Why Lenders Require Home Insurance

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Are you considering taking out a mortgage? Remember, your mortgage payment isn’t the sole bill you’ll need to tackle. Most lenders necessitate home insurance, and you may need to account for other costs, such as taxes. In this article, we explore why insurance is required. If you’re seeking an insurance company serving Matthews, NC, consider contacting JC Demo Insurance Group.

Why Home Insurance is a Must From a Lender’s Point of View

Mortgage loans are collateralized, meaning they are secured by a particular asset. In most instances, the house being purchased serves as collateral. If a borrower fails to make their mortgage payments, the lender can take the home and sell it to recover the loan amount.

For this reason, the property’s value is of paramount importance to the lender. The more valuable the property, the lower the risks for the mortgage lender. Essentially, while the homeowner owns the house, the lender owns the collateral. 

The property’s value decreases if a home suffers damage during a hurricane. However, as long as the home is adequately insured, there’s coverage for potential damage. Repairing the home can restore the property’s value. If the damage isn’t covered and left unrepaired, the lender would receive less should they be forced to sell the property.

In essence, home insurance protects both the lender and the homeowner. When disaster strikes, you won’t want to bear the burden of costly repairs. As you shop for home insurance policies, understand that there are various considerations and potential pitfalls. If you’re looking for an insurance agency serving Matthews, NC, feel free to contact JC Demo Insurance Group at your earliest convenience.

Is Full Coverage Auto Right for You? How to Tell

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p>Shopping for car insurance brings you to a crossroads: full coverage auto insurance or liability-only auto insurance? Understanding the distinction between these options helps you make a well-informed decision when selecting a policy. At JC Demo Insurance Group, servicing Matthews, NC, we’re here to help. We support consumers in choosing the right auto insurance policy for their needs.

What Is Full Coverage Auto Insurance?

The term "Full coverage auto insurance" encompasses a variety of auto insurance policies, including liability, collision, and comprehensive policies. Full coverage auto insurance secures repairing or replacing your vehicle damaged in a collision, even if you’re at fault.

Moreover, full coverage auto insurance reimburses your loss if your vehicle is stolen or damaged through vandalism, fire, etc. It generally includes roadside assistance, which can support towing your vehicle if it breaks down.

What Is Liability Only Auto Insurance?

Liability-only auto insurance covers repairs only for the other driver’s vehicle, assuming you are at fault in an auto accident. It will not bear the repair costs for your own vehicle.

Who Needs Full Coverage Auto Insurance?

Typically, individuals seeking full coverage auto insurance are new vehicle owners. Many lenders mandate borrowers with a car loan to maintain full coverage auto insurance. In addition, owners of high-value vehicles generally prefer full coverage insurance to safeguard their investments against unforeseen challenges. At JC Demo Insurance Group, servicing Matthews, NC, we’re here to help. Reach out today to learn more about procuring full coverage auto insurance.

Steps to Take to Ensure Your Car is Safe When Roads Are Slick

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Driving on slick roads can be nerve-wracking, but you can keep your car and yourself safe with a few precautions. At JC Demo Insurance Group in Matthews, NC, we aim to ensure you’re prepared for any driving conditions.

Inspect Your Tires

Since your tires are your car’s only contact with the road, their condition is crucial for safe driving. Before you set out, inspect your tires for adequate tread depth and ensure they are properly inflated. Both worn-out and underinflated tires can significantly reduce traction, making your vehicle more challenging to control on wet or icy roads.

Slow Down and Increase Following Distance

Reducing your speed is vital when roads are slick. Wet surfaces can double your stopping distance, so you should drive slower, which gives you more time to react. Increasing the distance between your car and the vehicle in front of you is also important. This extra space can prevent accidents in case you need to stop suddenly.

Use Your Brakes Carefully

Abrupt braking can cause your car to skid on slick roads. Instead, apply the brakes gently to maintain control. If your vehicle has anti-lock brakes, remember these are designed to help you steer while braking. Press firmly and steadily on the brake pedal without pumping.

Avoid Sudden Movements

Sudden steering movements or rapid acceleration can lead to a loss of control. Make smooth, deliberate movements with the steering wheel and moderately accelerate to prevent your tires from losing grip.

Taking these steps can ensure your safety on slick roads. At JC Demo Insurance Group in Matthews, NC, we’re committed to your safety and peace of mind. Contact us today to review your auto insurance policy and ensure you have the necessary coverage for any driving conditions.

How Often Should You Get a Home Insurance Review?

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At JC Demo Insurance Group, we are frequently surprised to see several people in the Matthews, NC area going years without seeking a home insurance review or price quote. Some haven’t had a review since their initial home buying.

Why should you get a homeowner’s insurance review and price quote, and how often should you get these?

Reasons to Get a Home Insurance Review

There are several reasons that include:

  • After making any major home improvements.
  • When you suspect home values have changed significantly.
  • If you add an attractive nuisance like a pool.
  • If you get a dog.

Of course, you may also want to get a review and price quote if you have a bad experience with your home insurance company or find yourself facing a steep rise in your premiums.

Why People Don’t Get Reviews More Frequently

Homeowners can neglect their home insurance for various reasons. It is often paid automatically or with property taxes and the mortgage. They may not think it makes a difference (it does!). Some may not even think about it.

Ideally, you should get a price quote and review it annually or at least every two to three years. If you go for a longer duration, you may end up overpaying or encounter gaps in your coverage. We can help.

Schedule a Home Insurance Review Today

Getting a home insurance review may be easier than you think. Get your policy and reach out to us at JC Demo Insurance Group, serving the Matthews, NC area. We are qualified to review your policy regardless of the issuing company.

Feel free to ask any questions you may have, and we’ll work on a price quote. We can also assist you in making the change. Contact us to get started.

Understanding Which Coverage to Get For Commercial Insurance

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Selecting the right commercial insurance coverage involves evaluating your business’s unique risks and needs to guarantee comprehensive protection. Several crucial considerations can guide you in selecting suitable coverage options for your businesses in Matthews, NC.

Assessing Business Risks

Begin by identifying your business’s unique risks, including potential liabilities, property damage, equipment malfunctions, and profit loss. Understanding these risks lets you prioritize coverage that tackles your most critical exposures.

General Liability Insurance

General liability insurance is crucial for businesses as it covers legal fees in a world where litigation is common. This coverage protects against lawsuits originating from property accidents or business operations.

Property Insurance

Property insurance covers physical assets adversely affected by unforeseen circumstances. Businesses with valuable physical properties should consider this coverage to recover swiftly from unexpected events.

Business Interruption Insurance

Business interruption insurance offers protection against income loss when business operations are disrupted due to uncontrollable instances. It helps cover ongoing expenses and ensures continuity during recovery periods.

Professional Liability Insurance

Professional liability insurance, also known as errors and omissions (E&O) insurance, offers protection against negligence, omissions, or any errors made in the provided professional services.

Worker’s Compensation Insurance

This type of insurance is mandatory in most states to cover medical expenses and lost income for employees injured or ill during their work shifts. When injuries occur, the cost can be burdensome for businesses. Worker’s Compensation absorbs the financial blow for both the worker and the employer.

JC Demo Insurance Group Is Ready To Assist You

JC Demo Insurance Group is here to help when you need insurance information. Our services are available in Matthews, NC, and surrounding areas. Contact us today.

For All Your End of Life Expenses Life Insurance can Help

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Many people don’t contemplate or even consider life insurance until well into adulthood. In many situations, these individuals wait until the later stages of life to contemplate life insurance plans. Realistically, this is comprehensible as not many twenty or thirty-year-olds reflect much on the end of their lives. However, practically waiting to get life insurance could reduce the advantages of having life insurance. If you require life insurance solutions in the Matthews, NC area, the expert and amicable crew at JC Demo Insurance Group can aid you.

Life Insurance: For Your End-of-Life Expenditures and More

The cost of everything is escalating, and the cost of end-of-life expenditures is no exception. Expenses from the headstone to the burial plot, the casket, burial service expenses, and funeral services today can cost thousands of dollars, with many easily surmounting ten thousand dollars. Indeed, this is the primary reason for life insurance, to alleviate the additional financial hardship during challenging times like these, which your loved ones and those you care about should not have to endure. Fortunately, life insurance is available to assist with those costs, burdens, and concerns. It is never too late, or too early, to acquire life insurance or the benefits and peace of mind it can offer.

For Life Insurance Solutions in Matthews, NC

If you reside in or around the Matthews, NC, area and need life insurance or have inquiries about life insurance, our proficient and helpful team at the JC Demo Insurance Group is here to cater to all your life insurance necessities, inquiries, and solutions. Contact us to learn more and schedule an appointment for the insurance your life requires and merits today.

Do You Need to Call The Police Following a Fender Bender?

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If you are a driver in the Matthews, NC, area, you may have been asked, or perhaps have asked, if you need to call the police following a car accident. What if the incident is just a fender bender? JC Demo Insurance Groups believes informed drivers are better drivers, so here is what you should know about what North Carolina law says about reporting car accidents.

Car accidents involving a death or injury must be reported.

If you are involved in a vehicle accident that results in a death or injury, NC law requires it to be reported to police authorities.

If severe damage occurs.

You may also be required to call the police if severe or significant property damage results. This could include damage to vehicles or property, such as signage, fencing, etc.

If local laws require it.

Local municipalities may require a police report in an auto accident.

If your insurance provider requires it.

Some insurance carriers require a police report to file a claim.

What about fender benders?

North Carolina does not require minor fender-bender accidents to be reported to authorities. However, ensure any information exchanged is accurate and that photos document any damage. Without a police report or filing, recovering damage from another party or insurance company may be challenging.

When practical and possible, report an incident.

There may be times when traffic, workload, or the sheer volume of incidents make reporting problematic. However, if injuries, death, or serious damage occur, incidents should be reported.

Car insurance quotes from JC Demo Insurance Group.

Are you looking to lower your car insurance premiums? We may be able to help. In the Matthews, NC, area, contact JC Demo Insurance Group. We look forward to answering your questions and providing a price quote.

Top Mistakes Homeowners Make When Filing Insurance Claims

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If you have to file a home insurance claim, it can be intimidating for homeowners around Matthews, NC, especially if the party experienced a horrific event. It’s essential to be aware of common mistakes they make when navigating the complexities of insurance claims and understand how to avoid them.

Underestimating the Damage

One of the most common mistakes homeowners make when filing insurance claims is underestimating the extent of the damage to their property. It’s crucial to thoroughly assess and document all damage before filing a claim to get everything you are entitled to regarding adequate compensation.

Delaying the Claim

Some homeowners make the mistake of delaying their insurance claims. It’s important to file a claim as soon as possible after damage occurs, as delaying the process will ultimately lead to problems and the denial of the claim.

Incomplete Documentation

Incomplete or inadequate documentation is another common mistake homeowners make when filing insurance claims. Thoroughly documenting all damage, including photographs, videos, and written descriptions, is crucial to supporting your claim and ensuring a smoother claims process.

Neglecting Regular Maintenance

Neglecting regular property maintenance can result in denied insurance claims. Homeowners should ensure routine maintenance tasks are carried out to prevent avoidable damage and maintain their home’s insurability.

Not Understanding Policy Coverage

Many homeowners make the mistake of not fully understanding the coverage provided by their insurance policy. It’s important to carefully review and understand your policy to ensure that you are adequately covered and aware of any limitations or exclusions.

JC Demo Insurance Group Helps Guide You

JC Demo Insurance Group will help guide you and show you how home insurance can save you money in the long haul. Our team covers the Matthews, NC, region. Contact us today.

Tips for Choosing a Beneficiary for Your Life Insurance Policy

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What is a Beneficiary?

Your beneficiary is an individual, trust, or entity that you declare to receive the financial aspects of your estate and life insurance policy. The recipient is the person who is legally entitled to receive funds after your passing. Here are some tips from our JC Demo Insurance Group experts in Matthews, NC.

Tips For Selecting a Beneficiary

Selecting a beneficiary is a serious and personal decision and is different for every person. In some situations, you might want to have your death benefits help loved ones financially. Here are some things to keep in mind when choosing a beneficiary.

Insurable Interest

The person you name as your beneficiary must have an insurable interest or be financially dependent on you. This can be a spouse or child as long as they have a legitimate financial interest in you.

Age Qualifications

Many insurance providers won’t pay out benefits to individuals under the age of 18. However, a trust can be created for minors to hold the funds and manage the account until the age you specify in your policy is reached.

Ability to Manage Finances

To be eligible properly, your beneficiary must be able to handle and manage finances. If they are not of an age where they can handle this, establish a trust and dictate a trustee to disburse and invest funds on their behalf.

Have a Contingency

Should your primary beneficiary pass away before you do, be sure to name a secondary beneficiary, known as a contingency. This allows the secondary individual to claim the policy without having to go through probate.

Get Your Arrangements in Order Today

While planning these details can seem challenging, it is essential to consider your beneficiary. If you need guidance or a life insurance policy, contact us at JC Demo Insurance Group in Matthews, NC.

Business Insurance Solutions for Pharmacies

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If you’re a business owner or manager, you’ll want to protect your business with the suitable types and insurance amounts. If you are in the Matthews, NC, area, we encourage you to contact our JC Demo Insurance Group, Inc. team. We have provided insurance solutions for North Carolina and South Carolina businesses for over 20 years. To give an example of how we customize insurance for the many industries we work with, here are some of the policies needed by a pharmacy.

Property insurance is essential for a pharmacy to cover damage incurred to its building by fire, disaster, theft, or vandalism. A pharmacy can repair or replace the building or its damaged equipment with property insurance. While any business needs liability coverage to prevent financial loss in case a client is injured or harmed by their product or at their office, a pharmacy is more likely to cause harm due to the nature of their business inadvertently. Since pharmaceutical products directly impact a client’s health, this results in an additional potential to cause harm.

Businesses are required to protect their employees, and pharmacies are no exception. Workers’ compensation insurance can provide coverage for medical treatment if clients are injured on the job. Many NC clients have found they can best address all their needs with one of our Business Owners’ Packages. Those customized packages combine liability and property insurance to streamline your coverage. 

Call Us Today for an Appointment 

Pharmacies are only one of the types of businesses we work with. At JC Demo Insurance Group, Inc., clients in the Matthews, NC, area can learn about and purchase insurance suitable for their unique needs. Call us for an appointment to discuss your insurance needs and protect your business’ assets.