How to Build a Better Home Inventory

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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

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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

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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

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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

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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. 

Tips on Choosing Home Insurance

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Whether you are building or buying a home, it is a significant milestone worth celebrating. However, owning a home also comes with the responsibility of ensuring you are protecting it, which is why you need home insurance. For homeowners of Altoona IA who may need help with choosing home insurance, Luke Peterson Insurance explains a few tips that can help.

Understand Policies

Some people purchasing home insurance may not have a good understanding of what home insurance is all about. This can lead to making a wrong decision that will cost them in the event of a loss. You need to understand the policy, the coverage, and the terms and conditions you agree with. Once you have understood the specifics of the policy you are purchasing, you are at a better place to even negotiate with an insurance provider.

Customize Your Policy

Most insurance companies provide various add-ons to top up your policy. The add-ons are for things not covered in your policy, and you want them added. It can be an invaluable asset, like jewelry. It helps ensure that all your important assets are entirely covered.

Assess Your Requirements

Assessing your requirements is almost the same as making a shopping list of essential things to buy. Once you know what you need, it is easy to know what policy will work for you. Research online on home insurance or talk to an insurance agent to better understand various policies. When buying home insurance, research is key.

Window Shop

Once you have understood the different policies and requirements, look into various insurance companies. Please make a list of the different policies you find satisfactory, compare them, and then decide.

When it comes to choosing home insurance, it is all about finding a policy that gives you adequate coverage to be protected from financial loss in case of a disaster. Residents of Altoona, IA, can reach out to Luke Peterson Insurance for assistance in choosing the right home insurance policy.

What do I need to know when picking a health insurance plan?

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Those in the Altoona, IA area will have a variety of health insurance needs. One form of insurance that people here will need to consider getting is health insurance. If you are going to pick any health insurance plan, many factors need to be considered along the way. It would be best to consider a couple of items when you are choosing your next health insurance plan. 

Type of Plan and Network

You will want to spend time assessing your type of plan and the network that comes with it. Many health insurance plans today have networks of primary care physicians and specialists that are within them. In many cases, your personal costs are much lower if you receive care from someone inside your network. You should evaluate the network of each insurance provider to ensure your preferred care providers are included. 

Costs Incurred

Another factor that you need to understand when choosing a health insurance plan is what your costs will be. A health insurance plan comes with complexities and different costs. Some of these can include your monthly premiums, co-pays for standard care and prescription, deductibles for individuals and all people under the plan, and total out-of-pocket maximum costs. You should carefully compare these plans to assess what the true costs will be. 

Residents in the Altoona, IA area need to make sure that they fully understand their insurance options. When looking for a new plan in this area, it would be wise to call Luke Peterson Insurance. The team with Luke Peterson Insurance understands the importance of health insurance. They also can help you be summarizing your options to make it easier for you to choose a plan that is ideal for your situation. 

4 Facts About Auto Insurance

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When you own a vehicle in Altoona, IA, it’s good to purchase the right auto insurance coverage. This way, your vehicle is protected against various perils, including theft, vandalism, hail, fire, accidents, and many more. You are also protected against liabilities and medical expenses you incur following an auto accident. 

However, the reality is that auto insurance can be confusing even to the most experienced car owners. With many myths flying around, separating the chaff from the grain can be a daunting task. Thankfully, Luke Peterson Insurance is here to offer auto insurance facts that will enable you to make an informed decision every time you shop for car insurance.

Auto insurance is mandatory in Iowa

Iowa requires you to carry liability coverage in your auto insurance policy. The liability coverage should have minimum bodily injury and property damage coverages to protect you when involved in a car accident that you are at fault.

Car insurance comes with more than one option

Auto insurance isn’t about liability protection only. It incorporates other options for optimal coverage. Typical auto insurance coverages include:

  • Comprehensive coverage for non-collision perils, like theft, fire, and vandalism.
  • Medical payments coverage to pay for medical expenses and final expenses for you and your passengers following an auto accident.
  • Collision coverage to cover for your car damage after an auto accident.
  • Uninsured/underinsured motorist coverage to protect you against damages and medical expenses caused by motorists with little or no insurance

Car insurance rates are not standard

Yes, your auto insurance computation won’t be the same for your spouse or colleague, even when the vehicle model is similar. Insurance companies factor in the below when determining your auto insurance rate.

  • Claim history
  • Driving record
  • Age 
  • Credit rating
  • Gender
  • Marital status
  • Occupation and education level
  • Zipcode

You can show proof of insurance ownership from your phone

In Iowa State, when asked to prove vehicle insurance ownership, you can use a car insurance ID card from your smartphone. 

Car insurance in Iowa

Need auto insurance? You are on the right page. Contact Luke Peterson Insurance in Altoona, IA, and our friendly team will help protect you and your vehicle.

Understanding Universal Life Insurance

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Getting your universal life insurance in Altoona, IA is vital because you will be covered as long as you pay the necessary premiums. Luke Peterson Insurance has encouraged family leaders to have a universal insurance policy and meet the essential requirements because this is one of the most critical insurance policies. Here are some of the significant benefits of universal life insurance. 

You Have Flexibility with Premiums

In standard life insurance policies, you have to pay fixed premiums to continue to enjoy the associated benefits. However, in universal life insurance, you have flexibility in premiums, which means your financial status will determine the amount you want to pay without facing extra fines or discontinuation. 

Your Cash Value Earns Interests

As highlighted above, universal life insurance has a cash value aspect, which is not commonly available in other types of life insurance policies. The cash value aspect that will be earning you some interest is suitable for your financial health because you will be getting a passive income. 

You Can Adjust the Death Benefits

How much your beneficiaries will acquire is not a fixed value as well. You have an option to adjust everything, including your death benefits. However, if you adjust the death benefits upward, it is essential to highlight that you should be prepared to pay more premiums. 

You Can Borrow Against Your Cash Value

Sometimes borrowing becomes very hard in the financial sector because lenders request that you must have collateral against your borrowing. In this case, you have the opportunity to use your cash value as collateral and get loans against it. 

Understanding universal life insurance will always be a challenge to new buyers. However, in Altoona, IA, Luke Peterson Insurance helps borrowers understand universal life insurance and make sound decisions. Contact us today for more information.

Commercial Insurance for Small Businesses Explained

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Altoona, IA, is one of the best cities to start your small business. When you start a business, you have to be ready to deal with several risks. It would help to be able to protect your business from potential liabilities it’s likely to face. 

Luke Peterson Insurance Company in Altoona, IA provides commercial insurance for small businesses. If you want to know more about this kind of coverage, keep reading.

Commercial Insurance for Small Businesses

Commercial insurance comprises different types of coverages that protect businesses, employers, and employees. Most commercial insurance policies have coverages such as liability, crime, and property, among other optional policies. 

Choosing the Right Commercial Insurance 

Business owners are usually in a dilemma on the type of insurance they need and its cost. Your business is the primary determinant of the commercial insurance you should buy. You ought to consider other factors such as:

  • Number of workers
  • Location
  • Gross annual revenue
  • If the company rents or owns vehicles 

As your business continues to grow, you might want to expand your coverage. It would be best to cover the additional employment or investments that you make as the business grows. 

Types of Commercial Insurance to Consider for Your Small Business

As a small business, you should consider commercial insurance types to know which to prioritize. Some coverages to consider include liability, property, workers’ compensation, and business vehicle insurance.

An insurance agent can be better positioned to analyze your business and establish the coverage to prioritize. At the most basic, liability insurance is indispensable. 

Insurance for your small business in Altoona, IA is one of the best decisions you could make. With Luke Peterson Insurance, your small business will start on the right foot. Talk to us today and get all your questions on commercial insurance answered.

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