Month: October 2024

What Assets Are Protected With Umbrella Insurance?

Posted on by AgentInsure

If you’ve researched umbrella insurance, you know it can protect your assets. Understanding which assets can be frozen and used to pay a debt will help you determine what you need to protect and include in the value when building your policy.

Protection for Real Estate Property

Whether you own one or more residential homes, vacation properties, or rental properties, they can all be used as valuable assets if you’re found liable for damages. Commercial properties and farmland can also be seized, so make sure you calculate the total value of these properties first when establishing your umbrella insurance.

Coverage for Vehicles

The following assets to be seized will be any vehicles you own. This includes vehicles you drive daily, commercial vehicles, and classic cars you might have stored away in your garage. If you own the title to it, it can be seized and used. Remember that recreational vehicles like UTVs, ATVs, and motorcycles are also sizable assets and should be included in your list of vehicles.

Security for Accounts

If you have stock accounts, money markets, and banking accounts, they will also be frozen. The money will be taken out of these accounts first, so it’s vital to know how much you have in these accounts to include it in the list of assets. This can also include any business accounts you have as a business owner. This could be money you’re saving for your family, college tuition, and other things that will be taken and used to repay damages.

Protection for Valuable Collections

If you own any valuable jewelry, art, or other collections, ensure you include that value, too. The government can come into your home and seize all the property inside, having an estate sale with these items to pay off a debt.

Coverage For Disasters You May Experience While Living in Your Rental

Posted on by AgentInsure

Living in a rental comes with risks similar to those homeowners face. Therefore, it’s important to have adequate insurance protection throughout your tenancy. Let’s review some categories that may encourage you to acquire a rental insurance policy.

Protection from Natural Weather Events

Natural weather events could lead to the destruction of your rental. If the structural materials of your rental are compromised, the contents within could become damaged.

Items of value that you’ll be storing within your rental unit should be added to your rental insurance policy. This coverage will provide protection during unforeseen weather events you may encounter in the future.

Coverage for Household Failures

Household failures could cause an injury within your living space. For instance, an improperly installed bookcase or shelving unit could fall and injure someone. Liability protection will cover incidents for which you are held liable.

This coverage will reimburse you for out-of-pocket costs that you incur during court proceedings. Such protection will prevent you from needing to spend your hard-earned cash on medical bills and other expenses that result directly from someone being injured in your rental.

Security Against Criminal Activity

Criminal activity that occurs within your rental could result in the vandalism or theft of your property. Personal protection insurance will protect your belongings. This type of protection will cover the cost of repairing or replacing items that you currently own.

Additional Insurance Information for Idaho Residents

Are you ready to review some insurance products designed for renters? If so, contact one of our Fuhriman Insurance Agency representatives at a time that works for you. An agent who serves Boise, ID, will be glad to schedule a consultation for you, which will provide you with additional information.