Does the Law Require You to Have Homeowners Insurance in Idaho?

A day rarely passes without our Idaho Falls, ID, insurance office receiving a range of inquiries about homeowners, life, auto, or even business insurance. At Insure It All, we are always ready to respond to these queries and often prepare price quotes in the process.

One frequently asked question about home insurance is whether it is a legal requirement in Idaho or not.

The first thing to know is that no state, including Idaho, legally requires homeowner’s insurance. That being said, there might be circumstances where you’re obligated to carry homeowner’s insurance. Here’s why:

Mortgage lenders often require home insurance.

Most lenders and mortgage companies stipulate that you must have homeowners insurance as part of their lending agreement. If you fail to maintain homeowners’ insurance on your mortgaged property, they can apply force-placed insurance on it. This implies they will secure coverage, and you will likely have to cover its cost. Usually, this force-placed insurance is much more expensive than coverage you could get on your own.

Other situations.

There can be other scenarios where homeowner’s insurance could be required.

For example, you might need coverage if you acquire a second mortgage or home equity loan or if you reside in certain communities managed by a Homeowner’s Association (HOA).

Even if you’re the outright owner of your home, not maintaining homeowner’s insurance can pose risks.

Contact us for a free quote.

Frequently, it’s easy to overlook your homeowner’s insurance and its coverage. If it’s been longer than you can remember since you last reviewed your home insurance or received a quote, contact Insure It All in Idaho Falls, ID. We can verify your coverage and prepare an updated home insurance quote for you today.

How To Avoid Water Issues On Your Property

Water leaks and sudden pipe ruptures can be inconvenient and costly and need immediate repairs. Our Idaho Falls, ID agents at Insure It All offer tips for avoiding water issues on your property to help you avoid high repair costs and inconveniences associated with damaged pipes.

Know Where Your Water Shutoff Valve Is

Every home member needs to know where the shutoff valve is placed and how to turn it off and on. Typically, it’s in the basement, garage, or along the home’s exterior perimeter. Knowing where and how to operate the water shutoff helps minimize water damage should an incident occur. Repairs can be costly, and preparation and sufficient insurance coverage is essential.

Winterize Outdoor Pipes and Faucets

If you’re in an area prone to freezing, you’ll need to winterize all of your exposed pipes and faucets. Water expands when freezing. To keep the outdoor faucets and pipes from freezing up and rupturing, winterization should be a priority. Thermal wrapping for these areas is relatively inexpensive and requires periodic replacement. Perform pre-winter inspections to ensure their integrity and stay protected.

Maintain the Sprinkler System

The sprinkler system is one of the most common areas where burst pipes occur. Even strong tree and plant roots can puncture hoses and pipes in your sprinkler system. When your system is running, take some time to inspect the yard to spot any areas that are especially wet. This could be a surefire sign of the presence of an underground leak that you’ll want to repair ASAP.

Be Prepared for Water-Related Problems

With home insurance or a supplemental policy, you can enjoy protection from damage and coverage for repairs or replacement systems. Reach out to our agents here at Insure It All in Idaho Falls, ID, today to explore policy options and get a no-obligation quote for all of your insurance needs.

Additional Coverage for High-Value Items: Insuring Your Valuables

Safeguarding our homes is essential since they are one of our most significant investments in Idaho Falls, ID. Home insurance policies cover multiple risks and potential damages, but what about high-value possessions that require additional protection? Insure It All explains additional home insurance coverage options for those valuable assets that may not be covered under standard policies. Whether it’s jewelry, art, or collectibles, it’s crucial to safeguard what matters most to you.

High-Value Items and Insurance Coverage

It’s important to know that standard homeowners’ policies have coverage limits for personal property, typically around 50% to 70% of the dwelling’s insured value. However, this coverage limit doesn’t always apply to high-value items like jewelry, artwork, or antiques. You’ll need additional coverage options if your property’s value exceeds the limit.

Scheduled Personal Property Coverage

Scheduled personal property coverage is an insurance add-on that covers specific high-value items listed on the policy. This type of coverage is ideal for expensive items like jewelry, fine art, and collectibles. In the event of a covered loss, the policyholder will be reimbursed for the amount specified in the policy.

Taking Inventory

An inventory of your valuable assets can help determine if you need additional coverage. It’s easy to underestimate the value of jewelry, art, and collectibles. The inventory should include item descriptions, purchase dates, and values. It’s also a good idea to take photos or videos of high-value items and store copies in a safe place.

Protecting your high-value items should be a priority for every homeowner. While standard homeowners’ policies provide coverage for personal property, they may not be enough for high-value items in Idaho Falls, ID. Call Insure It All today for additional coverage to safeguard your treasures.

First Time Home Owners Guide: Owning Your First Home in Idaho

Purchasing your first home in Idah is a significant financial decision, and you need to get everything right. Understanding the process and the available options ensures you make an appropriate decision. This guide has helpful insights if you plan to buy your first home. 

Insurance is a complex subject, and many first-time homeowners don’t understand it well. The insurance premiums depend on the associated home risks, and working with a local insurance company is better. A company within your locality understands the area and will guide you accordingly to know your needs and risks. 

Here is what you need to know:

Understand Your Budget

When buying a home, the first step is to evaluate your budget. This allows you to know your affordable monthly expenditure on your home. To understand this, you should:

  • Assess your savings mode
  • Tally your monthly debts and expenses
  • Know what you earn monthly

Save for Your Down Payment

You’ll need a specific cash amount to fund the purchase. Your down payment should be between 3% and 20% of the buying price. Other expenses include money to cater for closing costs and moving. 

Gather Mortgage Paperwork

While you don’t require a loan before accepting a home offer, starting the mortgage process earlier is best. Most lenders need considerable paperwork to show your monthly payment ability. Gathering the required documentation takes time, but doing it earlier prevents unnecessary delays. You want to prepare the following:

  • Up-to-date W-2s
  • Tax returns for the past two years
  • Recent pay stubs
  • Up-to-date bank statements
  • Other investment and asset statements

Engage a Reputable Insurance Agency

Purchasing a new home is an excellent investment endeavor, and you don’t want to get anything wrong throughout the process. If you want to avoid pitfalls, engage insurance professionals. Contact us today at Insure It All for assistance. 

Why do you need to have home insurance in Idaho?

Those that are in the Idaho Falls, ID area are going to have many housing options. A good option for many to consider in this area is to own and purchase their home. If you are trying to be a property owner here, getting the right insurance coverage continues to be very important. You will need to have a home insurance plan in this area for a few reasons. 

Coverage Protects Assets

An important reason to have home insurance coverage is to have protection for your assets. If you choose to buy a home, you will be making a very significant investment that you will want to pay off. With home insurance, you will know that you have coverage that will allow you to repair or replace your property in the future if certain situations occur. This insurance plan can also offer coverage for your personal assets as well.

Comply with Requirements

You should also get a home insurance plan to comply with any insurance requirements. If you have decided to buy a home with the use of a mortgage, you will need to abide by any rules that are set by your mortgage loan provider. In many cases, this will include requiring that you get a home insurance plan that offers full coverage. Many lenders will also require that you establish escrows to ensure you make your insurance payments on time. 

If you do live in the Idaho Falls, ID area, you will want to know that your home is properly covered with an insurance plan. A great way to ensure this happens is by speaking with Insure It All. The team of professionals with Insure It All can offer a lot of support and guidance that will be needed to choose an insurance plan that is ideal for your situation. 

4 Factors that can Affect your home insurance rates

Buying home insurance is not just about finding the best coverage, but understanding the ins and outs of home insurance. If you just purchased a new home in Idaho Falls, ID, you want to make sure that your home insurance needs are well-cared for. A great place to be is the Insure It All, where you will learn everything about your policy. Here are the four main factors that can affect your insurance rates.

1. Age of your home

If you just bought a newly built house, the chances of filing wear and tear damage are minimal, but an old home is more susceptible to weather elements and internal deterioration. Cracks on the floors or the walls can be signs of an aging house, which could mean the constant filing of claims.

2. Remodeling

Most people prefer buying old houses and remodeling them, particularly the bathroom and kitchen. Home remodeling is one of the best ways to reduce your premium rates as it is considered a long-term solution. In simpler terms, remodeling your home adds value to your house. This also means that your home is newer and durable than before.

3. Your address

Where your home is located in Idaho Falls, ID determines your insurance premiums. Insurance companies check factors such as the crime rate in the area, the risk for natural disasters, the neighborhood, and the amenities nearby. If your home is remotely located or has a history of burglaries, your insurance rates can go up.

4. Risk factors

Like the location, the number of home insurance claims in your area affects your rates. If you tend to file claims frequently, you may also pay higher premiums than those with no claim records. A good rule of thumb is to fix small issues when they happen to lower your rates.

To learn more about home insurance and other factors that we check when calculating your premiums, feel free to contact us at Insure It All today.

Do I Need More Home Insurance?

Life happens quickly. When things change suddenly, it can be difficult to adjust without the right guidance. This is especially true with your insurance protection plan. When does changing circumstances in your life trigger changes to your home insurance policy? Insure It All suggests that you review your Idaho Falls, ID area home insurance plan if you experience any of these life changes.

Death and Birth

A new baby means more than diapers and childproofing your environment. Adding another member to your family also means your beneficiary list has probably changed. Bring this up at your next meeting with a qualified insurance agent to choose how to distribute your policy’s funds in case of a payout.

When a family member who lives in the home passes away, the same thing applies. Review your beneficiary list to ensure payouts can be delivered to those who will need it most.

Marriage and Divorce

A new marriage often means new legal ties between two people. Check with your insurance agent if you plan to add your new spouse to the deed on your home. Even if you don’t, there could be some advantages to adding your new spouse to your home insurance policy.

Marital dissolution often demands the liquidation of commonly held properties. If one of the divorcing parties is keeping the family home, however, their home insurance policy will definitely be impacted. Your insurance agent can give you personalized guidance on these adjustments.

Career Changes

If your job description suddenly changes, it could change your insurance coverage options as well. Those who work from home should talk to their agents about commercial policies that specifically protect their business assets. If you travel away from home often, you may need additional protection against theft and home invaders.

Fluctuating paychecks can also be a reason to change your policy. You may be able to afford more coverage than you could previously, or may need to adjust your coverage to lower deductibles.

Whatever your circumstance, Insure It All is here to help you understand how they affect your home insurance options. Contact our Idaho Falls, ID area agents for a customized review of your insurance needs.

Does Home Insurance Cover Seasonal Storm Damage?

Home insurance policies cover a wide range of things and one of them is seasonal storm damage. For those that have a home and live in areas where seasonal storms are common, your homeowner’s policy is going to help cover the cost of repairs. For those that live in the Ammon, ID area, the agents with Insure It All can help you create your perfect home insurance policy.

Homeowner’s insurance first and foremost covers the cost of repairs associated with storms that are common. This means things like thunderstorms with wind and hail, ice storms and snow storms, and other seasonal storms that may end up causing damage to your home. Things like hurricanes are often not covered on homeowner’s policies. Seasonal storms are covered on homeowner’s policies for the simple fact that storms are not something that can be prevented by the homeowner. These storms are typical and are therefore covered by the policy of most homeowner ’s.

If you live in an area where mass flooding is common, where hurricanes are common, or where other storms that are atypical to the rest of the country may occur, you may want to take out special policies to cover those storms. It is important that the policy you take out is tailored to the area in which you live so that you get the best coverage possible and so that you are covered in all cases. It is important that you take the time to go over your policy to see what it covers when you take it out so that you can be sure you are going to be covered in all cases.

For those that live in the Ammon, ID area, the agents with Insure It All can help you get the perfect policy every time.

How Home Insurance Protects You From Personal Injury Lawsuits

When you first think of home insurance, you generally think of coverage for things like tornadoes, water damage, theft, and other basic accidents. What you likely do not think about are personal injury lawsuits. However, these are very real lawsuits that can be pinned against anyone. It’s smart to have home insurance protection that features liability protection, and we’ll explain why below.

What Is Liability Coverage?

Liability coverage refers to insurance coverage that protects you and your finances against personal liability claims. For example, let’s say that you are receiving a package as a delivery. The delivery person comes to your house, walks up to your front steps that lead to your front door and slips on a patch of ice.

If they slipped, fell, and were seriously injured, they may be able to bring a lawsuit against you for personal injury damages. That’s because they would be assuming that it was your fault that the ice was there. Naturally, you didn’t create ice on your front steps. The thought behind liability is that any reasonable homeowner would have known that there was ice on their front steps and would’ve cleaned it up in a timely manner so that no one slept and fell.

Going to court with people who might sue you in these situations is extremely expensive. Liability coverage protects you by either covering all or some of the damages you’ll ultimately have to pay if you are found liable or by covering the legal costs of going to court.

Contact Insure It All to Learn More

If you are an Ammon, ID resident and are interested in learning more about home insurance coverage options, Insure It All is here to assist you!

We offer home insurance for all residents of Ammon, ID and can certainly assist you in finding exactly what you’re looking for in terms of coverage. Stop by our nearest office location today, or give us a call at your earliest convenience. We look forward to helping you find the best possible home insurance for your home!

Does Umbrella Coverage Cover Worker’s Compensation Insurance in Ammon, ID?

Residents of Ammon, ID who have questions about commercial insurance and the benefits of umbrella policies can contact the agents of Insure It All. They offer a comprehensive list of policies that are designed to protect every aspect of your business from fleet coverage to Workers Compensation coverage.

What Does Umbrella Coverage Include?

Umbrella coverage includes many different types of policies, including Workers Compensation coverage. It also extends the amount of coverage you have in case one or more policies are pushed past their limits. An umbrella policy is designed to cover you in many different ways. You choose the policies that your company needs in the amounts that work best for the size of your company. A smaller company may need less coverage, while a large corporation may require numerous policies to provide adequate coverage.

The Benefits of Additional Coverage

One of the main benefits of umbrella coverage is that everything is included in one location. Umbrella coverage also has the capability of covering amounts that extend past the original policies limitations. This is especially beneficial in Workers Compensation cases when the amounts paid out exceed the limitations of the policy. This additional coverage protects your company from financial loss when the incident in question ends up being much worse than first expected.

If you own a business in Ammon, ID and are trying to find information about umbrella coverage and Workers Compensation insurance, call the agents at Insure It All. Their ultimate goal is to provide you with the information you need to make the best possible choice for your company. Call them today to find out what policies and options are available to you!