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Why Dwelling Fire Insurance Is More Important Than You Think

fire

Most people don’t like spending extra money, which means sometimes they skimp on insurance coverage. This may not seem like a big problem, but if you don’t have the right amount of insurance coverage, you’re running a huge risk.

One coverage option that you shouldn’t neglect is dwelling fire insurance. Here’s what you should know about this insurance policy.

What is Dwelling Fire Insurance?

Dwelling fire insurance is coverage designed to protect properties that are not owner occupied. It provides coverage for the home, garage, and other structures on the property like sheds if there is a fire.

How Much Danger Are You In Without This Coverage?

According to the National Fire Protection Association, there were 369,500 home fires in 2013 alone. These fires resulted in a whopping $6.8 billion in damages (and that number doesn’t account for indirect losses such as business interruption).

As you can see from the numbers, home fires, unfortunately, are relatively common and incredibly costly. If you own multiple properties and rent them out as part of your business, you could lose millions of dollars in investments and future business opportunities. Without the right insurance coverage, you could have serious trouble rebuilding your business or regaining your investment.

What Protection Does A Dwelling Fire Insurance Policy Provide?

Dwelling fire insurance policies are designed to protect the structure of the home as well as other structures on the property. It does not cover personal property inside the home.

If you are a landlord, it is essential to invest in dwelling fire insurance, but you should also require your tenants to carry a renters insurance policy that protects their belongings in the event of a fire.

Who Needs Dwelling Fire Insurance?

Dwelling fire insurance is particularly valuable for landlords because the properties they own represent not only a major investment, but in some cases, a major source of income.

When someone else loses their home, it can be devastating, but they still have a job. Without this coverage, landlords could lose their investment properties in addition to losing their job and main source of income.

Landlords should also invest in this insurance policy because they may have a greater risk of losing a property to a home fire. Even if the tenants are responsible, most tenants do not care for a home they are renting the way they would care for a home they own. They may be more likely to leave the stove on, ignore problems with wiring, or forget to tell the landlord about a clogged filter or vent. This can result in more risk for home fires.

If you are not a landlord, but you still own property that you don’t reside in (such as a vacation home) you should still check with your insurance agency and determine what kind of additional coverage you need.

Don’t risk losing your major investments or your source of regular income. Invest in dwelling fire insurance today.

To learn more about insurance coverage options, and dwelling fire insurance in particular, visit Heuer Insurance.

 

 

Choosing the Right Life Insurance For Your Lifestyle

buying life insurance

Purchasing life insurance can be one of the biggest, most valuable investments you make. Life insurance is more than just a plan: it’s a means of stability for your loved ones in the event you pass away. However, with seemingly endless life insurance policies, how are you ever to choose the plan that best fits your wants and needs?

 

Heuer Insurance Agency offers six different, reliable life insurance plans in order to cater to the individual needs of people with varied lifestyles. Contact our friendly agents today to get started on a plan that works for you.

1.     Term Life Insurance

 

Term life insurance offers coverage at a fixed premium for a specific period of time – typically 5, 10, 15, 20, 25 and 30 years. If the client passes away during the term, the death benefits are paid to the beneficiary. On the other hand, if the term expires while the client is still living, they must either forego coverage or continue coverage at an increased premium.

 

Term insurance can be used for protection like mortgage protection, buy/sell situations and business partnerships, and are typically used as a means of saving money while also providing a death benefit.

2.     Return of Premium Life Insurance

 

Similar to term life insurance, return of premium life insurance is a policy that is carried for a fixed premium over a specific period of time – typically 10, 15, 20, 25 or 35 years. Unlike term life insurance, however, a return of premium life insurance policy will provide you with a return on your premiums if the death benefit is not paid out. This policy is ideal for individuals who are looking for affordable life insurance that will offer you a return.

 

If the death benefit is not paid out by the time the term expires, the premium you’ve paid over the term will be returned to you minus a small compensation percentage. Reasons to invest in a return of premium policy include:

 

  • It encourages disciplined savings
  • It provides affordable coverage with the chance of a return on your investment
  • It offers a high death benefit with an affordable premium

 

Though the policy as a whole is relatively affordable, it does carry a higher premium due to the fact that you’ll potentially get a return on your investment.

3.     Universal Life Insurance

 

Heuer Insurance Agency’s universal life insurance includes a unique savings element that grows on a tax-deferred basis.  This policy insures that you’ll receive a certain minimum return on your investment because a portion of your premiums are used to invest in bonds, mortgages and money market funds.

 

This policy also offers a no-lapse guarantee, meaning you’ll pay the same fixed premium until age 121. Some benefits of a universal life insurance policy include:

 

  • A flexible or structured payment system
  • Flexible death benefits
  • Permanent, never-terminating coverage
  • The policy builds cash value
  • There is no pre-payment penalty

 

This policy offers you the freedom to adjust the benefits as your needs and lifestyle change and you can also control the amount you pay in premiums, making this an ideal policy for individuals who might have changes or difficulties in payment availability.

4.     Key Man Life Insurance

This specific policy provides coverage to an employer or company that suffers from the death of a vital employee. Whether this is a manager, co-owner, owner or other, a key man life insurance policy can be used to pay for the costs required to find a qualified individual to fill the key position. Unfortunately, this is not a policy many companies consider until it is too late.

 

Key man life insurance can cover things like the loss of sales or revenue, the cost of hiring interim staff until a permanent, qualified replacement is hired, and it can cover the costs associated with hiring and training the new employee. Talk with one of our brokers today to discuss the benefits a key man life insurance policy could have for your business.

5.     Fixed Annuities

 

Fixed annuities pay a guaranteed interest rate for an allotted time period.  They also typically offer higher interest rates than banks, very low investment minimums and are commonly appealing to investors or individuals who are suspect of the volatility of the stock market. Some of the main factors involved in a fixed annuity plan are:

 

  • Fixed annuity rates are either deferred or immediate. Deferred annuities accumulate regular rates of interest while immediate annuities are payments determined by your age and the size of your annuity.
  • Convenience and predictability of the set payout makes a fixed annuity plan popular for individuals who want a steady, known income that can act as or supplement other income, like retirement.

6.     Single Premium Life Insurance

 

A single premium life insurance policy is essentially a modified version of a whole life insurance policy. With up front payment and one large lump sum payment, this insurance policy is beneficial for individuals who’ve accumulated a large sum of money in which they want to invest in a life insurance policy.

 

Your entire investment immediately begins to earn interest, leading to fast value cash accumulation. This tax-deferred plan requires no monthly payments and is considered one of the best long-term investments.

 

Visit Heuer Insurance Agency today to talk with a professional about the right policy for you.