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You Inherited a House! Does Insurance Come With It?

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Unfortunately, your beloved Uncle Jack has passed away. On a brighter note, he left a will stating that you are the beneficiary of his house. However, Uncle Jack’s insurance policy doesn’t automatically transfer to you. You could qualify for a traditional policy if you plan to move in. You have 30 days to decide whether you want to move in, sell, or rent the property. After this period, you will need to secure your own insurance policy.

Four Options to Consider

You have several options. Firstly, you could move in and make it your primary residence. In this case, you will need home insurance. If the house remains unoccupied for 30 days, it becomes an unoccupied property. These properties are at a higher risk of damage and theft, making their insurance quite expensive. Therefore, securing a six-month policy and expediting the property’s sale is advisable. Secondly, if you find a tenant, consider getting landlord insurance, also known as a rental property policy. This could potentially be covered under an umbrella policy. Lastly, if Uncle Jack’s house is ideal, but you don’t wish to live there, you could turn it into a vacation home. However, remember that unoccupied houses carry risks, making their insurance costly.

Taake Insurance Agency: Serving Columbia, IL

If you live in the Columbia, IL, area and need home insurance, please get in touch with Taake Insurance Agency. Our friendly and professional agents will discuss your options and help you find the right policy for your needs.

Should Newlyweds Combine Auto Insurance?

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Maybe you read a blog that suggested newlyweds bundle their auto insurance. Perhaps you watched "The Closer" episode, in which Brenda and Fritz tried to bundle their auto policies and found out they should not. Taake Insurance Agency wants to answer the question, "Should you or shouldn’t you?" so you can enjoy married life in Columbia, IL.

When Does Bundling Policies Benefit You?

Combining auto coverage on one policy can reduce costs if both spouses have good driving records. Insuring two or more drivers and vehicles on a single policy typically results in lower premiums. When both spouses have spotless driving records and high credit scores, bundling benefits them.

When Does Bundling Policies Hurt You?

If one or both spouses have lost points on their license or had a DUI, they should not combine policies. In "The Closer," Fritz neglected to mention a DUI he had incurred. His poor driving record caused the bundled premium quote to be higher than what Brenda paid for her own auto policy. So, don’t bundle your insurance if either spouse has lost license points. Credit scores can similarly affect premiums, so the premiums may be higher if one spouse has a low or mid-range score.

Preventing Conflict

Instead of starting your marriage with an argument about the past because your auto insurance quotes reveal it, talk about finances first. Before you get married, sit down with each other and discuss your financial past, present, and your goals for the future. Include your insurance agent after you settle things with one another.

Contact Your Insurance Agent Today

Call or email Taake Insurance Agency today to find out about the best auto insurance options for you. Before you walk down the aisle in Columbia, IL, plan your finances and insurance.

Do Homeowner’s Insurance Have Room for Two Homes on One Policy?

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The phrase "second home" often conjures images of affluent individuals owning a vacation home. However, the average person can also buy a vacation home, not just for leisure, but as a rental property or a residence for relatives. Regardless of the reason, it would be best if you had homeowner’s insurance from Taake Insurance Agency. While it might seem easier to bundle the second home into your existing home insurance, whether that’s possible is a different matter.

Can a Homeowner’s Insurance Policy Provide Coverage for Two Homes?

You cannot bundle two or more homes into the same policy. Homeowner’s insurance covers one home in Columbia, IL. A house has several risks that other big-ticket purchases don’t have, so adding two will be more challenging. The home’s location, age, and repair needs factor into a home’s coverage, and no two homes’ characteristics match up. Additionally, the purpose of the homes and the items inside them differ. It’s impossible to cover both houses in the same policy when each house has different needs.

Can You Get a Homeowner’s Insurance Policy for a Second Home?

You can purchase a second policy for your second home and enjoy the same benefits as the first. The flip side is that the monthly cost is higher because of the higher risk second homeownership brings. Those risks are:

  • Vacant homes that stay vacant for a long time
  • Rental property and tenant issues
  • Vacation home locale
  • Risk of a natural disaster

The risk increases because you are not the primary resident. If you are, you don’t live there regularly. That limits second home insurance coverage to only the situations in the policy. You may need additional insurance like flood and landlord insurance to strengthen coverage.

At Taake Insurance Agency, we want you to get adequate home insurance for each home’s unique needs. Come by our Columbia, IL office to discuss our home insurance offers.

Captive Health Insurance for Your Small Business

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Most small businesses find paying for healthcare for their employees challenging. But what if your small business could make money on its healthcare premiums?

That’s possible because of changes in the tax law and captive insurance, a way of insuring your employees.

At Taake Insurance, we advise certain companies to consider captive health insurance. If your company has:

  • Healthcare premiums of $500K to $2.3M a year, and
  • A five-year history of your employees filing 50 percent less in claims than your premiums and
  • The cash to fund one year of premiums, then

We can help you set up your own health plan and get a recognized insurance company to administer it. Your subsidiary keeps the savings and, for up to $2.3 million a year, transfers them back to you largely tax-free.

What’s the catch?

You do need to have enough cash to fund a full year. You will need to have actual claims. The IRS looks at askance at 100% profitability. And you need to rely on professional actuaries to set your premiums. Setting premiums is not a DIY operation.

Thousands of firms across the USA self-insure. You can cooperate with other small businesses to self-insure together and make meeting capital requirements easier.

If you spend more than $2.3 million annually on healthcare premiums, Taake Insurance Agency can help you create a subsidiary that will work for you.

Since a national insurer will administer your plan, your employees will get all the same coverage as they do now. In many cases, your plan administrator may even be the company you have now.

Whether you run your business in Columbia, IL, or anywhere in the state, we can help you set up captive health insurance. Call us today to get started!

How Whole Life Insurance Policies Work

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Choosing between term life and whole life insurance policies depends heavily on your financial circumstances and insurance requirements. While both options have their own strengths and weaknesses, whole life insurance often emerges as a favored choice due to its unique benefits. Contact us at Taake Insurance Agency in Columbia, IL to learn more.

No Expiry Date

One of the most appealing aspects of whole life insurance is its absence of an expiration date. Unlike term life policies that expire after a predetermined period, whole life policies provide continual coverage as long as the premiums are paid. Neither you nor the insurance company can discontinue it, which provides you with steadfast peace of mind.

Accumulating Cash Value

Another significant advantage of this policy is the cash value it accrues over time. As you continue to pay your premiums, a small portion of the insurance company’s profits from your payments contribute towards this cash value. Over the years, this value builds up, providing a financial reserve you can borrow against in an emergency.

Securing Whole Life Insurance

To learn more about whole life insurance policies and how to procure one, call Taake Insurance Agency in Columbia, IL, today.

Commercial Inventory – Insurance Coverage Upgrades

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Assess the inventory that you use at your place of business. Seek insurance coverage upgrades that protect the inventory while it is stored within your commercial property.

Risks

Inventory stored on your property could be stolen or damaged. Flooding waters, fires, criminal activities, and other risk factors should also be considered.

Before you insure the inventory, schedule an appointment to inspect your place of business. The inspection will reveal any damage within your business. Damage to structural walls, for instance, could increase the risk of a flood.

The location of your business may also help you determine how much insurance coverage you need. If your business is located within a busy area, increasing the amount of insurance your inventory is provided with will give you peace of mind.

Inventory Records

Keep track of how much inventory you keep on hand on a regular basis. Take into account any seasonal items or other special items that you will be featuring at your place of business.

The records will help you decide if you will need more insurance coverage at specific times of the year.

Security

Make sure the inventory remains secure during normal business operations. Camera equipment and other security aids can help keep the inventory protected.

Prepare a storage plan for any overstock kept onsite. Overstock should be stored in an inconspicuous area where it won’t be subjected to theft.

Contact Taake Insurance Agency for Commercial Insurance

Contact one of our Taake Insurance Agency representatives to schedule a time to sit down with them. An agent who serves the Columbia, IL, area will help you pick out coverage to protect the commercial inventory.

Why You Need Liability Coverage in Your Auto Insurance

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If you own a vehicle, auto insurance is a necessity. Some components of auto insurance are legally required, while others are optional. Possessing liability insurance is non-negotiable to protect yourself, as mandated by law. Ensuring your liability insurance is adequate to cover the costs of a costly accident is essential. If auto insurance is what you need, reach out to us at Taake Insurance Agency in Columbia, IL.

Bodily Injury Liability

Medical expenses can be exorbitant in the U.S., which makes coverage crucial to avoid shouldering substantial bills from your pocket. It is necessary to include bodily injury liability in your auto policy. This component is responsible for covering medical expenses and related costs incurred by another party in an accident in which you are involved. As the bills for injuries from an accident can run into tens of thousands or more, it is advisable to ensure you are covered as long as you have your vehicle.

Property Damage Liability

When an accident occurs, it’s not just the individuals involved who can incur damage. Personal properties such as vehicles and belongings inside these vehicles can also be affected. Property damage liability is necessary to cover the costs of repairing or replacing a vehicle damaged in an accident. Without this coverage, you’ll be personally liable for all related costs, which can lead to financial distress. It is also beneficial to include collision coverage in your policy to cover any damage to your property resulting from an accident.

Stay Insured, Stay Legal

Having auto insurance isn’t just a legal necessity- it’s a vital means of protecting yourself. Contact us at Taake Insurance Agency in Columbia, IL if you’re seeking auto insurance.

What Types of Damage Can Home Insurance Cover?

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At Taake Insurance Agency in Columbia, IL, we assist new homeowners and seasoned homeowners with determining what their home insurance policy does and doesn’t cover. While many homeowners may take for granted what they believe their policy covers, it never hurts to confirm what your policy offers and what is outside of the scope of what your policy can cover. Before your home is damaged, we recommend getting home insurance to protect against liability, qualifying damage, and more.

What Types of Damage Can Home Insurance Cover?

When your home experiences damage due to theft, a natural disaster, or vandalism, you may wonder how you’ll be able to afford to repair the damage. After all, most of us don’t have the extra funds lying around to cover these kinds of damages. Before you panic, you should know that some home insurance policies may cover damage that occurs during a qualifying natural disaster, vandalism, fire, or theft. Of course, every insurance policy is different, so you should speak with one of our professionals to determine whether the damage may qualify for coverage.

What Types of Damage Can Home Insurance NOT Cover?

Home insurance doesn’t cover damage from regular wear and tear. It also usually doesn’t cover damage from natural disasters outside of qualifying events. Additionally, if your home isn’t damaged and you want to renovate it, home insurance almost certainly will not cover those expenses. If you have questions about what events and damages fall outside of your home insurance coverage, we can answer any related questions when you call our office or visit it in person.

For more information about our home insurance policy options, we welcome you to call our office at Taake Insurance Agency in Columbia, IL!

Health Insurance FAQs

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Health insurance is important for your physical and financial health. However, you may have questions about your health insurance policy. We provide health insurance policies at Taake Insurance Agency in Columbia, IL. 

What is Out of Network Coverage? 

Health insurers make agreements with some providers. In exchange for becoming part of the network, the provider agrees to a lower price for services. Providers that don’t have this agreement are considered out-of-network providers. 

 All health insurance policies cover in-network providers. Some policies provide some coverage for out-of-network providers, and others don’t offer any. 

Is Emergency Care Covered? 

Yes. Federal law states that health insurance plans must cover emergency care, regardless of whether the provider or hospital is in-network. 

You should also know that the insurance provider can’t charge a higher copay for out-of-network emergency care. 

How Do I Choose the Best Plan?

Several factors must be considered when buying health insurance. Your deductible, copay, coverage limits, and the services covered will vary from plan to plan. 

If you rarely go to the doctor, you may want to choose a plan with a lower premium and a higher deductible. However, a plan with a higher premium and a lower copay may be the best option if you visit the doctor regularly. 

Does Health Insurance cover Prescription Medications? 

Yes. Most health insurance policies cover prescription medications. However, which drugs are covered will vary from plan to plan. The copay for medication will vary as well. When selecting a plan, you should consider how often you need medication. If you are currently taking a medication, ask if it’s covered by the policy you are considering. 

Health Insurance at Taake Insurance Agency

If you need health insurance in Columbia, IL, contact us at Taake Insurance Agency. We offer various insurance options, including health, home, and life insurance.

Occasions When People Acquire Life Insurance For The First Time

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At Taake Insurance Agency, we proudly serve the community of Columbia, IL, providing comprehensive personal insurance policies that ensure financial security for individuals and their families. One such vital service we provide is life insurance, which serves as a financial safety net for your loved ones during your absence. Let’s explore the process and ideal timing for securing your first life insurance policy.

Understanding Life Insurance and Its Benefits

Life Insurance, often misunderstood, is not just about covering final expenses and debts. It has a broader role in securing your family’s financial health in your absence. This flexible financial tool comes in various forms, such as term insurance and whole life or permanent insurance, each serving different needs.

When Should You Get Your First Life Insurance Policy?

The timing for securing the first life insurance policy can vary significantly among individuals. Here are a few common life stages when many people consider getting their first policy:

  • Infancy: Parents or grandparents may purchase a life insurance policy for a baby or young child, ensuring their insurability in later life while also serving as a savings plan.
  • Upon Graduation: A lot of individuals secure their first policy as they step into adulthood post-high school or college graduation, taking on financial responsibilities and possibly even debts.
  • Marriage: Tying the knot often brings added responsibilities, including home ownership and parenthood. This is a common stage for considering life insurance to protect income and secure financial futures.
  • Starting a Business: If you’re starting a business, especially with partners who play key roles, a life insurance policy can help ensure the venture’s continued success.

Get Your Life Insurance Quote Today!

Life insurance becomes surprisingly affordable when you’re young and healthy. If you haven’t established your life insurance program, let us at Taake Insurance Agency, serving Columbia, IL, assist you. After answering a few straightforward questions, you and your family will have greater peace of mind knowing that you’re financially protected.