Actual Cash Value or Replacement Cost Value for My Home Insurance?

Home Insurance Options in Lacey, WAInsurance policies are full of language and terms that may not be clear right off the bat. Many terms are specific to the industry and to the specific type of insurance that is being purchased. Having a local insurance agent for all of your insurance coverage allows you to chat about all the details with your agent so you completely understand your policy. If you haven’t done this, there are many potential claims where it’s easy to assume you have full coverage.

EXAMPLE: Your $4,000 couch was ruined in a home fire. After filing a claim, you might assume you will be fully reimbursed for your couch since you have a homeowner’s insurance policy. However, it depends what type of coverage you have.

There are two such terms on a homeowner’s insurance policy: Replacement Cost and Actual Cash Value. These terms can be a bit confusing to decipher between.

  • Replacement cost is very simple: Your insurance company literally reimburses you for the covered personal property lost based on replacement cost at the time of loss with no depreciation. Replacement cost policies tend to be a bit more expensive since you are essential getting a brand new item for one that may have otherwise depreciated. Replacement costs are agreed upon by all parties before the insurance policy is finalized. If you have high-ticket items (jewelry, art, RV, boat, luxury vehicle or classic car) this may be the best type of coverage if you can afford it.
  • Actual cash value is the cost to replace the item minus any depreciation. For your damaged couch, if you had an actual cash value policy, your insurance would pay out the cost of the couch minus any depreciation. Therefore, your couch is worth less than what you paid. An actual cash value policy can put you in a tight spot if your items cost more to replace or repair than your policy pays out.

No matter which policy type you choose, the local experts at All Insurance One can answer any questions and walk you through the different types of scenarios to see which policy type is right for your situation. Our local insurance agency can guide you through your homeowner’s insurance policy and more, like auto insurance. Our years of insurance experience can save you a bundle, and we live right in your area, so we know firsthand what your insurance needs might be.

How to Protect Your Valuable Jewelry

Jewelry Insurance in Lacey, WAJewelry is valuable not only because of its beauty, but the special meaning behind it. Does it represent 30 years of marriage? Was it passed down from a great grandmother? Was it given to you to celebrate a special moment? Between its sentimental value, as well as financial value, our local insurance agency wants you to be fully protected.

Anything can happen to your jewelry, whether it’s stolen, damaged or accidentally slips off your finger while swimming in the ocean. While memories of the jewelry itself cannot be replaced, a good insurance policy can provide financial protection to an unfortunate situation.

If you own jewelry that’s valued over $1,000, consider getting an insurance policy endorsement to insure its value.

Like other valuables coverage, insurance for your jewelry can simply be added to your home or renters insurance policy on something called a “floater.” It’s a simple insurance policy extension. A good policy will cover everything from theft and damage. The cost of coverage varies, typically $1 – $2 per $100 in value for a yearly policy. So, for a $5,000 ring, you’d expect to pay $50-$100. By calling All Insurance Inc., we will ensure we find the best coverage for your jewelry. We can also help answer any questions regarding ‘what if’ situations.

Here are some questions to discuss with our agents so you fully understand your insurance coverage.

  • If your jewelry is stolen, will you be reimbursed the full amount you paid? What happens if it was accidentally lost?
  • If your jewelry has appreciated over the course of owning it, will your insurance company honor its new value or what you paid for it?
  • What happens if you simply lost a small piece of your jewelry? Would you insurance cover the cost of replacing the stone?
  • Don’t forget to ask for discounts! If you plan to safely store your jewelry when you are not wearing it, you could qualify for a discount from some insurance companies.

While we hope you never have to experience an insurance claim for your jewelry, it’s always important to be prepared.

Items you need in case your jewelry is lost or stolen:

  • Original Receipt
  • An appraisal – if you don’t have the original receipt, at least have an appraisal.
  • GIA Certificate or similar reputable certificate
  • Take photos of all of your jewelry and store them on the cloud or a zip drive that’s stored in your safe.

Keep these items in a safety deposit box or safe in your home. If you’d like to know more about insuring your jewelry, contact an agent at our office. We’ll give you the best options for insuring your jewelry as well as answer any other questions you may have.

What Insurance Coverage Do I Need for My Drone or UAV?

Insurance for your drone in Lacey, WAIt seems like everywhere we go we have a chance to hear the sound of a UAV, also known as a drone, commonly sounding like a disturbed hornets’ nest. Drones are fun to fly for both kids and adults. They are seemingly harmless besides the risk of it becoming non-responsive due to other remote signals, the battery dying and falling out of the sky, or the control operator simply being inexperienced and crashing the drone into a parked vehicle. Many, if not most, drone operators have experienced a drone crash or close call while learning how to pilot the fun UAV. While our first concern is typically, “is my drone okay?” we should be asking ourselves the question of “What happens if I crash this into someone’s house or vehicle?”

The good news is that if you’re using your drone purely for recreational purposes and your drone is a hobby-grade drone, your home, condo or renters insurance policy likely covers you for liability from most drone usage. Now, if you’re using your drone for commercial purposes, you will absolutely need a separate insurance policy to cover you for liability for your drone. Additionally, commercial drone operators now need to pass a certification process to operate and be a commercial drone pilot.

If you’re using your drone for commercial purposes, ask your agent about a commercial general liability (CGL) insurance policy that includes drone usage.

If you’re a recreational drone pilot, talk to your local insurance agent to verify coverage before you have a claim. The best way to avoid a claim is simply prevention. Follow these tips to avoid a drone insurance claim:

  • Always fly your drone in an open space away from trees, power lines and other obstructions.
  • Be sure to follow FAA requirements and register your drone for flying.
  • Do not take your drone to restricted areas such as national parks
  • Do not harass wildlife or attempt to view wildlife up-close with your drone
  • Read your manual to ensure you’re familiar with the sounds and features that your drone has.

We want you to have fun with your drone, but also be sure you’re protected in the event you have a claim involving your drone usage. Call an agent in our office to discuss your plans before you experience a claim.

All Insurance One was established in 1978 and is a family owned, local insurance agency in Lacey, WA. Our agents are highly trained professionals and considered masters in their field. By offering protection for your Auto, Home, or Umbrella Insurance, we make sure that you’re covered today, as well as in the future. It is our passion to provide outstanding insurance service and consumer education to our clients.

Items to Consider If You Want To Own a Vacation Home

Vacation Home Insurance in Lacey, WAOwning a secondary home or vacation property can be a rewarding experience and allow you to build so many memories! While owning a vacation home can have countless advantages, it does bring some unique responsibility and maintenance.

Regardless of whether you’re buying a cabin just a few miles away on the lake or an oceanfront condo in Hawaii, you’ll use twice per year, you’ll want to make sure your property remains adequately protected. Renting the property adds an entirely new level of complexity to secondary home ownership and yet a better reason to review your coverages with your licensed insurance agent.

Consider these items when talking to your agent:

  1. Will you need a separate insurance policy for your vacation property liability?
  2. What liability limits are adequate for a home that is vacant more often than is occupied?
  3. If you’ll be renting the property, consider purchasing additional liability limits as well as an umbrella insurance policy to protect you.
  4. Is your vacation home in an area that is affected by natural disasters such as forest fires, hurricanes, floods or earthquakes? You may need a separate additional policy for these.

Follow these insurance tips to reduce the risk of having a claim:

  1. Keep valuables out of your vacation home. Take them with you when you leave.
  2. Ask a neighbor to keep an eye out for any unusual activity at your home.
  3. Consider getting a video surveillance camera such as a Canary or Ring to alert you if someone enters your home. These do not require service contracts and alert you by phone.
  4. Keep your heater set to 60 to prevent any pipes from freezing.
  5. Turn off your water if you plan to leave for extended periods of time. This takes only a few seconds.
  6. Consider a management company if you want to rent the property. They will help keep an eye on things.
  7. Check for obvious liability concerns if you plan to rent the property such as rotten decking, trip hazards, or other deferred maintenance.

We wish you years of memories and relaxation with your secondary home or vacation property. When you’re ready to insure your property, give us a call.

All Insurance One was established in 1978 and is a family owned, local insurance agency in Lacey, WA. Our agents are highly trained professionals and considered masters in their field. By offering protection for your Auto, Home, or Umbrella Insurance, we make sure that you’re covered today, as well as in the future. It is our passion to provide outstanding insurance service and consumer education to our clients.

Home Security on a Shoestring Budget

Home Security Options in Lacey, WAMonthly bills can be daunting and for many, the choice of having food and shelter is more important than keeping burglars or robbers away from your home. However, when times are tough, the last thing you want to do is leave your valuables at risk of being stolen. Thanks to many modern security companies, keeping your home secured isn’t as expensive as it used to be. Consider these fun, techy options for home security on the cheap!

  1. SimpliSafe: Instead of paying an alarm company $1500 or having to sign up for a lengthy contract at $40 per month, SimpliSafe sells do-it-yourself home security systems starting at just $245. Safe a bundle by going for a refurbished system. 24/7 monitoring starts at $.50 per day at time of writing this. You can also use the alarm locally and not pay an activation fee.
  2. Canary: Canary is a great option for studio apartments, offices or other areas that are mainly one room. Canary is a small, all-in-one video device that detects motion and records video. It can send you text messages immediately and start recording when you’re away. If you want, you can call 911 or set off a local alarm to scare away any intruders. At just $149, it is a great do-it-yourself security option. Like the idea but have a bigger house? Canary offers additional camera options to add to your main device to monitory as many places as you’d like. They do offer a cloud based service to keep videos.
  3. Arlo: With wire-free cameras and weatherproof design, Arlo is a good option for securing the outdoor of your home or recording at night. With HD, night vision cameras, your home can stay secure day or night. You can even talk through them using the Arlo App! Receive alerts along with HD video right to your phone so you can review and take action if necessary. Another great option for the do-it-yourselfer who doesn’t want the monthly fees. Arlo comes with a free 7 day cloud storage.
  4. Ring: A video recording doorbell. Now that’s genius. Ring can record motion and you can talk to people through it like an intercom system even if you’re not away. Ring offers many options for security cameras beyond just the doorbell. Starting at $199 it is a great, simple security protection right at your front door.

Home security doesn’t have to be expensive. Utilizing technology and a little do-it-yourself ambition, you can secure your home and keep your valuables safe and secure.

If you are looking for great home insurance coverage, call us today or visit our website.

Choosing The Lowest Insurance Cost Likely Isn’t Your Best Plan

Car Insurance in Lacey, WAWe’re flooded daily with insurance commercials claiming that shopping with them will get you the lowest insurance premiums of any company out there. Saving money on your insurance is important, but the lowest insurance premiums are usually accompanied by the lowest insurance coverage.

Determining what insurance coverages you need is something that only a qualified local insurance agent can help you decide. We care more about you being covered adequately than simply giving you the cheapest premiums.

Do you need the auto insurance coverages below? Discuss with us & we’ll help determine what makes the most sense for your personal needs.

Collision Coverage: protection for your car from damage whether at-fault or not. Premiums weigh heavily on the value of your vehicle.

Comprehensive Coverage: pays for damage to your vehicle from things such as contact with an animal, fire, theft or vandalism.

Medical Payments: Commonly known as MedPay or PIP, this covers medical bills as a direct results of an accident regardless of fault.

Uninsured Motorist: Coverage for being involved with an uninsured driver. Both physical damage (your car) and bodily injury are offered.

Underinsured Motorist: Coverage to help cover a gap from a motorist who has insurance, but not enough to cover the loss.

When deciding on what coverage options to have, take these situations into account:

Scenario 1: You purchase a low cost, low coverage liability policy with only $25,000 in Property Damage. You rear-end a new, two week old Toyota Camry totaling the vehicle. The Camry’s replacement cost is $35,000. You have to pay $10,000 out of pocket.

Scenario 2: You are t-boned by an uninsured motorist and have extensive medical bills in excess of $50,000. You do not have uninsured motorist coverage or personal health insurance and your auto medical payments only cover the first $10,000. You have to take the uninsured driver to court to pay your $40,000 in medical bills, in the meantime, you’re responsible for the $40,000 in bills.

Regardless of whether you’re shopping for a new home, auto, boat or motorcycle insurance policy if you want the lowest insurance premiums you should be aware that you’re usually lowering the amount of insurance coverage you have. Depending on your situation, this may not be a wise decision because it puts your financial future at risk by carrying low limits. As always, reach out to our insurance agency with any questions.

Liability insurance in Lacey, WA

Parental Liability

Our children quickly become the most important parts of our lives and our dreams suddenly become the dreams of our children. As we look at our own childhoods, we see the seemingly endless shenanigans we caused and while most of these things were harmless, they could be looked at now as liability concerns or outright against the law. In nearly all states, parents are solely responsible for the actions of their children. Not only property damages, but also personal injury that may be caused.

As parents it is important to ensure that your children understand the implications of their actions at an early age. While we can easily make the excuse that they’re just being children, we need to understand that as the adults we ensure their safety and the safety of others around them. Here are some simple examples where our children’s judgment can cause you a liability insurance claim.

  1. Swimming pools: The child who grows up with the swimming pool at their home becomes awfully popular in the summer time! Those hot summer days have other children begging to come over and take a dip! Ensuring that your child understands that other children are only allowed to come over when there is a parent there to supervise could save you not only from a tragic loss of life, but also a massive liability insurance claim. Consider a lock on your pool cover for those times when parents are not available.
  2. Matches, fireworks and other flammable materials: Children just seem to be drawn by the awe of fire. As a country we celebrate our independence with fireworks across the country. When children are allowed to have fireworks, there is a possibility they may use them in an unsafe manner when adults are not present. This could cause fires in neighborhoods, trees and fields – or even worse, personal injury. Be sure to keep your fireworks and other fire materials in a safe spot away from the curious eyes of your children.
  3. Swing sets: Your home may have the Taj Mahal of all swing sets. It is the talk of the neighborhood kids! If your swing set or playground is open to the neighborhood, be sure to routinely inspect it. Loose boards, bolts or brackets could easily cause a child to become injured while playing on your property, even if without permission you can be held liable.
  4. Firearms: Children grow up watching firearms used on television or in videogames. Even cartoons, new and old, represent firearms being used in an innocent and humorous fashion. Being sure your firearms are kept locked away with both a safe and a trigger lock is of upmost importance. Your child may want to show off the firearm to friends or worse, bring it to school to show there.

We hope your child is exempt from any of the above examples and enjoys the fun, careless childhood most of us were able to enjoy. It is important to understand that the actions of your child fall under your liability. Having you properly insured for these unforeseen, seemingly innocent actions is our job to recommend.

If you have questions regarding your liability insurance, call the agents at All Insurance Inc. We were established in 1978 and are a family owned, local insurance agency in Lacey, WA. Our agents are highly trained professionals and considered masters in their field. By offering protection for your Auto, Home, or Umbrella Insurance, we make sure that you’re covered today, as well as in the future. It is our passion to provide outstanding insurance service and consumer education to our clients.

Jewelry Insurance in Lacey, WA

Engagement Ring Coverage

Engagement ring overage in Lacey, WAGetting engaged is an exciting time and brings happiness to not only the couple, but their family and friends. While the new couples should cherish this special moment, they should also find an insurance policy to protect the engagement ring immediately.

Anything can happen to an engagement ring, whether it’s stolen, damaged or accidentally falls down a drain. While memories of the ring itself cannot be replaced, a good insurance policy can provide financial protection to an unfortunate situation.

Like other valuables coverage, insurance for your engagement ring can simply be added to your home or renters insurance policy on something called a “floater.” It’s a simple insurance policy extension. A good policy will cover everything from theft and damage. The cost of coverage varies, typically $1 – $2 per $100 in value for a yearly policy. So, for a $5,000 ring, you’d expect to pay $50-$100. By calling All Insurance, we will ensure we find the best coverage for your ring.  We can also help answer any questions regarding ‘what if’ situations.

Before seeking out insurance, you will need to provide an appraisal and receipt for your ring. This is typically provided by reputable jewelry dealers at the time of purchase. If your engagement ring hasn’t been appraised, you can meet with a gemologist to receive an official appraisal for a small fee. Once you have your appraisal, store it in a safe or vault.

An additional thing to consider for all newlywed couples, if the bride and groom were living in separate homes before the wedding, make sure the ring insurance is transferred to the right home address. Often times, individuals have the ring insured at the bride’s previous address on a different policy and forget to transfer it to the new living address and insurance policy.

If you are recently engaged or planning an engagement, call the insurance agents at All Insurance. We can help you the best option to protect your investment.

Home Insurance Can Give You More than Just Coverage for Your Home

Home Insurance Policy in Lacey, WAWe typically purchase homeowners insurance to protect our largest investment – our home. But homeowners, and often condo and renters insurance too, includes many other items besides your home. Let’s take a look at just a few items that might be covered by your homeowners insurance carrier.

While some premier insurance home insurance companies automatically include some of these, others may be available by endorsement. It’s best to talk to us about your policy and what coverage is included.

Personal Property Replacement

Your home insurance will typically provide insurance protection for up to 50 to 70% of the replacement cost of the structure. For instance, if your replacement cost of the home is $150,000, your policy would include $75,000 for your personal possessions such as clothing, computers and such. Keep in mind, jewelry, art and furs would require a special endorsement.

Animal Bites

If you own an animal, it is possible that animal could cause harm to someone visiting your home or while you’re away at a park. Regardless of where the bite occurs, your home insurance policy can provide you with liability insurance coverage to help cover the injured party medical bills as well as any settlement or attorney’s fees.

Identity Theft

Identity theft is a growing problem in the United States. Typically an endorsement, this coverage would help with expenses you incur trying to get your stolen identity back in order and your credit ironed out.

Theft of Items from a car while in transport

If you’re transporting a home item such as a television or even an expensive purse in your car and it is stolen, your auto insurance policy won’t cover it. A home insurance policy can, however. Consider carefully whether or not it would be worth turning in a claim, however, as a deductible and claim on your record could make it a wash, or put you in a worse situation come renewal time.

Additional Living Expenses

If your home is damaged by a covered loss and is unlivable some insurance companies will pay for your room & board while the home is being repaired.

Extra Coverage Availability

By purchasing a high limit home insurance & auto insurance policy together, you become eligible for an umbrella insurance policy. These policies offer additional liability protection if your home or auto insurance policy is exhausted. They’re typically inexpensive and quotes take just a couple minutes.

The coverages above may not be available from all insurance companies and options vary by state. To find out if your home insurance company offers the above benefits, you should talk your agent at All Insurance One or review your insurance policy. All Insurance One was established in 1978 and is a family owned, local insurance agency in Lacey, WA. Our agents are highly trained professionals and considered masters in their field. By offering protection for your Auto, Home, or Umbrella Insurance, we make sure that you’re covered today, as well as in the future. It is our passion to provide outstanding insurance service and consumer education to our clients.

Six scenarios when you should change your insurance policy in Lacey, WA

Life changes, so should your insurance policy

Imagine if we could buy just one insurance policy and be set for life. That’s a nice thought, isn’t it? Like the good things that happen in life, your insurance policy should change and adapt to your situations. The beauty of having a local, independent insurance agent is that they represent multiple insurance companies. One that surely will fit your current and future needs. Some things to consider when reviewing your current insurance:

Did I get married?

Marriage discounts, multi-car discounts, combined insurance policies, jewelry endorsements, life insurance, a new home? A lot happens when you get married – be sure your new life together is properly insured.

Did I complete a major remodel?

A new kitchen can add tremendous value to your home. Simple changes like bay windows, granite counter tops and hardwood floors dramatically improve and increase the value of your home, not to mention if you blow out a wall and add some additional square footage. Be sure your current insurance policy has enough coverage for all your changes. Review these changes with your agent.

Did I or do I want to get a new car?

If you’re considering a new car, your independent agent can tell you what the new premiums will be on that fancy new ride before you buy it. Be sure to consider the increased premium in the sticker tag of the vehicle.

Do I have a teen who will soon be driving?

Teen drivers can be quite the sticker shock. If you have a teen driver in the house, it is important to let your agent know. Most insurance companies require your teen driver be listed on the policy. Not adding the driver to the policy could cause major problems and even a claim denial if they’re not added timely. Be sure to ask your agent about teen drivers.

Did I purchase a new exterior building for my home?

Many insurance policies automatically include exterior buildings coverages for 10% of the value of your home. While not all do this automatically, if you install or build a detached garage or other structure, be sure you have enough coverage in the event it is damaged or a total loss.

Did I protect my home with a new burglar alarm?

Reviewing what discounts you currently have and looking for new ones is always a good thing to do. Burglar alarms, driving less, multi-policy discounts and more are great ways to reduce your premiums. Your agent can look for these automatically. They’re discount detectives. Next time you talk with yours, be sure to have them go over what discounts are available so you can take advantage of them.

Understanding insurance is difficult. Fortunately, when you’re insured with an independent insurance agent they can review your policy with you anytime and shop from multiple companies to determine the best company for your needs.

All Insurance One was established in 1978 and is a family owned, local insurance agency in Lacey, WA. Our agents are highly trained professionals and considered masters in their field. By offering protection for your Auto, Home, or Umbrella Insurance, we make sure that you’re covered today, as well as in the future. It is our passion to provide outstanding insurance service and consumer education to our clients.