Category Archives: Insurance

A Detailed Insurance Guide for Buyers

Irrespective of the type of insurance you purchase, you need to know how it works. You also need to learn how to make the best choice for your needs and requirements taking into account different types of factors. Use this guide to find the answers to the most important questions regarding your purchase of insurance.

Insurance is a form of risk management. It is used for hedging you against a certain loss that may or may not occur at one point in the future. Usually, different types of assets are insured, but in some cases the loss you are hedged against may be personal. The insurance company hedges the risk of loss on your behalf in an exchange of payment.

When you buy insurance from a company you sign a formal contract known as a policy. This contract contains all terms and conditions that you and the insurer have to abide buy. It determines how you will be compensated (indemnified) in case of loss.

You can buy any amount of insurance in line with your individual needs and requirements. In general, you would want to buy an amount of coverage that is at least equal to the value of the asset you want to insure. At the same time, you would want to hedge against risk at the lowest possible price. That is why you need to look at insurance as a form of investment that will pay off in case of adverse circumstances.

In general, the amount of coverage you buy will determine the rate you have to pay called the premium. There are additional factors that may also have an effect on the rate you will have to pay, depending on the type of policy you buy. For instance, when you want to cover your home and belongings, the insurer will assess their risk of covering these assets depending on how safe your home is and how safe your neighborhood is and even on your credit score.

Before you buy insurance, you have to check carefully how the compensation (indemnity) will work out. Many policies are indemnity policies. They require you to pay any costs of a lost asset out of your pocket. Then you make a claim and the insurer compensates you for the money you have already paid. The pay on behalf policies involve direct payment of the costs incurred by the insurer. You should check carefully how your policy works. Many people assume that each type of insurance (home, car, health) works in the same way with all companies and in all states, but this is certainly not the case.

The insurance market is constantly developing and it seems to have gone well through the recent economic downturn. For these reasons, the products of this type available on the market are numerous and growing in numbers. The best way to find the right product for you is to make a thorough search and compare your different options.

Young Drivers Car Insurance Guide

Getting young drivers car insurance is very important, in fact. It’s an obligation, there is no way around it. If you get pulled over without car insurance you get finned a large amount of money. However, this doesn’t mean that you should go out and get a quick solution to your current problems while ignoring the very important aspects an insurance company should have.

Young drivers car insurance Guide To Getting A Great Company

You will be in partnership with a company, you pay them and they protect you. This being said, being protected comes along with great responsibility and should not be taken lightly. Here are some points that will help you find a great insurance company.

Customer service¬†– This is number 1 on this list because without support and understanding, your insurance policy will not reflect your needs as a driver. If you overlook this aspect of customer service then you are admitting that a company’s priority should not lie with you, the customer.

Clarity РBeing clear on what you policy you choose, whatever it is, needs to be fully understood or you will riding around in circles and you will never really have peace of mind. Every time you get into an accident you will have major questions that you should know already. When you are getting young drivers car insurance, be clear on what you are buying and if the company does not make the policy clear, run away from them.

Colorado Life Insurance Guide

A Colorado life insurance policy is something that many CO residents hardly give a thought to until they are older. However, if you are married or you have a child or you have anyone that depends on your financially then you should almost definitely get a life insurance policy. The exception is if you have enough financial assets to cover both your burial costs and your family’s financial needs once you’re gone. Not the case for most Americans. The good news is that life insurance is one of the less complex types of insurance.

This Colorado life insurance guide will help you understand more about how life insurance works and why you need to get coverage. Here are some important points:

A. Life insurance is an insurance policy that helps take care of your family financially upon your death. In some cases a policy may also pay out in instances where you can no longer work due to illness or injury. The point of life insurance is to give your family that immediate assistance to make up for the loss of financial support or otherwise cover the related expenses after your death.

B. Life insurance is usually set up to pay out to a beneficiary. The beneficiary is a person you designate. If you designate a minor child then you would also have to make arrangements for when the policy will pay out. For example, at what age will they receive the money or who will handle it.

There are choices in policies. You can get a CO whole life policy which offers you permanent coverage as long as you pay the premiums. Usually the premiums are set. You may also have investment options that allow your policy’s value to increase. You can also borrow against some policies.

The other option is a CO term life insurance policy. This is a temporary policy with an option to renew. It offers flexibility and is for a set period of time you designate. You are not able to borrow against a term policy.

Maine Life Insurance Guide

This Maine life insurance guide is intended to help you decide upon a policy that will best suit your needs. You have to first learn about the two main types of life insurance in Maine so you can choose the one that is best for you.

The two main types of life insurance are whole and term life insurance There is a rather large difference between the two. It is important to understand the difference when choosing a policy so that you are able to get adequate coverage that will accomplish your goals as far as what you want from life insurance coverage.

Maine whole life insurance gives you permanent coverage and it has cash value. This means that you can borrow against it. Usually this type of life insurance also gains in value over time. The premiums are also usually fixed and will not go up over your lifetime as long as you keep current on payment. Whole life insurance will pay out to your beneficiary upon your death.

Maine term life insurance is temporary insurance. It will cover you for a specified period of time. You usually have the option of renewing the policy when it reaches the term end date. It does not have cash value and you can not borrow against it. The money you pay for the insurance is not reimbursed at the end of the term if there is no payout. The policy will pay out upon your death.

Some policies, both whole and term, will offer pay outs for different situations other than your death. You could receive a pay out if you are not able to work due to an illness or injury. You may also receive some type of payment for the loss of an appendage, digit or sense, such as sight.

You need to look at your policy carefully before signing it to determine the type of policy and the type of pay outs. You should have a goal in mind when buying your policy. Is it to help your family with expenses upon your death or as a safeguard in case something happens and you can not work? Do you want the policy to also act as an investment or offer a payout? Having a goal will help you to choose the best Maine life insurance policy for your needs.

The Home Insurance Guide

Are you in the market for new home insurance? Whether you are a first-time home buyer or a seasoned insurance shopper, you should regularly research and review your home insurance policy. New owners will need to know their policy rates in order to budget for future expenses. Established owners want to review their current policy to make sure that their valuables are appraised at current market value and ensure that their coverage meets all their needs. Read the home insurance guide to learn more about home insurance coverage and what it can mean to you. Our home insurance guide covers the basics of home insurance, as well as some notable remarks that can help you with your research.

How do you know if you have the right type of policy for your home? Research. Talk with a number of agents and do your homework online. You can read on the latest policy requirements and coverage options to see if recent changes in the insurance industry affect your current policy. You might need additional coverage for natural events such as earthquakes or flash floods. Are you worried about a hurricane or tornado? Ask your insurance agent about wind, water and flood damage that can occur with these natural disasters to protect your assets.

If you have a loan with a bank or other financial institution, you will most likely be required to have home insurance coverage. Most homes are required to have a HO-3 policy for their house, but there are other permissible coverage policies that home owners can entertain for their coverage needs. Of course, all of these insurance options offer different rates for the policy holder.

HO-3 coverage is the most popular insurance policy. This policy coverage will include a range of protections, including the house structure and its contents against all perils except those specifically excluded in the policy. These excluded perils can be added by the owner at their own discretion.

What are some instances that are covered by most insurance policy options? The coverage includes:

” Fire or lightning damage
” Windstorm or hail
” Riot
” Smoke
” Vandalism
” Theft
” Falling objects
” Ice, snow and sleet damage due to weight
” Damage from plumbing, heating, air conditioning or automatic fire sprinkler system
” Explosion
” Volcanic eruption

Review your individual policy coverage items to ensure that your home, its valuables and inhabitants are safer with the coverage of your choice.

Home Insurance Guide

Home insurance guide that will help you save more while enjoying adequate coverage: We all will appreciate a very affordable rate provided it comes with sufficient coverage. But in what ways can this be achieved? Here are steps that will help you attract huge discounts without difficulty…

1. You may be paying much more if you’ve got a government homeowner’s insurance policy. Natural disasters in some areas made it very difficult for folks there to get home insurance coverage. The only solution for such people then was to go to a government agency that sold government homeowner’s insurance. Nevertheless, at present there are many private insurers who also give coverage for such places.

Many may still have little or no other means of getting home insurance coverage apart from a government homeowner’s insurance. However, this isn’t always true as you may get better coverage at a cheaper price from some private insurance companies.

2. A neighborhood watch will make your neighborhood safer and as a result help you get cheaper rates. So, if you’ve got one in your area, let your agent know about it. It will be easier than you think to convince your neighbors to start one if they are told how much they will save in home insurance apart from the other benefits.

3. Let your insurer be paid your premiums automatically and you will get you a considerable discount. If you do NOT know how to do this, ask your banker or agent. Apart from being easier, you will get a discount for this.

4. Statistics show that dog bites lead to over $1 billion in liability claims annually (That is about 33% of all liability claims yearly). Dog owners, therefore, should expect higher home insurance rates. You can save yourself such high rates by ensuring your dogs are generally kept in such a place where they can do visitors to your house or passersby no harm.

5. Low rates, while attractive, must not be settled for without checking the insurance provider’s rating. It’s one thing to pay your rates faithfully and another thing for an insurance company to keep to the deal. It is very important that you spend time to first check with your state’s department of insurance website or its equivalent. Confirm from them whether your preferred insurance provider is licensed to sell home insurance and also their rating.

A Medical Insurance Guide for You

Over the years with the advancement in medical technology and the increasing use of sophisticated diagnostic equipments, the cost of proper medical care and treatment had become increasing exorbitant and beyond the reach of many people. Indeed, without a health or medical insurance policy, if one should fall ill to any serious or terminal disease, the cost of seeking proper treatment can seriously set back one’s finances and derailed one’s financial plan. The benefits and importance of a health care plan cannot be emphasized enough. Hence, it is surely vital that a comprehensive health care plan and protection is an essential item in one’s financial plan.

If you are looking around for the right insurance plan and baffled by the different kinds of insurance plan available in the market, a health insurance guide summarized and listed below will help you to ensure that you have a comprehensive health care coverage:-

1. Your health plan should include a hospitalization and surgical insurance plan which covers room and board, laboratory fees, the use of special facilities, nursing care, prescription drugs and the medical supplies necessary for your treatment.

2. It is important that the costs of pre and post hospitalization treatment are covered in your plan.

3. Your plan should also include a critical illness plan whereby you will be able to receive a lump sum cash payment from the insurance company if you are diagnosed with any critical illness listed under the policy.

4. Another important inclusion is a hospital income plan that will provide you with income replacement should you be hospitalized due to any accident or illness.

5. The inclusion of a disability income plan that will cover your day to day expenses should you be unable to work due to an accident or illness.

Many people make the mistake of delaying the purchase of a health plan until they are at an older age or when they are ill. Due the changing working environment that we live in today, it is important to highlight that work stress and unhealthy eating habits has resulted in more young adults succumbing to heart attack and other illnesses normally associated with the elderly. Furthermore, accidents on the roads and even in the playing field happen daily. Therefore, with the exorbitant cost of medical treatment and medical care in hospitals these days, a comprehensive health care and medical insurance is an important financial security blanket and it is imperative that you should include it in your financial planning portfolio.

Auto Insurance Guide

This auto insurance guide will explain the common clauses in an automobile insurance policy. Buying auto insurance can be confusing and this column will begin to explain some common questions people have.

The first thing you need to understand is the liability portion of your policy. This is the most important piece of any insurance policy because it is the portion that pays out to cover damages to other people’s property or any injuries sustained in an accident.

Liability coverage is broken down into three parts. The first is how much your policy will pay out to one injured person, the second part is how much the policy will pay out to all injured people, and the third part is the total amount of money paid out to repair damaged property. The limitations are usually written in a three digit series much like a date is commonly written.

If you see 25/50/25 your policy has a $25,000 dollar maximum for one person, $50,000 for all people, and $25,000 for damages. It is important to know that any damages or injuries that cost more than the coverage you have will need to be paid by you. This is why purchasing enough liability coverage is essential to protect you financially.

The other thing you need to be aware of is that collision insurance, while not mandatory, is very important. Without proper collision coverage you will be responsible for paying the entire cost of the repair for your own vehicle if you are at fault in the accident.

Life Insurance Guide For Beginners

Even though it is important for people to be familiar with their insurance coverage, it helps to be familiar with some general insurance facts. This will help you to choose the most convenient policy for you and your family.

Figuring out what kind of insurance coverage and a reputable company to buy from may sound like a tedious task at first, but just as the old saying goes, don’t judge a book by its cover. After reading this life insurance guide, you will be well on your way to finding the policy that is right for you and your budget.

Two General Life Insurance Policies

  • Whole Life: A type of permanent insurance, it is somewhat of a combination of life coverage and an investment fund. Usually, your premium and death benefits will remain the same while your whole life policy builds cash value over time. The monetary value is tax-deferred until you decide to withdraw it.
  • Term: With term insurance, you are getting a general insurance policy that lasts for a certain period of time as long as you make your payments on time. Most term life policies offer premiums anywhere from 5 to 30 year periods and are also renewable.

Things to Know About General Life Insurance

Before you make a decision as to which type of policy would be right for you, here are some things to keep in mind about general life insurance.

  • Whole life insurance is expensive. Because it has an investment element to it, whole life is much more pricey than term life. Sometimes it can be 5 to 10 times more.
  • Purchase when you are in good physical shape. Those who are overweight and/or smoke usually will pay a higher rate than those who are in shape and don’t smoke.
  • Be truthful. Don’t be tempted to lie on you application to try to get a lower rate. At some point, the insurer will find out about your untruthfulness and will cause you more trouble than you need.
  • Take advantage of the internet. By getting online in the comfort of your own home, you can get a wide array of life insurance quotes in a fraction of the time. This will ensure that you get the most affordable rates possible.

Ohio Auto Insurance Guide

This Ohio Auto Insurance Guide is designed to give customers information that they could find useful when shopping for car insurance in any part of the Buckeye State. Some location specific factors that can affect you car insurance premiums are theft rates, fatality rates, and state requirements. Use this guide to Ohio auto insurance as a road map to direct you on your journey to buying driving coverage.

State Requirements for Drivers

Ohio state law requires that motorists be able to prove financial responsibility in the event that there is an accident. Most of the time, this requirement is met by purchasing liability insurance. The state requires that motorists carry at least $12,500 in bodily injury coverage per person, $25,000 in bodily injury coverage for accidents that involve more than one person and $7,500 in property damage coverage. These coverage amounts are the minimum. Most people elect to purchase additional coverage in the way of collision or comprehensive insurance since liability coverage would still leave many costs unpaid in the event of an accident. The more coverage you purchase the more you will pay in premiums.

How Fatalities Impact Your Rates

Fatality rates can also affect your car insurance premiums. There is good news for motorists though. In 2009, the national fatality rate fell to record low of 1.27 per 100 million vehicle miles traveled. Montana’s was the highest with a rate of 2.5 and Rhode Island and Massachusetts were tied for the lowest at a rate of 0.8. Ohio’s fatality rate was 1.1. A lower than average fatality rate should positively impact the cost of Ohio car insurance.

Auto Theft Statistics and Ohio Drivers

Ohio was ranked the 9th highest state in the nation for auto theft with 37,425 per year and Columbus, Ohio was ranked 22nd highest city in the country. The likelihood that your car will be stolen can increase the cost of your car insurance; but, you can also receive discounts if you counteract the risk by installing anti-theft devices on your vehicle.