The Various Forms of Condo Insurance You Need to be Aware of

Condominiums are increasingly popular in Salt Lake City, UT. They typically require less maintenance than traditional homes, provide limited access to outsiders, and serve as the perfect option for secondary or vacation homes. If you have questions about condo insurance, don’t hesitate to contact us at M8 Insurance.

Types of Condo Insurance Coverage

Basic Bare Walls In Policy

This type of condo insurance covers the condo from the framing inward. Please note that this coverage does not extend to appliances, furniture, or personal belongings.

HO-6 Coverage

Commonly chosen by condo owners, HO-6 coverage insures the condo unit from the inside walls, including fixtures, appliances, furnishings, and personal belongings.

Liability Coverage

Liability protection insures you against financial losses resulting from any injury claims within your condo.

Assessment Protection

This optional cover can potentially cover costs for large assessments levied by your association for various reasons, including covering costs not covered by the association’s fees or insurance.

Association Coverage

This insurance is provided by the condo association and is paid through owner’s fees. It’s designed to cover common areas, exterior features, structural components, and liability risks.

Are You Fully Covered?

It’s crucial to ensure that your condo insurance meets the needs of your lender and association while minimizing your financial exposure in case of a loss. The best time to review your coverage is at the time of purchase, but occasional reviews are essential.

Review Your Condo Insurance with M8 Insurance Today

Contact us at M8 Insurance in Salt Lake City, UT, for a no-cost, no-obligation review and quote for your condo insurance. We’re here to provide answers and help you understand your coverage.

Does My Business Really Need Commercial Insurance?

If you own a business, then you know about risk. Businesses take many types of risks when they operate. From damage to property to accidental destruction of goods being sold, many things can happen that can have a lasting financial impact on your commercial enterprise.

This is why most businesses choose to get commercial insurance: to help mitigate financial risk and protect their business in the long term. M8 Insurance, servicing Salt Lake City, UT, can help businesses decide which type of commercial insurance is right for them and then help that business find the best policy for their needs.

What Is Commercial Insurance?

Commercial insurance is a type of insurance that covers various events to provide financial protection to businesses. Commercial insurance comes in many different types, including commercial general liability, property insurance, business interruption insurance, and so on.

Many businesses only need some of these types of insurance, not all. It’s important to choose an insurance agent who will help you select the coverage that is most likely to meet your business’s needs.

Who Needs Commercial Insurance?

If you have a business, then you have assumed some risk. Many problems can occur to your business, which various types of insurance can cover. If you have a business, talking to your insurance agent is important. 

How Can I Get the Right Kind of Commercial Insurance?

Get the correct type of insurance for your business by talking to your insurance agent at M8 Insurance, servicing Salt Lake City, UT. We can help you determine which coverages will best suit your business’s needs.

Three Types of Auto Coverage You Need

Understanding Auto Insurance Policies

Owning a vehicle comes with the responsibility of securing an adequate auto insurance policy. These policies comprise various coverage types, each offering a unique form of protection. It’s necessary to understand these coverages to defend yourselves legally and financially.

Why is Auto Insurance Essential?

There are mandatory and optional types of auto coverage; both are necessary for comprehensive asset protection. For more guidance on this, reach out to us at M8 Insurance in Salt Lake City, UT.

Liability Coverage

Two primary liability coverages are necessary for your policy. The first, Bodily Injury Liability, covers medical bills for someone who gets injured in an accident involving you. The second, Property Damage Liability, pays for damage to another person’s property caused by the accident.

Collision Coverage

While liability coverages cater to others’ bills, Collision Coverage ensures your damage costs from the accident are covered. It’s imperative for repairing or replacing your car post-accident. Without this coverage, you would have to bear these costs out-of-pocket.

Comprehensive Coverage

This optional coverage protects your vehicle against damage incurred when it’s not being driven. Considering this coverage prepares you for a wide array of risks and eventualities.

Securing Your Auto Insurance Policy

For your auto insurance policy needs, contact the team at M8 Insurance in Salt Lake City, UT. Make an informed choice to ensure the safety of your vehicle and financial security.

Endorsements Can Add Protections To Your Home Insurance

An endorsement, also known as a rider or add-on, modifies a standard home insurance policy to provide additional coverage or adjust existing coverage. There are many endorsements that you might consider adding to your home insurance policy. Here are just a few that we at M8 Insurance see many Salt Lake City, UT residents choose.

Scheduled Personal Property Endorsement

A scheduled personal property endorsement helps insure high-value items like jewelry, art, or collectibles. Standard home insurance often has limits on personal property coverage, which might not fully cover these expensive items. With a scheduled personal property endorsement, you can ensure that valuable possessions are adequately protected.

Flood Insurance Endorsement

A flood insurance endorsement can safeguard against water damage caused by flooding or other atypical water patterns, sometimes including mudslides. Standard policies typically exclude flood damage.

Sometimes, Salt Lake City, UT residents feel like flood insurance is unnecessary because they aren’t near a coast or the Salt Lake. Even small waterways, such as brooks and streams, can flood. 

Because streams can flood, the need for a flood endorsement is highly localized to your specific policy. We at M8 Insurance can help you check whether this is a protection you should add.

Home Business Coverage Endorsement

For homeowners running a business from their residence, a home business endorsement extends the coverage of a standard home insurance policy to include business-related equipment and liabilities. It’s an important consideration for a home-based business, as typical policies don’t cover business-related risks.

Add Protection With Endorsements

If you’re in Salt Lake City, contact us to see what endorsements you may want added to your home insurance. One of our agents will help you choose the protections that suit your situation.

Four common assumptions about renters insurance that are inaccurate

If you rent your home in Salt Lake City, UT, you should carry renters insurance for financial protection. We offer renters insurance policies at M8 Insurance.

Here are four common inaccurate assumptions you don’t want to make about renters insurance.

Renters’ insurance policies cover everyone living in a rental unit.

You cannot rely on a roommate’s policy to provide you with renters insurance coverage. Renters’ insurance policies typically only cover the policyholder. Those living in a rental unit with an insured tenant need to buy their own policy if they want coverage. 

You can use renters insurance to cover the costs of dealing with a pest infestation.

While renters’ insurance can compensate you for the loss of personal property due to an incident like a fire, renters’ insurance does not cover damages caused by a pest infestation. 

If you experience a pest infestation in your rental unit, you’ll have to pay any resulting costs out of your own pocket if your landlord won’t cover them. 

Renters insurance only covers you for liability costs.

While liability coverage is one of the most important features of renters insurance, liability expenses aren’t the only type of expenses that this type of insurance covers. Renters insurance also covers policyholders for other expenses, including loss of or damage to personal property. 

Renters insurance covers damage caused by flooding.

If your rental unit is in an area prone to flooding, you’ll need to buy separate flood coverage. Standard renters insurance policies typically do not offer any coverage for flood damage. 

Find the right renters insurance in Salt Lake City, UT, with our help at M8 Insurance. Get in touch now, and we can quote you a policy that will cover your rental unit.

RV Conversions and DIY Insurance: Personalizing Your Mobile Home

Embarking on an RV conversion project is a journey of creativity and transformation. DIY enthusiasts invest time, effort, and passion in turning standard recreational vehicles into personalized mobile homes. As the RV undergoes modifications, it’s crucial to consider the unique insurance needs that arise from these conversions, especially if you live in or around the Salt Lake City, UT area.  

Understanding the Risks of RV Conversions

RV conversions involve structural modifications, installation of custom features, and often an increase in the vehicle’s overall value. Insurance coverage must address these items:

  • Enhanced Value: The changes and additions contribute to the converted RV’s overall value.
  • Specialized Equipment: Customized features and installations may require additional coverage beyond standard RV insurance.
  • Liability Risks: With the personalized nature of conversions, liability risks may increase, necessitating comprehensive liability coverage.

Coverage Tailored to Enhanced Value

Umbrella insurance is designed to provide coverage that aligns with the increased value of RV conversions. It is an add-on to the original policy and works as a supplement covering:

  • Agreed Value Coverage: Establishes a predetermined value for the converted RV, ensuring owners receive adequate compensation for a covered loss.
  • Custom Equipment Coverage: Extends coverage to specialized components and features, ensuring that custom additions are included in the overall coverage.

Addressing Liability Concerns

Customized RVs may bring about unique liability challenges, and umbrella insurance offers solutions:

  • Increased Liability Limits: Raises liability coverage limits to provide ample financial protection in case of legal liabilities arising from accidents or injuries.
  • Personal Injury Protection: Provides coverage for medical expenses and other costs associated with personal injuries, offering an additional layer of protection.

M8 Insurance Can Help You

At M8 Insurance, we can help answer questions concerning RV insurance. We serve the Salt Lake City, UT area. Contact us today. 

Why is it a good idea to get a motorcycle insurance plan in Utah?

Motorcycles can be a great mode of transportation in the state of Utah. When you have one in the Salt Lake City, UT area, you will find that they are both fun to use and offer an efficient way to get around. If you want to buy a motorcycle here, getting the right motorcycle insurance plan is also very important. While you may enjoy using a motorcycle for recreational reasons, there are various reasons why it is always a good idea to get a motorcycle insurance plan in this area. 

Meet State Requirements

A reason to have a motorcycle insurance plan in Utah is to make sure you meet state laws. Just like in other states, you will need to have a liability plan when using a vehicle. If you do not have this type of insurance, you will be in violation and can be penalized. Also, you will still be responsible for any damages that could be caused.

Cover For Your Motorcycle

Investing in motorcycle insurance is critical as it protects your bike from potential theft or damage. Without coverage, you risk a complete loss, threatening the longevity of your investment and your ability to use it in the future. This insurance, with comprehensive support, ensures the protection and enjoyment of your valuable asset if it is damaged or stolen.

When trying to protect your motorcycle in the Salt Lake City, UT area, you will want to know that you have the right motorcycle insurance plan in place. As you are looking for this coverage here, you can call our team at M8 Insurance to discuss your needs. Our professionals at M8 Insurance know the value of this coverage and will offer any support needed to build a new policy. 

Boat Insurance FAQs

When watercraft owners turn to our team for guidance on protecting their boats at M8 Insurance in Salt Lake City, UT, they don’t always have complicated questions that need complex answers. Sometimes, they’re most interested in basic information that can help them decide if boat insurance is necessary or helpful for their needs. While we can’t provide exhaustive answers to every single question you may have about boat insurance, we’re more than happy to lay some frequently asked questions to rest. Since boat insurance policies all have their own limits and terms to consider, you’ll want to consult with one of the qualified insurance professionals on our team for more specific questions.

What Is Boat Insurance?

Boat insurance is made to cover watercraft such as yachts, rowboats, sailboats, and motorboats. Some other recreational watercraft, such as jet skis, may be covered under some watercraft insurance policies. While terms differ between boat insurance policies, most boat insurance provides a combination of liability and other types of coverage. Additionally, some boat insurance policies may help boat owners cover upgrades if that is included in the boat insurance policy.

Does Watercraft Insurance Replace Stolen Boats?

As long as you got your boat insurance policy before it was stolen and your specific policy provides that kind of coverage, you may be able to use your boat insurance to help cover the costs of replacing a stolen boat. For this reason, we recommend getting boat insurance sooner rather than later. You never know what could happen to a boat, so it’s best to be prepared. Otherwise, you may find yourself grieving and financially struggling to replace your beloved watercraft.

Call our team at M8 Insurance in Salt Lake City, UT for all your boat and watercraft insurance needs! 

Peace of Mind, Rain or Shine: Why Umbrella Insurance Matters

Umbrella insurance plays an invaluable role in our financial health. This type of insurance goes beyond your standard policies’ limits, serving as an additional protective layer when unexpected incidents occur. M8 Insurance explains umbrella insurance and why you might need it in Salt Lake City, UT.

Extra Protection 

Picture your regular insurance policies, such as home, auto, or watercraft, as an umbrella you carry during a light drizzle — it shields you from most of the rain. However, in the event of a sudden downpour or a thunderstorm, this umbrella might not be enough. That’s where umbrella insurance enters the scene. It provides the additional coverage you need during these heavy storms, ensuring your financial well-being remains intact.

When Umbrella Insurance Kicks In

An umbrella policy typically kicks in when you’ve exhausted the limits on your standard policies. It protects you from large and potentially devastating liability claims or judgments. For instance, your umbrella policy would cover the remaining cost if you’re at fault in a car accident and the damages exceed your existing auto insurance coverage.

Umbrella insurance also covers scenarios your other policies might not cover. These could include certain lawsuits, including libel, slander, or invasion of privacy. This broader coverage gives you peace of mind, knowing you’re protected against various unexpected situations that could otherwise be financially burdensome.

In conclusion, while umbrella insurance might seem unnecessary, it’s an investment worth considering. It grants you peace of mind, rain or shine, and ensures you’re financially prepared for whatever life throws. Call M8 Insurance today. We are here to serve Salt Lake City, UT.


Lessons Learned about Flood Insurance in Utah

Recent flooding due to runoff from record snowpacks reminds us that Utahns often underestimate the likelihood and potential impact of flooding on their homes and families. With our increasingly unpredictable weather, now is the time for Utahns to rethink their need for flood insurance, and the M8 Insurance team serving Salt Lake City, UT, stands ready to serve your needs.

Lessons Learned and Takeaways in Utah

Utah has the second lowest flood insurance rate among homeowners in the fifty states. However, recent events show that many underestimate the risk of flooding in their area, and national studies show that flood risk is more widespread than is often communicated.

Following this spring’s flooding, Governor Cox and Utah’s Insurance Commissioner Jonathan Pike urged Utahns in flood-risk areas to consider acquiring flood insurance and to do so now due to the 30-day waiting period before flood insurance takes effect.

Fortunately, Utahns in communities participating in FEMA’s National Flood Insurance Program have access to lower-cost flood insurance because the national program spreads the risk nationally. Still, those in communities that do not participate in the program can buy insurance through the private market.

A second lesson is that disputes about flood claims commonly concern the extent of damage relative to pre-existing conditions. This situation reinforces the value of regularly documenting your belongings and home conditions using a smartphone or similar device to avoid potential disputes and ensure you receive full and fair treatment for flood, fire, or other claims.

Working with M8 Insurance

M8 Insurance proudly serves Salt Lake City, UT, homeowners for all their insurance needs and will work with you to create an insurance plan that protects your home and family against unforeseen events. Call us or stop by today to discuss your insurance options.