ranging from ancestral artifacts to contemporary paintings and jewelry. Exhibitions lay the foundation for learning about the cultures and experiences of the people -- past and present -- who create art. The Heard draws on its extensive collection as well as loaned artwork to present a mixture of long-term and changing exhibitions.
The Heard Museum actively collects American Indian fine art, and a variety of paintings, drawings, prints, photography and sculpture can be found throughout the museum's galleries and grounds. Fine art exhibitions reflect the scope of the museum collection, which contains historic drawings more than a century old as well as contemporary canvases.
When considering your need for insurance products for your home or business consider contacting Bennett Insurance Group at 623-979-4140
Brought to you by:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com
Think of disability insurance as a protection to continue your income should you become disabled. This can be from a physical injury, a car accident, a unexpected health issue or one of many other causes.
The mistake people make is that they look only at the price of the policy, and neglect the provisions of the contract, believing that all of them are the same. They are not. Every disability policy has different provisions and definitions. While one might consider you to be disabled if you can’t do your own occupation, another might consider you to be disabled if you can’t do any occupation. There will be a difference in price between these policies, but also a difference in benefits should you ever need to use them.
Don’t only look at the price, but consider the provisions of when and how you get paid. You’ll need an experienced agent to do this.
There isn’t a long term disability policy out there that will cover pre-existing conditions. Basically, it’s something that was a medical concern before you applied. Insurance companies don’t insure for these, and they exclude them from coverage. If you’ve had a back problem, and have regularly seen a chiropractor to alleviate the discomfort, you should expect some form of a back exclusion. The disability insurance policy won’t pay for anything related to your back pain because it will be excluded from coverage.
The mistake people make is that they won’t accept the policy with this exclusion on it. Even though they didn’t initially want coverage because of their back, and they don’t ever think that they will be disabled because of their back condition, they don’t want a policy that isn’t 100% perfect. What they should do is accept the policy and work with their agent over time to ensure that they still have the best possible offer.
Individual Disability Income Protection is a must for a business owner, and highly recommended for executives. If you are a business owner, you should consider purchasing both group and individual policies, if possible. As an executive, you should be sure to obtain group coverage if it is available. Only forty three percent of large companies provide group long term disability insurance.
We think this a must have for every business owner. It is there to protect you and your family from a common occurrence.
When considering your needs for insurance products for your home or business consider contacting Bennett Insurance Group at 623-979-4140
Brought to you by:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com
Did you know that your homeowners insurance does not cover flood damage? Insurance against flood must be obtained separately. A flood insurance policy also reimburses you for the work that you and other family members did to sandbag your homes, move furniture and remove debris.
It may seem strange to be talking about flood insurance in the middle of the Arizona desert. But floods do happen here in the Phoenix Metro area. Just a few days ago the folks in the Anthem area were affected by local flash flooding.
Nationwide, only 20% of American homes at risk for floods are covered by flood insurance. Most private insurers do not insure against the peril of flood due to the prevalence of adverse selection, which is the purchase of insurance by persons most affected by the specific peril of flood. In traditional insurance, insurers use the economic law of large numbers to charge a relatively small fee to large numbers of people in order to pay the claims of the small numbers of claimants who have suffered a loss.
The National Association of Insurance Commissioners (NAIC) found that 33 percent of U.S. heads of household still hold the false belief that flood damage is covered by a standard homeowners policy. FEMA states that approximately 50% of low flood zone risk borrowers think they are ineligible and cannot buy flood insurance. Anyone residing in a community participating in the NFIP can buy flood insurance, even renters. However, unless one lives in a designated floodplain and is required under the terms of a mortgage to purchase flood insurance, flood insurance does not go into effect until 30 days after the policy is first purchased.
The Federal Emergency Management Agency's (FEMA) maps are important when it comes to flood insurance because if they show that your home sits in a 100-year flood plain, you must buy federal flood insurance in order to get a mortgage. If you live outside a high-risk zone, or if you no longer have a mortgage, flood insurance is optional.
Two excellent informational web sites are;http://www.fema.gov/national-flood-insurance-program
http://www.floodsmart.gov/floodsmart/
When considering your needs for insurance products for your home or business consider contacting Bennett Insurance Group at 623-979-4140 we can help protect you from loses do to flooding in the Arizona desert.
Brought to you by:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com
Do you have a contingency plan to take care of unplanned events or emergencies? Is your business risk-proof?
No matter how big or small your business is, it faces risks that could lower profit margins and eventually force you to close your doors - often without much notice.
Being true business professionals, we understand how serious these risks can be. We also realize that every dollar spent counts in business. That's why we have created customized business insurance plans to protect your business from unforeseen and unexpected events.
As your Insurance agent, I believe there’s more to insurance than the policy itself. It’s about providing dependable protection and service. That’s why earning your trust is my policy.
Bennett Insurance Group, Inc. has been in the insurance industry for over 20 years and takes tremendous pride in serving you to the very best of his abilities.
Ask our sales team and you will get to know why it's pure fun to work with us.
We are a diversified group of people, past pioneers, and present day visionaries, all moving towards our goal of providing peace of mind through insurance solutions. With a relaxed workplace culture, flexible benefit programs tailored to individual employees, ongoing training and professional development and a keen focus on internal communications, we expect to grow together with our trusted partner - you.
Our Corporate Culture
• Be accessible, professional and friendly as we strive for service excellence.
• Promote a culture with a broad range of products to meet member needs.
• Offer innovative products and be responsive to the marketplace with superior product delivery.
• Offer technology to meet member needs.
• Build member loyalty, advocacy and insistence.
• Be community-involved and recognized as a good corporate citizen.
When considering your needs for insurance products for your home or business consider contacting Bennett Insurance Group at 623-979-4140
Presented By:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com
There are many reasons that life insurance needs to be part of your family’s future. These five reasons may help you focus your decision.
To Protect Your Family’s Future
Talk with us to determine what company and policy is the right one to protect your family’s financial needs, such as living expenses, mortgage and college fees.
Benefits Can Be Paid Immediately
Life Insurance can help pay for immediate needs, like funeral costs, medical expenses and taxes.
No Federal Taxes On Benefits
Your family can access to these funds without the tax burden of other types of inheritances.
Your Life Insurance Won’t End With Your Job
Unlike insurance coverage tied to a job, direct insurance can stay with you even if your employer doesn’t.
Peace Of Mind
You will worry less and have piece of mind that your family is taken care of even when you are not around to help them out.
Bennett Insurance Group, Inc. has been in the insurance industry for over 20 years and takes tremendous pride in serving you to the very best of his abilities.
Ask our sales team and you will get to know why it's pure fun to work with us.
We are a diversified group of people, past pioneers, and present day visionaries, all moving towards our goal of providing peace of mind through insurance solutions. With a relaxed workplace culture, flexible benefit programs tailored to individual employees, ongoing training and professional development and a keen focus on internal communications, we expect to grow together with our trusted partner - you.
Take the time to talk over your insurance needs with us at 623-979-4140.
Brought to you by:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com
An insurance agent represents a single insurance company. An insurance broker represents you, and is in contact with many insurance companies and their agents. A broker can shop around for you, help you compare quotes and will work on your behalf to find the coverage you need at the lowest price. A broker can also help you put together a customized policy that may not be available through an agent. A broker is also familiar with the benefits and restrictions of various insurance companies.
Most importantly, an insurance broker can cover more than one type of insurance for you at any one time. He can help you with your car insurance, home, health and business insurance. Working for you and your specialized needs an insurance broker can match you with the right insurance product or products.
Insurance brokers have a wide contact list of various providers, so they can efficiently contact each insurance company to see if they can give you the insurance coverage you're looking for.
Saves You Time
When you give your information to an insurance broker, the broker submits it to all the different insurance providers with which he or she has contacts. By "applying" once to the broker, you've essentially applied to every insurance provider on file. What's more, the broker can sift through rates to find the insurance that is as close as possible to whatever you specify. A single application to an insurance broker saves you the time you would otherwise use applying to multiple providers.
Maximizes Comparability
Most people can probably list a few insurance providers off the top of their head, based on popular commercials and word of mouth. Insurance brokers have much more than "a few" providers on file, and can go through all of them to make sure you're getting the best rates for your desired coverage. Where you might miss the one provider that would have given you the greatest deal, the job of an insurance broker is to make sure that provider isn't skipped.
When considering your needs for insurance products for your home or business consider contacting Bennett Insurance Group at 623-979-4140
Brought to you by:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com
