Term or Perm? Which Life Insurance Should You Buy?

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When you visit Alloy Insurance Partners, serving Dallas, TX, for life insurance, you will have a wide array of options. Some will suit your current situation better than others.

Term or Perm

The first big question to address – term or perm? – it centers around whether you want coverage for just a few years or a lifetime. At first, that might sound silly. Of course, you want life insurance until you pass away, so your family has protection.

Term Life Insurance

Typically, insurance agents recommend that, in your 20s, you choose term life insurance. This provides you with coverage for a term of 10-, 20-, or 30-years. Other terms exist, but they’re not typical for purchase. Term costs less in premiums but provides the same coverage as permanent or perm insurance.

Your agent will probably counsel you to invest the difference between the term policy premium and a permanent policy premium. They will tell you how much each would cost.

This saves you money when you’re young and unlikely to die. It also lets you free up funds to put into savings and investments.

Permanent Insurance

Permanent insurance costs more, so your agent will suggest you switch to it during your 30s or 40s. You’ll still obtain a low-cost premium since you’re buying in at a young age.

You can often lock in a premium rate as a 30-something that lasts you until a specific age or death. That means a lot since if you don’t shop around for life insurance, you can end up with expensive premiums that increase with your age. It’s better if your insurance costs are always the same or reduced as you age since people in retirement typically have a smaller income than they did when working.

Contact Us

Contact or visit Alloy Insurance Partners serving Dallas, TX for a life insurance policy that protects your family or another beneficiary by providing financial security.

Tips for making your home a safer place

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What homeowner doesn’t strive to have a safe home? Many things contribute to your home being and feeling safe. Making your home safer takes a little thought and a little effort. With some tips, you should be able to make these changes. At Alloy Insurance Partners in Dallas, TX, we are here to help our customers, and we sincerely believe that having a good home insurance policy makes you and your assets safer. 

Install a home alarm system

These days, adding a safety net around your home with an alarm system is inexpensive and easy. Exterior cameras either on your doorbell or attached to your home can give you a 365-degree view of the exterior of your home. With your cellphone, they can connect you to local police or 911, so they are just a touch away. 

Use door and window locks

You should have a deadbolt on all your exterior doors and locks on windows and sliders. It is not enough to have locks. You need to use the locks every day. 

Install motion detector lights

Motion detector lights not only shine a light on anyone who approaches your home, but they also light the way up for you when you come home after dark. This is a safety measure that you will benefit from as well. 

Use smoke detectors

Not only should you have smoke detectors in every room or at least on every floor of your home, but you also need to make sure that the batteries get changed every six months so they will work if you happen to have a fire in your home. 

Contact Alloy Insurance Partners in Dallas, TX when you need an independent insurance agent who can customize your home insurance policy for you and your home.

Common Auto Insurance Exclusions

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Like any other insurance coverage, your car insurance isn’t flawless. It has exclusions and limitations — meaning it doesn’t cover you against all risks. Alloy Insurance Partners of Plano, TX expounds on risks not covered by your typical car insurance. Understanding the exclusions of your car insurance helps you avoid frustrations during the claim process. Plus, knowing your car insurance exclusions aid you in deciding what "add-ons" you should consider to boost your car insurance.

Normal wear and tear

When your car engine fails or the paint chips off, any attempt to seek compensation from your insurer won’t be honored. The same goes for damage due to mold or pest infestation.

Racing events

When injuries or damages occur during racing events, stunts, and other enthusiasts’ events, your typical car insurance won’t step in to cover the loss. However, you can consider add-ons when participating in such events.

Acts of God

Your car insurance policy may exclude natural disasters like floods, hurricanes, tornados, and other natural threats listed in your policy.

Family member exclusion clause

Suppose you have liability coverage and cause an accident hurting other people on the road. Your liability coverage will cover other people’s medical expenses, but not that of you and any family member in the vehicle.

Intentional damage

This is rather obvious, but we will say it because you find motorists, especially first-time car owners, filing claims after intentional damage. Note this: your insurer will not honor your claim after damaging your car intentionally. This includes using your car as a weapon, setting it on fire, or kicking it out of frustration.

Car insurance in Plano, TX

Before getting behind the wheel, it’s pivotal to understand the ins and outs of your insurance policy. But if you are not familiar with your policy, don’t hesitate to contact Alloy Insurance Partners for more information.

Do I Need Flood Insurance On My New Home?

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Owning a home comes with several responsibilities. When moving into a new home, the to-do list is quite long. You have to make any necessary repairs, test the smoke detectors, change the locks, forward your mail, and so much more. One of the biggest obligations that you have when moving into a new home is securing the proper insurance coverage.

If your new home comes with a mortgage, the lender will most likely require you to purchase homeowner’s insurance. Unless you are moving into a high-risk flood zone, you will probably not be required to purchase flood insurance. However, you should know "about 25% of flood insurance claims come from moderate- to low-risk areas."

It is up to you to decide whether or not this type of insurance policy is in your best interest for your new home in Dallas, TX. Fortunately, the agents at Alloy Insurance Partners have the skills and expertise to help you make this important decision.

What Is Flood Insurance?

According to the Federal Emergency Management Agency (FEMA), "Floods are the most common and costly natural disaster in the United States." Flood insurance is a type of insurance that can be added to your home insurance policy to protect your home if you experience loss from water damage that relates directly to natural flooding.

There are two types of flood insurance available, which are building property coverage and personal property coverage. Building property coverage will protect the building and the foundation, while personal property coverage protects your personal belongings. It is highly recommended that you consider purchasing both for your new home.

If you are still not sure if you need to purchase flood insurance for your new home in Dallas, TX, contact Alloy Insurance Partners. We will be happy to answer any questions and provide you with the details that you need to make an informed decision. Give us a call today!

How does a commercial insurance plan protect someone in Dallas?

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Those that are in the Dallas, TX area are likely aware that it is a great place to run a business. When you are a business owner or manager in this area, you will find that there is a lot of opportunity for success. However, there are risks as well that should be recognized. There are some ways that you can protect your business with proper insurance. A commercial insurance plan will protect a business in several ways. 

Cover Assets Owned by Business

One way that your commercial insurance plan can prove to be helpful is by covering assets that are owned by your business. If you open a company, you will need to invest in many core assets to grow and manage your business. If you get an insurance plan, you will know that these assets are protected if you are a victim of theft, vandalism, or a situation that leads to damage.

Mitigate Commercial Liability Risk

A commercial insurance plan is also a good investment because you can offset your liability risk. Business owners are going to take on liability risks regularly. If there is an accident involving your product or service, and it results in an injury, you may be held responsible. With a commercial insurance plan, you will get the support you need to cover this risk.  

A business that is in the Dallas, TX area will always want to have the right insurance coverage. If you are evaluating your insurance options in this area, you will get additional support by working with Alloy Insurance Partners. The team with Alloy Insurance Partners understands the value that comes with commercial coverage, and they will give the support you need to properly choose a plan that will protect your organization going forward. 

Why Should Someone Invest in Flood Insurance?

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Climatic changes bring about weather changes that cause erratic hurricanes that result in torrential rainfalls. And as you know, if it rains, it can flood. And when it floods, there is a potential loss of property and lives. Unfortunately, typical home insurance doesn’t cover flood damage. That said, the issue of investing in flood insurance has never been more pressing.

So, why should a resident in Dallas, TX invest in flood insurance from Alloy Insurance Partners? Here are the reasons.

Floods damage can be extensive

Did you know that a one-inch rise in water levels can cause damages to the tune of $25,000? Given that flood damage can be catastrophic, that’s why you need flood insurance to ensure you don’t incur out-of-pocket expenses whenever floods strike.

Floods can strike anywhere

While homes in flood zones are at high risk, floods can strike anywhere it rains. In fact, according to FEMA, about 20% of flood insurance claims are from residents living in areas not considered at risk of floods! Because no home is safe from floods, you must invest in flood insurance.

To protect your assets

When you invest in flood insurance, you protect your building and its contents whenever floods strike. This way, you don’t have to start from scratch whenever floods destroy your assets.

It may be mandatory

Yes, no Texas law requires you to purchase flood insurance, but if your home is mortgaged-financed, and it’s located in a flood-plain area, your lender may insist you purchase flood insurance. And even if you live in a low to moderate flood risk area, your lender may still insist you buy flood insurance.

Buy flood insurance today!

As you can see, flood insurance is a must-have investment if you value a home. If you live in Dallas, TX, and its environs, please get in touch with Alloy Insurance Partners to invest in flood insurance.

The Ultimate Guide to Commercial Insurance

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Making sure your business has adequate insurance cover is fundamental. It gives you peace of mind, as well as safeguards your business’ future. Alloy Insurance Partners serving Dallas, TX, offers commercial insurance covers. We will help you know the appropriate commercial insurance for your business.

Why Do You Need Commercial Insurance?

As a business owner, you know how a liability or property loss can bring down your business. That’s why you need commercial insurance so that in case of an unforeseen event, there will be no major impact. The authority might also require you to have insurance, failure to which would lead you into problems.

Accidents happen, and some can leave a major impact. Sometimes, these impacts are usually so significant that some businesses don’t recover from them. Commercial insurance ensures that your assets are protected against possible damages.

Commercial insurance can also help you attract and retain employees. Nowadays, people don’t only consider salary as the only important thing they get from their employer. They also consider whether their interests are considered. Getting insurance for your employees is one way of considering their interests, which makes them feel valued.

Additionally, some contracts may require you to have some commercial insurance. If you don’t have it, you risk missing out on these contracts.

Alloy Insurance Partners serving Dallas TX, offers commercial insurance to businesses to ensure they are protected from accidents or damages. They have several plans, and you can choose one that works for you ideally.

How Much Does Commercial Insurance Cost?

How much you pay for your commercial coverage depends on various factors such as the type of your company, number of employees, and location. These plans are usually tailor-made to suit every person.

Commercial insurance ensures that businesses remain in operation even after unforeseen happenings. Contact Alloy Insurance Partners serving Dallas, TX to learn more about commercial insurance and check out the plans we offer.

When is a good time to review your life insurance?

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Life insurance is not a one-and-done kind of insurance. You do not need the same amount and type of life insurance at every point in your life. What that means is reviewing the insurance from time to time. But when to review is the question. At Alloy Insurance Partners in Dallas, TX, we have 25 years of experience making sure we protect your assets and your family. 

Changes in your employment are a good time to review your life insurance. Will you be allowed to keep your employer-supplied life insurance if your employment terminates? If the answer is yes, what is the amount and type of insurance, and most importantly, what is the cost to continue it. It may end up being a bad deal and you will be better off replacing it with a new life insurance policy that you buy on your own.  

When you get married, it is time to talk to your insurance agent about any life insurance you have. You may want to change the beneficiary on your policy and depending on whether your spouse is self-supporting or dependent on your income for all or part of their support, you may need to review the amount of coverage you have. 

Once you have children, everything changes and you not only have to think about now but the future. They will be dependent on you for many years to come and if anything was to happen to you, you must provide for them until they are grown.  

Once the kids are grown and you retire, it is time to look at what life insurance you have and what you actually need in this phase of your life. It may be that you really don’t need any or a very minimal amount. 

Contact Alloy Insurance Partners in Dallas, TX when you are ready to review your life insurance coverage. 

Can you add a motorcycle to your auto insurance?

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When you are hitting the road in Texas, whether it is in an auto, truck or motorcycle, you need to know that you have the coverage you need to feel protected. Some insurance is mandated by the state and some others are optional, but no matter which way is right for you, Alloy Insurance Partners in Dallas, TX  is here to make sure the coverage you have is customized to your needs. As independent agents, we can offer more choices and we are dedicated to making sure our customers can drive without worrying about their insurance coverage, letting them down. 

When you want to add another vehicle to your auto policy, it is usually as simple as giving your insurance agent a call and giving them the vehicle particulars. This is not the case with a motorcycle. While motorcycles are mandated by the law in Texas to have the same coverage as a car or truck, they are not considered the same when it comes to insurance. 

To add a motorcycle to your auto policy, you must add an endorsement. Not every insurance company will allow this. Your independent insurance agent can tell you if your insurance carrier allows you to add a motorcycle endorsement.  If they don’t, you have two choices. You can change companies to go with one that will allow a motorcycle endorsement or you can buy dedicated motorcycle insurance and try to bundle the coverage with the other insurance you have with that carrier. 

When you bundle different policies with the same carrier, it usually makes you eligible for a multi-policy discount. This is an important consideration when you are trying to get the motorcycle insurance that you need and want. 

Contact Alloy Insurance Partners in Dallas, TX when you are looking for auto or motorcycle insurance.

Tips for Buying Homeowners Insurance for First Time Buyers

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Homebuyers often do not think about budgeting for insurance, especially if it is their first home. At Alloy Insurance Partners in Dallas, TX, we want to eliminate the confusion and headache of purchasing your first insurance policy. Here are some tips to make a wise decision.

Determine the Right Amount of Coverage

Look to ensure the home for replacement cost and not market value. It’s best for one of our agents to assess your property to accurately determine the coverage needs. You’ll want to make sure that your policy covers at least 80% of your home’s value. 

Understand Your Policy

It’s important to know what your policy covers and what it doesn’t. One of our agents will ensure that you select the coverage that meets your needs and your budget. You’ll be made aware of any exclusions to determine if you want to leave them out or not. We take pride in total transparency to our customers. 

Determine your Out of Pocket Figure

The deductible is the amount that you are responsible for paying before the insurance takes over. The monthly premium is lower if you raise your deductible. However, you’ll need to determine if you can afford that amount if there is a claim. We’ll help you navigate through the different options and what options work best for you. 

Moving into your first home is exciting, and choosing the right policy is one less thing that you should worry about. At Alloy Insurance Partners in Dallas, TX we are prepared to provide you with the answers to all of your questions regarding your first home insurance policy. Stop by our office to find out more about policies and coverage for first-time buyers. We look forward to helping you.