The Differences Between Whole Life and Term Life Insurance

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When you’re considering a life insurance policy, there are different types to choose from. The main types are whole life and term life. Each function, in very different ways, has distinct advantages and disadvantages. Understanding how each of them works before you choose a policy is beneficial. To get started with life insurance, contact us at Blevins Insurance Agency in Lafayette, IN.

Whole Life Insurance

Whole life insurance is a type that remains valid for as long as you maintain the policy. As long as you continue paying for it, it’s yours, regardless of age. Upon death, it pays a death benefit to the beneficiaries. It also accumulates a cash value over time. This is an amount that builds up over the years and eventually becomes enough that you can borrow the amount if you have a financial emergency. This is a helpful benefit that many people take advantage of when they need cash.

Term Life Insurance

Term life insurance functions very differently. It doesn’t necessarily last for your whole life. It has an expiration date after a certain number of years. Once that date passes, no more policies will be in place, and you will have to apply for a new policy to be covered again. This type of policy also doesn’t have a cash value that builds up. However, this is the most affordable life insurance to get. If you have a tight budget, term life insurance may be the right choice for you.

Get Life Insurance in Indiana

It’s important to have life insurance to protect your loved ones later. If you need a whole life or term life policy, just contact us at Blevins Insurance Agency in Lafayette, IN, to get started.

How to Renew Your Auto Insurance

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It’s time for your auto insurance renewal. Ideally, you’ve used this opportunity to shop around and compare rates. Perhaps you’ve found that your current company still offers the best deal. If you’ve decided to renew your auto insurance, be aware that your insurance company may adjust your rates based on new information, such as significant changes in your driving record. Even if auto-renewal is an option, it’s better to manually renew to stay informed about your rates. The manual process isn’t as daunting as it may seem.

The Manual Renewal Process

Firstly, your insurer will update you about the revised rate via email or regular mail. Carefully review the renewal offer and compare it to your policy from the previous year (which you should have saved in your personal records). Look for any changes. These changes, if any, will help you decide whether to renew or not. If you find the offer acceptable, you can pay your renewal quote in full or make an initial payment. You also have the option to call an agent to purchase a new policy or buy one online. Have all the necessary information ready, and keep the new policy in your personal records for future reference.

Contact Blevins Insurance Agency Serving Lafayette, IN

If you live in the Lafayette, IN, area and need auto insurance, please get in touch with Blevins Insurance Agency. Our knowledgeable and experienced agents will strive to provide you with the policy you need.

What Kind of Commercial Insurance Does Your Airbnb or Vrbo Need?

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We’ve previously covered the commercial insurance an Uber or Lyft driver needs. Today, we address the required commercial policy when an individual transforms their Lafayette, IN, home into an Airbnb or Vrbo. Home-sharing insurance coverage from Blevins Insurance Agency is a type of commercial insurance that protects the homeowner from financial loss from situations that Airbnb’s policy does not cover.

Rental Platforms and Their Insurance

Rental platforms like Airbnb and Vrbo provide participating landlords with limited insurance coverage. Although the policies carry large policy maximums, they don’t cover many typical situations. For instance, Airbnb provides its hosts with liability insurance to cover if a guest incurs injury on the property. It doesn’t cover damage to the host’s home, property, or personal property. That means a guest could damage a home, break the door down, and damage electronics, and the Airbnb coverage would not pay for it. Vrbo provides similar insurance, meaning that a host needs to purchase additional coverage in two forms: short-term rental property coverage and home-sharing insurance.

Short-term Rental Property Coverage

According to Forbes, landlord policies don’t cover short-term rentals. Short-term rental property does cover a host’s liability when guests stay in their home. However, short-term rental only provides liability coverage, so the landlord still needs property protection.

Home-sharing Insurance

Enter home-sharing insurance to save the day. This policy provides coverage to landlords offering short-term rentals, such as Airbnb, Vrbo, and bed-and-breakfast owners. According to Rental Trader, when guests stay in the home, the coverage kicks in, and these policies offer many options, including liability, property damage, and injury coverage. The property damage option covers damage to the host’s home and belongings. In some locations, a host can add loss of income coverage to a home-sharing insurance package. These two types of insurance policies include a "No Forced Entry Requirement" for a landlord to file a claim for theft or damage.

Contact Our Office Today

Call or email Blevins Insurance Agency today to schedule a commercial insurance review. If you host short-term renters in your Lafayette, IN, home, you’ll need short-term rental property coverage and home-sharing insurance to protect your financial investment.

When Should You Get Home Insurance for a New House?

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Purchasing a new house is a thrilling milestone in anyone’s life. At Blevins Insurance Agency in Lafayette, IN, we want to celebrate your new homeownership by helping you protect your home from liability, qualifying damage, and more. If you’re a first-time homeowner, you might be wondering about the best time to get your home insurance. Should you wait until after you’ve received the keys to your new home? Or should you start seeking home insurance quotes before you even apply for the mortgage? Below, we’ll provide some clarity on when you should purchase home insurance for a new house.

Understanding Home Insurance

Before purchasing home insurance, it’s essential to understand what it is. Home insurance policies protect a primary residence against liability, damage from qualifying events, and in some cases, theft. They cover some costs associated with replacing valuables. However, these policies are only applicable to your primary residence. If your new home is a vacation home, you’ll need a different type of insurance policy. For tenant renters, renter’s insurance is the appropriate policy.

Deciding When to Get Home Insurance for a New House

It’s generally wise to have a home insurance policy in place a few days before you’ve closed on a house. Once you’ve signed the contract for a new house, it’s a good idea to explore your home insurance options. Even if you’re considering buying a new home, it’s a good time to consider your home insurance options.

Get in Touch With Us

Contact us at Blevins Insurance Agency in Lafayette, IN for a home insurance quote.

Benefits of Buying Life Insurance at a Young Age

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Think you’re too young to die? We hope you’re right. However, it’s never too early to start thinking about life insurance. Buying early can save you money and give you peace of mind, especially if you’re the main breadwinner in your family. The team at Blevins Insurance Agency in Lafayette, IN, offers this important information on the benefits of buying life insurance at a young age.

Cheaper Rates

When you purchase life insurance while you’re young, you typically end up paying a lower premium. Your age plays a central role in the algorithm that determines your costs. It’s all about risk. Younger applicants are less likely to need life insurance in the near future. Therefore, buying this coverage in your early twenties and thirties can help you save money for as long as you keep your coverage. Similarly, buying in your early forties may cost less than purchasing life insurance in your sixties.

Rewards for Staying Healthy

Good health is often connected to youth. If you’re healthy, take advantage of the optimal life insurance cost. Later in life, you might develop health conditions that can lead to higher premiums. So, doesn’t it make sense to lock your coverage in place as soon as possible? Keep in mind that many policies maintain the same premium throughout the life of your coverage.

Get More Coverage

In your early 20s, purchasing life insurance that will protect your future dependents is relatively easy. Premiums for the same coverage generally increase for older applicants. So, buying early gives you more coverage for your money.

Enjoy your life and live to the fullest, but don’t forget to plan for the future. Purchasing life insurance while you’re young is one of the best investments you can make. Contact Blevins Insurance Agency in Lafayette, IN, to speak to an experienced life insurance agent today.

The Impact of Weather-Related Claims on Auto Insurance in Lafayette, IN

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Living in the Lafayette, IN region means experiencing all seasons, from thunderstorms and hailstorms to potential tornadoes. Understanding how weather-related claims impact auto insurance premiums and coverage options is vital if you live in the Lafayette, IN, region. At Blevins Insurance Agency, we can help you make informed decisions about any auto insurance policy you need before finalizing your selection.

Frequency of Claims

During a harsh winter in the Lafayette, IN region, weather-related claims are likely to spike. This rise in claims may increase auto rates once renewal times arrive. During periods of reduced claims, drivers in the area may also see reduced or stabilized rates.

Comprehensive vs. Collision Insurance

Weather-related incidents can significantly impact the types of coverage drivers in the Lafayette, IN region choose to keep. Collision coverage is ideal for accidents that result from driver error, while comprehensive coverage is ideal for weather-related damage or related accidents. Comprehensive coverage is ideal for flooding, fallen tree damage, or even damage caused by a hailstorm.

Liability/Uninsured Motorist Claims

Varying weather can also increase the likelihood of collisions and accidents on the road due to low visibility or distractions. This can lead to an increase in liability claims. Premium rates for uninsured motorists and liability insurance may be affected when there is an uptick in claims filed in the region during a particular season or time of year.

Understanding how weather-related claims may impact your auto insurance rates or claim filings is essential as a driver and resident living in the Lafayette, IN region. At Blevins Insurance Agency, we’re here to help you find auto insurance that covers your specific needs. To learn more about your options, contact Blevins Insurance Agency today.

What Does a Commercial Insurance Policy Provide?

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A commercial insurance policy is a great choice when you have a business and need to protect it from claims and other types of harm. If you’re in the Lafayette, IN area and looking for this kind of coverage, Blevins Insurance Agency is here to help. Our agents are committed to ensuring you get the right coverage and protection so you can focus on other areas of your business and keep it running smoothly. 

A commercial policy is designed to protect a business instead of a home and can cover many different things. There are options for riders, coverage levels, and other adjustments, so you can create something that gives you peace of mind and helps you feel confident that your business is protected. Whether you have a brand new company you’re trying to get off the ground or you’ve been in business for a while, a suitable policy can make all the difference.

Working with one of our agents will help you get multiple quotes from different insurers so you can choose the one that’s right for you. We’ll be happy to answer your questions and make it easy to compare the quotes we provide. Then, you can select a policy you feel good about and ensure you’re getting the right type and coverage for your needs. From protecting your building and equipment to covering yourself against customer claims, you have options.

Contact us today at Blevins Insurance Agency if you’re in the Lafayette, IN area and looking for a commercial insurance policy. We’ll help you find a new one or update the one you already have so you can keep growing and developing your business without worrying about the level of protection you have.

Can Homeowner’s Insurance Cover Your Engagement Ring?

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Engagement rings are dear, symbolizing a commitment to the one you plan to spend the rest of your life with. Whether you’re recently engaged or have been married for years, knowing your engagement ring is adequately insured is comforting. If you’re a new homeowner and wish to protect your engagement ring and other precious jewelry, our team at Blevins Insurance Agency in Lafayette, IN, can guide you on your options.

Can Homeowners Insurance Cover an Engagement Ring?

Some homeowners insurance policies offer coverage for valuables such as your engagement ring. However, these policies have predefined limits and terms that may not allow complete compensation for your ring’s value. You’ll have to investigate your policy carefully and consult one of our insurance agents to clarify whether your specific policy provides adequate coverage for your ring. If the value of your ring exceeds the policy limits, other insurance options might be appropriate.

Knowing the worth of your jewelry is essential when discussing insurance options, as it aids in evaluating your coverage needs. Understanding the other valuables your current policy covers is also crucial. An open conversation with knowledgeable professionals at our office is the best way to determine the proper insurance course.

Call our Blevins Insurance Agency office in Lafayette, IN, for more details regarding homeowners insurance.

Choosing a Life Insurance Policy for Seniors in Indiana

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Even as a senior living in the Lafayette, IN region, it’s important to protect your assets, investments, and family with the security of the right life insurance policy. Selecting a life insurance policy suitable for seniors in Lafayette, IN doesn’t have to feel overwhelming once you’re familiar with the various options and the benefits each type of policy offers. With the assistance of insurance agencies like Blevins Insurance Agency, comparing life insurance policies suitable for seniors, regardless of your net worth and the assets you wish to protect, can be a straightforward process.

Whole Life Insurance

Whole life insurance policies typically last a lifetime and are considered permanent coverage policies. These policies require higher premiums but offer a guaranteed death benefit for those who consistently pay into the coverage for many years or even decades.

Term Life Insurance

Another option that seniors in Lafayette, IN might consider is term life insurance. This type of insurance protects specific terms, such as 10 years, 20 years, and more. It’s ideal for temporary needs and protection. However, once the term is up, the policy expires, removing any additional protection.

Universal Insurance Policies

A universal policy might be right for you if you’re searching for permanent life insurance policies with flexible death benefits and premiums. Policyholders can also adjust premiums and coverage needs as required. Moreover, these policies accumulate cash value over time.

At Blevins Insurance Agency, we can help seniors living around Lafayette, IN, find life insurance that offers protection and peace of mind. Contact Blevins Insurance Agency directly today to learn more about life insurance policies and premium options available for seniors in Lafayette, IN.

Essential Auto Insurance Coverages for Lafayette IN Motorists

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If you are a new driver seeking to learn more about insurance or a seasoned driver needing to update your coverage, this is the guide for you!

Blevins Insurance Agency in Lafayette highlights essential auto insurance coverages in the guide below.

Essential Auto Insurance Coverages for Lafayette, IN Motorists

Liability Insurance for State Minimums

All drivers on Indiana roads must have liability insurance to meet state minimums in case of an at-fault accident that results in extensive financial damages, medical damages, or personal injuries to other drivers.

Indiana liability insurance includes coverages for bodily injury, which helps reduce medical expenses, lost wages, and legal claims from injured drivers who file suits against at-fault drivers.

Comprehensive and Collision

Local motorists seeking full coverage auto insurance protections that shield them in the event of at-fault accidents and no-fault accidents get total coverage when they opt for a comprehensive and collision benefits policy.

Comprehensive and Collision policies protect policyholders from accidents, auto theft, vandalism, natural disasters, animal collisions, and many non-collision-related auto incidents that would normally cost hundreds or thousands of dollars in out-of-pocket expenses.

Uninsured or Underinsured Motorist Coverage

There’s nothing worse than being a victim of an auto accident and finding out that the driver who is at fault has no insurance or inadequate insurance that doesn’t cover the cost of medical expenses, damages, or legal fees related to an auto accident. Full coverage insurance policies can include uninsured or underinsured coverages that offset these costs.

Get Total Auto Protection from Blevins Insurance Agency in Lafayette, IN

Contact the trusted local insurance professionals at Blevins Insurance Agency to learn more about how you can get essential auto insurance coverages and total insurance protections for your Indiana ride today!