Do I Have to Get Flood Insurance When Buying a House?

Posted on November 20, 2024November 18, 2024 by admin

When buying a home for the first time, you’ll quickly learn that many types of insurance can protect residential structures. Homeowners insurance is only one type of insurance you may need. You may also be required to get flood insurance.

If you have questions about flood insurance, the professionals at The Insurance House servicing Tucson, AZ can help. We provide a range of insurance types, including flood insurance. We’re here to help! Here’s what you need to know.

What Is Flood Insurance?

Flood insurance is a type of insurance that can help you during the recovery after a flood occurs. The National Flood Insurance Program (NFIP) is managed by the federal government and is delivered to homeowners through private insurance companies. You can get flood insurance through your agent at The Insurance House.

Who Needs Flood Insurance?

If you have a government-backed mortgage and live in a high-risk flood area, you must get flood insurance to keep your mortgage. Even if you aren’t required to get flood insurance through your insurance provider, you can still benefit from flood insurance if you live in a high-risk flood area. Having flood insurance can give you peace of mind and also help pay for the recovery when a flood occurs.

Do I Have to Get Flood Insurance to Get a Mortgage?

Your insurance lender will let you know if you need flood insurance to get a mortgage. At The Insurance House, servicing Tucson, AZ, we can help you get the policy you need to buy the house you want. Are you interested in flood insurance for your new home? Call us today to get started with your flood insurance policy.

Life Insurance Coverage for Your Memorial and Burial

Posted on October 21, 2024October 16, 2024 by admin

Life Insurance: Covering Your Memorial and Burial Costs

Your life insurance policy can cover the cost of your memorial and burial. Consider your preferences, then choose insurance coverage terms that allow your loved ones to adequately handle your memorial and burial plans.

Planning for the Inevitable

It is never too early to plan for an unexpected death. It may not be something you want to face, but preparing for the inevitable will prevent your loved ones from being liable for expenses they cannot afford. Handling the preparations yourself will ensure that your final wishes are handled precisely as you want.

Memorial and Burial Preparations

Consider the potential cost of your memorial and burial. The total cost that will be expected should be reflected in your life insurance policy. During the planning phase, choose the officiator you will use to oversee the memorial and burial. Select the casket and other items that will be needed for the memorial and burial. Outlining each of these things in your insurance paperwork will prevent any uncertainties that your family members could be faced with. Your family members who are responsible for the memorial and burial will be reassured that they are following your wishes exactly as you have outlined.

Reviewing Your Insurance Documents

Review the life insurance documents that you have prepared. These documents should be reviewed soon after you purchase your life insurance policy. If you decide to make any changes to your memorial or burial plans, these changes should be indicated in your insurance documents.

Get a Life Insurance Policy in Tucson, AZ!

Preparing your life insurance policy will require the help of a licensed agent. Please schedule an appointment with one of our agents from The Insurance House. An agent who serves the Tucson, AZ region will get your life insurance documents ready.

Fulfilling Arizona’s Legal Requirement for Bond Insurance

Posted on September 30, 2024September 24, 2024 by admin

Guard Your Construction Business in Tucson, AZ with Adequate Bond Insurance

At The Insurance House, we assist your Tucson, AZ construction business in fulfilling Arizona’s legal requirement for bond insurance. The Arizona state government mandates general and specialty contractors to procure bond insurance. It sets monetary criteria for the bonds and necessitates a policy per license, signifying that a construction company with multiple licenses would need to purchase more than one bond insurance policy.

The Basics of Bond Insurance in Arizona

Also known as a surety bond, bond insurance reduces the risk for those who employ contractors, guarding against the possibility that the contractor might not complete the job or pay all debt associated with the project. A licensed contractor can advertise that they are “licensed and bonded,” a prominent selling point attracting more business. Hence, bond insurance is vital for gaining a competitive edge.

State Requirements for Contractors

The amount of bond insurance a contractor needs to purchase varies with their construction specialty and annual gross revenue. For instance, a residential general contractor (GC) earning more than $750,000 in annual gross revenue needs a bond for at least $15,000. On the other hand, a commercial specialty contractor, such as a master carpenter, earning between $150,000.01 and $500,000 in annual gross revenue, needs a bond for a minimum of $7,000. The Arizona Registrar of Contractors provides a matrix specifying the qualifiers and minimum bond amount needed.

Insurance for New Contractors

The Registrar uses the terminology “contemplated gross volume (per license),” so new contractors merely need to estimate their expected earnings in their first year of doing business. A contractor who adds a license by completing training and an apprenticeship can estimate the anticipated income that their new specialty would contribute.

Per License Requirement

Arizona requires a separate bond for each specialty. This implies that an individual with a plumbing license and an electrician license would need two bonds. However, just like other forms of commercial policies, your insurance company can list these separate coverages together in one document.

Protect Your Construction Business Today

Contact The Insurance House to ensure your Tucson, AZ, contracting business remains compliant. We help you acquire the necessary bond insurance to operate legally in the state.

Getting More Liability Coverage in Umbrella Insurance

Posted on August 30, 2024August 20, 2024 by admin

As a homeowner and vehicle owner, you likely already possess home and auto insurance. While these two policy types are essential, they may not provide the level of protection you might assume. Each insurance policy offers various types of coverage, including liability coverage. However, sometimes, these policies don’t extend far enough to cover serious accident costs fully. That’s where umbrella insurance comes into play. Here at The Insurance House in Tucson, AZ, we can assist you in supplementing your existing coverage with an umbrella insurance policy, providing a higher level of protection.

The Benefit of Extended Liability Coverage

Your home and auto insurance policies both contain liability coverage, but often, it’s not adequate. Serious accidents can result in substantial medical bills and other costs, like lost wages. At times, your home or auto policy might not sufficiently cover these expenses. By adding umbrella insurance, you will increase the liability coverage across your insurance policies. You amplify your home and auto coverages from a single policy, creating a safety net for costlier accidents.

Overcoming the Aftermath of Accidents

Umbrella insurance is typically purchased substantially to ensure enough coverage for even the most serious accidents. If your home or auto policy is depleted after an accident, that’s when your umbrella policy steps in. This procedure keeps you from having to out-of-pocket any remaining balance after the initial policy has exhausted its coverage.

Securing Your Umbrella Insurance

An umbrella policy offers enhanced protection against severe accidents. When you’re ready to explore umbrella insurance options or purchase a policy, contact us at The Insurance House in Tucson, AZ.

How Often Should You Review Your Auto Insurance?

Posted on July 30, 2024July 22, 2024 by admin

Reviewing your auto insurance policy is critical to determining whether you need to implement any changes. If you reside in the Tucson, AZ, area, The Insurance House can assist you with this review and any updates you may wish to make. The frequency of your reviews can depend on your particular circumstances, including factors such as changing vehicles or adding a new driver to your policy.

Typically, you’ll want to engage with your agent to review your vehicle coverage any time you enact a change that will impact your policy. This includes adding or modifying vehicles or drivers. Still, it can also be significant if you relocate to a different place or begin parking your vehicle at a different location regularly. In addition, you should request your agent to review your coverage at least once per year or when your policy is up for renewal.

If you’re unsure about whether a review is needed, don’t hesitate to ask. Our professional and committed agents are available to review your policy and recommend any changes. Reviewing your coverage more frequently rather than not often enough is generally advisable, so don’t be reluctant to consult with an agent about any potential changes you may need. Asking questions is critical to ensure you secure quality coverage you can rely on for the long run.

Contact us today at The Insurance House if you’re in the Tucson, AZ area and looking for an auto insurance review. We can examine your policy with you, propose and implement any changes, and inform you of any other considerations you might want to take into account. This can help you feel confident in your coverage, ensuring your vehicle is adequately protected.

What Happens If My Boat Is Damaged on the Road?

Posted on June 28, 2024June 21, 2024 by admin

Summers in Tucson, AZ, practically demand that you spend time in the water, and if you’re a boat person, that’s even better. While you’re looking into boating options, you will probably have questions about coverage. One thing that we get at The Insurance House pretty often is what happens when a boat is damaged while being towed to the lake.

Auto Policy

Before we get into specifics, remember that every policy is different. Always check the details in your own policy before assuming any coverage.

With that said, in most cases, your auto policy will cover liability related to towing, even when you are towing a boat. So, if the boat causes damage or injury while you are towing it, your auto liability coverage still works.

Let’s be extra clear. The auto policy no longer covers the boat as soon as it is detached from your vehicle.

Another extremely important note is that an auto policy usually does not cover damage to your boat while you are towing it, even with comprehensive coverage.

Boat Policy

If you want coverage for the boat itself, that has to come from your boat insurance. Remember, there are many different kinds of boats and many different boat insurance policies.

You will want to specify that you tow your boat and that it needs coverage while on the road. The good news is that such coverage does exist and is rather common.

As long as you have such coverage, boat claims will pay out like any other policy. Submit the claim, and the insurance company will go through the red tape process. Then, you will get a payout. It will either help you fix or replace the boat.

The amount paid depends on the policy and the circumstances, but that is the gist of how boat coverage works while you are towing.

If you want to learn more about policies to ensure your boat’s protection, contact your representative at The Insurance House. We serve people throughout the Tucson, AZ, metro area.

Myths and Facts About Flood Insurance

Posted on May 27, 2024May 24, 2024 by admin

The purpose and value of flood insurance are well known. However, there are still misconceptions about flood insurance. It’s common knowledge that property owners in a flood zone must purchase flood insurance to protect their property. If you live in the Tucson, AZ, area, we encourage you to bring your flood insurance questions to our agents at The Insurance House. We’ve been providing area residents with exceptional customer service since 1963. We love an opportunity to discuss your insurance needs and help you discover how best to protect your assets.

Flood Insurance Myths and Facts

Some believe property owners in high-risk flood areas cannot buy flood insurance. However, the NFIP (National Flood Insurance Program), founded in 1968, states that properties in high-risk areas are mandated to buy flood insurance. However, it may have a higher premium than insurance for property that isn’t in such an area. Another misconception is that people aren’t allowed to buy insurance if their property has previously been flooded. However, you can purchase flood insurance if your community participates in NFIP.

You might be worried about flood insurance coverage for your basement. However, the NFIP allows the sale of flood insurance with basement coverage for cleanup expenses and for appliances that service the basement area. You should remember that if your basement has been refinished, the flood insurance won’t cover the replacement costs of the refinished walls or renovated floors.

Call Us Today for an Appointment

If you live in a flood zone, don’t leave your property’s protection up to chance. If you live near Tucson, AZ, you are invited to contact our agents at the Insurance House to discuss your property needs. Call us today for an appointment, and let us show you how we can provide your ideal insurance solutions.

How Term Life Insurance Works

Posted on April 26, 2024April 24, 2024 by admin

Why is Life Insurance Important?

Life insurance serves as a crucial safety net that should always be an integral part of financial planning. At The Insurance House in Tucson, AZ, we can assist you in navigating the various policies that align with your unique needs.

Understanding Term Life Insurance

Term life insurance gets its name from its characteristic of covering a specific time period or ‘term.’ During this stipulated term, if the policyholder passes away, the insurance company pays the agreed-upon amount to the beneficiaries. But it’s important to remember that this policy type expires at the end of the term. The appeal of term insurance lies in its affordability and the financial security it provides during the policy period.

The Benefit of Reduced Cost

Compared to whole life insurance, term life insurance is significantly less expensive, making it an enticing choice for many. While it doesn’t inheritably build cash value like a whole life policy, economical pricing balances it out as it tends to align better with limited budgets.

How is it Different From Whole Life Insurance?

Unlike term life insurance, a whole life insurance policy garners a cash value, which the policyholder can borrow against if necessary. While term life offers protection during the allotted term, whole life insurance assures coverage throughout the policyholder’s lifetime. However, this extra benefit translates into a higher overall cost.

Obtaining Your Life Insurance Policy

Life insurance is a credible means of safeguarding your family’s financial future. Connect with us at The Insurance House in Tucson, AZ, to explore the right policy for you.

What is the benefit of having a bond insurance plan in Arizona?

Posted on March 29, 2024March 19, 2024 by admin

Starting your own business and being a professional in the Tucson, AZ area is a dream for many people. When you start your own professional business or practice, having the right insurance is very important. One type of coverage all people here need to have is bond insurance. The many benefits of bond insurance make it an excellent option to obtain.

Protect Financial Losses

Bonds insurance, often referred to as a surety bond, is a type of insurance that you can provide to reassure a customer that you will be able to finish a job. The customer could file a claim if you fail to fulfill your obligations. A bond insurance plan offers support for settling these claims, which can save you a lot of time and stress.

Improved Reputation

Having bond insurance is also important as it can improve your reputation. Today, when many people are looking to hire a professional contractor or other individual, they will ensure that everyone is licensed, insured, and bonded. Not having bond insurance could hurt your reputation and affect your ability to win business. At the same time, having bond insurance is often a requirement to work in certain areas. The proper coverage will also keep you in good regulatory standing.

Bond insurance is a very important type of coverage that everyone in the Tucson, AZ, area should get for their business. When you are ready to start looking for this insurance, you can begin the process by calling us at The Insurance House. Our team at The Insurance House will provide the support you need to create and build a new plan for your company.

What New Home Owners Should Know About Umbrella Insurance

Posted on February 15, 2024February 15, 2024 by admin

Umbrella Insurance: Enhancing Your Homeowner’s Insurance Coverage

Homeowner’s insurance policies can cover many different things. However, it’s wise to thoroughly review each policy to spot any potential gaps or limitations. If there are aspects that raise concern, an umbrella insurance plan might be the solution you need to increase your coverage. For more information on umbrella insurance, please feel free to contact The Insurance House, serving Tucson, AZ.

Key Points to Know About Umbrella Insurance

In most cases, umbrella insurance is optional. While some forms of insurance, like auto insurance, are often mandatory, umbrella insurance is usually flexible. Nonetheless, it’s frequently advisable to secure umbrella coverage to mitigate risks. Most often, umbrella insurance plans can expand coverage for home, auto, boat, and RV insurance.

Umbrella insurance policies can often be customized to cover specific concerns. For instance, civil lawsuits are increasingly common in recent years. As a property owner, you might find yourself liable for the medical bills of individuals who were injured on your property. An umbrella policy can potentially offer protection against such legal cases. However, reviewing each insurance plan is crucial to understand what’s included and what’s not.

Compared to their vast coverage, umbrella insurance plans are often charged affordably. It’s smart to evaluate each plan in detail to determine how much protection it offers for you and your family. For further information about umbrella insurance or help in selecting coverage, don’t hesitate to contact The Insurance House, serving Tucson, AZ.