4 Frequently Asked Questions About Life Insurance

Life insurance is crucial in that it protects our loved ones in case of sudden death. With the right life insurance, you don’t have to worry about leaving behind large bills for final expenses or putting your family at risk of losing their home or assets. Life insurances protect your loved ones from financial burdens, and if you want to find out more about the coverage, consult Fida Insurance Group serving Monroe, CT.

4 Faqs About Life Insurance

What does life insurance cover?

Life insurance is a basic form of insurance policy that offers death benefits. It is designed to cover income loss, funeral costs, end-of-life costs, and any other financial wants of a family in case of the sudden passing away of the policyholder.

How much coverage do I need for life insurance?

There are different ways a life insurance policy can be tailored and adjusted to fit your needs and lifestyle. The amount of coverage you need is dependent on your family lifestyle and goals and the financial security you want for the future.  The insurance cost varies based on several factors, such as the policyholder’s health, age, and occupation.

Who needs life insurance?

Life insurance is necessary for everyone, especially those whose demise is projected to create some financial burdens for the surviving family. The financial burden may be due to income loss, recurring and accumulating debts, and loss of household labor. A life insurance policy ensures that your survivors don’t struggle with funds for your final expenses and that they aren’t affected by any personal debts discharged upon your death.

How much does life insurance cost?

Several factors are affecting the costs of life insurance premiums. Such factors are the type of policy you buy, your age and overall health condition at the time of buying, and the length of coverage, among others.

The amount of coverage for life insurance policies is varied based on the type of coverage and the insurer. If you have any concerns about life insurance in Monroe, CT, consult Fida Insurance Group for answers.

Required Commercial Insurance in Connecticut

When you own a business in Connecticut, there are certain commercial insurance policies that you must have in many situations. There are two types that the state requires for most businesses, and every company should find out whether they need to have these policies in order to stay legal with the state. Not having the proper insurance can lead to fines and fees. If you need commercial insurance, contact us today at Fida Insurance Group in Monroe, CT.

Commercial Auto Policies

If your Connecticut business owns a vehicle, it is required by the state to have a commercial auto insurance policy. These policies have to have a number of specific types of coverage in them. It’s also mandated that each of these forms of coverage has to have a minimum amount of coverage. There is a specific amount of bodily injury liability coverage that you must have for one person who is injured in an accident. There is a higher number required for all of the parties injured in an accident. Another amount is mandated for your property damage liability, which pays for damages to someone else’s car or other property. The state also requires a minimum amount of coverage for uninsured motorists for one person who is injured and a higher amount mandated for everyone who is injured in an accident with an uninsured motorist. 

Workers’ Compensation

In Connecticut, every business in the state that has employees must have workers’ compensation insurance. They can be seasonal, full-time or part-time, and they each have to be covered. An exception to this rule is domestic, household workers who work less than 26 hours a week. This pays for employees who become injured and have resulting medical bills. 

Get Commercial Insurance

If your business doesn’t have the commercial policies that it needs, give us a call at Fida Insurance Group in Monroe, CT to find out more and to get started. 

Three Riders to Consider Adding to Your Home Insurance

Homeowners insurance is designed to protect your home and personal belongings from damage and theft due to natural disasters, fire, and a variety of other unforeseen circumstances that may arise. Although home insurance is indeed beneficial, the majority of policies will limit coverage. The good news is that there are insurance riders that can offer Monroe, CT residents supplemental protection for when their standard home insurance policy won’t cover a situation. Contact us at Fida Insurance Group to add any of the below riders to your home insurance policy.

Personal Property Rider

Although you can be reimbursed by your insurance company when your personal property is damaged or stolen, there are exceptions to the rule. For instance, you are likely only to receive reimbursement up to a certain amount for firearms, jewelry, collectibles, and other valuables. Depending on the value of your personal belongings, the amount you receive could be considerably less than the true actual value of these items. With a personal property rider, you will have additional coverage, allowing you to be compensated for their full value.

Home Business Rider

It is not uncommon for people to run a business out of their home. This is extremely convenient, but it can also create a number of complications for your home insurance. More than likely, your insurance will not cover any equipment or inventory that is damaged or lost if your home is broken into. The same is true if a customer suffers an injury on your property. To ensure you are fully protected, a home business rider is a wise investment.

Water Damage Rider

Your home insurance will cover certain types of water damage, such as overflowing appliances and burst plumbing pipes. However, if there is water damage that occurs inside of your home from an outside source, such as a sewer backup or flooding, it is unlikely that your homeowners insurance will cover the damage—and these costs can be exorbitant. Therefore, with a water damage or flooding rider, you can ensure that you have the proper coverage in the event of external water damage.

If you aren’t sure what riders you need for your Monroe, CT home, connect with us at Fida Insurance Group and we will help determine the best coverage for your home and situation.

Is Auto Insurance a Necessity?

Acquiring prolific auto insurance in Monroe, CT is a fundamental initiative to safeguard yourself and your car in the event of an accident. If you are shopping for auto insurance in Monroe, CT it’s vital to comprehend the common types of coverage available on car insurance policies. Owning a car is a massive investment for you and your family. Therefore, it requires formidable protection. Surprisingly, it’s only after a crash when most drivers realize that they are not adequately protected, culminating in frustrating moments after accidents. Procure your auto insurance coverage early enough from Fida Insurance Group to avoid stress after an unexpected eventuality like an accident strikes. Buying an auto insurance policy harbors a lot of benefits, including:

Safeguarding yourself and others

Do you want guaranteed protection for people you cherish most from unforeseen events? Getting outstanding auto insurance can safeguard you, your family members, passengers, and other motorists. If an accident occurs, you get assured of coverage for costs arising from bodily injuries and property damage.

Coverage for assets

Getting proper auto coverage is one way of ensuring that your assets are appropriately shielded. Investing in both collision and comprehensive coverages can protect your car against potential perils. The comprehensive policy caters to the cost of repairing or replacing your vehicle resulting from non-collision events like theft. In contrast, collision coverage caters to physical damage costs by either repairing or replacing your car after a collision with other vehicles or stationary objects.

It’s a legal requirement.

Most states, including Connecticut, require motorists to maintain liability car insurance that meets specific minimum requirements if they get engaged in an accident. These advocated minimum requirements by the state of Connecticut entails bodily injuries and property damage.

Instills peace of mind

Everyone is subject to making mistakes. Regrettably, sometimes another driver’s blunder can become your problem. With proper auto insurance, you feel confident knowing that you are guarded even if you engage in an accident with an insufficiently covered motorist or don’t have insurance.

The benefits of auto insurance outweigh the risks that you can indulge in after an accident. Get proper auto insurance coverage from Fida Insurance Group located in Monroe, CT to protect yourself, your family, and your motorcycle. Please call or visit us today for more information about auto insurance

What type of life insurance is ideal for my situation?

In the Monroe, CT area, there are many insurance options that need to be obtained by the typical resident. One form of insurance all people here should think about getting is life insurance. There are various forms of life insurance to consider, the most common of which are term and whole life. You should carefully consider the features of both options when you are shopping for a new plan in this area.

Whole Life Coverage

A form of life insurance to consider here is whole life coverage. A whole life plan is unique because it will provide you with coverage for as long as payments are made on your policy. Further, some of your monthly payments will build into an account that you can liquidate eventually. This also grows with interest and is a good addition to your personal investment plan.

Term Life Policy

You can also consider a term life insurance policy. If you are going to purchase life insurance, being able to curtail the plan to meet your needs is always helpful. With this term life plan, you are able to personalize your coverage in terms of length, coverage amount, and other factors that can help you build an ideal policy. Further, term life coverage is typically a more affordable option than other policy types. 

Having life insurance in the Monroe, CT area is always a good idea. As you are looking to build a new plan, speaking with Fida Insurance Group can be helpful. Life insurance is a unique form of coverage and no two people will have the same coverage needs.  Fida Insurance Group is able to help by providing personalized guidance and support that will help you build a plan that is ideal for your personal situation. 

Do you need to have commercial insurance in Monroe?

Those that are in the Monroe, CT area and have a dream of being their own boss should look into starting their own business. As you are looking to build your business here, getting a proper insurance plan is important. There are a few reasons why you will need to have a commercial insurance plan when starting a business in this area of the state. 

Insurance Required by Investors

A reason that you will need to have commercial insurance at all times is that it will be a requirement. Anyone that wants to grow their company will eventually need to take out a loan or raise money from investors. Any savvy capital provider will want to ensure you are carrying the right insurance at all times. They will likely have specific commercial insurance requirements that need to be maintained as it offers great protection for your business and their investment. 

Insurance Needed to Cover Business

You also need to have a commercial insurance plan to cover your business. A commercial insurance policy offers great protection that can help to secure your business assets. If there is ever a fire or other situation that damages your assets, your insurance plan will give protection. Your insurance plan will also give liability insurance, which will be valuable protection if you are named in a liability lawsuit. 

Business owners in the Monroe, CT area will always want to have the right insurance in place. As you are looking for a plan for your business here, calling the Fida Insurance Group will be helpful. There continue to be a lot of choices to make when looking for this coverage. The Fida Insurance Group can help you by giving the support needed to assess your situation and choose a plan that will protect your business. 

What are the Most Common Home Insurance Claims?

Homeowner’s insurance protects your home and your personal belongings inside. In the event of damage, disaster, or theft, homeowner’s coverage can be a lifesaver. Here at the Fida Insurance Group, serving Monroe, CT, we can help you find the right homeowner’s policy for you. But did you know that you can lower your premiums if you take steps to mitigate your risk against common claims?

Wind and Hail

The damage caused by wind and hail is the most common home insurance claim. Tornadoes, thunderstorms, hurricanes, and other natural phenomena are encompassed under this type of claim. And while there may be no steps for you to mitigate your risk, Fida Insurance Group is here to keep you safe and protect your home.

Fire and Lightning

One of the most expensive and damaging claims is that of a fire. These fires can be caused internally or by lightning strikes, but they can destroy a lot of property quickly. However, you can lower your risk by having a fire extinguisher or blanket, a working smoke alarm, and having a carbon monoxide detector. While these cannot protect you against a fire from ever happening, it can reduce what is lost.

Water and Freezing Damage

A burst pipe in the winter or an appliance leak in the summer, water damage is an often-occurring home insurance claim. The best way to mitigate this risk is to check and maintain your plumbing, water lines, and sprinkler systems frequently, and steps to protect against freezing.

By speaking with one of our agents here at Fida Insurance Group, serving Monroe, CT, you can learn about the variety of coverage options, and what you can do to mitigate your risk. We are happy to help answer any questions regarding homeowner’s insurance and help you find the right policy.

General Liability vs. Business Owner’s Policy

Every small business in Monroe, CT needs to be insured, but do you know the difference between general liability and a business owner’s policy? In this blog post, Fida Insurance Group will discuss what these two types of policies are and how they differ. We will also explore some important factors that can help you decide which one is better suited for your company. Let’s get started!

What is General Liability Insurance?

General liability insurance covers lawsuits that might arise from accidents on your property, mistakes made by employees or contractors working for you, and other incidents where someone could sue you. General liability coverage is a key component of commercial insurance because it deals with more than just protecting people who visit your business — it also protects the company itself.

What is a Business Owner’s Policy? 

A business owner’s policy is a type of commercial insurance that covers you for the same things as general liability coverage, but only when incidents happen on your property. It won’t cover any accidents or injuries caused elsewhere — even if by an employee or contractor working for you.

What Are the Differences Between General Liability and BOP insurance?

General liability insurance is meant to cover specific incidents that occur on a company’s premises, like falls and slips. BOP covers all types of losses, including property damage or theft from the business owner’s personal belongings.

The BOP would cover the business owner themselves and not any other employees/contractors they may have. The general liability coverage can be purchased separately if necessary (which makes it a bit cheaper in some cases), but is often bought along with other commercial policies such as property and casualty insurance policies.

Business owners will typically purchase both so that their personal assets are covered should anything happen to them while carrying out work-related duties.

Get Commercial Insurance Today

If you’d like more information about commercial insurance, contact us today! Fida Insurance Group will help you learn more about our business owner’s policy and general liability coverage options in Monroe, CT! Our team is always available to answer any questions you may have.

How can life insurance protect someone in Connecticut?

Anyone that lives in or around Monroe, CT needs to make sure that they spend carefully assessing all of their personal insurance needs. One type of insurance protection that people here could find to be quite valuable is life insurance. A proper life insurance plan can help protect someone in several ways. 

Provides Financial Protection for Dependents

A way that you can protect someone in this state with life insurance is by providing financial protection. A life insurance plan is built and intended to provide someone with coverage that can help to replace their income if they were to pass away. You are able to build an insurance plan that meets your needs and may incorporate many future expenses that your dependents incur including the expenses related to housing, education, retirement, and general living costs. 

Provides Coverage for End of Life Expenses

Even if you do not have dependents, life insurance can still provide protection to those that you care about. If you were to pass away, there will be some end-of-life expenses you incur including costs of funeral expenses and medical bills. If you have a life insurance plan and name the right beneficiary, they will have the financial resources needed to cover those costs. 

As you are looking to improve your personal insurance plan in the Monroe, CT area there will continue to be a variety of important forms of coverage to get, which includes having proper life insurance. If you are shopping for a life insurance plan here, calling the Fida Insurance Group is a good idea. The team with the Fida Insurance Group understands the value that comes with this type of coverage. They will help you assess your insurance needs and give the support needed to build a plan. 

What is Commercial Property Insurance?

Do you own a business in Monroe, CT? If so, it is important to make sure you have adequate commercial insurance for your company. That said, one of the most important aspects is commercial property insurance. So, what is this? Our team at Fida Insurance Group has put together this brief guide to help you understand why this type of coverage is so important.

What is Commercial Property Insurance?

If your business is like most, you probably have a lot of stuff. Tools, computers, inventory, and even your signage are all considered a commercial property. What would you do if these items were stolen or damaged in a major event like a storm or a fire? Would you be able to stay in business or keep doing what you do?

Commercial property insurance covers these items and the building you own. In the event of a claim situation, your policy could help replace these items and/or repair your building so that you can continue on with running your business. Note that a leased building is not generally covered under commercial property insurance.

Why is Commercial Property Insurance to Protect Your Business?

Commercial property insurance is important because having to pay for those items out-of-pocket could cost a small fortune. As a small business, having the right coverage to protect your enterprise from the risks of the unknown is vital. 

There are two ways to purchase commercial property insurance. You can either buy a separate policy or you can wrap it into a business owners package (BOP). While the BOP is usually the most cost-effective, it isn’t right for every situation. Your trusted insurance agent will be able to guide you on which one is best for your needs.

Are you ready to discuss purchasing commercial insurance for your Monroe, CT small business? Please contact our team at Fida Insurance Group today to schedule an appointment.