Which home insurance coverages should you focus on as a young homeowner?

Posted on January 29, 2021January 29, 2021 by admin

Owning a home at a young age comes is great. It comes with many responsibilities and opportunities to make well-thought decisions like marriage or having children. For this reason, you want to make sure your loved ones and your new home is safeguarded with a home insurance policy. With so many additional market policies, finding coverages that will work for you and your family may seem daunting and overwhelming. That’s why Adams Insurance & Financial recommends knowing what to focus on in advance.

The Dwelling Coverage

This coverage covers your entire home; the floor, walls, and ceiling. It also covers critical aspects such as plumbing, wiring, heating, and cooling. The coverage is essential in helping you rebuild your home in case of damage. If you live in Northwest Arkansas, make sure your coverage limits are updated every year to reflect the current rebuild cost.

Personal Property Coverage

All your valuables such as clothing, furniture, appliances, and electronics are covered under personal property coverage. You can choose between a replacement or actual cash value, depending on your preference. However, you might want to get a separate policy for priceless or treasured possessions like artwork, jewelry, and sports memorabilia.

Additional Living Expenses

Also known as loss of use, additional living expenses can be essential, especially when your home is so damaged that it becomes unlivable. Your insurance company in Northwest Arkansas helps you find a convenient place to stay and live as your home gets repaired.

Liability Coverage

Home insurance without liability coverage is incomplete. You may not be in a position to control all accidents that happen in your home, especially with visitors or friends around. Liability insurance helps protect you in case someone sues you for damage or injuries. The coverage is even more essential when you have teenagers in your home.

Let Adams Insurance & Financial help you protect your investment with adequate home insurance. Our talented insurance agents are ready to walk you through the insurance journey and make sure you find coverage that matches your needs, style, and budget. Contact our team today!

How annuity insurance figures into financial planning

Posted on December 29, 2020December 29, 2020 by admin

No matter what your age, retirement is always looming. You may think you are too young to be thinking about retirement, but the earlier you start formulating a plan, the better chance you have of enjoying a comfortable retirement. The days when you could count on an employer pension to supplement your Social Security are in the past. You have to create your own long-term financial security. At Adams Insurance & Financial in Northwest Arkansas, we want to help you create a plan you can afford today and give you a secure future.

Like many insurance products, annuity insurance isn’t just one product. There are variables. The common thread is that they are designed to provide a steady, reliable stream of income when you retire. They are also a way to put more of your income into a tax-deferred account. While a 401K has limits on how much you can save each year with annuities, there is no yearly limit. On the other hand, the money in your annuity is not insured by the FDIC. The safety of your annuity is based on the financial security of the company you choose to purchase it from.

People are living longer, which means you need to provide a much longer income stream in retirement. Like many financial planning products, you have choices about the risk level you feel comfortable with. You can increase the growth of your annuity with a product that has a level of risk. But with no guarantee, these products are not perfect for everyone. Talking to your financial advisor is the best way to determine if annuities are for you and what type of annuity you are comfortable with.

Contact Adams Insurance & Financial in Northwest Arkansas to discuss annuity insurance and how it figures into your financial planning.

When should I update my life insurance

Posted on November 28, 2020November 28, 2020 by admin

Life insurance is a very personalized type of insurance. It needs to be tailored to your life, and it is not something that remains the same when you are 20 as when you are 40 or 60. It needs to grow with you as your life ebbs and flows. Having an insurance agent you trust and who has personal knowledge of your situation is important. Adams Insurance & Financial in Northwest Arkansas is just such an agency. Our experienced staff is ready to provide "out of the ordinary" customer service.

You change employers

It is often the case you get life insurance as part of a benefits package. When you change employers, you will need to take on the payment of that benefit yourself if you want to retain it. It may not be the best option for you.

You get married

When you get married, you should change the beneficiary on your life insurance policy. This is a very good time to make sure you have adequate coverage for your new spouse.

You have children

When you have children, you have a responsibility for more than 20 years into the future to provide for their needs. If you want to pay for college, this is also something to factor in the amount of life insurance you need to have,

You retire

When you retire, you need may totally change. If your children have all flown the coup, you may not need the amount of life insurance you have had over the years. A decreased income is also something that may determine your life insurance needs.

When you are ready to review your current life insurance coverage at Adams Insurance & Financial in Northwest Arkansas, we are ready to help you. Give us a call and let us help you to update your life insurance.

Do I need auto insurance in Arkansas?

Posted on October 26, 2020October 26, 2020 by admin

Residents of the Northwest Arkansas area are going to find that it is a lot easier to get around town and get all of their daily tasks done if they own a car. If you do go out and purchase a vehicle, it is also very important that you get the right insurance policy. There are several reasons why you will need to get auto insurance when you own a car here.

The State Requires Coverage

One of the reasons you will need to have auto insurance here is that the state will require it. If you choose to purchase and drive a car, you need to meet the state’s minimum auto insurance requirements that state you need to have liability insurance. This coverage ensures you are able to pay for any damages that you cause in an accident. If you are caught without coverage, you could face serious penalties.

Coverage is Required by Lender

Another reason that you are going to need to get auto insurance is that it is going to be required by your lender. Many people that purchase a car are going to take out an auto loan. If you do have a loan, the lender will want you to have a full collision and comprehensive policy. This ensures that their collateral is protected against many forms of risk, including theft and vandalism.

As you are looking for a new auto insurance policy in Northwest Arkansas, calling Adams Insurance & Financial would be a good option. The team at Adams Insurance & Financial knows the complexities that come with picking auto insurance. They will be able to answer all of your questions while helping you to choose a policy that will give you the right protection.

Commercial Insurance Requirements in Arkansas

Posted on September 16, 2020September 16, 2020 by admin

In 2018, Arkansas was home to more than 247,000 small businesses employing more than 400,000 people. Since 2018, those figures are estimated to have grown, with small businesses being a crucial part of Arkansas’ economy. Consequently, if you are a small business owner in Arkansas, you must have enough insurance to cover not only your business and assets but also your assets like company vehicles and property.

When deciding between coverage options, it is essential always to have enough liability coverage to protect the entirety of your assets. Liability coverage helps pay for damage to a third party person or property. Additional examples of coverage offered under liability include advertising errors if accused of copyright infringement, reputational damage to help pay for defense against claims of slander or libel, and medical payments if someone is injured while at your place of work.

Outside of several exceptions, the vast majority of small businesses in Arkansas are required to carry workers’ compensation insurance if they have three or more employees. Workers’ compensation insurance helps pay for medical bills and lost wages due to workplace injuries and illnesses. Additionally, any vehicle owned by the business must be covered under commercial auto insurance.

When it comes to shopping for commercial insurance in Northwest Arkansas, look no further than Adams Insurance & Financial. Our friendly and knowledgeable team of insurance professionals know the industry like the back of their hands and are ready to customize a policy that perfectly fits your company’s needs. Give us a call today to schedule a no-obligation consultation to learn about how we can help protect your livelihood.

Do Arkansas Homeowners Really Need Home Insurance?

Posted on August 30, 2020August 30, 2020 by admin

At Adams Insurance & Financial, there’s one question we hear a lot from Northwest Arkansas homeowners, "Do I really need insurance?"

The short answer is, yes. There are many reasons why Arkansas homeowners need home insurance!

You’ve Already Invested a Lot in Your Home.

Even though we enjoy a relatively reasonable standard of living here in Northwest Arkansas, it’s no secret that homeownership isn’t like other purchases. You’ve already invested a lot of time and funds into finding your home, purchasing it, and fixing it up to meet your personal preferences. Why risk it all without having adequate insurance coverage in place?

Life is Full of Surprises

The vast majority of homeowners never expect to lose everything they’ve invested in a fire or other sudden life events, but it happens. Whether you’ve lived in your home for years without incident or have just recently moved, the truth is that surprises can come at any time, and they are very rarely predicted. A good homeowner’s insurance policy is there as a safety net to prevent you from having to lose even more by paying out of pocket for damages.

Furthermore, here in Arkansas, we are prone to a wide variety of natural disasters. It is worth discussing your specific concerns and needs with our insurance professionals to find the coverage that will be best able to meet them.

Depending on Where You Live, Insurance May Be Required

Many condo associations and private communities require homeowners living within them to carry their own insurance coverage. It is worth noting here that any HOA fees paid in these communities very often only carry insurance coverage for common areas; they do not cover your individual home.

Ready to learn more about your Northwest Arkansas homeowners insurance options or have more questions? Our team at Adams Insurance & Financial is here to help! Give us a call, or send us a message today.

Adams Insurance & Financial

Get a Quote