Do I need home insurance once I pay off my mortgage

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If owning your own home is the American dream, paying off your mortgage is the next step. After all those years, your home is finally yours. No more mortgage payments, and now you may be wondering if you could save even more by dropping your home insurance. There are no laws in any state that requires that you carry home insurance, but unless you live in a bubble, it may not be the best idea in the world. Residents of Harrison, AR and the surrounding area can count on Foresee General Insurance Agency, Inc. to fill all their insurance needs. 

In the simplest terms, home insurance offers some valuable protection that you probably still want to keep even after your mortgage is paid off. It covers the physical building against a lot of hazards. It also covers structures that are attached to your main building and some detached structures as well. Assuming that you love your home, which most people do, you wouldn’t want it to be destroyed and not be able to rebuild. 

Your home is filled with memories and also with your possessions. Think about trying to replace everything that fills the rooms of your home, the closets, the drawers, and the cabinets. You own a lot of stuff. You count on most of it to function every day. Try to imagine living without it. Not worth contemplating for most people. 

Liability is something that is maybe the most crucial coverage of all. It only takes a minute for something to go wrong and for you to be sued. Losing everything that you have worked so hard for years to accumulate is the stuff of nightmares. 

Once your mortgage is paid off, you could let your home insurance lapse, but that would be a very bad idea. Too much depends on it. 

If you want to reaccess your home policy or get a policy review, give us a call at Foresee General Insurance Agency, Inc in Harrison, AR. We will sit down with you and make sure you are getting the coverage you want at a price you can live with.

What are my auto insurance requirements?

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When you are in the Harrison, AR area, you are likely going to want to own a car to ensure you can get around town. One task that you need to take seriously involves picking your auto insurance policy. All people in this area will have a variety of different auto insurance requirements that should be taken into consideration when choosing your next policy.

State Minimum Requirements

Similar to other states, Arkansas requires all drivers to carry the state minimum level of liability insurance. This coverage ensures that all drivers can pay for damages if they cause an accident. In this state, you will need to carry bodily injury coverage of at least $25,000 per person and at least $50,000 per incident cap. Additionally, you will need to have property damage coverage of at least $25,000, which will cover and protect your vehicle. 

Compliance with Lender

Beyond meeting the state minimum requirements for auto insurance, you also need to spend time assessing your auto insurance requirements with your lender. If you have taken out a loan to buy the car, you are going to need to have auto insurance on the vehicle at all times. Most lenders are going to require that you carry a policy that has a reasonable deductible as well as full collision and comprehensive insurance protection. 

When you are in the Harrison, AR area, you are likely going to have a variety of auto insurance requirements. To ensure that you comply with these requirements, you should call the team at Foresee General Insurance Agency, Inc. The insurance team at the Foresee General Insurance Agency, Inc. can help you to assess your need better and ensure you get into a policy that provides you with full legal and loan compliance. 

Why should I consider an umbrella policy?

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If there is one type of insurance that is virtually unknown by most people, it is umbrella insurance. If you are like most folks, you probably have no idea what umbrella insurance is and why you would want to have it. The name is intriguing, but not precisely self-explanatory in the way that collision coverage is or health insurance. Most people know what an umbrella is and when to use one, but how does that translate to insurance? If you are shrugging, you are not alone. At Foresee General Insurance Agency, Inc. in Harrison, AR, we aim to provide our customers with the best information and insurance products available. 

In order to purchase umbrella insurance, you must already have a policy that provides liability coverage. It can not be purchased alone. Some of the policies that offer liability coverage are business insurance, homeowners, and auto. The umbrella extends the liability coverage of the original policy. Once you have reached the initial limit, the umbrella kicks in. Typically umbrella policies provide between 1-5 million dollars in protection. Given what judgments can run these days, you may even go higher than that. 

An umbrella policy offers the same protection as a regular umbrella, except instead of protecting you from the weather, it protects your hard-earned asset from being lost to legal action. It can also help you to pay for the legal representation that you may need. You have worked hard to accumulate the assets that you have, and with an umbrella policy, you can have peace of mind. You have the protection you need.  

Now that you know what umbrella insurance is and how it can be of benefit to you, we welcome you to call or visit the office of Foresee General Insurance Agency, Inc. in Harrison, AR. We will provide a no-obligation quote and answer any additional questions you may have.

Top myths about flood insurance

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As residents of the Harrison, AR area, you know that having the right insurance policies in place is critical to protect your home. Unfortunately, the agents at Foresee General Insurance Agency, Inc., know all too well that homeowners can end up without proper flood insurance due to popular myths. Below we have put tother a list of the most common myths homeowners need to avoid when it comes to flood insurance. 

My Homeowner’s insurance policy provides coverage for floods.

By far, the myth that a homeowner’s insurance policy will provide coverage for flooding is the costliest myth out there to homeowners. Flood coverage is a separate policy that homeowners must purchase. Too many homeowners make the mistake of assuming they have coverage only to find out they have no coverage after a devastating flood. 

I do not live in a flood zone, so I do not need flood insurance.

Another costly myth is believing that your home is not located in a flood zone, so you do not need flood insurance. Over the years, floods in areas not located in flood zones have seen an increasing amount of floods that have devastated communities. If if you are not in a flood zone, you should still consider a flood policy. 

I will wait until flooding is likely, and I will purchase a last-minute policy.

Unfortunately, waiting until the last minute to buy flood insurance is not a viable option. The majority of policies have a 30 day waiting period before coverage is effective. If you have concerns about flooding, do not wait to act. 

The federal government will pay for the damage.

FEMA may offer funds in specific cases, but it is not guaranteed, and it can be a complicated process. If you are concerned about flooding, do not rely on the government for protection. 

If you would like to learn more about flood insurance, reach out to Foresee General Insurance Agency, Inc., and speak with us today. We proudly Harrison, AR serve the area.

How Is Condo Insurance Difference from Homeowners Insurance?

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If you live in a condo, you need to have a specific type of insurance that is different from regular home insurance. Someone at Foresee General Insurance Agency, Inc. of the Harrison, AR area can assist you. Here are some key points that you should keep in mind in regards to their differences.

You Own Different Parts of the Property

When you’re a homeowner, you own your entire house and the land that it’s on. With a condominium apartment, you only own parts of the building. The homeowners’ association has ownership of the hallways and roof as well as other common areas of the building. However, you might be asked to pay for damages that occur outside of your unit.

If damages from wind go beyond the homeowners’ association’s master policy, they may ask you and other condo owners to pay something towards it with your own condo insurance. In this instance, it would benefit you to have umbrella insurance as well since the amount of coverage typically is higher and it covers more risky situations.

Homeowners Insurance Tends to Cover More

On average, a home insurance policy tends to provide more coverage than condo insurance. For instance, if you have a fence on your property that’s been damaged from the wind, your home insurance likely will cover the damages. Pay attention to what’s offered with the master policy and your individual condo insurance to see if it’s a good idea for you to have home insurance on top of that.

Part of this is assessing your belongings and knowing what the coverage limits are if you were to lose any of them. It’s always good to take photos and estimate the value of some of the more valuable items in particular. Then you can go from there to determine how much extra coverage you’ll need.

Achieve greater peace of mind when you are prepared with the right type of insurance to fit your situation. Talk to an agent at Foresee General Insurance Agency, Inc. of the Harrison, AR region. Reach out to us today for more information.

Benefits To Think About With Life Insurance in Arizona

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In life, there are many things that we can control and somethings that we cannot. While it would be amazing to live forever, unfortunately, that is not a wish that can be granted. It is vital to make sure that before we pass away, we do our absolute best to alleviate as much stress from our family and loved ones as we can. This is why life insurance is so important to focus on sooner than later. 

Foresee General Insurance Agency, Inc. is based in Harrison, AR, and has served the local community for many years providing many types of the necessary insurance to the residents. It is important to make sure that the community and their families are taken care of in every way possible legally just in case an unfortunate situation occurs and help is needed. 

Focusing on life insurance is imperative as it makes sure to help your family cover certain expenses after you pass away. While they are grieving, with life insurance, your family will be able to have some relief when it comes to how the funeral costs will be covered. Expenses that are necessary to preserve anything that they believe is important to remember you by, monthly bills such as rent/mortgage and taking care of kids can be handled easier when investing in life insurance sooner than later. 

Would you like to speak to one of our agents about your life insurance options today? To reach us by phone in our office you can call us during business hours at (870) 391-3723. Our agents at Foresee General Insurance Agency, Inc. are ready to work with you to find a policy that meets your needs in the Harrison, AR area.

What Kind of Auto Coverage Does Your Teen Need?

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Teen drivers are at higher risk of causing accidents due to a lack of driving experience. For this reason, your teen should have excellent insurance coverage to protect him or her on the road. At Foresee General Insurance Agency, Inc. in Harrison, AR, we can help you choose the type of insurance coverage your teen needs.

Coverage Options

Basic auto insurance policies offer numerous coverage options to protect your teen, others, and your teen’s vehicle in the event of an accident. These include:

  • Liability
  • Collision
  • Comprehensive
  • Uninsured Motorist
  • Roadside Assist

Mandatory Coverage

Minimum liability insurance is a requirement in Arizona for all drivers. Liability protects others by paying their medical or property damage expenses in accidents that are your fault. As teens are more prone to causing accidents due to their immaturity and lack of driving experience, it’s best your teen has more than minimum liability coverage to protect them against major accidents they may cause.  

Optional Coverage

Collision, comprehensive, uninsured motorists, and roadside assistance are optional coverage that offers valuable protection for teen drivers.

Collision coverage pays for damages to your teen’s (or your family’s) vehicle if your teen crashes into another vehicle or swerves into a tree, fence, or wall. If your teen drives the family car, collision coverage is a must. 

Comprehensive covers vehicle theft and damages caused by non-collision incidents like falling objects, hailstorms, or vandalism. Uninsured motorist covers damage to your teen’s vehicle if an uninsured or underinsured driver hits them. If your teen has a breakdown while driving, roadside assistance will cover his towing costs, so he’s not left stranded on the side of the road.

The right insurance coverage will give you peace of mind that your teen is well protected on the road. For help in selecting auto insurance for your teen driver, contact Foresee General Insurance Agency, Inc.in Harrison, AR.

Guide to Commercial Insurance in Arkansas

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Before we learn how to get commercial insurance in Arkansas, it is vital to establish why commercial insurance is important. To begin with, commercial insurance keeps the business running in case of any unforeseen situations, such as a natural disaster or accident. The insurance policy keeps the company afloat in many ways, such as providing coverage for expenses or protection for a portion of lost income. In most cases, commercial insurance should be able to assist in such circumstances. Some banks that are lending funds require companies to have commercial insurance. These loans are crucial to keep the company going, so all requirements to secure these loans must be completed.

There are typically three types of commercial insurance: liability insurance, property insurance, and workers’ compensation insurance. Liability insurance covers damages or injury to third party claims on behalf of the insurance policyholder. Property insurance is designed to provide coverage from flooding or fire as compensation damages caused by such events. Workers’ compensation insurance is made to protect the business in a situation where an employee gets injured at work. Many other types of commercial insurance are specific to company types.

In order to get a commercial insurance policy, it is recommended you get in touch with a local insurance agency that can understand all the requirements and scope of your business. It is imperative you get your commercial insurance policy from a registered insurance agency in the state of Arkansas. At Foresee General Insurance Agency, Inc., customer service is the top priority. Our agents at Foresee General Insurance Agency, Inc. in Harrison, AR can assist you in getting the commercial insurance that is suited to your needs, goal, and preferences. You can visit our office in Harrison, AR, or give us a call for more information.

The Value of Home Insurance

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A home is a financial investment that needs the right coverage to protect it. When homeowner’s think of home insurance protection, if there is a fire or severe weather, damage may be the first thing that springs to mind. Home insurance policies do so much more, though. In the Harrison, AR area, the agents at Foresee General Insurance Agency, Inc. work with homeowners to get the right home insurance policy for their situation. Our agency is happy to serve homeowners throughout Arkansas, Missouri, and Kansas.

Your home insurance provides you with a wealth of protection. Yes, it can help your family recover faster following a fire or severe weather. It will also cover the contents of your home, such as personal items and furniture. It also protects things when you’re away from home. A laptop that is stolen when you’re working at a café will be covered, for instance. It also provides liability coverage should someone be injured on the property. If you are found negligent, and they sue, it covers legal expenses. Structures on the property, such as outbuildings or fences, are included as well. 

Home insurance policies provide a lot of protection, but you should understand what they don’t cover. They don’t include flooding events or damage from heavy rains. A separate policy is needed for that type of protection. However, flooding from a broken water heater will be covered.

At Foresee General Insurance Agency, Inc. in the Harrison, AR area, our agents work with homeowners to get the coverage they need. We can discuss various policies and help you decide the amount of coverage that you need. If you are in a flood-prone area, we can also help with flood insurance. Your home is a haven for you and your family. It’s also a significant investment. Visit our office or call and get the protection that you need today!

What Kind of Auto Coverage Do You Really Need?

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Purchasing auto insurance can be a challenge, especially for new drivers. The first step to selecting a policy is determining what kind of coverage you need. At Foresee General Insurance Agency, Inc. in Harrison, AR, we offer a variety of coverage options to meet your needs. Here’s what you should know about auto insurance options in Arkansas.

Required Auto Insurance Coverage in Arkansas

Arkansas requires that drivers carry minimum liability coverage to pay for injuries and property damage to others in accidents they cause. Minimum coverage, however, is just a start. To protect your assets against serious accidents, you’ll need more than the minimum liability coverage. Otherwise, you could wind up paying thousands of dollars’ worth of damage out-of-pocket.

Optional Auto Coverage

If you own a costly vehicle, you’ll also want insurance protection for your investment so you don’t have to pay for damages on your own.

  • Collision and comprehensive are optional insurance that covers your vehicle in an accident. Collision insurance covers repairs to your car if you crash into another vehicle or object (other than animals). Comprehensive insurance protects you against theft, animal strikes and damage caused by inclement weather (wind, hail, snowstorm, etc.).
  • Uninsured/underinsured motorist coverage helps pay for damage to your vehicle if you’re hit by another driver who has little or no insurance coverage.
  • If you’re into road trips, you may want roadside assist coverage to pay for towing and minor repairs in case your car breaks down in the middle of nowhere.

When selecting auto insurance coverage, consider the value of your vehicle, your lifestyle, and your driving habits and choose the coverage that provides the best protection for you. To learn more about your auto insurance options and costs in Harrison, AR, contact Foresee General Insurance Agency, Inc.