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. 

Your Health Insurance Guide for Your Family

Are you trying to find health insurance for your family but aren’t sure what options are available? If so, you’re not alone. Many of our clients at Luke Peterson Insurance near Altoona, IA have this problem. Thankfully, we can help to make sure that you get the high-quality coverage that you need. 

Factors When Choosing Insurance 

When picking health insurance, you need to consider:

  • The overall health of your family 
  • Potential health issues that may occur 
  • Elements like your copays and premiums 
  • The network created by your policies 
  • Your budget as a family 
  • What kind of therapies you may need to consider getting 

All of these factors are critical to consider and will help to make your family safer and healthier. Before you buy any policy, though, you need to understand the different types of plans and how their differences may affect your overall policy effectiveness.

Types of Family Health Insurance Plans 

PPO plans create a network of doctors and other physicians who can provide you with high-quality care at a lower cost. When you try to work outside your network, you will pay more. An HMO plan is similar but requires you to get a referral for specialists and doesn’t allow outside network coverage. 

Other options include a health savings account that lets you pay tax-free money into a specialized account and catastrophic health coverage to help protect you from sudden health changes. These policies can be set up for you and your family to provide long-term help with health problems. 

Get the Help You Need Today 

Do you feel uncertain about your care options and want to minimize confusion? Please contact us at Luke Peterson Insurance, serving Altoona, IA, to learn more. Our team will help residents understand their coverage options and minimize confusion and other types of issues along the way. 

Life insurance FAQs

Life insurance is something that very few people are experts on. No one really talks about it, so you need to go looking for information yourself. You can go to the internet, but it is better to go directly to the experts who can answer any questions or concerns you have. At Luke Peterson Insurance in Altoona, IA, we are independent insurance agents, and we don’t owe our loyalty to anyone but our customers. We work with many carriers which allow us to offer you the most choices and the best prices. 

Who can I choose as a beneficiary?

The choice of beneficiary is up to you, there are no restrictions. However, keep in mind that if you choose a child, they will not be able to collect the money until they have reached the age determined by the state they live to no longer be a minor. 

If I get life insurance from my employer do I need to purchase my own?

Simply stated yes you do. While work insurance is a very nice perk it may not be adequate for your needs since it is usually one size fits all and if you change employers there is no guarantee you will be able to take it with you. 

Why should I choose whole life insurance?

The name says it all, whole life insurance is life insurance that will be with you for your whole life, it doesn’t have a term.  It also earns dividends.

Why is term life a good option?

Term life insurance is the most affordable option. It can provide you with the large amounts of life insurance you need when your children are young at a price you can afford. 

Can I actually have too much life insurance? 

Yes especially if you are struggling to pay the premiums. Your needs should be balanced with your ability to pay for the insurance. 

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

Auto Insurance and You: What You Need to Know

Are you just buying your first vehicle as a driver and aren’t sure what you need to know about auto insurance? This situation can be very confusing for our Altoona, IA, customers. However, we at Luke Peterson Insurance can help you better understand your options and give you the insight that you need to make sure that your policy is as up-to-date as possible for your needs. 

What You Need to Know 

If you need help with your auto insurance policy, it is essential to know what to expect from your coverage. There are many different ways that your policy will ensure that you don’t pay too much after a crash or another situation. Just a few ways that they help include how they:

  • Protect Against Crashes – Your policy will help you if you get into a crash and either has to pay for repairs for yourself or others. 
  • Liability Help – If you somehow damage a person’s vehicle or property, your policy can protect you from complications. This also includes health coverage. 
  • Damage Repair – In some situations, you may be able to use your insurance to pay for some types of renovations or upgrades to your vehicle. 

The type of policy that you purchase will vary according to your needs. Some people may just want the primary option because it is usually more than enough for most. However, others may need a more intensive policy that covers all of their needs to insure them properly. 

How We Can Help 

Do you need help finding an auto insurance policy that makes sense for your needs? Then, please contact us at Luke Peterson Insurance right away to learn more. We serve the Altoona, IA, area and will do what we can to help you get the most coverage protection possible for your car.

How commercial insurance can save your small business

The vast majority of businesses in the United States are classified as small businesses. Small businesses are all businesses with less than 1500 employees, but 89% of small businesses have 20 or fewer employees. They are very vulnerable to the many risks that are out there and not always able to survive when one hits their business. With commercial insurance a small business has a much better chance to survive. At Luke Peterson Insurance in Altoona, IA we offer our customer A+ rated carriers and are committed to providing the highest possible level of customer service. 

If your small business is hit by a covered peril, it can be hard to recover. With commercial property insurance you will be able to repair or replace all the things you need to keep your business in operation. This includes the building if you own it as well as your equipment you need to do business. It can help replace your office equipment, inventory and raw materials. Without commercial property insurance you would need to repair or replace all these things yourself. Your business might now survive. 

One area where small businesses are especially vulnerable is liability. It can be a customer, a vendor or an employee who decided to sue. The cost of legal help as well as any judgement against you can be enough to put you out of business. Commercial liability coverage may be the best investment you ever make in your business. 

If something happens to your business that means you can’t do business as usual, you won’t have any income. Business interruption insurance can help make sure you have the cash you need to pay your bills and salaries until you business is able to operate again. 

Contact Luke Peterson Insurance in Altoona, IA with all your commercial insurance needs and questions.