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Negotiating With Your Home Insurance Company? Here Are Three Tips

18 July 2017 By admin Leave a Comment

The minute you send in an insurance claim for damage to your home, you enter a negotiation. Your insurance company will be seeking the pay to lowest amount possible, and you will be looking to have all of your damages covered. What they ultimately pay will very likely depend on how you negotiate. Here are three tips:

Have a Settlement Amount In Mind. Before you talk settlement amount with your insurance company, do your due diligence and find out for yourself exactly what your repairs will cost. A reputable licensed contractor should be able to give you an estimate of material and labor cost to repair you damage. Further, when you have your own adjuster or licensed contractor inspect your property, they will look for any related damages that will also need to be repaired. Have the cost of all of these repairs in mind before you negotiate with your insurance company.

Don’t Take The First Offer. Some insurance adjusters make initial offers so low that they are simply a way to assess if you know what you are doing. This offer may not be even a quarter of your total damage. Or, they could offer something that is reasonable, but doesn’t cover the full cost of repairs. But because this is a negotiation, you can – and should – make a counteroffer. This counteroffer can be slightly lower than the settlement amount you’d like, to show the adjuster that you are willing to be reasonable, but there should always be a counteroffer.

Ask That The Offer Be Justified. If your insurance adjuster gives you a lower amount than what you are looking for, ask them to justify how they arrived at that amount, Not only does this show that you are going to expect that they validate their position, but also that you too, know the cost of repairs, and are well aware of just how much it is going to take to fix your damage. Make sure that you get this in writing, so that you can respond to each of their points. Then, the next time you speak with the adjuster, ask for a response to your letter. It is usually then that they make you a reasonable offer.

By Joe Carroll

See full story at www.asaproofing.com

11 Tips Every Home Owner Needs to Know About Insurance

13 July 2017 By admin Leave a Comment

Insurance requires you to think about bad occurrences … medical problems, car accidents, emergency home repairs. But although it may sound pessimistic to dwell on what could happen (carpe diem, anyone?), it’s important to protect yourself from some of life’s biggest surprises.

When it comes to protecting your home, it’s not just about safeguarding against structural damage or theft—it’s just as much about feeling secure in where you live. If disaster strikes, your focus should be on reclaiming your sense of stability. The last thing you should worry about is money.

1. What It Covers

A typical policy will pay for damage to your property and your possessions in the event of certain storms, fire, theft or vandalism. Like renter’s insurance, it also provides liability coverage if someone gets hurt on your property and decides to sue. Homeowner’s insurance also covers shelter costs, so you don’t have to face crazy hotel bills if you’re temporarily displaced from your house.

2. What It Doesn’t Cover

A standard policy has exclusions, including earth movements (landslides, earthquakes, sinkholes), power failure, war, nuclear hazard, government action, faulty zoning, bad repair or workmanship, defective maintenance and flooding. Windstorms are typically covered, including tornadoes, although insurance companies exclude tornadoes or hurricanes in some high-risk areas.

By Allison Kade

See full story at www.foxbusiness.com

10 Insurance Tips For Homeowners

11 July 2017 By admin Leave a Comment

Homeowners’ insurance isn’t a luxury, it’s a necessity. In fact, most mortgage companies won’t make a loan or finance a residential real estate transaction unless the buyer provides proof of coverage for the full or fair value of the property (most of the time this is the purchase price). Read on to learn how you can make sure your homeowners’ insurance will meet your needs.

Maintain A Security System

A burglar alarm that is monitored by a central station, or that is tied directly to a local police station, can help lower a homeowner’s annual premiums by 5% or more. To obtain this discount, the homeowner will typically be required to provide the insurance company with proof of central monitoring.

Install Additional Smoke Alarms

Smoke alarms are another way to reduce your homeowners’ insurance premiums. While these are standard in most new houses, installing them in older homes can save the homeowner 10% or more in annual premiums. Some insurance companies will also give further discounts if the you install additional smoke detectors. In addition to premium discounts, in case of fire, they could save your life!

Raise Your Deductible

Like health insurance or car insurance, the higher the deductible the homeowner chooses, the lower the annual premiums will be. The catch? Smaller claims such as broken windows or damaged sheetrock from a leaky pipe, which typically will cost only a few hundred dollars to fix, will most likely be absorbed by the homeowner.

See full story at www.investopedia.com

Term Insurance: Tips to Buy the Best Plan

29 June 2017 By admin Leave a Comment

Term insurance is the cheapest and purest form of the protection plan. It is a popular type of life insurance. Under this, you have to pay a fixed premium for a certain period of time. In the case of the insured’s demise, the sum assured amount will be provided to the nominee or the beneficiary as per stated in the policy documents.

It is popularly known as the ‘pure-risk policies’ and ‘pure life plans’; it is not a savings or an investment plan, rather, it is a protection plan.

It is highly recommended for you to compare term insurance plans online to get the best at an affordable price.

Why Term insurance?

There are several benefits of having a term insurance plan in your insurance portfolio-

– It is less expensive,

-You will get tax benefits under SEC 80C of Income Tax Act

– In the case of taking a house or car loan, the risk is high. Purchasing a term plan will protect your dependants financially in case of your untimely demise.

Available options In the Market?

There is a wide range of insurance-related products in the market. When it comes to purchasing a plan, you must go online and compare term insurance plans that will help you in choosing the best.

Which plan suits whom?

Basically, term insurance plans are suitable for everyone and you will be able to get the same at affordable prices. Compare term insurance plans online, as there is a plan for everyone.

Useful information and tips on the same are also available online that will help you to compare term insurance plans easily.

What should a buyer know?

Before going to purchase any term insurance plan, it is advisable for you to first check your needs, the tenure of policy which you are looking for and the amount that you can pay easily as premium. This will help you in easy comparison and choose the best out of the lot. It is advisable to determine your retirement age.

By Scutify

See full story at www.minyanville.com

Six Travel Insurance Tips to Share With Clients on New Electronics Ban

27 June 2017 By admin Leave a Comment

What should travel agents do to help clients keep their valuables safe?

“Travel insurance doesn’t always cover lost, stolen or damaged electronics devices like your mobile phone or laptop, so it’s important to check your description of coverage or call your travel insurance provider if you have questions,” says Bob Chambers, VP of operations at CSA Travel Protection.

CSA Travel Protection provided Travel Agent with these five tips to share with clients:

Write down what you packed in your checked baggage or take a picture. This way it’s easier to report it to your travel insurance provider should something get lost or stolen.
After you check your bags, be sure to keep an eye on them as they go down the conveyer belt. And when you arrive after your trip, try to get to baggage claim as soon as possible to claim them. This limits the time that someone could take your bag or tamper with it.
Protect your electronics devices with proper padding. You can even use your clothes to cushion the impact, but be sure to follow TSA’s regulations so that they can inspect your luggage as needed.
Utilize a luggage forwarding service for events where key electronics are critical (eg, business events, trade shows).
Consider using a luggage tracking device, CSA Travel Protection’s sister company in Italy offers Lugloc as a service: https://lugloc.com/2016/12/breakthrough-travel-insurance-innovation-launching-ces-2017/
If your travel insurance policy doesn’t cover lost, stolen or damaged electronics, then consider leaving them at home or bringing older versions (tablets, E-readers, etc) for travel. Ask yourself if it’s worth the risk. If you do decide to bring them, then back everything up before you go.

“Not wanting to fly because of the electronics ban would not be a covered reason to cancel a trip,” says Director of Communications at Allianz Global Assistance Daniel Durazo. “Travel insurance does include coverage for lost, stolen and damaged baggage, so customers could file a claim related to electronics packed in their baggage and they would be covered up to the limit of their policy.”

“The recently announced ban on tablets, laptops, cameras and other electronics on flights originating from select Middle Eastern gateways is sure to face public backlash as passengers simply don’t trust the airlines to handle delicate electronics,” says Jason Schreier, CEO for APRIL Travel Protection’s Miami-based U.S. headquarters. “Beyond the convenience of accessing personal electronics onboard, many passengers are reluctant to pack these expensive devices in their checked luggage—and with good reason.”

Schreier noted that many travel insurance policies have low reimbursement limited for electronics, and some policies do not cover tablets or laptops.

by Adam Leposa

See full story at www.travelagentcentral.com

Tips for insurance claims before cleanup for wind damage

22 June 2017 By admin Leave a Comment

The whipping winds made a mess of several West Michigan homes on Wednesday, and the focus shifts to cleanup.

Meteorologist Christina Anthony reports with what homeowners should do after the damage is done.

An area of low pressure spinning over the Hudson Bay, more than 800 miles away from Kalamazoo, sent fierce winds through the area and toppled trees onto homes.

Crews are cleaning up after high winds hit West Michigan on Wednesday after wind gusts exceeding 50 miles-an-hour toppled a tree into a home in Hastings, and tipped this tree into a Galesburg man’s house while he was reading a book.

Brad Carpenter, the Galesburg homeowner, said, “It landed on the house. It crushed my car and, thankfully, the tree by hitting my car kept it from going farther down into the house where I was.”

Powerful gusts even uprooted an old pine tree in Sharon Wehling’s front yard in Kalamazoo and tossed it into her bedroom.

Wehling said, “The wind was really bad. I heard banging, a lot of branches and twigs falling. Then all of a sudden just a big boom.”

Wehling said she saw the tree from her living room window, and immediately called her insurance agent.

State Farm Spokesperson Angie Harrier said that’s step one.

Harrier said, “Your second step at that point would be to take photos of the damage. Document it the best way that you can. Photos are probably the best way, but making lists of inventory that is damaged, too.”

Insurance companies, like State Farm, will prioritize claims depending on the severity of damage.

Harrier encourages homeowners to save receipts for items purchased to make temporary repairs, and to keep track of the hours spent protecting their house in the meantime.

Storm damage typically falls into the category of sudden and accidental, which Harrier says is exactly what insurance is for.

By Christina Anthony

See full story at wwmt.com

Does Homeowners Insurance Cover Mold? Combat This Frightful Fungus

20 June 2017 By admin Leave a Comment

When does insurance cover mold in homes?

If mold growth is the result of a sudden, accidental occurrence like a burst pipe while you’re away on vacation you have a good shot at coverage, says Bill Begal, who works in disaster restoration in Maryland. But collecting the insurance on what’s known as “covered peril” may take some tenacity on your part.

Begal has dealt with the burst pipe scenario and while he prevailed, “it was still a fight with the insurance company.”

Keep in mind you’re arguing for payment due to the damage caused by the burst pipe, not the resulting mold specifically.

How to get mold insurance

If your existing insurance policy has an exclusion for mold damage, meaning it’s not covered, see if you can add coverage or a rider, says Stacey A. Giulianti, an insurance attorney and author.

Yearly premiums range from $500 to $2,000 (the price rises with the humidity of the state you live in). Those premiums will net you damages between $10,000 to $50,0000, depending on the specific policy. Be sure to ask your broker exactly how much mold protection you can expect.

If your insurance company doesn’t offer any type of mold coverage, you can opt for a separate mold insurance policy. But that may not be a wise choice since yearly coverage starts at around $5,000—and remediating an infestation may actually cost less than the policy itself.

“You’ll probably end up paying more money in premiums than it’s worth,” says Emma Clark, a home expert from theartofhomerenovations.com. She suggests scrutinizing a house’s mold history before buying it, which you should be doing anyway.

How to prevent mold

Consistent home maintenance can go a long way when it comes to protecting your home from mold, says Vahey. He offers these tips for fighting the frightful fungus:

Act quickly if any water permeates your home from the roof or basement by cleaning up any damp areas within 48 hours.
Keep humidity levels around 40% to help limit condensation.
If you notice moisture collecting on windows, dry the wet surface and eliminate the source of water.
Properly ventilate rooms with high moisture (such as bathrooms) and vent appliances that produce moisture (like the clothes dryer) to the outside when possible.

By Margaret Heidenry

See full story at realtor.com

Looking to buy health insurance? Consider these useful tips

15 June 2017 By admin Leave a Comment

To help you out, here’s shortlisted some points to consider to make your insurance-buying decision easier. Hopefully, these will help you shortlist a good health plan.

Opt for adequate and comprehensive coverage: With rising competition, insurers are offering a wide range of features in a single health insurance plan. Along with a hospitalization cover, insurers can also cover critical illness, pre- and post-hospitalisation expenses, OPD expenses, and much more. Opting for a comprehensive plan with adequate sum assured is important while making health insurance decisions. So don’t just go by premium costs while finalizing your plan. Also compare all other features and get the best possible coverage at a price you can easily pay. Also, keep increasing your coverage limit from time to time to take care of the healthcare inflation.

Go for plans with wider network: Insurers network with hospitals around the country. At the hospitals networked with your insurer, you can avail cashless facility where claims are settled conveniently with little hassle or paperwork. Outside the network you must settle your bills out of your own pocket before filing out the paperwork to make a claim with your insurer. Hence it’s advisable to have a health plan that offers you the best possible hospital coverage, especially coverage in the city you currently live in.

Look at pre- and post-hospitalisation costs: A typical hospitalisation is preceded and succeeded by several tests and consultations. Many health plans can cover these expenses to a specified limit. For example, one well-known insurer covers 30 days of pre-hospitalisation expenses and 90 days post. These costs can be significant, therefore having this cover will help you reduce your out-of-pocket expenses during the treatment.

Read through co-payment clause: The insurer offers you an option of co-payment, wherein you will have to settle a pre-decided percentage of your medical bills yourself. Sometimes, the clause is specific to particular treatments/ailments only. For instance, you have a health plan which has a 20% co-pay clause, and if your claim amount is Rs. 80,000, then you would be liable to bear Rs.16,000 (20% 0f 80,000) while the rest will be settled by your insurer. A higher co-pay means lower premiums. If you are young and healthy with no medical history, you could consider a higher co-pay and thus save on premium costs.

See full story at www.moneycontrol.com

5 Tips When Facing Malpractice Insurance Nonrenewal

13 June 2017 By admin Leave a Comment

If a firm’s legal malpractice insurance is not renewed, here are some suggestions for the next steps.

Identify and Address High-Risk Areas

A decision of nonrenewal can feel scary at first, but it can also prompt the law firm or attorney to engage in reflection and self-review. The insured can consider whether it has policies or procedures that need updating, or even just ensure that it is comfortable with the procedures it already has in place.

If the reason for nonrenewal involves prior claims against the firm or the insurer’s concern regarding the firm’s practices, then corrective action may be beneficial. For example, if the insurer felt that the law practice was exposed to an extended statute of limitation for its failure to include limits in its engagement letters or for its failure to send file-closing letters, the law practice can use this time to decide whether it wants to amend its standard practices. Or, if the firm has accepted a matter outside the practice areas covered by the insurer, the firm can consider whether engaging in such matters merits exploring other insurers to obtain coverage.

After a nonrenewal, a law firm can use this time to make the upgrades to its systems and tools that it has been putting off. It may find that by making these improvements, it may be able to negotiate a better deal for premiums with its new insurer than it had with its old insurer.

Retain a Trusted Agent or Broker

The firm may consider starting from scratch by seeking a trusted broker to help the firm find a new insurer. A broker with a proven track record is invaluable to a law practice or attorney. A good broker often helps an attorney find the best program of insurance and navigates the marketplace for the best coverage from the best insurers at the best prices.

Brokers are primarily responsible for addressing law practices’ unique interests and needs with insurers. For firms facing unusual risks, brokers usually have the best recommendations for special insurers or programs.

Even after placement, brokers can help open the lines of communication with an insurer after an unfavorable or high-profile verdict against a practice. When this happens, brokers can use their business relationships with insurers to assist law practices in getting back on their feet and making sure that they remain covered.

Consider Insurers’ Expectations

Many brokers and insurers will share the kinds of risk management tools that they expect and prefer firms to use. These may be reflected in the application itself. Although no firm is “perfect,” some firms fall short in reviewing whether their practices conform with insurers’ expectations.

Recommendations from an insurer are typically grounded in experience, data, and results. Thus, before an insurer moves toward institutionalizing or recommending a risk management procedure, it often will have determined from the data that the procedure works and actually minimizes risk to law firms. Even if the law firm does not understand why the insurer encourages a specific practice or conduct, it is more likely than not that prior actual claims experience confirms that the procedure is beneficial.

Whether a recommendation is appropriate for a specific practice will depend on the applicable facts and circumstances; but usually such recommendations are at least worth considering.

By Randy Evans and Shari Klevens,

See full story at www.therecorder.com

5 Tips for Getting the Best Value on Car Insurance

8 June 2017 By admin Leave a Comment

If you’re already insured, check your policy to see what you’re now paying, then follow these steps

1. Shop often. Check out several different insurance companies every two to three years. Maybe your situation has changed—say you’re driving fewer miles, which can lower your premium a little. Or maybe the carrier has adjusted its underwriting or rating in ways that help, or hurt, your bottom line. You get little benefit from sticking with the same insurer year in and year out; our research in the past has found that the “long-term customer discount” is mostly a myth.

2. Cast a wide net. Try shopping on TheZebra.com, which uses data from Quadrant, a private company that collects and analyzes rate filings supplied directly by insurers. (Quadrant is also the company we engaged for our price analyses.) The Zebra offers estimates from 18 to 35 insurers, depending on the state. That compares with just 3 to 10 quotes provided by other sites, including Insurance.com, NetQuote, and NerdWallet.

3. Consider raising collision and comprehensive deductibles. Collision insurance covers damage to your vehicle caused by impact with another car or object, regardless of who’s at fault. Comprehensive covers theft of your vehicle and damage from fire, flood, a falling branch, and the like. The average driver files a comprehensive or collision claim only once every 5 to 10 years, according to the Insurance Information Institute. The higher your deductible—the amount you pay before insurance kicks in—the lower your premium, especially for collision, as shown at right.

4. Protect yourself. Make sure you get enough liability coverage. We recommend 100/300/100 coverage, which pays for bodily injury up to $100,000 per person and $300,000 per accident, and property damage up to $100,000. And buy uninsured/underinsured coverage at the same limits, in case you’re hit by a hit-and-run driver or someone without enough insurance. Finally, for added liability protection, consider an umbrella policy. A $1 million policy typically costs about $200 to $400 per year.

By Tobie Stanger

See full story at www.consumerreports.org

Insurance Agency Singapore | Commercial Insurance and Personal Insurance