Monroe, CT is one of many “bedroom” communities in Western Connecticut. The area is known for elegant homes. Homes need insurance. There are several ways that a person can determine the coverage limits for their home insurance.
You should first understand what coverage limits mean. You must include the value of the physical structure. You can include an increase in the value of the physical structure based on the average inflation rate. This keeps you from losing anything if the home is destroyed in a disaster.
If you are buying a home, you can ask the previous owner about their coverage limits for the physical structure. You should ask about any additions and modifications the previous owner made.
You must include all of the stuff that will go in the home. Appliances, clothes, electronics, furniture, and other large items are important. You should include all the small things like tools and small appliances as well. Making a film of all the contents is a permanent record of what you have.
Your coverage limits depend on where you live in Connecticut in part. Coastal areas had a hard time in the last few years due to hurricanes. Monroe, CT had its share of damage from the weather as well. The Connecticut Insurance Department has prepared a very helpful resource for determining coverage limits for home insurance based on location and weather.
You have to coordinate any home insurance purchase with your mortgage lender if you plan on getting a mortgage. The laws are complex about insurance and mortgages.
The easiest way to determine the coverage limits for your home insurance is to contact an independent insurance provider like Fida Insurance Group. Independent insurance providers allow you to select from the best options in home insurance available in the United States. You get insurance that is tailored to your home and your situation.
Contact Fida Insurance Group with all your questions about coverage limits for your home insurance. Twenty-five years experience in providing home insurance solutions is something you can depend on.
Life insurance is vital to estate planning. It lets you preserve your wealth, provide for dependants or your spouse, and ensures there’s money available for taxes and debts. Keep reading to learn how to protect your beneficiaries with life insurance. Feel free to contact your Fida Insurance Group agent for more information on your specific situation.
Estate Planning for Financial Dependents
If you are the primary wage earner in your household, life insurance can replace your income. This is especially important if you still have a large mortgage or other debt. Even if you have a lot of cash, it’s a good idea to get enough life insurance to cover a few years of income. This gives your spouse and children liquidity and time to make any changes needed to preserve their lifestyle or scale down.
Estate Planning with Young Kids or Special Needs Children
To protect very young or disabled children, life insurance is imperative. You should consider term life insurance policy to cover children until they turn 18. For special needs children, you may need up to a 30-year term or get whole life insurance policy to cover their needs. You can set up a trust to control the disbursement of the inheritance for disabled or young children.
Estate Planning for Business Owners
If you co-own a business, consider a buy-sell agreement that is paid for with life insurance. In this agreement, the surviving partner uses a life insurance policy to buy out any heirs to preserve control over the business. This protects your business partner against unqualified heirs becoming involved in the day-to-day operations and protects your business from insolvency.
Feel free to contact Fida Insurance Group in Monroe, CT today for life insurance questions or to make an appointment for a quote.
Other than meeting all your mortgage requirements, having home insurance is another excellent way of securing your financial future. You cannot predict what will happen and unfortunately, you could find yourself in a disaster that will require repairing or rebuilding your home. That will make you incur some expenses that could be hard to meet with your pocket money. Homeowner insurance in Monroe, CT is designed to help you meet these expenses without undergoing much pressure.
Fida Insurance Group is here to help you understand things that you ought to know before purchasing a homeowner insurance policy. Here are facts you need to know:
There are different types of coverage
Depending on what you wish to protect or to be protected against, there are a variety of policies for you to choose from. The policies include:
Liability insurance – Protects you from harm done to other people while in your home or property
Personal item coverage- Caters for the loss or damage of your items
Accommodation coverage – It helps you pay for the expenses you incur in an event where your home is undergoing repair or renovation making it inhabitable
These are some of the many policies you can select depending on your needs.
Home insurance does not include all types of damages
For example, harm caused by the flood is not included in the homeowner insurance coverage and will need to have extra coverage for that kind of disaster.
The type of construction can affect the premiums rate
Different kinds of constructions demand different premium rates. For example, a building made of timber will need different premiums compared to one made of bricks.
These are some essential facts that will guide you into making the right decision when buying homeowner insurance in Monroe, CT. Contact Fida Insurance Group or get a quote from our online rating tools today to keep your home and property protected.
Life insurance is something that more people could benefit from if they just took the time to find the policy and policy type that worked best for them. For the most part, life insurance is only beneficial after death but there are a few different instances in which you can benefit from life insurance without passing. For those that live in the Monroe, CT area, the agents with Fida Insurance Group can help you to find the policy that is going to work best for you.
In most cases, those that have insurance policy can benefit from it without dying if there is an accidental clause included in the policy. Most accidental clauses include dismemberment. This means that if you lose an arm, leg, hand, or foot, you can cash out a portion of your life insurance to help pay for medical costs, time off work, or the time that it takes to get your disability in order. This is going to help you pay for those things that need to be paid since you are obviously going to be taking time off to recover.
This type of clause is not included in all policies and you should take the time to check with your agent to make sure that your policy does include an accidental clause so that you can collect if need be. You can also collect if you borrow against the value of your policy in the form of a loan. For this type of transaction, you need to check with the bank that you are borrowing from to see how the transaction works. For those that live in the Monroe, CT area, the agents with Fida Insurance Group can help you find the perfect policy for your needs.
To determine how much life insurance you need, consider where you are in your life. If your children are still at home or your spouse depends on your income for support, term life may be your cheaper option. However, if you are looking for potential income and an opportunity to borrow against your policy, whole life might be better. Agents at Fida Insurance Group in Monroe, CT can help you determine which policy is your best option.
Basically, your term life insurance premiums secure a death benefit for your loved ones if you die during unexpectedly during a certain time period, called a term. Whole life also provides a death benefit to beneficiaries. However, whole life insurance also offers a cash value that you can use or that increases the death benefit.
Term Life Insurance
Term life insurance has no cash value. While the policy is active, a death benefit goes to your survivors if you die. If the policy expires while you are still alive, no death benefit is paid. This makes term life cheaper than whole life. Many parents buy term life while their children are young. In 20 years, or whenever the policy expires, the kids have finished college and can support themselves, so the need for life insurance diminishes. Ask your Fida Insurance Group representative in Monroe, CT to set up an appointment to obtain a quote.
Whole Life Insurance
Whole life insurance protects you until you pass away. For a much higher premium, you ensure that your loved ones receive a payout upon your death. In addition, the policy accumulates cash value that is available for loans. Some use this as a retirement planning tool since you can borrow against the cash value in an emergency.
How much life insurance you buy will depend on how much you want to leave to your survivors as well as how much you can afford the premiums. Call Fida Insurance Group in Monroe, CT for advice on how much life insurance to purchase or come to the office to receive a quote.
The recent hurricanes that hit Texas and Florida remind those in Connecticut, who live near the coast, of the importance of having adequate home insurance protection. Lenders do not always require full replacement coverage because they are only concerned about getting the loan repaid. Homeowners, on the other hand, benefit greatly by making sure they have enough coverage to be able to rebuild their home if it is damaged or destroyed.
It can be a real problem if your home is underinsured. Recent news reports note that the Federal Emergency Management Agency (FEMA) is running completely out of money, so the government may not be able to help if your home gets damaged. Climate change is certainly causing storms to become more severe and the recent hurricanes broke all-time records.
The agents at FIDA Insurance Group serving Monroe, CT, and the surrounding areas are able to help you if you are concerned about your existing home insurance coverage or if you need brand new coverage.
Things to consider are:
- Replacement Value – The goal is to make sure the replacement value accurately represents what it would cost to rebuild your home if it was completely destroyed. Be sure to add in the cost of any recent upgrades, renovations, or additions made to the home.
- Disaster Coverage – While wind damage may be covered by a home insurance policy, water damage from flooding usually needs separate flood insurance coverage. Check with your agent to be sure.
- Personal Property – Having a complete list of the values of all personal property, especially that takes note of any expensive items kept in the home, garage, or on the property, is a very useful tool to help make calculations of the coverage amounts needed.
Contact an agent at FIDA Insurance Group serving Monroe, CT, and the surrounding areas for help with home insurance in order to make sure you have adequate protection.
A change of status from single to married or vice versa could have an effect on your home insurance. When people marry, they usually combine two households, increasing the amount of goods that need coverage. As a result, you may need to increase your policy limits to get accurate protection. In the case of divorce, you may need less coverage due to a spouse leaving with his or her personal effects. Here are a few ways a change of status can impact your home insurance policy.
If you and your new spouse bundle your home and auto policies, you could qualify for a discount on your premium, saving you money on insurance costs. This savings could be invested in increasing coverage limits to protect your combined households.
An increase in personal property will require more coverage, especially if your spouse brings valuable goods into your Monroe, CT home. At Fida Insurance Group, we can help you personalize a homeowner’s policy that meets you and your spouse’s needs.
As newlyweds, you may also want extra liability coverage to protect your combined assets. Umbrella liability insurance will protect such assets as your home, vehicles, rental properties, etc. against major claims or lawsuits.
Divorce will require that you alter your policy to reflect changes in your household. If your spouse leaves with his or her personal effects or you divide furniture or other assets, you could reduce property coverage to save on insurance costs. If both of you are listed on the policy, you’ll need to make changes to ensure you’re still covered once the divorce is done.
By discussing upcoming status changes with your Fida Insurance Group agent in Monroe, CT, you can avoid problems in protecting your property. We’ll do all we can to ensure a smooth transition in your home insurance coverage.
Each day, people come in and out of your business. Therefore, having general liability insurance from Fida Insurance Group is a good idea since any accident that happens in your business premise is considered to be your responsibility. However, there are many things that general liability insurance under commercial insurance does not cater for in Monroe, CT which include;
Take a scenario where you own your restaurant in Monroe, CT. You need to finish some tasks and have to work late night then, unfortunately, there is a storm brew. There is a strong wind which blows everything in your kitchen and all the cakes, and other foods are obliterated into a mess and utensils litter all over the floor.
General liability insurance will not cater for such kind of damages. It only pays for third-party property damage. This means that it pays for the damages caused by your employee to another person’s property and you will, therefore, need to buy a commercial property insurance to cater for your property damage.
If your employee is injured while working for you, you cannot turn to general liability insurance for payment. You will need workers’ compensation insurance for such case to pay for the employee’s medical bills. General liability insurance can only cater for the non-employees injuries.
In your business, you need many employees to fill different dockets so that they can share the workloads and maximize production. There could be a dispute between you and the employee whereby you may feel like the worker is not fulfilling his/her duties. For this reason, you decide to cut the employee’s pay, and the employee decides to sue you and makes false accusations against you. You will need employment practices liability insurance since general liability does not pay for such cases.
Get general liability insurance from Fida Insurance Group to keep your visitors and neighbors protected and give you a financial security to help you keep everything that happens in your commercial premises under control.
It’s difficult to think about what might happen to your loved ones after you’re gone. In order to reduce risk, get the proper amount of security for your family’s needs. Fida Insurance Group in Monroe, CT urges you to talk with the independent agents about securing life insurance to help you and your family.
Types of Life Insurance
- Term Life – is determined by a specific number of years. For example, you can enroll in a policy that has a 10-year term, 20-year term, or more. It is generally less expensive with fixed premiums. Term life insurance is normally used to replace income and can only be paid out if you die during the specified term. Once the term is up, you should contact your insurance agents to adjust your policy so you won’t lose coverage.
- Whole Life – is fixed coverage that remains during the life of the policyholder as long as the premiums are paid. Usually, these premiums are higher than term life insurance because they are available for a longer period of time. Whole life insurance typically matures after 15 years, which indicates that your beneficiaries may be able to collect after the premiums have been paid for 15 years.
- Universal Life – is designed to cover your family’s needs. You pay into an account where interest is accrued each month. It can be utilized to cover income, educational expenses, and mortgage costs. Universal life insurance is more flexible than other types of coverage since you can change the amount of premium that goes into the account.
It is up to you to make sure that your life insurance policy is up-to-date. You should review your policy regularly. If you need to make adjustments, the independent insurance agents at Fida Insurance Group in Monroe, CT can help you add or change your coverage.
Everyone loves having visitors to their home but there is always the what if, what if they get hurt, how will I pay the bills, how will the issue be resolved? What most people do not know is that if someone is injured on your property or in your home, if you are insured, they are covered as well. For those in the Monroe, CT area, the agents with Fida Insurance Group can explain further.
Insurance on your home works to help protect you from any event that might happen. This means that it also protects you if your visitors are injured while in your home. This means that they will not be able to sue you personally but rather can file a claim with your homeowner’s insurance to help cover their medical costs. There are some stipulations, however.
The first is that they have to have been injured as a result of something in your home or your property itself. If they are stung by a bee, for instance, this would not be covered simply because it is a force of nature. If they fall into a hole on your property however and break their ankle, their claim would be covered. Similarly, if there was a tornado and they were in your home when it occurred and were injured the home and your visitors would both be covered.
The best way to see if you are insured is to talk with an agent and go over everything that the policy covers. As a general rule, homeowner’s insurance is in place to help maintain and protect the home as well as protect the homeowner. For those that live in the Monroe, CT area, the agents with Fida Insurance Group can go over each and every eventuality and help you find out just what your policy covers or what it might be lacking.