Why It’s a Good Idea to Have Life Insurance Outside of Your Work-Supplied Policy

Many clients believe that their life insurance needs are covered by their work-supplied policies that are contingent upon their continued employment. While a good number of people do stay with a single employer through the working years up until retirement, this is becoming rarer. Layoffs, job changes, and non-traditional work situations are becoming the norm, and it makes sense to consider a life insurance policy outside of the one that is provided by your employer. The Insurance Shop USA is here to help guide you through the process as you review your life insurance needs in the greater Sandpoint, ID area. 

Don’t Let Your Employer Have Complete Control Over Your Life Insurance

Many employer-sponsored policies are term life in nature and do not carry any cash value or other financial benefits. It is advisable to take the work insurance, and the maximum level that you can afford, and also carry your own life insurance policy that will stay with you whether or not your switch jobs. In addition to providing a payout upon the event of your death, life insurance can also be used as an effective financial tool that serves an important role in your overall portfolio. Universal policies, whole life, and variable rate options are just a few examples of the different types of life insurance that are available. If your only life insurance policy is the one that you have through work, you are leaving your family unprotected and also missing out on many financial benefits.

Is it time to review your life insurance policy for completeness? The Insurance Shop USA is here to answer your questions and ensure that our clients in the greater Sandpoint, ID area have the coverage that they need!

Why It’s a Good Idea to Have Life Insurance Outside of Your Work-Supplied Policy

Many clients believe that their life insurance needs are covered by their work-supplied policies that are contingent upon their continued employment. While a good number of people do stay with a single employer through the working years up until retirement, this is becoming rarer. Layoffs, job changes, and non-traditional work situations are becoming the norm, and it makes sense to consider a life insurance policy outside of the one that is provided by your employer. The Insurance Shop USA is here to help guide you through the process as you review your life insurance needs in the greater Sandpoint, ID area. 

Don’t Let Your Employer Have Complete Control Over Your Life Insurance

Many employer-sponsored policies are term life in nature and do not carry any cash value or other financial benefits. It is advisable to take the work insurance, and the maximum level that you can afford, and also carry your own life insurance policy that will stay with you whether or not your switch jobs. In addition to providing a payout upon the event of your death, life insurance can also be used as an effective financial tool that serves an important role in your overall portfolio. Universal policies, whole life, and variable rate options are just a few examples of the different types of life insurance that are available. If your only life insurance policy is the one that you have through work, you are leaving your family unprotected and also missing out on many financial benefits.

Is it time to review your life insurance policy for completeness? The Insurance Shop USA is here to answer your questions and ensure that our clients in the greater Sandpoint, ID area have the coverage that they need!

What You Should Know about Homeowners Insurance and a Vacation Home

Purchasing a vacation home is a lot like purchasing your primary residence, but there are some things you should know about insurance coverage. If you have a second home or vacation home in Sandpoint, ID, you should still have insurance. First, check with your primary homeowner’s policy to see if your policy could cover the second home or certain aspects of it.

Your second home insurance policy will depend on how you are using your home. If you are going to be renting out your vacation home, you will need to make sure you have more comprehensive insurance policy coverage and maybe a policy that covers the loss of rental income if the home is destroyed. This way, you can make up some of the rental income you could be missing out on. If renting out your vacation home, you may also want additional liability insurance or an umbrella policy to provide you coverage if someone is injured on your property. Make sure your insurance agent knows about how often you are renting out your home, so you can have the best policy to protect your investment.

Remember that just like with a traditional homeowners insurance policy, there are some things that aren’t covered, like floods or earthquakes. If you want our vacation home to be covered from these perils, you will need separate policies. Second homes may be riskier to ensure since much of the time they are left vacant. You may find that it’s more expensive to insure than your primary residence. Ask your agent at The Insurance Shop USA to see if there are any discounts available, such as for having a security system installed.

Contact an agent at The Insurance Shop USA serving Sandpoint, ID to get a homeowners policy for your vacation home.

Condo insurance options for homeowners in Idaho

You may think that the homeowner’s association fees paid for your condo in Sandpoint, ID are enough to guard against a lawsuit from someone who sustained injuries during a recent gathering at your house. The truth, however, is that your association fees only provide assurance for outdoor mishaps. You are completely on your own when incidents happen inside your residence. The Insurance Shop USA can help you find the best solution for condominium insurance in Idaho. 

What does homeowner’s association insurance cover?

The indemnity coverage that you receive under your homeowner’s association contract only pays if a family member or friend is injured on the outside premises of the property. The association will finance your loved one’s recovery if she falls down the stairs leading up to your residence. The group will also pay for damages to a friend’s vehicle if a weak tree branch falls on his car.

You, however, are responsible for everything that happens inside of the house. A drunk friend who somehow breaks his wrist while trying to flush the toilet is your financial burden. Freak accidents such as these are why you need homeowner’s insurance for your Sandpoint ID condo.

What does homeowner’s insurance cover?

A standard homeowner’s insurance policy for your condo may cover the following:

  • Personal injury, where a guest has been injured in an accident while visiting your residence on non-business matters. 
  • Dwelling, where payment is made for structural damage to the interior of your home by either natural or man-made causes.
  • Personal property, where your possessions are covered in the instance of fires, floods, or other unpredictable matters of destruction. 
  • Loss of use, where your home is deemed uninhabitable. In such case, the insurance company may provide enough financing to help you find another residence for either a short-term period or permanently. 

The agents at The Insurance Shop USA are happy to help you find the homeowner’s insurance plan that best fits your situation. Call us today to start a quote for your condo!

How Does Condominium Insurance Differ From Traditional Homeowners Insurance?

Condominium owners living in and around Sandpoint, ID  are not required to purchase condominium insurance under the law, however, most banks will require that they do so. Many people have questions as to what the key differences between condominium insurance and traditional homeowners insurance are, and we will discuss them in this article. 

Master Policy

One of the greatest differences between conventional homeowners and condominium insurance is the need for a master policy. The master policy refers to the insurance that is purchased by the condominium association, and this will cover all the common areas, stairwells, building exterior, and property that the edifice sits upon. 

Situations Covered Under Master Policies

Master policies typically carry two types of coverage: liability and property coverage. The liability portion of the policy will cover the cost when someone is injured and files a lawsuit, and it can also cover the medical costs associated with the injury. Property damage coverage will take care of the common areas when they sustain losses due to the wind or other disasters. 

Condo Owner’s Insurance

Each condominium owner will pay an equal share of the master policy price to the condominium association, and they will need to purchase a separate policy for their personal property. A bare walls-in policy will cover the walls and framing, and an all-in policy will cover fixtures, cabinets, and plumbing, both of which are distinctions that do not exist with conventional homeowners insurance. 

The Insurance Shop USA Can Help You

We have experience serving the residents of Sandpoint, ID, writing a variety of insurance policies that will cover them in all their day-to-day activities — and we can do the same for you. We invite you to call us or to stop by our office at The Insurance Shop USA to discuss all your homeowners, automobile, life and condominium insurance needs. 

 

5 Steps to Simplifying a Home Insurance Claim

Filing a home insurance claim need not be a complicated process. The following steps can help simplify the claims process and give you positive results.

Contact Your Insurer: The first step to filing a claim is to contact your insurer and notify him of your loss. If you have questions concerning coverage of your Sandpoint, ID home, now would be a good time to ask. Reviewing your policy with a representative from The Insurance Shop USA will refresh your memory concerning your coverage. Make sure you provide your agent with accurate contact info as well as details concerning your loss so a proper evaluation can be made.

Notify Police: If your loss was the result of a crime such as vandalism, theft, etc., be sure to notify your local police so a police report can be made to verify damages to your home or loss of property.

Take Photos of Damage: Take photos of property damage to verify your loss. If you have a home inventory, make sure your agent receives a copy along with receipts or photos of items that were damaged or stolen. If you need to make urgent repairs to avoid further property damage, keep accurate records of what you spend so you can be reimbursed by your insurer later on.

Work with your Insurance Adjuster: You will be visited by an insurance adjuster who will evaluate your claim and determine property damage and loss. At this time, you can discuss options for making repairs or replacing lost items. Working closely with your adjuster is key to moving your claim along.

Follow Up – Once a claim has been filed, follow up with your adjuster and contractor to ensure repairs are done right.

At the Insurance Shop USA, Sandpoint, ID, we make every effort to ensure claims are settled to customer satisfaction.

Benefits of Adding a Garage to Your Home

When it comes to adding space and value to your home, you really can’t go wrong with adding on a garage. Whether it be an attached or detached garage, the value of your property will increase. And fortunately, adding on a garage does not cause your home insurance premium to skyrocket. Let’s take a quick look at why you should consider adding on a garage and the many ways in which you can use it. 

Protect your vehicles

You probably have invested quite a bit of money into your vehicles, and to help ensure they last for as long as possible, it is imperative to protect them from harsh weather. With a garage added to your property, you can have a great space to store your cars. And not only does it help protect them from the weather, but having a garage gives you space to change the oil, rotate tires and more. 

Store other items

Do you have four wheelers? A boat? Whatever it is that you have, you can easily store these big boy toys in your garage. You can also store tools in your garage, or if you prefer, you can turn it into a space where you play darts or shoot pool. Adding a garage onto your home means you can literally use the space for whatever you need it for. If the garage is heated and cooled, you can even use it for extra living space. 

If you would like to learn more about the many benefits of adding a garage onto your home, please don’t hesitate to reach out and contact The Insurance Shop USA serving the Sandypoint, ID area. 

Is Your Home Underinsured?

Mortgage lenders generally insist that you have a homeowners policy to protect their investment in the event of a loss. While Idaho doesn’t require people to purchase insurance, it’s wise for every homeowner to have protection. Knowing how much and what type of policy to take out can be complicated. That’s why at The Insurance Shop USA, our professionals are ready to help members of the Sandypoint ID community select a policy that meets your needs. We’ll work to answer your questions and help you avoid being underinsured.

Home Replacement Costs

One of the more common errors homeowners make is confusing property value and replacement costs. Although it appears there should be some connection, they are separate issues. Property values may rise and fall with the Real Estate market’s supply and demand. Think about the home prices before and after the housing crash. That difference was not a reflection of home construction costs.

How much it costs to build or rebuild a structure is determined by factors that include the price of labor, materials, permitting, building and fire codes, among others. If you have an older home, it may have deprecated in some ways. Other properties include custom era design and high-end materials that are not easy find. They can be expensive to replace. The point is that you should evaluate your home based upon what it would take to rebuild in the event of a total loss.

Today’s replacement costs run about $150 per square foot. If you have detailed woodworking and custom design features, restoration could be higher. Additional expenses could include razing, debris removal, meeting new building codes and permitting.

It’s important that you have sufficient homeowners coverage in the event of a total loss. The Insurance Shop USA is committed to serving the good people of Sandypoint ID. Our insurance professionals are here to listen and help create a policy or update an existing one that provides you with the secure coverage you deserve.

Tricks to Avoiding Water Damage

As a homeowner in Sandypoint, ID, you already know that you do not want to deal with any water damage in your home. However, even though you may not want water damage to happen in your home, that doesn’t mean it will not. Instead of hoping for it not to happen, you should use these tricks to avoiding water damage from The Insurance Shop USA.

  • Never pour grease down your sink. You may have thought this was an old wives tale but it is true. Never pour it down even with hot or cold water. It can lead to buildup and eventually blockages that can cause your pipes to burst. 
  • Watch where you plant trees. Even if you want them in a specific spot, you need to be aware of any underground pipes that may be around. The roots from the trees will not be an issue immediately but they will eventually so you need to be careful where you plant and ensure the trees are far enough away from the pipes. 
  • Keep a close eye on your water bill. You should know how much you normally pay for water so if your bill ever increases when your usage hasn’t, you need to inspect for any small leaks. 

One of the best tricks to being prepared for water damage since you cannot prevent it completely is to get a home insurance policy that includes a water damage clause. If you do not already have one, be sure to reach out to The Insurance Shop USA serving Sandypoint, ID for a free quote and to explore options. If you do have one, let them look at your current policy to ensure you are not paying too much and that you do not have any gaps in coverage. 

How Does Home Insurance Really Help Me: 4 Tips to Know

Insurance, in general, tends to have a bad reputation. It seems that people just think they give part of their paycheck to a company while getting very little in return. However, there are a number of ways that home insurance can help you, and The Insurance Shop USA knows it’s all a matter of seeing the benefits. If you live in Sandypoint, ID, then there are a few things you should keep in mind when you’re feeling a little selfish. 

1. Keeps you from calling upon friends and family 

Having support after a major storm or break-in is priceless, but that doesn’t mean that you want to ask people you know for financial help. Insurance takes care of many of the logistics — including the financial ones. 

2. Helps your property value 

When you have help to fix your house (including your yard), you can keep it in good shape throughout the years. It’s one of the best indicators that your house will do well once it’s put up on the market, without having to do any extra renovations or repairs. 

3. Puts you in control 

You won’t have to worry when you check the weather and there’s a major storm coming in Sandypoint, ID because you know you have the right protection. You can rest easy about what the future will bring because you’ve done the proper preparations when it comes to home insurance. 

4. Gives you a hand to hold 

Your insurance company can’t right every wrong, but they can certainly be a major comfort when you’re feeling lost. The Insurance Shop USA is here for you when you need it the most, so give us a call today if you need a new policy.