Author: agentinsure

Primary Beneficiaries vs Contingent Beneficiaries

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At Old Pueblo Insurance in Oro Valley, AZ, we value our clients and strive to help them find the best life insurance with understanding and confidence. One of the ways we can do this is by helping you understand terms that you may see on your policy paperwork. The terms we will discuss today are primary and contingent beneficiaries.

What is a beneficiary?

A beneficiary on a life insurance policy, will, trust, or retirement account is the person or entity (organization) you designate to receive benefits from the account upon your death. You can name more than one beneficiary on the policy to receive benefits. You would have to assign each recipient a specified percentage of the proceeds. For instance, if you have a $100,000 life insurance policy and divide the benefits evenly between your two children (50% each), each child would receive $50,000.

On many life insurance policies, you will see two types of beneficiaries: primary and contingent beneficiaries.

What are the differences between primary and contingent beneficiaries?

The primary beneficiary on your life insurance policy is the person you choose to be the first to receive the death benefits when you pass away. You can list multiple primary beneficiaries on a life insurance policy; you would stipulate how much each individual or entity would receive from the benefits. For example, you can leave 90% to a spouse and 10% to a religious organization upon your passing.

A contingent beneficiary is a replacement beneficiary who will receive benefits from the policy when the primary beneficiary cannot accept the benefits or is no longer alive at the time of your passing.

Questions or concerns? Contact us today!

If you are reviewing your life insurance policy and have questions about the terminology or have other concerns about death benefits, call Old Pueblo Insurance in Oro Valley, AZ, at (520) 742-0682.

Consider a Yearly Review of Your Commercial Insurance

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If you have a commercial insurance policy in the Oro Valley, AZ area, Old Pueblo Insurance is committed to ensuring it’s the right one for your business. We can assist with an annual review of your coverage, providing you with the confidence that you have the type and level of protection you need and deserve. Working with an agent offers the quality and value you seek, ensuring you’re comfortable with your policy and your company’s security.

Annual Review of Your Commercial Insurance Policy

It’s advisable to review your insurance annually, as circumstances can change. If your company is growing, you might find that you need additional coverage or other modifications. Our dedicated agents can also provide quotes from various insurers, allowing you to choose a new policy instead of updating your current one.

If a new policy is a better fit for you, we can set it up to ensure you don’t experience a lapse in coverage. Many businesses establish insurance and renew it when due without considering whether it’s still the right policy for them. We aim to help you avoid this potential issue by providing you with the quotes and options you need.

Contact us today at Old Pueblo Insurance if you’re in the Oro Valley, AZ area and seeking a commercial insurance policy review. Whether you’ve had your policy for a long time or recently acquired it, ensuring it’s right for you is crucial. You want to be sure your business is adequately covered, and that’s much easier to achieve with the right people on your side.

Weather Damage and How It Relates to Your Home Insurance Policy

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How Weather Damage Relates to Your Home Insurance Policy

Weather damage can lead to significant home repair costs. If the rising costs of materials and goods needed for such work are unaffordable, having sufficient insurance protection becomes crucial. Learn how weather damage relates to your home insurance policy and the coverage it offers.

Protection

Your existing homeowner’s insurance policy may not offer adequate coverage. Reviewing your insurance documents will allow you to determine what type of coverage is lacking.

Compare the cost of repairing or rebuilding your home with the amount of coverage you have. This initial step will help you decide if you need additional protection.

Weather

Examine the weather patterns in your area. They could indicate that your home is ill-prepared for a natural disaster.Extreme weather conditions such as high winds, heavy rain, and drastic temperature changes could potentially damage the materials your home is constructed from.

Add-Ons

A standard insurance policy may not provide protection against all the weather perils you face. For instance, if you live in a region where flooding is likely, flood protection may not be included in your existing policy, requiring you to obtain it separately.

It is prudent to explore all the add-ons that you qualify for. After researching the available coverage types, select the ones that offer the level of protection your home and property need.

Agent Assistance

Now that you’ve considered how weather affects your home insurance policy, you may be ready to update it. Feel free to contact one of our Old Pueblo Insurance agents. An agent who serves the Oro Valley, AZ region will be more than happy to assist you.

Filing a Claim for a Hit-and-Run Accident in Auto Insurance

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Your auto insurance around Oro Valley, AZ can help cover the damages in a hit-and-run accident. Understanding how to file a claim after such an incident is crucial to ensuring you receive the compensation you deserve.

Immediate Steps After the Accident

After a hit-and-run, your priority should be your safety and anyone involved. Once you are in a safe location, document the scene as thoroughly as possible. Take photos of the damage to your vehicle, the surroundings, and any evidence that might help identify the other driver, such as tire marks or debris. Gather their contact information if there were any witnesses, as their statements could be valuable in your claim.

Reporting to the Authorities

It’s essential to report the hit-and-run to the police immediately. A police report is a critical documentation that your insurance company demands. Provide the police with all the details you’ve collected, including descriptions of the fleeing vehicle or driver. The police report is an official document to support your claim.

Contacting Your Insurance Company

When you contact the insurance company, provide all the details of the hit-and-run, including the police report, photos, and witness information. Collision or uninsured motorist coverage can help cover the costs of the damage from a hit-and-run if you have them within your policy.

Working Through the Claims Process

Your insurance company puts an adjuster on the case to review it. When everything is done, the insurance agency will give you the compensation you’re entitled to. Once you receive the check, you can begin fixing the repairs or purchase a new vehicle.

Old Pueblo Insurance Is The Go-To Insurance Company

Old Pueblo Insurance offers its expertise in insurance needs. We serve the surrounding areas of Oro Valley, AZ. Call today.

When Does Umbrella Insurance Cover Liability Claims?

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Umbrella insurance is a protective insurance policy offering financial security in several situations. This includes instances when you face liability claims, which occur when someone believes you caused them harm or loss and wants you to pay for those damages.

Umbrella insurance is a valuable investment for many people. If you are looking for umbrella insurance in Oro Valley, AZ, our team at Old Pueblo Insurance can assist you by offering a quote for a policy tailored to your needs.

What Does Umbrella Insurance Cover and Not Cover?

Umbrella insurance does not cover damage to your property or any injuries you sustain. It does not protect you from injuries or property damage costs related to your business and usually does not cover liability associated with contracts you are involved in.

On the other hand, it typically covers losses you cause to others, including treatment for another person’s medical bills when you cause their injuries or the costs associated with burial and funerals if you cause their death. Additionally, it may provide financial protection if you face a lawsuit for slander, defamation, or libel, or other personal attacks you make on others. It can also cover your legal defense if you face a liability lawsuit for a covered loss.

This type of insurance may be beneficial to many, including property owners, individuals with significant assets, landlords, or those who own assets that can cause injury to others, such as pools, dogs, or violent weapons.

Getting Help for a Policy to Fit Your Needs

If you need help choosing an umbrella insurance policy that fits your needs in Oro Valley, AZ, contact our team at Old Pueblo Insurance for a quote.

Insuring Your Custom Motorcycle

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Riders value their communities. Riders value their independence, and riders value their custom bikes.

Old Pueblo Insurance, located in Oro Valley, AZ, but serving motorcycle owners all over the state, can help you find exactly the insurance you need for your custom bike.

Custom motorcycle owners usually have two options. The kind of policy you need depends on how you have invested in customizing your motorcycle.

If you own a bike on which you have spent a few hundred to a few thousand dollars in customizations, like handlebars, lights, or a custom paint job, you may need a standard motorcycle policy with a rider for CPE, custom parts, and equipment. The rider covers both parts and labor.

This kind of policy provides coverage in addition to the value of your bike as determined by the Kelley Blue Book or National Automobile Dealers Association (NADA) motorcycle appraisal guide.

If you built your own bike, own a composite bike, have rebuilt frames, or have a high-value motorcycle, you will need an “agreed value” policy. This is also the best kind of coverage for a classic motorcycle, which increases in value as it ages. 

You may need motorsports or racing insurance if you have fitted your bike with performance enhancements, such as a nitrous oxide kit.

Don’t settle for liability-only coverage. It will make your motorcycle legal for the roads, but it won’t cover any damage to your bike itself, certainly not for additional customization. Make sure you discuss all the modifications to your motorcycle with your insurance agent at the time you get your policy. Otherwise, the insurance company may say that they didn’t insure your bike — because they did not know you had a custom bike.

Whether your ride is in Oro Valley, AZ, or anywhere in the USA, Old Pueblo Insurance can help you find the exact motorcycle coverage you need. Call us today!

 

Do I need to get a life insurance plan in Arizona?

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In the Oro Valley, AZ, area, there are many important insurance decisions to make. Life insurance is a type of coverage you should always consider getting when in this part of Arizona. This type of coverage can be helpful as it will offer financial support for those you care about. You may need to get a proper life insurance plan when in this area for various reasons. 

You Need to Offer Financial Assurances

A primary reason people want to get a life insurance plan is to provide financial assurances for those they care about. When you have children, a spouse, or others who depend on you, ensuring they are cared for in the future is very important. If you have a life insurance policy, it will offer this support as it can provide a death benefit to your beneficiaries. 

You are Looking for a New Investment

Getting a life insurance plan is also a good idea if you are looking for a new investment. When you are going to get a life insurance plan, you can consider a whole life policy. If you have a whole life policy, it will provide a guaranteed rate of investment for the money you pay each month. This will accumulate and continue to grow over the years, providing you with a stable and liquid investment option. 

If you live in the Oro Valley, AZ, area, you will always want to have a life insurance plan. If you are interested in this type of coverage, it would be wise to call our team at Old Pueblo Insurance. Our professionals know the value of such coverage and will give you any support you need to build a plan. 

Three Ways Commercial Insurance Protects Your Future

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As a business owner in Tucson or Oro Valley, AZ, ensuring the safety and well-being of your business is a top priority. Facing this challenge doesn’t have to be overwhelming – not with the support of Old Pueblo Insurance. With our suite of commercial insurance options from trusted providers, you can create a customized policy that buffers your business against potential risks.

The Importance of Commercial Insurance

Commercial insurance isn’t just another business necessity—it’s a safeguard for your business’s future. Here are three ways a good commercial policy helps protect your Tucson or Oro Valley, AZ area business:

  • Coverage Against Claims: Accidents and unforeseen incidents can lead to claims against your business. A commercial insurance policy can bear the financial brunt of these claims, protecting your business’s vitality.
  • Long-term Peace of Mind: With the right coverage, you can rest easier knowing that your business is protected against uncertainties. This peace of mind frees you from focusing on the areas that require your undivided attention.
  • Adaptability to Change: A dynamic business environment necessitates regular policy updates. A reliable insurance agent can assist you in adjusting your coverage quickly and efficiently to match your ever-evolving business landscape.

Finding the Right Commercial Insurance with Old Pueblo Insurance

Old Pueblo Insurance is ready to guide you if you’re seeking a commercial insurance policy in the Tucson or Oro Valley, AZ area. We understand the unique challenges and nuances of business ownership and are committed to helping you find the most suitable protection plan for your business. Reach out to us today to fortify your business’s future.

Things home insurance won’t cover

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Home insurance provides the financial security you need and provides less worry in your home. It covers many of the dangers that face your house. Like most insurance, however, it does have exclusions, which it won’t cover. In Oro Valley, AZ, Old Pueblo Insurance ensures our customers know the exclusions and how to get the necessary coverage.

Earth movement

When the earth moves under your feet, it can be worrisome. There are reasons for that. It can mean experiencing an earthquake, a sinkhole, a mudslide, or a landslide. It can be scary, but more than that, it is something that home insurance won’t cover. You can get coverage under a separate policy with the required protection. 

Flood

Floods cause a fantastic amount of damage, and if that isn’t bad enough, traditional home insurance does not cover flooding from surface water. The NFIP offers policies to cover both the structure and the content of your home if you live in an area where there is even a remote possibility of flooding. 

Owner neglect

As a homeowner, you are expected to maintain your property. Your insurance may not pay for the resulting damage if you don’t. This means that you must treat your home for termites, animal infestation, and mold before you have a problem. If your roof gets old and water leaks into your home, it’s your fault for not repairing or replacing it. 

Wear and tear

Things get old, and your home insurance does not cover normal wear and tear. It doesn’t cover an old furnace that stops working or an old roof that leaks. 

Contact Old Pueblo Insurance in Oro Valley, AZ, and let our agents help you with all your home insurance needs. 

Should I Always File a Claim For Auto Damages?

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Should You File a Claim for Minor Auto Damages?

Old Pueblo Insurance in Oro Valley, AZ, is your ally when your vehicle is involved in an accident, guiding you through the claims process. But when damages are minor, does filing a claim truly matter? Let’s evaluate the potential risks of not filing a claim even on trivial damages.

Potential Consequences of Not Filing a Claim

In Arizona, it’s not obligatory to file a claim for damages under $1,000. However, avoiding making a claim could risk your coverage for directly related issues that might not be evident immediately.

The Importance of Assessing the Damage

In some situations, damage may appear minor, but there could be underlying issues that aren’t immediately visible. For example, what may seem like a small dent or scrape could be hiding more serious internal issues, leading to expensive repairs down the line. If you don’t file a claim and these problems surface later on, you could find yourself facing hefty costs that your insurance may not cover since the initial incident was not reported. Therefore, even for minor damages, it’s advisable to file a claim to guard against potential hidden problems and ensure you’re financially protected.

For instance: If you accidentally knock down your neighbor’s mailbox, offering to replace it may seem sufficient. But assuming responsibility and failing to report the accident could potentially result in expensive penalties if your neighbor experiences consequential loss, like missed mail leading to missed deadlines. Should this result in a lawsuit, your insurance company may not cover you if you do not file a report.

Contact Old Pueblo Insurance for Guidance on Claims

Leaving yourself without the security of your insurance policy is a gamble. For support on both small and large claims, contact us at Old Pueblo Insurance, serving Oro Valley, AZ, and surrounding regions.