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Fida Insurance Group

244 Monroe Turnpike (Route 111)
Monroe, CT 06468

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When Should I Update My Life Insurance Plan?

Like most things in life, your life insurance isn’t constant. When situations change in life, you shouldn’t shy off from talking to your insurer to update your policy. But what are the exact reasons I should update my life insurance? Keep scrolling as Fida Insurance Group of Monroe, CT sheds light on when you should update your life insurance.

Getting married

Perhaps you took your life insurance policy when you were single. However, now that you are married, you should take a second look at your policy. Now that you have brought someone else into your life, your financial status has changed. You have someone depending on your income, plus you co-share certain obligations.

Please update your life insurance policy to ensure your spouse doesn’t suffer financially if you suddenly die.

Getting divorced

While no one likes a divorce, it is a reality, and you need to make the necessary life insurance changes when it happens. However, before making changes to your life insurance, consult with your attorney because certain divorce decrees may require you to maintain your spouse as a beneficiary even after divorce.

Having a child

Congratulations on welcoming a young one into your family. Whether it’s through birth or adoption, you should update your life insurance to secure your child’s financial position in the future. Life insurance ensures that your child’s financial obligations are met even in your absence.

Taking a mortgage

Now that you have secured a mortgage for your home, the next thing you need to think about is your loved ones and cosigners when you die. If you have taken a mortgage or car loan, update your life insurance policy to ensure that you don’t burden those you leave behind with unpaid debts.

Still not sure whether you need to update your life insurance plan? No worries. Please contact Fida Insurance Group in Monroe, CT for more guidance.

How Does Business Insurance Work?

Business insurance is a type of insurance that protects businesses from potential financial losses resulting from events such as property damage, business interruption, or liability claims. In short, it helps businesses to protect themselves against risks that could potentially cripple their operations. But how does business insurance work? Let’s take a closer look.

Generally speaking, there are four types of business insurance:

General Liability Insurance (GLI) – This type of coverage helps protect a business from claims such as bodily injury or property damage that occurs at or around the business premises.

Commercial Auto Insurance – This coverage generally includes car insurance for vehicles used for business purposes or owned by your company.

Workers Compensation Insurance – This type of insurance helps pay medical expenses and lost wages when an employee is injured during work duties.

Business Owners Policy (BOP) – This type of insurance combines liability, property, and other coverage into one policy. It’s a customized bundle of business insurance policies designed to meet the business owner’s specific needs.

Two main components make business insurance work:

The Insurer – The insurer helps protect businesses from financial loss in the case of an accident or covered claim. Basically, they act as a "buffer" between you and third-party claims. When you purchase an insurance policy, you are entering into what’s called a contract of indemnity. Basically, that contract states that you (the insured) will abide by the policy rules. The insurer then promises to pay for covered expenses in the event of an accident or claim on your behalf.

The Policy – The policy is a legal contract that helps protect you from potentially devastating financial losses. The policy usually includes a section called "Exclusions," which outlines events or actions that are not covered by the policy. And depending on the type of business insurance, there may be additional sections to read through regarding specific limitations and exclusions for each kind of coverage.

Business insurance is a valuable asset to the success and growth of your business. Luckily, Fida Insurance Group is dedicated to helping businesses in Monroe, CT, find suitable insurance policies at competitive rates. Contact Fida Insurance Group today for more information on how you can protect your business.

Why do people in Monroe need home insurance?

The Monroe, CT area can be a great place to invest and purchase a home. If you want to buy a home when you are in this region, you will want to know that your investment is protected for years to come. A great way that this can be done is by getting a home insurance plan. There are various reasons why people in this area will need to carry home insurance. 

Coverage Will Offer Protection

A reason that many in this area of the state will get home coverage is for the protection that it provides. Your home insurance plan offers coverage that will cover your dwelling and personal assets, up to the limits of your policy. It will also offer a provision for liability insurance protection. Ultimately, this can help to provide great financial support if an accident or other form of loss occurs.

Owners Need Insurance to Comply with Requirements  

It is also very common for property owners in this area to get home insurance as it will be a requirement set by their home loan provider. If you have taken out a loan to buy a home, you undoubtedly will need to get insurance for it. Further, any home association that you are a part of will require you to get coverage. 

People that are in the Monroe, CT area will find that owning a home can be a great long-term decision. When you are evaluating your home purchase needs, spending time assessing your insurance needs as well is important. When choosing a new plan, calling the Fida Insurance Group is important. The team with the Fida Insurance Group can give you the support that you need to build a plan that will protect your home and keep you in full compliance. 

Renting a Car: Steps You Should Take

When people are traveling, they often choose to rent a car. Having a rental car makes your trip easier and more flexible. If you have never rented a car before, you probably have a few questions about the process, especially where insurance comes into play. Here are a few things Fida Insurance Group, serving Monroe, CT, wants to ensure you know ahead of time. 

Know Your Insurance Coverage

When you have a rental car, you want to ensure you and the car are thoroughly protected in the event of an accident. Although the rental car company will offer their own insurance coverage, it may not be needed. This is because the bulk of comprehensive auto insurance policies will cover the rental vehicle. 

Before you simply assume that your insurer covers rental cars, speak to your agent. The last thing you want is to not have any kind of coverage at all when you hit the road.

Inspect the Car Thoroughly

Before you leave the rental car’s parking lot, make sure to inspect the car well. This is important because you will be held liable for any form of new damage that occurs while the car is in your possession. You also want to ensure all of the car’s features work properly. If anything is amiss, make sure to let them know. 

Get Familiar with the Rental Car

Because you are driving a vehicle that you’ve never driven before, it may react differently. For instance, some cars have really soft brakes, while others are incredibly touchy. The car may also accelerate differently than the vehicle you are accustomed to. 

You also want to become familiar with all of the car’s features, such as the radio, air conditioning, windshield wipers, cruise control, etc. This ensures you know how to operate these things before you are driving 70 mph down the interstate. 

If you are considering renting a car, reach out to Fida Insurance Group, serving Monroe, CT, to find out about your specific coverage.  

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.