Property Insurance

Idaho Falls Property Insurance – A Touch of the Very Basics

Owning a piece of real estate requires one to invest in the needed insurance coverage. Those who live in the Idaho Falls area should get the right Idaho Falls property insurance. It’s the best way to get the right value for your home. It’s also the most ideal way to get the right type of coverage too.

Necessary but Not Necessarily Enjoyable

When people read the word “property insurance” many would just glance over it. It’s not a delightful word for many people but it is definitely necessary. It is something that will be required by mortgage lenders so there’s no way of getting around property insurance.

You don’t actually need to own the house in order to get Idaho Falls property insurance. There are landlords who will require tenants to be properly covered in this regard. The rest of the info on this page will go over the basics that everyone needs to know.

What the Idaho Falls property insurance Policy Provides

It is important to understand what a property insurance policy actually provides. This will help you gauge just how much coverage a policy can give. It will also help to set customer expectations in the end.

Interior and Exterior Damage

A policy will cover both interior and exterior damage. It includes protection from natural calamities including hurricanes and lightning. There are also compensation rates to be received by the home owner in the case of fire, vandalism, or any man made damage.

The coverage will usually include repair and maintenance cost (depending on the policy you purchase). And if necessary, the insurer will compensate clients for rebuilding their home. Understanding these details will be very important.

On that note, remember that damage from certain natural disasters like earthquakes and floods cannot be covered by insurance. On the same vein, damage due to poor home maintenance is also not covered. However, there are companies that include certain riders on their policy for these kinds of conditions but will include an additional cost.

On the Matter of Personal Belongings

Personal belongings like clothing, appliances, and house furniture can also be included in a policy. This is an important detail you should discuss with your insurance agent especially if you keep a lot of valuables in the house. Remember that jewelry can also be insured.

How Much Can Be Insured

This is a tricky subject and it’s something that you should discuss in depth with your Idaho Falls property insurance agent. Just how much insurance you can get for your home varies from one provider to the next. Ask your agent to explain the details to you.

According to the Insurance Information Institute, most companies today provide their clients with 50 to 70 percent of the amount of their home. Remember that this doesn’t just include the cost of your home. It basically includes all the other property inside it at the time the damage was done.

Hotel or House Rental Provision

There are policies that include a hotel or house rental while your home is being repaired or rebuilt. You can’t live in the house when repairs are being made. Having a place to stay included in a policy is a big convenience. That’s another reason to get a local Idaho Falls property insurance provider.

Floyd Insurance Group has been in the insurance industry in Idaho Falls and surrounding areas for numerous years.

For world class customer service and great property insurance rates in Idaho Falls, give Floyd Insurance group a call at 208-524-2163. You can also request a quote by filling out the form below.

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Idaho Falls Homeowners Insurance – Things to Check Before Signing on the Dotted Line

Getting a home in the Idaho Falls area requires you to get Idaho Falls homeowners insurance. This is slightly different from property insurance since home owners insurance typically covers a home. But there are insurance policies that may include coverage for the rest of the property inside the home at the time when disaster strikes.

Different Insurance Coverage

It should be noted that different Idaho Falls homeowners insurance policies usually give different types of coverage. Some might even give you the least amount of coverage. You should weigh everything according to your needs.

Actual Cash Value and Replacement Cost

When you talk about the actual cash value of a home, this basically covers the actual value of the house after computing for depreciation. The basic idea here is to determine how much the home is really worth at the time. It is never calculated at the time when the home was purchased.

Replacement cost on the other refers to the value of the home or cash value of a home before depreciation is deducted. This will help you gauge how much it will cost you to rebuild or repair your home. The idea is to repair the home and return it to its original value.

What about Guaranteed Replacement Cost?

There is a buffer to help home owners get around inflation. This buffer is known as a guaranteed replacement cost. It’s also known as an extended replacement cost.

It’s an inflation buffer that helps you cover the expenses to rebuild your home. Sometimes this buffer can go beyond the limits of your current policy. However, there is a limit to this buffer. It’s usually up to 20 up to 25 percent higher than the maximum coverage of your policy.

How much will an Idaho Falls homeowners insurance Cost?

Now this is the big question in the minds of many folks out there. The actual figures will vary but there is an average that you can use to base your assumptions. According to data from 2008-2010 (which is the latest and most readily available at the moment) the average yearly premium is at $790 (on average).

That data is provided by the National Association of Insurance Commissioners. Remember that that is a loose figure. There are various factors that can make it go up or down. Some of the said factors include the current market value of a home, how much coverage a customer gets, and the amount of liability protection a client obtains.

Those who live in a high crime area will tend to pay more than those who live in an area with lower crime rates. Some factors like the size of a house, its proximity to a fire hydrant, the electrical systems, and the overall condition of the heating system, and your credit score will also be considered.

Choosing the Right Company

It’s important to get the right Idaho Falls homeowners insurance company. This might even be the most important factor that customers should consider. The company should of course be legit but they also need to be credit worthy.

Make sure to check with the Better Business Bureau, Moddy’s, and Standard and Poor’s just to make sure that all the financials are in check. You may also consider referrals made by friends and family. Doing a background check before signing the dotted line is very important.

Floyd Insurance Group has been in the insurance industry in Idaho Falls and surrounding areas for numerous years.

For world class customer service and great insurance rates in Idaho Falls, give Floyd Insurance group a call at 208-524-2163. You can also request a quote by filling out the form below.

Need An Insurance Quote?

We provide all types of insurance! Please provide the following info and we'll get back in touch with you quick!
  • This field is for validation purposes and should be left unchanged.

Five Things You Probably Don’t Know About Your Homeowners Insurance

homeHave you been avoiding digging into your homeowners insurance policy due to the technical jargon? You may be surprised at what you find when you do. Here are five things that you probably didn’t know about homeowners insurance:

1. Your personal belongings may be covered by your homeowners policy even when you’re traveling.
2. Flooding, and other types of water damage, are usually excluded from basic policies; you’ll need a rider for such coverage.
3. Preventative actions, like installing a fence around your pool or adding an alarm system, may reduce your premiums.
4. There may be a time limit on filing claims. If you discover mold or have a break in, contact your insurance company immediately.
5. Document everything so to ensure full and prompt payout. Keep all receipts, document dates and phone calls, keep copies of bills, letters and emails so that you have a clear paper trail.

If you’re in the Idaho Falls area and looking for answers about your insurance policy, or need a new one, contact the Floyd Insurance Group today. We offer auto insurance, property insurance and commercial insurance to Idaho residents.

October Fire Safety Tips

National Fire Prevention Week took place from October 6th-12th. Although it is behind us, the lessons we can learn from it are still very important. Here are five fire prevention tips for you to keep in mind.

fire tips

  1. Leave at least a three-foot safe space from space heaters and anything else in the room and never leave them unattended.
  2. Check electrical cords to make sure they are not fraying or have exposed wiring.
  3. The National Fire Safety Protection Association says that almost half of all fires are caused by cooking. An unattended stove is one of the main reasons.
  4. Use and test your smoke detectors.
  5. Keep candles at least a foot away from anything else that is flammable. Better yet, use LED candles.

Floyd Insurance Group is pleased to serve the Idaho Falls, Idaho region with property insurance, auto insurance, and even commercial insurance products. Do you have an insurance question or want a no-obligation quote? We will be glad to help. Contact us today!

Do I Need Renters Insurance?

Do I Need Renters Insurance in Idaho Falls?

It’s always wise to carry renter’s and personal property insurance. Even if you’re a renter in an apartment, condo, or home, this coverage should be viewed no differently than homeowner’s insurance because the unexpected can happen.

Think about this — without property and personal insurance what happens if you’re living on the top floor, and the bathtub overflows causing damage to your unit, and three other units below yours? Bottom line, you will be personally responsible for the damage that can amount to thousands of dollars.

To cite another example, where do you stand in the event of a burglary? What happens if your expensive home computer and iPad are stolen? Regardless of whether you rent, own, or lease in Idaho or Utah, we can help you find an excellent policy that meets your personal needs.

At Floyd Insurance Group, we’re committed to helping our customers with affordable insurance policies based on their personal needs. Our extensive list of insurance providers allows us to find the ideal insurance solutions for your needs and individual budget.

For additional information about homeowner’s, renters property and personal insurance, auto insurance along with commercial insurance in the greater Idaho Falls area, please contact us at Floyd Insurance Group.