Life insurance FAQs

Posted on October 15, 2021October 5, 2021 by admin

One of the most important things you can do for your family is to purchase life insurance. While you are with them, you are there to support them emotionally and financially. Life insurance extends that care after you are no longer there in person. If you have questions about life insurance, you are not the only one. Having an independent insurance agent who can answer your questions makes purchasing life insurance easier. At 925 Partners in Jacksonville, FL, we have a team of professionals who work to provide our clients with personalized service.

What type of life insurance should I buy?

Basically, there are two types of life insurance; term life, and whole life. Term life insurance is called term because it lasts for a specific number of years. At the end of the term, you may be able to extend your policy, but the rate will go up. Whole life insurance lasts for your entire life and it earns cash value. Term life is less expensive, but once it ends, if your health has deteriorated, you may no longer be able to buy life insurance. Both types have benefitts and negatives.

How much life insurance do I need?

This is a complex subject that doesn’t have just one answer. How much life insurance you need is particular to your situation and who depends on your wages. It also depends on what your income is.

Can anyone take out an insurance policy on me?

No, a stranger can not purchase life insurance for you. To purchase life insurance for someone, you must have an insurable interest.

Can I choose a child as a beneficiary?

You can choose anyone you want as the beneficiary, but be aware that a child will not be able to collect the money until they are of legal age in the state where they live.

Contact 925 Partners in Jacksonville, FL when you need information about life insurance.

Why should someone get flood insurance in Jacksonville?

Posted on September 30, 2021October 5, 2021 by admin

Those that are in the Jacksonville, FL area may find that buying a home is a great long-term housing option. If you opt to purchase your home, you will want to know that your investment in your property is fully protected. A great way that this can be done is by getting a flood insurance plan. There are several reasons to obtain this coverage.

Protect Their Home and Personal Assets

The primary reason someone will want to get a flood insurance plan in this area of Florida is to protect their home and personal assets. If you have bought a home that is located within a flood zone, there is going to be a chance that it could be damaged by a flood. The costs to repair or replace your home and personal assets can be significant and may not be protected much under your home insurance plan. A flood insurance policy ensures you have protection in these situations.

Comply with Lender Standards

You will also want to get a flood insurance plan to ensure you can comply with your lender’s standards. Those who want to purchase a home in Florida may want to finance their purchase by taking out a mortgage. If your home is in a flood zone, your lender will require you to get flood insurance. Maintaining a full flood insurance plan can ensure you remain in compliance with this obligation.

Anyone that is in the Jacksonville, FL area and wants to get a flood insurance plan should speak with someone experienced and that they can trust. The team with 925 Partners can offer all the support that is needed to ensure your home is properly covered. 925 Partners will help you understand your options and give any support needed to build your next plan.

When should you review your auto policy

Posted on August 16, 2021July 31, 2021 by admin

Insurance of most types is not static. It is not something you just buy and never have to think about again. When changes happen in your life, insurance needs to be reviewed and auto insurance is not an exception. When your auto insurance renews, you will get a declaration that gives you all the pertinent information about your particular policy. At 925 Partners in Jacksonville, FL, we have a team of professionals with years of insurance knowledge and experience ready to give you the service you expect from your local independent insurance agency.

Yearly review

When you get your policy declaration don’t just throw it away or file it away, actually read it. Look at the coverage you have. Check the amount of liability coverage you have and the other coverage as well. Has one of your vehicles outlived its need for comprehensive and collision coverage? Do you have complete glass coverage and towing? What is your deductible? If you have questions, call your insurance agent.

You add a teen driver

When your children start to drive, it may be time to take a good look at the coverage you have and maybe upgrade it.

When you add or remove a vehicle

When you replace a vehicle on your auto insurance policy, you may not want the exact coverage you had on a previous vehicle depending on the age and type of vehicle.

Take a look at your deductible

Before your insurance kicks in, you need to pay a deductible out of pocket. The higher your deductible the lower your premium. If your deductible is $500, you may want to consider raising it to $1000. Especially if you will rarely use your policy, it can end up saving you money to choose the higher deductible.

Contact 925 Partners in Jacksonville, FL when you have auto insurance questions and needs.

Why Business Owners Need Commercial Insurance

Posted on July 29, 2021July 31, 2021 by admin

Are you a business owner in the Jacksonville, FL area? If so, it’s important that you consider getting business insurance. What is business or commercial insurance? This is important insurance that protects you from liability and financial loss in the event of a lawsuit.

Not My Fault

Sometimes lawsuits arise out of something that is no fault of your own. Even if you do everything right, there is a possibility of injury or damage to others or their property when you create a product or perform a service for them. How do you protect yourself?

What Commercial Insurance Covers

Good commercial insurance in Jacksonville, FL should cover the following (to comply with insurance laws):

Property damage: covers damage to others’ property as a result of your products or services
Commercial Auto: covers accidents resulting in damage to your company vehicles or accidents involving others’ property
Workers’ compensation (required in Florida): covers workers’ compensation claims that result from company actions or conditions or that occur at work

Why You Need It

If you have a business that works with others’ property such as vehicles, recreational equipment, real estate, or other properties, it can be quite costly if you damage someone’s property.

Commercial auto coverage will cover you in the event of an accident that damages your company vehicle or other vehicles that you are using under your business name.

Workers’ compensation is required coverage in Florida, so you should always carry this.

About Liability Insurance

Liability insurance for your business is just as important as an auto liability. This type of insurance pays for damages, injury, and loss of another person who proves that your company’s actions caused their loss or injury. This is necessary insurance to protect your assets.

Start Here

One company you should check out to learn more about this type of insurance is 925 Partners in Jacksonville. They have all of the types of commercial insurance that you need to protect your company from the unexpected.

When you worry about what the future might bring and need to protect your business from liability contact 925 Partners and rest easier.

How Renovation Projects May Impact Home Insurance Policies

Posted on June 24, 2021June 24, 2021 by admin

925 Partners offers insurance to the Jacksonville, FL community, as well as the surrounding areas. We work closely with our clients so that they can find coverage that directly aligns with their vision. We have relationships with over 80 carriers across the country. We are confident that we can help you find the coverage that you deserve.

How Renovation Projects May Impact Home Insurance Policies

Your Jacksonville, FL home is a significant investment. You also have to weigh multiple responsibilities and obligations as a homeowner. Securing insurance is important because it allows you to protect one of your most prized possessions. Home insurance covers any damage to the structure of your home, as well as your personal items. You won’t have to worry if your personal items are stolen. As a Florida resident, you are aware of the dangers of inclement weather passing through the area. Home insurance covers your property if inclement weather moves through the area and causes damage. Liability coverage protects you if a visitor is injured on your property or if you accidentally cause damage to someone else’s property.

At some point, perhaps you plan to undergo a home renovation project. If you want to add new amenities to your home or make repairs, that will change the value of your home. These changes will also impact your home insurance. You will have to adjust your policy to ensure that you remain fully covered. Your standard coverage may not protect your increased living space or a new kitchen. If you plan to install a swimming pool, you should adjust your liability coverage to cover this high-risk accessory.

925 Partners Will Help You Find The Right Coverage

Visit our website to learn more information about home insurance.

All You Need To Know About Classic Car Insurance

Posted on May 28, 2021June 4, 2021 by admin

If you own a classic car, you probably need special classic car insurance in order to protect your precious possession. Definitions of a classic car may vary, but according to the Insurance Information Institute, it is a car that is at least 25 years old. If you are thinking of getting classic car insurance for your valuable car, 925 Partners serving Jacksonville, FL prepared a list of things you should know about this type of insurance:

What Does Classic Car Insurance Cover?

The coverage of classic car insurance is similar to standard auto insurance that includes property damage, bodily injury, collision, and comprehensive liability. It also may cover restoration or specialized repairs if your classic vehicle is damaged or broken.

How Much Does This Type of Insurance Cost?

In general, classic car insurance is 30% cheaper than regular auto insurance. It costs less because it is the primary car that is used for everyday driving. There are also certain factors that have an impact on the cost of classic car insurance, including the value of the vehicle and the number of classic cars you want to insure.

What Are the Criteria For Qualifying For Classic Car Insurance?

The main criteria is the age of the car. As mentioned above, the vehicle must be at least 25 years old. However, there are other criteria as well, including a clean driving record, limited use of the car, and secure storage.

If you live in Jacksonville, FL or other nearby communities and are searching for a trustworthy insurance agency to get classic car insurance, 925 Partners is ready to help you. We offer all types of insurance that are tailored to the unique needs of our clients. If you have any questions, or you want to know more about the options available, feel free to give us a call – our agents are ready to provide you the information you need.

Why Florida Business Owners Should Consider Adding Umbrella Insurance

Posted on April 19, 2021April 19, 2021 by admin

925 Partners offers insurance coverage to the Jacksonville, FL community. We want to make sure that our clients find policies that will enable them to have peace of mind as they deal with life’s challenges. We take an analytical approach to help our clients assess their risks and find the coverage they need.

Why Umbrella Insurance Is An Asset For Florida Business Owners

Owning and operating a business is a significant investment. It takes a lot of time and energy to make sure that things are running smoothly. However, an accident can happen at any moment. Suddenly your entire business could be at risk. Umbrella insurance adds an extra layer of protection as you go through the process of handling an emergency.

There are multiple scenarios where you can rely on umbrella insurance to protect your Jacksonville, FL business. The common reason is one of your customers suffers a serious bodily injury. If one of your customers visits your business and falls, breaking their ankle in the process, you may face potential litigation. If your assets are at risk, you can lean on your umbrella insurance policy to protect you.

If you use vehicles to transport items related to your business, your commercial liability coverage may not fully protect your business if the vehicle damages someone’s property. The potential consequences are even worse if you hit someone with your business vehicle. Umbrella insurance can help you protect your most important asset.

Umbrella insurance also supplements your employee liability coverage. If one of your employees alleges improper conduct in the workplace, umbrella insurance helps you navigate the legal process by ensuring that your business remains intact.

925 Partners Can Help You Protect Your Assets

Visit our website today to learn more information about umbrella insurance.

Types of Life Insurance Options

Posted on March 23, 2021March 23, 2021 by admin

Having a life insurance policy in place will give you peace of mind knowing that your loved ones are taken care of if something happens to you. There are three main types of life insurance coverage you can choose from, including whole life, universal life, and term life insurance. The life insurance agents at 925 Partners in Jacksonville, FL understand the importance of life insurance policies and can help you choose the correct option for you.

Whole Life Insurance

A whole life insurance policy has a savings component to guarantee a return rate on cash. Also, the cost is a set amount that does not change from the time of your purchase. With the death benefit, this type of life insurance policy is guaranteed to last throughout your whole life.

Universal Life Insurance

A universal life insurance policy is very similar to a term life insurance policy, but it has a savings component associated with it. You pay a premium to keep the death benefit in place until you die or cancel your policy. While the savings part of this policy draws interest, which is a good thing, the premium amount goes up as you age.

Term Life Insurance

With a term life insurance policy, you will pay a certain amount of a premium throughout the level that you choose. For example, you can sign up for a policy that lasts 10 years, 20, or 30. At the end of the term, most insurance companies will let you renew your policy but at a much higher rate than the premium cost.

No matter which type of life insurance policy you choose, the life insurance agents at 925 Partners in Jacksonville, FL can assist you with your policy and provide you and your loved ones with the security you deserve. Call for an appointment and quote today!

Who needs flood insurance in Jacksonville?

Posted on February 17, 2021February 17, 2021 by admin

The Jacksonville, FL real estate market has continued to be one of the country’s hottest due to the growing population. There is a lot of long-term opportunity for real estate appreciation in this area of the state. If you choose to purchase a home when you are here, getting the right insurance coverage is very important. For many, this includes getting flood insurance. There are several scenarios where it makes sense to get a flood insurance plan.

Those with Lender Obligations

The first reason why you may need to have flood insurance coverage in the Jacksonville area is that you could have lender obligations. If you own a home that is located within a flood zone, there is a chance that your lender will require you to carry flood insurance at all times. In many cases, the lender will also require that you set up escrows to ensure coverage remains in place.

Those that Want to Protect Home

It would be best if you also got flood insurance as it can protect your home. Flood damage can be very significant and cost a lot of money to remediate. If you live in an area near the ocean, a lake, or a river, there is always a chance of flood risk. With proper flood insurance, you will know that you have the insurance to repair your property.

There will be many situations when having flood insurance in the Jacksonville, FL area is important. If you are looking for a plan in this area, you should call 925 Partners. The insurance team with 925 Partners understands the value that this coverage provides. They can help you assess your situation to determine if flood coverage is right for you. If it is, they can help you build a policy that protects your home and keeps you in compliance.

Home insurance rates in Florida are on the rise…We can help.

Posted on February 3, 2021February 3, 2021 by admin

Written by: Austin Williams, Vice President – Personal Division

I wanted to give an update on the Florida insurance market. As I am sure most of you are aware if you have shopped your homeowner’s insurance policy recently or received your renewal for your current homeowner’s policy, rates in Florida are going up and carriers are getting stricter on the business they write.

According to an article posted in the Insurance Journal this past October, unchecked claims litigation from non-catastrophe water losses is on the rise and a major cause for rising rates. There has been little help from Florida legislation regarding this issue. Year over year, there has been a significant increase in claims that go to litigation which has furthered losses these carriers are seeing. Barry Gilway, president and CEO of Florida’s Citizens Property Insurance Corp., said “litigation for the state-run insurer of last resort has increased in some parts of Florida by 500% in the last four years.”

All of this has caused a volatile Florida insurance market. The reinsurers (a company that provides financial protection to insurance companies) for the Florida carriers have responded to these large losses by increasing renewal rates for the carriers by an average of 25%-30% – the largest increase in 15 years. These reinsurance costs are the largest expense for some carriers and often dictate a company’s underwriting guidelines, how much business they can take on, coverage reductions, etc.

What does this mean for the Florida homeowner? Lack of availability, reduced coverage, increased premiums, and stricter guidelines, particularly for your roof and the plumbing of your home. To curb claims and continue to be profitable, carriers are taking drastic measures to offset these large losses, such as no longer accepting homes built before 2010, only accepting a roof that is 10 years or newer, and limiting or even excluding water damage on older homes.

This is affecting all carriers that write in the state of Florida, but not all carriers are equal in their rate increase and what they require. Some carriers are only taking a 5% increase, while others are increasing upward of 50%. While some carriers are limiting their roof age, others are still accepting shingle roofs with no age limit, assuming they are still in good condition.

The market in Florida is getting tough, there is no doubt. That is why it is more important now than ever to find an independent insurance agent that will take the time to help you find the best coverage for your home and an annual premium you are comfortable with. Our agency, 925 Partners, will take the time to make sure you have exactly what you need.

Please give me a call at 904.906.6162 or call our main office line at 855.925.1200 or visit our website for more information: www.925partners.com