Does The Upward Trend in Natural Disasters Effect Your Home Insurance?

It has been a rough decade, full of natural disasters across the nation. This makes many people recognize the need for a good homeowner’s insurance policy. It also leaves many wondering what these natural disasters are going to do to homeowner’s insurance in general.  At Goodman Insurance Inc. we want all of our clients in and around Shelton, CT to be up to date on all of the insurance news, and you should know that your home insurance policy may be affected by the upward trend in natural disasters, but not as much as you may fear. 

Change of Risk Maps in Many Areas

The most likely change in your home owner’s policy caused by the increase in natural disasters is changing the risk maps. This may mean different policies are needed even if you did not move. These changes to the risk map are done after much scientific research and could either increase or even decrease your policy needs depending on where you live. 

Increase in Premiums, but Not by Much

There may be an increase in homeowner’s insurance premiums across the nation, and in hard-hit areas in particular. However, the projections are that they won’t increase significantly and it is important for homeowner’s insurance purchasers to realize that the increase has been due for a while. This is not only related to natural disasters. A natural disaster could hit an area of Connecticut, according to the Department of Public Health. This means that the insurance companies need to be ready on their end while homeowner’s prepared on the home front. 

Contact us at Goodman Insurance if you have any concerns about possible changes to your policy, or if you want to upgrade your homeowner’s insurance in preparation for the winter months. We serve Shelton, CT and the surrounding areas with quality insurance services. 

Types of Life Insurance

Are you thinking about getting life insurance? There are several factors to consider before you do that. One of them is the type of life insurance policy that works best for your situation. There are many options to consider. Some life insurance policies have an investment-like cash value, some have expiry dates, and others are best suited for unhealthy or older applicants. If you are looking for life insurance coverage in Shelton, CT, Goodman  Insurance Inc. can help you out. 
 
Coverage Options
 
When most people think about life insurance, term insurance is what comes to their mind. But there are many other life insurance options to consider. Among the major ones include:
 
Term Life Insurance. This is the most common type of life insurance. Most people purchase this coverage because it’s very affordable, but it’s also limited as it covers only a specified period. There’s no cash value build up within the policy and it only offers pure death protection benefit. 
 
Whole Life Insurance. Unlike term insurance, whole life insurance doesn’t have a term limit. It covers the insured for the remainder of their life as long as the premium is paid. This coverage offers both a cash value component and death benefit protection. 
 
Universal Life Insurance. Universal life coverage offers death benefit protection and a cash value component, but unlike a whole life insurance policy, the insured can choose how much of the premium money goes to cash value and how much goes to the death benefit. 
 
There are many other options to consider including Variable Life Insurance Coverage, Variable Universal Life Insurance Coverage, etc. Each type of life insurance policy has its advantages and disadvantages. If you are looking for life insurance coverage in Shelton, CT, Goodman Insurance Inc. is the place to go. For more information on available life insurance coverage options, give us a call or visit our offices to speak to one of our agents.

Why Do I Need Commercial Insurance?

If you are the owner or manager of a business, you know that there are many important decisions that need to be made on a daily basis. One of the most important decisions that you will need to make is when you are considering your insurance needs. While having commercial insurance is an additional expense that you may want to avoid, there are several reasons why you need to have commercial insurance in place for your business. 

Compliance with the Law

If you own a business in the Shelton, CT area and have employees, you will be required by law to carry workers compensation insurance. This insurance will ensure that your employees are protected if they are injured while at work. While this will provide your employees with protection, it also protects you from associated claims. Furthermore, the state of Connecticut does require business owners to carry it.

Protects Property

If you have a property for your business, you will undoubtedly be required to carry a property insurance policy as part of your commercial insurance. The property insurance will be required as either part of your mortgage if you own the property or lease if you rent the property. 

Liability Protections

Small business owners take on a lot of liability every time they serve a customer. When you have a commercial insurance policy in place, you will receive protection against this type of liability and the associated claims.

If you own a business in the Shelton, CT area, you should start your commercial insurance search with Goodman Insurance Inc. When you meet with the team at Goodman Insurance Inc., you will receive a lot of assistance that can help you to pick the right insurance policy for your needs. This will ensure that you and your business are properly protected.

 

Why Both Spouses Need Life Insurance

Life insurance can give your spouse a financial lifeline to hold onto in the event of your untimely demise. When both spouses carry a life policy, married couples can have even greater financial security for their future. This can be especially comforting when you have children or are helping to care for elderly parents. Here are a few ways life insurance from Goodman Insurance, Inc. in Shelton, CT can benefit you and your spouse.  

Funds for Running Your Household

Whether both of you have jobs, or one spouse works while the other stays at home, you both have to be responsible for the cost of running your household. You share the financial burden of paying a mortgage, food, utilities, car loan, etc., in addition to raising a family, if you have children. Your unexpected demise would put your spouse under tremendous financial pressure to carry on.  

When both spouses carry life insurance, there’s less worry about meeting financial obligations. The benefits from life insurance can help cover the cost of childcare, home care, daily bills, paying off debts, and more. Your life policy can provide peace of mind as your spouse knows he or she will have financial help after you’re gone.  

Financial Security for Your Family

If you have a family, you’ll want to ensure they’re financially secure in the event one or both of you were to pass on unexpectedly. By obtaining a life insurance policy for each of you, you can help secure your children’s financial future. Benefits from your insurance policy can help pay for your children’s personal needs, school needs, extra-curricular activities, medical bills, college, etc., so they don’t have to go without. Your children’s guardian will have financial assistance to give your children a high quality of life.   

For information on life insurance options and costs, contact an agent from Goodman Insurance, Inc. in Shelton, CT. We can help you get a quote and get you started on a life insurance policy.

Do You Need Commercial Insurance and Property Insurnace?

The world of insurance is difficult to traverse, and for many, it may be hard to understand. That being said, knowing a thing or two about some of the basics is a great way to start to understand insurance overall. A great way to begin is to determine if you need two different types of policies for the same business. Some people believe that it is necessary to have both property and commercial insurance on the same company and this may or may not be true based on individual circumstances. For those that live in the Shelton, CT area, the agents with Goodman Insurance, Inc. can help you find the coverage you need.

In most cases, there are multiple insurance policies sufficient to protect your business. If you have a business, either a commercial policy or a property policy is going to be enough to protect your investment against most of what may happen. If you feel you need more than one coverage option, you may benefit from having both. For the most part, a commercial policy is going to be better suited toward a business than a property policy would be anyway. In other cases, where a company is not present, you may want to look into a property policy.

Overall, the most important thing to remember is that it is better to have a policy that is specific to your needs than a policy that is overly broad or too general and may not cover your specific needs. If you are in doubt, it is always best to speak with an agent to find out more. For those in the Shelton, CT area, the agents with Goodman Insurance, Inc. can help you find the perfect policy.

When to buy more life insurance

Do you have enough life insurance? Is the policy provided by your employer enough to take care of your family? At Goodman Insurance, Inc. in Shelton, CT, we know many people have questions about how much life insurance they really need.

Employer-Provided

Usually, employers provide their employees with life insurance at no cost. But is that coverage enough? Honestly, the life insurance provided by your employer might not be enough. Studies show most people need life insurance coverage which is equal to at least five times their current annual salary. But some experts say that number won’t be enough. Instead, they recommend as much as ten times your current salary.

Questions to Ask

The best way to tell if you need to purchase more life insurance is to ask yourself one question: Would your death place a financial burden on your loved ones? If the answer is yes, you need to think about purchasing additional life insurance.

The Overall Picture

When considering additional life insurance, make sure you consider your complete financial picture. The death benefits provided by your life insurance does not take into account things like second incomes, medical insurance benefits or retirement contributions. Make sure you add these things to your calculations when looking at your annual salary.

Make sure you think about life insurance for your spouse, too. Your employer may provide health insurance for you, but they don’t always provide life insurance for your spouse. Many couples forget about this. This can be problematic if one person stays at home to take care of the kids or works for an employer who does not provide life insurance.

What You Can Do

It’s definitely a good idea to take advantage of the free or low-cost insurance your employer offers, but it’s also a good idea to consider additional coverage. Contact our independent agents today. We can help you choose the policy that fits your needs.

If you are considering additional life insurance in Shelton, CT, call Goodman Insurance, Inc.

Every Business Should have Commercial Insurance

Many small business owners and company managers believe that commercial insurance is only something professional offices would use or need, such as attorneys or doctors. The term commercial insurance is often confused with malpractice insurance, a coverage type specific to a licensed professional who has a higher duty of care in how they do their work than a standard business, ergo the license requirement.

In fact, commercial insurance in Shelton, CT and elsewhere is the kind of risk protection every business should have regardless of industry, even restaurants. It helps cover risks associated with the customer, product and service delivery, employees, and more. It is the primary protection every business should make sure is in place before operating and dealing with the public.

Shelton, CT is no different than anywhere else for business. When something goes wrong, people look to hold somebody financial responsible, and that sort of response can wipe out years of hard work, progress and company growth in a matter of a few sheets of legal paper and filings in court.

Contact us

The professional staff at Goodman Insurance, Inc. are well versed in available coverage options and what Shelton, CT businesses will need for risk protection. They don’t take a cookie-cutter approach; instead, these experts work with each business, determine the basic needs and what will be needed for growth, and then craft a business insurance approach that makes sense. So if your internet, restaurant, home business, or manufacturing company needs commercial insurance, then you need to stop waiting and pick up the phone to talk with the folks at Goodman Insurance, Inc.

Can Parents Carry Life Insurance on an Adult Child?

As a parent, you know that you can carry life insurance on a child who is under the age of 18. But once your child reaches the age of 18, you may find yourself wondering if you are still legally allowed to carry life insurance on your child. Here at Goodman Insurance, Inc., serving the greater Shelton, CT area, we are more than happy to answer any questions you may have about life insurance.

Life Insurance for my Adult Child

A parent can carry a life insurance policy on their adult child. This is because you have an insurable interest in your child. You may still support your child, and if they were to pass away, you might pay for some or all of their funeral and final expenses. If you had carried life insurance on your child when they were a minor, nothing is likely to change with the policy once they shift over into adulthood. 

If you are a parent who does not have life insurance on your adult child, but you are thinking about taking out a policy on them before they head off to college or out into the real world, you are still able to take out coverage. However, taking out a policy on an adult is a bit different than taking out a policy on a child. If your child is over the age of 18, they have to consent to allow you take out the policy on their life. If they do not agree to it, you will not be able to take out a life insurance policy on them. 

If you are looking to take out a new life insurance policy on your minor or adult child in the greater Shelton, CT area, Goodman Insurance, Inc. can help you find the best plan for your needs. Call us now to get started. 

Will General Liability Commercial Insurance Cover Property Damage?

When you own a property outright — whether it’s your home or for business purposes — you’re generally not required to purchase insurance for it. The theory is that you’re the owner and you can do what you like with it. All repairs are completely out of pocket if you don’t have insurance to cover them. But everyone who has a business usually has some form of commercial insurance, even if it’s just general liability. When it comes to this special type of insurance, many owners may mistakenly believe that certain things are covered when they aren’t. Learn more about property damage and how you can prevent it with Goodman Insurance, Inc. 

General Liability Limits 

General liability will cover a number of different things, but property damage is not one of them. So if anything happens to your structure or your grounds, you will need to pay for the repairs on your own. Damage in Shelton, CT is generally in the form of a natural weather event, such as a blizzard or a major thunderstorm. It may knock out your windows or irreparably harm your inventory. It may even shut down your business for several days, affecting your overall profits and possibly ruining your reputation with your customers. 

Avoiding the Fall-Out 

One of the ways to protect yourself in Shelton, CT is by getting a better policy that works for your business. The best policies will not only cover the repairs so that you’re back up and running in no time, but they also ensure that you don’t have any lost wages because of property damage. For more information, call Goodman Insurance, Inc. today. We can provide additional ways on how you can help your business fight all the threats that may affect it. 

In What Ways Should Having a Baby Affect Your Life Insurance Policy?

One of the questions that we are frequently asked at Goodman Insurance, Inc. is how a baby can affect your life insurance policy. Here are a few of the ways that a baby may influence your life insurance policy in the Shelton, CT area. 

Becoming Your Beneficiary

If you have a child, you may want to change who the beneficiary is on your life insurance policy. Many people make the child, or the person who will be the guardian of the child, the recipient of their policy if they are not married or in a relationship. If you have a life insurance policy, you may want the money to benefit your child by paying for their college education, providing them a start with a savings account, or preventing them from going into future debt. Designating your child or their guardian as the beneficiary helps you to make this happen. 

Increasing Your Policy Amount

The other reason why your life insurance policy may need to change after having a child is that you may need to increase your policy amount. After having a child, you are no longer responsible for just supporting yourself. You are now responsible for caring for and supporting a child. If you were to pass away, this could place a significant burden on the child’s other parent, which may result in the child growing up differently than how you planned. Increasing your life insurance policy helps your child to grow up without worrying about having a roof over their head or food in their belly thanks to your life insurance policy. 

If you have recently had a baby, now is a great time to either buy your first life insurance policy or increase the value of your policy. Contact Goodman Insurance, Inc. serving the greater Shelton, CT area today to get started.