How to determine how much life insurance I need

Do you have life insurance? If so, how did you figure out how much you need, or was it just a random amount you chose without putting much thought into it? There are a few things you should consider when purchasing life insurance, such as the type of insurance and calculations that will work for you.

Life Insurance in Monroe, CT

In order to successfully calculate the amount of life insurance you need, you should be considering the following:

  • Annual income
  • How many years you need the coverage
  • The value of your assets
  • Any money you may need for a child’s education
  • Amount of debts
  • Existing life insurance

Once you calculate this, consider any after-tax income to replace, any optional coverage, total coverage needed, any existing coverage and the new life insurance needed. All these calculations work together to help get the right amount of insurance in place to make sure your loved ones are covered in the event some unexpected tragedy occurs.

Making the Right Decisions

A good agent will help you make the right decisions. The team at Fida Insurance Group will be able to sit down and evaluate your needs, helping make an informed choice. The requirements of each state differ, so what may be available in one state may not be available in another. Your agent will be able to give you all the logistics and answer any questions you may have to give you accurate projections on what you will need and the type of life insurance that will work best for you. For more information on obtaining life insurance in Monroe, CT, contact the team at Fida Insurance Group today!

The ABCs of Business Interruption Insurance

Your Monroe, CT area business depends on constant cash flow to thrive. When you can’t work, nothing comes in. However, you’re still responsible for bills, payroll, and other regular expenses. Without a backup plan, you could quickly find yourself struggling to keep your doors open. A business interruption insurance policy from Fida Insurance Group can provide help during times when you can’t produce income from your business ventures.

As part of your comprehensive business-coverage, interruption insurance gives you extra cash when your business needs to close due to a covered event. While every contract is unique, your business interruption policy generally covers:

  • Lost profits. Based on historical earnings, your policy pays out a portion of the profits you would have earned if the covered event had not occurred.
  • Fixed costs. Your normal business expenses are included in this calculation. This can include normal operating expenses like utility payments, payroll checks, rent, and even insurance premiums.
  • Temporary relocation. If you need to move your operations to a temporary location while your primary space is repaired, business interruption coverage helps defray your cots.
  • New equipment purchase and training. When your equipment is destroyed, your policy will help pay for replacements. You can also use the funds to train your workers on the new equipment.
  • Taxes and loan payments. Regardless of how your business does, you’ll still have to pay certain taxes and bank loan obligations. These policies provide funds for these essential charges.

As a part of your comprehensive business owner’s policy, your business interruption coverage is triggered by the occurrence of a specifically covered event. Talk to the experts at Fida Insurance Group to learn which perils you can gain coverage for and how this policy addition can provide long-term protection for your Monroe, CT area business.

 

5 Ways to Prepare Your Home for the Holidays

If you’re hosting festivities this holiday season, now’s a good time to prepare your home to avoid holiday stress. The following tips from Fida Insurance Group offer some good advice on prepping your Monroe, CT home for the holidays.

De-clutter

Get rid of stuff that’s cluttering up your living space and making it appear disorderly. This could include magazines, books, piles of clothing, toys, sports gear or anything else lying around where it doesn’t belong. Store useful items out of sight and give or throw away what you don’t need to spruce up your home.

Deep Clean Key Areas and Structures  

Deep clean your living room, bathrooms and kitchen to prepare for visitors to your home. Wash windows and curtains, professionally clean carpets, clean light fixtures and put a fresh coat of paint on walls. By starting early, you can get these major projects done with time to spare for holiday fun.     

Decorate Your Home

Decorations add a special touch to holiday fun. You can put up fall décor several weeks before Thanksgiving to get into the spirit of the holiday and then start decorating for Christmas shortly after Thanksgiving is done. This gives you plenty of time to create an attractive holiday atmosphere throughout your whole home.

Prepare for Guests

Tidy your guest room and organize guest towels, linens and pillows to ensure you have what you need to make guests feel at home. Don’t forget to stock up on bathroom essentials and toiletries for when visitors come.   

Review Home Insurance

Review your home insurance to ensure you have ample dwelling, liability, and property coverage to protect you against accidents. With adequate insurance protection, you can be prepared for any eventuality during the holidays.

For quality home insurance coverage at affordable costs, contact Fida Insurance Group in Monroe, CT.

Is a fleet policy the right choice for your family?

Families with a lot of drivers may find it beneficial to opt for a fleet policy to protect their vehicles and drivers. If you are a family in the greater Monroe, CT area and have a number of different vehicles that are used regularly, the team at Fida Insurance Group is here to help you determine which type of policy is right for your needs. With a fleet policy, you can often enjoy higher policy limits and have a more streamlined experience when it comes to your auto insurance. There may be more options available to you then you realize, and now is a good time to take a closer look!

Is a fleet policy the right option for your family?

Whether you have a lot of family members who drive, or you just have a number of vehicles that your family uses, it might be a good idea to look into fleet insurance. There are a number of different benefits to this type of coverage, with many families most excited about the level of protection that they are able to obtain. Owning a lot of vehicles doesn’t always have to be a major headache when it comes to insurance! Now is a good time to meet with your local insurance agent to discover if this type of coverage makes sense for you and your family.

Are you in the greater Monroe, CT area and the owner of a number of vehicles that are all used by your family? The team at Fida Insurance group is here to help you determine how best to insure your vehicles. Fleet insurance is an effective and often overlooked option for auto insurance for families with a significant number of vehicles in regular use. 

How to Choose a Life Insurance Policy

Before you choose a life insurance policy in Monroe, CT, you will need to determine if you need life insurance. This can help you decide what type of policy is needed. If your salary is important to supporting your dependents then you should consider life insurance.

How Much Insurance Do You Need?

The amount of life insurance you need will depend on your personal situation and different factors, including how many dependents you have, your debts, income, and lifestyle. As a very general guideline, you should find a policy that is worth between five and 10 times your annual salary. You may also want to speak with an agent at Fida Insurance Group to determine how much you need.

Types of Policies

There are several policies that you can consider. Whole life insurance will offer both cash value and a death benefit. Premiums stay the same until you pay off the policy and the policy will stay in effect until your death if you have paid off the premiums. This type of insurance can be more expensive than other options. Variable life policies will also build up a cash reserve and you can invest this in different options. The value of the cash reserve will depend on how the investments are performing. With universal life insurance, you can vary the amount of your premium and death benefit. Choose permanent life insurance if you want to accumulate savings and want life insurance to last as long as you live.

For those who may only want life insurance while they have dependents to take care of, consider term insurance. This insurance type will be in effect for a certain number of years. There is a death benefit available but no cash value. Term life insurance can also help you if you need a large amount of insurance but have a smaller budget.

Contact Fida Insurance Group, serving Monroe, CT, to get a quote on life insurance. 

What Commercial Insurance Is Available to Your Business?

Your business in Monroe, CT needs insurance in order to protect your assets. There are a number of different insurance options available depending on your industry. If you aren’t sure what policies are best for your business, speak with an agent at Fida Insurance Group.

General Liability Insurance: This insurance will protect your business from claims of bodily injury or property damage. This policy helps cover the cost of legal fees and the settlement if you are sued.

Professional Liability Insurance: This will cover someone’s claims against a business that provides personal or professional services. Examples can be negligence or protecting you when you haven’t made a mistake.

Business Owners Policy: This is a combination of business property insurance and general liability insurance. It’s useful for small businesses that need to protect against liability claims and also want to protect business equipment.

Workers Compensation Insurance: This coverage will pay for medical care and replace partial wages for employees who are injured on the job. If an employee dies from an injury then compensation can be provided to the employee’s family. Any Connecticut business with employees will be required to have this type of insurance.

Property Insurance: Property insurance can cover physical disasters, such as theft or fire. Depending on the plan you have, it may also include furniture, technology, and items used for your business. This insurance is important for businesses that depend on having a physical location in order to make a profit.

Auto Insurance: This is useful if there are cars owned by your business. If an employee drives one of your vehicles and causes injuries or property damage then the auto insurance will pay for the costs for which you are responsible.

Contact Fida Insurance Group, serving Monroe, CT, to get a quote on commercial insurance for your business.

What winter weather events are covered by basic homeowners insurance

Winter weather is a part of life in Monroe, CT. Wind, freezing rain, snow, hail, and arctic-like temperatures are all part of living in New England. New Englanders are a hearty bunch and have learned how to deal with the extremes of weather that must be dealt with. Part of dealing with winter weather is knowing that if a catastrophic event happens to your home, you have the coverage necessary to repair or replace the things that have been damaged or lost. A visit to the office of the Fida Insurance Group can help you to be sure you have the necessary coverage. 

Covered damage

Your roof is particularly vulnerable to weather-related damage. Wet snow can be very heavy and it can cause some roofs to collapse, This includes the roof on your shed or garage. Gutters can fill with rain and then freeze which causes an ice dam that allows water to force its way under your roof and into your home. Freezing rain can coat the trees in your yard and when trees get ice covered the branches can fall, sometimes they fall onto structures like your deck, your home or your gazebo. HIgh winds can come with some winter storms and they can cause lots of damage to the exterior of your home. 

When your driveway or sidewalk gets icy, someone may fall and get injured. Your home liability insurance will protect you in this case. 

Winter storms can knock out the electricity and this can lead to frozen pipes that burst and can cause a lot of damage. While fixing the pipe might not be covered the water damage will be. 

Winter in Monroe, CT can throw a lot of hazards your way. Why not call or stop by the office of Fida Insurance Group and let then give you a no-obligation quote so that you can relax and enjoy your home no matter what the season. 

 

 

Basics of High Risk Auto Insurance Policies

Not all drivers have squeaky clean driving records. Accidents can happen and as part of the aftermath, your insurance premiums may increase. Companies offer high-risk auto insurance plans to individuals who have an increased likelihood of getting into crashes and filing claims.

High-risk auto insurance 101

High-risk auto insurance policies are plans that offer coverage to those who have a greater liability. Although one or more traffic accidents may make you a high-risk driver, other factors are considered as well. DUI convictions, moving violations, young age, and poor credit history may also be used to determine your risk to the insurance company. Very expensive and specialized vehicles can also put you in the high-risk category.

With a high-risk classification, coverage will be more expensive. However, insurance companies work with drivers to help them lower costs over time. Agents may suggest taking a defensive driving course to reduce premiums. By following all traffic laws and practicing defensive driving techniques while on the road, your record will improve over time and you will no longer be considered high-risk.

Are you really high-risk?

Insurance companies don’t automatically label you as a high-risk driver because you have been in an accident. Fida Insurance Group recommends discussing your driving record with an agent before assuming you need a high-risk policy. For instance, if you didn’t cause the accident or the crash took place more than three years ago, then you probably don’t need a high-risk policy. A single speeding ticket isn’t likely to have too much of an impact on your coverage options either. However, multiple speeding tickets will be taken into consideration.

Live in the Monroe, CT area and are looking for advice on auto insurance plans? Contact the helpful agents from Fida Insurance Group to discuss auto policy options, including high-risk plans.

Why It is Better to Get Individual Life Insurance Now through Fida Insurance Group

During implementing the Affordable Care Act, many smaller companies decided to cut insurance benefits, especially life insurance. If you have a house that works with a large corporation, you may want to put the entire family on that policy. The other option is to go through the open marketplace. The demand for life insurance has increased since 2016, but at the same time, some people find themselves at an advantage when they go to do their own life insurance shopping. 

Don’t Get Stuck at a Disadvantage with Purchasing a Life Insurance Plan

While we have seen some life insurance plans increase in premiums in Monroe, CT area, this is not across the board. The time to shop is when you are young and in good health. Life insurance can be quite affordable at that point; however, we may have situations that require us to shop around. Fida Insurance Group will provide you with the confidence to be picky about who you want to insure you, even when life insurance programs are developing stricter policies. 

The Good Thing About Finding Your Own Life Insurance Policy

The sooner that you do it, the more prepared you are. If you work for a company with less than 100 employees, there are no guarantees that your company will continue to offer this plan. Getting locked in on a life insurance policy 5 years before any health conditions occur or you begin to age is definitely the advantage that most of us focus on when thinking of this predicament. 

Fida Insurance Group will help our clients in the Monroe, CT area research plans for competitive life insurance rates outside of your employer’s group plan, which will shield you from any negative effects of rate increases as we begin to see how ACA works out for our country. 

Buying Commercial Insurance When Starting a Horse Tour Company

Horse touring companies in Monroe, CT take riders around this beautiful area and showcase beautiful equines in an exciting way. If you own one of these companies, you need to purchase high-quality commercial insurance from us at Fida Insurance Group to protect your business and your investment, especially your gorgeous horses.

Necessity of Commercial Insurance for Horse Tours

Though horse touring companies may been low-key and safe, there are some dangers that may occur in these businesses. For example, a tour may suffer from an accident or crash that impacts the health and well being of the horses and the customers. As a result, commercial insurance for horse tour companies provides high-quality coverage needed to keep these companies safe from financial loss.

Coverage Types Available

Individuals interested in commercial insurance for horse touring and riding companies have many options from which they can choose. For example, they can buy medical insurance and liability coverage for their team. This helps to protect riders from injury if they don’t ride a horse properly or get bucked off during a tour. General aggregate and property insurance is also available.

Beyond these coverage options, horse owners should also purchase mortality and theft coverage for their horses. This type of insurance is designed to kick in should a horse unexpected pass away or get stolen by somebody. In this way, a tour company can replace their horse and stay in business should one of their beloved beauties disappear.

Find Commercial Policies That You Deserve

So if you live in Monroe, CT and run a horse touring company, please don’t hesitate to contact us at Fida Insurance Group. We can help individuals like you get the high-quality commercial insurance that you need to stay solvent financially and successful with your horse tour business.