Home Insurance Everett WA

Insurance for your home is as essential as breathing.

Why? Well, there are a few reasons.

1. If you have a mortgage on your home, and most people do, they require you to have homeowner insurance on the house to protect the house as an asset. If you have ever had private mortgage insurance, it is essentially the same thing, but rather than insurance on the house it is insurance on the mortgage that you were required to carry because your down payment when you purchased the house was less than 20%.
2. Having insurance on your home is just common sense. You may not like it but you have to protect your house because it is an asset. If you didn’t have coverage on your home and there was a fire or a windstorm blew a tree down on your house then you would have to pay out of your pocket for the repairs.

Insurance is by definition a “transfer of risk” where you as the consumer pays an insurance company a small fee to carry the risk of something happening to your house, car, boat, life, etc. In return the insurance company agrees to pay out money to fix your home, car, boat, and etc, in the event there is a damage to your property or pay out on your life insurance if you die.

So, you are paying the insurance company a monthly fee to help protect your house against damage to the property. They have agreed to insure the house in return. Many factors go into the decision by the insurance company to insure your house and one of them is the value of the house based on property assessments and the real estate market. This article does not got too much into weeds about the details.

There are other factors to consider with home insurance because basic coverage only really covers you in case of fire, theft or damage.

Other Home Insurance policies to think about

There are many different additions to the basic home owner insurance policy you can get to help protect against different foreseen threats to the home. Most of these are based on the geography of where the home is located.

1. Flood Insurance – flooding is not covered under home insurance and so this type of insurance needs to be purchased in addition to homeowner insurance.
2. Landlord Insurance – if you are operating your home as a rental property, you need to carry additional insurance.
3. Earthquake Insurance – depending on the where you live, you may want to consider buying coverage against earthquake damage.

Travel Insurance provides you peace of mind.

You’ve planned all year, and now it’s only days away, Summer vacation! You have your reservations, your airplane tickets, and you’ve scheduled your Uber to take you to the airport.

Work has been hell lately, trying to make sure you get everything done before you leave. You want only to think about nothing but having fun for the two weeks after you leave the office behind.

What about Travel Insurance?

Now you wouldn’t think that travel insurance is a topic you would want to think about when you are about to go on your summer vacation, but it is something to consider in case you need to cancel your trip, want to cover your luggage, or you have a medical emergency.

This is a great article to help you understand the importance of insurance when you travel.

Comprehensive property insurance in Washington State

What is comprehensive property insurance?

There are two ways of defining comprehensive insurance.

1. The most common way of thinking about comprehensive insurance is that it is a category of  car insurance. There are three forms of insurance for your car.
   1. Liability insurance which is required by law in most states including Washington state.
   2. Collision insurance covers your vehicle if it is in an accident
   3. Comprehensive insurance related to car insurance covers your vehicle against theft, windshield damage, scratches, etc.
2. Second way to think about comprehensive insurance is when you have multiple policies managed under one insurance agency.  The following is a list of the types of insurance that are considered comprehensive coverage.

   1. Homeowner insurance – covers the home and land the home is on.

   2. Auto insurance – covers the car and vehicles within the household.

   3. Motorcycle insurance – covers your motorcycle or scooter against accident, theft and medical expenses.

   4. Renters insurance – which if you are a renter will cover your belongings when renting.

   5. Business insurance – for business owners protects the business from any form of liability

   6. Bond insurance – typically accompanies the business insurance policy

   7. Farm insurance – protects livestock, crops, and equipment used on farm

   8. Recreational Vehicle insurance – goes hand in hand with car liability insurance

   9. Flood insurance – for the home is required by mortgage companies if you live in a flood prone area

   10. Earthquake insurance – optional insurance for your home if you live in an active earthquake zone

   11. Boat insurance – coverage for your watercraft protects against accident, theft, damage, etc.