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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

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

Five tips to cut down on your car insurance costs

18 May 2017 By admin Leave a Comment

Because car insurance is mandatory in Singapore, a large numbers of car owners consider it a necessary expense and do not give much thought to how much they are paying for it. This is especially the case because you cannot do much to reduce the annual car insurance premium that charged by insurance companies. Insurers use an extensive set of data about the claims and accidents to calculate how much they will have to pay for claims and what insurance premium they can charge. For example, people over the age of 30 have fewer accidents than younger individuals. Similarly, they are aware that women tend to be safer drivers than men. Therefore, men below the age of 30 fall into the highest risk category and are required to pay greater premiums.

Despite these classifications, there are still a number of ways to reduce your car insurance costs. Here are some of the ways in which you can save thousand dollars or more every year on your car insurance.

1. Shop around for the best rates

Most car buyers in Singapore choose to purchase a car insurance policy through their dealer. Since not doing so comes with a penalty fee, it may make some economic sense to do so for the first year. However, these policies sold by car dealers typically cost S$3,000 or more, compared to the average cost of around S$2,000 for most car insurance products in Singapore. Given this, you should always try to shop around for a cheaper car insurance policy online when it’s time to renew your car insurance. According to ValuePenguin’s calculations, you could save S$1,000 or more by switching to a cheaper option.

2. A private settlement could be preferable for a minor accident

If you get into an accident that does not result in much damage to your car, it may be better to opt for a “private settlement.” Let’s assume you just got in a collision with another car and both vehicles suffer damage that would cost just a few hundred dollars to repair. If you decide to mutually settle the matter, it could save both of you the trouble of approaching your insurance companies for compensation.

By ValuePenguin

See full story at www.theonlinecitizen.com

Car insurance costs and money-saving tips

16 May 2017 By admin Leave a Comment

money saving

You’ve probably figured out that the world of car insurance is — well, let’s just say it’s complex. When you apply for insurance, a company is going to look at many factors.

Type of car: Generally, the more expensive the car, the more you pay for car insurance.

Location: Because of the higher frequency of issues like theft, accidents, and vandalism, urban drivers may pay more than those in rural areas.

How much the car is driven: People who drive a lot for work or commute a long distance usually pay more than those who drive less.

Age, sex and marital status: Accident rates are generally higher for drivers under 25, especially men, which often means higher insurance prices. Married drivers may pay less.

Driving record: Drivers with poor driving records usually pay more for insurance than people who have been accident-free for several years.

Coverages: Insurance policies consist of a variety of coverages. Generally, the more coverage you buy, the higher the cost.

Credit history: Certain credit information has been shown to be a very effective predictor of future insurance claims. In most states, credit information is one factor used to determine the cost of your car. Maintaining good credit may save you money on your car insurance.

Deductible: A deductible is the part of a loss that you’ve agreed to pay with your own money. Generally, the higher the deductible, the lower your premium.

How can I save money?: There are several things you can do to try saving money on car insurance:

Buy a cheaper car. Generally, the more expensive the car, the more expensive it is to insure.

Do your safety research. Insurers often increase premiums for cars that are a greater risk for damage or occupant injury.

Ask about discount. Typical discounts include those for good students, insuring multiple vehicles, accident-free driving and more.

Drive less. Consider joining a car pool, or take alternate transportation when possible. Mileage reduction may help lower your premiums.

Drive carefully. Insurers love a clean driving record.

Consider multi-line. Many insurers will offer discounts if you use them for multiple policies.

Note: Car insurance premiums are determined based on state-approved rating factors.

See full story at www.marshallindependent.com

A happy homecoming – choose the right insurance

2 May 2017 By admin Leave a Comment

We think you’ll agree that a house is not just a house; it’s a home and is made up of so much more than the four walls. So you’ll be surprised to learn that according to the Australian Bureau of Statistics, about 1.8 million Australian households have no house and contents insurance – that is 23 per cent of all Australian homes. Sometimes things happen in our lives that are not in our control – think damage from natural disasters like storms and bush fires.

It’s always a good idea to prepare for the worst and protect yourself against these incidences that are all too common in Australia with a home and contents insurance. With Home and Contents Insurance, you can tailor your home insurance to suit your unique needs and budget so you can enjoy the peace of mind in knowing that the things you hold near and dear are protected. Ahead of choosing a new policy (or if you’re considering changing policies) here’s what you need to know:

What do you want covered?

Home and content insurance are actually two different products. You can buy insurance for just your building, or just for your contents (belongings in your home). You can also combine both.

Building: Protects the house and its fixtures. If the building is damaged or destroyed, this should cover the cost of repair or replacement. This is essential for homeowners but not renters as this is the landlord’s responsibility.

What are the types of cover available?

There are generally two different cover available:

Defined events (also called insured events): All policies will offer you cover if your property is damaged or destroyed by events like: fire, theft, storm, explosions, flood, earthquake, tsunami, storms, lightning strike, vandalism, or water damage from burst plumbing. Any event not mentioned on your policy is not covered.

Accidental damage: On top of defined events, some policies will cover you if your home or contents are damaged by accident. This is a more comprehensive cover option as it insures a much wider range of circumstances.

Sum-insured cover: provides for rebuilding, repairing or replacing a damaged home or its contents at their replacement value. It is your responsibility to nominate a sum insured that is sufficient to replace them. For your home this includes any improvements to the home that may contribute to the costs of rebuilding, and any additional costs associated with rebuilding, such as site works and access restrictions. The services of a professional valuer or building contractor may assist you to determine your home rebuilding cost.

Many policies also offer a safety net option in case you under-insure your home and contents. A safety net policy will pay a specified percentage above the sum insured amount.

See full story at www.bendigoadvertiser.com.au

Insurance Agency Singapore | Commercial Insurance and Personal Insurance