Life insurance is an essential financial product that provides peace of mind and security to individuals and their families. As we navigate various life stages, understanding the most common types of life insurance can help you choose the right coverage for your needs. Here’s a quick overview:

1. Term Life Insurance:

– Definition: Provides coverage for a specified period (e.g., 10, 20, or 30 years).

– Benefits: Generally lower premiums; suitable for temporary coverage needs (e.g., raising children, mortgage).

– Consideration: No cash value; only pays out if the insured passes away within the term, although there are policy riders available that offer return of premium.

2. Whole Life Insurance:

– Definition: Permanent coverage that lasts for the insured’s lifetime, with consistent premiums.

– Benefits: Accumulates cash value over time, which can be borrowed against.

– Consideration: Higher premiums compared to term life; often used for estate planning.

3. Universal Life Insurance:

– Definition: Flexible coverage that allows policyholders to adjust premiums and death benefits.

– Benefits: Cash value component grows based on interest rates; offers more control over your policy.

– Consideration: Requires careful management to ensure it remains in force.

4. Variable Life Insurance:

– Definition: A permanent policy with an investment component; offers flexible premiums and death benefits.

– Benefits: Potential to grow cash value based on market performance; can adjust the investment strategy.

– Consideration: Investment risks impact cash value; requires financial knowledge and monitoring.

5. Final Expense Insurance:

– Definition: A smaller policy aimed at covering funeral and burial costs.

– Benefits: Simpler application process; provides peace of mind for loved ones.

– Consideration: Coverage amounts are typically lower than other life insurance types.

Choosing the right life insurance coverage is crucial for financial planning and protecting loved ones. Understanding these options will empower you to make informed decisions that align with your goals. For more information, please contact Mike Holley, Vice President of Life & Health for Dimond Bros Insurance. Mike.holley@dimondbros.com

Insurance carriers realize that offering additional lines of coverage to an existing customer is less expensive than trying to attract new customers. They also know that the more lines a given customer has, the longer they’re likely to stay with them.

While bundling policies is beneficial to insurance carriers, it is also highly beneficial to their customers. Similar to how bundling your personal home and auto policies may give you a discount, bundling your business policies can provide benefits way beyond cost savings.

Simplified Bookkeeping

Most businesses require a number of insurance policies in order to properly insure their operations, including:

• Workers’ compensation
• General liability
• Commercial property
• Professional liability
• Commercial auto
• Business interruption
• Cyber liability
• Directors and officers

Keeping up with that many policies isn’t an easy task for business owners. Therefore, bundling multiple policies with the same carrier simplifies things for bookkeeping purposes. Besides having fewer bills to keep track of every month, it also makes it easier come renewal time if the bundled policies renew at the same time each year.

Your HR department will also appreciate having one number to call when you’re hiring a new employee, have claims questions, are adding a location or making any other business decisions that impact your insurance.

Fewer Agents to Educate

Properly insuring your business requires explaining to your insurance agent exactly what your business does and the exposures that come with it. But without bundling your policies, you have more agents to educate, which takes time. The fewer agents you have to work with, the better equipped they’ll be to help identify and address your exposures.

Assurance That Your Policies Work Together

There may be circumstances when two of your business insurance policies have to work together. For example, you may assume that something not covered by your commercial auto policy would be covered by your commercial umbrella policy. However, many umbrella policies will only extend above an auto policy if the insurance company offering it has a specifiedfinancial strength rating. If your carrier’s rating falls below a certain grade, your umbrella policy may not cover an auto loss. That’s just one type of problem that could arise if you keep your policies under separate roofs, with separate agents.

Less Security Risk

When obtaining insurance, business owners are required to divulge sensitive personal information about their employees, as well as financial information about the business itself. When dividing your policies among multiple agents, you’re basically providing all that information to more people than you would have to if you’d bundled your policies with one agent. And in doing so, you’re increasing the risk of highly sensitive information ending up in the wrong hands.

Better Pricing

Bundling your business’s insurance policies allows your insurance professional to give you access to multiline discounts that help boost your bottom line. Contact Dimond Bros. Insurance to see if any of your insurers offer multiline discounts. We can give you estimates for bundling your policies with each carrier.

 Home insurance is among the most purchased and essential types of coverage. Given the significant investment of a home and the many risks and perils that could cause damage or other financial losses, securing sufficient coverage should be a top priority. 

However, the home insurance market can be complex and volatile, often imposing increasing prices and fluctuating coverage availability. Fortunately, by understanding what happened in 2024 and what to expect in the year to come, homeowners can position themselves to acquire and maintain ideal policies while maximizing the cost-efficiency of their premiums. 

Understanding Market Expectations 

The 2024 home insurance market presented dynamic and transformative conditions throughout its 12 months. Many factors that impacted the marketplace in recent years, such as natural disasters and rising reinsurance rates, continued to play a role in carriers’ offerings and rates. For example, the National Centers for Environmental Information reported that 2024 was on track to have the second-most catastrophic weather events in history. In total, as of Dec. 9, 2024, there had been 24 such incidents resulting in over $500 billion in total losses throughout the United States. 

However, despite market volatility in 2024, there were signs of potential financial relief for policyholders heading into 2025. For instance, according to a report by Matic, premium increases slowed in the latter half of the year. Whereas there was an average increase of 10.7% in premiums for new home insurance policies during the first six months of 2024, the latter half of the year observed increases falling to an average of 6.6%. Additionally, several carriers that had left certain high-risk regions have returned, leading to a 60% increase in available quotes. Such findings suggest the overall homeowner’s insurance market may be stabilizing. 

7 Tips for Finding the Right Home Insurance in 2025 

In the year to come, existing policyholders looking to renew coverage and new homeowners securing their first policies may benefit from the following tips:

1. Shop around. Perusing the offerings of multiple insurance carriers is always an advisable step and may be even more valuable for those in areas where insurers are re-entering the marketplace. By comparing more quotes from different providers, homeowners can identify the best available coverage for their needs and budgets. As independent agents, our job at Dimond Bros. to help do this for you. 

2. Upgrade homes. Investing in your home’s security and safety can play a significant role in helping with insurance premiums. For example, nonflammable materials, steel roofs and storm shutters can help limit damage from natural disasters. Similarly, security systems, deadbolt locks and smart smoke alarms may reduce the risk of crime and accidental damage. These enhancements may make homeowners appear less risky to carriers, potentially leading to lower rates. 

3. Adjust coverage. Home insurance can often be customized and tailored to suit a homeowner’s unique needs, preferences and risk tolerance. In some cases, policyholders may choose to adjust coverage to reduce premiums, such as by increasing their deductibles. While this may help save on regular costs, homeowners should be aware that such adjustments may leave them facing higher out-of-pocket costs when filing a claim. 

4. Bundle coverage. Purchasing multiple insurance products from the same carrier can be an easily accessible way to save on total costs. For instance, homeowners’ insurance can often be bundled with a personal auto policy. By doing so, policyholders can often qualify for discounts while also potentially reducing their risk of nonrenewal; carriers may be hesitant to discontinue coverage for a customer who purchases multiple forms of insurance. 

5. Limit liabilities. Home insurance policies typically include personal liability coverage, which can cover third-party losses caused by homeowners, as well as their spouses, children, pets and other family members who reside on the property. Carriers must assess liability risks and calculate rates accordingly. Attractive nuisances, such as swimming pools, playground equipment and firepits, can lead to higher costs. 

6. Improve personal credit. Many home insurance companies use a figure called “insurance-based credit scores” to help determine the riskiness of insuring someone. These figures are calculated based on a homeowner’s credit score. As such, maintaining a diversified credit portfolio, making payments on time and limiting outstanding debt may help policyholders save on premiums. 

7. Identify discounts. Many insurance carriers offer discounts to certain policyholders. For example, members of the U.S. military and law enforcement organizations may sometimes qualify for reduced rates. Additionally, homeowners who have remained with the same carrier for an extended period may be eligible for a loyalty discount. Alternatively, those who have not filed a claim against their policies in recent years may also access savings opportunities. 

Learn More 

Amid a challenging insurance market, homeowners must take a diligent and informed approach toward keeping costs in check. Staying updated on current conditions, relevant trends and recent patterns can help policyholders craft an optimal, affordable policy. 

At Dimond Bros. it’s our mission to help keep you informed and guide you through all available policy options. Start HERE to connect with a Dimond Bros. team member and start the quote process. 

Introduction

As a business owner, it’s important to be prepared for potential floods, which are one of the most common hazards in the United States. According to the Federal Emergency Management Agency (FEMA), all 50 states are at risk of flooding in some capacity. In addition, a study published in the Nature Climate Change journal predicts that the annual cost of flood damage in the United States will increase by more than 25% by 2050—from $32 billion to $40.6 billion.

The impact of floods on businesses can be devasting, resulting in lost production, sales, income and labor time; transportation costs; decreased tourist activity; and utility disruptions. In fact, 40% of small businesses never reopen following a natural disaster, according to FEMA and the U.S. Department of Labor. Therefore, it’s crucial to take steps to protect your business from potential flood damage.

Review Insurance Coverage

Flooding is a cause of loss that is not typically covered by commercial property policies; businesses usually need to purchase a separate flood insurance policy. Before catastrophe strikes, it’s important to take the time to conduct a detailed insurance policy review to ensure the coverage is adequate. In fact, if your commercial property is in a high-risk flood area and you have a mortgage from a federally regulated or insured lender, you are required to purchase a flood insurance policy. Considerations when searching for a policy include:

• Policy limits: Are the building(s) and contents insured to value?
• Business interruptions: Is there coverage for a potential loss of income while the premises are unusable?
• Extra expenses: Is there coverage for any extra expenses incurred while operating the business out of a temporary location?

Prepare Your Property

FEMA reported that more than 20% of flood claims come from properties outside of flood zones. This means it’s important to take precautions to protect your property before a flood occurs, even if your business is located outside a typical flood zone. Here are some tips to prepare your property for a flood:

• Create a flood plan that includes evacuation routes; crucial business details; gas, water and electric supply information; contact sheets for people and their responsibilities; inventory and electrical equipment details; and a list of disaster recovery companies.
• Create a data backup and recovery plan so critical business data is regularly backed up and stored offsite or in the cloud since data loss can severely impact business operations.
• Utilize dry floodproofing techniques, such as keeping flood-protective materials on hand, installing watertight shields over doors and windows, and implementing flood gates or permanent flood doors.
• Raise important equipment, electrical components and documents above expected water levels and store them in waterproof and fireproof containers if necessary.
• Landscape with native plants and vegetation to prevent soil erosion and allow flood waters to drain more efficiently.  
• Use flood-resistant materials for floor and wall coverings, insulation and building exteriors.
• Inspect the exterior building and roof/gutters regularly to ensure they can withstand wind and water from storms and flooding.
• Verify that all installed backflow valves and closures are functional to prevent chemicals, toxins and debris from entering clean water supplies.  
• Have backup systems such as portable pumps and alternate power sources located above the base flood elevation.
• Anchor fuel tanks to prevent damage to your building or other properties downstream, along with potential leaks, fires, explosions or pollution risks.

Conclusion

Being prepared for floods is essential for safeguarding lives and minimizing the impact of these natural disasters. By understanding the causes, recognizing the signs and knowing how to respond, your business can effectively navigate the challenges of floods.

While it may seem overwhelming, you can work with qualified insurance professionals to learn more about and assist with flood preparedness practices and policies. Contact us today for more information.

For farming operations, where Mother Nature is both a partner and a wildcard, managing risks isn’t just smart—it’s essential. One of the cornerstones of agricultural risk management is **crop hail insurance**, a policy that can make the difference between resilience and financial ruin. While its primary focus is on the damage caused by hailstorms, many policies include additional benefits, such as fire coverage, making it a critical tool for safeguarding a farmer’s livelihood.

Why Crop Hail Insurance Matters

Hailstorms can strike without warning, and even a few minutes of pelting ice can destroy acres of crops, wiping out an entire season’s labor and investment. Crop hail insurance ensures farmers don’t bear the full brunt of these unpredictable events. Here’s why it’s indispensable:  

1. Financial Protection: It covers the cost of replanting or the loss of yields, reducing the financial strain caused by hail damage.  

2. Customization: Farmers can select coverage based on the unique risks of their region and the value of their crops.  

3. Timely Payouts: In the wake of a disaster, rapid financial support helps farmers recover and prepare for the next season.  

The Hidden Gem: Fire Coverage

What truly elevates many crop hail policies is including fire coverage. Fires, caused by natural events like lightning or accidental human activity, pose a grave threat to crops. This coverage fills a significant gap, offering protection against:  

– Fires ignited during drought conditions.  

– Damage caused by nearby wildfires spreading to farmlands.  

– Loss of harvested crops stored in the field.  

Fire coverage is particularly important as no other policy offers protection against fire for standing crops. By bundling fire protection with crop hail insurance, farmers get comprehensive coverage against two major risks. Here are some pictures of our client’s farms near Herscher, IL. Last year, a fire started after a dry, windy day, and within 30 minutes, over 300 acres were destroyed.

A Policy Rooted in Resilience

The beauty of crop hail insurance with fire coverage lies in its adaptability and forward-thinking design. Farming is unpredictable, and even the best-prepared operations are vulnerable to forces beyond their control. This type of insurance acts as a financial safety net, allowing farmers to focus on growth, innovation, and sustainability.  

Crop hail insurance with fire coverage is an investment in the future of farming. It doesn’t just protect crops; it protects the heart of a farmer’s hard work and dreams.  Here at Dimond Bros, our team of crop insurance experts knows that each farm is different and is ready to help you understand your options.

Scott Jensen

VP – Farm and AG Services

In today’s competitive job market, attracting and retaining top talent has become more challenging than ever. One effective strategy that employers can adopt to stand out is the offering of worksite benefits. These are additional perks provided at the workplace that enhance employees’ overall well-being, financially and physically. Here are key benefits of offering worksite benefits.

1. Enhanced Employee Attraction and Retention: In an era where job seekers are looking for comprehensive compensation packages, worksite benefits such as health screenings, fitness programs, and financial planning services can make a company more attractive. They not only help in attracting qualified candidates but also play a crucial role in retaining existing employees.

2. Improved Employee Well-Being: Worksite benefits contribute significantly to employees’ health and wellness. Offering on-site fitness classes, wellness screenings, or ergonomics consultations can encourage employees to lead healthier lifestyles, thereby reducing absenteeism and increasing productivity.

3. Increased Productivity: Employees who feel valued and supported through worksite benefits tend to be more engaged and productive. Programs that promote work-life balance, such as flexible working hours or remote work options, can lead to higher job satisfaction, which in turn boosts performance.

4. Enhanced Company Culture: Worksite benefits foster a positive work environment. When employers invest in the well-being of their employees, it creates a culture of care and loyalty. This not only enhances morale but also fosters teamwork and collaboration among staff.

5. Cost Efficiency: While offering benefits incurs costs, they can lead to higher employee retention rates and lower turnover. The long-term savings associated with reduced hiring and training expenses far outweigh initial investments in worksite benefits.

In conclusion, worksite benefits are an effective way to show employees that they matter, creating a workplace that attracts talent, increases productivity, and strengthens company culture. Investing in employee well-being is a win-win for businesses and staff alike.

For more information regarding worksite benefits, please contact Mike Holley, Vice President of Life & Health for Dimond Bros Insurance. Mike.holley@dimondbros.com