Flood insurance can help protect your financial investment in your home in the event of a flood. Without flood insurance, you are responsible for all the costs associated with water extraction, mold removal and renovating due to water damage. If you are looking to purchase a flood insurance policy, you may be unsure what factors you need to consider. Here are a few of the factors you need to consider brought to you by Idaho Select Insurance, serving the greater Meridian, ID area. 

What Flood Plain Your Home is Zoned For

There are different floodplains that homes may be zoned for. These floodplains typically designate the area as being high risk, moderate risk, low risk or unknown risk for flooding based on previous data. If you live in a high-risk area, your flood insurance is going to be more costly than someone who lives in a low-risk area. As such, you should know the floodplain your home falls into so you are not blindsided with high quotes. 

What Flood Insurance Covers

Different flood policies cover different things. For example, while your home itself, your belongings and any attached fixtures may be covered, items such as detached garages, barns and sheds may or may not be covered, depending on your policy. Always carefully read through the policy you are looking at to ensure it covers everything on your property. 

What the Deductible Amount Is

Lastly, consider the deductible amount when getting flood insurance. Generally speaking, the higher the deductible, the lower your policy amount. However, you need to make sure you can afford the deductible in case of a flood. Don’t set the deductible amount so high that it causes you financial distress during an already stressful time in your life. 

If you are ready to get quotes for flood insurance or want to buy a policy in the greater Meridian, ID area, Idaho Select Insurance is here to help. Call us today to obtain a free quote or to purchase a policy. 

If you are looking to purchase a new life insurance policy, you may wonder if the policy has waiting periods. A waiting period means that the policy has to be in effect for a period of time before it would pay out due to your death. This is a question we are often asked at Idaho Select Insurance, serving the greater Meridian, ID area. Unfortunately, the answer is not the same for every policy. However, here is some information you should know if you are curious about life insurance and waiting periods.

Health Only Waiting Periods

The majority of life insurance policies have what they call health only waiting periods. This means that there is a waiting period only if someone dies because of a health-related issue. If there death is unexpected or an accident, such as a car accident, the policy kicks in. However, if they die because of a brain tumor within a week of buying the policy, the policy will not pay. This helps to deter people from buying life insurance when they are diagnosed with a deadly condition. Most policies with health only waiting periods have one to two year waiting periods before they pay out for health conditions.

Staggered Pay Out Waiting Periods

Some policies have staggered pay out waiting periods. This means that you may not have a strict waiting period, but you will not get the full amount of the policy at the beginning of the policy period. Depending on the policy limits and the terms, you may get less than half of the life insurance limit if you pass away before the waiting period passes.

Strict Waiting Periods

The last type of policy is a strict waiting period policy. With this type of policy, you have a strict waiting period. During this time, life insurance benefits will not pay out for any reason.

At Idaho Select Insurance, serving the greater Meridian, ID area, we understand the answer to whether policies have waiting periods or not can be tricky. As such, we aim to make it as simple as possible for you. If you are looking for a life insurance policy, we will explain everything to you, including the wait period requirements of the policy you are selecting. This will help you select a policy that is best suited to your needs.

Businesses looking for Meridian, ID operational coverage and business insurance have more than just a default choice for what can be covered. Similar to auto insurance, businesses can have a comprehensive, all-risk coverage choice, or they can have a very specific risk policy. The question is, of course, which one is a better approach? The answer depends on what the business needs protection for and what kind of risks it could be facing. Since the answers to those factors are not always known, businesses sometimes have to make a decision that can change over time.

According to Idaho Select Insurance, all-risk business coverage is just like what it sounds like, a comprehensive policy that coverage a portfolio of common business risks the company is likely to face during normal operations. It won’t necessarily cover unique and abnormal risks, especially those that are extreme in nature. So, for example, if a company wants to operate in Antarctica, that likely won’t fall in the normal operations category. A special policy would be necessary.

Specific-risk coverage, on the other hand, is narrow regarding what it will provide risk protection on. It cannot be used as a business protection for every challenge, but if the specified risk does occur the policy would kick in. For example, a specific policy covering personnel and resources on a prototype project touring the country to drum up sales would be a very specific coverage that also time-limited, ending when the tour is over. It doesn’t cover general company operations, but the tour and its personnel are protected while working.

Because the differences between the two types of policies can be fairly dramatic, it’s important to pick the right one for a business need. Companies in the Meridian, ID area can get help from Idaho Select Insurance and their insurance experts. Email today for more information!