Why Does the Need for Umbrella Insurance Increase at Age 40 and Older?

At Capital Insurance, we try to serve Spokane, WA as a trusted friend and an insurance agency. You may have read that most insurance and financial consultants consider 40 to be the turning point for being able to completely rebuild retirement savings by the typical requirement age. We want to explain why and how umbrella insurance can save you from such an arduous task.

If You’re Found At Fault For An Accident

A lot can happen in life. You could incur liability by libeling someone or causing an accident. However it happens, if the court finds for the injured, you will have to pay a settlement. That means you will need to pay a lump sum of money to the injured.

Your home or auto insurance provides a limited amount of liability coverage. It may not cover the full settlement. What your insurance does not cover, you pay out of pocket. For some individuals, that means selling some stock; for others, it means making an early withdrawal from their retirement savings.

Withdrawing early money from retirement accounts, such as 401(k) accounts, incurs a 10 percent tax penalty and you then need to rebuild your IRA to its previous balance.

How Umbrella Insurance Helps

If a person pays out of pocket for a liability loss, that is what happens. Having umbrella insurance solves the problem of needing to pay out of pocket or rebuild savings, so you can provide for yourself in retirement.

If you have yet to reach the age of 40, you have time to rebuild your IRA to its prior balance by making extra deposits. It might require taking a part-time job, but it’s theoretically possible. After the age of 40, most individuals could not completely rebuild an IRA to its appropriate balance. It would require more deposits than legally allowed.

Umbrella insurance saves you from this scenario. Insurance agents recommend umbrella coverage more heartily for those 40 years of age and older for this reason. Umbrella coverage picks up where regular liability coverage leaves off. With it, when your primary policy, such as your auto coverage, pays out fully, the umbrella kicks in and covers the rest. You never need to access your retirement funds early. Umbrella coverage pays for the settlement for you.

Contact Us Today

Why wait and tempt fate? Protect your way of life in Spokane, WA with umbrella insurance. Contact Capital Insurance today to start your policy.

Is Flood Insurance Really Necessary?

If you’re a Spokane, WA resident and you’re either already a homeowner or you’re thinking about becoming one, you might wonder about flood insurance. You might believe you will be covered in case of flooding since you have or will be purchasing homeowners insurance, but here is an overview of some things for you to consider:

Spokane, WA is More Susceptible to Floods than Other Cities

Flooding can occur in any city at any time, but the likelihood of it occurring in Spokane is increased. It is believed that this is due to the city’s proximity to the Spokane River and Latah Creek. While Spokane certainly doesn’t receive as much rain as cities like Fort Myers, Florida, or Coastal Georgia, you can never predict when a flood might occur. This means that flood insurance is always a good idea.

Limited Assistance from FEMA

The government offers a program called the Federal Emergency Management Agency (FEMA), that provides assistance to homeowners in the event of a flood or other disaster. FEMA offers grants, low-cost loans, and additional resources to assist disaster victims, but there are limitations. In some cases, there are long waits and limited funds, if there are even any funds available at all when you apply.  

Homeowners Insurance Also Has Limitations

Many homeowners automatically assume that their homeowners’ insurance will cover any damage sustained by flooding, but most homeowners insurance plans don’t cover flooding. Many homeowners have found out the "hard way" that they should have flood insurance in addition to their homeowners’ insurance. It may seem like a bit of an overkill, but it isn’t. It’s protection for you, so you won’t have to pay out of pocket for any damage from flooding. 

Capital Insurance Is Here To Help

As you can see, by opting for flood insurance, you’re adding maximum protection in case the unfortunate were occur. You may never actually experience any damage from a flood, but there’s nothing like having peace of mind by purchasing flood insurance. If you’re seeking a new insurance provider, we here at Capital Insurance are a great agency that can provide you with top-notch service and optimum coverage. Hopefully, you can use our agency for all your insurance needs. 

Tips to improve your gas mileage

If you’d like to save money and the environment here in the Spokane, WA area, we at Capital Insurance have a few tips to help improve your gas mileage.

Tips to improve your gas mileage

1. Drive Sensibly

Avoid aggressive acceleration and braking, as it can lower your fuel efficiency by 33%. Keeping a steady speed on the highway will also help you save money at the pump.

2. Keep Tires Properly Inflated

Properly inflated tires improve your vehicle’s performance and help you conserve fuel. Check your tire pressure regularly and keep them within the recommended range for best gas mileage. 

3. Use Cruise Control

Setting your cruise control is another way to maintain a steady speed while driving on the highway, which helps you get better gas mileage. 

4. Lighten Your Load

 The more weight in your car, the harder it is for your engine to work, thus reducing fuel efficiency. So if you don’t need an item, leave it behind or store it somewhere else! 

5. Reduce Air Conditioning Usage

As much as we all enjoy a nice cool breeze in our car when driving during hot summer days, keep in mind that using too much air conditioning reduces fuel efficiency since it requires extra power from the engine to run. Try rolling down windows when conditions allow to reduce drag on your vehicle and possibly improve gas mileage by up to 10%. 

6. Limit Idling Time

 Letting your vehicle idle uses up gasoline without actually going anywhere; try limiting idling time whenever possible such as when picking someone up or waiting in line at a drive-thru window.

Reach Out To Us

For more tips, give us at Capital Insurance a call today. We are proud to serve the Spokane, WA area.

Why do you need commercial insurance for your business?

Being a small business owner is a dream for a lot of people. When you are looking for a place to start a new business, coming to Spokane, WA is a good option. This is a growing community that has a lot to offer small businesses. While there is a lot of opportunity here, you do need to protect the company as well as possible. A great way to do this is with a commercial insurance plan.

You will need to have a commercial insurance plan for various reasons:

Cover Business Assets

An important reason for any business to have a commercial insurance plan is to cover business assets. When you start a company, you are bound to need various assets to get the company off the ground. If you have a commercial insurance plan, you will have coverage to replace or repair these assets in many situations. 

Reduce Liability Risks

It is also a good idea to have a commercial insurance plan to reduce your liability risks. A business in any industry is going to take on liability risks. If you are found liable for an accident, it could be a large financial setback. With insurance, you will have support in these situations. 

Meet Obligations

You may also need to have a commercial insurance plan to meet insurance obligations. Most businesses will sign agreements that require insurance. These can include loan documents, lease agreements, or vendor or client contracts that have a vested interest in your business. 

Reach Out To Us

Overall, any business owner in the Spokane, WA area should take their insurance needs seriously. When you are looking for a new commercial insurance plan here, it would be smart to call Capital Insurance. Our professionals with Capital Insurance can help you create a plan that is ideal for your situation. 

How to prepare your boat for a storm

If you’re a boat owner here in the Spokane, WA area, ensuring that your vessel is properly prepared for a storm should be one of your top concerns. Storms can cause severe damage to vessels that aren’t adequately protected and cared for.

Here are some tips from Capital Insurance to help you prepare your boat for a storm: 

1. Check the weather forecast and dock or moor your boat in an area that has minimal exposure to the wind and waves. 

2. Double-check all of your lines and mooring hardware to make sure they are secure and in good condition. 

3. Remove anything that could become loose during the storm, such as antennas, flags, etc., and stow them away safely in a dry place. 

4. If possible, move all electronics (radios, computers, GPS systems) off the boat or store them in a waterproof storage container with extra padding. 

5. Make sure all hatches are closed securely and vents sealed shut with waterproof tape or covers if available. 

6. Check the bilge pump is functioning correctly so that any water ingress into the vessel can be managed appropriately. 

Following these steps can help protect your vessel from potential damage during a storm, giving you peace of mind before heading out on the open water again afterward!

Reach Out To Us!

For more safety tips or to find a policy that will cover your boat, give us at Capital Insurance a call today. We are proud to serve the Spokane, WA area and would be happy to help you find a policy that meets your needs and your budget.

So don’t wait! Call us today!

Four reasons why it’s important to have classic car insurance

Owners of classic cars in Spokane, WA should carry an appropriate insurance policy. Capital Insurance can provide you with a classic car insurance policy that meets your unique insurance needs.

The following are four reasons why it’s important to have classic car insurance:

Owning a classic car is different from owning a regular vehicle. 

Your insurance needs aren’t the same with a classic car as they are with a regular vehicle. A classic car insurance policy is customized for the unique insurance needs of classic car owners. 

You need to protect the value of your classic car.

Classic cars are generally worth more than regular vehicles. You need more collision and comprehensive coverage to cover the full value of a classic car. Fortunately, a classic car insurance policy can protect your classic car up to its full value. 

You are required by law to insure your classic car if you take it out on public roads.

You must have some type of car insurance to legally drive your classic car on public roads. A classic car insurance policy will meet the state-mandated liability coverage requirements for you. 

Classic car insurance can take into account the time your classic car is in storage.

A lot of classic car owners don’t drive their classic cars during the winter months. Instead, they keep their vehicle in storage during this time. A classic car insurance policy can be designed to take into account the reduced usage of the insured vehicle during times of the year when the vehicle is in storage. 

Give Us A Call

At Capital Insurance, we’re happy to provide you with the classic car insurance that you need. We insure classic car owners just like you in Spokane, WA. Get in touch with us so that you can get a quote on a policy that insures your classic car. 

Protecting Your Sports and Recreation Organization with Insurance

Sports and recreation organizations are a vital part of the Spokane, WA community. Whether you are part of a local sports team or run a business that offers recreational activities, Capital Insurance is here to provide proper insurance coverage.

Why Do Sports And Recreation Organizations Need Insurance? 

Sports and recreation organizations require liability insurance to protect against the cost of third-party injuries, property damage, medical expenses, legal defense costs, and any judgments levied against them if they are found liable for damages due to negligence. The insurance company will pay these costs up to the policy’s limit after assessing their client’s claim. 

Additionally, having sports and recreation organizations insured guards against potential financial losses resulting from equipment damage or theft, as well as lost income due to business interruption caused by unexpected events such as natural disasters.

The Benefits Of Having Insurance

Insurance for your sports and recreation organization provides peace of mind knowing that you are financially protected if something unexpected happens. Additionally, having specific types of coverage, such as workers’ compensation, can help you avoid costly lawsuits if one of your employees is injured while performing work duties for your organization. Finally, having a comprehensive insurance policy can assist with public relations should an incident occur involving members of the public while they are involved in activities associated with your organization.  

Give Us A Call

Insuring your sports and recreation organization is important in protecting your business from potential financial losses due to unforeseen events or liabilities down the line. At Capital Insurance, we understand how important it is to have good coverage, so we offer tailored policies tailored specifically for sports and recreational organizations in Spokane, WA. Contact us today to learn more about how we can help protect your organization!

Why do I need renters insurance?

Renters insurance is one of those things you don’t think about until it’s too late. Many renters may assume that as long as they don’t own the property, they don’t need to worry about covering their possessions. But Spokane, WA renters should be aware that renters insurance is an important part of protecting themselves and their belongings. Capital Insurance explains why.

What Does Renters Insurance Cover? 

Protect your personal belongings by investing in renters insurance. This type of coverage safeguards you against unforeseen events, such as theft, fire, or vandalism. It also offers liability protection should an accident occur on the property for which you are responsible and damages another person’s items or property. Some policies also cover living expenses if you are forced to temporarily relocate.

Renters insurance also typically covers medical payments for guests who are injured at your rented property due to your negligence or an accident on your premises. Lastly, some policies provide identity theft coverage and coverage for personal items while traveling outside of the residence. In short, renters insurance can provide peace of mind knowing that you and your belongings are covered in case of an unforeseen event.            

Why Is Renters Insurance Important?              

Renters insurance is important because it protects tenants from potential risks associated with renting a home. For tenants, it provides financial protection against damage caused by any incident related to their rental property such as theft, fire, or water damage. 

Give Us A Call

Renters insurance is an important element of being a renter in Spokane, WA as it helps protect tenants from potential losses associated with renting. Contact Capital insurance today so that we can get you the coverage you need.

Who needs to have motorhome insurance in Washington?

Those that live in the Spokane, WA area will find there is a lot to do and enjoy. If you want to experience the area as much as possible, owning a motorhome can be ideal as it will provide you with a great way to get around. If you do purchase a motorhome, you also need to get motorhome insurance.

There are different situations when someone should have this coverage:

Those that Want to Drive

A situation when you will need to have motorhome insurance is when you want to drive it. If you are going to use any type of vehicle in Washington, you need to have liability insurance. This type of insurance ensures that you have the ability to cover damages if you cause an accident. When you have a motorhome insurance plan, it will provide this coverage to ensure you remain in compliance.

Those Looking to Protect Assets

You will also want motorhome insurance to protect your assets. A motorhome insurance plan with full collision and comprehensive coverage will provide all of the support you need to protect this valuable asset. With this coverage, it will offer support if you need to replace or repair your motorhome. This type of coverage will also be required if you choose to take out a loan when buying your motorhome.

Contact Us Today

If you would like to own a motorhome in the Spokane, WA area, it would be wise to ensure you have appropriate insurance in place. As you are looking for a new motorhome insurance policy, calling Capital Insurance to start your search is always helpful. Capital Insurance understands the value of this coverage and will give you input and guidance to help you choose your policy. This will ensure your asset is covered and that you continue to remain in good standing. 

I’ve Been in a Motorcycle Accident — What Should I Do?

Capital Insurance Group has served Spokane, WA bikers for years with all their motorcycle insurance needs. No one ever expects to be in a motorcycle accident. But if you find yourself in this situation, it’s important to know what to do next. 

Here is a step-by-step guide to what to do if you’re involved in a motorcycle accident:

Step 1: Check for Injuries

The first thing you should do after a motorcycle accident is to check for injuries. If you or anyone involved in the accident is injured, call 911 immediately. Do not move an injured person unless they are in immediate danger. Once the police and ambulance have arrived, they will take over the situation.

Step 2: Move to a Safe Location

If you can, move your motorcycle to the side of the road, so it’s out of the way of oncoming traffic. Turn on your hazard lights to make your motorcycle more visible. If you cannot move your motorcycle, stay put and wait for help to arrive.

Step 3: Exchange Information with the Other Driver(s)

Once everyone involved in the accident is safe, exchange information with the other driver(s). You will need their name, contact information, insurance information, and license plate number. It’s also a good idea to take photos of the damage to both vehicles and any visible injuries.

Step 4: Call Your Insurance Company

Call the Capital Insurance Group and let us know what happened as soon as possible after the accident. We will probably ask you for all the same information you exchanged with the other driver/s, so it’s helpful to have that information handy when you make the call.

Get Motorcycle Insurance Today

If you have questions or need help with your insurance claim, contact Capital Insurance Group—we’re here to help! We happily serve the greater Spokane, WA community.