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All wet! 6 flood insurance myths debunked

22 August 2017 By admin Leave a Comment

People tend to associate floods with a total loss, but the average flood claim for U.S. homeowners is about $39,000, according to the flood insurance program.

Here are six other persistent myths about flood insurance — and the truths you need to know.

1. To get a policy, you must live in a flood plain

Not true. If you live in a flood plain, your mortgage company will likely require you to buy flood insurance. But you can purchase it even if you don’t live within a flood zone.

“Almost anybody can get flood insurance who wants flood insurance,” says Chris Hackett, director of personal lines for the Property Casualty Insurers Association of America.

The price through the federal flood insurance program is based on standardized rates and depends on the home’s value and whether or not it’s in a flood plain, says Don Griffin, vice president of personal lines for the Property Casualty Insurers Association of America.

2. Flood insurance is just for high-risk areas

Merle Scheiber’s dream home wasn’t in a flood plain, and he didn’t have flood insurance.

Just after completing a three-year renovation project for his 1,800-square-foot cabin-style home, flooding put it underwater for almost four months.

Scheiber, who happened to be South Dakota’s director of insurance at the time, says he had to tear the home apart and put it back together all over again.

He urges that all homeowners — even those who do not live in designated flood plains — weigh the dangers and their options and seriously consider buying flood insurance.

By DANA DRATCH

See full story at www.bankrate.com

Travel Insurance Tips: 5 Things You Need to Know About Terrorism Coverage

17 August 2017 By admin Leave a Comment

The recent spate of terror attacks has rattled a lot of Americans planning on heading to Europe this summer. In fact, some of them have decided not to go at all. But what about the airline tickets, the room nights for pre-paid hotels and other arrangements that require a financial commitment before you actually go?

For those who took out a travel insurance policy when they made their arrangements, there may well be light at the end of the financial tunnel.

Travel insurance provider Allianz Global Assistance USA, while noting that there’s a 37 percent increase in Americans traveling to London this summer compared to last year, just announced that due to the recent terror attacks in the UK, Allianz has received more than 100 claims from U.S. travelers who want to cancel their trips to the United Kingdom. Earlier this year, after the Louvre knife attack in Paris on February 3 and the Paris shootings on April 20, they also received about 100 claims for cancellations. I asked Daniel Durazo, director of communications at Allianz Global Assistance USA, to clarify their policies.

What constitutes a terrorist incident?

Allianz Global Assistance’s travel insurance defines terrorism specifically as “when an organized terrorist group, as defined by the U.S. State Department, injures or kills people or damages property to achieve a political, ethnic or religious goal or result.” Terrorist events don’t include general civil protest, unrest, rioting or acts of war. If a strike or unrest results in your carrier or tour operator ceasing services for 24 hours, that may be a covered reason for trip cancellation. Individual policies may vary, so read your policy carefully for details on coverage and call us with questions.

By Everett Potter

See full story at www.forbes.com

10 Tips For Buying Life Insurance

15 August 2017 By admin Leave a Comment

Of course you don’t want to think about leaving your loved ones behind…who does? But if your family depends upon your income, then it’s time to stop putting it off and start thinking life insurance.

10 tips for buying life insurance

Compare side-by-side. Take the time to compare different types of coverage. Ask your agent for summaries of several plans, and review the advantages and disadvantages of each for your situation.
Get comfortable. It’s important that you are confident in your final decision. There may be terms or parts of your policy that you don’t understand. Remember, you’re not the life insurance expert, your agent is, so don’t hesitate to have them explain every last detail to you. You shouldn’t purchase a policy if you are uncomfortable or have any doubts about the insurance company, your agent, or the actual insurance itself.
Do a background check. Unfortunately not every insurance company is as reputable as they appear. Before you purchase your plan, contact your state insurance department and double check that the insurance company is licensed there. Your ideal life insurance company will have a good reputation, an excellent customer service record and a strong financial outlook. You can see how your prospective company stacks up through rating companies like A.M. Best, Standard & Poor’s, Fitch Ratings, and more.
Don’t lie. You will be asked about your medical history when purchasing life insurance. It’s important that you are completely honest: intentionally misrepresenting any significant health conditions you have is considered insurance fraud. Take care to fill out your application correctly, and once completed, contact your agent immediately to let them know if you’ve made a mistake, or have additional information to add.
Proper paperwork. When you buy your life insurance policy, don’t pay in cash, and make the check out to the insurance company that handles the policy, not the actual agent. It’s important to get a receipt for your records, as well as your own copies of all the paperwork.
Keep an eye on the time. You can expect your policy to show up within 60 days. If it doesn’t, call your agent right away.
Take a good look. Many insurers offer policyholders a ‘free look’ period. The length of your free look can vary, but you typically have 10 days from when you received your policy to decide whether or not to keep it. Take advantage of your free look and review your new policy thoroughly. If you decide you don’t want it, you will need to notify the company during the free look period so they may cancel it and refund you.

See full story at www.insurelane.com

Tips on How to Get Life Insurance for Seniors

10 August 2017 By admin Leave a Comment

Life insurance is important, but not everyone knows that.

As you get older and start your family or get married, it looms larger and larger in importance. It can be a safeguard for the people in your life so that they can feel secure no matter what. It can give you piece of mind know that if anything happens, your family will be covered.

You may be a late bloomer when it comes to understanding life insurance. You may even be one of those people who thought having life insurance is unnecessary.

Despite your delayed realization on what you’ve been missing all these years, it is never too late. You can still get a life insurance and feel protected. Then again, because of your delay, there are certain factors that you need to take into consideration in terms of what you can still get from your insurance.

In any case, it is always a good decision to step up, take control of your life and get your own life insurance. Follow these two tips to put yourself on the path to get there.

Get it the Traditional way

Depending on certain key factors, you can still get a life insurance policy from a good number of insurance providers even though you are a senior. Luckily for you, there are certain policy regulation boundaries that can still allow you to apply and be covered by a suitable insurance plan.

One of the most critical factors will be your age. There are companies that still cater to clients up to 65 years old. As long as you pass the other requirements, you can still apply for a policy and be covered for life. However, since the claims for any life insurance policy are primarily based on the length of time that you have kept the policy enforced, you might get benefits that are relatively lesser when compared to the benefits of those who have been insured much longer.

Now, if you passed the age criteria, you also need to make sure that you are in good health. Just like anyone applying for a life insurance policy, you need be in tip-top shape to be given a policy that maturity enough to be worth it in the long-term.

There is a variety of options for you if you plan on going through the regular route of getting insured. Do your research and talk to a financial adviser who can help you know more about insurance products that fits your needs, wants, and your place in life.

See full story at yerkesfinancialadvisors.com

5 tips for buying gap insurance for your new car

8 August 2017 By admin Leave a Comment

Many people don’t realize that when they are car shopping, they might need to be in the market for gap insurance, too. New car purchases and gap insurance go hand-in-hand, yet many drivers don’t know what it is or misunderstand its reach. So if you’re buying a new car soon, it’s best to know about gap insurance before you head to the dealership.

“Many car owners believe gap insurance is a catch-all policy that makes their car payments anytime they’re unable to,” says Penny Gusner, the consumer analyst for CarInsurance.com. “That is not the case.”

Gap insurance protects you if your vehicle is totaled or stolen and you owe more than it’s worth to your lien-holder.

Specifically, it pays the difference between the actual cash value of your car at the time of the loss, less the deductible (and the vehicle’s salvage value if retained by the owner or insured) and any greater amount owed on the vehicle to a lender at the time of loss.

Lynne McChristian, a spokeswoman for the Florida wing of the Insurance Information Institute (III), says gap insurance (which is an industry acronym for “guaranteed auto protection” or “guaranteed asset protection”) can be a worthwhile add-on to an existing policy.

“As soon as you drive your brand new car off the lot, it loses value,” she points out. “If you didn’t put much money down on it, then there is a gap between what it’s worth and what you still owe. Simply, the smaller your down payment, the more you need gap insurance.”

Edmunds.com says the average new car depreciates 11 percent as soon as you steer it off the lot. And during the first five years, the car depreciates from 15 to 25 percent each year. Edmund’s “True Cost to Own” tool lets consumers determine general depreciation numbers for their vehicles.

But there are limitations with gap insurance. For one, it doesn’t cover negative equity. For instance, if you roll the outstanding balance of your prior car loan into your new car loan, gap insurance will cover just the new car loan.

By Mark Smith

See full story at www.carinsurance.com

Is Car Insurance Tax Deductible?

3 August 2017 By admin Leave a Comment

The answer to the question, is car insurance tax deductible, isn’t just a straight forward yes or no. It depends on your situation, as a self-employed individual may be able to deduct car insurance, while a non-business owner may not. Here’s a look at a few of the scenarios and whether or not car insurance will be tax deductible in each scenario.

W-2 Employees and Salaried Employees

If you work full time as a salaried employee or W-2 employee, you may be able to deduct some of your car insurance. Maybe you use your vehicle to run errands for your employer or you commute from a long distance to work. If your employer doesn’t reimburse you for your car expenses, you may be able to deduct 15% of your insurance premiums.

However, if you’re a W-2 or salaried employee and you don’t run errands or use your vehicle for work, you won’t be able to deduct your premiums.

Business Owners

As a business owner, you may be able to deduct a portion of your car insurance premiums on your taxes. If you’re a sole proprietor and at least 60% of the miles you drive are for business purposes, you can deduct a portion of your auto insurance premium. The portion you can deduct will depend on how much you use the vehicle for business purposes compared to personal purposes.

Freelancer or Contract Worker

As a freelance worker, if you use your vehicle to travel to and from clients homes or to meet in public with clients, you may be able to deduct a portion of your auto insurance premiums. Usually, you can deduct the percentage of your premium based on how much you use the vehicle for business. For example, if you drive to and from client’s homes half the time, you can deduct 50% of your insurance premiums.

Types of Deductions

As a business owner, freelancer or contract worker, you will have options when it comes to your deductions. You can use a standard deduction or an itemized deduction for all driving-related expenses including car insurance.

By Premraj

See full story at blog.budgetpulse.com

Tips for Finding Cheap Life Insurance

1 August 2017 By admin Leave a Comment

Cheap life insurance is out there, if you know what you’re looking for. That’s why it’s important to do your research. You’ve got to educate yourself on the various types of life insurance policies that are available, including additional benefits that may or may not be offered.

Plus, you should make an effort to research your options as they relate to the various life insurance companies. It’ll be to your advantage to know what you want and need in terms of cheap life insurance before you start getting quotes.

Term vs. whole life

The first big determinant of cheap life insurance is the type you select. Term life insurance will almost always cost you less than whole life insurance. Term insurance is purchased for a specific period of time, for a specific face value.

Whole life, as the name implies, provides life insurance benefits for the rest of your life, whether that ends up being 10 years or 50. Whole life insurance policies generally have a cash value aspect meaning you’ll pay more in monthly premiums. The amount over and above that which is necessary to cover the premium is used for investment purposes.

Even if you do choose whole life insurance, your costs can be lower if you look around for a policy that has lower fees. The fees you want to pay attention to aren’t really fees, they’re commissions. Commissions can eat away at the cash value of your whole life policy. When researching, look for the term, “low load” as that generally means lower fees.

But be careful. You’ll find this type of life insurance won’t be cheap if you withdraw funds. When the policy’s cash value is greater than the premiums paid, you’ll likely have to pay taxes. A loan against the cash value may have the same end result.

Think long and hard about this type of life insurance policy; it’s not meant to be a substitute for a more traditional type of investment plan. And the premiums you’ll pay will be hefty.

By Ayat Ahadi

See full story at goodherald.com

8 Foolproof Ways to Slash the Cost of Homeowners Insurance

27 July 2017 By admin Leave a Comment

Homeowners insurance is one of those things most of us rarely think about. It’s easy to put a policy in place and then forget about it — until it’s too late.

But for most of us, our home is the most valuable thing we will ever own — and it is typically filled with valuable possessions. Insurance coverage must address the value of the building — including upgrades — and the value of our belongings, especially high-value items like jewelry, antiques and other collectibles.

So taking the time to review your homeowners insurance — what it covers and how much you’re paying for it — is time well spent. Sure, it sounds mundane compared with planning a barbecue, but it can save you a substantial amount of money — and go a long way toward making you whole again if that barbecue turns into a blaze.

Check out these top tips for getting the best deal:

1. Shop around

Most of us spend more time shopping around for milk or gas than we do for insurance. But the internet makes it easy to shop around for insurance.

2. Raise your deductible

Sure, raising your deductible can be scary. But the larger the loss you are willing to absorb before the insurance kicks in — in the event of damage — the less your insurance will cost month-to-month. For example, raising your deductible from $250 to $1,000 could slash your premium by 10 to 30 percent. That’s a lot of savings, without taking on a lot of extra risk.

By Kentin Waits

See full story at www.moneytalksnews.com

Tips for getting Life Insurance with Type 2 Diabetes

25 July 2017 By admin Leave a Comment

When you’re ready to apply for life insurance, it’s important that you’ve done research on your policy options, eligibility factors, and have arranged to speak with a licensed and knowledgeable life insurance agent about any questions or concerns you may have about your eligibility, while simultaneously putting forth your best effort to ensure that you’re in the best health possible given your health conditions.

We have compiled a list of five tips that will assist you in understanding what actions are necessary to take if you’re looking to for life insurance with type 2 diabetes.

1. Have labs drawn and assess whether they are within normal range.

When applying for eligibility to purchase diabetic life insurance, the life insurance company will request that you visit the doctor to obtain current labs, and provide them the results so that they are able to assess your current health standing. Why labs? Labs provide insight into your health status that a routine physical cannot display. If you’re a person with type 2 diabetes, life insurance companies will be especially interested in the results of your A1C test, a lab that measures how your body is metabolizing glucose.

2. Shed extra pounds.

Weight management is a factor that contributes heavily to the overall health of any individual, and for diabetics, excess weight can negatively impact health in an even more profound way. If you are a type 2 diabetic looking to purchase life insurance, it is exceedingly important for you to understand that being overweight comes as an additional liability to any insurance company.

If you’re an individual who is overweight, your excess weight can significantly influence your eligibility as well as your monthly premiums. Healthy weight management may be the difference between a premium that is affordable, and one that is not. Make it a priority to gradually be more physically fit so that you can achieve or maintain a healthy weight.

3. Quit Smoking.

Smoking flags you as a huge liability to any life insurance company. An extensive list of chronic illnesses, many of them fatal, have been scientifically proven to occur at greater rates in smokers as opposed to non-smokers. With such a strong correlation between smoking and chronic and fatal illness, it’s understandable why being a smoker would warrant a higher premium.

Individuals who smoke risk being denied eligibility for life insurance or paying an excessive premium, but smoking paired with type 2 diabetes is guaranteed to generate a high premium. To avoid being viewed as an increased risk of liability, work towards quitting smoking as soon as possible.

By MATT SCHMIDT

See full story at www.diabetes365.org

Car Insurance Tips for Buying Auto Insurance for Young Drivers

20 July 2017 By admin Leave a Comment

Teenagers who apply for auto insurance will most likely have to pay more. Young adults are sometimes considered irresponsible or inexperienced drivers and agencies will insure them at higher costs to cover any potential losses. Not all teenagers have to accept this situation.

Younger drivers have to pay more for auto insurance

Auto insurance prices are determined based on the insurability risk of every applicant. Younger drivers lack proper experience and they are likelier to cause an accident. This drives their insurability risk quite high and may be considered high risk.

Better grades can help college students find cheaper car insurance

A student who does well in college is eligible for a discount. Agencies trust A grade students more and they are willing to offer them better rates. A high education can already help younger drivers in getting cheaper premiums, but prices can be even lower if the applicant gets good grades in college.

High school students can also be eligible for these discounts. They will have to bring some proof of their high grades in order for the discount to be applied.

“Young drivers pay more for auto insurance, but they can also get some unique discounts. Visit us to find excellent deals in your area,” said Russell Rabichev, Marketing Director of Internet Marketing Company.

Autocarsinsurancetips.com is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc.

See more at autocarsinsurancetips.com

Insurance Agency Singapore | Commercial Insurance and Personal Insurance