Does Renters Insurance Cover All of the Renters in One Home?

If you are renting an apartment or a home and have roommates, you may find yourself wondering if a renters insurance policy covers all of the roommates in the home or just one person. This is a question that we at Idaho Select Insurance, serving Meridian, ID, are often asked. Here is information you will want to know if you are in this situation. 

Does Renters Insurance Cover One Person or the Whole Household?

Renters insurance policies can be written to cover one person residing in a shared home or apartment, or everyone residing in a shared home or apartment. It all depends on who is listed on the coverage page. 

What Are the Benefits of Sharing a Policy?

Often times, you share items with your roommates. You may have each paid half toward the couch or the television, or you may share pots and pans. Sharing an insurance policy makes it easy to divvy up the money in the event of a qualifying event. Sharing a policy can also be cheaper than buying individual policies unless one roommate has prior claims on their history. 

What Are the Disadvantages to Sharing a Policy?

The disadvantages to sharing a policy is that the check will come in all of the roommate’s names, which makes it challenging to divvy up the money. Also, one roommate may suffer a loss, and the others may not. But if a claim is filed, it counts against all of the roommate’s history in the future for obtaining renters insurance. 

If you are looking to purchase a new renters insurance policy, either for yourself or for everyone who resides in the home, Idaho Select Insurance, serving Meridian, ID can help you. Contact us today to receive quotes for various insurance policies and determine which is the best one for you. 

Even Renters Need a Home Inventory

If you are renting in Meridian, ID, you may own fewer possessions than those who have lived in the same home for decades. However, even though you do not own a home, you still should create a home inventory. Wise renters take out a renters insurance policy from Idaho Select Insurance, protecting their valuables in case of fire or theft. However, for the insurance company to pay for items that are damaged or stolen, you have to document what you owned to begin with. 

Creating a home inventory when you rent is exactly the same as when you own a home. You basically want to show evidence of what you own. First, make a list of each room in your home, and then make a list of all of the items in each room. A video camera or digital camera are handy tools when creating a home inventory. While you are listing your possessions, you can video or photograph them. You should record brand names and serial numbers. If you have receipts, clip them to the home inventory. Even if you do not have receipts, you should still attempt to recall the amount that you paid for your things. Be as honest as you can, because if you do need to file a claim, the agent needs to be able to rely on your integrity. You don’t want to make him doubt the estimates of your other claims.

When your home inventory is complete, create several copies. Store one electronically on a Cloud-based online server, so you can access the inventory from anywhere.  Additionally, you will want a paper copy stored in your home. A safe deposit box is a good place to store a third copy. 

Update your home inventory once a year with a date that you can easily remember like New Year’ s Day or your birthday. Once you’ve made your initial home inventory, it only takes a few minutes to update it on an annual basis. 

If you need renters insurance in the Meridian, ID area, contact Idaho Select Insurance.

 

Why Boat Insurance is Needed Year Round

You may be wondering if you have a boat if you need to keep it insured year round, even if you are only using it a few months out of the year. There are a few reasons why boat insurance is needed year round.

There is Still Risk Out of Water

Boat insurance should cover your boat from fire, vandalism, or theft, which may happen even when you aren’t in the water. In order to protect your investment, you will want to be insured at all times.

There is No Off-season for Mother Nature

Even when your boat is in storage you will want to keep it insured because it could still be at risk of flooding or fire. Without boat insurance, you likely won’t be able to fix or replace your boat in the event of a natural disaster.

Your Homeowner’s Policy Won’t Cover Your Boat

You may think that your boat would be covered under your homeowner’s policy, but that policy likely only covers your boat for damage on your property and even then it might not be enough coverage.

You May Save Money by Keeping the Policy Year Round

You will usually get rewarded if you have an accident-free year, so if you keep canceling your insurance policy every winter you won’t build up that loyalty with the insurance company and you may end up paying more when you renew the policy or if you need to pay your deductible. Idaho Select Insurance, serving Meridian, ID, will be able to help you with a quote on a policy.

Even though there is no law requiring carrying boating insurance in Idaho, many lenders do require it and that insurance may need to be valid for the entire year to protect the investment.

Contact Idaho Select Insurance, serving Meridian, ID, to get a quote for boat insurance and keep your boat insured year round.

3 Good Reasons to Get Renter’s Insurance

When it comes to insurance protection, landlords have the responsibility of protecting their rental unit and surrounding property. As a tenant, you’re responsible to protect your personal possessions. You’re also responsible for the welfare of guests you may invite to the property. Renters insurance from Idaho Select Insurance, Meridian, ID, provides a means to protect both. Here are a few reasons why renters insurance is a good investment.

Protection of Personal Goods

With renters insurance, you can protect your personal goods against the risk of theft, damage or loss. If your goods are damaged in a fire or stolen while you’re on vacation, your insurance coverage will pay to have them repaired or replaced. The high cost of clothing, electronics, furniture and other goods can put a dent in your budget if you had to replace these out of pocket. If you own expensive items, it’s best to choose a policy with high enough limits to cover replacement costs.

Protection of Guests

If you entertain often or have relatives visiting for extended periods of time, you should consider liability coverage. Liability insurance protects you against the risk of accidents in your rented home or apartment. If your home has a pool or trampoline or you own a pet, your guests are at greater risk of having an accident. Liability insurance will cover the cost of injuries or damages sustained by a guest when visiting your property.

Protection of Rented Property

Renters insurance will pay for damages you inadvertently cause to your rented home or apartment. If you accidentally break a window playing ball or ruin your landlord’s living room carpet, renter’s insurance will cover repair or replacement costs.

To find out just how affordable renters insurance can be, contact an Idaho Select Insurance agent in Meridian, ID today.

How Does Umbrella Insurance Protect Me?

When you purchase a home or car, you immediately secure appropriate insurance for these assets to protect against accident damage or any resulting liability. In the Meridian, ID area, your Idaho Select Insurance will also talk with you about adding umbrella insurance. Umbrella insurance policies provide an additional level of coverage that goes into effect when you really need it most. 

If there is a car accident where you are deemed liable, the injured party can sue for damages and medical expenses. The same holds true if someone is injured at your home due to your negligence. While your homeowner’s policy and car insurance policy will provide monies in these situations, the amount of the damages can be greater than the policy’s limits. You will be responsible for any amount over the coverage limit. In cases where there are significant medical expenses and/or legal fees, the impact to your assets will be great.  In these circumstances, it is important to have an appropriate umbrella policy in place. For instance, if someone is injured in your home and you are deemed negligent, your homeowner’s policy may state that the coverage limit is $350,000. If the medical expenses and legal fees amount to $500,000, an umbrella policy will go into effect and cover the additional costs. This type of coverage can significantly protect a family’s assets. 

Also, umbrella policies can cover special events such as libel or slander cases that other policies do not. Your agent at Idaho Select Insurance understands the needs of the residents the serve in the Meridian, ID area. They can help answer any questions and provide viable coverage options. Visit their website then give them a call today! 

What Factors Do You Need to Consider When Buying Flood Insurance?

Flood insurance can help protect your financial investment in your home in the event of a flood. Without flood insurance, you are responsible for all the costs associated with water extraction, mold removal and renovating due to water damage. If you are looking to purchase a flood insurance policy, you may be unsure what factors you need to consider. Here are a few of the factors you need to consider brought to you by Idaho Select Insurance, serving the greater Meridian, ID area. 

What Flood Plain Your Home is Zoned For

There are different floodplains that homes may be zoned for. These floodplains typically designate the area as being high risk, moderate risk, low risk or unknown risk for flooding based on previous data. If you live in a high-risk area, your flood insurance is going to be more costly than someone who lives in a low-risk area. As such, you should know the floodplain your home falls into so you are not blindsided with high quotes. 

What Flood Insurance Covers

Different flood policies cover different things. For example, while your home itself, your belongings and any attached fixtures may be covered, items such as detached garages, barns and sheds may or may not be covered, depending on your policy. Always carefully read through the policy you are looking at to ensure it covers everything on your property. 

What the Deductible Amount Is

Lastly, consider the deductible amount when getting flood insurance. Generally speaking, the higher the deductible, the lower your policy amount. However, you need to make sure you can afford the deductible in case of a flood. Don’t set the deductible amount so high that it causes you financial distress during an already stressful time in your life. 

If you are ready to get quotes for flood insurance or want to buy a policy in the greater Meridian, ID area, Idaho Select Insurance is here to help. Call us today to obtain a free quote or to purchase a policy. 

Do Life Insurance Policies Have Waiting Periods?

If you are looking to purchase a new life insurance policy, you may wonder if the policy has waiting periods. A waiting period means that the policy has to be in effect for a period of time before it would pay out due to your death. This is a question we are often asked at Idaho Select Insurance, serving the greater Meridian, ID area. Unfortunately, the answer is not the same for every policy. However, here is some information you should know if you are curious about life insurance and waiting periods.

Health Only Waiting Periods

The majority of life insurance policies have what they call health only waiting periods. This means that there is a waiting period only if someone dies because of a health-related issue. If there death is unexpected or an accident, such as a car accident, the policy kicks in. However, if they die because of a brain tumor within a week of buying the policy, the policy will not pay. This helps to deter people from buying life insurance when they are diagnosed with a deadly condition. Most policies with health only waiting periods have one to two year waiting periods before they pay out for health conditions.

Staggered Pay Out Waiting Periods

Some policies have staggered pay out waiting periods. This means that you may not have a strict waiting period, but you will not get the full amount of the policy at the beginning of the policy period. Depending on the policy limits and the terms, you may get less than half of the life insurance limit if you pass away before the waiting period passes.

Strict Waiting Periods

The last type of policy is a strict waiting period policy. With this type of policy, you have a strict waiting period. During this time, life insurance benefits will not pay out for any reason.

At Idaho Select Insurance, serving the greater Meridian, ID area, we understand the answer to whether policies have waiting periods or not can be tricky. As such, we aim to make it as simple as possible for you. If you are looking for a life insurance policy, we will explain everything to you, including the wait period requirements of the policy you are selecting. This will help you select a policy that is best suited to your needs.

Can Home Renovations Alter Your Insurance Coverage?

Major home renovations can have an effect on your homeowner’s insurance coverage. Before renovating your property this summer, talk to your Idaho Select Insurance agent to see how a project may affect your policy. Here are a few ways in which renovations can alter your coverage.

Add to Your Home’s Value

Major home renovations such as replacing your roof, adding a new patio or remodeling your kitchen could substantially increase your home’s value. If so, you’ll need to update your policy to reflect your new property value. This could result in an increase in your insurance premium.

Failure to update your policy leaves your renovations unprotected. If your home suffers damage from fire, flood, storm or other catastrophe, you could suffer financial loss by having to cover the repair or replacement costs of these investments on your own. 

Require an Increase in Liability Coverage

If you’re remodeling on your own or with the help of friends, you may need to increase your liability coverage for added protection against accidents. If anyone gets injured while helping to renovate your home, your liability insurance will cover their medical care.    

Lower Insurance Premium

Renovation projects that make your Meridian, ID home a safer place to live such as plumbing or electrical upgrades may qualify you for a discount on your home insurance due to reduced risk of water damage and fire. A new security system will give you better protection against theft, vandalism and intrusion, increasing the safety of your family and goods. Your Idaho Select Insurance agent can help determine if such renovations make you eligible for discounts on your insurance premium.

Making improvements to your Meridian, ID home will make a more comfortable and pleasing place to live. Adding these renovations to your insurance policy gives them the protection they need.

Choosing the Right Business Coverage: All-Risk vs. Specific Coverage

Businesses looking for Meridian, ID operational coverage and business insurance have more than just a default choice for what can be covered. Similar to auto insurance, businesses can have a comprehensive, all-risk coverage choice, or they can have a very specific risk policy. The question is, of course, which one is a better approach? The answer depends on what the business needs protection for and what kind of risks it could be facing. Since the answers to those factors are not always known, businesses sometimes have to make a decision that can change over time.

According to Idaho Select Insurance, all-risk business coverage is just like what it sounds like, a comprehensive policy that coverage a portfolio of common business risks the company is likely to face during normal operations. It won’t necessarily cover unique and abnormal risks, especially those that are extreme in nature. So, for example, if a company wants to operate in Antarctica, that likely won’t fall in the normal operations category. A special policy would be necessary.

Specific-risk coverage, on the other hand, is narrow regarding what it will provide risk protection on. It cannot be used as a business protection for every challenge, but if the specified risk does occur the policy would kick in. For example, a specific policy covering personnel and resources on a prototype project touring the country to drum up sales would be a very specific coverage that also time-limited, ending when the tour is over. It doesn’t cover general company operations, but the tour and its personnel are protected while working.

Because the differences between the two types of policies can be fairly dramatic, it’s important to pick the right one for a business need. Companies in the Meridian, ID area can get help from Idaho Select Insurance and their insurance experts. Email today for more information!

When is it time to trade in your car for a newer model?

According to Idaho Select Insurance serving Meridian, ID, a good financial rule of thumb for determining when it’s time to trade in your old car for a newer model is when the repair bills for the older vehicle are greater than what you anticipate your car payments would be for a new vehicle. This factor may not apply if you like working on your car, though at a certain point your time is going to be too valuable to keep that old clunker running.

Typically a modern motor vehicle can be expected to last ten years before the repair bills start to mount if you keep it properly maintained. Of course, if you have a warranty that covers repairs, and you have an honest mechanic, you’ll be able to hold on to your vehicle longer than you otherwise might. You should have your old vehicle paid off before you think about replacing it, it goes almost without saying.

You also might want to consider that newer vehicles are likely to have better gas mileage, will be less likely to break down at inopportune moments, and will have some of the new safety features such as automatic breaking and lane changing that will help you avoid accidents. In those cases a lot depends on your finances and how much you value your peace of mind.

The best time of the year to buy a new car is toward the end of the model year when dealers are trying to get rid of inventory to make room for next year’s vehicles.

For all of your questions concerning auto insurance, once you’ve gotten that new car, feel free to contact Idaho Select Insurance serving Meridian, ID.