When Is Umbrella Insurance Necessary?

You have your auto insurance, homeowners insurance, flood insurance, among others. But have you considered what would happen if you were sued for an amount larger than your current liability limits?

Umbrella insurance is what you need to deal with liability that exceeds the limits of your coverages. Note that umbrella coverage is not the same as excess liability coverage. The former may include risks that are not covered in the base insurance policies. For instance, if you’re accused of slander or libel, you may need to pay some amount in legal fees and damages. While the common insurance policies have no allowance for such risks, umbrella insurance will offer protection.

Would you like to learn more about umbrella insurance in Meridian, ID? Read on as our insurance experts at Idaho Select Insurance expound on this topic.

What Does It Cover?

Umbrella insurance will cover your household or business against lawsuits that touch on personal injury, property damage, defamation, landlord liability, among others.

The advantage of umbrella insurance is that it goes beyond paying your liability. It will pay for the legal costs as well. If the lawsuit ends up with you paying $1 million, umbrella insurance will go overboard and pay the legal defense fees. 

Other cases where umbrella insurance may apply are:

  • Your son is involved in an auto accident, and the liability from the accident exceeds your auto liability limit
  • A business sues you for defamation
  • A guest visits your home, falls down the stairs, and sues you for medical costs that exceed your homeowners’ liability limit

Do You Need It?

Umbrella insurance isn’t mandated by law. However, you need it for your own good. If you own high-value assets, or you’re at a high risk of being sued, umbrella insurance is necessary.

Buy Umbrella Insurance Today

It’s rare to purchase umbrella insurance on its own. Most insurers offer it alongside major coverages such as auto, homeowners’ and renters insurance.

To buy umbrella insurance in Meridian, ID, reach out to Idaho Select Insurance for more information.

Are You Required to Have Renter’s Insurance?

Do you rent an apartment or a home in Meridian, ID? If so, it is a wise idea to have a renter’s insurance policy. However, one of the most common questions we get from our policyholders is whether or not this type of coverage is required. Here’s what you need to know about getting a renter’s insurance policy from Idaho Select Insurance.

Is Renter’s Insurance Required?

Unlike auto insurance, there’s no specific law stating that you have to carry renter’s insurance. Frankly, the State of Colorado doesn’t care if you don’t have protection for your personal stuff.  However, your apartment complex or leasing company could still require that you have it. Why is this possible?

Most property managers specifically add this to their lease contracts to protect tenants. If there’s a fire, serious storm, or other incidents that renders your home unlivable, they want to make sure that you have protections in place to find temporary lodging and replace your personal belongings. 

What If Your Property Manager Doesn’t Require Renter’s Insurance?

If your lease doesn’t specifically require renter’s insurance, it is still a good idea to go ahead and get a policy. This type of insurance helps replace your personal property in the event of a claim, which can be helpful if you ever experience theft or otherwise have to replace these items.

In addition, there’s a very good chance you could save money on your auto insurance. A lot of major carriers offer a discount for those who have multiple policy lines, which means you could find yourself saving money just for adding this extra layer of protection.

Do you have more questions about buying renter’s insurance in Meridian, ID? Please contact our team at Idaho Select Insurance today to schedule an appointment.

Motorcycle Insurance Requirements in Idaho

Idaho which is well known for its incredible canyons, rivers, and deserts has some of the best motorcycle riding in the country. In order to safely enjoy your motorcycle riding and to protect your investment in your motorcycle, you should be aware that Idaho has a “fault-based” liability system. Therefore, if you only carry minimum liability insurance and do not have sufficient additional insurance coverage, you could be personally liable and personally responsible for all losses due to an accident. Read on to learn more about the importance of having comprehensive motorcycle insurance and other optional motorcycle insurance coverages that are available from Idaho Select Insurance in Meridian, ID.

Minimum Liability Motorcycle Insurance is Required in Idaho

In Idaho, state law requires that motorcycles carry a minimum amount of liability coverage for injuries and damage to property.

This means that all motorcycles must be insured for at least $15,000 for property damage per accident, $25,000  for death or injury to one person per accident, and $50,000 for death or injury to two or more persons per accident.

Optional Motorcycle Comprehensive Coverage

Motorcycle comprehensive coverage can be purchased to pay for vehicle repairs or to replace the motorcycle if it has been stolen. It also covers fire, flood and hail damage.

Uninsured or Underinsured Motorist  

Uninsured or Underinsured Motorist coverage for motorcycles covers accidents with drivers who either have no coverage or who have too little coverage to be responsible for the losses you incur from the accident.

Med Pay

Med Pay covers medical benefits and costs for you and any passenger.

Call Idaho Select Insurance today for a free motorcycle insurance quote. Idaho Select Insurance serves both Meridian, ID, and the surrounding Ada County Idaho area.

Do I need flood insurance for my Idaho property?

The Meridian, ID area can be a wonderful place to live. Due to this, those that come here and want to stay should consider buying their home. If you do decide to purchase a home when you are in this area of Idaho, you will want to get the right insurance for it. One type of insurance that you may need for your home is flood insurance. There are several factors that could determine whether or not you should get flood coverage for your property. 

Home is in a Flood Zone

One factor that will determine if you need flood insurance for your property is if your home is located in a flood zone. If you do have a property that is located in a designated flood zone, there is a good chance that your mortgage provider will want you to have flood insurance in place at all times as it will give great protection for their collateral.

Flood is a Concern

Even if you are not in a flood zone, or you are not required by a lender to carry coverage, there are still situations when you will need to have flood insurance. If there are rivers, lakes, or other waterways located nearby you, they do pose a risk of a potential flood. If you do not have any coverage through home insurance, you may need to get flood insurance to properly protect your home and provide you with peace of mind. 

There are plenty of situations when someone in the Meridian, ID area will need to have flood insurance. If having flood coverage is necessary for you, it would be a good idea to call Idaho Select Insurance. The team with Idaho Select Insurance can help you to understand your needs and options and give you support in picking a new policy.

Umbrella Insurance Myths To Avoid While Researching Policies

Idaho Select Insurance serves Meridian, ID, as well as the surrounding areas by offering residents multiple types of insurance coverage. We want to help our clients find policies that will allow them to live comfortably.

Umbrella Insurance Myths To Avoid

As you navigate life’s challenges as a Meridian, ID resident, an unexpected event may occur that causes problems. Umbrella insurance is beneficial because it offers a safety net if a disaster occurs. Primarily, the policy will cover you if you are involved in a potential liability dispute. While you are researching policies, avoid some of the misinformation out there regarding umbrella insurance.

Umbrella Insurance Is Only For Wealthy People

This is incorrect. Umbrella insurance is an asset regardless of your income. Accidents can occur regardless of your income level. Umbrella insurance protects your assets if someone falls while visiting your home or if your pet accidentally bites someone.

I Can Use Umbrella Coverage As A Substitute For Another Policy

This is incorrect. Umbrella Insurance does not act as a substitute for another type of policy. Umbrella insurance assists you if you are involved in a serious liability issue that could potentially impact your home or auto policy. Umbrella insurance does not actually take the place of your home or auto insurance policy.

Umbrella Insurance Covers Personal Items

This is incorrect. Umbrella insurance does not cover any damages to your personal items. The policy is not intended to cover your personal items if they are stolen. You can only use umbrella insurance to protect your assets if you are involved in a serious liability dispute.

Consult With Idaho Select Insurance

For more information on umbrella insurance, visit our website today!

3 Reasons to Purchase Renter’s Insurance Before the Holidays

They say the holidays are the most wonderful time of the year. This may be true, but it can also be a season filled with unexpected damage and mishaps. In order to make sure your rental home makes it through the holidays, it is important to have renter’s insurance activated. At Idaho Select Insurance, we understand that you can’t make good insurance choices without good insurance information. Keep reading to find out why you should consider purchasing renter’s insurance before the holidays. 

Some Holiday Traditions Can Be Dangerous 

Around the holidays we start doing stuff we don’t normally do. We are lighting more candles. We are putting a new strain on our electrical systems with fancy light displays. We are moving large evergreen trees right into our living spaces. These holiday traditions can carry with them a certain risk factor if we are not very careful. Renter’s insurance is there to protect you in the event that a disaster strikes this holiday. 

More People Equals More Accidents

We love having our families come in for the holidays, but let’s be honest, sometimes disaster can follow our families right on into town. The fact is, the more people you have in your home the greater the risks are for accidents. The personal liability coverage you’ll find with most renter’s policies will make sure that you are not held liable if someone gets hurt this holiday season. 

When Alcohol Is Involved

Another risk factor of the holiday season revolves around the fact that more people are "making spirits with bright," with actual spirits, ie. alcohol. Whenever alcohol is involved the risk factor for accidents and disaster ratchets up quite a bit. Make sure your rental home is covered from any and all holiday mayhem with sufficient renter’s insurance. 

If you would like to learn more about renter’s insurance, please contact us at Idaho Select Insurance, serving Meridian, ID. 

Why should I invest in a motorcycle insurance policy?

Owning a motorcycle can be a great option for anyone that is in the Meridian, ID area. If you are going to purchase a motorcycle in this area of Idaho, you will have a vehicle that is fun, efficient, and reliable. If you do purchase a motorcycle here, you should also spend time considering your insurance needs. There are several reasons why someone here needs to get a motorcycle insurance policy.

It’s a Legal Requirement

One of the reasons that you need to have an insurance policy for your motorcycle is that it is a legal requirement. In Idaho, anyone that is going to operate a vehicle on public roads needs to carry valid liability insurance. This includes people that want to operate a motorcycle. If you do not have motorcycle insurance and are caught without it, you could lose your license or be otherwise penalized. 

Protects Asset

Anytime you purchase a motorcycle you are going to be making a big investment and purchase. Due to this, you should look for ways to protect your investment as much as you can. A great way that you can do this is by getting a motorcycle policy that will also include collision and comprehensive insurance as it can protect against a variety of risks. 

There are many reasons why someone in the Meridian, ID area should get a full motorcycle insurance policy. If you would like to get this type of insurance, you should make sure that you get proper guidance and support. The team at Idaho Select Insurance knows how important it is to get proper insurance coverage for this asset. Idaho Select Insurance can answer any questions that you have, address your concerns and help you to build a personalized policy that meets your needs. 

Is Flood Insurance Necessary for Your Home in Idaho?

Flood Insurance in Idaho

As you may have seen many times, widespread floods have wreaked havoc on communities across the country. Idaho is no different and if you live in a high-risk flood zone, you will need to get insurance. Protecting your home and valuable possessions is important in times of disaster such as flooding. Having adequate flood insurance will ensure that you are protected during a crisis.

At Idaho Select Insurance in Meridian, ID, we have worked with many home and business owners to secure the best policies possible to protect their assets and property. It is better to be prepared before the next big storm hits.

Staying Covered

A private insurer may offer options other than FEMA’s National Flood Insurance Program (NFIP) which is a standard type of flood insurance. Usually, flood insurance is a standalone policy separate from your homeowner’s coverage. Depending on different factors, including the severity of risk where you reside, the cost can vary. Private insurers can offer options through different companies and can tailor a plan that will work for you. Staying covered in Idaho will give you peace of mind if an unforeseen disaster should happen.

Insurance You Can Trust

Contact us at Idaho Select Insurance in Meridian, ID. We work with the best companies to find affordable policies that suit your specific needs. Many people neglect flood insurance until it is too late. It is better to not wait and wind up losing your investments in the event of a disaster. If you are looking for flood insurance or any other type of coverage, don’t hesitate to reach out to one of our agents. We look forward to working with you.

3 Reasons to Have Boat Insurance

Although Idaho does not have a legal requirement that boat owners must carry insurance on their vessels, it is highly recommended given the risks associated with boating and the investment made into the watercraft. Let’s take a look at three reasons why boat insurance is a no brainer purchase.

1. Inclement Weather

Contrary to public opinion, bad weather doesn’t have an offseason and can strike at any time leading to costly repairs on your boat. Even if you store your boat during the winter months, that doesn’t mean that a flood, fire, or another type of natural disaster cannot damage your vessel. Consequently, having boat insurance means that you are covered for natural disaster-related damage up to your policy limit and minus your deductible.

2. Homeowners Insurance Doesn’t Cut It

If you store your boat on your property, it may be tempting to believe that your homeowner’s insurance policy will cover the vessel; however, this is largely not true. While it will offer some form of coverage while it is on your property, the amount will be significantly less than the boat’s value and nowhere close to what a traditional boat insurance policy will cover which includes comprehensive, property damage, bodily injury, and collision.

3. The Marina May Require Boat Insurance

Even though Idaho does not require boat insurance, it may be required by the storage facility to include a boatyard or marina. Consequently, it is important to double-check the rules and regulations of where you are storing the boat during both the summer and winter months to ensure whether or not insurance is needed.

At Idaho Select Insurance in Meridian, ID, our friendly and professional team of insurance specialists will happily answer your questions and help you find the perfect policy for your needs. Give us a call today and we’ll help you find your next boat insurance policy. 

Is getting life insurance in Idaho a good idea?

Anyone that is in the Meridian, ID area will have a variety of insurance needs that they should consistently evaluate. One form of insurance that all people in this area should consider getting is life insurance. There are several reasons why getting life insurance is a good idea for someone to acquire.

Provides Protection for Dependants

The main benefit of getting a life insurance policy is that it can provide you with protection for your dependents. If you have people that depend on you and your income, it is always a good idea to have life insurance. This will ensure that they are cared for from a financial perspective if you were to pass away. Even if you do not have any dependents, it would still be a good idea to get this insurance as it will provide a financial benefit to others that could also cover any funeral or medical expenses.

Investment Option

Another advantage of getting a life insurance policy is it can provide you with a unique investment option. If you choose to get a whole life insurance policy, a portion of your monthly premium payments will accumulate in an account. This will be an asset that will continue to grow in value and could be liquidated at any time. This is also a great asset as you could use it as collateral to borrow against.

When you are shopping for life insurance in the Meridian, ID area, you should contact the team at Idaho Select Insurance. The insurance team at Idaho Select Insurance can help you to better determine your insurance options. They will be able to explain the pros and cons of each option to ensure you pick a policy with a coverage amount that is right for you.