When you need coverage, you should look to your insurance agency to find the right policy. You might not be aware of some of the policies available to you. While you might think your traditional insurance will cover everything, you might be surprised to find out where traditional homeowner’s, rental, medical, and car coverage fall short.
Different Types of Coverage
If you should determine that you need any of these supplemental options, you should check with your insurance agency to find out whether they offer the coverage in question. Not all underwriters offer these policies. You may have to get these supplemental offerings from other agents.
If you have a dog, then you might want to purchase a dog bite or “pet liability” plan. While you might think that your four-legged friend would never harm anyone, there is always a chance that it could happen. According to the Insurance Information Institute, half of all incidents happen on the owner’s property. While homeowner’s liability may cover the medical costs, there can be complications, such as when incidents happen away from home. Having a specific dog bite policy will handle any unforeseen problems.
Those who live in coastal areas will want to get flood insurance. This protects your belongings from damage due to floods. What most homeowners don’t realize is that traditional homeowner’s plans do not cover this damage. That is why it is important to purchase these policies separately.
Burial coverage gives your surviving family members money to pay the cost of your funeral and burial. The cost is nominal, totaling only a few dollars a week or month. This policy is not often sold through a traditional insurance agency. You will either have to go to a broker or purchase from a funeral home.
Personal electronic equipment policies give you more protection than the standard homeowner’s plan. A traditional plan does not cover damage caused by installation errors. These programs offer repair or replacement of electronics such as computers, stereos, and televisions.
If you have valuable items like jewelry or high-end electronics, then you want to have supplemental coverage. While your homeowners plan does cover some items in the event of fire or theft, it does not cover everything.
Some businesses offer their full-time employees short-term disability. However, if your company is not one of those groups, you should look into having short-term disability added. Medical plans will help to cover bills from doctors and hospitals, but it will not help to cover normal monthly bills that can pile up if you have to miss work. While not all short-term disability programs are the same, it is something you should check into to ensure that you don’t fall behind on your bills.
Six Uncommon Policies Your Insurance Agency May Offer
JULY 26, 2018ADMINLEAVE A COMMENT
You want your home and family to be protected in case of an accident. It is the best thing you can do. However, that protection can be a little fickle. Your insurance agency may reimburse you in the event of certain problems, but it might not provide funds for other issues. In fact, if you do not have some of these policies, you may be footing the bill yourself in the event of an accident.
Everyone knows it’s a necessity to get an insurance agency to write a policy for a home, but many do not think about getting a policy when they are renting. Yes, your property owner has coverage for their property in the event of a fire or another incident. However, that policy does not cover your valuables. A typical policy only costs a few dollars a month and includes some liability coverage as well.
Like your children, your four-legged family members need annual checkups and vaccinations in order to be in top health. In the event that they need an operation at some point, it can get expensive. You can check with your insurance agency to see if they offer coverage for your pet that will help offset some of their general care costs.
Having a homeowner or even a renter policy does not mean that your valuable antiques are protected. Some policies do not cover these items, as they can be costly to replace or restore. However, if you own valuable family heirlooms, you may check into additional coverage. In the event that something should happen to the property, you want to make sure you have full replacement value or restoration coverage.
Most employers offer some form of disability insurance. However, they do not always provide long-term care coverage. In the event you should need to go to a nursing home or require long-term home care, this type of policy can save you money in the end. If you purchase this policy when you are younger, you will not spend as much. However, they can be pricey if you are not careful. You may also only purchase one that pays for three to five years of service, as most holders need them for more than three years.
Most people understand the need to put money back for their retirement. However, in some cases, even the best-laid plans can find you running out of money before you pass. By purchasing longevity plans from an insurance agency, you can help ensure you are not in a bind. This program allows you to receive a specified monthly amount beginning at age 85. For example, you purchase $50,000 indemnity at age 55. At age 85, you would begin receiving the same approximate amount yearly.
Wedding plans are nominal in cost, but they can save you a lot of frustration. The average cost of the big day can be upwards of $24,000. If you have to postpone it due to inclement weather or the death of a family member, you could spend as much to get it back on track. Having something in place to help you in the event your big day doesn’t go as planned is a good idea.
The Three Most Common Types of Insurance
JULY 26, 2018ADMINLEAVE A COMMENT
There are many insurance plans available to offer coverage for various sorts of damage or accidents. All families should have at least one of these three.
Types of Homeowners Policies
Homeowner’s insurance falls under one of six categories. HO-1 and HO-2, as they are more commonly known, cover only the property against specifically listed damage. These policies vary as to what damage is covered, and neither protects belongings located on the property. HO-2 forms offer more coverage than an HO-1.
HO-3 protects against all types of damage, not just specifically listed damage. It also protects a select list of belongings located within the structure from specific damage.
HO-4 and HO-6 cover only belongings. Renters use these policies as the landlord or management company holds coverage on the dwelling. As with HO-1 and HO-2, HO-6 offers greater protection than HO-4 and is more expensive.
HO-5 is similar to HO-3 in that it covers the property as well as personal belongings. The difference is that HO-5 covers all belongings, not just a set few. It is also more costly than some of the others, but it is worth it.
Types of Medical Options
Medical is another common form of insurance, and as with homeowners, there are different kinds for you or your employer to choose.
Health Maintenance Organization, or HMO, is one of the most used types. This plan allows you to choose from a network of providers, and it also includes preventative care. However, you must be referred by your primary care physician in order to see a specialist. There is also a small copay you must pay at each appointment.
The Preferred Provider Organization, or PPO, also has a network of doctors available. Unlike an HMO, you do not have to choose a primary care provider. You can see any physician, or even a specialist, as long as he is in network. Also, you do not have to have a referral to change doctors. As with other plans, each visit requires a copay.
Exclusive Provider Organization, or EPO, works very similar to HMOs and PPOs. These cost less and have a network of providers available. However, unlike a PPO, where an out of network doctor visit is covered up to a point, there is no out of network coverage for these plans.
The Point of Service Plan, or POS, is a hybrid between an HMO and PPO. POS requires a primary care provider assignment, but you can see out-of-network doctors if you are willing to pay a higher copay.
Different Auto Coverage
Auto insurance is also widely used. Depending on your loan terms and state requirements, some options may be unavailable to you.
Liability plans cover damage and medical bills in the event the accident was deemed your fault. It only covers the damage done to the other person’s property as well as any of their medical bills. Most states require this as minimal coverage. It is also the most inexpensive option available.
Collision coverage will pay for repairs to your vehicle in the event of an accident. This type of insurance is worth having, in addition to liability coverage, even if you have an older vehicle that has no lien. In the event that your vehicle is totaled, your plan covers the value of your car. This policy is required for those with lienholders.
Comprehensive coverage covers anything unrelated to an accident like if your vehicle is stolen or you hit a deer. For most lienholders, this is a requirement.
Uninsured motorist is something that everyone should consider. While most states require at least liability coverage, some drivers don’t keep the plans much past getting their license or tags. This policy protects you in case someone else causes damage and doesn’t have a plan in place to pay for repairs.
The Importance of Insurance Reviews
JULY 26, 2018ADMINLEAVE A COMMENT
Most people reach out to their insurance brokers or underwriters when there is a significant event in their lives that necessitates new or revised risk coverage – perhaps when they purchase a new home or it’s time to trade-in the old car. However, far fewer remember to review their insurance at regular intervals or when more subtle changes to their coverage requirements occur.
Reviewing your insurance regularly helps ensure your coverage is what you expect it to be in the unfortunate circumstance that you need to file a claim. It also aids in making informed decisions regarding coverage and being proactive about minimizing your insurance costs.
There are many different circumstances that could possibly change your coverage requirements and prompt a call to an insurance professional for a review. The examples below identify some of the instances in which you might want to review your coverage:
Renovations – If you perform renovations to your house, it is likely that you are also increasing its value. Whether it’s a new kitchen, bathroom, pool, or even expensive landscaping, remember to check your policy limits to ensure they remain adequate in case of an insured loss. If you’ve recently renovated your basement, also note it is quite likely that your water damage insurance needs to be reviewed.
You’ve been accumulating possessions – Have you done a home inventory lately? Most people have more personal possessions than they think. Estimating the total value of your contents is vital to helping ensure your limits are adequate.
You’ve purchased a high value item – Remember that some of your personal possessions have to be scheduled to be properly covered. Jewellery, antiques, collectibles, wine collections, and art are a few examples of pieces that may require additional coverage.
New coverages have become available – The insurance industry frequently adapts to changing market conditions and offers coverage in areas that it has not in the past. For homeowners, insurance for overland water damage and home repair issues (such as broken furnaces) have recently become available from some insurers, in some areas. In addition, legal expense insurance, travel insurance, and pet insurance are available from brokers looking to cover more of your risk and insurance needs.
Laws changing to give you more or less choice – Changes to automobile accident benefits mean you should review your choices.
You become eligible for additional discounts – Changes in your personal circumstances may affect your eligibility for policy discounts. For example, if you install an alarm system you are likely eligible for a discount on your homeowner policy. If you use snow tires on your vehicle, many insurers offer a discount on your car insurance policy. If you pass the age of 50-55, you may become eligible for mature driver discounts.
If you change jobs and have a shorter commute – You should report this to your insurance broker as driving less typically correlates to lower risk and less expensive premiums. If you have a certain job occupation, you may also be eligible for lower insurance rates.
You’ve started a home business – A different use of your home, other than strictly residential, may require business insurance to properly cover liability risks.
Your personal circumstances change – If you get married or have children, you may want to review your coverage to ensure your coverage levels are adequate to look after your dependents in case of an accident.
Your child gets a driver’s licence – Always check to see if your child can be added to your policy. It is often the least expensive option for insuring them to drive. If they get their own car, you are also probably eligible for a multi-car discount.
If your child moves away to attend college or university – Check to see if your homeowners coverage can be extended to protect your child’s assets while away at school. It may be more cost-effective that purchasing a standalone tenants insurance policy.
If you haven’t had an insurance review in more than a year – Your coverage levels may be out of date. A key example of this is your home insurance. Property values and replacement costs can easily rise to the point that your existing coverage limits do not allow for the total reconstruction of your home in the case of a total loss.
Taking the time to speak to your insurance professional is always time well spent. Even if you don’t save on your insurance costs after the call, there is no substitute for having the coverage you expect when a claim becomes necessary. Since most insurance policies are for the term of one-year, it is a good idea to speak to your insurance professional before renewing your annual coverage.
Best Online Child Insurance in India
JULY 26, 2018ADMINLEAVE A COMMENT
If you are evaluating various investments and saving schemes to build a solid corpus to fund your growing child’s higher education and other important events of his life, search and compare child insurance plans. Giving college education to children has become very difficult without proper planning unless you are very rich. Child insurance plans promote systematic savings and good returns on your investment. The insurance quotient of these plans makes them an invincible product to cater child needs and fortifying his future. These plans fall under the category of investment cum insurance plans. Unlike other popular saving and investing schemes like Mutual funds, Public provident fund (PPF), National savings scheme (NSC) etc the child insurance plans protect the child from the financial hazards arising from untimely death of the policyholder parent.
In the event of the unfortunate demise of the policy taking parent the insurance company waives off the remaining premiums and continues the policy. The company pays the sum assured to the child at the maturity of the policy. To understand the plan better you may take assistance from a qualified life insurance expert. Child insurance plans can be either participating life insurance plans or non-participating life insurance plans. In participating plans you are eligible to share the profits of the company in proportion to the premium paid by you along with the sum assured. In non-participating plans you get the guaranteed maturity benefit and death benefit with no share in the profits.
Some people argue that why they should have child insurance plan and start paying premiums now when there are options of education loans available. They strengthen their argument by saying that at present they don’t know the potential of their child. Maybe when he grows up he won’t go for higher education or would have some other talent like entrepreneurship. To such parents the answer would be, these plans help generating a good amount of corpus and readies the child with a good amount of money that can be either invested in studies or in some business or in any other important event like marriage.
Education loans are a good option and are very popular but they put a big burden of repayment on your child’s shoulders right from the starting of their careers. Such burden compels them to take a good employment in order to be able to pay off the loans. In the pressure of such burden they can’t even think of taking up entrepreneurship as they can’t afford the gestation period. Moreover, in some cases their other life goals like getting married or buying a house get delayed.
If you are planning for the future of your child you go for a judicial mix of insurance, self finance and loan so that the child also becomes responsible. Compare online child insurance plans to learn a range of features companies are providing and save on the purchase. An educated customer is likely to make a smarter purchase thus, gather as much information as you can in your busy schedule and then plan wis
Quick Guide to An Insurance Claim
JULY 26, 2018ADMINLEAVE A COMMENT
Before anything else, we first have to understand what an insurance claim is. This way we can better appreciate the whole procedure and it simply becomes easy to go through because we already know what to do step by step, in relation to the whole process.
A claim is when you ask the insurance company to compensate you for damages you have sustained after a car accident, or when you ask the insurance company to represent you or intervene on your behalf when you are liable for damages.
You pay a lot of money for your car insurance, so it makes sense that if you are involved in an accident, you will want to make a claim. Depending on whether the accident is responsible, or not responsible, and the type of damage, your insurance company will be able to provide coverage based on the kind of car insurance coverage you have.
Claims can be paid from the comprehensive coverage, collision coverage, or any of the minimum car insurance requirement sections, such as liability. Claims may also be paid from multiple sections of your policy depending on the circumstances of your car crash.
If you are wondering whether your collision claims process will be more difficult to bear than the accident itself, the good news is that filing a claim is usually fairly simple. By following a systematic approach and carefully recording what has happened, you can gather all of the information you need. The following guidelines will help you ensure the process goes smoothly.
ON THE ACCIDENT SCENE
One of the best ways to speed up the entire claims process is to get off to the right start, and that begins at the accident scene itself. The more good information and evidence you can collect there, the better.
Here’s what to get:
Personal Data: Try to get basic personal information from everyone at the scene. That includes all other drivers, passengers, and bystanders. Get their names, phone numbers, and home and email addresses. Anything that will make it easier to find them later. If you have time, take some notes about what each witness saw and heard. Pass all of this information along to your claims adjuster, but be sure to keep copies for yourself.
Insurance Information: This is particularly important. Make sure to exchange insurance information with the drivers of all vehicles involved in the accident. It’s probably going to be the first thing your adjuster asks you for.
Pictures: Take a bunch of photos of the accident scene. If you can get pictures before the vehicles are moved out of the way, great, but don’t create a dangerous situation just to take them. Definitely take photos of all damages to your car, every other vehicle involved, and anything else. Take a few pictures of the accident location as well. A few different angles are always helpful. Take pictures of the parties involved and all witnesses, if you can. And, finally, take photos of each party’s insurance card.
Law Enforcement: Always call the police after an accident. They may or may not be able to respond, but it’s always worth a try. When they arrive, make sure to get the officers’ names. They will gather their own information and take interviews for their report, and instruct you on how to obtain a copy the report once it is written up. Hold onto whatever paperwork they give you and pass on copies to your adjuster.
Contact Your Insurer ASAP
I’m sure you’ve heard the saying, “most crimes are solved in the first 48 hours after the incident.” That’s because the crime scene remains intact and the details are still fresh in the minds of the witnesses. It’s kind of like that with an auto accident. We’re not talking about a crime here (I hope), but the idea still works. The sooner you contact your insurer, the easier it will be for them to make the inquiries they need to get the most accurate data. It’s not a bad idea to call them from the scene of the accident, if possible.
Be Cooperative and Prompt
Most small accidents are relatively simple for your adjuster to handle. He or she has done them hundreds of times over. That doesn’t mean that a claim can’t be held up by some missing piece of evidence or information.
If your adjuster calls you and leaves a message to call him or her back, do it as soon as you can. Good communication between insurer and claimant is vital. Plus, it’s hard to complain about slow processing if you’re the one holding it up.
This rule seems obvious, but not everyone follows it. It’s human to want to avoid pain, and admitting that you are at fault for your accident can be pretty painful. But if you are at fault, don’t try to get out of it by lying. First of all, insurance adjusters have a lot of experience with accidents and fibbers.
They’re really good about figuring out what actually happened and that can be pretty bad for you if you are less than forthcoming with the facts. Remember “Double Indemnity”? Insurance fraud is frowned upon and could cost you a lot more money than the premium increase you’ll likely get by admitting fault.
And if you’re looking for a speedy conclusion to the claims process, being dishonest will surely slow it down, and sometimes bring it to a crashing halt.
What Is Insurance?
JULY 26, 2018ADMINLEAVE A COMMENT
As we know one way of risk prevention is to insure a risk to the insurance company. This method is considered the most important method in tackling risk. Therefore many people think that risk management is the same as insurance. Though the actual circumstances are not so.
Insurance means the insurance transaction, which involves two parties, the insured and the insurer. Where the insurer guarantees the insured person, that he will be reimbursed for a loss which he may suffer, as a result of an event that would not necessarily occur or which could not be determined when or when it occurred. As the insured in the obligation to pay some money to the insurer, the amount of proportion of the sum insured, commonly called “premium”.
Viewed from several angles, the insurance has a variety of goals and techniques of splitting, among others:
A. From an economic perspective, then:
Reducing the uncertainty of the results of operations undertaken by a person or company in order to meet the needs or achieve goals.
By transferring the risk to the other party and the other party combining a considerable amount of risk, so it can be estimated with more precise the magnitude of the possibility of loss.
B. In terms of Law, then:
Transferring the risks faced by an object or a business activity to another party.
Through premium payments by the insured to the insurer in the indemnity contract (insurance policy), then the risk of transferring to the insurer.
C. In terms of Trade, then:
Share the risks faced to all participants of the insurance program.
Transferred risk from individuals / companies to financial institutions engaged in risk management (insurance companies), which will share the risk to all participants of the insurance it handles.
D. From a societal standpoint, then:
Bear losses jointly among all participants of the insurance program.
All group members (group members) of the insurance program contribute (in the form of premiums) to sympathize losses suffered by a / some of its members.
E. In terms of Mathematics, then:
Predict the magnitude of the possibility of risk and the outcome of the forecast is used to divide the risk to all participants (group of participants) insurance program.