5 Insurance Tips You Need to Know before Renting Your Home on Airbnb

16 February 2017 By admin Leave a Comment

The sharing economy is currently worth about $26 billion and grows bigger each day. Even with regulations meant to curb short-term home rentals (like New York City’s latest regulations), homestay companies like Airbnb and Home Away continue to grow.

If you rent part of all of your home or property on a sharing site like Airbnb, we really can’t stress the importance of proper insurance protection (and it’s not just because insurance is in our blood). If you own your own home and rent out the whole thing (or even just a room) and a guest becomes seriously injured, you could lose your home and any other savings or assets if you don’t have proper insurance coverage. If you don’t have either commercial homeowners insurance or extra insurance like the products Airbnb and HomeAway offer, you are taking financial responsibility for any damage your guest causes and any damage or injury that happens to them while you’re hosting them.

When it comes to your home, you really can’t be too careful, and unfortunately misconceptions and confusion abound in the world of insuring short-term home rentals. We’ll break it down.

1. When are short-term rentals covered by your personal homeowners insurance policy?

If you own a home or rent, homeowners or renters insurance is important to cover both your personal property and belongings (both when you’re at home and when you’re traveling) and to protect you from the consequences of litigation in the event that someone is seriously injured or dies on your property.

See full story at www.thezebra.com

Top Tips for Comparing Accurate Auto Insurance Quotes!

9 February 2017 By admin Leave a Comment

Clients can now find the best offers on a single website simply by completing their ZIP code and an online form. The online form resembles the application questionnaire used by various agencies and it is used by brokers to adjust coverage prices for each individual customer. At http://carinsuranceshoppingsource.com/ drivers will be able to shop for coverage in a fast and convenient way. The website offers accurate quotes in just a few minutes.

The website uses a professional search engine to select relevant quotes and offers for each individual driver. Each visitor has to complete an online quote form to compare quotes. The quote form is important because it helps the search engine track the best offers for each individual driver.

Auto insurance prices can vary from driver to driver. The premiums of a policy are influenced by a number of things, among which the vehicle and the applicant’s driving experience are the most important. Also, some types of car insurance are more expensive than others and the level of deductibles that someone chooses is also very important.

To get accurate auto insurance quotes, drivers should follow some simple tips:

Always provide accurate information. Drivers need to understand that the website will choose quotes based on the information every client provides when completing the online form. Thus, it is important to always give accurate details about the vehicle and the driving record
Clients should know what they need. The online form allows drivers to select the type of coverage they want and the benefits. It is important to always review insurance needs before comparing quotes; otherwise, the information provided will either be inaccurate or irrelevant.

By PRESS RELEASE

See full story at www.satprnews.com

Five Things You Need To Know About Excess Insurance Policies

7 February 2017 By admin Leave a Comment

While policyholders and sometimes brokers overlook excess insurance policies because they simply follow form to the primary underlying policy, there are a number of things that policyholders need to be aware of both when they are placing insurance and when they are submitting claims. First and foremost is the trigger language or the exhaustion language in their excess policies. This is crucial because this language is what triggers insurance under the excess policies. This is an issue that has probably gotten more and more attention in recent years because of more and more litigation over this issue. An excess policy’s exhaustion language specifies how it can be triggered. For an excess policy to be triggered the underlying limits have to be exhausted.

But how can they be exhausted? They either can be exhausted by payments by the underlying insurer, by the insured, or even a third party. The best type of exhaustion language is the language that allows for exhaustion by any of those three categories the underlying insurer, the insured, or a third party. When placing their insurance policyholders have to ensure that their excess policies have that broad overarching exhaustion language. Otherwise, when it comes time to submit and even settle a claim it could be in a position where they do not have adequate access to their excess insurance.

Second, and as a general matter, policyholders want to make sure that their excess insurer matches up as squarely as possible with their primary insurance. That is, you want to avoid situations where excess insurance does not provide coverage as broadly as your primary insurance. Another example of making sure that your excess and primary coverage is harmonious is in the policy’s ADR provisions. We’ve seen a number of insurers come to us with what I would call Swiss cheese ADR provisions. Maybe the primary policy allows you to bring a lawsuit against your insurer when they deny a claim if there is a disagreement over whether a claim is covered. But your excess policies mandate alternative dispute resolution process, whether that being mediation, arbitration, or both. You’re in a position then where theoretically you could litigate against your primary insurer, but then you would have to go through an ADR process with your excess insurers. We’ve seen programs where, when I say Swiss cheese, some of the excess policies have ADR provisions and some don’t, which makes things even more difficult procedurally.

By Miles Karson

See full story at millerfriel.com

Car insurance premiums accelerating

31 January 2017 By admin Leave a Comment

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The cost of motor insurance is continuing to rise. Over the last 12 months, prices have increased by 14% – equivalent to £95 – on average.

This means a driver can now expect to pay £767 for a typical comprehensive car insurance policy – the costliest amount since mid-2012 when the average premium stood at £797.

According to the latest Confused.com car insurance price index, powered by Willis Towers Watson, some motorists have been hit harder than others.

In particular, older drivers continue to see the greatest increases. Comprehensive premiums have never been higher for many drivers in their sixties and seventies – those aged 62 (£481), 63 (£494), 64 (£450), 68 (£515), and 71+ (£495), for example, are all experiencing their highest premiums ever. And at 10%, drivers aged 71+ have seen their biggest ever quarterly increase.

Meanwhile, despite teenage drivers only paying between 56% and 75% of their maximum ever premiums, the cost of car insurance for younger drivers remains, by comparison, eye-wateringly high.

Average premiums for people aged 26 and under are all over £1,000. And, after 18 months of 18-year-old drivers typically paying the highest premiums, it’s the nation’s youngest drivers, those aged 17, who now pay the most (£2,112).

Motorists aged 60 and over, by contrast, can still typically expect to pay less than £500 (the exception being those aged 68 who pay £515 on average).

Both male and female drivers have seen their premiums rise substantially over the last 12 months. However, males have seen prices accelerate more than their female counterparts, climbing by 15% (+£104 year-on-year) and 13% (+£84 year-on-year) respectively.

by Gareth Herincx

See full story at www.automotiveblog.co.uk

How To Survive The Insurance Claim Process Before It Starts – Five Tips To Keep Your Insurance Healthy

26 January 2017 By admin Leave a Comment

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Every day we read about fires, floods and other tragedies that occur. They seem to be so prevalent, now than ever before. The old notion that “it can’t happen to my family” is not the best approach to being ready if you are faced with a claim. Preparation is the key to readiness in the world of insurance. These five tips can easily be implemented just in case:

1. Check your coverage now – not after a catastrophic event for your family. Know and ask in writing if all your insurance needs are covered and your financial limits are sufficient. A phone call to your agent or broker can start the process, but at the conclusion of the process confirm any advice or adjustments in writing, and save it in your insurance file. Policies and important correspondence can be imaged and saved in the cloud so it’s retrievable if a big loss occurs. Ask your child or grandchild how to do this if you do not understand the cloud storage and retrieval system.

2. Video your belongings and save in the cloud. – Use your smart phone to video your home, contents, boats, etc. Talk about the items in the viewfinder as you go. If there are expensive personal items, note their worth and ask your agent or broker if such items need to be “scheduled”—detailed with agreed upon amounts. You pay a little extra on these items but you can then recover their actual value if lost. Most “personal property” items fall under a general category under most homeowner policies and may not be sufficient.

3. Scheduled items should be updated every 3-5 years with the assistance and input from your agent or broker. This step is easy to forget. Rings, watches, art, etc. can change in value. Again, confirm changes in writing.

By Robert K. Scott

See full story at www.mondaq.com

Why Smart Insurers Are Looking Beyond Claims To Health Advice, Parking Tips

19 January 2017 By admin Leave a Comment

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From tracking drivers’ braking behavior, to installing wearable devices on factory workers, to funding medical advice mobile apps, many insurance companies are trying to become more present in their customers’ lives. They know that earning greater loyalty will require interacting more with their customers and delivering more value as well. Insurers are finally paying attention to this customer-centered approach as an alternative to the traditional internal focus on products, agents and in-year financial considerations.

Many insurance executives realize that a business built around customer advocacy can improve their economics. Customers who are loyal promoters of their insurers stay longer, buy more, recommend the company to friends and family and usually cost less to serve, a Bain & Company analysis shows—with the mix of these forces dependent on the particular market and type of insurance.

Bain’s new survey of 164,421 consumers in 19 countries, through Research Now, sheds light on the dynamics behind loyalty in P&C and life. The survey analysis, together with our client work, suggest three important themes for insurers to keep in mind as they build out a customer-centered distribution and service model.

By Henrik Naujoks, David Whelan and Harshveer Singh

See full story at www.forbes.com

Insurance commissioner offers home heating safety tips

17 January 2017 By admin Leave a Comment

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ATLANTA — With cold weather in the forecast, Georgia Insurance and Safety Fire Commissioner Ralph Hudgens is reminding Georgians of some heating tips to help keep their homes and families safe this winter.

“Year after year we’ve seen the rate of fire deaths in Georgia accelerate during the winter months,” Hudgens said. “Many of these fatal fires are caused by careless use of home heating equipment, particularly portable space heaters.”

Hudgens offers the following home heating safety tips:

• Heating equipment is one of the leading causes of home fires in Georgia. Portable space heaters, open fireplaces and wood stoves can be dangerous if misused. Keep them away from curtains, draperies and other flammable material. Make sure heaters have adequate ventilation and always follow the manufacturer’s operating instructions.

• Have your home heating unit checked annually to be sure it is working efficiently and safely. Make sure all fuel-burning appliances and fireplaces are properly vented. If you suspect a gas leak in your home, leave immediately and call the gas company from elsewhere.

• If you use kerosene space heaters, make sure each heater has an automatic shut-off in case it tips over. Use only K 1 kerosene in a space heater; gasoline can cause an explosion. Wait until the heater has cooled and take it outside before refueling.

See full story at www.jacksonprogress-argus.com

Find the Right Homeowners Insurance with These Tips

12 January 2017 By admin Leave a Comment

A photo of young couple with cardboard boxes and potted plant. Portrait of man and woman are moving house. They are smiling while standing at entrance of home.

Homeowners insurance policies can be confusing and complicated, especially if you’re not familiar. While these tips may be too late for me to use, I hope they can help you when considering your home insurance options.

Talk with Your Local Insurance Agent

If there’s one thing I recommend when it comes to homeowners insurance, it would be to talk to someone who knows your area like the back of their hand.

“Local agents are familiar with the city and surrounding areas – this means they should have a general knowledge of the market values and other information that may play a role in determining your coverage needs,” says Sarah Haun of Advanced Insurance Designs, Inc., who has been selling and servicing homeowners’ policies for more than 15 years.

Insurance agents can also help in determining how much coverage you need and if it makes sense to bundle your various insurance policies together. Bundling car and home insurance saves my husband and me a couple hundred dollars a year, but that’s not the case for everyone, so be sure to ask.

Haun also suggests working with an independent agent. “Independent agents have the ability to quote several different carriers, to find you the best coverage at the best value,” says Haun. “This may be a good option if you want to get several quotes without making several phone calls or filling out several online quote forms.”

My agent is an independent agent and I highly recommend using one. If ever I have a question about my policy, I call him directly. It also benefits me in the fact that he’s always looking for ways to save us money each year, and if he sees an opportunity, he shares it with us.

Shop for Home Insurance like You Would a New Car

“It pays to shop around,” says David Reiss, Professor of Law at Brooklyn Law School. “You want to shop around to get the best price, but you also want to get a sense of how each company you are considering treats claims when they are made,” he says. “Do they have a reputation for being difficult to work with and a reputation for not paying legitimate claims? You want to take that into account when you are making your decision.”

If you decide to go it alone, Haun suggests to get three estimates and compare.

What’s Covered and What’s Not

You wouldn’t get halfway through a good book and stop reading it, so don’t just give your policy a once over. Experts recommend you read through your policy in full detail to know what is and what is not covered.

By Krystal Beers

See full story at www.quickenloans.com

7 tips to help you save on your car insurance premiums

10 January 2017 By admin Leave a Comment

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When faced with tough financial decisions cancelling insurance policies may seem the logical thing to do, however, the risks of not having comprehensive cover far outweigh the immediate saving, the financial services firm advised.

Here are 7 tips for getting the best possible value on an insurance policy for your vehicle:

Possible saving – should a client wish to save on premiums they can choose to insure for retail or market value. In addition, although comprehensive cover is the most sought after, if you have an older car that is not financed, you can insure for Third Party, Fire and Theft or alternatively Third Party only.
Up your security – install a tracking device in your car this helps to lower your insurance policy premiums because you have additional security for your vehicle. Keep your car in a locked garage, secure basement, or in a parking area with security. Remember to inform your insurer and request a revised quote.
Combine insurance products – combine your car and household insurance; a combined policy covering both household goods and car can result in a more affordable monthly premium for your comprehensive insurance policy.
Insurance history – maintain an uninterrupted insurance history, cancelling your insurance introduces gaps into your coverage history while a more complete picture of your insured history and claims can assist in qualifying for lower premiums.
Monthly premiums – are one of the most important motoring costs for any car buyer. Any consumer who has vehicle finance has a contractual obligation to be comprehensively insured for the full duration of their finance agreement.
Accurate information – ensure that the insurer has the correct details of the regular driver of the vehicle, as this could affect the premium.
Relationship building – although you can shop around for premiums, it is better to build up a reputation with one insurer as the longer you stay with an insurer, the better your premiums tend to be.

By Staff Writer

See full story at businesstech.co.za

Tips when requesting an insurance quote

5 January 2017 By admin Leave a Comment

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If you’re in the market for auto insurance, bear in mind that your premiums will be based on the value of your vehicle. A luxury car will carry a higher premium than an economy car. Other items to consider are bodily injury liability, collision, comprehensive, medical coverage, property damage and uninsured motorist protection.

Homeowners insurance protects your property – both your house and things in it – from losses due to fire, wind, theft and whole lot more. Homeowners Insurance also covers you for property damage or injury to others for which you or other family members may be held legally liable.

There are several standard parts of homeowner insurance coverage, but there are even more ways to customize home insurance policies to make sure you get maximum credits and the right insurance coverage for your Illinois home. Your insurance specialist can customize your home insurance policy for home business occupancies, special collections, important art or jewelry, and more.

If you’re a renter, you should know that a renters policy covers almost all of your personal property in your home and in some cases, out of your rental unit. The insurance extends to your home’s contents and liability for damage to property of others or injury caused to someone by you or a family member. Your policy can be personalized to include greater levels of protection for important property, home office situations, liability for boat ownership.

By: Diane Krieger Spivak

See full story at www.saukvalley.com

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