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Lifetime Investments, LLC

5555 E. Evergreen Street
Mesa, AZ 85205

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Are You Required to Carry Notary Insurance?

If you are beginning to work as a notary, one of the questions you may have is whether you are required to carry notary insurance, also referred to as Errors & Omissions Insurance. This is a question that we at Lifetime Investments, serving the greater Mesa, AZ area, are often asked. Here is the answer to this question. 

Are You Required to Carry Notary Insurance?

No. When you become a notary, you are required to put up what is known as a notary bond. If a mistake is made on one of the papers you are notarizing, the money to cover that mistake comes out of your notary bond. As such, you are not required to carry notary insurance, as the bond provides the legal minimum needed. 

Why Should You Carry Notary Insurance?

The main reason why you should consider carrying notary insurance is because it offers you more protection than a notary bond. A notary bond is the minimum amount of coverage that you are required to have. But if the damages done by your error cause more monetary damage than the bond covers, you can be sued and have to pay this amount out of your own pocket. Notary insurance helps to provide you with a greater level of coverage in the event of an error or omission, helping you to protect your personal finances.

While it is not required by law, there are many benefits to purchasing and carrying notary insurance. If you are looking to buy notary insurance in the greater Mesa, AZ area, let Lifetime Investments help you. Contact us today to learn more about these policies or to get a price quote for the right policy for you. 

Risk management insurance

If you’ve bought a home recently in Mesa, AZ, Lifetime Investment can help you figure out the process of the initial insurance home inspection. Among the most important considerations to make is how much you’re going to insure the property for. Like most people, you might think it’s as easy as stating the price at which you purchased the home. However, that does not necessarily reflect the cost of rebuilding the home should you need to. 
Insurance companies and well-established agents like Lifetime Investments, LLC have tools for calculating the estimating the value of reconstructing your home. They also need to consider any special materials and features that went into the construction of your home to come up with an appropriate value, and this is done through an insurance home inspection.

If you have a high-value or an older home in Mesa, AZ, Lifetime Insurance can assist you in a quality insurance home inspection, a process which is advantageous for three main reasons.

1.    They highlight potential risks that can result in losses or injury, allowing you to address them in time and avoid claims.
2.    They help you make an informed decision regarding the amount to get because you will have an accurate valuation of the cost of reconstruction.
3.    They ensure that you calculate the correct insured dwelling value, which is used by your agent to negotiate favorable terms.

Home insurance inspectors look for three things:

1.    Opportunities to increase the safety and security of your home. This includes identifying potential liability risks and fire hazards.
2.    Measurements of the property. The insurance home inspector looks for special features and the type of materials that went into your home’s construction, as well as the need for interior designers and architects.
3.    Whether or not systems such as plumbing, electric system, windows, and heating among other things are up to date.

Learn more about getting the appropriate insurance coverage for your home from Lifetime Investments, LLC.
 

The Importance of Understanding Policy Limits in Commercial Insurance

Ask business owners if their business is insured and they will know the answer. Ask them if they know their policy limits and you are likely to get a blank stare. For business owners, it is important to know the policy limits for commercial insurance coverage.

Policy limits may include more than just the hard dollar limits. There may be geographic limits, limits on the number of claims that can be filed within a certain period, limits on the amount allowed per claim, and limits on the types of filed claims permitted.

One of the most common serious risks for a business owner is when a calamity occurs and the business is underinsured. Damages may exceed the limits and force the business owner to pay out-of-pocket for them.

To understand any policy limits better, first, read your insurance policies carefully. Then reach out to your agent at Lifetime Investments, serving Mesa, AZ and the nearby areas, to have an insurance review conducted. This review determines the adequacy of your commercial insurance coverage.

Often, when a detailed analysis of the covered risk is made, businesses determine that they need far more commercial insurance coverage than they have. Besides general liability insurance, most businesses also now need coverage for cybersecurity risks, coverage for the risks of terrorism, and can benefit for improved coverage of business interruption.

When a disaster strikes, even if the business remains intact, it may be forced to temporarily suspend operations for an extended period of time. The business may have to shut down until power can be restored and the business can re-open. During this downtime, a business must pay the ongoing expenses when it does not have any incoming cash flow to pay for them. Having business interruption insurance in place helps with this problem.

Ask your agent at Lifetime Investments in Mesa, AZ to conduct a commercial insurance review to make sure the coverage is adequate and to explain any policy limits that exist.

Tips for Understanding Home Insurance

Every homeowner needs to have insurance. Not only is this a common requirement of mortgage lenders to protect their loaned funds, it is also important to have more than the basic home insurance required by lenders in order to protect the homeowner. For those purchasing a home for the first time, this guide will help them understand the different things to consider when getting home insurance. For those that already own a home, this guide will help identify the things that might have been overlooked and may need to have adjustments in order to have adequate home insurance coverage.

Basic vs. Extended Coverage

Basic home insurance coverage may be required by a lender. This type of coverage only covers certain kinds of events. Most homeowners benefit from having additional coverage for other things more than just the basics. Discuss the specifics of home insurance coverage with your agent at Lifetime Investments serving Mesa AZ and the surrounding areas to make sure your coverage is adequate for your needs.

Understanding Coverage Types

There is an important decision to be made between insuring a home for actual cash value and for replacement cost. Insurance for replacement cost is preferred because the insurance provides the amount needed at the current costs to rebuild a damaged home with materials of a similar quality. Insurance for cash value covers the amount needed to repair a home after deducting for depreciation. This amount can be far lower than the actual costs of rebuilding a damaged home.

Deductible

The deductible is the out-of-pocket expense before the insurance pays a claim. Higher deductibles usually reduce insurance premiums; however, the homeowner is taking the risk of having to pay the deductible amount if any repairs are needed.

Discuss your home insurance needs with your agent at Lifetime Investments in Mesa, AZ and have an annual insurance review to make sure you always have adequate coverage.

My Friend Was Driving When The Accident Happened. Will My Auto Insurance Cover The Claim?

Getting the right type and amount of auto insurance protects you from financial losses in case your car gets in an accident. Get the help of a reputable and committed insurance agency such as Lifetime Investments in Mesa, AZ to secure the most appropriate insurance policies. They may help you determine the right policies. Your friends and family may get into an accident while driving your car. You need to understand your auto insurance to determine whether or not it can cover the claim.

Who Is Covered?

Even though policies may be different depending on different insurance providers, anyone who lives in your house is typically covered when driving your car. You are also covered if you loan out your car to people who do not live with you. If, however, the dive your vehicle without your permission, your auto insurance does not cover your claim. The policy does not include people that are excluded from your policy. You may be sued for damages if you grant an unlicensed or intoxicated driver permission to drive your car.

Do not exclude drivers who are likely to use your car. The decision may cost you a lot of money in the future. If you do not trust someone, do not let them use your car even for short trips. Accidents may happen at any time.

Hire an Attorney

You may need to contact an attorney after your friend gets into an accident with your car. If they were unlicensed or impaired, you might be legally liable. The affected party may sue you for damages. An attorney may provide you with legal advice on how to handle the situation.

Contact Lifetime investments in Mesa, AZ to discuss your new quote for auto insurance.