3 Tips for Buying Umbrella Insurance in Meridian, ID

Umbrella insurance is supplemental insurance that you can add to any insurance policy.  For example, if you own a home in Meridian, ID, you could purchase umbrella insurance to cover those things that a typical homeowners policy does not cover, like someone getting injured on your property.  At Idaho Select Insurance, we recommend you follow these three tips before purchasing umbrella insurance.

1. Bundle Insurance Policies

If you want to save money on umbrella insurance, one way is to bundle your insurance policies under one insurance company.  If you own a home, car, boat, or any other asset that needs to be insured, you can bundle it all together and save money.

2. Compare Quotes

When shopping for any type of insurance, it’s important to compare quotes before making a decision.  When working with an insurance agent, you will be able to narrow down umbrella insurance quotes to two or three and look at the fine details to find the right coverage for your particular situation.

3. Work with a Reputable Agent

It’s best to always work with an agent rather than trying to figure everything out yourself when it comes to buying umbrella insurance in Meridian, ID, but be sure the agent is reputable and experienced, someone who has many satisfied customers during their career.

At Idaho Select Insurance, all of our agents are experienced and reputable. They are always available to help you sort through insurance quotes and answer any questions you may have.  If you’re considering buying umbrella insurance to add to an existing policy, contact our agents today.  They are friendly and knowledgeable and will guide you in the right direction.

When Flood Insurance is Needed…Even If You Aren’t in a Flood Plain

As homeowners, we purchase policies that protect us should an unexpected event damage or destroy our homes.  However, we often do not consider purchasing flood insurance unless the mortgage lender requires it.  Homeowners policies do not cover damage related to a flood event.  To help citizens recover from floods, Congress created the National Flood Insurance Program (NFIP) in 1968.  For homes located in high-risk flood zones, carrying the additional flood insurance policy makes sense.  But what if your home is not in a high-risk area?  Is flood insurance still necessary?

In reality, every home is at some risk for a flood event.  Flooding damage can be financially devastating.  For instance, it has been calculated that one foot of water in a 1,000 square foot home will cause $27,150 damage on average.  Given the potential, homeowners in moderate and low-risk areas often reconsider purchasing flood insurance.  Flood insurance is also available for renters to cover the contents of their apartments and personal property.  

The team at Idaho Select Insurance works with homeowners throughout the Meridian, ID area.  They understand the needs of residents and can help you get the coverage you need.  They will be happy to review your current homeowner’s policy to ensure that you have the appropriate amount and types of coverage.  Also, they can help you understand the amount of flooding risk your property has.  They know the level of flood risk in the different Meridian ID areas, so they can help you identify your level of risk.  They will also provide information on coverage options that are available to you.  The team at Idaho Select Insurance are your partners.  Get the information you need and the coverage you deserve.  Call them today!

3 Factors to Consider When Buying Life Insurance

Life insurance is one of the most important parts of financial planning for the future, but understanding about life insurance and buying the right type can be confusing. While it is necessary to rely on the experience and recommendations of your Idaho Select Insurance agent, it is also a good idea to do your own research. Here are 3 factors that you should consider before buying life insurance.

Why You Need Life Insurance

The majority of people want to plan for their family’s future and their financial security. Unfortunately, it’s difficult to think that part of this process includes ensuring that your loved ones are supported in the event of your death, a spouse’s death or the death of a parent. Life insurance provides protection is several different ways, such as helping with the funding of your retirement or paying for college educations or the mortgage in Meridian, ID. It is also one of the prime components of estate planning.

How Much Life Insurance Do You Need?

There are several factors that you’ll need to consider when deciding the right amount of insurance for you and your family. It’s also important to keep in mind that this may change as you age. It is essential that you understand the policies, purpose, benefits, premiums and ultimately the ideal insurance for your specific situation. A few things to consider when determining how much insurance is enough includes:

  • If you still have a mortgage and the length of the mortgage
  • The amount of money your family will need live comfortably should you pass away
  • The cost for legal and financial assistance to manage your estate
  • How your burial expenses will be paid
  • Will your passing create an estate tax burden for your loved ones

Which Type of Life Insurance is Best for You?

Once you have to decide how much life insurance you need, the next part of the process is deciding which type is right for you. The options for life insurance include:

  • Term life-which means the policy, provides protection for a specific period of years. If you pass away during the time period, the value of your policy will be paid to your beneficiaries.
  • Whole life-a long as you continue to pay the premiums, a whole life insurance policy will remain in effect throughout your lifetime. Whole life insurance policies can often be used as collateral for a loan and in some situations; you can receive cash payments while you are still living.
  • Universal life-universal life insurance also provides permanent life insurance protection, but if you can choose the amount of protection best suited for your family, you and/or your business. The amount of coverage can be increased or decreased as your needs change.

Keep in mind that the cost of life insurance premiums is based on various factors, such your age, tobacco use and your overall health.

Meridian, ID residents interested in purchasing a new life insurance policy or reviewing their current policy should contact Idaho Select Insurance.

What Does Your Home Insurance Policy Not Cover?

You may think that your homeowner’s insurance policy will cover any damage to your home in Meridian, ID, but that’s not the case. If you want certain things covered, you will have to add additional insurance. An agent at Idaho Select Insurance can help.

Your homeowner’s insurance policy won’t cover damage by certain events, like floods, sinkholes, and earthquakes. You will need separate policies for each of these events. Since policies don’t cover floods, it will usually not cover any sort of standing water, whether a storm or a broken pipe causes it.

Termites are not covered by homeowner’s insurance and they can cause a lot of damage to the home.

Certain items in your home may not be covered or cause your home insurance rates to be higher, such as a pool or a trampoline. Certain dog breeds may also not be covered by insurance because they pose too much of a risk. If your dog has previously attacked someone, then they also pose too much of a risk and won’t be covered.

If you are having work done on your house you need to make sure your contractor has liability insurance, and you may want extra coverage since damage due to construction likely won’t be covered.

Many policies will have limits on coverage, especially for very expensive items like jewelry and fine art. For these items to be covered, make sure you have additional terms in your policy.

If you are keeping cash in your home, you may not be able to prove that the cash is in your home if it’s stolen, so your policy likely won’t cover it.

Some home insurance will cover mold, but this can be tricky. It depends on how the mold was caused to see if it is covered.

Contact Idaho Select Insurance serving Meridian, ID to get a homeowner’s insurance policy quote.

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.