Why you need an umbrella!

Why would you need an umbrella liability policy? Let’s say that you have worked long and hard for the last twenty years, saved some money that you wish to use toward your child’s education and your retirement. Along the way, you have purchased a nice house in a good neighborhood. Your children both earn good grades in school and have an excellent shot at getting into a good college.

Then one day, on the way home from work you are thinking about something that happened that day, and you fail to stop for a stop sign. This results in your colliding with a car and killing a mother of three children. What now?

Your insurance company pays the limits of your auto policy, but your homeowner policy offers no protection in this case. Now, all of those plans you had about your kids' college education and your possible retirement are at risk, as well as everything else you own.

If you think you'll never do something like this, do you have teenage drivers in your family?  Are you aware that while they only represent approximately 14% of licensed drivers they cause 28% of fatality accidents? If you're a parent of a teen driver, you want to do everything possible to protect their future and yours.

An umbrella policy provides worldwide liability coverage over and above that provided in your home and auto policies. Additionally, the umbrella policy will provide for legal defense costs.

Once your auto or homeowner liability limit is exhausted, the umbrella policy’s protection will kick in to provide you additional coverage. Umbrella policies most frequently carry a $1 million limit, with higher limits available. The best thing is, the umbrella liability policy premium is very reasonable.

Give us a call at 888-327-2663 or email us insure@farconeinsurance.com and we will be glad to discuss your options, coverage and pricing to find the best protection for you and your family.

5 Common Auto Insurance Claims

Auto insurance claims aren’t typically due to nasty weather, hectic rush-hour
accidents or the occasional wayward tree branch. In reality, there are five
different incidents that make up the majority of auto insurance claims and
unfortunately, many of them are based on common, everyday events.

Parking lot damage: That wayward cart in the parking lot of your favorite
supermarket? You might want to make sure it’s corralled before you do your
weekly shopping because damage that occurs in parking lots is a relatively
common cause for auto insurance claims. But it’s not just errant carts causing
a ruckus; people who park too close and nick your car door with theirs are also
to blame. Park as far away from other cars as possible and you are likely to
avoid this type of damage.

Windshield Cracks: As you’re driving each day all manner of debris can come
pummeling toward your car windshield. Rocks hitting windshields and cracking or
shattering them is quite common. While there is no real way to avoid this as you
drive, you can at least make sure your driveway is clear so there is one less place
for you to incur this kind of damage.

Vandalism: Vandals can come in all shapes and sizes. From little kids keying your
car on a dare to adults enjoying the creation of mayhem, the chance that your car
will get vandalized is high. Car alarms that trigger when someone gets too close
can help—but parking your car in an enclosed space, like a garage, is the ultimate
protection.

Rear-End Collisions: No matter how careful you are, if the person behind you is
following too closely or is not paying attention to the road, then you could get hit
from behind. Or if you aren’t paying attention while you drive, it could be you that
does the hitting. While this is one of the most common types of auto claim incidents,
it can be easily avoided if you maintain a safe distance from the cars in front
of you; make sure your brake lights are working, and pay attention to the road.

Theft: Whether you have one of those vehicles that is very attractive to thieves or
you have just a regular old car, there’s every possibility that it might be stolen by
professional thieves or kids looking for a joyride. To help avoid the likelihood that
you will have an auto insurance claim due to the theft of a vehicle, be sure to always
lock your doors, park under streetlights when possible, and invest in an anti-theft
device like a car alarm or steering wheel clamp.

The next time you are in the market for an auto insurance policy, consider the types
of risk you and your automobile are exposed to each day and then, instead of buying
insurance because your state says you must, buy insurance that will actually protect
you from those risks. That is the only way to ensure that you have the coverage you
need and your family deserves.

5 Life Insurance Myths

September is Life Insurance Awareness month so I thought that this would be a good time to talk about the 5 Life Insurance Myths that most people believe in. When people talk about life insurance, it seems to cause a great deal of apprehension and confusion. Unfortunately, the common myths surrounding coverage result in too many people waiting too long to buy or not buying at all. Clearing up these myths may hopefully help you get the right coverage at the right price and at the right time in your life.

Myth #1: There’s no reason to buy life insurance when you’re young.

Many people believe they should wait until they have large debts to cover or dependents to provide for before purchasing a life insurance policy. The truth is there are many reasons to acquire life insurance at a young age. If you provide financial support for aging parents or siblings, you may want to consider it. It may also be appropriate if you have substantial debt you wouldn’t want to pass on to surviving family members if you were to die prematurely. Other types of insurance are a must, even for single people. If you borrow money to buy your car, the lender will require you to purchase at least some insurance to protect your investment, and if you buy life insurance when you are young, it will mean lower premiums.

Myth #2: No-medical exam life insurance is the best choice.

While it may be a good choice for some, those who are in good health would do well to consider a traditional policy. The health exam might take a little more time, but taking that time can mean qualifying for much lower rates. Traditionally underwritten policies also offer more options in terms of policy length and coverage amounts, letting the buyer choose what they really need.

Myth #3: Buyers need to choose between term and permanent insurance.

These are the two main types of life insurance, and choosing between them can be difficult. Term life insurance, the most affordable type of insurance when initially purchased, is designed to meet temporary needs. It provides protection for a specific period of time (the “term”) and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.

Permanent life insurance, by contrast, provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid at your death. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.

It’s impossible to say which type of life insurance is better because the kind of coverage that’s right for you depends on your unique circumstances and financial goals. Often, a combination of term and permanent insurance is the right solution.

Myth #4: Life insurance is expensive.

There are so many options for life insurance today that it can be affordable for just about anyone. The key is to shop around and to obtain life insurance as soon as possible—the older you are, the higher the premium is likely to be. Term life insurance policies are surprisingly affordable, and provide the coverage when it is most needed.

Myth #5. Life insurance isn’t available to senior citizens.

Many companies provide life insurance to seniors. Seniors who lose work-related coverage as they retire may be at a loss to provide for final expenses, but they can get coverage at affordable rates, and those who are continuing to work may still need life insurance to cover lost earnings when they die.

There are 95 million Americans that have no life insurance, many because they don’t understand the need or are confused about their ability to qualify. The truth behind the life insurance myths is that most people do need life insurance, and it is easier and more affordable to obtain than most people think. Don’t procrastinate. Do the research and make the decision to buy your life insurance today