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Texas Insurance Blog

Who Needs Life Insurance?

Most people do not think about life insurance until they have someone in their life that relies upon them financially. But more people than those with dependants should consider life insurance. InsPeak offers insurance policies for people of all ages or walks of life. We serve Arlington, TX, and the surrounding areas. 

Who Exactly Needs Life Insurance, and Who Does Not? 

The short answer is everybody needs life insurance. But to be more concise, consider what life insurance is used for. The minimum amount of life insurance is enough to cover funeral and burial expenses. This final living cost can range from about $3,000 to $15,000 depending on details and location. Even if you are a single person with an apartment and no dependants, you likely want to cover yourself, so it is not left to your parents or relatives in their time of grief. Further, many people purchase a small policy for their children, so the last thing they are worried about in a worst-case scenario is cost. 

Naturally, anyone with dependents, a mortgage, and/or other expenses needs a life insurance policy covering at least the home’s cost with a little left over to help their spouse during the first year of adjustment. The more assets you have, the more insurance you need to cover them and protect your loved ones. We are happy to answer any questions about life insurance for people in all situations. 

Contact us at InsPeak for more information or purchase a life insurance policy that suits your specific situation. We serve Arlington, TX, and the surrounding areas with friendly expert service. Call today for protection for your home, auto, life, and business.

Commercial Insurance Requirements Texas

What is Commercial Insurance?

Commercial insurance can consist of several different types of coverage designed to protect and safeguard your business. Many commercial insurance policies consist of basic coverages like property, auto, workers’ compensation, crime, and liability that protect the owner, employees, and business. However, there is no one perfect policy for each type of business, with some companies requiring more specialized coverage depending on the type of work being done. When determining how much commercial insurance coverage to purchase, there are several different factors to consider, including the type of work, the number of employees, gross annual revenue, location, and whether or not the business owns or rents their office space.

What are the Commercial Insurance Requirements in Texas?

Unlike the majority of states, Texas does not mandate that small business owners carry workers’ compensation insurance; however, it is strongly recommended. If a business does not have workers’ compensation insurance and an employee is injured or becomes sick due to their job, the business owner may be liable for their medical expenses, damages, and other charges. Consequently, having workers’ compensation insurance helps alleviate the financial burden of those potential charges. If your business owns a vehicle in Texas, then you are required to carry commercial auto insurance, which includes minimum coverage for bodily injury liability and property damage liability. While having non-owned auto insurance on personal vehicles that are being used for business purposes is not required in Texas, it is recommended as many personal auto policies do not cover business usage.

When it comes to finding commercial insurance, look no further than InsPeak in Arlington, TX. Our team of qualified and knowledgeable insurance professionals takes the time to know each of our customers so that we can make personalized recommendations tailored exactly for your needs.

How does a home security system affect my home insurance policy?

Does a home security system increase or decrease my home insurance premiums? This is a common question for many homeowners in Arlington, TX. Here is the point. If you live in a not-so-safe area, you may find it necessary to install a security system to protect your home, which will ultimately reduce your chances of filing for a theft claim. What does that tell you? That your premiums are likely to go down. 

How much Can I save?

Research has found that installing a home security system or a burglar alarm saves you anywhere between 2 and 10 percent on your homeowner’s insurance. The value varies from one insurance company to another and also depends on the crime rates in the area, particularly burglaries. However, it’s imperative to understand that the cost of installing the system in your home is all on you. Your insurance company does not compensate you for the installation. At InsPeak, we recommend seeking advice from our insurance experts before installing your security system.

Does the type of system matter?

The more effective and efficient your security system is, the lower your premiums get. Your insurance company will visit your home to check your system to help establish how effective it will be and note down on your home insurance policy. Some of the best security systems are expensive; you need to do your calculations right to determine whether your insurance will help you save or you will only incur losses. Additionally, installing a home security system does not mean burglars can’t break into your home. Your insurance provider may require you also to consider other means of securing your home apart from a system like investing in quality locks, security lights, or smart lights and motion sensors.

Protect your Arlington, TX  home with quality home insurance from  InsPeak. Feel free to talk to us, and we will be happy to help!

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