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Arkansas Insurance Blog

Why Stay-at-Home Parents Need Life Insurance

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As an adult, you will have many important decisions to make. One of those decisions will be to purchase life insurance to provide for your family after your death. If you live in Northwest Arkansas, our team at Adams Insurance & Financial can help you explore your insurance options. We’ve been working with clients like you since 2002.

Why Stay-at-Home Parents Need Life Insurance

Many people are presented with life insurance options through their employers. So, when you are a stay-at-home parent, you may not automatically think of purchasing life insurance. However, according to the Insurance Marketer, stay-at-home parents should make sure they pay attention to their need for life insurance. A stay-at-home parent has an intrinsic financial value for their family; if they were to pass away, the surviving parent would need to continue working, and then also need to hire a childcare worker and house cleaning services.

Without the funds a beneficiary would get after the stay-at-home parent passes away, the surviving parent might have to sacrifice their savings, including savings for their children’s college accounts. Another consideration might be the cost of counseling for the children after their parents’ death. Funds from the insurance claim can help defray counseling costs and burial costs.

Call Us for Your Appointment Today

Life insurance is a personal choice, and we want you to be sure your choices are right for you and your family. Our team at Adams Insurance & Financial is ready to provide the insurance education and support you need for a decision like this. Clients in Northwest Arkansas have learned that when they want trustworthy insurance solutions, they can turn to our team for the answers. Give us a call today and let’s work together to help you select the right insurance options.

What is GAP Insurance?

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If you drive a car in the state of Arkansas, you’re required by law to purchase auto insurance. Many people have questions about their auto insurance policies. If you live in the Northwest Arkansas area, our team at Adams Insurance & Financial looks forward to meeting you and answering any insurance questions you may have. We’ve been working with clients in your area since 2023.

What is GAP Insurance?

One term you may hear when shopping for insurance is GAP Insurance. This term doesn’t refer to traditional auto insurance but to an addendum to your car purchase contract. The purpose of GAP Insurance is helpful if your car is involved in an accident and is declared a total loss. The policy is designed to cover the difference between the maximum amount your insurance will pay for your car’s damages and the amount you still owe on the car.

According to the Attorney General of Arkansas, buying GAP insurance is optional. The same website reports GAP insurance may not be necessary if you make a down payment of more than 20% of the car’s estimated value. The GAP insurance must be listed separately from the main part of the payment contract. According to the Attorney General, car buyers who drive a lot each year may especially benefit from purchasing GAP insurance, as a car’s value depreciates quickly with increased mileage.

Call Us Today for Your Appointment

Arkansas law requires you to buy car insurance, but you have a choice about how to customize your insurance. Clients in Northwest Arkansas can feel confident when they trust our team to meet their insurance needs. At Adams Insurance & Financial, we are dedicated to exemplary customer service. Call us to schedule an appointment today, and let’s discuss your auto insurance.

How commercial insurance protects your small business

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Over 99% of all businesses in the US are classified as small businesses. At Adams Insurance & Financial in Northwest Arkansas, our team of experienced independent agents will work with you to identify your specific needs based on your business type. We will tailor your insurance to your business to maximize protection against your business’s risks.

Risk is a daily reality for every business, regardless of size. The best way to mitigate as much risk as possible is to have commercial insurance that can help safeguard your small business if it is affected by a covered hazard.

Commercial Property Insurance

Commercial property insurance is a blend of content and property insurance. If you own a building, your building is covered, but it also covers the contents and the things you need to conduct business. This makes it beneficial even for renters. It covers a variety of hazards and protects items like machinery, office equipment, electronics, display units, inventory, and raw materials, to name a few. Commercial property insurance will enable your small business to survive a hazard and recover quickly.

Commercial Liability Insurance

One out of three businesses will be involved in a legal action in any given year. Without commercial liability insurance, your small business may not have the means to survive a lawsuit and the associated legal fees. Even the legal fees alone could be enough to render a small business insolvent.

If you live in Northwest Arkansas, you can rely on our team at Adams Insurance & Financial to be there for you. Contact our office to ask any questions or to get a no-cost quote.

When Should I Update My Homeowner’s Policy?

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Once you’ve secured your homeowner’s policy, it’s easy to forget about it. However, there are times when it’s crucial to update it. At Adams Insurance & Financial in Northwest Arkansas, we provide homeowner’s insurance tailored to your needs.

Home Upgrades

If you’ve recently upgraded your home, updating your homeowner’s policy to reflect these changes is important. This ensures you’re covered for the full value of your home. Whether you’ve renovated your home, added an extension, or replaced your roof, these are instances when you should contact your insurer.

Changes in Your Family or Living Situation

Changes in your family or living situation also warrant updating your policy. Perhaps you’ve recently had a baby, an elderly parent has moved in with you, or a child has left for college. It’s important to inform your insurer about who lives in your home to ensure they’re adequately covered.

Changes in Liability

Lastly, any changes that could increase or decrease your liability should be reported. For instance, installing a pool or getting a new dog could increase your liability risk. You’ll need to contact your insurance company to ensure you’re adequately covered.

Conversely, if you’ve recently removed a pool or trampoline, your insurance company should be informed.

Need Homeowner’s Insurance in Northwest Arkansas?

If you need homeowner’s insurance in Northwest Arkansas, contact us at Adams Insurance & Financial. Our friendly agents are here to help you select the best policy for your needs. Contact us today to learn more.

Comparing Variable and Fixed Annuities for Fayetteville, AR, Residents

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When planning for a secure financial future, annuities can offer a reliable way to generate a steady income, especially during retirement. For residents of Northwest Arkansas, understanding the two common types of annuities, fixed and variable, is crucial. At Adams Insurance & Financial, we can help you choose the best annuity option that aligns with your financial goals and future vision.

Fixed Annuities

Fixed annuities provide a predetermined, guaranteed rate of return, making them ideal for those seeking a stable and predictable source of income during retirement.

Variable Annuities

Variable annuities allow individuals to manage their investments like a mutual fund, investing in a variety of subaccounts. While this approach may lead to a higher Return on Investment (ROI), it’s important to remember that variable annuities’ returns are based on current market performance and the state of the global economy.

Choosing the Right Annuity

Fixed annuities, with their lower risks, fixed income payments, and guaranteed interest rates, are ideal for individuals seeking to secure their financial future with minimal risk.

Variable annuities may be the better choice for those interested in potentially higher returns and gains. Individuals seeking higher growth rates and those comfortable with market risks and fluctuations may also prefer them.

Understanding the differences between fixed and variable annuities is essential for residents and residents of Fayetteville, AR, Northwest Arkansas. To learn more about annuities and the options available to you in Northwest Arkansas, turn to Adams Insurance & Financial. For a consultation, contact Adams Insurance & Financial today.

How Term Life Is Different From Whole Life Insurance

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Life insurance comes in two main types: whole and term life. These policies work very differently from each other. Both policies pay a death benefit when the policyholder dies, but they each work in different ways and have different kinds of benefits for the policyholder. When you need life insurance of either type, give us a call at Adams Insurance & Financial of Northwest Arkansas to find out more and get started.

Term Life Insurance Explained

Term life insurance comes with the major benefit of being less expensive. This is a big draw to this type of coverage. It is often the only type that people on a budget can afford to get and would have to go without life insurance without term life. However, it does have its drawbacks. It’s named "term life" because it stays active for a specific term. This is generally a number of years during which the policy is good. Once the end of this term comes, the policy expires. To be covered by life insurance again, you would have to apply for a new policy.

Understanding Whole Life Insurance

Whole life policies work much differently. They don’t have a set term of time at all. They are policies that you can keep in place no matter how old you get. These policies also build up a value that you can borrow if you ever need to. Term life doesn’t come with this benefit. This cash value starts building after a few years and can become a sizable sum, just in case you need it.

Secure Your Life Insurance with Adams Insurance & Financial

No matter which type you choose, you need life insurance to protect your family. Call Adams Insurance & Financial in Northwest Arkansas to get started on a policy.

Why Drivers Need to Take Another Look at Collision and Comprehensive Coverage

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Arkansas doesn’t require drivers to carry collision or comprehensive coverage — just liability. Many drivers take advantage of this and get only the insurance coverage that’s legally mandated. However, if you’re a driver in northwest Arkansas, you should take another look at getting collision and comprehensive from a company like Adams Insurance & Financial in Fayetteville. Those coverages are specifically meant to protect you against financial surprises should you be involved in an accident that’s not covered by liability.

When There Is No Other Driver

Most people think of car accidents as the type where one car hits another, and two drivers are involved. If the accident is your fault, your liability insurance covers the other person’s car; if it’s the other driver’s fault, their liability insurance covers your vehicle. Accidents can also happen when there is only one driver. Maybe you parked too close to a wall and opened your car door only to slam it into brick or concrete; liability won’t cover that damage. Perhaps a storm blows a random tree branch onto your car; liability won’t cover that, either.

Here’s a fun fact about liability insurance: If you cause an accident, liability pays for repairs to the other person’s car. But it doesn’t pay for repairs to your car. That’s where collision and comprehensive come in. Collision will pay for repairs to your vehicle if you’re at fault in that accident. Collision will also pay for repairs if you slam your door into that wall.

What about that tree branch? Comprehensive pays for repairs from that accident. Rock hit your windshield? That’s something for comprehensive insurance, too. Without collision and comprehensive, you’re in for a hefty repair bill that comes right out of your pocket.

Contact Our Insurance Agents Today

Drivers in northwest Arkansas who need more insurance can call our agents at Adams Insurance & Financial in Fayetteville. Don’t wait until something happens to find out just how expensive repairs can be. Get the coverage you need to protect your financial well-being.

Why Cyber Liability Insurance is Highly Recommended for Northwest Arkansas Business Owners

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The rise in cyberattacks has made cyber liability insurance more pressing than ever, whether you are running a small eCommerce store online or a large-scale operation in Northwest Arkansas. As a business owner in Northwest Arkansas, understanding the complex digital landscape can help you better determine which type of cyber liability insurance is right for you. At Adams Insurance & Financial, we can assist you with selecting a cyber liability policy that can protect you against devastating reputational and financial losses.

Growing Cybersecurity Threats

Large corporations such as Tyson Foods and even Walmart are headquartered in Northwest Arkansas, making it a prime target for cybersecurity threats and digital hacking attempts. Whether you’re running a small or medium-sized business, hackers may also target your organization if they believe it to be more vulnerable. From data breaches to ransomware, these risks can lead to lawsuits, financial losses, and long-term damage to your company’s reputation.

What Cyber Liability Insurance Covers

Obtaining cyber liability insurance can help cover the following:

  • Legal Fees: Covers legal fees related to cyber lawsuits
  • Data Breaches: Compensation for stolen, lost, or hacked customer data (along with the cost of notifying the customers or clients individually)
  • Ransomware Attacks: Ransomware attacks and business disruptions are covered.
  • Regulatory Fines: Coverage for non-compliance and data protection regulations is also included.

Anytime you’re a business owner in Northwest Arkansas, knowing how to protect your online brand and identity is crucial, especially when it comes to protecting and securing user data and sensitive information today. At Adams Insurance & Financial, we will work with you to find a cyber liability insurance policy that protects your business operations and continuity and provides you with the peace of mind you deserve. To learn more about your options when it comes to cyber liability insurance in Northwest Arkansas today, contact Adams Insurance & Financial directly.

What Are Considered Out Buildings When it Comes to Homeowners Insurance?

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Understanding Outbuildings: Are They Covered Under Home Insurance?

At Adams Insurance & Financial, we offer our services to individuals, families, and homeowners in the Northwest Arkansas area. We are here to address any queries related to your personal insurance coverage.

One common question we get concerns outbuildings – what are they, and are they included under a standard homeowners insurance policy?

What exactly are outbuildings?

Outbuildings refer to structures on your property that are separate from the main structure. This category encompasses storage sheds, workshops, gazebos, and even fences. Typically, outbuildings are unattached, freestanding structures covered under parameters similar to the main building.

Are these outbuildings covered under a home insurance policy?

Outbuildings are often covered for the same risks as the primary structure. These typically include storm damage, vandalism, fire damage, and theft. However, damage resulting from poor upkeep or infestations is generally not covered.

When should you contact your insurance agent regarding outbuildings?

If you add or remove an outbuilding on your property, it’s a good idea to inform your homeowner’s insurance agent. This ensures that your policy information is up to date and that you’re adequately covered. Similarly, if you set up an extensive outdoor playground that includes swings, a slide, or a playhouse, it’s best to inform your homeowners’ insurance provider.

Need an Arkansas Home Insurance quote? Get in touch with us!

Homeowners in Northwest Arkansas can secure their homes with insurance from Adams Insurance & Financial. We can review policies from any insurer and provide a quote. It’s advisable to get a homeowner’s insurance policy annually. If it’s been over a year, reach out to us and enjoy the protection and peace of mind you deserve.

What Are Financial Annuities?

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If you’re a Northwest Arkansas resident, and you’re interested in boosting your income without getting a second job, you may have been researching multiple ways to achieve your goal. Investing may have crossed your mind, but it can be risky. One income-boosting tactic that many consider, especially when preparing for retirement, is financial annuities. Financial annuities provide a steady source of income after a lump sum or other types of payments have been made. These payments can be automatically deducted from your paycheck depending on your employer, or you can choose to seek out an annuity on your own.

What Type of Annuities Are There?

There are three primary types of annuities: fixed, variable, and indexed. Fixed annuities offer a steady, guaranteed income, and the payments of variable annuities will depend on how well the annuity holder does with investments. Therefore, the payments could increase or decrease. The payments from indexed annuities will be aligned with a specific index market, such as the Dow Jones Industrial Average (DJIA). Choosing a type of annuity will depend on your primary goals, when you’ll need the payments to begin, and other factors. 

As you can see, financial annuities can be a great way to receive a steady income, especially during retirement or when you cannot work. If you’re in the northwest Arkansas area and interested in getting started with annuities, we at Adams Insurance & Financial can help you. At Adams Insurance & Financial, we pride ourselves on going above and beyond to ensure all our customers’ needs have been met, if not exceeded. Contact us today so we can provide you with more information about our annuities and help you quickly improve your future financial situation. 

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