Home Insurance Archives - Salt Lake City Insurance Agents

Five changes you may want to make on your insurance when you retire.

December 6, 2016/by Rebecca Yates

Retirement is an exciting time in life. Typically, it also means you are living on a fixed income. There a few insurance adjustments you might want to look into, they can save you money and also increase your coverage where needed.

Ask about car insurance discounts and coverage. Not commuting for work and driving fewer miles could save you money by reducing your rates.
Check into your home owner’s policy. Often times insurance companies offer a discount for retirees due to the fact that retires are at home more often.
Take a look at your life insurance. If your house is paid off and your kids are grown and you have saved enough funds to support you and your spouse, you may no longer need life insurance.
Be sure to sign up for Medicare, the federal governments health insurance program for people 65 years of age and older. You can sign up starting three months before your 65^th
Save money for long-term care or purchase a long-term care insurance policy. In many cases, Medicare won’t cover what you might need in the future in terms of daily care, or other tasks that you may need assistance with.

Budgeting for Home Repairs

November 29, 2016/by Rebecca Yates

Homebuyers know there are a lot of expenses that come along with home ownership. They plan for things like a monthly mortgage, homeowners and insurance and property taxes. However, homeowners should also plan a budget for home repairs, as they always seem to come up when you least expect it.

Older Homes- older homes were not built with the same detail as homes are built today. Often times, there are hidden problems that may lead to other problems. Especially, if the roof is old or not in great shape. For example, a roofline leak could lead to interior damage throughout the house. Experts say people should set aside $1 per square foot of their home to plan for these repairs.

Newer Homes- If your home is only 10-20 years old, experts recommend saving $10,000 a year for home repairs. Big-ticket repairs typically occur around this age of a home and often haven’t been serviced or repaired since the home was built. Think hot water heaters, roofs, windows may need updating etc. A good rule of thumb is having some money stashed for smaller repairs like leaky faucets too, that way you will always be prepared when something goes south.

Regardless of the age and condition of your home, having the right home insurance is vital. Be sure to check your coverage limits each year to ensure you still have the coverage you need.

Why Rental Insurance is Important

October 25, 2016/by Rebecca Yates

Even if you are not purchasing the home, or apartment, you are living in, you should still consider insuring your valuables, and odds are, you have more than you might think.

Things like jewelry seem like an obvious choice that would warrant protection, but for a very affordable price, you can get coverage for those items, as well as furniture, appliances, clothing etc. In addition, renters insurance can protect you beyond just your personal property at your apartment or house but also in your vehicle. (think about a laptop in the backseat) It can also give you protection against any liability from injuries sustained by people visiting your home. Also, if your place needs any serious repairs that require you to leave the premise, rental insurance will cover any reasonable increase in your living costs for housing, food etc., that you incur while you are removed from the property.

For a few hundred dollars a year, you can have the peace of mind knowing that you and your personal belongings are covered.

There are 3 things to consider when looking at purchasing a Renters Policy:

Replacement cost coverage. Standard insurance policies pay you the actual cash value of your loss minus depreciation. Replacement cost coverage allows you to purchase the damaged item at the price it would cost you to replace it. That’s a great option, especially if your damaged television is only worth $500 but it would cost $1000 to replace it.

Specific Personal Property Endorsements. Standard insurance policies limit the amount they will pay out for specific items, like jewelry. If you have jewelry or collectables, it would be wise to get additional coverage.

Deductible. The lower the deductible the lower out of pocket cost you will have in the event of a claim. This also directly correlates with the cost of the insurance policy.

Call a Licensed Insurance Agent: (801) 901-7800 TTY: 711

By calling this number, you will be directed to a Licensed Insurance Agent.

Hours of Operation: Monday – Friday, 9:00 AM – 5:00 PM MT

TPMO Disclaimer: We do not offer every plan available in your area. Currently we represent 8 organizations which offer 45 products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options.

Not affiliated with or endorsed by the government or the federal Medicare program.

Ark Insurance Solutions is a licensed and certified representative of Medicare Advantage organizations and stand-alone prescription drug plans. Each organization has a Medicare contract. Enrollment depends on contract renewal.

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