First Community Financial Group, Inc. Blog
When the time comes to consider which type of home insurance to buy or how much coverage you need, think twice about just renewing the coverage you currently have. In many situations, your coverage can become ineffective or provide insufficient coverage to meet your needs if a significant issue occurs on the property. Be sure to take a closer look at your home insurance plan to ensure it offers the right level of coverage for your home right now. If it doesn’t, you could face financial loss later when you have to file a claim.
To estimate your insurance needs, consider a home rebuild analysis. This will help you get an accurate idea of what it would cost to rebuild your home at today’s construction costs. Update your home insurance policy to reflect the true cost so that if an event occurs in which your home is at risk of damage, you will have the coverage available to minimize those losses. Update your home insurance policy at least once every year or so to reflect changes in construction costs.
How Can You Ensure You Have Enough Coverage? Determining if there is enough homeowners coverage in place to protect against a significant loss is a considerable undertaking. If your home is impacted by fire or destroyed in a storm, for example, then the amount of damage present can warrant the need to not only replace what you’ve lost, but also to rebuild your property. That is why a home rebuild cost analysis is necessary.
This type of process helps to identify the costs of rebuilding your home, not just covering its value. Rebuilding your home includes coverage for the construction process. With a home rebuild cost analysis, it becomes easy to learn what the true cost of rebuilding your home will be. Unfortunately, most people do not have enough coverage to completely rebuild their homes with no out-of-pocket expenses to them. However, with a home rebuild cost analysis, you can better calculate what that amount of money would be.
It’s also important to consider the replacement value of your home versus the actual cash value. Depreciation can have a significant impact on your actual cash value claim. For example, if your siding needs to be replaced at 15 years old, but it has a 20-year lifespan, you will be expected to cover most of the roof’s cost. Replacement value, on the other hand will cover rebuilding costs, regardless of depreciation. It’s important to take all costs into consideration.
Do you have enough coverage? Contact us for more information on home insurance.
Health insurance can be expensive, and as of 2021, there is no longer a federal requirement that you have to buy health insurance. You will not face fines for not carrying coverage.
Choosing to go uninsured isn’t recommended—and for a good reason. The average cost of health insurance for a single person in the U.S. is around $495 a year (about $41.25 a month), while the average cost for an American family is around $1,779 a year (about $148.25 a month). This may seem expensive, but it’s critical to compare health insurance premiums to the cost benefits you will receive from buying a policy.
The True Cost of Health Care
Getting health insurance is encouraged due to the expensive nature of health care services today. A single hospital stay can cost an average of more than $15,000, this is an expense many are not ready to pay for. While you may be able to schedule payments for expensive medical bills, it isn’t always feasible—especially when added to other everyday medical costs such as medications, check-ups, doctor visits, etc.
Consider just a few of the average costs of common health care services (without insurance):
For example, a single person gets into a car wreck and needs emergency services. They’re transported by ambulance to a hospital and rushed into immediate spinal fusion surgery. Once out of surgery, they not only need to stay in the hospital for a few days to recover, but they will also need prescription medication and physical therapy. On the low side, the victim could be facing a bill of at least $35,000 (on top of recovering physically and emotionally from the incident).
Growing Health Care Costs
Unfortunately, these prices only seem to be growing due to a few factors, such as:
If you have life insurance, then you will name a beneficiary. The beneficiary is the person who will receive the death benefit payout upon your death. You want your life insurance to help your survivors move on financially. However, choosing the right beneficiary might feel like a big challenge, particularly if you are single.
Still, if you are single and are in the process of getting life insurance, you have a lot of freedom to choose the beneficiary who you think will be most capable of settling your final expenses. Choosing a beneficiary for your policy is completely up to you. Still, you should put appropriate thought into naming the right recipient.
Consider how the following individuals might benefit from your policy:
Plus, there are countless other people who you might decide to make beneficiaries on your policy—friends, siblings, business partners or extended relatives. In reality, the decision of who to name as a beneficiary is entirely up to you, and as a single individual, you have a lot of room for leverage.
The choice of beneficiaries is an important part of life insurance decisions. And, it always helps to have more than one listed on the plan (in case the first person cannot accept the funds). Take a few minutes to discuss your needs with your loved ones so you can make the best decision going forward.
Every year during the holidays, people in Texas and the rest of the U.S.A. look for ways to give gifts, not just to family and friends but to those less fortunate. It’s the spirit of the season.
Unfortunately, some of the charities out there don’t help people as fully as they claim – or possibly not at all. As if that weren’t enough, bogus organizations take advantage of people’s goodwill by stealing credit card and bank account information, along with identities, from people who think they’re donating to a legitimate cause.
It doesn’t mean you can’t be generous this holiday season. It just means a little extra caution is in order. Here are four tips for making smart and safe holiday donations:
1. Verify the charity is legitimate.
Sure, the name sounds official and you think your friend mentioned what good work they do. Or does the charity simply have a name similar to another well-known organization? Before you donate, do a little digging.
Enter the charity’s name at Better Business Bureau, Charity Navigator or GuideStar, and, if you feel comfortable after reading about the organization, go ahead and donate. If not, look for another charity that supports the same cause. A good rule of thumb is to look for organizations with 501(c)(3) status.
2. Steer clear of pop-up charities.
A pop-up charity is anything but charitable. These groups spring into action at opportune times, namely when people are feeling generous, such as during the holidays or following a disaster. The so-called charity is actually a scam designed to steal money, credit card numbers, bank account information and identities from unsuspecting donors. If, during your research, you come across an organization that seemingly appeared out of the blue, do not share any of your personal information with it.
3. Be careful with digital donations.
Now that you’ve researched the charity, how do you plan to donate? If it’s online, be sure to type in the website address correctly. Fraudsters put up realistic-looking sites using a URL similar to a well-known charity’s to trick people into donating. But, they’re not donating at all. They’re lining the pockets of thieves.
Once you know you’re on the correct site, check that it’s secure before submitting any credit card information. Simply look for “https” instead of “http” at the beginning of the URL.
Likewise, that email you received from a prominent charity may be a fake. Instead of clicking on a link in an email to donate, go directly to your Web browser and type in the address yourself.
4. Avoid phone and door-to-door solicitors.
If people call or knock on your door out of the blue asking for a contribution to this or that organization, ask them for the charity’s website or mailing address instead of donating right then and there. Even if it’s a charity you’ve heard of, the operation may be a scam. It’s always safer for you to initiate the donation by visiting the charity’s website or mailing in a check. Plus, fundraising over the phone requires a middleman – that agent calling you – who must be paid, reducing the amount of your donation that goes to the charity.
It feels good to be in a giving mood during the holidays. With a little legwork to look into the legitimacy and practices of the charity, your donation will help others feel good too.
At First Community Financial Group, we can work with you to make sure you've got the coverage you need, while at the same time using all possible credits and discounts to make that coverage affordable. Just give us a call at 936-327-4364 or send us a note at email@example.com. We want to help you meet your goals, and make sure what's important to you is protected!
Content provided by Safeco Insurance.
What is professional liability insurance?
Professional liability insurance protects individuals and companies from assuming the full cost of defending a lawsuit that claims negligence of the individual or business. A claim of negligence, malpractice or misrepresentation is not covered under a general liability insurance policy, which makes professional liability insurance crucial for those who provide a service or advice for a fee. Depending on the profession, professional liability insurance may take on different forms and names, like malpractice and E&O insurance.
The number of liability lawsuits against professionals has increased in recent years. Many professionals within a variety of industries are at risk of being sued, whether the charges are valid or unfounded. Such lawsuits can mean financial ruin both professionally and personally, including the loss of cars, homes and careers. Professional liability insurance helps with the financial burden of these events.
Who benefits from professional liability insurance?
Any professional who provides a service, expertise or advice to clients for a fee can benefit from coverage against liability lawsuits. Even with quality employees and risk management practices in place, people still make mistakes. A general liability policy may not cover mistakes that could be made. Professional liability insurance will protect your business and its finances if such an event arises.
Get started today
The agents here at First Community Financial Group will evaluate your business to determine its unique insurance needs and find you the professional liability policy with the necessary coverage. Call us if you have questions or want to get started. We are happy to help you get the protection you need.
Your business would not be able to succeed if the equipment, materials, stock and products that it utilizes were to become compromised. Damage, theft or destruction of property might interrupt your operations and put you in a significant financial bind as you work through the recovery process. Indeed, if the loss of property is too great to bear, then the business might fold.
If you are committed to bracing your business against this threat, then you should consider commercial property insurance to be indispensable. This benefit might be required in some circumstances, but it’s critical to have in all cases. Any business that owns property—which is more or less any business—can benefit from this plan.
What Does Commercial Property Insurance Cover?
A commercial property policy is designed to help you repair assets damaged by unexpected, unavoidable accidents that impact your operations. It might apply to losses stemming from:
This insurance may cover the physical location and all of its contents including decorations, furniture, equipment, products and more. Make sure to speak with your insurance agent to ensure that your business’ valuable assets are covered appropriately.
Do You Need Commercial Property Insurance Without a Physical Location?
The days of the brick-and-mortar business are over, and today you can run a successful enterprise even from the comfort of your own home. However, commercial property insurance remains essential for your operational needs. Indeed, your standard homeowners insurance will not cover commercial property except in very limited cases.
Commercial property insurance can cover items specifically used for your business, whether they are housed in a physical location or in your home. There are property damage risks everywhere, and all of them could impact your operations. You can rely upon your commercial property insurance to help you cover the costs of repairing, replacing or recovering these items so that you can sustain as little of a financial loss as possible in the meantime.
How do I Get the Right Commercial Property Insurance?
In some cases, you will have to buy your commercial property insurance as a stand-alone plan. In others, however, this benefit will come as part of a business owners policy (BOP). BOPs provide several essential commercial benefits, including commercial property insurance, in one place. Therefore, by having your commercial property coverage as part of this plan, you’ll be able to both coordinate your benefits and pay a lower price for your coverage overall.
It is never too soon to consider protecting the physical assets of your business. Keep your eyes peeled, compare quotes and speak to one of our insurance agents about protecting your business’s property with the right coverage.
Increasing healthcare costs have most people concerned about keeping expenses low, even leading some to pass up health insurance because they think they cannot afford it. Under the Affordable Care Act, everyone must purchase healthcare coverage or risk possibly paying a fine to the government. Truth is, even if you have to pinch pennies for a while, you can’t afford to skip health insurance. There’s always a chance you may slip at the pool and break a bone or your child may get burnt while roasting marshmallows at a backyard BBQ.
Even though you need health insurance, there are still ways you can cut back on expenses. Here are some tips to help you save money on your healthcare costs.
Ask for the generic prescription: It’s often just as good as the name brand one, but without the colorful branding and catchy ad jingle. For medications you take regularly, the savings can end up being significant over the course of a year.
Inquire about a cash discount: When you haven’t met your deductible and have to pay out-of-pocket, ask your doctor for a discount for paying in cash. Start the negotiations by offering to pay 50 percent of your bill; you’ll be surprised at how well this can work in some cases.
Give up unhealthy habits: People who smoke, drink or live a sedentary lifestyle usually have more illnesses and long-term diseases. By changing your lifestyle, you’re less likely to make frequent trips to the doctor.
Beef up your Health Savings Account:?Putting money in a Health Savings Account offers you a triple tax break. Contributions lower your taxable income, they grow tax-deferred and can be used tax-free for medical expenses. Find out if you’re eligible for a Health Savings Account, and if so, open one and start contributing each year.
Get regular checkups: Catching diseases or health problems early on is a key factor in treatment and regaining your good health. No matter how busy you are or how much you dislike the doctor’s office, stay current on your checkups.
Lose weight:? With more than a third of Americans obese, many people could stand to lose a few pounds. Even shedding as little as 10 percent of your body weight helps you stay healthier and cut your risk for many diseases.
Need healthcare coverage? Want more tips on saving in regards to healthcare? Your independent insurance agent is here to help!
We’ll help you find the right coverage. Call First Community Financial Group today to get started on the right health care policy for you.
Welcome to our new insurance agency blog!
This is our very first post. We're not quite sure what we're going to write about here, but the plan is to create helpful content for customers and prospective clients about information that is relevant to you.
We hope you'll come to view this as a top resource for keeping your family and your finances safe.
Here are a few of the topics we may be writing about: