How Does Whole Life Protect My Family?

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Whole life policies were created to provide your family with the financial security they need when you can no longer provide for them. In Memphis, TN, local residents have the option to choose between different types of life insurance policies. The agents at Tackett Insurance, Inc. have the information they need to make an informed choice when buying a life insurance policy for themselves.

Provides an Income to Make Up for Losing Yours

A whole life policy will pay the entire face value of the policy upon your death no matter how long you have been paying into it. The rule of thumb is to choose a policy amount that will sustain your family’s current lifestyle for two or three years if you are no longer there to support them. In most cases, this would be three times the amount of your annual income. Although the money will not replace you, it will allow your family to be cared for in your absence.

Offers Long-Term Stability Through Trusts 

If you choose, you can decide on a higher amount so the extra money can be put in trust accounts for your children. This money is set aside and will continue to grow interest. When your children reach a certain age, typically 18 or 21, they can use the funds for college or whatever they choose.

If you’re near Memphis, TN, take a few moments and call the agents of Tackett Insurance, Inc. Each agent understands the sensitive nature of life insurance and caring for your family’s needs. You can get the answers you need by merely making an appointment and talking to an agent. Call today!

Are Pets Covered by Auto Insurance?

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For many, pets are a part of the family, and it’s natural to want such furry family members to live as long and healthy a life as possible. Unfortunately, those lives can be cut short in the event of an auto accident. This is especially true when pets aren’t safely restrained by a seat belt over their body or by a belt connecting their crate to the seat. But even with such safety restraints, a pet may suffer injuries in an auto accident. Tackett insurance, Inc. offers a look at what happens if you are in a car accident with your pet and whether an auto insurance plan will cover your pet:

Are Pets Covered by Auto Insurance?

The answer is that it depends upon who is determined to be at-fault for the accident and what type of insurance coverage you choose.

  • If you are found not at fault. Both the government and insurance companies currently see pets as property. Thus, if someone else is found at-fault of the car accident in which your pet was injured, restitution for your pet’s injuries are likely to be covered under the other person’s property damage (or liability coverage). You will need to file a claim with the other driver’s insurance company (keep all of our receipts), but generally, your pet’s medical expenses will be paid or reimbursed by this policy. 
  • If you are found at fault. If you are deemed at fault for a car accident, then your pet’s injuries sustained by that accident may still be covered, but only if it’s explicitly stated by the policy. Generally, this is a free or cheap add-on to collision or comprehensive auto coverage.

Ask Your Tackett Insurance, Inc. Agent About Pet Coverage

Not sure if your pet is currently covered? Contact our team at Tackett Insurance, Inc. in Memphis, TN today to talk with a friendly team about updating your auto insurance policy. 

Three mistakes small business owners often make when it comes to commercial insurance

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Commercial insurance is essential for growing companies. However, many business owners make big commercial insurance mistakes that detract from the value they get out of their coverage.

At Tackett Insurance, Inc., we offer commercial insurance policies to business owners in Memphis, TN. We recommend that small business owners avoid the following three commercial insurance mistakes. 

Purchasing a policy with liability limits that are low to save money

It’s true that monthly premiums will be lower on policies that offer less liability coverage. However, low liability limits can really create problems for business owners if they need to file a claim. 

Low liability limits mean that a company needs to pay for any expenses over the liability limits out-of-pocket. It’s also important to note that commercial insurance that is required by law should specify how high the liability limits need to be. Business owners must meet any liability limits that are required by law to avoid harsh penalties. 

Overlooking important types of coverage

There are a lot of different types of commercial insurance coverage out there. Business owners need to be aware of all the coverage options to choose the ones they most need for their companies. Some commercial insurance types that are often overlooked include errors and omissions coverage, commercial property insurance, and premises liability coverage. 

Neglecting to update a commercial insurance policy as one’s company changes

As your company grows, it may take on new liabilities and responsibilities. You need to adjust your insurance coverage accordingly. Discuss your insurance coverage with a representative from your commercial insurance provider as your company changes. Make sure your coverage is regularly updated to adjust to changes at your company. 

To explore the policies we offer to Memphis, TN business owners, contact us at Tackett Insurance, Inc.

What Your Renters Insurance will Not Cover

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Your renter’s insurance policy from Tackett Insurance, Inc. is a great investment. It makes sure that if you lose your personal possessions due to fire or theft, they will be replaced. It also helps out with medical bills if somebody has an accident inside your Collierville or Memphis, TN home. However, there are limits to what it can do.

Storage Areas in the Basement

Most renters policies only protect items in your dedicated space–not any kind of common area. If you have a storage bin in the basement or attic of the building, its contents would not likely be protected by your insurance. This is due to the fact that multiple people have access to the area and damage would not be limited just to your items in the event of a disaster or criminal entry.

Common Parking Garages

If your apartment has a garage that is accessible only by your unit, that area would be protected by your policy. If you park in a large shed that houses multiple vehicles from different units, that would not be covered. Any tools or accessories you store in this area may not even be covered by the apartment building complex policy.

Decks and Patios

Finally, your shared deck or patio would also no fall under your single unit policy and that would extend to the furniture, BBQ, or bicycle that you leave there. In order to be covered by most renters’ insurance policies, the deck would need to have a tall fence surrounding it with a locked gate preventing any passersby from causing harm or absconding with your gear.

If you have questions about which areas are considered common in your Memphis, TN apartment building, take the time to speak with both your building manager and your agent at Tackett Insurance, Inc.

Car Safety Rules for New Drivers

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Learning to drive can be fun, but it can also feel overwhelming at times. One thing to keep in mind is that it doesn’t matter how long you have been driving; there are always things you can do to improve your safety and the safety of others on the road. Here are a few tips that Tackett Insurance, Inc. agents in Memphis, TN recommend for new drivers.

Know the Vehicle You’re In

Most people spend at least two or more hours in their vehicles every day. You’ll be spending a lot of time in your car, so you’ll want to make sure that you are comfortable and familiar with everything. Each vehicle has minor differences, and most vehicles are the same when it comes to the main mechanics. For example, the brake, accelerator, and emergency brakes are always in the same place. The turn signals, windshield wiper switch, and other devices may be in a different location on some vehicles. 

Make Adjustments

Minor adjustments can make significant differences whenever you enter a vehicle. First, adjust the seat to your comfort. Your feet should feel good on the brake and accelerator pedals, as well as your hands to the steering wheel. Then, adjust the mirrors. Your right and left side mirrors. The left mirror should be positioned so you can see only part of your vehicle in view.

Avoid Distractions

Focus on driving while you’re driving. If you’re a new driving, you should keep the music down. Pullover to the side of the road or into a parking space if you need to use your phone. Don’t eat or drink to avoid spills, which can lead to distractions.

Near Memphis, TN? Stop in today to see what the associates at Tackett Insurance, Inc. can do for you.

Can You Have Multiple Life Insurance Policies?

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People who want to provide security for loved ones in the event of their unexpected passing, usually choose to purchase a life insurance policy. This type of insurance protection can help with final expenses as well as provide financial support to those individuals for years to come. 

More Than One Life Insurance Policy

Most people consider purchasing a life insurance policy at some point, but what about more than one? In the event the policyholder would prefer to offer additional protection to those beneficiaries, they can purchase multiple policies and have the same individuals to be the beneficiary. This method can offer a greater amount of security to those named as the beneficiary. Individuals who have extensive property care needs and require more upkeep than the ordinary household, for instance, could greatly benefit from this strategy. 

Working With A Knowledgeable Life Insurance Agent

Anyone who plans to make multiple life insurance policy purchases needs to work with an agent who has the experience to help them discover which options work and provide the most coverage. Buying life insurance can be confusing, but when the client works with an agent, the chances of purchasing the most ideal policies greatly increase. Additionally, if there are claims, they can help the beneficiary with the process of document submissions. Residents who live in or around the Memphis, TN area should consult with Tackett Insurance Inc. before making a life insurance policy selection, especially if there is a situation where more than one policy is necessary. 

Don’t guess when it comes to the future security of loved ones. Get the life insurance protection that a licensed, knowledgeable life insurance agent can provide. Call or stop by Tackett Insurance Inc. Providing superior insurance products to the residents of Collierville and Memphis, TN. 

Do You Need Full Coverage Auto Insurance?

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We offer many types of insurance at Tackett Insurance, Inc. in Memphis, TN, including full coverage. Full coverage auto insurance is more expensive than liability insurance, so it’s natural to wonder if you need it. Is saving money with liability only worth the risk?

What is Full Coverage Insurance?

Insurance companies don’t provide insurance packages titled "full coverage". However, full coverage usually means that you have liability insurance plus comprehensive and collision coverage.

In simple terms, liability insurance protects you in case you cause damage to someone else’s vehicle. Most plans also cover medical expenses incurred by the other party due to an accident.

Comprehensive and collision coverage provides protection for your vehicle. If your vehicle is damaged, this type of coverage will pay for the repairs or the cost of your vehicle. Most plans also cover any medical bills you sustain due to an accident. 

Who Needs Full Coverage

If you have a loan on your vehicle, many companies will require you to have full coverage insurance. If the vehicle is totaled in an accident, and you refuse to pay for it, the lien holder won’t recoup much of their money with a destroyed vehicle. Regardless of whether you have a lien on it, full coverage is wise if you have a newer or valuable vehicle. 

The cost of insurance premiums is well worth the peace of mind of knowing that your car will be fixed or you will have the money to replace it in the event of an accident. 

Do Good Drivers Need Full Coverage Insurance?

Everyone is legally required to carry liability insurance, which means if there’s an accident and its the other party’s fault, their insurance should cover the damage. However, even though the law states every vehicle should be insured, not everyone follows it. If someone without insurance hits you, you will need full coverage insurance to cover the damage.

It’s also important to realize that even good drivers can have an accident. If you can’t afford to replace or repair your vehicle in the event an accident occurs, then you need full coverage insurance. 

If you need insurance or would like to see if you have enough coverage for your needs, contact us at Tackett Insurance, Inc. in Memphis, TN. We would be happy to discuss your situation with you and provide you with the right coverage. 

Are weather events covered by home insurance?

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No matter where you live in this country, weather events will be a part of your life. Snow and ice in the north, heat, and wind in the south and mudslides in the west. Weather can cause a lot of damage to your house and if you are to have peace of mind, you must know that you have insurance coverage to protect it. If you live in Oxford, MS you have Tackett Insurance Inc. to offer you advice and to make sure that your home is protected today and into the future.  

One weather event that is almost never covered by traditional home insurance is flooding. In order to have flood coverage, you need to have flood insurance which is a separate policy. Hurricanes are also a weather event that is not covered by every home policy. If you live in an area that is prone to hurricanes, be sure that you talk to your insurance agent and by all means, read your policy carefully so that you understand what is and isn’t covered and what your deductible is. 

In the case of mudslides, they also are not covered as they are considered land movement like an earthquake and earthquakes are not covered. You can, however, get a DIC (difference in conditions) policy that will cover mudslides if they are a risk you face. 

Weather events that are covered are high winds, rain, hail, snow, ice, and sleet. 

Making sure that your home is safe from weather events that are just waiting to cause damage is vital. If you live in the Oxford, MS area why not stop by or give the office of Tackett Insurance Inc, give us a call, or visit our website.  Our experienced staff will be happy to answer your questions and provide a no-obligation quote. 

Things to Look For When Buying Commercial Insurance Policies

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If you run a business in Oxford, MS, you need high-quality commercial insurance coverage to ensure that things go smoothly for your needs. Thankfully, we at Tackett Insurance Inc. have created a simple, but thorough list of what you should consider when purchasing this type of policy for your business.

Limitations

Many types of insurance policies will limit how you use your home or vehicles for business activities. Read through your options to find one that works for you.

Licensing Needs

Make sure that you pay special attention to any licensing needs that your company requires to ensure that you get the proper insurance for your needs.

Lender Desires

Do you have any lenders or landlords involved with your business? If so, talk to them about what kind of coverage they want and expect from you.

Employee Needs

If you have several – or even a handful – of employees at your business, you need to get commercial insurance that covers their needs, including disability and workers’ compensation.

Client Demands

Talk to your clients about the insurance that you purchase to ensure that their rights are protected and to keep yourself from potential lawsuits if they get upset with your services.

Potential Denial

Make sure that your policy explains why denials occur. In some cases, rejection is either accidental or something that can be reversed if you have good evidence.

Liability Demands

If people get injured at your company or as a result of its actions, you need a liability policy to protect you in case somebody tries to sue you due to break of contract or safety hazards.

We Can Help

So if you live in Oxford, MS and you need exceptional commercial insurance, please contact us at Tackett Insurance Inc. to learn more about your options. We’ll sit down with you and work out several policy options that will fit your needs and keep you satisfied with the money that you pay.

Will My Landlord’s Policy Cover My Belongings?

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When you rent versus owning a home, you can save a lot of money. There aren’t that many things to keep up with when you rent. For example, you don’t have to pay for homeowners insurance. But just because your landlord has home insurance, that doesn’t mean you don’t need insurance to protect your belongings in the case of a disaster. While the homeowner’s policy covers the physical dwelling, as a renter, you are responsible to buy your own protection for your valuables. Let a Tackett Insurance Inc. walk you through the details of obtaining renters insurance in Oxford, MS.

Why You Need Renters’ Insurance

Your landlord’s policy doesn’t typically cover your belongings. Instead, you can purchase renters insurance to cover your personal property and other factors.  If your rental home or condo burns down, you would incur a loss for any of your belongings that are lost or destroyed. This doesn’t paint a pretty picture.

Benefits of Renters Insurance Protection

There are many benefits to buying renters insurance to protect you and your guests. Property protection isn’t the only covered item in a renters policy. If you or someone in your home causes accidental damage to another person’s property, your renter’s policy may help you pay for the damages or to replace the item. Also, if a guest in your rental units hurts themselves at a party or event, you won’t have to sweat it if they threaten a lawsuit. Renters insurance can be customized to include liability coverage. The landlord’s insurance policy doesn’t cover any of these examples. 

Make an appointment for a free quote with a qualified Tackett Insurance Inc. agent in Oxford, MS. Let us help you make sure you get the renter’s insurance coverage you need.