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Arkansas Insurance Blog

Filing A Homeowner’s Insurance Claim After Tornado Damage: What You Need To Know

Tornadoes are terrifying, and the aftermath can be devastating. If you live in a high-tornado area, it’s important that you have a homeowner’s insurance policy that can help you rebuild in the event that your home and/or belongings are damaged by a tornado. Here, we’ll take a look at what you need to know about filing a claim after your home has been damaged by a tornado. 

Reach Out To Your Insurance Agent As Soon As Possible

When you go through a traumatic event such as a tornado, it can be difficult to know where to begin when it comes to putting your life back together. One of the first things you’ll want to do is reach out to your insurance agent directly to discuss the next steps in filing your claim. They’ll be able to guide you through the claims process, one step at a time.

Discuss Emergency Work And/Or Accommodations

If you’re not able to safely live in your home due to damages caused by the tornado, talk with your insurance agent about arranging for emergency payouts for work to make your home habitable once again. If it’s not possible for you to live in your home while the work is being done, your insurance policy may pay for your to stay in a hotel until you’re able to move back into your home. 

Live In A High-Tornado Area? Adams Insurance & Financial, Serving Northwest Arkansas, Can Help 

Adams Insurance & Financial, Serving Northwest Arkansas, is here to help families stay protected despite unpredictable weather. Reach out or stop in today to talk about whether your homeowner’s insurance policy provides adequate protection against tornado damage.

Facts about financial annuities insurance

If you are looking for a second income stream or you want a break from your taxes, you might want to look into getting a financial annuity plan up and running. It might appear complicated, but we can make this as easy for you as possible. We outline some facts about financial annuities so you can decide whether it is the right option for you.

Adams Insurance & Financial in Northwest Arkansas offers financial annuity options. Please don’t hesitate to get in touch to discuss options that work best for you and your lifestyle.

What is a financial annuity?

An annuity is a type of investment where you pay a larger sum of money that is paid out in installments like a regular type of income. People might want to do this as an investment opportunity as their money can become worth more over time. You can choose to receive fixed payments immediately after purchasing the annuity or you can wait to receive payments at a later date, for example, when you retire. 

An annuity allows you to receive money right away.

There are two main types of annuity you can pick between. If you get a deferred annuity, this means you will be paid out at a later date, while in the case of an immediate annuity, you get access to your payments immediately. 

An annuity can help with taxes.

Because an annuity is a type of insurance, you might qualify for some tax breaks or deductions. Therefore, a financial annuity can be a great way to get some relief from your taxes!

If you want to discuss financial annuities in more depth with us, you can call Adams Insurance & Financial in Northwest Arkansas or you can compare quotes via our website. 

New Parent’s Guide to Life Insurance

A new life coming into yours will make you reevaluate your priorities and plans. Adams Insurance & Financial serving northwest Arkansas has a quick primer on life insurance and how it can help your family now and later.

Term versus Permanent Life

Term life insurance lasts for a set amount of time and tends to have few benefits other than the potential payout. Permanent life insurance is more expensive, but it has benefits that make it more attractive, notably the ability to lock in premium prices and avoid policy renegotiations that are a part of term life policies.

Life Insurance Incentives

As you pay into a permanent whole life insurance policy, it might accrue an actual cash value. Universal life insurance policies will earn interest on this amount, which means it makes money for you. The indexed universal version provides a return based on an index like the S&P 500. Variable universal policies will let you choose some of the investments for your cash value. Some policies allow you to take out loans against the value or withdraw the funds.

The exact details of each policy type will vary between providers and situations, but that should give you a general idea of their benefits.

Life Insurance Options for Your Child

A permanent life insurance policy for your child can also be a wise investment. Since children are generally at lower risk and have no dependents, companies may offer even more incentives if you purchase a permanent policy. You have likely seen long-running advertisements for a whole life insurance policy for children that doubles the benefits once they reach maturity. You can grant the policy to them then, helping to protect any future grandchildren.

Sort Out Your Life Insurance Options

There is more to learn about life insurance, so new parents in northwest Arkansas should contact Adams Insurance & Financial to get a better picture of their available options.

Auto Insurance for Multiple Vehicles

Do you have multiple drivers in your family, and you want to work with us at Adams Insurance & Financial to protect your Northwest Arkansas vehicles? Then, you need to learn more about insuring multiple vehicles at the same time to give yourself the insight that you need here. 

You Can Insure Multiple Cars 

If you want to bundle multiple cars onto the same insurance policy or with the same company, they usually provide you with a few different options and will even cut you a deal on your premiums and other costs. The number of cars you can bundle will vary based on a few factors. 

The Maximum Number of Bundled Cars 

Most insurance companies will let you bundle at least four cars and four drivers on one policy. However, that may vary according to the policy and the company. Some may take on fewer while others take on more. Check with your provider to learn more here. 

Insuring With Multiple Companies 

In some situations, it might be more financially beneficial to insure multiple vehicles with a few different companies. This option is a good choice if you get a great deal with one provider over another. That said, you usually save more if you bundle with one company. 

Different Insurance Coverage is Available 

You don’t have to get the same policies for each vehicle that you insure. For example, if you have one car you rarely use, you might want to give it the bare minimum of coverage to save yourself a little money. Or you can create a comprehensive package with the same level of protection.

Protect Yourself and Your Family 

Finding a great insurance policy for multiple vehicles doesn’t have to be a complex process. By working with us at Adams Insurance & Financial in Northwest Arkansas, you can get the incredible protection that you need. 

The Basics of Commercial Insurance

Owning your own business can be a wonderful way to make a living, particularly in Northwest Arkansas, an area home to some of the largest cities in the state. One aspect of owning a business is ensuring that your insurance policies provide adequate protection, and that is why it makes sense to speak to Adams Insurance & Financial about your options.

Commercial or business insurance is there to protect you from financial loss due to the unexpected. Most commercial insurances fall into one of two main categories. These are property insurance and liability insurance.

Liability insurance provides cover against legal liability. Depending on the type of business you own, there are the following options:

  • General liability insurance – suitable for any business.

  • Product liability insurance – suitable for businesses that wholesale or retail products, including manufacturing.

  • Professional liability insurance – this is for businesses that provide services.

  • Workers compensation – mandatory insurance for many Arkansas businesses with three or more employees falling under the liability category.

Property insurance is for insuring your property, including but not limited to buildings, inventory, and equipment. There are two main options.

  • Commercial property insurance – this is for large businesses with substantial physical assets.

  • Home-based business insurance – this is for businesses that run from home. Standard personal home insurance will not be sufficient.

Finally, there is an option called a business owner’s policy (BOP) and this combines several standard types of commercial insurance into one package, greatly benefitting small businesses.

The most basic tenet of any insurance is to purchase cover for what you cannot afford to pay for yourself. Protect yourself and your business and speak to Adams Insurance & Financial serving Northwest Arkansas about structuring your commercial insurance the right way for your business.

Can You Add Your Garage and Other Structures to a Home Insurance Policy?

You just added a new garage to your property or have a variety of different storage sheds that you want to protect with your home insurance. But is this possible? Adams Insurance & Financial can help Northwest Arkansas residents understand their rights and what kind of protection is possible for their needs.

Understanding Your Garage Coverage 

Your home insurance should cover the various structures on your property, as long as your policy was purchased with these items on the property. However, adding new structures will change the value of your property, meaning that your coverage may not help you if these structures go over the worth of your current policy. This situation often happens when you add things like:

  • Garages on your home that increase property value
  • Buildings you may rent out to others 
  • Storage sheds where you can place many types of equipment 
  • Other types of storage options

These types of addiction coverage options can be added to your home insurance policy to protect you. Typically, they are only necessary after your insurance policy has been purchased based on your current home value. However, it is also possible to change your insurance policy based on your new house value, if necessary. Doing so can help to ensure that you get the best level of home insurance. 

Don’t Let Your Garage Get Damaged 

As you can see, it is possible to protect your Northwest Arkansas garage using high-quality home insurance. But if you’re still confused about this situation and aren’t sure what to expect, it is a good idea to talk to us at Adams Insurance & Financial right away to learn more. Our team will help sort through your situation and provide the help necessary to understand your insurance needs as a person better.

What Kind of Annuity Is Best to Provide an Income Stream?

Many people don’t realize that choosing the right annuity can actually provide an income stream for you. This income could be a fixed or variable amount and could last for a significant amount of time if planned correctly. Luckily, Adams Insurance & Financial serving Northwest Arkansas are the experts for all of your annuity needs.  

Annuities are a valuable way to provide an immediate and constant stream of income. This is particularly true for older individuals who are concerned that they have not managed to gather as much in retirement savings as they will need to last until their death.

An income annuity essentially swaps a lump sum payment made by an individual or a couple and turns this into a guaranteed stream of periodic income.  The purchaser of the annuity can expect to begin receiving payments from their annuity either immediately or within a month or so after they are purchased.

There are a wide variety of annuities, but the ones that provide an immediate stream of income are generally known as:

  • Immediate Annuity
  • Single-Premium Immediate Annuity (SPIA)
  • Immediate Payment Annuity

People who have more time to go until retirement can also plan ahead and purchase a deferred annuity that won’t begin paying out till many years down the road. This type of annuity would not provide an immediate income stream, but it would be a promise for guaranteed income in the future. 

If you are looking to open an annuity in Northwest Arkansas, Adams Insurance & Financial can direct you towards which type of annuity is right for you and explain the differences in fixed and variable investments. Annuities can be fixed or variable and they typically are designed to last for the life of the purchaser.

Everything you need to know about life insurance beneficiaries

Congratulations on making your first step towards safeguarding your dependent’s future. The critical part is over, but you’ve yet to make another lifelong decision that can cost you peace if you are not careful enough–choosing a life insurance beneficiary. Not sure what a beneficiary is? How to pick one, and why you should discuss it with your family? Adams Insurance & Financial will help you get all the answers.

What is a Life Insurance Beneficiary?

A beneficiary is simply the person or entity you want to receive and benefit from the wealth you leave behind in your life insurance policy. When you purchase your life insurance policy in Northwest Arkansas, you will be asked to name two people or entities as your beneficiaries. It is a critical part of the policy. After all, beneficiaries are the reason you’re buying the policy in the first place.

Who Can Be My Beneficiary

Anyone can be your life insurance policy. It can be your family, friend, neighbor, organization, business partner, or even a trust. It’s essential to note that some insurance companies limit the number of beneficiaries you can name. However, if you have to name all of them, it is critical that you determine the percentage each should get to avoid conflict.

Difference Between Contingent and Primary Beneficiary

Every life insurance policy comes with two entries for beneficiaries. You must add a primary beneficiary and a contingent beneficiary. The primary beneficiary is the first name to receive the death benefit if you die, but if the primary beneficiary dies before you, the secondary, also known as contingent beneficiaries, will receive the death benefit.

Need Help?

At Adams Insurance & Financial, we care about what you value. We are here to help you understand your policy better, so you can obtain enough coverage for the people that matter to you. Call our Northwest Arkansas agents, and they will be happy to help.

How Do Annuities Work?

With so many options for refunding retirement from Roth IRAs to pensions to 401Ks, it is easy to forget about an investment vessel known as an annuity. In short, an annuity is a contract between yourself and an insurance company with agreed-upon goals that could include lifetime income, principal protection, legacy planning, or long-term medical cost planning. An annuity is often referred to as an investment. Still, it is important to recognize that it is a transfer of risk contract that locks you and the insurance company into certain obligations that can only be broken in extreme circumstances. Annuities work by providing the policyholder with access to limited funds on a specific cadence like monthly or annually and can be considered similar to income received via Social Security.

While there are many reasons to purchase an annuity, the most common is because it provides guaranteed income for the entirety of your life. Like other insurance types, the policyholder pays a premium to the insurance company to harbor the risk of an annuity. This payment can be made over a specific period of time or in a single lump sum and is considered part of the insurance accumulation phase. Unlike auto or home insurance, you don’t pay an annuity premium indefinitely. Eventually, you stop paying for the policy, and it begins to pay you in what is known as the payout phase. 

At Adams Insurance & Financial in Northwest Arkansas, our friendly and talented team of insurance professionals are ready and willing to answer all your questions on annuities. We’ll work tirelessly to ensure that you understand the specific aspects of your annuity and customize a policy that best meets your future needs. Give Adams Insurance & Financial in Northwest Arkansas a call today to learn more about how we can help you secure your financial future.

Does my auto policy cover the driver or the vehicle

Auto insurance provides protection when you are on the road. Most states have requirements for how much auto insurance you must have. The amount and type vary by state. It is up to you as the auto owner and as a driver to know the requirements in your state. At Adams Insurance & Financial in Northwest Arkansas, you can count on us for all your auto insurance needs. We specialize in giving our customers more than just ordinary customer service; we go above and beyond to make sure you get exactly the coverage you want. 

When you own a car, you need to have auto insurance to protect yourself and your vehicle. You may wonder if you, as the driver, are the one that is covered or if it is your vehicle. The occasion may arise when you drive a vehicle that is not your own, and you may wonder if you are covered. You may also allow someone else to drive your vehicle, which is not listed on your insurance policy. Generally speaking, the vehicle is what is covered. This means no matter who you allow to drive your car; your insurance will be responsible in the event of an accident. 

This could leave you being responsible for the deductible. It is something you should discuss with the person who is using your car before the actual event. It is also something to consider yourself if you have an accident in a vehicle that belongs to someone other than yourself. An exception is when you rent a car, and in this case, your personal insurance will provide the same protection in the rental vehicle as you have on your personal vehicle. 

When you want customized auto insurance, contact Adams Insurance & Financial in Northwest Arkansas, our customer service won’t disappoint. 

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