What Is The Difference Between Umbrella Insurance And Excess Insurance?

The total value of your financial life is your assets. The various categories of assets include personal, such as artwork, cars, checking accounts, jewelry, collectibles, electronics, retirement, and savings accounts. Your assets can also be tangible and intangible such as land and copyrights. Asset protection is a separate area of law, and its purpose is to protect your assets from a civil legal judgment as a result of a lawsuit or from attachment by creditors in any other proceeding. One way of protecting your assets is purchasing an Umbrella or Excess insurance policy. These types of policies require that you have an underlying policy such as a homeowners insurance, automobile, or commercial property insurance. Asset protection insurance is a type of liability insurance.

A typical example of why umbrella insurance is critical is if you are in a car accident and that the passenger(s) of the other car suffer from severe bodily injuries and property damages. Umbrella insurance with a one million dollar limit above the limit of your auto insurance could protect you from financial destruction which exceeds the limits of your auto insurance policy by thousands of dollars. You must pay for these damages that are over the limits of your policy. Umbrella insurance automatically takes over when your auto policy limits are exceeded.

Umbrella insurance pays the excess amount that exceeds the primary policy, but Umbrella insurance is not defined as Excess insurance.

Umbrella insurance, unlike Excess insurance: 

  1. broadens or extends the coverage of the underlying policy
  2. fills in the holes of coverage that the underlying insurance does not cover
  3. sometimes lack exclusions used in underlying primary policies 

Excess insurance cannot provide broader protection than the underlying coverage and could be more prohibitive than the underlying policy. Some carriers blur the lines between Excess and Umbrella insurance.

The M8 Insurance agents in Salt Lake City, UT will provide you with appropriate insurance that will meet your needs. Please call!

Why Is Flood Insurance So Important?

Floods are one of the most common natural disasters, and each time a flood strikes, it can leave homeowners and business owners with many repair costs. Yet many people still don’t have flood insurance. A homeowner’s policy will typically not cover any flood damage, so even if you think you are covered in Salt Lake City, UT, you may not be.

Technically, everyone in the country could live in a flood zone and there would still be various levels of risk. Some people think floods can only happen on the coasts, but there are plenty of flood claims made by those who don’t live near the water. A flood can be caused by rapid rainfall accumulation, failing or flooding over a levee, rapid snowmelt, ice jams, or clogged drainage systems, so it’s not just a hurricane that can cause flooding.

Knowing your risk can help you determine how important flood insurance is, and it may even be required depending on where you live. In a high-risk area, you have a 1 in 4 chance of having a flood during a normal 30-year mortgage. A moderate to low-risk area means that your risk is reduced, but it can still happen. One-third of disaster assistance for floods goes to those who live in these areas, so it’s still important to consider flood insurance.

There are also areas that are still undetermined, and it’s just because these areas haven’t had an analysis conducted. It doesn’t mean that there isn’t a risk of flooding. Usually, smaller populated areas are considered undetermined. Speak with an agent at M8 Insurance to help determine your risk for floods.

Contact M8 Insurance, located in Salt Lake City, UT, to get a quote on flood insurance in Texas, California, Nevada, Florida, Colorado, Arizona, and almost every state in the United States. Our agents are ready to walk you through the process and teach you more about your flood insurance options.


When is having condo insurance a necessity?

Owning a condo is a dream for many people. While a condo provides you with the same long-term benefits of owning a home, you also do not have to deal with the same maintenance responsibilities. If you own a condo, you will want to make sure it is adequately covered by insurance. There are several situations in which having condo insurance will be a necessity for you. 

Mortgage Outstanding

Depending on your situation, you may need to take out a mortgage to purchase the condo. Since the condo will be the primary form of collateral for the lender, the bank will undoubtedly require that you have a condo insurance policy in place at all times. In many cases, the lender will require that you have your monthly condo insurance payments escrowed to ensure there is never a lapse in coverage. 

Association Rules

When you live in a condo, you likely will have a variety of association rules that you need to abide by. Some of the most common association rules revolve around insurance requirements. The association will want to make sure that you have coverage that not only protects your property, but also protects all other owners in the building. Your condo policy will provide you with coverage in the event a fire or leak starts in your building that causes more damage. 

If you own a condo in the Salt Lake City, UT area and want to know more about your condo insurance requirements, contacting the M8 Insurance company would be a great option. Our team at M8 Insurance will be able to review your current condo policies and situation to figure out what your insurance needs are. We will then be able to find you a great policy to ensure your Salt Lake City, UT condo is properly covered.

Important Considerations for Commercial Insurance

When business owners think about commercial insurance, it can be a bit confusing because the term “commercial insurance” represents a category of insurance coverage, not just a single type of insurance policy. For the owner’s protection, a business may need many types of commercial insurance.

The category of commercial insurance includes such things as workers’ compensation insurance, property insurance, key person insurance, professional liability insurance, product liability insurance, commercial vehicle insurance, business interruption insurance, and umbrella insurance that extends other policy limits and covers special-case needs. A good way to deal with the issues and choices for commercial insurance is to work closely with your agent at M8 Insurance serving Salt Lake City, UT and the surrounding area.

Here are some considerations that help business owners to make sure their commercial insurance coverage is adequate:

  • Understanding Coverage: The first step is to talk with your insurance agent to have a comprehensive review of what is covered by existing insurance or proposed insurance that is under consideration.
  • Plan for Worst-Case Scenarios: Make a list of the worst-case scenarios. For example, if a business depends very heavily on the participation of a certain person or persons for smooth operations, having key person insurance on these individuals can help a business survive if that person(s) is no longer able to work for the business.
  • Use Correct Valuations: It is best to use current replacement values as the amount insured for property, equipment, inventory, and so forth. As an example, if the business relies on equipment that was purchased some time ago, it may be surprising for the owner to learn what new equipment of the same kind costs at current prices. For the business to survive a catastrophic equipment loss, the replacement cost needs to be covered, not what the old equipment is worth.
  • Cover Unique Risks: Some businesses have unique risks that require individual coverage. Online retail operations need cybersecurity insurance for damages caused by data breaches, whereas other types of business may not need this coverage as much.

To discuss commercial insurance coverage and to be sure it is adequate, make an appointment for an insurance review with your agent at M8 Insurance in Salt Lake City, UT.

Covering an unconventional auto

A problem faced by many Salt Lake City, UT drivers: Your car is a little… unconventional.

If you drive a custom car or you’ve built yourself a food truck or something similar, how do you get that covered under an insurance policy with M8 Insurance? You can’t just write down the make and model on your application, right?

Luckily, the process might be easier than you think it is. If you drive an exotic car, a rare sports car, or something of the sort, then you can just call M8 Insurance and see if they can connect you with an appropriate policy in order to get covered.

If what you drive is a little weirder, on the other hand, the process still might be simpler than you’d suspect. Let’s say you’ve built yourself a small trailer that you’re going to launch a food truck business from. What you’ll need to do is get it to the DMV to have it registered and tagged like any other trailer, and then talk to your insurance provider once you’ve got that sorted.

With custom-built vehicles, you have to take it down to the DMV, you can’t just go in and buy your plate. They need to get a look at it, make sure it is road safe, and suitable for street legal use. Your insurer might ask to get a first-hand look at it too, which might limit your options as you’ll need to find someone within driving distance, and you might need to tow your custom vehicle there since you can’t drive it without coverage. But as long as your unconventional auto is road safe, the process isn’t so hard.

Contact M8 Insurance in Salt Lake City, UT to speak with an agent and get a quote.

4 Questions About Home Insurance

When you buy a home in the Salt Lake City, UT area, you’ll want to insure it the right way. Many homes have to be insured because the mortgage company requires it, but even if you don’t have a mortgage, it’s still generally a good idea to have insurance on your home. At M8 Insurance, our agents can help you choose the home insurance coverage that’s right for your needs. Here are four questions you may want to ask about home insurance, to make sure you’re getting the best coverage for your specific situation. Asking the right questions can help add to your peace of mind.

  1. How do you know how much coverage you should get?
  2. What are the different levels of homeowners insurance coverage?
  3. Are there important exclusions that you should know about?
  4. How often should you look over your policy and potentially update it?

It’s important to be an informed consumer, and when you own a home having knowledge of how to care for it properly is even more significant. You don’t want to make mistakes with the level of protection you have on your home. Instead, working with an agent can help reduce your risk.

At M8 Insurance, we can work with you to make sure your Salt Lake City, UT home is covered thoroughly and properly, without giving you a lot of coverage you may not need or want. Reach out to us today, and let us help you get the peace of mind and strong insurance protection you’re looking for. Whether you’re buying a new home or you just want to protect the one you have, we can meet your needs. Speak with one of our agents to get a quote and learn how you can get started on a policy. Also, try our online rating tool to get quotes from home on a home insurance policy.

What does my renters insurance cover?

If you rent in Salt Lake City, UT, you may not be aware of all the protections renters insurance can offer. Even though the property itself will be insured by the property owner, your landlord’s insurance will not cover the loss of your personal possessions in the event of a fire, burglary, or other events like vandalism. When you own furniture, clothing, appliances, and other items, it can be difficult to replace them all at once. A renters insurance policy from M8 Insurance can protect you from that kind of loss.

Your renter’s insurance policy will cover all the kinds of belongings listed above, up to the stated policy limits. If you own something particularly valuable, like stereo equipment or jewelry, you may want to purchase a policy with a higher limit or get an umbrella policy that will cover large losses.

Renters insurance doesn’t just help you replace your lost or damaged items; it can also protect you if someone who is visiting your property is injured and sues you. While sometimes the owner will be responsible, the renter may also be found responsible depending on the circumstances. If your rental is damaged to the point that you cannot live there, your renter’s insurance policy can help pay for you to find a place to live. Your coverage will pay for reasonable alternative living arrangements so that you have a place to stay temporarily.

A renters insurance policy in Salt Lake City, UT is less expensive than most people imagine it to be because it will cover only the personal possessions of the renter. If you would like to talk about insurance for yourself or a loved one, please contact M8 Insurance.

Protect Your Investment With RV Insurance

Your RV is a great way to travel the country and do it at your own pace. You don’t have to search for hotels or plan everything ahead. You can just go when you want, stop when you want, and enjoy life as you see fit. An RV is also a sizable investment, which is why you need to look to protect it. With the help of M8 Insurance, whether you live in Salt Lake City, UT or the surrounding communities, you’ll have access to the kind of coverage you need to protect your RV investment.

Insurance When You Need It

The thing about your RV is you likely don’t drive it all year. There are times where you keep it in storage or off the road due to weather. With RV insurance, it’s possible to protect your vehicle during certain times of the year. This way, you pay for full coverage when you need it and can switch to a storage coverage when you don’t. All this helps you save money while also protecting your investment. 

Protect Your RV While on the Road

Your RV is like any other motor vehicle. It is just as accessible as other vehicles for sustaining automotive damage. However, unlike other vehicles, there are living elements within the RV which need to be considered whenever it comes to insuring the vehicle. That’s why going over the different RV insurance options is a must to find what fits your budget and RV needs.

Whether you live in Salt Lake City, UT or a nearby community, make sure to contact M8 Insurance for your RV insurance needs. If you are in another state, please contact us to learn more about your states specific laws and requirements. Our agents can work with you to walk you through the insurance process and help answer any questions you may have.

When Can You Claim Motorcycle Insurance?

Riding a motorcycle comes with its share of benefits and risks. For instance, having a motorbike offers you the much-needed convenience especially if you are living in areas with sparse parking spaces. However, riding a motorcycle in Salt Lake City, UT can also be dangerous and life-threatening hence the need for motorcycle insurance.

Although most people who own motorcycles purchase a motorcycle insurance policy, they don’t know when to file a claim. Your policy covers a wide range of risks that you should be aware of. So, when can you file a claim for your motorcycle insurance?

When You Are Involved in an Accident

This is the most common scenario that can make you file a claim. You will need to repair the damage caused to your motorbike after the accident and settle the hospital bill. Your insurance comes in handy since it covers such costs. The first thing that you do after the accident is to seek medical attention if needed. 

If you are involved in a severe road accident, make sure that you are safely off the road and then call the emergency number before you do anything else. Document everything and do not place blame or admit that you are the one at fault. Keep in mind that there may be other factors involved in the accident that you may not have seen.

When Your Motorcycle Is Stolen

Motorcycles have become easy prey for professional thieves due to their portability. Unlike a car, it’s easy to move a bike away even without having an ignition key. As long as your policy offers comprehensive coverage, make sure you file a claim with M8 Insurance when your motorbike is stolen. A comprehensive policy protects your motorcycle against theft. However, call the police first before you start the process of filing motorcycle theft claim.

Do you own a motorcycle? Contact M8 Insurance in Salt Lake City, UT today for a motorcycle insurance policy in over 44 states.


The Importance of Reexamining Your Boat Insurance Before Boating Season

At M8 Insurance, serving the greater Salt Lake City, UT area and beyond, we strongly recommend that every boat owner pull out their boat insurance policy and look it over carefully before boating season starts for the year. This can be done on your own or with the assistance of a great insurance agent. There are many reasons why we recommend doing this.

Here are three of the reasons why it is critical to take a look at your boat insurance before boating season. 

Reminds You Whether Your Boat is Covered

Some policies allow you to pause your boat insurance water coverage when your boat is stored for the winter. Unfortunately, many people forget their policy is paused until they have been in an accident on the waterways. Reading over your policy will remind you if your coverage is paused and allow you to reinstate it. 

Ensures You Have the Right Coverage Amounts

The value of your boat goes up or down each year. As such, the coverage you need changes yearly. Looking over your policy before you take your boat out on the waterway gives you the chance to update your policy based on the value of your boat. 

Gives You Time to Make Changes

The last reason why you will want to reexamine your boat insurance policy before boating season is that it gives you time to make policy changes before you hit the water. Policy changes are not always effective immediately. It can take time. So pulling out your policy ahead of time ensures your policy changes are active by the time you do hit the water. 

Before you take your boat out on the waterways, there are many things you need to do, including getting your boat ready. At the same time, pull out your boat insurance policy and ensure you have the coverage and levels you need. If you need to make any changes to your boat policy or are looking to buy a new one, please contact M8 Insurance, serving the greater Salt Lake City UT area and beyond. We can help you by looking at your policy and ensure you have the coverage you need no matter where you live in the U.S.