Why Phoenix, AZ residents need to check flood maps frequently

Why Phoenix, AZ residents need to check flood maps frequently

Did you know that over 62,351 properties in Phoenix, AZ, are at risk of flooding? According to a 2020 report, Arizona has higher chances of getting flooded every year. For this reason, insurance experts at Genesis Insurance advise residents to check flood maps and buy flood insurance early enough to protect their homes and commercial properties from flood damage. So, why check maps now and then? Here are a few eye-opening reasons.

Flood maps track changes

Flood risk changes over time. It could be the change of flow and drain due to community development, natural forces, or land use. These changes affect how water drains, which in turn affects the risk of floods on your property. The changes also reflect on your flood insurance policy and also affects your rates. For instance, if your Phoenix AZ policy reads that your home is in a low-risk area at the date of purchase, five years down the line, it could be reading your home is in a moderate or high-risk area depending on the changes.

High flood risk areas are likely to get worse.

If your property were marked to be in a high-risk flood area, you would likely be hit by floods every time they occur. If they used to affect your home before, the level of damage might get worse. Human activities such as cutting down trees and clearing forests and other natural habitats for road construction can easily worsen your situation. Checking the flood maps helps you determine the level of risk and act accordingly.

Maps help you to prepare

Remember, flood insurance matures after 30 days from the date of purchase. If you checked your map and discovered that you moved from moderate flood risk to high risk, you may want to buy flood insurance early enough or increase your coverage limits if you already have a policy.

Please don’t wait till it’s too late to buy flood insurance. Genesis Insurance will be happy to help you get an accurate picture of your property’s flood risk so you can prepare. Contact us for a deal.

Why should I get life insurance?

People that live in the Phoenix, AZ area need to make sure that they get proper personal insurance in place. When you are considering all of your insurance needs, an important type of coverage that you may need to get is life insurance. There are a few different reasons that you should get a new life insurance policy when you are in this area.

Life Insurance Protects Dependents

The primary advantage of getting life insurance is that it can protect your dependents. Those that have people that rely on their income will want to know that they are cared for in the future. When you get life insurance, it will provide the financial protection that they need to continue living the same lifestyle. When building a new life insurance plan, you should consider all of the future costs that your dependents could have, which can include costs of living, higher education expenses, or future retirement costs. 

Life Insurance Offers Investment Benefits

You should also get life insurance because it can provide you with investment benefits. A common form of insurance that people can get is whole life coverage. When you invest in whole life insurance, some of your monthly payments will go into an account that you could liquidate in the future. This account will grow with interest and can be a good addition to your investment plan.

People that are in the Phoenix, AZ area and are looking for life insurance should speak with the team at Genesis Insurance. If you do call Genesis Insurance, you will get to learn a lot about your different options when it comes to life insurance. They can then help you build a policy that will offer you the best coverage possible to meet your personal needs. 

How much life insurance is enough?

Life insurance is something that you do for others, not for yourself. It protects your loved ones if you aren’t there to support them. It isn’t a one size fits all kind of insurance, each case is individual. Beyond that, it doesn’t stay the same but rather changes as your responsibilities change. It grows at some points and shrinks at others. At Genesis Insurance in Phoenix, AZ, we are independent agents which means we work for you, not one insurance carrier. We can offer you more choices when it comes to life insurance needs. 

Determining how much life insurance is enough requires considering several different scenarios. You need to consider who is dependent on you. Do you have a spouse or partner? Do you have children? The age of your children is a consideration. If you have young children and you passed away while they were still young, you would need to provide for them for quite a few years. How much support will you be providing? All their support, half of their support? All of these figure into the final amount of life insurance that is enough. 

Do you have debt? Do you have a mortgage? How many years of mortgage payments would you need to provide or do you want to pay off the entire amount? Do you have a car payment? Credit card balances? Do you want to pay for your children’s college education? Experts recommend that you have seven to ten years of your income in life insurance. 

That is all well and good if you are married with dependents. What if your children are all grown and you are alone with your spouse or partner? You probably don’t need anywhere near that amount of life insurance. 

Having an insurance agent that you trust is what you need to help you determine how much life insurance is enough at every point in your life. Call Genesis Insurance in Phoenix, AZ for a free quote and to make an appointment to it down and look at the amount of coverage that you have. 

AZ Commercial Insurance Requirements

For business owners in Arizona, insurance is a key method for safeguarding and protecting the investment you’ve made in your business, people, and assets. Specific to Arizona, there are several types of insurance coverage that are mandatory with many more that are optional. First, Arizona law requires that any business that has at least one employee – regardless of whether they are full-time or part-time – must carry workers’ compensation insurance. In short, workers’ compensation insurance helps protect the business from financial loss while also providing key benefits to your employees by paying for their medical bills or time missed at work because of a workplace injury or illness. Second, any vehicles that are specifically owned by the business must have a commercial auto insurance policy. Although it’s not a requirement, businesses that require their employees to use their personal vehicles while on the clock should strongly consider hired and non-owned auto insurance because many personal auto policies will not cover incidents that occur during business use. 

While businesses are only mandated to have the minimum coverage required by Arizona, factors like the number of employees, the type of work being done and the value of the business lead many companies to increase their coverage amount to ensure any financial loss is kept to a minimum. 

When it comes to finding the right insurance policy, it is important to understand every insurance complexity. Consequently, working with one of the professionals at Genesis Insurance in Phoenix, AZ allows our team to customize a commercial insurance policy that covers all of your needs. Give us a call today to schedule your no-obligation and complimentary consultation.

3 Reasons to Purchase Flood Insurance

Arizona homeowners face their share of natural disasters, ranging from wildfires to dust storms, lightning strikes, tornadoes and flash flooding. Home insurance helps to protect your property against many of these disasters. For protection against floods, however, you’ll need flood insurance. Here’s why you should purchase a flood policy from Genesis Insurance for your Phoenix AZ home.

Home Insurance Doesn’t Cover Flooding

Arizona is no stranger to flash flooding due to severe rainstorms during monsoon season. Unfortunately, home insurance doesn’t cover damage caused by flooding. Without flood coverage, you risk losing your home and belongings to an unforeseen flood disaster. It doesn’t take much water to ruin a home or destroy its contents. Unless you have the financial means to recover from a flood, you’d do well to protect your home with flood insurance.

Floods Can Occur Anywhere

You don’t have to live in a flood zone to suffer from flooding. Floods can occur anywhere, as evidenced by recent flood events all over the country. By purchasing flood insurance, you can take precautions against losing everything you own to a flood disaster. It’s better to be safe than sorry when it comes to protecting your valuables against flooding.

Flood Coverage is Doable

If you live outside a flood zone, you can purchase flood coverage at an affordable cost, making it a valuable asset in protecting your property. You can purchase coverage for just your home, just your belongings or both. Flood insurance can protect your home structure for up to $250,000 and your contents for $100,000, giving you ample financial support to recover from a flood disaster. You can have peace knowing you have protection from the dangers of flooding.  

To learn more about flood insurance or to purchase a policy for your Phoenix, AZ home, contact us at Genesis Insurance.

How Your Life Insurance Needs Change as Your Family Grows Older

Young families are quick to get life insurance to protect their children from the early demise of a parent, but what happens are your family grows older? The team at Genesis Insurance is here to help the greater Phoenix, AZ community to manage all of their insurance needs, including life insurance. There are many advantages to life insurance that will help to protect your family long after your children are grown.

Long-Term Benefits of Life Insurance

As your family grows older your insurance needs change. In addition to the death benefit that such policies provide, there are many features that can serve you during your life. If you opt for a policy type like whole life, universal, or variable, you may be able to access the cash value of the policy while still alive. Term life policies, on the other hand, typically only provide a death benefit. While not as flexible as other types of life insurance policies, a term policy may be right for you and your family. These different types of insurance have many unique benefits, and it makes sense to sit down with your local agent to determine which type is best for you and your family. 

A robust life insurance policy that contains an accessible cash benefit can help your family with major expenses. For example, college tuition and down payment expenses can be defrayed with such policy types. If you want to provide financial stability for your family both alive and after you have died, life insurance can be an effective way to reach that goal.

Want to find out more? Call or stop by Genesis Insurance if you are a resident in the Phoenix, AZ metro area. We look forward to serving you!

3 Tips for Phoenix Business Owners When Choosing Commercial Insurance

Phoenix, AZ is a fantastic city to start up a business. The vibes there are perfect for owners who can’t wait to show off what they do best. But part of running a successful enterprise is having the right commercial insurance to keep yourself afloat if something goes wrong. Genesis Insurance is here to provide you with some tips, so you can get off on the right foot. 

Think About the Consequences 

What happens if you need to close your building for three weeks for repairs? How will you handle a liability claim from a customer who claims injury from a product defect? Could you pay for your deductible during certain months? Commercial insurance can cover you from certain things, but you need to make sure that your policy goes beyond the bare minimum if you want real protection. 

Remain Flexible 

Your business may start small and climb to new heights, or you may decide to downsize when you’re ready to take on the next challenge. Your commercial insurance is as flexible as your business is, but you need to keep this in mind when you’re picking out your initial coverage. Make sure you’re hitting a smart balance based on both where your business is now and where you plan to take it. 

Talk to Someone Who Knows 

You can’t learn about commercial insurance just by skimming through your policy and looking for a few articles online. Genesis Insurance is here to boil down the most essential facts of commercial insurance so that you feel confident when you finalize your plan. Give us a call if you’re in Phoenix, AZ, and don’t want to take a chance on your livelihood. 

What does flood insurance cover?

Genesis Insurance Wants You to Know About Flood Insurance

Since damage due to flooding is not normally covered by your regular homeowner’s insurance policy, you may want to obtain one as heavy rains and monsoons can impact you in Arizona, causing damage to your property. Even if you have never experienced a flood in the past, the weather is unpredictable, so you will want to be covered, just in case.

The National Flood Insurance Program (NFIP) offers flood insurance, but it can be purchased through your insurance agent who handles the coverage of your home. The rates are set through the program and are determined by the date and type of your home’s construction along with the level of risk to your property depending on its location. You may pay a little more if your property is located near a body of water or a flood-prone area. Flood insurance policies are offered for not only homeowners but renters, business owners and renters, and the owners and renters of condominiums.

A flood insurance policy will cover your house or building and its foundation along with the electrical and plumbing systems at your Arizona home or business. It will also cover equipment, such as air conditioning, water heaters, and furnaces, as well as appliances, including your refrigerator, stove, and dishwasher. Other items covered include permanently installed carpeting that was installed over unfinished flooring.

The National Flood Insurance Program has a Community Rating System which is a voluntary program that assists communities in implementing floodplain management. If your community participates, you may be able to receive a break on the cost of your flood insurance premiums.

Your trusted agent at Genesis Insurance in Phoenix, AZ will have all the details to assist you in obtaining your flood insurance policy.

Life Insurance: Not Just for Families

Many people think of families with young children when they think of likely holders of life insurance. In fact, it makes sense for people from all walks of life to carry some type of life insurance. If you are in the greater Phoenix, AZ area and want to find out more about the options available, contact the team at Genesis Insurance today.

The Many Benefits of Life Insurance

Yes, life insurance is essential for families with young children but is also a smart tool for single people, couples with grown children, or families of any type. When you choose a universal life insurance policy, the value of your policy can grow over time. In many policies, you are able to access these funds during life which can make many of life’s major expenses a lot more manageable. 

When it comes to covering final expenses, the death benefit that life insurance provides is very helpful. When a policy owner passes away the policy is paid out almost immediately. This can make the period right after someone’s death a lot less stressful. Covering final expenses can include a number of immediate costs, and it takes time to settle an estate.

There are a number of different types of policies available. From term to variable and whole life policies, there is likely a policy available that serves your needs. You can also make it easier on your loved ones when it comes to taking care of your final expenses when you have a life insurance policy.

The team at Genesis Insurance is proud to serve the insurance needs of our friends and neighbors in the greater Phoenix, AZ area. If you want to learn more about the life insurance options that are available for you, call or stop by today!

3 Ways to Reduce How Much You Spend on Flood Insurance

While home insurance may seem like it will cover all the damage done to your home, flood damage is not included, and not having flood insurance can be disastrous. In some flood-prone areas, flood insurance is required, and homeowners may not be ready for that extra expense. Here are three ways that you can save on flood insurance.

When you first decide to get flood insurance, shop around, and make sure that you are getting the right coverage for your home and property. Talk to insurance agents who specialize in flood insurance and can give you the best advice on what will protect your home. Genesis Insurance is a top-notch Phoenix, AZ area agency with professionals who can help.

If you live in an area that is prone to flooding, elevate your living areas and appliances. This may seem like an added expense, but it will save you money. When you elevate your living areas and appliances outside of your home, it will keep the essential appliances away from water damage.

If you currently have a flood insurance plan, it might save you money to reevaluate your current plan. Keeping up with your payments and premiums is the best way to avoid higher premiums that will go up from lapsed payments. If you live in a lower-risk area, sometimes areas can be grandfathered in if the flood risk to the area changes over time. FEMA also offers grants to areas that take advantage of flood prevention methods, and this is worth looking into.

Genesis Insurance in the Phoenix, AZ region is ready to evaluate your home and can help you find the coverage you need in case of flood or water damage. Visit our website or call today.