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Anthony Lancaster Insurance, Inc Blog

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Boat Insurance Myths

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Though not required in Memphis, TN, it is highly recommended for boat owners to have some form of boat insurance. However, there is so much information about boaters insurance, and some of it is not true (or partially true). If you own a boat, check out these common myths about boaters insurance and then give our office, Anthony Lancaster Insurance Inc, a call to learn more about purchasing boaters insurance. 

Myth: Boaters insurance is not required, so it is not needed. 

Fact: Even if boaters insurance is not a requirement in Memphis TN, boats can be expensive, especially in the event of an accident. A boaters insurance can help protect your finances should you have an accident out on the water. 

Myth: Boaters insurance is expensive.

Fact: Many times, the price of comprehensive boat insurance is overestimated by boat owners. When compared to the amount of money, time, and effort you have put into the boat, the cost of insurance is not as expensive as you may think. 

Myth: Buying a boat insurance policy is too confusing and not worth my time. 

Fact: The lengthy contract of a boaters insurance policy that is full of jargon can be intimidating. Despite this, purchasing boaters insurance is not complicated, and your insurance agent can help explain everything, making it less confusing. 

Myth: The cheapest policy is enough coverage. Anything else would be a waste of money. 

Fact: In most cases, the cheapest policy is only a liability-only policy. Your boaters insurance policy should cover you for all the risks you may face while owning your boat, including repairs, property damage, medical bills, and legal fees. 

Make sure you are fully protected and purchase a boaters insurance policy. Call our agents at Anthony Lancaster Insurance Inc today for additional information about obtaining a boaters insurance policy. 

Flood Insurance Explained

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While home insurance for your Memphis, TN home covers you against perils like theft, vandalism, fire, and numerous natural calamities, it won’t cover you when floods strike. The only way you can protect your home from floods is by purchasing flood insurance from Anthony Lancaster Insurance Inc. 

If you are new to flood insurance, keep reading as we elaborate on all you need to know about this coverage.

Can anyone buy flood insurance?

There are no restrictions as to who can buy flood insurance. In fact, since all homes are at risk of flood damage, every homeowner should consider flood insurance. You don’t believe all homes are at risk of flood damage? According to FEMA, residents living in areas not regarded as flood-risk account for about 20 percent of all flood insurance claims! Of course, this rate could even be higher if more people have flood insurance. 

What does flood insurance cover?

Typically, flood insurance covers the dwelling and contents of your building. The building coverage protects your electrical and plumbing system, air conditioning, water heaters, foundation, permanently fixed carpets, and fixed wall cabinets. 

The contents coverage protects personal assets like clothing, furniture, electronics, curtains, jewelry (limited coverage), and other personal assets.

What is the flood insurance coverage amount?

If you buy flood insurance through the National Flood Insurance Program (NFIP), you get a dwelling coverage of up to $250,000 and contents coverage with a limit of $100,000. However, you can increase your limits by purchasing flood insurance from private carriers. 

Typically. NFIP flood insurance coverage requires 30 days to take effect. However, you can reduce the waiting period if you purchase your flood insurance through private insurance companies. 

Buy flood insurance in Memphis, TN today!

While the federal government might declare floods in your area a natural disaster (and provide grants), this isn’t always the case. But even when they do, the federal assistance is a loan that you are required to pay back! For this reason, you need flood insurance from Anthony Lancaster Insurance Inc. to protect your home and for peace of mind.

Life events that effect your need for life insurance

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If you don’t know a lot about life insurance, don’t feel bad, most people don’t. But it isn’t as much of an issue as you may think. All you need is an independent insurance agent who you know and trust to guide you. At Anthony Lancaster Insurance Inc in Memphis, TN, your financial future is something we can help you with. Planning for the future is a good thing and getting the right advice is a big help.

Leaving your parents home

You’re an adult now. It’s time to do the adult thing and make sure that your future is taken care of. Getting a life insurance policy at this point is the first step into your financial independence. Your rates at this point are the lowest they will probably ever be. It isn’t easy to be forward-thinking when you are this young, but your older self will thank you. 

Getting a job

When you get your first full-time job, it may come with a benefits package. Part of that package maybe life insurance. It is up to you to know whether it is the right type and amount to protect you and provide for your family. 

Buying your first home

Buying your first home is big. It usually comes with a mortgage, and you should have enough life insurance to take care of your mortgage if anything happens to you. 

Getting married/having children

When you get married, you need to review any life insurance policies you have and make your new spouse your beneficiary. While you are at it, look at the amount of coverage you have. Adding children to your family raises your need for life insurance greatly. It would be best if you protected their future as well as your own. 

Contact Anthony Lancaster Insurance Inc in Memphis, TN when you need to discuss your life insurance needs. 

Get your renter’s policy in-place BEFORE you move

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Anthony Lancaster Insurance Inc understands the needs of the greater Memphis, TN area, and we are proud to serve our community. If you are looking forward to moving into your new place, be sure to have your insurance lined up before moving! Call us today to find out more about renter’s insurance policies available to tenants in our area. Now is a great time to review your options.

Get your renter’s policy lined up today.

When it comes to deciding on insurance, the sooner, the better is usually the mantra to follow. Moving to a new rental house or apartment can be a time-consuming and stressful occurrence, and it makes sense to take care of as much as possible ahead of time. 

An appropriate renter’s policy can provide a lot of peace of mind! Your landlord will also have insurance, but their coverage won’t protect your interior unit or your belongings. Don’t find out after it’s too late that you don’t have the coverage you need. By lining up your renter’s policy before moving day, you will be able to take the necessary time to make an informed decision. Choosing a policy that meets your needs can feel overwhelming when you start looking at all of the options. With the guidance of a registered agent, the decision-making process can go a lot more smoothly, thus relieving some of the stress that comes with moving. 

Find out more today!

Time to move? Anthony Lancaster Insurance Inc is here to help the residents in the greater Memphis, TN community secure the insurance coverage they need. If you have questions about renter’s insurance, we can help! Call or stop by today and let us help you make your move a smooth and stressless one.

When Should I Pay For Repairs Out Of Pocket?

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It’s good to have Anthony Lancaster Insurance Inc. on your side when you are involved in an accident in Memphis, TN, and you need a little help covering the damages. But, there are plenty of times when there’s no real need to call the insurance agency and cover the damages out of pocket.

The most obvious instance, of course, is when the damages do not exceed the deductible. For instance, you might be able to replace a rear-view mirror for twenty bucks. Twenty bucks is cheap enough that it’s barely even worth the time it would take you to file the paperwork, let alone the cost of your deductible.

Even when your damages exceed your deductible, they might not exceed your deductible by enough to be worth filing a claim. If you would only be saving a few dollars by calling your insurer, you’d probably prefer not to have that mark on your record or have your rates bumped.

With all of this being said, if another driver is involved and insists on going through your insurance companies, then there’s not much you can do. But when it’s up to you, you’re under no obligation to call your insurance company about every dent and scratch.

If you have any questions or if you’re looking to get coverage for your car in Memphis, TN, get in touch with Anthony Lancaster Insurance Inc and see about getting a good deal on a great auto insurance policy. We hope we never need to call our insurance company and make a claim, but it’s good to know they’re there if we do.

Motorcycle Insurance Requirements

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In Tennessee, residents aged 16 years and above can operate a motorcycle. It’s crucial to get motorcycle insurance before hitting the road. The right insurance will protect you and other road users. 

If you’re in Memphis, TN, check out Antony Lancaster Insurance Inc. for your motorcycle insurance. You might want to know more about this insurance to guide you through making a purchase. 

Here are some motorcycle insurance requirements that you should know. 

Bodily Injury Liability Insurance 

If you’re the at-fault party in a car accident, you’ll be liable for the other person’s injury. The state requires you to have bodily injury liability insurance to cover their medical expenses and any lost income resulting from the injuries. 

Property Damage Liability

Property damage insurance is a requirement for motorcycle insurance in Tennessee. It covers the financial liability when one gets into an accident leading to someone’s else property damage. Some things covered under this insurance include:

  • Repairs for the other party’s vehicle 
  • Fixing destruction caused on other businesses, fences, houses, and mailboxes, among other damaged property
  • Legal fees
  • Recurring expenses from the damage

Multiple Fatality Coverage 

The coverage limits for multiple fatalities are often double the coverage for one person. It would help to seek clarity from your insurer to know more about single liability coverage and multiple liabilities. 

Motorcycle insurance has several coverage options to protect you and other road users. While bodily injury and property damage are a priority, consider comprehensive coverage to address your motorcycle’s damage resulting from vandalism or theft. 

Anthony Lancaster Insurance Inc. in Memphis, TN has some of the market’s leading motorcycle insurance options. Contact us today to learn more about our motorcycle coverage and get insight into how it can benefit you.

Who needs boat insurance in Memphis?

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The Memphis, TN area can be a great place for someone to own a boat. There is warm weather for much of the year in this area and plenty of great places to use a boat. When you are going to use a boat in this area, you need to ensure that you have it properly insured. Boat insurance is needed in many different situations for boat owners. 

Those that Want to Protect Against Liability Risk

Most people that operate a boat are going to be very diligent and careful. However, there is always a chance that an accident could happen. If you do cause an accident, you will have to cover damages, which can add up quickly. Fortunately, if you get a boat insurance plan, you can get the protection needed to mitigate this risk, as you will get liability insurance protection.

Those that Use Financing

Many people that choose to buy a boat in Memphis are going to take out a boat loan. Those that would like to take out a loan to finance the purchase of a boat should make sure they comply with their boat insurance requirements. In many cases, you will need to have a full policy that will offer coverage for many different risks. 

When you are shopping for boat insurance in the Memphis, TN area, you will want to know that you are making the right insurance plan choice. One company that can help you to build and choose a new policy is Anthony Lancaster Insurance, Inc. There are a lot of factors to take into consideration as you are shopping for this coverage, and Anthony Lancaster Insurance, Inc can help you evaluate your options and pick the best policy possible. 

Can anyone buy flood insurance?

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Flooding is one of the most common and serious natural disasters that face Americans. In recent years, places have seen flooding for the very first time. Nowhere is safe from the ravages of flooding. If you are a homeowner, renter, or business owner, you may wonder if you can buy flood insurance?  Stated, almost everyone can benefit from flood insurance. At Anthony Lancaster Insurance Inc. in Memphis, TN, we are independent agents who offer personalized service to meet our customer’s needs. 

Flood insurance is a national program managed by FEMA (Federal Emergency Management Agency) and delivered directly through the NFIP (National Flood Insurance Program) or one of the 60 or so approved carriers. This is a great program that allows you to purchase protection from floods. It is sold in two parts, building and contents. You can purchase one piece or both, and it is up to you. 

Building coverage covers the physical home. Things like the roof, the foundation, the main systems such as electrical, plumbing, heating, and cooling. It also covers anything permanent in the home, like flooring, cabinets, built-in appliances, bathroom fixtures, and built-in furniture. Flood insurance does have limits and exclusions. The most flood building insurance that you can buy is $250,000. 

Contents flood insurance covers moveable things. It covers your furniture and your clothing. It covers your washer and dryer and small appliances in your kitchen. It will pay for your children’s toys and yours as well, depending on what they are. Your electronics are also covered. The most content coverage that you can buy is $100,000. 

If you are not eligible for NFIP insurance, it doesn’t mean that you can’t have flood insurance. Other options are available. 

Contact Anthony Lancaster Insurance Inc. in Memphis, TN for all your insurance needs. 

What life insurance options do I have?

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Anyone who lives in the Memphis, TN area will need to get many different types of insurance to ensure they continue to be properly covered and protected. One important type of insurance coverage to get is life insurance. When you have this type of coverage, it can help to protect your dependant’s financial futures. If you are looking for this type of coverage, there are several different types of life insurance to choose from.

Term Life Insurance

One common form of life insurance that people choose is a term life policy. With this coverage, you will have the flexibility to decide how much coverage you need and how long you need it. This makes it easy for someone to build a policy that is curtailed to meet their needs. Another advantage of term life insurance is that it tends to be more affordable than other coverage types. 

Whole Life Coverage

Another option that you have is whole life insurance. Generally, a whole life insurance policy will cost more than other forms of life insurance. However, there are investment benefits that come with it, as well. When you continue to make payments on this policy, some of your payments will slowly build up in an investment account over time. Further, a whole life insurance policy offers coverage for the rest of your life as long as you continue to make premium payments. 

Picking the right life insurance policy in the Memphis, TN area is critical. When you are looking for your next policy, you should call Anthony Lancaster Insurance Inc. The team at Anthony Lancaster Insurance Inc. can help you understand your insurance options and how they can benefit you. This will help you choose the right policy that meets your needs.

How much auto insurance do you need in Tennessee?

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Your auto insurance card serves as more than something you show a police officer when you are pulled over for a traffic violation. Your indemnity card represents the financial backing you receive from your insurance provider when you have an accident for which you are determined to be at-fault. The agents at Anthony Lancaster Insurance Inc. can help you determine if the amount of coverage you have on your car or truck is enough to shield you from a lawsuit in Memphis, TN. 

How much auto insurance is required in Tennessee?

State law requires every driver to show proof of indemnity coverage that pays at least $25,000 per person ($50,000 per incident) for bodily injury. You need to have at least $15,000 in coverage for property damage. 

Many drivers in Memphis, TN can easily show proof that satisfies the state’s auto insurance requirements. Such coverage, however, may not be enough to keep you from a lawsuit. 

What happens when the policy is not enough?

Auto insurance only pays up to the policy’s limit regardless of whether such amounts cover all damages. The at-fault driver is still responsible for an accident’s financial weight, even if his or her policy does not provide a payment that covers everything. 

You may find yourself having to pay for damages, including lawyer and court fees if you are sued for the remaining balance that your auto insurance policy does not cover after an accident. Tort cases are not only expensive but also time-consuming as they have the ability to drag on for months or even years. 

How much insurance do you need?

The benefits of having enough insurance to cover an at-fault accident are endless. Not only do you escape the financial burden of out-of-pocket expenses, but you can also handle the matter in a more timely fashion when you are fully covered. 

Anthony Lancaster Insurance Inc. understands the importance of having the right auto insurance plan in Memphis, TN. Such is the reason why our agents thoroughly explain the details of a policy to ensure drivers have the coverage they need. Call us today if you have questions about your current auto insurance plan or if you need a quote for new coverage.

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