What Is The Difference Between Renters And Homeowners Insurance?

Wasatch Preferred in Sandy, UT specializes in homeowners insurance and for all categories of homes. Utah’s Insurance Department has developed detailed provisions of both homeowners and rental insurance policies, advising the Utah citizen of how to analyze these policies. There are dramatic differences in the policies, despite their similarities, which affects their rights as to liability coverage and personal property coverage.

Structure

Homeowner’s insurance covers the house and any other building structures on the homeowner’s property. There are limitations as to coverage, valid claims, and exclusion. Rental insurance does not cover the building containing the rental, which is the responsibility of the landlord. While a fire in the building, damaging the renter’s personal property, is covered by homeowners, but if the fire is caused by the renter, renters liability insurance will cover the damages.

Expense

Renter’s insurance is more affordable, usually less than $50 a month since the renter does not pay for any structures. A homeowners policy costs a bit more because it covers the structure of the home as well as a multitude of other things. 

The reason why renters buy insurance is that the landlord’s policy will not pay for damage to the renter’s personal property even if the renter’s property is stolen.  

Exclusions

Both policies have exclusions such as for earthquakes and floods.

Requirements to Be Insured

Homeowners have no choice but to insure their property as required by their mortgage and financing company. Homeowners have the opportunity of choosing which type of homeowners policy to use which covers fewer perils. Renters are not required to carry insurance. However, landlords could require insurance which would reduce the amount of the premium the landlord would pay for any damage to renters personal property.

Wasatch Preferred’s agents will advise homeowners, landlords, and renters as to the best insurance policy. Please call us or visit our Sandy, UT offices.

How Will Commercial Insurance Protect Me?

Business owners have a lot of very important decisions to make on a regular basis. One very important decision that most owners have to make is whether or not to get commercial insurance. Business owners should almost always opt to get commercial insurance as it can help to protect a business several different ways. 

Protects Against Liability

One of the most important ways that a commercial insurance plan will protect a business and its owners is against liability. A commercial insurance policy will almost always have a liability component to it. If you deal with customers, having this liability is a necessity as you will be covered if your customer is hurt through the use of your product or service. Ultimately, this could save you a lot of money.

Protect Your Assets

If you own your own business there is a very good chance that you could have invested a lot of capital into the business by buying a property, equipment, or inventory. If you have purchased these assets, you need to make sure that all of your investments are properly covered by insurance. When you get a commercial insurance plan, a Salt Lake City, UT area business owner can be assured that their assets are properly covered and protected.

When you are trying to get a better idea of the benefits of having commercial insurance, speaking with Wasatch Preferred first is a good option. When you meet with Wasatch Preferred, the company will be able to provide you with a better sense of what all of your business risks are and how insurance can protect you. They will then be able to help Salt Lake City, UT area business owners get into a commercial policy that gives the right type and amount of coverage. Reach out to Wasatch Preferred for more information.

For Landlords: Three Reasons You Need Umbrella Coverage

Your property is your livelihood. Protecting your assets from lawsuits is your number one priority. One nefarious tenant on a mission, one accident, or even an argument can escalate into a claim that could ultimately threaten your property. Liability insurance in Sandy, UT only goes so far in this matter. Once it has reached its limit, there is an additional option that can help to secure your properties, umbrella coverage.

Umbrella Coverage – The Rundown

Umbrella coverage goes over and above what liability insurance covers. Imagine for a moment that a tenant fell off of the balcony of your apartment due to the faulty railing. The court awards the tenant two million dollars, but your liability coverage only covers one million of the judgment amount. Umbrella coverage picks up the rest of the balance owed. It protects you and your property. Listed below are three reasons you need umbrella coverage:

  1. In today’s society, litigiousness is all the rage. "Free stuff" or just the thrill of getting over on someone is a ripe reason for a bad actor to find a reason to sue you. 
  2. Recently, a perceived duty of landlords to protect their tenants from crime in common areas has emerged. This increases your liability and exposes you to a lawsuit for events out of your control. Given the outrageous amounts, being awarded in some of these cases, sometimes in the millions of dollars, umbrella coverage can help you avoid a disaster if you ever find yourself in this predicament.
  3. Other areas where you can get into trouble, where umbrella coverage would truly benefit you, include animal bites, tenants who harm other tenants in some way, and even the possibility of being accused of slander or libel, as these cases are also on the rise. Discrimination and invasion of privacy claims are rising as well. 

Now that you understand what umbrella coverage is, are you ready to ensure that you have all of your bases covered? Reach out to Wasatch Preferred. We have a policy that will suit your needs. Serving the Sandy, UT community with passion and integrity since 2009.

How to File a Life Insurance Claim as a Beneficiary

Once a loved one passes on, it is your responsibility as their beneficiary to collect the life insurance claim they entrusted to you. This is particularly important if the survivors relied on the deceased individual for financial help. They may require urgent cash for ongoing expenses like credit card and mortgage payments. 

Proceeds from a life insurance policy can offer quick and much-needed income for surviving family members after their loved one passes on. Being a beneficiary, you probably need to get the claim procedure started as quickly as possible. To accomplish this, consider finding out some key answers to these questions.

  • What kind of insurance policy did the deceased have? Was it whole life, term, or variable life insurance plan? 
  • Did the deceased have any credit insurance (for paying off amounts owed to large purchases like furniture or credit card balances), or mortgage insurance? 
  • How many beneficiaries were listed? 
  • Was the policy still in force when the deceased passed on? 
  • How much should the company pay? 

To claim the life insurance benefits, a beneficiary needs to contact an insurance agency like Wasatch Preferred located in Sandy, UT for professional guidance. You can also check the insurance company website for more insights on how to file a claim. Remember that some companies ask beneficiaries to begin the claim process by sending a form that reports the death of the policyholder. After that, the company sends forms and instructions to the beneficiary explaining how the claim process should be done.

Generally, beneficiaries apply for the proceeds by filling out the claim form provided by the insurance company and submitting it along with the insurance policy document and a certified death certificate.

In case several beneficiaries were named in the policy, each of them needs to submit a claim form. If the primary beneficiary passes on before the life insurance holder; the alternate beneficiary is entitled to claim these proceeds. An alternate must submit both death certificates (for the policyholder and primary beneficiary) when submitting the claim form. 

You can rely on Wasatch Preferred in Sandy, UT for all the help you need to acquire a life insurance plan or make a life insurance claim. Talk to us today for more information.

3 Odd Things a Homeowner’s Policy Can Cover If You Ask

Homeowner’s insurance is weird. This is as true in Salt Lake City, UT, as it is anywhere else. So, since you pretty much have to have a policy, you might as well understand some of the niches that might come into play. Wasatch Preferred’s insurance plans, like those of most insurers, have a lot of peculiarities. Here are a few odd things that could be covered, and they usually don’t require huge boosts to premiums.

Falling Objects

Sure, you’ve seen ads on TV that show a tree falling on a house. What you might not consider is that aircraft often lose small things in flight. They also frequently fly over residential zones. This doesn’t apply to commercial aircraft either. Some stories have included tales of planes in emergencies clipping rooftops. Parts have crashed clean through roofs. Before the FAA changed their rules, blue ice dumps were a real thing. The point is, humans have put a lot of stuff in the sky, and it’s prone to falling. It’s not entirely uncommon for a homeowner’s policy to afford some protection for exactly these scenarios.

Spoiled Food

Hold your horses. This will not cover milk that stayed in the fridge too long. That’s just not how it works. However, there are clauses in homeowner’s policies that can protect you from extended power outages. The rule of thumb is that the outage can’t be your fault, and the value of food for reimbursement usually falls between a minimum and maximum limit, but you can potentially have the food in your refrigerator and freezer covered by insurance.

Dorm Rooms

This is important for all of you parents and guardians out there. Dorm coverage is not necessarily a default, but if you have a student in your future, you might be able to cover them without getting an additional plan. This insurance usually only applies to dorm rooms and not apartments. It also only covers personal belongings. That said, dorm theft is a common problem on campuses, and you can afford at least some protection to your studious kids.

As is always the case, insurance policies and coverage limits vary by situation. Always speak with your Wasatch Preferred rep to be sure what is and isn’t outlined in your contract. If you take the time to ask, you could be the most insured homeowner in Salt Lake City, UT, without having to pay for a bunch of exclusive extras. Reach out to our agents to get a quote and learn more. Also, try our online rating tool for quotes from home.

Do You Know How to File a Commercial Insurance Claim?

Commercial insurance coverage protects your Sandy, UT business against accidents and disasters that occur on your property. As a business owner, you should be fully aware of what your coverage has to offer. You should also know how to file a claim to expedite recovery from a loss.

The following steps can help when filing for a business insurance claim.

1. Plan Ahead

By planning ahead, you can be prepared to handle the fallout of accidental injuries or damage to business property. Having digital cameras on hand will make it easier to record the aftereffects of an event to substantiate a claim. Various employees can be designated the job of recording incidents that occur to ensure it gets done. Surveillance cameras around the entrance, exit, and parking lot of your business will help document incidents of vandalism and theft.

Ask your Wasatch Preferred agent to provide you with standard report forms to facilitate making a claim when the time comes. These forms should be made available to employees so they can easily document accidents that happen on the job.

2. File a Claim

When accidents occur, notify your insurance agent right away. Accidental fire, theft, auto accident, disaster damage, or liability injuries should be reported immediately to be eligible for coverage. Criminal activity such as theft or vandalism should also be reported to the police.

Work with your agent to file a claim. Your claim will be forwarded to your insurer who will assign an adjuster for processing. If you have photos, video, or inventory of damages, these should be included in your claim.

3. Follow Up

Follow up with your adjuster and agent to stay abreast of your claim. Working closely with your Wasatch Preferred insurance agent in Sandy, UT is key to getting quick, effective results from your commercial insurance claim.

Getting the Right Umbrella Coverage for Your Business or Personal Needs

We all understand the importance of insurance coverage for our homes, vehicles, and even our lives, but for many individuals and business owners, these policies do not reflect the necessary comprehensive policies. Liability can sometimes encompass situations that are not fully covered by standard policies.

Umbrella Insurance and Your Needs

If you are in a position of public importance or your business serves the greater regions of Salt Lake City, UT, it may be time to look into umbrella coverage for both your personal and business needs. The professional agents at Wasatch Preferred in Sandy, UT are here to offer the direction that you need to ensure that you have adequate coverage in place. 

These policies offer a wide range of protection in our sometimes overly litigious world. The level of liability insurance that is included in typical auto, homeowners, and commercial policies may not be sufficient in all instances. An umbrella policy can provide further protection in situations where you may have personal liability, or your business has found to be at fault. 

Clients of Wasatch Preferred are advised to discuss their comprehensive liability needs with their agent during their next policy review. If you are not yet a client of the agency, we will welcome the opportunity to work with you!

A comprehensive umbrella policy may shield you from claims filed against you personally or your business related to slander, unforeseen events such as your dog biting a neighbor, or the extended coverage that they offer that goes beyond typical homeowners’ policies.

Wasatch Preferred is your full-service insurance provider in the greater Salt Lake City, UT area. If you are in need of umbrella insurance, either for personal or business needs, call us today to schedule an appointment with one of our qualified agents!

How Can Students Use Life Insurance to Pay Off Debt?

When it comes to life insurance for young graduates, there are many reasons why they likely don’t consider getting a policy for themselves. But people with outstanding debt may not realize just what it would mean to the people in their lives if something suddenly were to happen to them. We want those in Salt Lake City and Sandy, UT to see how they can be helped by life insurance when it comes to their student loans. 

Contractual Obligations 

Sometimes student debt will still need to be paid should something happen to the debtor, and that person may or may not have the money to cover it all. Usually, it’s the spouse of the graduate, but it may be the co-signor or another party. Each contract is different, but few people want to take the time to consider what might happen in a catastrophic event. Having life insurance is a way to not put any more financial stress on the people in your life. Wasatch Preferred has been helping young people find policies that not only fit with their student loans, but that also fit with their current expectations regarding their lifestyle. 

Reach Out for Help 

Many young people make a variety of assumptions about life insurance that simply aren’t true. They may think that they don’t need it, or think that it’s not possible to fit in with the rest of their obligations. Reaching out not only gives you a chance to ask all the questions you need but the chance to understand the ways in which life insurance may be more beneficial than you think. If you live in Salt Lake City or Sandy, UT, give Wasatch Preferred a call. We can take you through the process to teach you what you need to know, and how life insurance can make everything easier for the people in your life. 

Solar Power and Home Insurance

If you want to install solar panels, you will want to know if your home insurance provides coverage for them. After all, home insurance is quite expensive, and you will want to make sure you are being provided the coverage that your home requires. Let’s take a look at whether or not solar power increases insurance coverage with Wasatch Preferred in Sandy, UT.

Things to know about solar power

If you are going to power your home using solar power, it is highly advised that you have the solar panels installed on your roof. Once the panels are in place, they will most likely be considered a part of your home, therefore, meaning they are covered by most home insurance policies. In fact, adding the panels to your roof likely means you won’t even have to add a ‘rider’ to your policy, and it generally will not increase your premiums. 

Even though many home insurance policies will cover solar panels if they are installed on your roof, there are certain types of panels that require additional coverage. For example, ground-mounted solar panels will more than likely require that you add a ‘rider’ on your policy. Solar panel carports will many times also require a ‘rider’ to be added to your policy. 

Once you add a solar panel system to your home, remember that you may need to increase the overall maximum coverage limits of your policy. Solar panels are expensive and depending on how many you have installed; you may require more coverage to ensure a payout would be adequate if a claim is filed. 

To learn more about solar panels and home insurance, please don’t hesitate to contact Wasatch Preferred serving the Salt Lake City and Sandy, UT areas today. 

Workers Compensation Insurance is for Your Small Business Too

No matter if your business in Salt Lake City, UT builds airplanes, operates a mine, or an office, you need a good commercial insurance policy which can be provided by Wasatch Preferred. Once you have insured your property and investments, don’t forget that you will also need a good workers compensation policy to protect your employees–no matter what their job might be. From retail shops to restaurants, your business can be protected against excessive medical expenses when one of your workers suffers an accident related to their job.

Required by Law

Federal law requires that every employer protect their staff against on-the-job injuries. While your small office may not be subject to the hazards found on a construction site, there is still every possibility that responsible employees can be hurt from a slip and fall, while lifting heavy boxes, or changing a light bulb. Not only will workers comp ensure their medical needs are taken care of, it protects the company from excessive payments and expenses.

It Helps Your Office Staff Cope with Repetitive Injuries

Workers comp can also extend to those persistent injuries often caused by repetitive motions, such as typing, factory tasks, or standing for long periods of time. Your employees can have their health addressed, improving productivity and extending their time as an employee. It might seem like an additional expense for your small business, but there are many ways that it helps to support both the wealth of the company and your most valued workers.

If you have any questions about workers compensation insurance for your Salt Lake City, UT business, don’t hesitate to contact one of our fully-trained agents at Wasatch Preferred in Sandy, UT to find the policy that meets federal minimums while keeping an eye on your operational budget.