Steiner Insurance Group

1161 Sonoma Park Dr
Suite 200
Norman, OK 73071

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Three reasons why you need to purchase life insurance right now

When it comes to purchasing life insurance, you don’t want to procrastinate. Neglecting to buy life insurance when you need it can compromise the financial security of your family. 

If you’re interested in a life insurance policy from Steiner Insurance Group in Nashville, NC, you shouldn’t waste any time before purchasing a policy. The following are three critical reasons why you need to purchase life insurance right now. 

You never know when a serious accident can happen.

You may be a very healthy person. However, many possible incidents could result in an unexpected death that has nothing to do with an individual’s health. One prime example is automobile accidents. It is critical to prepare for the unexpected by purchasing life insurance right away. 

You’ll enjoy more peace of mind knowing that your family is financially protected. 

It is stressful worrying about your family’s financial future. If you find the right life insurance policy, you know that your dependents will be provided for regardless of what happens to you.

Don’t wait to purchase life insurance so that you can benefit from the peace of mind that this important financial product provides right away. 

You may get lower premiums if you purchase a policy when you’re younger.

If you wait a few years to purchase a life insurance policy, your premiums will probably be more expensive as a result. The younger you are when you purchase your policy, the less expensive you can inspect your life insurance policy to be. 

Would you like to learn more about life insurance options with Steiner Insurance Group? We offer life insurance policies to those residing in the Nashville, NC area. Get in touch with us if you have questions and inquiries. 

Is Full Coverage Always Worth It?

When buying insurance in Nashville, NC, the only coverage that you are legally required to carry is liability insurance on your vehicle. Liability insurance helps to cover the other party’s damages if you are found to be at fault in an accident. All other types of auto insurance, including collision and comprehensive, gap coverage, and replacement coverage, are strictly optional.

So here’s the question: Is it worth the extra cost of buying all that protection?

The Formula

The answer comes down to a simple formula: Are you spending more on premiums each year than your car is worth in total?

If the answer is no, then there’s not much reason to buy full coverage for your car. If you’re driving around an old 1990s Ford that you could replace yourself should something happen, then your insurance can’t do much for you that you can’t already do for yourself.

We do tend to have an emotional attachment to our cars. Maybe the bluebook value of your vehicle is only a couple thousand dollars, but the personal value makes it irreplaceable. Unfortunately, insurance can’t help on that front. The insurance covers the financial losses should something happen, but it can’t guarantee that nothing ever happens in the first place.

Check your car’s bluebook value now and then, and remember to be honest with yourself when buying insurance. We like to think our cars are worth a little more than they are.

If you’re shopping around for insurance in Nashville, NC, remember that full coverage might not be worth it when you call Steiner Insurance Group. Steiner Insurance Group can help you get covered against expected losses, but, unfortunately, the emotional value of any vehicle, whether brand new or a couple of decades old, can’t be salvaged.

Three things to know about commercial insurance and taxes

One of the many important things to be aware of with commercial insurance in Norman, OK is how premiums impact your company’s tax liability. Most of the commercial insurance premiums you pay to insurance providers like Steiner Insurance Group can be written off on your company’s tax return.

The following are three things you need to know about commercial insurance and taxes. 

You can write off commercial insurance premiums as a business expense

Commercial insurance premiums are classified as an ordinary business expense. This means that they can be deducted from a company’s gross revenue in determining tax liability. This also means that paying commercial insurance premiums helps to bring down a company’s overall tax liability for the year.

You can’t deduct commercial insurance premiums already paid for future years

Business owners may sometimes pay their commercial insurance amount upfront for several years in advance. For example, a business owner may purchase a two-year policy and pay for it all at once.

However, the full amount for the two-year policy cannot be deducted the first year. The business owner can deduct half of the policy’s cost on the first-year return and the other half the next year. 

You cannot write off the money you put into a reserve fund for self-insurance as a deductible

Some business owners prefer to take care of their insurance needs by setting aside a reserve fund that allows them to be self-insured. However, this method of insuring one’s company does not offer the same tax advantages as paying commercial insurance premiums. Money that is put towards such a fund cannot be deducted as an expense on a business’s tax return. 

If you have any questions about how commercial insurance impacts your business taxes in Norman, OK, contact us at Steiner Insurance Group to learn more. 

 

 

Three add-ons to your home insurance to consider

If you’re looking for the right home insurance policy for your needs in Norman, OK, you should be aware of what some of the most critical add-on coverage types are. Luckily, we offer numerous types of home insurance and add-on coverage options at Steiner Insurance Group. 

Unfortunately, a basic home insurance policy won’t necessarily offer all the coverage types that you need at your property. When this is the case, you need to put add-on coverage types on your policy. 

Flood damage coverage

Home insurance policies do not usually include coverage for flood damage. At the same time, floods can occur just about anywhere in the country. They can also cause significant damage to a home.

Adding flood damage coverage to your policy is always a good idea. Also, this type of add-on coverage might not be costly if your home is not located in a flood zone.

If your home is located in any area where flooding is likely, you may be able to get government-subsidized flood damage insurance through FEMA. 

Coverage for highly valued items

If you have especially valuable possessions in your home, standard home insurance might not be adequate to cover them for their full value. In this case, you might want to consider adding high-value item coverage to your home insurance policy. 

Sinkhole damage coverage

Like floods, sinkholes can also occur anywhere in the country. Sinkholes can cause severe structural damage to a home. 

Sinkhole damage coverage probably won’t increase your monthly premiums by that much. At the same time, this type of coverage can be a lifesaver financially if your property does eventually experience sinkhole damage. 

If you need to learn more about add-on coverage options in Norman, OK, contact us at Steiner Insurance Group

Partner Carriers


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