How Much Life Insurance Do I Need?

If you are in the market to purchase life insurance, you will need to find out just how much you need to protect your family from financial loss if something should happen to you. The agents at State Insurance Solutions work with residents of Arlington, TX to evaluate their family’s needs and find the right type of life insurance policy that will provide adequate coverage to help them maintain their family’s lifestyle and pay off any outstanding debts.

Maintain Your Family’s Lifestyle

Maintaining your family’s current lifestyle is important. You want to provide them with enough money to maintain their lifestyle for at least two to three years, possibly longer. If your children are grown and living outside of your home, your main goal should be to make sure your spouse is as financially secure as possible. 

Pay Off Your Debts

In addition to maintaining your family’s way of life, you also want to have enough life insurance money to cover any outstanding debts you may owe. Paying off your debts will eliminate most of the stress of trying to maintain a certain type of lifestyle. If the debts are paid off, your family will not have to worry about making any future payments.

If you want to protect your family from financial loss after you pass away, talk to the agents of State Insurance Solutions. They can help the residents of Arlington, TX evaluate their cost of living and fit them with a policy that will meet or exceed those needs if something were to happen to you. Call and schedule an evaluation with one of their agents so you can protect your family!

 

Do the size of your business determine the type of commercial insurance coverage you should buy in Arlington TX?

A business, just like a baby, takes time to grow and each develops at an unprecedented pace. Matter of fact, a company, can take years to at least break even, and the owner has to seek ways to cut costs continually. Despite the challenges entrepreneurs face in the teething stages, some advantages accrue to owners of small businesses in Arlington, TX.

In most states, small businesses have to take up specific insurance covers. However, Texas offers unique insurance solutions, among which is the exemption of small businesses to have special covers. In spite of this, a company should consult a knowledgeable agent to offer advice since you will need information to purchase the right kind of protection as your business changes.

Furthermore, Texas law requires certain types of commercial insurance for businesses operating within the state. While others are optional, some industries warrant them though they may also be necessary for other situations. Therefore, any costs you incur will depend on not just the size of the business you are running, but also the industry under which it falls. As your company expands, your limits of insurance will also increase.

Getting a reliable insurance company to partner with you in your entrepreneurship can be an uphill task. At State Insurance Solutions, we understand your plight and provide insurance coverages for the business. We go a step further to advice you on the cover most suitable, depending on the size of your business.

As an insurance agency serving Arlington, TX residents, we aim to offer the best for our clients. We make serving our customers a priority and provide excellent customer service. You are welcome to visit State Insurance Solutions and learn more about our services. Run your business without fear by letting us protect your investment.

Using Umbrella Insurance During Estate Planning to Protect Your Assets

Umbrella insurance provides additional auto, legal and home insurance for estate planning. It helps you protect your beneficiaries against lawsuits and losses above your regular insurance policies. Ask your State Insurance Solutions professional what coverage you need to protect your interests in Arlington, TX.

What’s an Umbrella Policy?

An umbrella policy is an additional layer of insurance that kicks in if your homeowners or auto policy limit has reached is exceeded. For example, if your house guest falls or your dog bites the neighbor, the medical and legal costs may exceed your homeowner’s policy. In this case, for covered events, umbrella insurance kicks in. The same goes for legal costs from a judgment against you. However, even if you win a court case, the legal expenses can lead to financial ruin. Luckily, umbrella insurance has you covered.

What’s Covered? 

When you experience a loss, your homeowners or auto insurance is tapped first to pay the claim. If you exhaust your coverage in those policies, your umbrella bridges the gap. Every policy is set up differently, so you have to select the coverage that benefits you the most. However, a typical umbrella policy covers: 

  • injury to others, including house guests or other motorists.
  • property damage, including your vehicles, home and other assets
  • legal cost to defend yourself in a lawsuit
  • any settlements or payments you are ordered to pay

Use umbrella insurance to protect your survivors and assets from these types of losses.

Who Needs Umbrella Insurance?

Just about everyone should consider his or her need for an umbrella insurance policy. Consult your representative at State Insurance Solutions today to find out which types of coverage would best suit your family. You can also make an appointment to come in for a free quote.

 

 

Will Your Boat Insurance Cover the Cost of Towing and Repairs?

Texans are known for our love of lakes and spending as much time as possible out on the water, but does insurance policy provide the coverage that you need? State Insurance Solutions in Arlington, TX can help you find the policy that provides the right coverage for you and your boat.

Comprehensive Boat Insurance is the Way to Go!

Many owners opt to have the minimum amount of boat insurance possible, which can leave them open to unnecessary stress and confusion. If you own a boat, we recommend comprehensive coverage that protects both your watercraft and yourself. A policy that includes coverage for towing and repair costs can help you to overcome a potentially expensive and stressful situation.

Imagine that your boat malfunctions and you are stuck in the middle of a lake. Now consider the out-of-pocket expense for the towing and repair services. With a comprehensive policy, you will know that your insurance company will be with you every step of the way. Working with a full-service agency offers the advantage of having an ally in your corner in the event that something goes wrong. A comprehensive policy will cover theft and damage to your boat, as well as liability.

Are You Concerned that Your Boat Insurance Coverage May Be Inadequate?

Having the right boat insurance policy in place can provide you with increased peace of mind when you are out on the water. If you are interested in learning more about the options that are available to you, it’s time to meet with one of our professional agents. We can walk you through your options when it comes to protecting your boat in the greater Arlington, TX area, call or stop by State Insurance Solutions today to learn more!

What is the Difference Between Term Life Insurance and Whole Life Insurance?

When considering life insurance, one of the factors, which comes up right away, is the difference between term life insurance and whole life insurance. To fully understand how the right kind of life insurance can give you peace of mind, it is good to have a discussion about the details with your insurance agent at State Insurance Solutions serving Arlington, TX and the surrounding areas. Here are some of the basics that help in understanding the differences.

Investment Qualities

Term life insurance is for a specific period, such as five or ten years. Whole life insurance is generally designed to be held for the entire life of the person being insured. Whole life insurance has some investment qualities such as building cash value over time, which can be borrowed against or used to pay premiums in the policy’s later years. Moreover, when enough insurance premiums have been paid, a whole life policy may achieve a “paid up” status. This means no further premiums need to be paid for the policy to pay out its full value to the beneficiaries upon a person’s death.

Timely Needs

Depending on a person’s life path, term life insurance may be a good choice. For example, if a parent wants to provide life insurance protection for their children only until they reach a certain age, term life insurance may be a good choice. Term life insurance can provide coverage for this date-certain period. It can be set up to expire when the expectation is that there will be less need to provide financial support for the children at some point in the future.

Other Life Insurance Solutions

There are other forms of life insurance to consider that have a mixture of characteristics, including universal life, variable life, equity indexed life, and more. Each type of policy is designed specifically to address certain requirements and goals. This is why it is so important to talk with your insurance agent at State Insurance Solutions serving Arlington, TX to find the life insurance solutions that provide adequate coverage for your needs. Schedule an appoint for an insurance review with your agent or call for a quote.

What are the advantages of commercial property insurance?

State Insurance Solutions knows running a business gets complicated, especially when you’re starting out and handling it all alone. Let us make it easier by explaining one vital need whether you’re located in Arlington, TX or Kalamazoo, MI – commercial property insurance.

Commercial Property Insurance Explained

Commercial property policies cover the business – structure and/or its business property contents. You can add extras to your policy, referred to as "additional coverage," that cover specific items. A basic commercial property policy insures the building that houses your business if you own it. If you lease or rent it from another person or entity, the structural coverage occurs under their policy. If you rent your office space, you still need a policy to cover what the insurance industry refers to as business personal property (BPP).

What Commercial Property Insurance Covers

The structural aspects of these policies protect from damage or loss to the exterior, interior or whole of the structure. That means if a tornado blows through Arlington TX and tears off part of your building’s roof, your insurance policy covers the damage. Similarly, if a kitchen fire in your break room damages the countertops and built-in cabinets, this type of policy covers the damage. It also covers the central heat and air systems, boilers and furnaces. The BPP portion provides protection for carpets, office equipment, office furniture, refrigerators, and safety equipment such as fire extinguishers. It doesn’t cover your employees’ personal effects or items unless you add that extra to your policy.

Commercial Property Insurance Extras

It’s the little extras that make anything truly special. You can tweak your basic commercial property policy to make it unique to you and your business. You can include additional coverage to protect against:

  • construction cost increases,
  • electronic data and files,
  • fire department service charges,
  • pollutant cleanup costs,
  • removal of debris.

For other items, include a "coverage extension" to the structural or BPP aspects. You can extend coverage to newly acquired equipment or furnishings, structures under construction, employees’ and visitors’ personal effects and personal property, property, including store stock, stored off site or outdoors, detached trailers not owned by your firm, valuable business documents, and records.

Visit State Insurance Solutions to learn more about the ins and outs of commercial property insurance. You can protect every aspect of your business. We can help.

Life Insurance Coverage for Different Stages of Life

As life progresses the need for life insurance changes. It is important to have an insurance review with the help of your agent at State Insurance Solutions in Arlington, TX to adjust insurance coverage for new needs. Some of the common reasons for needing adjustment to life insurance include moving out of a parent’s home, getting married or divorced, relocating, joining the military, having a baby or adopting a child, and starting retirement.

Living on Your Own

When a young adult moves out of their parent’s home to start their independent life, this is a great time to also start investing in life insurance. When a young person invests in whole life insurance, it builds cash value over time. The monthly investment is very modest at a young age and this creates a good habit of saving for the future that comes in handy in later years.

Marriage or Divorce

Getting married or getting divorced creates a different need for beneficiaries for a life insurance policy. Even in the sad case of getting divorced, it may be desirable to make any children of the marriage beneficiaries of the life insurance proceeds in order to protect them.

Relocation

Relocation triggers the need for a life insurance review if the new location is more dangerous than the old one.

Joining the Military

There are death benefits paid to survivors for those in military service who lost their lives while on active duty. This is a consideration for adjusting life insurance needs when someone joins the military.

Having a Baby or Adoption

This is one of the most important reasons to increase life insurance coverage. As a responsible parent, you will want your child to be well taken care of if something happens to you.

Retirement

Reaching retirement age is a time for celebration. There may be less pressure to maintain life insurance at high levels for you if the next generation has their own coverage in place. You may wish to shift your investment to help the younger generation with their life insurance policy.

Contact your agent today at State Insurance Solutions in Arlington, TX to update life insurance based on any of these or other life changes.

Renewing Your Auto Insurance Policy? Avoid These Mistakes

Working with a trustworthy insurance agency is key to getting good auto insurance coverage at reasonable costs. At State Insurance Solutions in Arlington, TX, we can help you avoid costly mistakes in purchasing auto insurance that can increase your premium unnecessarily. What are some of the most common mistakes people make when renewing their auto insurance policy?

Not Re-evaluating Their Needs

When renewing car insurance, it’s important to re-evaluate your needs as circumstances may have changed from when you purchased your original policy. If you upgraded your vehicle or use it more often, you may need more coverage to protect you against accidents. Consider the value and use of your vehicle, your driving habits and your budget when renewing your policy to determine the coverage you need.

Not Shopping Around

Auto insurers vary in coverage options and costs. If you don’t shop around, you may get stuck with mediocre coverage from a mediocre company. Research your options, compare insurance packages and costs and look for a company you can trust.

Getting Insufficient Coverage

Insufficient auto liability coverage could leave you liable for paying high medical bills or property damage to others in an accident you cause. Without collision coverage, you’ll also foot the bill for repairs to your car. Unless you’re financially capable of handling these expenses, it’s best to obtain insurance coverage that offers protection for both.

Raising Deductible Too High

You may be tempted to raise your deductible to lower insurance costs. If you choose a deductible that’s higher than what you can reasonably afford to pay for injuries or car repairs in the event of an accident, you’ll suffer financial loss as you’ll have to pay more out of pocket to cover accident costs.

For help selecting the right car insurance package at the right cost, contact us at State Insurance Solutions in Arlington, TX.

Talking to Your Arlington, TX Agent About Commercial Insurance

If you’re operating a business in the Arlington, TX area, you probably need commercial insurance. That way you can protect your business financially, and you can also protect your employees and customers if they are injured while on your property. Not every business will need the same kind of insurance solution, though, so you want to make sure you’re getting what works for your business and situation. By working with an agent at State Insurance Solutions, you can get the information you need to make the right decision about your commercial insurance policy.

For a small, home-based business without customers coming to the door, for example, a commercial policy may not even be necessary. Additionally, an office and a factory will have very different insurance needs. Two offices may also have unique needs, depending on whether they have customers that come onto the premises and what types of services they perform. Retail establishments may need higher liability levels to protect against damaged and broken items. There’s so much to consider with a commercial insurance policy, so working with the right agent is definitely the way to reduce problems and add the right layer of protection.

By reaching out to State Insurance Solutions for your Arlington, TX business needs, you’ll be able to work with a knowledgeable agent who can give you the information you want and need about policy options. Then they can work with you to choose the policy that is going to be right for your business. You should periodically review the coverage with your agent and make adjustments as your needs change, as well. Then you can be sure to have what you need in the way of a good policy that will protect your commercial investment and give you peace of mind.

What Does Your Basic Home Insurance Policy Cover?

Home insurance is something that any homeowner needs to have in place even if they own their home with no mortgage against it. The key is knowing just what your basic policy covers so that you can be sure you are fully protected from anything that may happen. For those in the Arlington, TX area, the agents with State Insurance Solutions can help you create your perfect policy.

So what does a basic policy cover? For starters, it covers damages to the home that are the result of things like unintentional fire, storm damage, ice and snow damage, water damage from burst pipes, theft of property, damage to a property that happens during a break in and more. This type of policy does not cover things that are out of the ordinary for the majority of homeowners like a flood, volcanos, hurricanes, and more.

Your basic policy is going to cover the basics and is going to keep your home and property within the home safe in the event that you have to replace or repair items in the home or the home itself. Your coverage is determined by how expensive your home is, how much you ensure the contents for, and if you add any extra or supplementary policies to help cover things like a flood which may be common in your area but not in others. It is best to take the time to speak with an insurance agent to see just what types of coverage you may need and how much you should cover your home for.

For those in the Arlington, TX area, the agents with State Insurance Solutions can help you find the policy that works for you and that is going to keep you protected no matter wha