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Do College Students Need Renters Insurance?

10 May 2018 By admin Leave a Comment

When you’re packing for college, you may be thinking more about clothes, gaming consoles or the perfect laptop than insurance. Whether you’re heading to a campus dorm, renting a house or leasing an off-campus apartment, it’s important to protect your possessions.

Don’t make the mistake of thinking you’re too poor to need coverage. Many students have personal items – such as electronics, furniture, sporting equipment and clothes – worth thousands of dollars. Plus, college parties are prime opportunities for trouble, including injuries to a guest or property damage to your place.

What renters insurance covers. A common misconception about renting is that the property owner is obligated to reimburse you in the event of a catastrophe, such as a theft, fire or storm. As empathetic as your landlord may be, his or her insurance never covers you.

In other words, it’s your problem if something valuable is stolen from your rental, or you return to discover your possessions destroyed by a fire. It’s not a pretty picture – or an affordable one – especially for a college student.

Fortunately, renters insurance is a bargain for the protections you get in a basic policy:

Personal property. Protects the value of your belongings from a covered event anywhere in the world, such as damage from a natural disaster, loss or theft. Common exceptions include flooding and earthquakes.
Liability. Protects you against a claim or lawsuit if you accidentally hurt someone, or a visitor is injured in your rental.
Additional living expenses. Pays for temporary housing and meals if you can’t live in your rental while covered damages are repaired.

By Laura Adams

See Full Story at money.usnews.com

5 Things to Know About Your Life Insurance

8 May 2018 By admin Leave a Comment

When it comes to strengthening your overall financial wellness, many people could benefit from flexing their muscles with a greater understanding of life insurance.

Think about going to a gym and walking into a room with a variety of machines and equipment. What if you don’t know what they do or how to properly use them? This is similar to how many Americans feel about the various forms of life insurance. People know they need it, but they are often unsure of the type of coverage they should get and when to get it.

To help you get started, here are five important questions you should ask yourself.

Why do I need life insurance? Many people simply overlook the important role that life insurance plays in financial planning. It’s not typically as popular of a topic as portfolio construction or retirement income planning. The reality, however, is that as we transition into adulthood and take on growing responsibilities and family obligations, life insurance soon becomes fundamental to having a comprehensive plan.

Thinking about the unexpected isn’t always easy, but taking the necessary precautions has it benefits. Just like a healthy body, protecting your assets in your financial plan with life insurance can help mitigate future risk. For example, if you have outstanding debts or financial obligations, the right policy may help ensure that those burdens do not fall on your family members after you’re gone.

Beyond the most common use, which is providing a death benefit, life insurance may also come in handy for more sophisticated planning. If you have a child with special needs or a life-altering condition, death benefits may provide the ability to secure their financial future without adversely impacting your other children. Or, it could provide the means to cover any taxes that might be left on your estate.

At the end of the day, you want to know that your loved ones will be taken care of, and life insurance can help to deliver that sense of comfort.

By Tom Halloran

See Full Story at money.usnews.com

Why opting for the cheapest car insurance policy could end up costing you a lot more

5 April 2018 By admin Leave a Comment

Average premiums are expected to hit £900 over the course of 2018, leaving many drivers struggling to afford their vehicle.

New research has revealed that one seemingly cost saving ethos adopted by UK drivers, could actually end up costing them.

Over 16 million British motorists are making an error while choosing their premium relating to the optional excess.

Brits are taking on up to £750 of additional financial liability for an average saving of just £1 per month.

According to new data from uSwitch, 39 percent of motorists are opting for an excess of up to £1,000.
This is presumably because the average car insurance premium is cheaper with a higher excess.

However, the research reveals that opting for a £1,000 excess instead of a lower £250 amount will save drivers just £12 over the course of a year.

Therefore if a driver had to make a claim, they would be losing a large proportion of money than if they paid a little bit extra for the annual premiums itself.

Each year it is estimated that one in 10 UK drivers make a claim on their car insurance policy.

Interestingly, drivers who choose the highest voluntary excess option, usually £1,000, might think they will benefit from a significant saving on the annual policy cost.

However, in most cases, they are likely to pay the same premium as those who opt for a lower £500 excess but would be left shelling out £500 more if it came to making a claim.

Rod Jones, an insurance expert at uSwitch.com, says: “Worryingly a large number of drivers are taking on huge financial liabilities in exchange for tiny annual savings on their motor insurance.

“While many think that opting for a policy with a higher level of excess will save them money, drivers should ask themselves if an additional risk of £750 is really worth an average saving of just £1 a month and would they be put off making a claim knowing they’d have to pay a significant sum for doing so?

“With more than one in ten of those with a motor insurance policy likely to make a claim each year, we urge those looking to renew or switch their insurance to think seriously about the level of risk they want to take financially before they commit to a new annual policy.”

By LUKE JOHN SMITH

See Full Story at www.express.co.uk

How to get home insurance: 10 tips to make home insurance easy

8 February 2018 By admin Leave a Comment

If you’re trying to get insurance for your home, you may have a few questions. At the top of the list might be how to get home insurance in the first place. It certainly seems like a daunting process with all the fancy words and big numbers. Since your house is so important to you and your family, it’s essential to make sure that it’s protected by the right home insurance. So, to help you out when you get home insurance, we’ve got some tips to keep in mind.

1. Shop around.

It’s not a bad idea to compare some home insurance rates and explore the options that are out there for coverages and policies. If you were buying a new TV, you’d want to check out all the features on different models and do some price comparisons, right? Your home insurance isn’t exactly a new TV, of course, but you can put your shopping skills to good use. Keep in mind that you’re not just looking for the lowest rate – you want to find out what coverage works best for you and go with a quality, secure home insurance option. Making sure your home is fully covered is more important than shaving a few dollars off of your premium.

2. Resist the urge to procrastinate.

If you’re getting a new home, insurance might be the last thing on your mind. Or you might not want to deal with it, so you shoved it into the back of your brain. At any rate, don’t wait until the last minute to get home insurance. Give yourself plenty of time so that you save yourself stress and panic later on – and so you have more time to weigh your options.

3. Make sure you have enough home insurance.

It’s important to make sure you have enough home insurance to fully protect your home. Ideally, you’d have enough insurance to…

Completely rebuild your home if it were destroyed by fire (including construction and clean-up costs)
Replace all of your belongings
Cover your family’s liability (your legal responsibility if you cause someone bodily harm or property damage)

by Katelyn Betts

See Full Story at insurancehub.com

Tips to Save Money on Car Insurance

25 January 2018 By admin Leave a Comment

Are car insurance costs over-stretching your family budget? Below, find a few money saving tips that can reduce your cost of driving.

Defensive Driving
Do you actively drive defensively? For any age driver, doing things that improve your driving skills and safe driving behaviors might get you reduced car insurance premiums. Why? Because safer driving means fewer claims.

This could mean completing an approved driver training (or driver’s education) course, or, for older drivers, a defensive driving course.

Research shows that young drivers who are well-trained are statistically less likely to engage in risky driving behaviors. The more responsibly a person drives, the less car accidents he or she causes. Responsible driving can even save lives.

Defensive driving includes staying off your cell phone while you drive.

To get discounts on your insurance plan, ask your insurance company agent for specific details. You may be eligible every few years to get another discount after taking training again.

Don’t Drink and Drive
Getting a DUI (Driving Under the Influence of mind/body altering substances) can ruin your life. If you get one or more DUI, you can become uninsurable by most insurance companies. Plus, your driver’s license will be suspended or revoked, you could lose your job, and worst of all, if you seriously injure yourself or others you would go to jail or prison, get a criminal record, be required to take rehabilitation classes, etc.

Stick With the Truth
What can raise your car insurance premiums other than offensive driving? Hiding the truth. For example, have you sustained a sports, automobile or other type of injury causing you to have a concussion? If so, it is only safe to drive after a doctor tells you it’s safe to drive again. When you answer questions about your life experiences, tell the truth.

By Susan Fox

See full story at www.northeastohioparent.com

5 Tips To Keep Your Business Insurance Premiums Low

18 January 2018 By admin Leave a Comment

If you own a small business, you have to be extremely mindful of your expenses. It is important to be vigilant about your costs so that your business is as profitable as possible. However, since businesses are faced with uncontrollable factors and risks, business insurance is an important expense to prioritize. Nevertheless, you can still keep your business insurance premiums low enough to maintain ideal profit margins. Here are some tips on how to keep your small business insurance premiums low:

Increase Your Deductibles

Insurance should be viewed as a life raft, not a crutch. One way to save money on your insurance policy is to “self-insure” by increasing your deductible to a level that may seem uncomfortable. Deductibles are the amount of money you are required to pay in the event of a claim before your insurance plan kicks in. A higher deductible serves two main purposes: one, to lower your premium, and two, to ensure you don’t file frivolous claims. Insurance is all about risk, and higher deductibles tell the insurer you’re willing to take on some of that risk. So, how do you know what is the right deductible? Determine what amount makes you uncomfortable but won’t wreck you financially. If that figure is $1,000, $2,000, $5,000 or more, that’s where you start.

Bundle Your Insurance Products

Combining your coverage can result in rate deductions as well. If you need general liability, business property, and cyber liability insurance, you can combine those policies with the same company to save money. That is, instead of paying for insurance policies separately, you can bundle them into a single policy such as a Business Owners Policy. This policy can combine income loss, liability, and property insurance, among other coverages, into a policy with a lower rate. However, evaluate the policy first to make sure that you don’t pay for insurance you won’t need.

Reduce Your Risks

One of the factors that insurance companies use to determine the amount to charge you is the level of risk of your business. Therefore, the higher risk your small business is, the higher the amount you will pay. Reducing your risks can simply involve implementing smart risk management strategies in your business to decrease the likelihood of accidents occurring. For instance, you can implement workplace safety measures, theft-prevention programs, human resource training, and disaster preparation programs.

BY JERAMY GORDON

See full story at brashearsinsurance.com

5 Tips for Getting the Best Value on Car Insurance

5 December 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.

By Tobie Stanger

See full story at www.consumerreports.org

Buying Car Insurance Online Vs. Agent

19 October 2017 By admin Leave a Comment

Auto insurance coverage has always been a mandatory requirement in many US states. Before the inception of online car insurance comparison sites, drivers used to obtain coverage via licensed insurance agents. Insurance providers only dealt professional insurance agents who upon successfully selling an auto insurance product to a client, received a percentage commission. And no, the commission wasn’t added to the product’s retail price.

The onset of the internet age changed all that. Almost everything can be done online. You can get an auto insurance quote and purchase the actual policy within the click of a button anywhere, anytime. You can still choose to buy an auto insurance policy from an agent.

Buying Auto Insurance Directly Online

If you are keen enough, you’ll notice that there has been an increase the number of insurance commercials on TV. Almost every online streaming site, media outlet or cable channel is bombarding you with adverts telling you to compare quotes online.

It’s actually pretty easy, go to an auto insurance online comparison site, fill in the details and get your quotes. If you are pleased with one particular quote, you just have to fill a few additional forms and get a policy.

Advantages of Buying Online

Fast and Convenient

The convenience that comes with buying car insurance online is unmatched. You can go online and get a quote anytime, day or night. In addition to that, its super-fast compared to when dealing with an agent. Usually, when dealing with an agent, you have to leave your details and wait for them to call you back.

It’s Cheaper

Theoretically, buying online eliminates the need for a middle man. Therefore, you will get a lower rate as opposed to dealing with an agent who gets paid through commission.

Disadvantages

Buying online can be cheap and fast, but it has its downsides too. Information is limited, and you don’t have the convenience of asking questions that come up. Dealing with an agent comes with more insight and understanding of the product you are about to purchase.

Buying Coverage via an Agent

The auto insurance agent system is still intact across the US for people who prefer to go old school. You can get their contacts from online guides or via the telephone directory. There are two types of insurance agents:

• Captive agents

• Independent agents

By Daffa Zaky

See full story on fxdailyreport.com

Check insurance before sending child to college.

10 October 2017 By admin Leave a Comment

When checking off items for college, the Missouri insurance department wants to remind students and parents not to forget insurance coverage.

“College students will be heading to school soon, some for the first time. Such a significant life change is likely to impact your insurance coverage,” Chlora Lindley-Myers, director of the department, said. “It’s important to understand what your coverage is now and what it will be after students leave for school in case you have to file a claim. A little bit of preparation on your part now can ensure all of your coverage needs are met later.”

The department offers these tips for families to make sure their students are properly covered when they’re off at school:

•Auto insurance: If your child is taking a car to college, check with your insurance agent. The price and coverage of your policy may change based on the city and state where your child will live, also, see if your insurance company offers a discount for a student’s good grades. The department has an auto insurance guide which provides basic information. The guide is located on the department’s website at www.insurance.mo.gov.

•Homeowners and renters insurance: Ask your agent if your child’s possessions will be covered by your homeowners policy. Some policies cover a student’s possessions if they live on campus. For students living off campus, consider renters insurance. A landlord’s policy will only cover the building, not the tenant’s possessions. College students should complete an itemized checklist of their possessions called a home inventory. When filing a claim, your insurer can ask for a home inventory to see a list of your possessions before paying out a claim. The checklist can help you during the claims process in the event of a fire, storm or theft. An easy-to-use home inventory checklist is available for free at the department’s website, along with free smartphone apps for iPhone and Android devices.

•Health insurance: Most young adults can stay on their parents’ health insurance up to age 26, regardless of marital status, financial dependency, residence or enrollment in school. Students should take copies of their insurance cards and check their parents’ health insurance plans to know which physicians and hospitals are in their network while away at school.

See full story at cedarrepublican.com

Learning life insurance basics

3 October 2017 By admin Leave a Comment

One of the most common reasons for buying life insurance is to replace the loss of income that would occur in the event of your death.

When you die and your paychecks stop, your family may be left with limited resources. Proceeds from a life insurance policy make cash available to support your family almost immediately upon your death.

Life insurance is also commonly used to pay any debts that you may leave behind. Life insurance can be used to pay off mortgages, car loans and credit card debts, leaving other remaining assets intact for your family. Life insurance proceeds can also be used to pay for final expenses and estate taxes. Finally, life insurance can create an estate for your heirs.

How much life insurance do you need?

Your life insurance needs will depend on a number of factors, including whether you’re married, the size of your family, the nature of your financial obligations, your career stage, and your goals. For example, when you’re young, you may not have a great need for life insurance. However, as you take on more responsibilities and your family grows, your need for life insurance increases.

There are plenty of tools to help you determine how much coverage you should have. Your best resource may be a financial professional, although there is no assurance that working with a financial professional will improve results. At the most basic level, the amount of life insurance coverage that you need typically corresponds to your answers to these questions:

What immediate financial expenses (e.g., debt repayment, funeral expenses) would your family face upon your death?

How much of your salary is devoted to current expenses and future needs?

How long would your dependents need support if you were to die tomorrow?

How much money would you want to leave for special situations upon your death, such as funding your children’s education, gifts to charities or an inheritance for your children?

Since your needs may change over time, you’ll need to continually re-evaluate your need for coverage.

How much life insurance can you afford?

How do you balance the cost of insurance coverage with the amount of coverage that your family needs? Just as several variables determine the amount of coverage that you need, many factors determine the cost of coverage. The type of policy that you choose, the amount of coverage, your age, and your health all play a part. The amount of coverage you can afford is tied to your current and expected future financial situation, as well. A financial professional or insurance agent could help you select the right insurance coverage.

By Stacy Bush

See full Story at www.valdostadailytimes.com

Insurance Agency Singapore | Commercial Insurance and Personal Insurance