Flood Insurance Limitations

When the National Flood Insurance Program was crafted, it was intended to provide consumers a means by recovering enough to get back on their feet. This distinction was on purpose, to provide the means by which a community could be restored enough to be functional again. That is a very different level of recovery than being restored to a status quo as if nothing had happened at all. Many folks in Mesa, AZ and elsewhere frequently assume flood insurance will restore everything lost and damaged in a flood. This is incorrect. Flood insurance is offered by providers with financial backing by the federal government through NFIP. In doing so, the program puts limitations on the amount of coverage possible for a typical detached home, which in turn allows the program to provide coverage for more consumers in total. That then likely means a typical family home will see structural repair mostly covered in a basic sense, and some personal property replaced financially. However, homeowners affected by a covered flood will still have some losses at the end of the day.

Homeowners do have a choice in the levels of NFIP coverage that can apply on their home. That in turn will affect how much recovery is funded by NFIP versus being an out-of-pocket loss. The folks at the INW Insurance Group can go through the details with a Mesa, AZ homeowner and explain how the NFIP policies available actually would apply for a given home. Call INW Insurance Group today and make sure your home is properly protected. Don’t find out the hard way what kind of recovery you missed out on.

Umbrella Insurance: Protection For Your Assets

Protecting your family and livelihood is a top priority for most people, which is why it is so important to have quality insurance. But in the event of a devastating tragedy or lawsuit, do you know if you will be covered? While your current insurance policy may cover some damages or legal fees, an umbrella insurance plan goes further. An umbrella policy is an additional level of protection on top of your existing insurance policies, and it is designed to protect you and your assets from harmful liability claims or judgments exceeding the coverage of those other policies.

Umbrella insurance protects you from a wide range of perils in just about every area of your life. It adds even more security than the liability protection found in your personal auto, homeowner, and boat insurance policies. From being legally deemed responsible for physical injury to another person or property to being sued for libel or slander, umbrella insurance is there for you when you need it most. Of course, an umbrella policy is an added layer of coverage, not a replacement for basic home and auto insurance.

For the protection that umbrella insurance policies provide, they are relatively inexpensive. A typical policy ranges from $200-300 annually, usually starting at $1M coverage. Many people often have assets through home equity. However, this can be at risk in the event of a large lawsuit, which is starting to become a trend in the United States as they become more and more common. In Arizona, the only assets that are protected from creditors and judgements without a trust are $125,000 equity if a person has owned their home for less than five years, and $150,000 equity if a person has owned their home for more than five years.

An umbrella policy also protects you regardless of location. If your dog bites somebody in the park, or you accidently injure someone while driving overseas, umbrella insurance has you covered. There have been cases involving Arizona natives driving their own vehicles while vacationing in Rocky Point, Mexico, and the lawsuits were brought back to the United States. In these types of scenarios, not having an umbrella insurance policy could put your finances and assets at risk.

INW Insurance Group, located in Mesa, AZ, offers a wide variety of umbrella insurance coverage options to protect you and your assets. Give us a call at 480-626-0797 to discuss how you can ensure extra protection, financial security, and peace of mind for you and your family today.

JDRF Golf-A-Thon Fundraiser

Golf Til’ You Drop… For A Cause!

How does a day of FREE golf sound? What if lunch, a golf shirt, golf balls, drinks, and a chance to win $25,000 cash were included?

Join us September 22, 2018, for our first ever 100 Hole Golf-A-Thon benefiting the JDRF Arizona Chapter at the Augusta Ranch Golf Club! Just for participating, each golfer will receive:

  • A full day of golf
  • A golf t-shirt
  • A dozen personalized golf balls
  • Lunch with two free drink tickets
  • A chance to win $25,000 cash

How to Participate:

  • Register
  • Get pledges
    • Your pledge page is ready shortly after registration, so you can begin raising pledges right away! Invite your friends, family, co-workers, and neighbors to pledge you per hole or for a flat amount.
  • Play golf
    • Show up for a day of fun and freebies all while knowing you are contributing to the worldwide effort to end type 1 diabetes.

If you or anyone you know wants to participate in a fun-filled day of golf and prizes while supporting a worthy cause, give us a call at 480-626-0797 or visit http://www.friendsforjdrf.com/ for more information. Golfers of all skill levels are invited to participate. Registration ends August 22nd. We look forward to seeing you on the green!

Why You Should Choose a Local, Independent Agent

Some people think it doesn’t matter where they buy their insurance. However, this common misconception could be costing them money, service, and protection. Buying insurance isn’t like purchasing everyday groceries. Insurance is an important safety net for a family, car, home, or business, so let our team of friendly, local agents at INW Insurance Group help find the right solution for you!

There is a difference in where you buy your protection. Many people don’t realize there are three sources for insurance:

  • Captive Agents — sell you the insurance of only one company
  • Telephone Representatives offer you the insurance of one company via telephone, and are often not dedicated representatives
  • Independent Insurance Agents and Brokers — represent an average of eight insurance companies and research these firms to find you the best combination of price, coverage, and service

Your Independent Insurance Agent or Broker:

  • Is a licensed professional with strong customer and community ties
  • Gives you excellent service and competitive prices because they can access the insurance coverage from more than one company
  • Is not beholden to any one company, unlike other agents; Therefore, you don’t need to change agencies as your insurance and service needs change
  • Assists you when you have a claim
  • Is your consultant working with you to determine your needs
  • Offers you a choice of insurance plans and programs
  • Is a value hunter who looks after your wallet in finding the best combination of price, coverage, and service
  • Offers one-stop shopping for a full range of products: home, renters, auto, business, life, and health
  • Can periodically review your coverage to keep up with your changing insurance needs
  • Treats you like a person, not just another number

Customer satisfaction is the key to an independent agent’s livelihood. This means serving you is your agent’s most important concern. Give INW Insurance Group in Mesa, AZ, a call today to find out how we can serve all your insurance needs.

When Can You Claim Your Condo Insurance?

Condo insurance protects you from financial losses in case of insured risks such as damage to your condo unit structures and your personal property. In case of a disaster, put more focus on ensuring your safety than on retrieving your valuable property. You can file a claim later. Take pictures of the event if possible and get statements from witnesses if there are any. If you live in Mesa, AZ, you can get quotes for your condo insurance policy at INW Insurance Group. The type and amount of condo insurance you get depends on your specific needs. They may as offer you advice throughout the claim process.

When to Claim Your Condo Insurance

  • If You Lose Your Personal Property

You can make a claim if your personal property is damaged or lost in your condo unit because of insured risks including vandalism, theft, and fires. Personal property may include electronic devices, furniture, jewelry, and clothing.

  • In Case of Liability Claims

If third parties, such as guests, get injured in your condo, you can make a claim. You may also make a claim if you lose or damage their personal property by accident. In such cases, your condo liability insurance will compensate you for their medical costs and the costs of repairing or replacing their property. If they sue you, it will help to pay for the legal charges.

  • In Case of Additional Living Expenses

If your condo unit becomes inhabitable because of insured risks, you may make a claim for additional living expenses. If, for example, your unit is under repair after a fire incident, you may need to stay in a hotel room. Your insurance will compensate you for any sensible costs such as hotel bills.

Contact INW Insurance Group on 480-626-0797 for your condo insurance needs in Mesa, AZ.

Why Millennials Need Renters Insurance

Navigating the Arizona renters insurance market can be intimidating, especially if it’s your first time dealing with insurance. Starting your adult life is stressful enough, particularly financially. Even if you choose to rent instead of buy in Mesa, it’s still important to protect your hard-earned assets. Accidents happen and that’s why you should consider purchasing renters insurance. It is an inexpensive way to provide peace of mind and know that if fire, theft, or other damage occurs inside your place, you’re covered. It’s a good precaution against the unknown. There are many advantages to renters insurance, but if a peace of mind isn’t a good enough reason, INW Insurance Group can give you a few more.

Renters Insurance is Low Cost: The average annual cost for renters insurance in Arizona is only $195, which puts your average monthly payment at $16.25. This makes renters insurance affordable regardless of where you live. Chances are you can also increase your coverage for just a few bucks more.

Covers Property: Renters insurance covers the contents of a home including clothing, furniture, and electronics. As a rough guide to the dollar amount of coverage you should buy, add up the cost to replace all the major items in your home: appliances you own, computers, other electronics and furniture, and then double that amount.

Sometimes it is Required: Although renters insurance is not usually required by the terms of some leases, you may be required to have insurance to cover your liability exposure if someone is injured on the premises, or if damages occur from items owned by you, such as waterbeds. The landlord can, in fact, require you to have liability insurance. When signing a new lease or after proper legal notice for a month-to-month rental agreement, the landlord can even lawfully change the terms of the agreement to require renters insurance. This may be particularly important if you have animals, or if the property contains a pool.

Provides Liability Coverage: The liability component might be the biggest reason to get renters insurance because it can protect you from financial loss. Renters insurance can cover you in a lawsuit if someone injured in you home. Some common liability cases include:

  • Dog bites
  • General pet damage
  • Slip and fall
  • Causing a leak or fire in another residence
  • Accidentally injuring another person
  • Libel

Additional Living Expenses: Another feature included in most renters insurance policies is called additional living expenses coverage. If you can’t stay in your apartment after a fire, burst pipe, or other disaster, this coverage will pay for temporary lodging.

Covers Belongings When You Travel: If your luggage is stolen while on vacation, for instance, some policies will reimburse your losses, and it is common practice for insurance companies to cover belongings stolen from your car.

It is important that you take your time and find the right policy. Our agents here at INW Insurance Group will be more than happy to help you find the best rate with the quality coverage you need.

Don’t Get Burned by Cheap Insurance

From shopping for insurance to everyday groceries and everything in between, it’s often tempting to purchase the cheapest option. After all, the average American spends $5,261, or 12% of their annual income, on home, health, life, and auto insurance per year according to a NerdWallet study. However, choosing the less expensive product or service often goes hand in hand with sacrificing quality. With INW Insurance Group located in Mesa, AZ, that doesn’t have to be the case. Knowing the difference between inexpensive and cheap insurance lets you shop smarter, make informed decisions, and get the quality you deserve at a price you can afford.

Cheap insurance often means settling for inadequate coverage, or worse, no coverage at all. According to the National Association of Insurance Commissioners, 144 fake insurers sold fake health insurance to more than 200,000 policyholders nationwide between 2000 and 2002, resulting in more than $252 million in unpaid claims. Unfortunately, health insurance wasn’t the only type of fraud insurance being sold. There are still numerous companies selling fake auto, homeowners, and rental insurance today.

Cheap insurance could also mean extremely limited options. Even if you have a trustworthy insurer, extremely cheap insurance often has many restrictions that prevents you from being covered in times of need. In the event of a natural disaster or tragic accident, cheap policies will not likely allow you to rebuild in the future. That’s why it’s so important to find a trusted and reliable insurance company, like INW Insurance Group, to help suit your needs.

To prevent you from being burned by cheap insurance, it’s important to research your insurer to make sure they’re the real deal and read your policy thoroughly. Start thinking about worst case scenarios, and double check that you are covered. What matters most is you know exactly what type of scenarios your policy covers—and those it doesn’t.

When you value something, it’s important to protect it. Avoid the temptations and scams of cheap insurance and let our team of agents at INW Insurance Group help you find the perfect policy that fits your lifestyle and budget today. Because as we all know, peace of mind is invaluable.

Special Home Insurance Needs for Those Living in the Southwest

The potential risks faced by Americans differ substantially, depending on where they live. People who live in the southwest are not likely to need insurance coverage for hurricane risk. However, they are very likely to need adequate insurance coverage for damage caused by dust storms to their homes and to their vehicles.

Newcomers, moving to the southwest, may be unaware of the unique risks to people and property living in a desert environment. For this reason, it is best to consult with an insurance agent at INW Insurance Group in Mesa AZ for a thorough review of existing coverage and suggestions for how to improve your coverage in accordance with your personal needs.

Extra Coverage Needed for Very Valuable Items

Home insurance may cover the basics; however, your agent will explain what is not covered. It is a good idea to have the replacement value of the home as the amount insured and update this amount at least on an annual basis or if any significant changes have been made to the home.

The contents of the home need to be considered, especially if there are valuable items such as jewelry or fine artwork. Usually, expensive items can be insured more effectively with a separate insurance policy.

Personal Liability

It is also important to consider any personal liability risks. This can come up in unexpected ways. For example, if someone is on your property and is bitten by a snake, even though the homeowner had nothing to do with this, they may have liability for it happening. If you have a swimming pool it needs to be protected from unauthorized access. If a child gets in the pool and then drowns, the homeowner can be held responsible.

Conclusion

Dust storms, snake bites, and swimming pools are just a few of the special risks found in the southwest. Be sure to contact your agent at INW Insurance Group, serving Mesa AZ and the surrounding area, for an insurance review and a quote.

Why Is Renters Insurance So Important

If you own any property, be it big or small, then you need to purchase rental insurance. Rental insurance is a form of insurance that helps to cover belongings from damage or theft. For people who may be short on cash, rental insurance can be purchased for a very low amount. Called content or home insurance, they offer liability coverage in the event that someone gets injured in your apartment.

In the unfortunate event that your house is destroyed by fire or storm, renters insurance will be responsible for paying for the loss of the apartment. The insurance also covers for when you are out on vacation. These are some of the most popular reasons for purchasing rental insurance with INW Insurance group. INW Insurance Group is a reputable insurance company that services the Mesa AZ. Below are some of the services that are offered by INW Insurance Group in Mesa, AZ:

1. It covers for theft:

In the event that something of immense value gets stolen or damaged, e.g. laptop which is used for work. Although the data in the laptop are irreplaceable, the insurance will offer a payout, which is usually a replacement value for the laptop of whatever property that is stolen.

2. It covers for fire incident:

In the event of a fire which leaves you homeless with little or no property, renters insurance can cover for your loss as well as finance whatever place you can stay while repair work is ongoing.

3. It covers for other insurance:

Renters insurance helps to cover insurance gaps left by other insurance policies. A good example is when your laptop gets stolen from your car through a broken window. Your auto insurance will cover the broken window, but won’t cover for any property left inside the car. Renters insurance, on the other hand, can help to replace your lost laptop.

4. Personal injury:

In the event that you have a neighbor or friend come by the house and who accidentally slips and gets hurt. Renters insurance will cover your liability for the injury.

Do You Value Your Valuables?

Are you certain about what would happen if you lost your ring, a diamond fell out of your jewelry, or if it was stolen.  Many people see the large amount of coverage listed under “Personal Property” and assume they have enough coverage.  Specialty items such as Jewelry, Memorabilia, Collectibles, Sports Equipment, and Musical Instruments have stringent limits on a standard policy.  Review your policy and talk with your professional insurance agent (not the kid answering the phone at a mail order or electronic insurance company).  Your professional insurance agent will guide you through the coverage provided by your specific insurance policy and what may be needed to properly cover your valuable items.  Policies will be very limited to the amount of coverage provided, they type of loss covered, and your deductible will apply.  The advantage to Scheduled Personal Property or an Endorsement, that that Comprehensive Perils or All Risk coverage will apply, as well as a zero deductible.  If you have a wedding ring stolen for example, many policies will limit theft coverage to $1500.  If you have a $1000 deductible, you would receive a settlement of $500.  What if that ring is valued at $5000 or $10,000?  You would be devastated.  The same applies to collectibles, antiques, sporting equipment, musical equipment.

 

Jewelry and Guns, are the top items covered and are the most expensive items to insure, however are still very affordable for the sense of security you are provided in the event of nearly any type of loss.  They can average $8 to $10 per year per thousand dollars of coverage.  Musical instruments and sporting equipment are next on the list and are much less to insure. I for example insure my golf clubs I pay less than $10 a year for the security of 100% coverage.

 

To protect yourself and satisfy the requirements of some insurance carriers, get a current appraisal on items valued over $5000 and keep purchase information for lower value items.  Insurance carriers will have various requirements for the limit at which they require an appraisal.  Most are around $10,000, however having this information at home and your insurance agent’s office can prove helpful.  The last thing you want to worry about at the time of a loss is finding paperwork or trying to prove the value of what you had.

 

Here are some important things to discuss with your agent regarding the coverage of your valuable items.

  • Is there a deductible?
  • Is an appraisal required prior to obtaining insurance?
  • Are the items covered no matter where they take place? Would the policy cover you for a loss that occurs during domestic or international travel?
  • Are items covered for full replacement cost? Must you replace the item, or can you obtain a cash settlement?
  • Does the policy cover repairs to damaged jewelry?

 

Please feel free to add to the discussion, share your experience, or ask me a question.  Thanks for reading.