Is Umbrella Insurance A Good Idea For Rental Property?

Anyone who rents the property out to visitors needs to make sure that they have the proper insurance in place to protect them from the possibility of damages. Most home insurance policies can offer adequate coverage to places where the value of the property is nearly the same as the insurance, but what if there are items on the prosperity or features of the property that makes the covered space more valuable than the maximum coverage?

Umbrella Insurance For Rental Properties

Property owners who have a substantial amount of assets or features on properties that may experience a significant risk from renters or event natural events may want to explore their options for umbrella insurance coverage. This particular insurance product is designed to cover above and beyond the limits of traditional home insurance. It is a great product to purchase to help ensure financial stability and prevent losses.

Exploring Insurance Options

People who are new to umbrella insurance should make sure to work with a reputable agency with agents who are dedicated to providing top quality products designed to meet the needs of their clients. Anyone who lives in or around the Meridian, ID area should speak with the agents at Idaho Select Insurance and discover how umbrella insurance coverage can give them the peace of mind they need when renting property to guests. 

People who have substantial property value or personal items on the property exceeding the value of the home insurance should consider umbrella insurance. Anyone with property in or around Meridian, ID should call or stop by the office of Idaho Select Insurance for more information. 

Will Renter’s Insurance Protect My Home-Based Business From Theft?

If you currently operate a business out of your home or have thought about opening a home-based business, have you considered what you would do in the event that your inventory or equipment was stolen? Don’t make the error of assuming your homeowner’s insurance policy will provide theft coverage or sufficient coverage of business-related risks.  

Idaho Select Insurance offers a variety of business insurance policies tailored to protect your new Meridian, ID home business against theft, fraud, vandalism, fraud, employee injuries, and liability claims.  Some coverage options include: 

  • Business crime insurance 
  • Liability insurance 
  • Property insurance 
  • Workers’ compensation insurance 
  • Business auto insurance 

Property Coverage and Home Businesses 

Unlike your homeowners insurance, a business insurance policy can provide coverage for your business property and office equipment. Coverage for anything business-related, such as data, computer equipment, machinery, inventory, supplies for your home office is typically excluded from your homeowners insurance policy or covered with a low limit. If a fire destroyed all your inventory or someone broke into your home and stole all your computer equipment, what would you do? Business insurance would provide the financial help you need to get your business back on its feet by covering the cost of replacing your property, and in some cases, replacing your lost income.  

Liability Coverage and Your Home Business 

Small business owners who operate from home are easy targets for lawsuits, and it only takes one lawsuit — even if it is eventually dismissed — for a business owner to face lose their business and assets and face financial ruin. While you can’t an angry client or a disgruntled employee or from taking legal action against you, business liability coverage allows you to protect the business you’ve worked so hard to build. A typical homeowners policy doesn’t cover events that occur while conducting business. If someone is injured on your property or while conducting business with you, their medical expenses could be your responsibility to pay out of pocket. 

What’s The Best Type Of Insurance For My Home-Based Business?

It is critical for home business owners to have the right type of insurance coverage. Some may require a separate commercial insurance policy, while others such as real estate agents, accountants, photographers, handcrafters, consultants, tutors, and music teachers can add a “specified business pursuits” endorsement to their existing homeowner’s policy.   

Are you wondering if your Meridian, ID home-based business qualifies for an endorsement for additional insurance coverage through your homeowner’s policy? Interested in learning more about business insurance coverage? Talk to an Idaho Select Insurance agent today.

Does the Type of Bike Affect the Overall Cost of Coverage?

Motorcycles are a great way to get around and a great toy as well but you need to make sure they are fully covered if you intend to drive them. There are a few different factors that do affect the overall cost of your coverage and the type of bike is certainly one of them. For those that live in the Meridian, ID area, the agents with Idaho Select Insurance can help you to find the right coverage for you every single time.

A great way to determine what your potential payment each month might be is to first understand what factors do affect the price of coverage each month.  The first factor is of course the price of the bike. you are going to want to get an accurate valuation to make sure you are insuring your bike for enough so in case you need to replace it. You also want to take into account any safety features the bike may have. The last factor that is likely to have a significant impact on the price of your coverage each month is the type of bike. Those that are considered to be sport bikes or fast bikes are going to cost more to insure based on the way that people tend to drive this type of bike. Cruisers, or bikes that are typically driven slower are not going to cost as much based on the way they are driven.

You want to keep in mind that your specifics as a driver also make a difference in the overall cost of your monthly coverage. For those that live in the Meridian, ID area, the agents with Idaho Select Insurance can help you to find the right coverage for you.

Do You Need Flood Insurance

When it comes to your home, there are many kinds of insurance options available. While you already have standard home owner’s insurance, there are other additions you need to consider. One of the most commonly selected insurance add on is flood insurance. However, you may wonder whether or not you need floor insurance. The team at Idaho Select Insurance is here to help you decide how to protect your home, whether you live in or around Meridian, ID. 

What Flood Insurance Protects

Naturally, flood insurance protects your home in the event of a natural disaster, such as heavy rain or even after a major thaw that leaves all the snow melting right on your property. 

Beyond an actual natural disaster through your home may flood from a burst pipe. Perhaps your pipes freeze and burst when you’re on vacation. Or the pipes leak next to your property and causes the foundation to slide and crack. All of these are major issues that regular home owner’s insurance may not protect. That is why you need to consider flood insurance. 

Damage To Your Property

Flooding isn’t about removing the water from your property. No matter how long the water has pooled up it will cause all kinds of damage to your home. You’ll need to replace flooring, carpet and even the wood and drywall. You might need to have mold spores removed from the property, and you’ll need the foundation checked. Whatever the issue might be, you need to have it repaired and restored before it does more damage. 

Flood insurance is a valuable investment when it comes to your home. Whether you live in or around greater Meridian, ID, the team at Idaho Select Insurance is here to help you determine what works best for your particular home.

How to Get Boat Insurance in Idaho

As most boat owners already know, there’s really nothing as refreshing and exhilarating as zipping around a lake, nor is there anything as calming as just sitting on gently rocking waters. In order to truly enjoy these things, however, you shouldn’t be worrying about what you’re going to do if disaster strikes. But boat insurance is a bit of a different animal than car insurance, and there are some different steps to getting a policy for your boat. Those of us at Idaho Select Insurance are here to tell you what you need to know about getting the coverage you need in the Meridian, ID region:

Is Boat Insurance Required?

In Idaho, boat insurance is actually not mandated by law. That said, some lakes and private water areas still require boaters to have at least some form of coverage should they get into an accident of any kind. Likewise, those who plan on taking their boat on trips to other states will want to look into insurance for safety reasons, as well as cooperating with other state laws. 

You Must Have a Specific Boat Insurance Policy

Because boats are personal property, many people mistakenly assume that they can have their boat covered under their home insurance policy or even get it written into a general vehicle policy. But the truth is that boats are considered under the law and by insurers to be in a separate category of their own, and therefore you must have a specific boat insurance policy in order to have your vessel covered. Regardless of whether your boat is for business or pleasure, those who use their vessel even semi-regularly will want to protect their purchase with insurance.

Policies Are Not ‘One Size Fits All’

Let’s face it– there are many different kinds of boats, and people use them for a wide variety of purposes. Like other kinds of insurance policies, boat coverage is not generalized enough to cover everyone. When sitting down with an experienced insurance agent, such as those at Idaho Select Insurance, you should be ready with details like how much you use your boat and for what purposes, the size of the boat and the model, the boat’s age and maintenance records, etc. Serving the Meridian, ID area and beyond, we’ll help you find the perfect policy for your boating needs. 

Winter Home Safety Tips

Winter is the time for cozy evenings by the fire and increased indoor times in general. Idaho is known for cold winters, and this year is forecasted to be on par. Here are a few safety tips to make sure that you are as safe as possible in your home this winter. At Idaho Select Insurance we want to help you be as safe as possible all year long. We serve people in and around Meridian, ID. 

Stay Safe Indoors This Winter

Many of the winter-related indoor dangers come from the heating of the home. To reduce risks associated with keeping warm the first thing you should do is make sure your chimney flue is clear of debris before you start that first fire. Also, inspect any electrical cords to space heaters. Finally, do not overlook your smoke and carbon monoxide detectors. They should be in working order all year round and fall is a good time to double check before the increased risk of their need due to gas heaters. 

A bathroom is a place in the home where many falls and injuries occur for people of all ages. In the winter months, the risks can increase due to space heaters and electrical outlets. To stay safe check all your cords and plugs at the beginning of the season and periodically. Also, make sure that no electrical heaters or appliances are near any source of water.

An additional measure to improve health in the winter is to be sure to change out your filters in the winter months to make your indoor air quality better. A few houseplants can also help with air quality while perking up those cold months with some color. 

Contact us at Idaho Select Insurance if you are looking to purchase or upgrade your home insurance. We proudly serve Meridian, ID and the surrounding areas with quality insurance coverage. 

Life insurance tips and advice

Life insurance is a golden opportunity to plan your future and leave your dependents on a higher fiscal ground. We at Meridian, ID, Idaho Select Insurance are certain it is your perfect moment to stay informed about the cover for the better decision making. We provide you with these handy tips as you sign up for the policy. Read on…

State provisions for life insurance

Idaho State doesn’t regulate life insurance as a policy just like the State Department of Insurance does with auto and health covers. However, some provisions vary, just like in many states across the nation and Idaho is no exception. This affect underwriting, sign up and medical examinations requirements. The insurance industry is regulated through the state Insurance code of Idaho. 

The Specifics in your favor  

‘Free look’ provision in the cover grants you the right to change your mind and cancel the policy for whatever reasons you see fit. This is regardless of having signed up and in receipt of policy documentation. A ‘free look’ period is at least ten days within which no penalties will apply. But, you might come across insurers who offer up to 30 days. While the grace period can span up to 30 days, you can be late paying up premiums without facing policy cancellation. After which, the insurer has the right to terminate the policy for non-compliance. 

What does life insurance cover? 

The policy accommodates term insurance usually within a specified term and pre-determined age or permanent insurance which extends throughout the lifetime of a policyholder. You can specify the favored years for term insurance, but for permanent protection, the age limit can be extended for up to 80 years. If you die before the term policy matures, your beneficiaries receive the policy’s full compensation. 

Also, the state laws allow you to purchase temporary protection until you can afford permanent protection. Therefore, signing up for term life insurance competitive premiums is an excellent idea for all including those who are young and healthy. Do you want to know more? Call and talk to Meridian, ID, Idaho Select Insurance today. Our certified agents and professionals will help you plan and care for your loved ones in the nick of time.

 

What Are the Benefits Of Installing A Car Alarm?

Car alarms are a great way to protect your vehicle from theft and vandalism. The agents of Idaho Select Insurance serve residents who live in or near the Meridian, ID area. Agents often recommend installing car alarms in vehicles if one was not already installed by the manufacturer. Individuals who travel for work or who often carry valuables in their car will benefit from having an alarm professionally installed.

Prevents Theft and Possible Damage

A car alarm will go off anytime someone attempts to compromise the integrity of your car. The loud alarm is often enough to scare away any would-be thieves who are trying to find valuables inside the car or steal the car itself. Most car alarms are controlled by a key fob remote that allows you to lock, unlock, or even start your car from a distance. This allows you to secure your vehicle once you have made it safely into your home.

Discounted Premiums

Having a car alarm in place reduces your risk of theft dramatically. When a car is secured by a professionally installed alarm, insurance companies will sometimes offer a discounted premium. With the risk of loss reduced, insurance agents can sometimes make their policies more affordable through discounts as long as the vehicle owner qualifies.

If you have questions about how a car alarm can help protect your vehicle, call the agents of Idaho Select Insurance. They serve residents who live in Meridian, ID and many of the surrounding communities. They can offer a variety of tips and suggestions to help keep you and your car as safe as possible. 

 

Who Is Liable If the Landlord Damages Your Property?

The agents of Idaho Select Insurance have years of experience when it comes to renters policies and other types of property insurance. Residents who live in the Meridian, ID area need to understand what their policies cover and who is liable for certain types of damages if they occur. In some cases, the landlord may be ultimately responsible if items are broken inside the apartment.

Renter’s Insurance

Your renter’s insurance is written to cover your possessions if they are damaged and destroyed by fire or other means. In most cases, your policy will cover a wide variety of damages, including broken items or things that need to be repaired. It also carries some degree of liability protection in case someone is injured while visiting your apartment. This includes the landlord if the injury was caused by something that you could have possibly prevented.

Commercial Insurance

On the other hand, if the landlord enters your apartment to perform an inspection or to make repairs to the plumbing or an appliance and is injured in the process, their commercial insurance will cover the costs. Their insurance will also be responsible if they are in your apartment and they break something of value. It will be up to you to make sure a claim is filed in a timely fashion in case a deadline needs to be met.

At Idaho Select Insurance, the agents can answer questions concerning many different types of insurance policies. If you live in the Meridian, ID area and are curious about what your renter’s insurance covers, call and schedule an appointment with your agent today!

Can You Add Motorcycle Insurance to a Home Policy?

We all know that there are endless benefits to bundling your insurance policies with one agency. Bundling home and auto and even in some cases, life insurance, can save you hundreds each year and can help you to spend less on something that you have to buy anyway. That being said, there are a ton of different policy types that can be bundled, you just have to ask. For those that live in the Meridian, ID area, the agents with Idaho Select insurance can help you to create the perfect insurance bundle.

Adding things like motorcycle policies to your auto policy is fairly common, adding them to your home policy may not be as common. It is still completely possible, however. If you have a home policy and a motorcycle policy odds are you will be able to bundle the two into one policy. This helps to reduce the number of monthly payments you have to make and can also help reduce the cost as well. Bundling policies saves you money for one simple reason, insurance companies want your business. If they have a home policy with you that is great if they can have a home and a motorcycle policy that is even better.

By allowing you to have a discount and bundle these policies they are still making money and they are enticing you to use their service. Bundling a motorcycle and home policy is a great way to save money and to help make the entire process of paying your insurance each month simpler. For those in the Meridian, ID area, the agents with Idaho Select Insurance can help you find the perfect bundle for your needs each and every time with no problems or issues to speak of.