How much life insurance is enough

Life insurance is the one type of insurance you don’t buy to protect yourself. You buy it to protect the ones you love. No two people have the same life insurance needs. It makes good sense to start acquiring life insurance when you are young, and it is at its least expensive. If you are purchasing term insurance, keep in mind the term may end while you still need the insurance, and it will not be the same price to renew it. At Powell’s Insurance in Clinton, NC, we can offer bilingual service and the top carriers in the business.

How much life insurance is enough depends on who depends on your income to maintain their lifestyle. If you are single and have no dependents, you only need enough life insurance to pay off any debt you might have and for your final expenses. If you own a home, the amount of life insurance you have should cover the outstanding amount on your mortgage. You don’t want to leave your loved ones struggling to deal with it. 

When you have dependents, whether it is aging parents, children, your spouse, or anyone else who counts on you, it is more complicated trying to figure out how much life insurance is enough. You have to consider what your annual income is. The lower your income, the less you will be replacing. How many years will your dependents require assistance? It can be many years with young children, and if you want to make sure college is in their future, figure that in as well. 

Somewhere between 7 and 10 years’ worth of income is what experts suggest, but depending on your lifestyle and income, you may feel that more or less is what you need. 

Contact Powell’s Insurance in Clinton, NC to discuss your life insurance needs.

What auto insurance is required in North Carolina

North Carolina drivers face the same challenges as drivers in other parts of the country. Driving takes all of your attention, and unfortunately, these days, too many drivers are distracted. It makes having the right kind of auto insurance even more important. Before you hit the road, you need to know you are protected. If you live in Clinton, NC or the surrounding area, Powell’s Insurance is there for you, with 40 years of experience and top carriers. We will make sure you have the coverage you need at a price you can afford. 

In North Carolina, drivers need to have more than just liability auto insurance before they hit the road. They also need to have uninsured and underinsured motorist coverage. Insurance companies are required by the law to notify the DMV if liability coverage is canceled or if coverage lapses for any reason. The DMV will then send the person a notice to respond within 10 days. Failure to respond could result in the revocation of the registration and other things like late fees and civil penalties. If it a case where you have just changed companies, a copy of the new insurance declaration page can be faxed in as proof. 

The amount of coverage required is 30/60/25. This means $30,000 for injures for a single person in an accident, with $60,000 total for all passengers and $25,000 for property damage. This is basic coverage. It doesn’t mean that you should have only this amount. If you have a significant amount of assets, having more may not be required, but it is a good idea. 

If it’s time to renew your current policy or you are ready for a change, give us a call or stop by our office. At Powell’s Insurance in Clinton, NC, we can help you to be comfortable with the coverage that you choose. 

How commercial insurance protects a small business

Operating a small business comes with risks. As a savvy business owner, you will assess your risks and use that information to determine what type of commercial insurance can protect your business. Not all businesses have the same level of risk, but some commercial insurance types are beneficial to most businesses. At Powell’s Insurance in Clinton, NC, we understand the risks your business faces, and we will work with you to put together a business policy that makes sense. As an independent agency, we can offer coverage from a selection of top-rated carriers. 

Business property insurance helps to protect your business’  physical assets. It doesn’t matter if you own the building your business operates out of or rent. It would help if you still had property insurance to protect you from fire, theft, or other covered hazards. In addition to the building, this insurance also covers your business equipment, computers, records, machinery, inventory, and raw materials. All the things you need to do business. 

Business liability insurance is vital to any business. Getting sued or being involved in a legal action can be emotionally and financially devastating. Having enough insurance to feel safe is important. This insurance can cover a judgment against you and the legal expenses that result from it. 

Business interruption insurance is something that most small businesses can benefit from. If your business is closed by a covered hazard, this coverage will get you the money you need to meet payroll and your regular operating expenses. Be sure to read your policy to make sure that you are aware of any exclusions included in the policy. 

With over 40 years of experience, Powell’s Insurance in Clinton, NC has the expertise to help your small business get the coverage you need. Gives us a call or stop into our office for a no-obligation quote. 

Why do I need to have a home inventory

Owning a home comes with a lot of responsibility and worries. So many things can go wrong; the world is filled with hazards. Having a home insurance policy with enough coverage to provide peace of mind helps. It also helps to have an insurance agent you trust to be there when the time comes to file a claim on your home insurance. Powell’s Insurance in Clinton, NC has more than 40 years of experience serving the resident of the area. 

When you file a home insurance claim, having a home inventory makes the process go a lot smoother. When you lose your personal property, you will have to tell the insurance company what you lost. When you have suffered a loss, sometimes there is not a lot left to remind you of all your possessions. What a home inventory does is to provide all the backup information that your carrier will ask for. It gets things moving a lot quicker.

You can make an inventory with a pad and pen, or you can make a digital one using pictures. No matter which option you choose, it is vital that you give as much detail as possible. Be very descriptive with brand names, date of purchase, model, and serial number where appropriate. Attach any receipts that you have for the items included. Once you have created the inventory, you must put it someplace safe to easily get to it after a covered event. 

When you need an insurance agent who can assist you in Spanish and English, Powell’s Insurance in Clinton, NC is the one to call. We will be here to help you if you ever need to file a claim. If you are looking for an agent you can count on, we won’t let you down. Give us a call or stop by and let us make sure you have the coverage you need.