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.

 

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!

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.  

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!

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.

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. 

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.