Archive for November 2010

Understanding the various types of property-related insurance and owner builder insurance

Understanding the various types of property-related insurance and owner builder insurance

Article Submitted by: Abhishek Mishra

Friday, 03 April 2009

Everybody knows Insurance. In this contract the insurer promises the insured to give compensation for the loss of the insured entity or death of the insured person. Premium is the amount which is paid by the insured to the insurance company on behalf of buying the insurance. Insurance is in fact similar to risk management.

There are certain rules and principles which are strictly followed by the insurance companies before insuring anything or anyone. Companies check the reliability of the information provided by the insurer, their earning capacity and the worth of the entity etc. Even when claims for insurance payment are made by the insurer, the companies check about the truth themselves regarding the extent of damage or loss, the insured entity or person and then only they give the insurance money. There are myriad types of insurance available in the insurance companies- Like,


Public liability insurance if any kind of damage happens to the insured property due to any person from the public insurance amount is given.


Vacant land insurance is taken by people who have lands or any construction in the land which is not in use since a long time. In case of any damage due to fire, earthquake, flood etc. to the property insurance, amount will be paid by the company for the loss.


Office insurance is taken by almost every office and their employees. In case of injury of the employees, their hospitalization bills are paid by the insurance company under which they are insured. And if any kind of damage happens to the office its cost is also paid by the insurance company.


Home warranty insurance is a good scheme where maintenance money required for the home is given by the insurance companies


Construction work insurance is taken by the builders for their buildings which are under construction and for the workers who are involved in the building construction.


Contract works insurance is very popular among people whose nature of work involves them in contract working.


Business insurance quotes are demanded by the companies, so that they can insure their business to the company which offers most competitive price.


Property Insurance Australia has a huge insurance market in Australia.

Other than these insurances life insurance, Motor insurance, Property insurance, Workers compensation insurance and insurance for display home are the most popular types of insurance.

It’s good and important to have insurance because our life is uncertain and insurance provides us and our family a kind of monetary security in case something unexpected and bad happens to us, so that we can face the challenges of life and move ahead.

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Travel Insurance Can Protect against the Unexpected

Consumers Should Tailor Insurance Needs to Travel Plans

LOS ANGELES — Costly vacation plans stalled? Not to worry – if you have travel insurance. Whether sickness stopped your Stockholm trip or engine troubles stalled your cruise ship, the right policy can help stranded vacationers recover their losses.

Basic travel insurance protects against the cancellation of a trip due to medical emergencies, mechanical problems, bankruptcy of an airline, cruise line or tour operator, severe weather and jury duty or armed forces call-up. Change of mind, business obligations and pre-existing conditions are not covered under basic policies.

If an illness causes a traveler to miss a European tour, prepayments or deposits made would be covered under trip cancellation insurance. If luggage disappears from the tour bus in Jamaica, personal effects coverage would reimburse for lost items. And if a ski adventure goes downhill too fast, emergency medical assistance coverage would pay for a medical evacuation.

But travel insurance is not for everyone. Many consumers may already have coverage under their life, health or homeowners insurance policies or credit card benefits. Because basic travel insurance can average 5-to-8 percent of the cost of the trip, consumers should review the coverage they already have to be sure it is not duplicated.

The decision to purchase insurance also depends on the kind of travel planned. If it involves a large down payment, insurance can make sense for travelers. It may provide for reimbursement for nonrefundable, prepaid expenses like airfare, hotels, tour packages and cruises if either the consumer or travel supplier cancels.

As with all contracts, consumers are advised to read their travel insurance policy thoroughly. While most policies let the insured cancel because of an illness, injury or death in the family, policies’ definition of “family” may vary.

IINC is non-profit and non-lobbying trade association dedicated to helping the public understand insurance and manage risk. For more information, please visit the IINC Web site at You can also follow IINC on Twitter at and on Facebook at

Copyright Business Wire 2010

via Travel Insurance Can Protect against the Unexpected | Business Wire | Find Articles at BNET.

It’s Going to Be a Cold, Cold Winter-Is Your Home Properly Winter-Proofed? | PR Newswire | Find Articles at BNET

Winter-Related Damage Causes Over A Billion Dollars In Losses Each Year

NEW YORK, Nov. 19, 2010 /PRNewswire-USNewswire/ — Many winter-related disasters can be prevented if you take a few simple steps to protect your home from freezing temperatures, snow and wind. With the weather still mild, autumn is the perfect time to winter-proof your home, according to the Insurance Information Institute (I.I.I.).

“Standard homeowners policies cover winter-related disasters such as burst pipes, ice dams, and wind damage caused by weight of ice or snow, as well as fire-related losses,” said Jeanne M. Salvatore, senior vice president and consumer spokesperson for the I.I.I. “Coverage for flooding is available from the National Flood Insurance Program and from some private insurance companies. Winter-related damage to cars is generally covered under the comprehensive portion of an auto insurance policy.”

Melting snow can inflict significant damage to property, and winter storms are the third-largest cause of catastrophe losses, noted the I.I.I. In fact, according to the Insurance Services Office, winter storms accounted for 7.4 percent of catastrophe losses nationwide from 1990 to 2009, or an average of $1.25 billion per year (in 2009 dollars) with the average homeowners insurance claim for water damage and freezing coming to $5,896.

The Farmers’ Almanac predicts that “the eastern third of the country, (New England down to Florida and as far west as the lower Ohio River and Mississippi River Valley), will experience colder-than-normal winter temperatures. Across New England, where relatively balmy temperatures prevailed during the winter of 2009-2010, the upcoming winter will be the equivalent of a cold slap in the face, as we forecast much colder-than-normal temperatures.”

To prepare your home for the upcoming winter, the I.I.I. offers the following tips:

Outside Your Home

via It’s Going to Be a Cold, Cold Winter-Is Your Home Properly Winter-Proofed? | PR Newswire | Find Articles at BNET.

Home Fire Safety-Winter Protection | Market Wire | Find Articles at BNET

Tips for home fire protection

As winter approaches homeowners should take time to think about home fire safety. By taking simple measures, home fire safety precautions can prevent the devastation of a house fire. According to Allstate Insurance Company of Canada’s claims, reports of fire loss jump during the winter months. January alone accounted for 15 per cent of all fire losses reported in 2009. So make home fire safety a top priority.

Properly planned home fire safety can help prevent the majority of fire losses. This autumn, consider these home fire safety tips from Allstate Canada to help keep you, your family and your home safe this winter.

Home Fire Safety Step #1: Prepare

The first step in home fire safety is to be prepared! The best thing you can do to ensure safer winter months at home is to be proactive about your home’s upcoming seasonal needs. A little time spent on home fire safety preparation will ensure that your family stays safe and comfortable this winter.

1. Inspect heaters every autumn to ensure they are in good working condition. If you have a gas heater, inspect the exhaust for carbon build up.

2. Have your chimney inspected and cleaned at least once a year if you have a wood stove or use your fireplace. This is an essential part of home fire safety , because creosote buildup can cause a chimney fire.

3. Install smoke detectors on all floors of your home. Take the time to sit down with your family and prepare a fire plan. It should detail escape routes and include a designated meeting place. This is an indispensable part of home fire safety preparedness.

Home Fire Safety Step #2: Prevent

via Home Fire Safety-Winter Protection | Market Wire | Find Articles at BNET.

Tips to ensure your claim is processed in a timely manor

There are a couple of key factors that will help process your claim within a timely manor:

1. Be sure to fill out all of your personal information on each claim form. Sometimes the company will ask for the information several times on each page, it is necessary for you to complete the information each time. It seems redundant, but it is necessary.

2. Make sure to give your physician the claim forms to fill out. You can provide your physician with our fax number (724)519-7484 and ask them to complete it and fax it directly to our office. You do not have to wait for them to fax the information. You can send us your completed portion as soon as it is finished.

3. Make sure to give your employer the claim forms to fill out. You can provide your physician with our fax number (724)519-7484 and ask them to complete it and fax it directly to our office. You do not have to wait for them to fax the information. You can send us your completed portion as soon as it is finished.

4. We will also need a copy of your Operative Report faxed to our office.

5.  We will need ANY copies of itemized statements, chiropractor visits, or any doctors visits.

6. Claims should be filed within 14 days of the accident or sickness. The sooner we receive your completed paperwork, the sooner the claim is filed and processed.

7. You can check on the status of your claim 24 hours a day by visiting the Insurer’s direct website or by contacting our office.

Elderly Care: Long Term Health Care Insurance – Is It Really Worth It? |

There are many kinds of insurance, so many it almost makes your head spin. There is homeowners insurance, car insurance, renters insurance, life insurance, disability insurance. Heck, the truly cautious can even buy earthquake insurance (predominantly sold in California, of course). But, what about long term care insurance? Is that worth the money? And what is it anyway? Isn’t it like that commercial with the duck in it that keeps getting hurt?

Long term health Care Insurance is almost exactly what it sounds like… a long term care insurance policy you buy to help provide for the cost of long-term care beyond a predetermined period of time. Long term insurance covers care that is not generally covered by regular health insurance, Medicare or Medicaid. It is excess to what you may think you already have.

Individuals who require long term care are not sick in the general sense. They usually need special care in their daily activities, dressing, bathing, and eating, daily hygiene, getting in and out of bed or a chair, and possibly walking. And this may not even be necessarily long term care in the traditional sense. This may be care required to recover or rehabilitate from an accident or a surgery. A long term care insurance policy provides for these and many other things.

If you think you are too young to think about long term care now, think again. It doesn’t discriminate based on age. You have only to think of the actor Christopher Reeve to know that. He became paralyzed at 42 by a riding accident and subsequently required 9 years of long term care. The author Stephen King required long term care following a car accident that nearly took his life while he was a pedestrian in his 50’s. And the actor Michael J. Fox struggles still daily with Parkinson’s disease diagnosed at age 30. In fact, about 40% of those receiving long term care are between the ages of 18 and 64.

Medicaid generally does not pay for long term care in a home setting; therefore long term health care insurance is your best option and definitely something to consider. If home care coverage is purchased, long term care insurance will pay for it, often from the first day it is needed. It will pay for a live-in caregiver or private duty nurse up to 7 days a week, 24 hours a day. Assisted living is paid for by long term care insurance as is respite care, adult daycare and hospice care. Long term care insurance can also pay expenses for caring for an individual who suffers from Alzheimer’s or other forms of dementia.

So before you go on that next skydiving trip, check out some long term health care insurance. You might be doing you and your family a huge favor!

via Elderly Care :: Long Term Health Care Insurance – Is It Really Worth It? |

Insurance :: Car Insurances for Teenagers |

Now days many people feel the need of insurance and especially car insurance for their young children. Generally, teenagers falls in the category of highest accident risk and the reason beyond this is their reckless driving. That’s why it is advised that cars owned by the young people must be insured. Also these are the people who care a lot for their vehicle and usually buy the insurance policies to protect themselves and their cars.

Most of the people are there who are not able to make right decisions that which could be the best available policy for them. The best way to analyze that which is the best policy for them is to first list the needs of car insurance. After knowing the needs one can judge better that which of the available the best is for him or her.

In most of the places there are only three categories in which all of the insurance policies are categorized. All of these insurances are preferable as all of them are suitable in different situations. All of these insurance categories are listed below: Third party only cover: This category has the simplest form of insurances and are meant for those people who want to be on a safer side and also don’t want to pay high premiums. In these types of policies one gets the cover in which he gets the facility that if unfortunately he met with an accident then he needs not to panic as the damage of the other car and the injury of the people in that car will be covered by the insurance company only.

The only harm in this policy is that the policyholder can not claim for the damage of an insured car and this is the reason this policy is not recommended to those who have expensive cars.

Third party fire and theft: This is the other category in which there are policies which are advised to the people who have middle segment cars as through the insurances in this category they can avail all the benefits of the third party only cover and along with that they can avail some additional benefits which are fruitful to the policy holder directly. The additional benefit in this policy is that if the car gets damaged due to the fire or get stolen then the owner will get the claim for sure. In other words the owner will get the claim only if he (or any other driver) is not responsible for the damage of the car.

via Insurance :: Car Insurances for Teenagers |

Insurance: 21 Auto Insurance Claims FAQs |

Following are 21 auto insurance claims FAQ’s:

1. What is an auto insurance claim? Claim by made a policyholder to his auto insurance company in case of an accident or any other damage to his car.

2. When I can make an auto insurance claim? You can make an auto insurance claim within a specific period of time after you car has been wrecked in an accident or by other genuine means.

3. When will I have to pay for deductibles? You will have to pay for the deductibles if your accident is under the comprehensive or collision coverage.

4. Will the company cover cracks in the windshield? In case the cracks have resulted from colliding with any other object, vandalism, theft, storm, etc: yes.

5. How long will it take to get a respond from the auto insurance of a claim made? That depends on the efficiency of the company and sufficiency of your documentation.

6. What is a third party claim? If the at fault party has liability insurance; your filing a claim with their insurance company is the third party claim.

7. Can I make a claim if drunk? You will not be covered and also be fined for driving under influence.

8. What If I am involved in a fraud scam claim? Report immediately to the police and your auto insurance company.

9. Can I make a claim if a friend was behind my wheels during an accident? The claim settler from the company will decide who will be held responsible.

10. What if someone makes a false claim? Report immediately to the police and the auto insurance company.

11. What do I need in order to make a claim? You need to organize specific documentation to prove the genuineness of your case.

12. How do I realize which coverage supports my claim? You can either receive help from your auto insurance company’s representative or go through your policy in detail to see which coverages protect your claim.

13. Will making claims affect premiums? Claim making will increase premiums.

14. Will making claims cancel my policy? Cancellation of policy usually happens to only high risks drivers and frauds.

15. When is one given SR-22 forms? When a high risk driver consistently violates rules, then he is given them.

16. Does auto insurance pay wholly for claims? In case of comprehensive and collision coverages, deductibles apply.

17. What should I include in my claim statement? Include all the documentation that shows that your case is genuine along with the police report.

18. How can I make my claim stronger? By taking testimonials from those present in the scene and adding snapshots of the accident.

19. What happens if I am caught during a false claim? Your policy will be cancelled and driving rights seized.

20. If my policy is cancelled due to high risk driving, can I make claims through any other auto insurance company? Yes; through acceptance auto insurance.

21. When should I not apply for a claim? If the damage caused to your vehicle is lesser than the deductible. These 21 auto insurance claims questions will help you towards understanding the claim making process.

via Insurance :: 21 Auto Insurance Claims FAQs |

Insurance: What Everybody Ought to Know About Their Auto Insurance Policy |

Do you know exactly what your auto insurance covers? Have you read all the fine print to investigate what circumstances might expose you to liability or personal expense? Having the proper amount of automobile insurance, besides being a legal requirement for all drivers, is a safety net that is absolutely critical for anyone who drives a car. Here we will take a look at the various features of auto insurance, including some items to look for in the small print.

Auto Insurance: Liability

Liability insurance is the part of your policy that is required by law. This type of insurance ensures that you can adequately pay for the damage to another vehicle and for any injuries sustained by the driver and/or passengers during an accident. While liability requirements vary from state to state, most experts recommend a policy which covers $50,000 for the first injury, $100,000 for additional injuries and $25,000 in property damage.

Nobody expects for an accident to happen, but having the proper amount of liability insurance can help you sleep a little easier at night knowing you are covered should the unfortunate occur.

Auto Insurance: Comprehensive/Collision

Often referred to as “comp and collision” this type of insurance is a safeguard should something happen to your own vehicle, either during an accident or some other damaging event. Policy limits differ depending on your insurance carrier and the type of policy you hold, so make sure you read all the fine print to see what’s included and what’s not.

Auto Insurance: Uninsured/Underinsured Motorist

While comp and collision will cover damages to your vehicle in the event of an accident, theft or even a hurricane, you may want to drop this coverage if the payments are worth more than your old clunker of a car. In this case, you will want to add uninsured/underinsured motorist to your policy to cover the damages to your vehicle in the event you are involved in an accident with a dead-beat driver without liability insurance.

Auto Insurance: Deductible

The deductible in your auto insurance policy is a fancy word that can best be defined as the amount you will have to pay before the insurance kicks in. Naturally, if you are willing to pay a higher deductible, say, $1,000 or $2,000; your insurance premiums will be lower. Again, take into consideration the net worth of your car before deciding on a deductible figure. It could save you hundreds, even thousands of dollars a year on premiums.

Auto Insurance: The Little Things to Look For

Take a good look at the list below and decide if these little insurance bonuses are items that are covered in your policy:

* Towing. If you’ve ever had to pay a towing charge, you know how expensive it can be, but not all insurance policies will pay the bill. Will yours?

* Rental Car Reimbursement. If your car is stolen or damaged you will no doubt need a rental car to get around. This is a little extra not automatically covered by many insurance policies and carriers.

* Personal Injury Protection. This type of protection can help pay for things like lost income, child care, etc. in the event of an injury.

* Sound System Coverage. For many people, their sound system is worth more than their car. This coverage will help reimburse you for a new system in the event of theft or damage.

This list of “extras and bonuses” is just a sample of the many hidden expenses you may incur if you fail to obtain the right policy for you. Before you commit to an insurance carrier and agree to the requisite premiums, take the time to ask questions and read your policy in full. Taking a little time now to ensure you are adequately covered can save you a whole lot of money and misery down the road.

via Insurance :: What Everybody Ought to Know About Their Auto Insurance Policy |

Insurance : The Advantages and Disadvantages of Monthly Auto Insurance Payment |

The saying that you should look before you leap is a fact that is also applicable in securing auto insurance policy for your car. It is necessary that you painstaking consider how much you want to commit to it before you purchase the policy. In addition to this is to really consider the benefits that you want to get from the policy and the coverage that your car require. If you fail to do this initial plan you may have difficult time paying the periodical premium.

In a situation whereby you have financial constraint, monthly payment may be your best choice. This could be paid with your credit card or your bank account.

In case you are a lower income earner. The wise thing to do is to calculate all your monthly bills that you cannot but pay. These are bills like electricity bills, water bills and others. Just include your auto insurance payment. In this way you can conveniently settle your policy payment with little or no stress.

As a statement of fact when you want to pay the total cost of the coverage at once you monthly income may not be able o handle. This is because auto insurance policy is sometimes expensive. So the major reason for preferring monthly payment is to meet up with monthly budget. So the decision is yours depending on the size of your monthly income.

On the other hand the monthly payment cumulatively is more expensive that you pay the lump sum. The scenario is just like when you pay for an item on retail basis or you purchase it on wholesale basis. The wholesale price is always cheaper. But when you consider your income level it is possible that the monthly payment will support your cash flow

It is in your best interest having known that you may prefer monthly payment to ask for how much is their monthly rates. This will help you to really know how much you are adding to your monthly budget. It is a very good idea to ensure that you don’t conclude on the first insurance firm as a place to pick your car insurance policy. You can go ahead to compare them.

It is not enough for you to have a car insurance. There area things that are necessary for you to be aware of and one of them is knowing the coverage you can get with the benefits you can obtain from it. Always be aware that as a car owner the requirement of the law is to have coverage that will cover you, your and passengers if any in case of any misshapen or accident.

The number of auto insurance companies is unlimited and their rate varies depending on the coverage you would want to have and the benefits you enjoy. Internet had also made issue of comparing insurance quotes very easy. So it is left for you to take pain to do through work to ensure that you get minimum rate for better coverage and benef

via Insurance :: The Advantages and Disadvantages of Monthly Auto Insurance Payment |

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