What’s the Difference Between Market Value and Replacement Value of My Home?

When choosing a home insurance policy, it’s important to understand the difference between market value and replacement cost. Perry Insurance Agency, in Vernal, UT is here to explain your options. 

What are Market Value and Replacement Cost Used For? 

Market value or replacement cost can be used to determine how much you will receive for your insurance claim. If your home is damaged or destroyed, your insurance company will use one of these methods to determine how much you will be reimbursed up to the coverage limit. 

What is Market Value?

Market value is essentially what your home could be expected to sell for. It considers the value of the land and improvements to the house and can also include personal property and intangible assets. 

What is the Replacement Cost? 

Using modern methods and materials, the replacement cost determines how much it would cost to build your home, or one very similar, based on current prices. This includes the cost of labor and materials.

Which is Better? 

Which value is higher will depend on market factors. If the real estate market is doing very well, the market value may be higher. If there’s a high demand for construction, replacement value could provide the best value. 

Market value is considered a gamble. It may be higher or lower than the cost of replacing or repairing your home. 

Replacement cost is usually considered the better option because it gives you the funds to replace or repair your home. Replacement cost should equal the actual cost of repairs or a new home of similar value. 

Home Insurance with Perry Insurance Agency

If you need home insurance in Vernal, UT, contact Perry Insurance Agency. Our trusted agents will discuss your options and help you select the best policy for your needs. 

What Types of Commercial Insurance Are There?

Entrepreneurs are only required by law in Vernal, UT to purchase worker’s compensation coverage, but there are many other types that people choose to buy for the benefits they confer. Below are several of these categories. 

General Liability

A standard corporate policy can cover medical payments due to injuries resulting from you simply doing business. This could be in the form of products or services that are unintentionally dangerous to the health and well-being of others. You can also face lawsuits due to negligence in this regard.

Another common contingency is when employees cause property damage, such as fixing systems inside a client’s home. Personal injuries can also come in the form of libel or slander, and your Perry Insurance Agency can share its expertise on what situations would be included. 

Property insurance

Your inventory, machines, and products can be stored in a central building and are subject to loss due to heavy rains, high winds, or electrical surges. Fires can also potentially raze your warehouse to the ground. Customers or workers can fall on slippery surfaces, incurring expenses and potential legal troubles, and property insurance help protect your investments. 

Other Insurances

Errors and omissions protect against costs due to typos and accidentally misleading information. Business interruption insurance can help you generate income when forces outside your control render you temporarily unable to operate. Commercial auto insurance is for enterprise that has work vehicles, such as a fleet of trucks or vans. 

Perry Insurance Agency Can Assist You

We offer business owners the commercial insurance products they need, and we can tailor a package to suit the specifics of your company. We serve those in the Vernal, UT area and will be happy to speak to you further online, over the phone, or by meeting in the office. 

Things home insurance doesn’t cover

Owning a home comes with an immense amount of responsibility. Home insurance can give you a sense of security that you can withstand any accident or incident that may befall you. That is not entirely true. All home insurance policies have exclusions, things they won’t cover. In Vernal, UT, you can count on  Perry Insurance Agency to provide the coverage you need to feel confident you have enough coverage. 

Wear and tear

Things wear out and stop working or break. This is natural and not something your home insurance will pay for. So, when your refrigerator dies, it’s not covered, and when your roof reaches the end of its usefulness, it’s not covered. 

Floods

Floods are one of the most devastating natural disasters, and as little as an inch in your home can cause thousands of dollars in damage. But your home insurance offers no coverage for floods. You can, however, purchase flood insurance, and if you are at any significant risk, you should purchase it. 

Earth movement 

There are different types of earth movement. Earthquakes and sinkholes are earth movements. Mudslides and landslides are earth movements. What they all have in common is that home insurance doesn’t cover them. If you feel that there is a danger you may need it, separate insurance is available for these things. 

Owner neglect 

The insurance carrier believes that, as a homeowner, you are responsible for maintaining your home. That means you should get your home inspected and treated if there is termite danger in your area. If you get infested with rodents, it’s your fault, and if your old leaky roof causes damage, it’s your problem. 

Contact Perry Insurance Agency in Vernal, UT when you are in need of home insurance information. If you want us to review your current coverage, we are here for you.  

How Renters’ Insurance Protects You

When you rent your home, there is a special type of insurance just for you. While you don’t need home insurance because you aren’t the owner, you need renters’ insurance. The landlord will have home insurance on the property, but that won’t cover your losses if a serious incident happens. It’s important to always have renters insurance for as long as you rent. To get started, give us a call at Perry Insurance Agency in Vernal, UT.

Coverage for Your Belongings

One major thing the landlord’s policy doesn’t cover is your possessions inside your rented home. Renters’ insurance covers them, though; this allows you to have protection against a wide range of accidents and incidents that can ruin your possessions. This is important coverage because of the expense of replacing everything if a serious incident happens. The policy will list the types of incidents that you are covered against. This usually covers certain disasters and calamities. 

Liability Coverage

When you have renters’ insurance, it also gives you protection against liability. If someone entered your home and got injured there, you are most likely the one who will have to pay for their expenses, such as medical bills and legal fees. However, with renters’ insurance, the policy will pay for those expenses so that you don’t have to. It’s a type of coverage that many people don’t think about, but it’s important to have it in place just in case. 

Get Renters’ Coverage

When you need a renters’ insurance policy, we are here to help. Just call Perry Insurance Agency in Vernal, UT to talk with an agent about your insurance needs. We can help you get this vital insurance coverage. 

Buying an RV? Don’t forget about liability coverage!

Residents in the Vernal, UT area considering purchasing an RV can turn to the team at Perry Insurance Agency for all of their insurance needs. Feel free to give us a call or stop by our office with any questions that you may have about RV or any other type of insurance.

Why liability protection is essential for RV owners

RVs are large vehicles that can cause a significant level of damage when they are involved in traffic mishaps. This is true for both cars as well as property. In addition to the liability that can be involved with damage caused by traffic accidents, there are other areas of concern.

Many folks use their RVs as a "home on wheels" and live in their vehicles as they travel. This often means they set up camp in an RV park or campground for a certain period and stay in their RVs. While they are living in their vehicles, they may also entertain and have guests over to visit. If an injury should occur while a guest is onboard the vehicle, there can be liability issues at hand. 

Because this situation is possible, it is crucial to protect oneself. With a robust RV policy that includes sufficient liability protection, one can rest assured that they will have the coverage they need.

We look forward to working with you!

If you need a little guidance regarding insurance matters, Perry Insurance Agency is here to provide that assistance. We are proud to serve the greater Vernal, UT area and look forward to working with you too! Call or stop by today to learn more about RV insurance options.

Four Benefit of Motorcycle Insurance Offered in Utah

Owning a motorcycle in Vernal, UT is incredible as one tends to benefit from the great experience of riding on it. Whether a veteran rider or you just purchased your first bike, protecting yourself and the cycle is a critical affair as risks associated with an occurrence resulting in property damage and bodily injury may be suffocating. It is a requirement for a motorcycle owner to consider an insurance policy for their motorcycle. 

Perry Insurance Agency offers a tailor-made solution for your motorcycle insurance needs in Vernal, UT. Shop for your motorcycle insurance with us today and achieve the satisfaction you desire.

Legal compulsory requirements by the state aside, it is prudent for one to consider available insurance options for your motorcycle insurance that are reasonable and affordable. A motorcycle owner will benefit from several things among:

  • Comprehensive coverage– This coverage mitigates risks associated with damage or losses from an accident other than a collision. These include vandalism, theft, fire, falling objects, or even damage from lightning or a storm.
  • Liability coverage– It covers damage and bodily injuries to other people if an accident occurs. It is crucial to note that in case of an accident where you are at fault, it does not cover personal injuries or damage to the motorcycle.
  • Loan/lease-pay-off – This applies if your motorcycle is stolen or destroyed. Though it’s optional, it compensates for the face value of your bike in the event it’s stolen or damaged, minus the remaining lease or loan amount.
  • Payment for property damage or bodily injury is provided for under this policy if the other party in the accident is underinsured or not insured at all.
  • Medical expense coverage– The policyholder benefit from this policy as medical bills for you and your passengers is paid in the event of an accident.
  • Roadside assistance covers transportation, food, and lodging if your bike has mechanical issues.

At Perry Insurance Agency, we will customize your motorcycle insurance needs to suit you. You will be fortunate to benefit from our services which may include collision and comprehensive cover, total replacement cost, bodily injury or property damage, accessory coverage, roadside assistance, medical liability, and more.

Deciding on how much insurance one needs for their motorcycle and the coverage in an accident that leaves other people injured or property damaged is paramount. Call or visit our offices at Perry Insurance Agency for all your bike insurance needs in Vernal, UT.

What happens if there’s a slip and fall accident on your boat?

Vernal, UT boat owners can rely on the Perry Insurance Agency team for all their insurance needs. We are proud to provide our clients with insurance options allowing them to choose the best policies that best meet their needs. Call or stop by today if you have any questions about your current boat insurance policy.

Liability coverage is an essential part of any boat insurance policy

Slip and fall accidents can be a frequent occurrence, especially on boats. Unfortunately, if a passenger on your boat has such a mishap, you can be held financially responsible for their medical expenses. This is why many boat owners in our area opt for a robust amount of liability and medical expense coverage. 

With the proper protection in place, you can avoid the financial expense that can occur due to injuries sustained in a slip and fall accident. No one wants to worry about a lawsuit from a friend or family member due to an accident. But you can be protected when you have a comprehensive boat insurance policy.

Owning a boat does come with risks, and it’s essential to protect yourself from them. Your local agent can help you determine the level of coverage and protection appropriate for your boat insurance needs. 

Let us help you find the coverage that’s right for you!

The team at Perry Insurance Agency is here to help the greater Vernal, UT community with all of its insurance needs. If you are considering getting a boat or think it may be time to upgrade your current policy, you can count on us for all your insurance needs. Contact our office today to find out more!

What Are the Coverages Included in an Umbrella Insurance Policy?

No one likes to think about the worst-case scenario. But when it comes to your finances, it’s always best to be prepared. That’s where umbrella insurance comes in. Umbrella insurance is designed to protect you from major financial losses. But what exactly does it cover? In this article, we’ll look at the different types of coverage included in an umbrella insurance policy. By the end, you’ll better understand this important coverage and how it can help protect you financially.

Umbrella insurance is an additional layer of protection that sits on top of your existing auto and homeowners insurance policies. It provides extra coverage in a major accident or catastrophic event. That means that if you are sued for damages that exceed the limits of your auto or homeowners insurance policies, your umbrella policy will kick in and help cover the costs.

Now that we’ve covered how umbrella insurance works, let’s look at the different types of coverage it can provide. The most common type of umbrella insurance is liability coverage. This coverage protects you from financial damages for which you may be held responsible. That could include things like medical bills, property damage, and legal fees. Liability coverage is important because it can help protect your assets and your future income.

In addition to liability coverage, umbrella insurance can also help you if you are sued for

  • Defamation: If you are accused of making false or derogatory statements about another person, umbrella insurance can help cover your legal expenses.
  • Malicious Prosecution: If you are sued for filing a false police report or making false accusations against someone, your umbrella policy can help cover your legal expenses.

Umbrella insurance is vital in case of a significant accident or catastrophic event. It can help protect you from financial damages for which you may be held responsible. If you’re looking for umbrella insurance, Perry Insurance Agency Vernal, UT can help you find the right policy for your needs. Give us a call today.

Is There More Than One Kind Of Life Insurance?

The primary role of life insurance is to offer “replacement income” when you die. This means your dependents can use your life insurance proceeds to meet their financial obligations, settle debts, pay your funeral expenses, etc. While the overall objective of life insurance is clear, you will learn that there are several life insurance policies to help you meet different needs.

Here are different types of life insurance policies. If you want to know the kind that suits you, don’t hesitate to contact or visit Perry Insurance Agency for personalized advice. All types of life insurance fall under two categories:

  • Term life insurance: This insurance plan covers you for a predetermined period, typically between 5 and 30 years. Protection ends once the period lapses, and you don’t get any compensation despite years of premium contributions. You may renew the policy, but it will be more expensive since you are now older. If your health has deteriorated, expect to renew your policy at higher premiums.
  • Whole life insurance: This policy covers you for a lifetime. This coverage also accumulates a cash value that you can borrow against or use to supplement your retirement income.

You may ask whether you can have more than one type of life insurance policy. The simple answer is yes. As your life changes, you may realize that one type doesn’t cover you optimally. Nothing should stop you from buying an additional policy to cover your changing life insurance needs.

Life insurance in Vernal, UT 

Life insurance can be a complicated topic, but this doesn’t have to be the case if you partner with a knowledgeable insurance agent like Perry Insurance Agency. If you want to know the type of life insurance suitable for you, please contact us today.

Benefits of comprehensive auto policies

If you own a vehicle in the Vernal, UT area, it’s time for you to get to know the team at Perry Insurance Agency. We provide a full range of insurance products, including several comprehensive auto policy options. Give us a call or stop by and learn more.

Enjoy the benefits of a comprehensive auto policy.

After a few years of having an auto policy that provides basic coverage, many drivers decide that it’s time to upgrade. Today’s comprehensive auto policies provide enhanced protection along with some great features.

This is not your grandmother’s auto insurance! If you want to increase your accidents/collisions, liability, medical expenses, property, and vehicle coverage, it’s time to upgrade. In addition to increasing the policy coverage levels, you may want to consider adding one or more of the following features:

  • Roadside assistance – no one wants to find themselves broken down at the side of the road. It’s beneficial to have the proper assistance service in place should this ever happen to you.
  • Car rental coverage –  if your car requires repair or replacement due to a covered event, it helps to have rental car protection. Going without a car isn’t an option for many people, and rental car expenses can add up!
  • Decreasing premiums – this feature helps safe drivers save money. The longer you go without a claim, the lower your premium can go, too. This is a great option for any responsible driver and owner.

Reach out today and find out more!

Vernal, UT residents can turn to the folks at Perry Insurance Agency for all insurance needs, including auto policies. If you’d like to find out more about the comprehensive policies available in our area, give us a call today!