Who Should Consider Umbrella Insurance? Identifying Your Risk Factors

If you’re in Harrison, AR, and considering an umbrella insurance policy, Foresee General Insurance Agency Inc. can help you find the right coverage for your needs. It’s important to understand how umbrella coverage can protect you and whether you have significant risk factors that make this type of policy a smart choice. Most people can benefit from the added protection of umbrella insurance, which also provides increased peace of mind.

Low Limits on Your Existing Policies

One key reason to consider umbrella coverage is if your home, auto, or other insurance policies have low limits. These limits can be quickly reached or exceeded in the event of a claim, leaving you responsible for the uncovered portion of another party’s claim against you. Umbrella insurance steps in where your other policy limits end, providing ongoing protection and reducing financial risk.

High Assets or Complex Situations

Another factor that increases the need for an umbrella policy is having significant assets to protect or being involved in personal or professional activities that raise the likelihood of a claim against you. If you fall into these categories, it’s crucial to work with one of our agents to find the best options for your needs. Understanding what an umbrella policy covers and what it doesn’t is essential to ensure you’re fully protected.

Work With an Agent for Expert Guidance

Contact us today at Foresee General Insurance Agency Inc. if you’re in Harrison, AR, and exploring umbrella insurance options. Whether you’re looking for a new policy, need updates to an existing one, or simply have questions, our dedicated insurance agents are here to assist you.

Who Offers Flood Insurance and Which is Better?

Flood insurance is available through the National Flood Insurance Program (NFIP) and private insurance companies. Considering the changing weather patterns that are making previously dry areas more prone to flooding, it’s wise to consider a flood insurance policy. At Foresee General Insurance Agency Inc. in Harrison, AR, we’re committed to helping you safeguard your home or business from water damage with a policy that suits your needs.

Purchasing a Policy From the NFIP

The NFIP, managed by FEMA, provides coverage through over 50 private companies. When you secure a flood insurance policy from the NFIP, you can be confident that you’re obtaining a comprehensive flood policy that adheres to specific standards. The federal government supports the policy by funding claims and setting a standard for restoration. The insurer ensures that the claim money is distributed correctly and that the restoration work is carried out properly.

Should You Opt for Flood Insurance From a Private Insurer?

Many private insurance companies offer flood insurance, which can sometimes be less expensive than the NFIP. Private insurers also offer more flexibility in terms of the types of clauses that can be included in a policy. Another advantage of this type of policy is that private insurers are legally required to write policies that meet NFIP minimum requirements, and they often surpass them in terms of maximum limits.

Contact Foresee General Insurance Agency to Learn About Home Insurance

At Foresee General Insurance Agency Inc., we’re well-versed in the coverage provided by private insurers and the NFIP. We’re here to guide you through your options, determine which type of coverage is better, and help you secure a policy that fits your needs. Contact us today to speak to an agent and begin the process of protecting your home and property from disaster.

At What Age Should You Think About Acquiring Life Insurance?

Most people don’t think about life insurance until a major event or a significant birthday occurs, which makes them consider what might happen if they are not around. Life insurance was designed to provide funds for family members and other needs in the event of your passing. At Foresee General Insurance Agency Inc. in Harrison, AR, we help individuals acquire insurance for unexpected future events.

When Should You Acquire Life Insurance?

Individuals in their 20s and 30s often feel they don’t need life insurance, but these are the years they start families and acquire debts that would require repayment if something happened to them. If you have a mortgage or other types of loans, you may be required to have life insurance. If you own a business, you should have life insurance to provide funds for the continuity of the business. By the age of 50 or 60, the need for life insurance becomes more evident, and many people decide it’s time to talk to an agent to discuss the matter.

Choosing the Right Type of Life Insurance For Your Needs

A term policy is in effect for a fixed amount of time and at a fixed level of benefit. It is usually the most cost-effective way to acquire life insurance. A whole insurance policy is permanently in effect with a fixed level of benefit. A universal policy is permanently in effect but with a flexible benefit. Premiums for these policies vary significantly.

Choose Foresee General Insurance Agency Inc. For Your Life Insurance Policy

You may have questions about the different types of insurance and what level of benefit you need. Our agency provides many types of insurance and can answer your questions in detail. Contact Foresee General Insurance Agency Inc. in Harrison, AR, today for a no-obligation quote on life insurance to protect your loved ones in the future.

Umbrella Insurance FAQs

Have you heard of umbrella insurance? Do you have questions about it? We offer umbrella insurance at Foresee General Insurance Agency Inc. in Harrison, AR. Today, we are here to answer your questions. 

What Does Umbrella Insurance Cover?

Umbrella insurance covers personal liability that exceeds the limits of your home and auto policy coverage limits. For example, if you are responsible for a million-dollar auto accident, your auto policy may cover $250,000 or $500,000. The umbrella policy would cover the rest. 

It also covers things that aren’t covered by your standard policies. These include slander, libel, wrongful eviction, wrongful entry, and invasion of privacy. 

What are the Coverage Limits for an Umbrella Policy?

Umbrella coverage is typically sold in increments of $1 million up to $5 million. Some policies may go up to $10 or $20 million. 

Is My Family Covered as Well? 

Umbrella policies typically offer coverage for household members, including spouses and children. However, the coverage provided may vary depending on the policy. 

Do I Need Umbrella Insurance? 

Today, everyone should consider umbrella insurance. If you are responsible for an accident that causes major damage to someone’s property or serious injury, you may be faced with an expensive liability claim. A personal umbrella policy will give you peace of mind and protect your financial security. 

How Much Umbrella Insurance Do I Need? 

Generally, you should have umbrella coverage equal to or greater than your assets. If you have $1 million or less in assets, you should have a $1 million umbrella policy. If your assets are greater than $1 million, consider more coverage. 

Umbrella Insurance at Foresee General Insurance Agency Inc.

If you need umbrella insurance in Harrison, AR, contact Foresee General Insurance Agency Inc. Our agents are here to discuss your needs and help you select the best policy. 

Three Reasons to Get Flood Insurance

When you’re buying a home, one of the things that you must consider is whether to get insurance. If you live in an area that’s at risk of flooding, you’ll have to decide whether to get flood insurance.

At Foresee General Insurance Agency Inc., servicing Harrison, AR, we help homeowners and home buyers find flood insurance for their needs. Below are three reasons you may want flood insurance for your home. 

1. Standard Home Insurance Doesn’t Cover Floods

Home insurance covers a variety of perils, including fire, vandalism, lightning strikes, and wind damage. However, standard home insurance policies don’t cover damage from flood. If you don’t have flood insurance and your home is damaged by flood water, you’ll have to pay for your repairs out of pocket. 

2. Flood Recovery Is Expensive

Flood recovery can be extensive and expensive. When water seeps into a home, it has very little time to dry out before it can grow mold. In addition, flood water is toxic and can cause extensive damage even after dries. In other words, many things that are touched by floodwaters are ruined by them, and that means making repairs and replacements can be costly. 

3. Your Lender May require Flood Insurance

If you’re getting a mortgage for a home in a Special Flood Hazard Area, your lender will most likely require you to get flood insurance to protect your investment. This protects the bank and the buyer since it helps ensure that if the home is damaged in the flood, repairing it is more affordable. 

Do you think you need flood insurance? Contact Foresee General Insurance Agency Inc., servicing Harrison, AR, to get started. 

Condo Insurance Coverage Add-Ons You May Need

Condo insurance add-ons are enhancements that may fill in potential gaps. Review the add-ons below. These are just some coverage types you may benefit from purchasing.

Land and Shrub

If you are responsible for landscaping your property, the landscaping materials you purchase can be added to your condo insurance policy. For instance, the coverage would protect the plants from damage or theft if you own shrubs.

Medical Expenses

Medical expenses covered through an add-on product will prevent you from being liable for injuries at your condo. This add-on will pay for the medical products or services you need while residing in your condo.

Utilities

If you are responsible for installing and maintaining utilities, an add-on that protects them will cover the cost of repairing or replacing the original materials.

Limited Replacement Cost

A limited replacement cost add-on will protect your investments. This type of coverage will ensure that your possessions do not depreciate in value.

Instead, you will receive the fair market value of any possessions that are damaged or stolen from your condo. If you own a lot of valuables, you may benefit significantly by purchasing a limited replacement cost policy.

Refrigerated Products

An add-on that covers refrigerated products will protect against loss that occurs if you can’t keep perishables refrigerated. If you cannot refrigerate your food, the food that was originally in the refrigerator will be covered by your condo insurance add-on.

Contact Foresee General Insurance Agency Inc.

Contact one of our Foresee General Insurance Agency Inc. agents. An agent who serves the Harrison, AR region will tell you about condo insurance policies and add-ons that you qualify for.

Life Insurance. How Much is Enough?

If you are considering life insurance, now is a great time. Rates generally increase with age and deteriorating health. At Foresee General Insurance Agency Inc., we serve the Harrison, AR, area with various life insurance products to help you achieve your goals.

But when it comes to life insurance, how much is enough?

What Are Your Responsibilities?

The greater your financial responsibilities, the greater the need for life insurance. Do you have a mortgage, car payments, credit card debts, and personal loans? Do you have a business? Do you want your family to maintain its lifestyle and provide for a college education?

As you can see, the amount of life insurance you need can add up quickly. This doesn’t even include final expenses, which can easily exceed $10,000.

Do You Have Significant Assets?

Owning significant assets, having a large investment portfolio, and having savings can reduce the need for life insurance. However, keep in mind that you may want these assets passed on to your children and loved ones.

What Can You Affordable?

Of course, it will still likely come down to how much life insurance you can afford. This is where our team can help.

Contact Us for a Quote Today

We invite you to contact us at Foresee General Life Insurance Agency to discuss your needs, goals, and life insurance options. We can quote a variety of plans to best suit your budget. Even if you may not be able to get everything you want, you can start building your insurance program today. Contact us at Foresee General Insurance Agency Inc. of Harrison, AR, and get started today.

What You Need To Know About Umbrella Insurance

Understanding the different types of insurance coverage available is essential to make smart insurance choices. Here at Foresee General Insurance Agency Inc., serving Harrison, AR, we are committed to helping our clients develop a good insurance education. Keep reading to learn more about umbrella insurance. 

Umbrella Coverage

Umbrella coverage is a special type of insurance policy designed to provide coverage when other insurance policies are exhausted. This type of insurance can help you avoid costly liability expenses that could put you in a vulnerable financial situation. 

Policy Exhaustion

In the insurance industry, policy exhaustion refers to a policy reaching its payout limit. Each type of insurance policy you might purchase will have a limit on how much the policy will pay in a claim event. When the policy has paid this amount, the policy has been exhausted. If this happens and there are still expenses left to be paid, those expenses would be the individual’s responsibility. 

Financial Vulnerability 

If an individual faces a considerable amount of out-of-pocket liability expenses, it could place them financially vulnerable. This could be detrimental to their financial security in the short term as well as the long term. 

Umbrella Protection 

When an umbrella policy is in place, it can kick in to pay remaining expenses if another policy has been exhausted.

Umbrella insurance is recommended for people with many assets they want to protect from liability, as well as for people involved in high-risk occupations or hobbies. It can also benefit people who conduct activities on their own property that could be considered high-risk as well. Anyone can benefit, though, from this extra layer of protection.   

Contact us at Foresee General Insurance Agency Inc., serving Harrison, AR, and the surrounding areas to learn more. 

Do I need flood insurance in addition to my homeowner’s policy?

Do you live in an area prone to flooding in Harrison, AR?

If so, there is a chance that your homeowner’s policy won’t cover damage caused by floods. Flood insurance from Foresee General Insurance Agency Inc. is essential to protect your home and assets in the event of a flood. Even if you don’t live in a high-risk area, consider obtaining flood insurance, as it can provide peace of mind should the unexpected occur. 

Most standard homeowner’s insurance policies do not cover flood damage, and even if coverage did exist, it would likely not be enough to indemnify the property owner against losses fully. To be adequately protected against flooding, homeowners must purchase a separate flood insurance policy from the National Flood Insurance Program (NFIP). The NFIP provides different levels of coverage for buildings and their contents, allowing homeowners to choose the protection that best suits their needs.

It is important to note that most flood insurance policies have a waiting period before they become active, and there may also be deductibles associated with the coverage. When purchasing flood insurance, ensure you understand these terms and conditions thoroughly before committing yourself. 

If you live in an area prone to flooding or are worried about potential damage from floods in the future, it is highly recommended that you obtain an additional flood insurance policy alongside your existing homeowner’s policy. This will ensure complete protection against any losses incurred due to flooding events.

For more information, call us at Foresee General Insurance Agency Inc. today. We proudly serve the Harrison, AR area and gladly assist you.

Types of Life Insurance – All You Need To Know

You probably do not want to think about life insurance. However, we all have loved ones and never know what can happen. Therefore, we want to ensure that the people we love are financially secure and protected if something happens to us. For this reason, it is worth getting life insurance that provides proper financial protection. 

If you are currently shopping for life insurance, you should know about its two main types:

What Are The Types of Life Insurance?

Here are the two main types of life insurance to choose from:

  • Term life insurance- This type of life insurance is valid for a limited amount of time. Term lengths are different but are not longer than 30 years. Every time the term period ends, you can renew the policy. However, every renewal usually increases the premium.
  • Permanent life insurance- This life insurance type lasts your lifetime, meaning that it does not expire. However, you should know that permanent life insurance is always more expensive than term life insurance. In addition, this type often includes a cash value component.

Foresee General Insurance Agency Inc. – Serving Clients in Harrison, AR

If you live in Harrison, AR, or any other nearby town, and you are shopping for life insurance, do not look any further and contact Foresee General Insurance Agency Inc. Our experienced and knowledgeable agents will help you choose the best insurance policy based on your preferences and insurance needs. They will answer all the questions you may have. You are welcome to check out the website or give us a call at any time.