Benefits of Life Insurance

Death is a general misfortune that can strike at any time. This eventuality requires you to devise a formidable financial plan for your dependents while living to avert any financial constraints. When a demise sometimes occurs, and no one made prior preparations, it culminates in grave financial implications for beneficiaries, especially if one was a breadwinner. Are you searching for a formidable financial tool that will cushion your beneficiaries from any financial difficulties upon your demise? Consult with us at Luke Peterson Insurance in Altoona, IA and our charismatic agents will guide you in getting life insurance coverage that meets your needs and budget. 

Benefits of Life Insurance

Life insurance and death benefits are tax-free

By submitting your premiums promptly, for your life insurance coverage and your death comes to pass, your beneficiaries are entitled to death benefits paid in a lump sum, and luckily they are not taxed.

Life insurance can supplement one’s retirement benefits

Buying grotesque life insurance coverage from Luke Peterson Insurance, especially a whole or universal policy, builds up an insurmountable cash value, which is instrumental in helping you to supplement your retirement benefits.

Addition of more financial security

 Getting life insurance coverage will ensure that your children’s dreams in life aren’t disrupted after your death strikes. A life insurance policy can boost the financial muscle of a policyholder when he is alive or not. This form of policy ensures that your beneficiaries fulfill their cherished dreams even if your demise time comes.

To cater for debts and other impending expenses

In our everyday life, we indulge ourselves in debts and accruing expenses emanating from our daily operations. Life has to continue, irrespective of your abrupt death. However, ponder about this. Your death has transpired; you hadn’t cushioned your dependents financially? Fortunately, life insurance enables your beneficiaries to fund their daily expenditure ranging from debts and children’s education to settling burial expenses.

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Are you searching for salient life insurance coverage? Please call or visit us at Luke Peterson Insurance in Altoona, IA and get more information about life insurance.

Will my auto insurance pay for the damage caused by the tree that fell on my car?

Most people understand that auto insurance is a requirement for all drivers. Liability insurance provides coverage and protection for property damage and people injured in an accident where you’re at fault. However, the type of auto insurance you carry determines your coverage options. Our team at Luke Peterson Insurance in Altoona, IA takes pride in helping drivers choose the best coverage.

Auto Insurance: What You Need To Know

Will my Auto Insurance Pay to Repair my Tree-Damaged-Car?

Yes and no. Drivers who carry auto liability insurance have coverage that pays for damage to someone else’s property and injury to others. However, liability coverage will not cover the repair of your vehicle or injuries, but comprehensive auto insurance will. Comprehensive auto insurance provides coverage for damage caused by non-moving accidents. Comprehensive coverage involves a wide range of situations and accidents. 

Comprehensive Auto Insurance 

Comprehensive auto insurance will pay to repair your tree-damaged car. Your comprehensive auto insurance policy will pay to repair or replace your vehicle in the event of theft, vandalism, fire, hail, falling objects, natural disasters, and damage caused by animals. Comprehensive auto insurance also provides coverage for:

  • Hitting an animal
  • Riots 
  • Theft of parts of a vehicle
  • Cracked windshields

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Drivers aren’t obligated to invest in more than liability insurance. However, drivers have many options in auto insurance. They can invest in liability insurance or invest in more. Each option provides specific benefits and coverage options. However, drivers interested in auto insurance that covers non-moving accidents should invest in comprehensive coverage. Our agents at Luke Peterson Insurance in Altoona, IA would be happy to explore auto insurance options with you.

Making sure your equipment is protected with the right commercial policy

Luke Peterson Insurance has the knowledge Altoona, IA area residents need to make informed insurance choices. If you are a business owner who is deciding which commercial insurance policy is the right way for your company to go, call us today. We can set up a consultation and help you determine which policy is the most appropriate for your needs.

Tips for finding the right commercial insurance policy for your needs

  • Review your needs – how much and what type of insurance you need can often depend on the type of business you do. Firms that operate in highly litigious industries will require more liability protection, for example.
  • Calculate your equipment and inventory coverage requirements – calculating how much your equipment and inventory are worth is a great place to start. This will give you a good foundation for determining your overall commercial insurance needs and coverage levels.
  • Sit down with a local agent – working with a local agent who takes the time to fully understand your needs will help you find the right policy and the proper amount of coverage that your commercial interest requires.

Commercial insurance is an important part of business ownership, and choosing a policy is a decision that should not be taken lightly. Be sure to have all of your questions answered before you opt for your commercial insurance policy.

Contact our office today!

Altoona, IA area business owners can count on the professional team at Luke Peterson Insurance for all of their commercial insurance needs. If you are wondering about the most effective and efficient way to keep your company protected, we are here to help. Call our office today to set up a consultation and let us get to work helping you!

Will My Home Insurance Cover a Detached Garage?

Home insurance is a vital investment that protects your most valuable asset, your home, against the many risks that can crop up. Whether you’re buying a new home or renewing your policy, you’ll want to make sure that your home insurance covers your home and its contents to the maximum extent possible. But what about a property that’s not attached to the house itself?

Our professional agents at Luke Peterson Insurance are ready to help Altoona, IA homeowners understand what home insurance covers. The answer might surprise you!

You have more than one type of coverage.

Even the most basic home insurance policy covers more than just the structure of your home. It is usually a package of coverage that includes the following:

  • Dwelling coverage for the structure of the home and structures attached to it.
  • Other Structures coverage for structures not attached to the house.
  • Personal Property coverage for your belongings.
  • Loss of Use coverage for the time your home is uninhabitable and being repaired.
  • Personal Liability coverage for lawsuits that can be brought against you or your family members for personal injury or damage to someone outside your household.
  • Medical Payments coverage for medical expenses incurred by someone other than you who is hurt on your property or by your animals.

Your detached garage is covered.

A detached garage is considered covered by the Other Structures part of your policy. However, it does not have the same coverage as your house.

The typical limits of Other Structures coverage are between 25 and 50 percent of the replacement cost of your home. If your home is worth $200,000, your garage may be covered up to $100,000 instead of $200,000. It’s important to note that this is only an example, and your coverage limit may be lower or higher depending on your policy.

If you want to increase the amount of coverage your garage receives, you may be able to purchase additional coverage through your agency.

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Altoona, IA residents interested in learning more about their insurance options can reach out to Luke Peterson Insurance today.

Which Type Of Health Insurance Plan Is Right For Me?

You can choose from a number of health insurance plans, but the most important thing to consider is whether or not the plan covers all of your needs. Some plans may only cover doctor visits, while others may provide benefits such as mental health services or prescription drug coverage. 

Some plans will cover a limited range of costs, while others cover everything. Most Americans have at least one health insurance plan but may not know it. Even if you have Medicare, you may still have health insurance through your workplace or an insurance company off-farm. Luke Peterson Insurance in Altoona, IA offers the following guide to navigate health insurance basics. 

Health Insurance: The Basics

While most people think of health insurance as a way to cover future medical expenses, it is also a way to cater to costs right now. While a trip to the doctor may not directly result in medical bills, it can cause anxiety and stress, which can lead to higher medical bills in the future. Luke Peterson Insurance, a firm serving at Altoona IA is a great choice to seek help. 

By taking steps like eating right, keeping diseases at bay, and getting enough sleep, you can significantly reduce the chances of getting sick in the first place. Health insurance can help pay for a wide range of medical services, including doctor visits, hospital stays, surgery, and more. You should also compare different plans to find the one that’s right for you. Consider these four health insurance plans: 

  • Health Maintenance Organizations (HMOs) 
  • Preferred Provider Organizations (PPOs) 
  • High-Deductible Health Plans (HDHPs) 
  • Point-of-Service (POS) Plans 

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The best health insurance plan has a variety of benefits, such as help paying for a particular illness or injury, discounts on health care services, etc. Choosing the right health insurance plan for you can help you lower your health insurance premiums, and lower your monthly expenses as well. 

It can also help you save money by reducing the cost of dentist visits and other health care costs. Get started with Luke Peterson Insurance serving the greater Altoona, IA community.

How much insurance do I need to drive in Altoona, IA?

Iowa drivers are legally required to carry auto insurance that meets the mandatory state minimums. Drivers who choose not to carry insurance can be fined if they are caught. However, there are a few loopholes that may grant Iowa drivers extra time to purchase insurance coverage. Our team at Luke Peterson Insurance of Altoona, IA is dedicated to helping Iowa residents get the insurance coverage they need.

Iowa State Minimum Auto Insurance Requirements

Iowa drivers must carry auto liability insurance for both bodily injury and property damage. Iowa’s state minimum requirements for auto insurance require all Iowa drivers to carry $20k in bodily injury for one person. If a car accident involves injury to more than one person, $40K is the minimum amount of coverage required to cover bodily injury to two or more people in an accident. Iowa drivers must also carry liability insurance for property damage in the amount of $15K. In short, Iowa drivers must carry bodily injury liability and property damage liability. Drivers who attempt to drive an uninsured vehicle may receive a small fine if the car has been uninsured for thirty days or less. 

Other Considerations…

Conversely, Iowa has a new car insurance grace period. New car owners are given two to thirty days to acquire auto insurance. During this grace period, new car owners in Iowa are allowed to drive an uninsured vehicle for a preset number of days before acquiring insurance. New car insurance can be purchased or the new car can be added to an existing policy. If you have questions regarding what’s required to legally drive in the state of Iowa, give us a call. We’d be happy to answer your questions. Our team at Luke Peterson Insurance of Altoona, IA is standing by to help Iowa customers. 

What commercial insurance is required in Iowa?

Owning a business in Iowa comes with the usual risks that all businesses face. Most businesses are small businesses and are particularly vulnerable to risks that can put them out of business altogether. Having the right commercial insurance can mitigate some of those risks. At Luke Peterson Insurance in Altoona, IA, our goal is to find our customers the right insurance for their needs and budget. As an independent insurance agency, we can offer our customers more choices and personalized service. 

In the state of Iowa, businesses are required to have workers’ compensation insurance and commercial auto insurance. Workers’ compensation coverage protects your employees when they are injured on the job. It provides medical care as well as time lost from work. If your business owns any vehicles, they need to have commercial auto insurance coverage. The required coverage is 20/40/15. What that means is $20,000 for the first injured person in an accident, with a total for any accident of $40,000. The property damage coverage is $15,000. 

While they are not required in the state of Iowa, commercial property and commercial liability insurance are still a good idea for businesses to have. 

When you have commercial property insurance, your property, not just the building, is covered from the perils that could close your business. You can’t operate without the tools of your trade, your machinery, inventory, office equipment and furniture, computers, and more. 

Commercial liability insurance can end up being the most important coverage of all. Businesses are sued frequently and if you lose a judgment it could devastate your business. Don’t become a statistic. With commercial liability insurance, you are prepared to deal with any legal actions that happen, and even your legal expenses are covered. 

Contact Luke Peterson Insurance in Altoona, IA for all your commercial insurance needs. 

How to Create a Quality Home Inventory List

When you want to get a personal property insurance policy added to your home insurance, you’ll want to create a home inventory list. 

Start with the Basics 

Start out using pen/pencil and paper for your list. You can look online to see how you should format this list.  

Include the Expensive Items 

You should make sure to have all of your expensive items on your inventory. Some of the more common ones to include are antiques and artwork as well as specialty equipment. Take care not to forget items like musical instruments, firearms and collectibles. 

Keep Your Receipts 

It’s important that you keep documents that involve your large purchases. This helps you to show proof of ownership to your insurance company if anything has been damaged or stolen. Gather your paperwork such as appraisals and sales receipts, then add them to your home inventory. 

Focus on a Small Area 

Start out by focusing on a room or small area of your house for your process. This will keep you from being overwhelmed since you won’t think about your entire house at once. Just like with anything else, the most difficult part is beginning your process. 

Include Your Storage Space 

The standard homeowner’s insurance policy covers items that are in storage. However, there are limits to this. Make sure you take inventory of your storage unit contents. You might overlook this or think that it’s not covered, but you should turn this list in to your insurance agent. 

When you want to get coverage for your belongings, a home inventory is your best bet. Consider talking to an independent agent from Luke Peterson Insurance of the greater Altoona, IA area to get started. 

How would commercial insurance protect an Altoona business?

Those that are in the Altoona, IA area may find that this is a great place to start a business. If you want to be a business owner here, it would be wise for you to get the right insurance for the company. A form of coverage that all businesses in this area of Iowa need to get is commercial insurance. A proper commercial insurance plan will protect your business here in a few ways.

Protect Core Business Assets

One of the advantages of having a commercial insurance plan is that it can help to protect your core business assets. A business that is here will need to make various investments to start its company. This can include heavy equipment, inventory, and other core assets. Losing these to a fire or other form of loss could be quite detrimental. Fortunately, you can protect these assets if you do get a commercial insurance plan.

Offset Liability Risk

You should also get a commercial insurance plan to ensure that you are mitigating your liability risk. There is always going to be a chance that you could cause an accident when running your business that results in injury or property damage. Due to this, you are always going to take on liability risk. A great way that you can offset this is with a commercial insurance plan as it will include a general liability provision.

People that are in the Altoona, IA area and want to get a commercial insurance plan for their company should call the team with Luke Peterson Insurance. There are always a lot of choices to make when looking for coverage and Luke Peterson Insurance can help you assess your options and build an ideal plan. This can ensure you and your company are properly covered. 

How to Build a Better Home Inventory

It’s essential to have an updated, complete home inventory, but it’s an easy task to put to the bottom of your list of priorities. It’s tedious and time-consuming. When it comes to picking the right homeowners policy, it’s an invaluable tool to have. It can prevent you from making a costly mistake in judgment down the road should you need to file a claim. Having an updated, robust home inventory can also speed up the claims process and help you get the best reimbursement possible for damaged or stolen items. 

Make use of technology. 

Technology has vastly improved the process of creating and maintaining a home inventory.  Many apps, some even free, can help you build an inventory, store photos and videos, copies of receipts, and item details. You can create your inventory simply with your phone’s camera, recording video and pictures of every item in your home, and capture receipts, appraisals, serial numbers, and more with ease. 

Document in order of importance. 

It’s a big task. It’s easier to begin when moving as you already have to handle all your possessions, but if you can’t do that, start with the most expensive, highest importance items. Then move room by room in order from most vital to least vital. You can survive without your dollar store basket included in the inventory, but it would suck to come out of pocket on your wall-sized 4k television. 

Keep it updated. 

When you make a new purchase, make a note of your home inventory. Apps make this much easier since you can take a snapshot and update it quickly and efficiently. As a bonus, these are more secure than a written list as they can be password protected and remotely stored. 

Know What to Record:

  • Item description
  • Serial number or make and model
  • Date acquired and purchased price, plus receipts or appraisal
  • Any other relevant information to replace the item, should it go missing

If you need additional guidance, please visit or call Luke Peterson Insurance today. We are happy to discuss how your home inventory can help you make the most of your homeowner’s policy in Altoona, IA.