Archive for November 8, 2010

Learning About Insurance- Part 2

At the end of Part 1 I said I would discuss some good deals you can get in insurance and this is what I intend to do in this section. No bargains can be found in the “must have” type policies, like auto and home insurance. But there are some policies I highly recommend.

The first type of policy I recommend is an umbrella policy. This is a policy that covers you for personal liability. Depending on your insurance company you can get a $1,000,000 umbrella policy for as little as $200-$300 depending on what you are covering. This is usually for 2 cars and one home. Once you add more cars and additional houses the premium goes up. Hopefully you never need to use this type of policy but in this country, where people file law suits for spilling hot coffee on themselves, you need to protect your assets. If you do get sued wouldn’t it be nice to know you have a million or more in coverage for a couple hundred dollars a year?

In some cases an umbrella policy can save you some money. How? Some people understand the importance of having the proper amount of coverage. Instead of having an umbrella policy they add more liability coverage on their auto policies and home policies. For example, you can get an umbrella policy if you have $100K in liability coverage on your auto and home policies. Some people carry $250K in coverage on their auto. The cost of increasing from $100K to $250K is usually as much, if not more, than having the umbrella policy. So, these people carry only $250K in liability coverage for the same price, or more, than someone with an umbrella policy and $1.25 million in coverage.

The next kind of policy I recommend to those who don’t have it through work is a short-term disability policy. This covers you if you are out of work for any length of time and can’t make any money. Anyone looking to start a family should have this because while the new mom is home with the baby she can get paid while on maternity leave. This type of policy is becoming more and more popular as employers are looking to cut costs by reducing benefits.

My wife had a short-term disability policy because the school system she works for does not offer STD benefits. We pay roughly $75 month for the policy that will pay her just under $3000 for a month out of work. As long as you can get a doctor’s note saying you should miss work you can receive a predetermined amount of money for up to six months. After six months you will need a long-term disability policy. Let me tell you, this money came in handy when our daughter was born.

Most people will say they don’t need this type of policy but I think it is a bargain. We have actually made money on this policy because we have had it 3 years and it has cost us $900 per year. We have made one claim, when my daughter was born, and we got $3000. Unless you commit fraud you cannot make money on an auto or home policy.

I think I have shown you two bargains as far as insurance goes. Anyone with something worth taking should have an umbrella policy. Anyone that is not offered STD benefits through their employer should have this type of policy. In part three of this series I will discuss homeowner insurance in more detail, don’t miss it.

via Learning About Insurance- Part 2.

Wedding Insurance Designed For A Very Special Event In Your Personal Life

It can be every girl’s wish, to enjoy a fantastic wedding ceremony and party. Having most of your relations and best friends gathered round, to see the blushing new bride and her handsome groom, enjoying the most important event of their lives.

These days, a big wedding occasion may very well cost you a large sum of money plus so much time and effort will go into the setting up of the celebration. If anything goes drastically wrong, you really need to be compensated.

Wedding insurance can provide a valuable safeguard from the unexpected

What exactly would occur, if you should change the particular date for the wedding at the very last minute, on account of unpredicted considerations, such as a terrible major accident or illness? You will most likely incur cancellation expenses for rescheduling the marriage reception location, caterers etc. Let’s suppose the big event gets rained off or possibly the wedding catering company fails to arrive? You will want to understand or know that you have a backup master plan for the most significant day of your life.

For your personal protection, it seems sensible to invest in wedding insurance or event insurance, that provides financial compensation, if your most awful nightmare transpires. Wedding insurance is designed to take care of the unpredicted, when you just simply can’t afford the unexpected to take place.

If you have a honeymoon planned and you’re intending to journey abroad, you might like to also give consideration to getting travel insurance protection.

As soon as you return from honeymoon and move in to your own property together, you would be required to choose house contents and property insurance protection. You can never be too careful, for the reason that errors and mishaps can certainly be expensive.

High value home insurance for your important wedding gifts

In the event that you are fortunate to have affluent parents or other family members, possibly you have been given a variety of high priced wedding gifts. Some may possibly include things like antiques or exceptional works of art. You may also have selected costly wedding and engagement rings for each other. You may therefore wish to look into buying a more specialised high value home insurance policy that is specially custom made to safeguard your most significant and prized possessions, in cases where they may be stolen or damaged by fire or an acciden

via Wedding Insurance Designed For A Very Special Event In Your Personal Life.

What provides safety for the future?

Have you ever thought of how to live a secure life in the future? No one can predict the future and now we may be having all wealth, but future cannot be predicted “Stop acting as if life is a rehearsal. Live this day as if it were your last. The past is over and gone. The future is not guaranteed”. This is one of the beautiful quotes from Wayne Dyer and always thinks for the future of you and your family members. You are going to live your life and you are the responsible person for the loss in your life. Investment is the one that provides safety for your life and investing your money in insurance provides the complete safety for your future. Are you still unaware about the benefits of insurance and its types? Don’t worry my friends we will see a detailed overview about it.

What is insurance?

Insurance is an amendment or policy that gives protection against an undesirable event or risk and it ensures that we are protected from financial loss or harm. The insurer is a person who insure and the insurance agent is a person who acts as a representative between the insurer and the insurance companies and he may be either an independent representative or a dedicated one. Independent representative means, the agent represents the insurance products of many companies and dedicated one is who represent only for a particular company.

Varieties of insurance:

Different types of insurance are available and each type provides some safety and security. Life insurance, property insurance, health insurance, auto insurance, liability insurance, credit insurance, casualty insurance, home insurance and there are other types of insurance locked fund insurance, pet insurance and more. Whatever the insurance type it may be, the theme behind the insurance is safety and security for the future. The first insurance company in USA was started in 1732 in Carolina and Benjamin Franklin was the one who helped to popularize the insurance.


Premium is the sum of money paid, usually at regular intervals for an insurance policy. As said above, you need to invest in order to gain profit and before selecting the insurance decide your budget and select a premium that you can afford. Insurance companies in general have different premium options for the benefit of customers and you can pay the premium quarterly, half yearly, annually and monthly. Either you can pay in hand or there is an option to deduct the premium from your salary. Each and every company has different premium plans and the least amount of premium starts from hundreds and continues to the most; depending upon your budget you can decide the premium amount of your own. If you are busy and if you can’t find time to pay the premium, better you can call your agent and can pay the premium to the agent.

The companies usually remind about the premium thorough email or through letters. Find the best insurance companies through internet and there are many good health quotes companies who provide you the valuable information regarding insurance.

via What provides safety for the future?.

Worker’s Compensation Insurance

Worker’s compensation insurance provides coverage for statutory advantages to workers who are injured on the job site. All employers have a necessary and obligation to their workers to make the office a secure environment. As secure as a workplace will be, accidents can (and sometimes do) nonetheless happen, even within the safest of work environments.

Employee’s compensation insurance coverage was created to protect employers from any and all lawsuits resulting from workplace or work-associated accidents or illnesses. It additionally supplies medical care and compensation for lost revenue to workers who’re hurt in office accidents, or harm in places apart from the office while on the job. Practically each state requires one of these contractors insurance for all businesses.

Staff compensation insurance offers funds to injured workers irrespective of who was at fault within the accident. The fee is issued for time misplaced from work, in addition to for medical and rehabilitation services. This sort of contractor’s insurance coverage additionally gives death advantages to surviving spouses and dependents.

Concerning this insurance coverage, each state within the U.S. has different laws that govern the quantity and period of misplaced revenue benefits, the supply of medical and rehabilitation companies, as nicely as how the system is administered. As an illustration, in several states, regulations dictate whether the employee or employer can choose the physician who treats the injuries, in addition to the way wherein disputes about benefits are resolved.

It could be very important be aware that employees compensation insurance should be bought as a separate policy. There are several sorts of commercial/contractors insurance coverage which can be offered as package deal policies – but these sometimes don’t embody coverage for employee injuries.

via Worker’s Compensation Insurance.

Life Insurance – Getting it Right

Life insurance is sought by people for a variety of reasons. You may feel that because you’re getting on in life and feel that life insurance could give you the security of knowing your family will be taken care of after your passing. Another popular reason is that you are purchasing a home or thinking about starting a family. Whether life insurance is a luxury or a necessity in your case, you are probably asking yourself how do I pick the best life insurance scheme for me?

With so many different life insurance companies out there, finding the right life insurance policy for your needs can seem like a nightmare. Where should you begin? Some life insurance policies look good but end up costing more than you can afford when calculated on a day to day basis, and you may find that if you cancel a life insurance scheme you lose all the money you’ve paid into it so far. Some life insurance policies are flexible, allowing you to adjust them to suit your changing needs and budget, whereas others which don’t give you that advantage may offer higher returns. Remember that life insurance is not just there in case you die – most life insurance schemes also pay out in the event of serious illness or disability, meaning that you’ll have extra money to help you get by if you find yourself struggling.

As some people can not guarantee that they will always be earning an income, the idea of getting a life insurance policy can be very intimidating. If this is your fear then find a company that will allow it’s policy holders to take a contribution break of up to three years to cover you in preiods where you are unemployed or are unable to contribute for other difficulties. If you are considering taking out a similar life insurance policy your bank may be a good source of free financial advice. This type of policy won’t have such a large payout, but it offers the security in the short term. Life insurance may not be out of your reach even if you are struggling financially. Policies are available where your initial contributions are very low, like a step rate plan. The disadvantage of policies like this is you may be required to pay contributions for several years before your policy is valid and offers benefits. If you have been turned down in the past for life insurance due to illness, be aware that some life insurance companies specialize in offering solutions for people in this type of situation. These types of policies may be customized to your needs and income, while being mindful to the specifics of your present condition. So no matter what your situation may be, life insurance can be available to anyone. It’s never too late to consider taking out a life insurance policy. Always shop around and pay particular attention to the fine print. You’ll soon see that there is a policy out there made just for you.

via Life Insurance – Getting it Right.

Your Homeowner’s Insurance Policy ‘Dissected: Part 3 of 5

If your homeowner’s insurance policy has been stuck in a drawer, cabinet or just tucked mindlessly away somewhere, it is probably about time to pull it out, shake off the dust and make sure it’s still up-to-date. This article is the third in a series of five articles that will help you decipher your homeowne’rs insurance policy.

The laundry is piling up again, you really want to find out what’s happening between McDreamy and Dr. Grey and now that the kids are in bed, you just want to sip on some chamomile tea and forget about everything else. The last thing on your mind is your homeowner’s insurance.

While keeping your homeowner’s insurance updated is a dismal task, it is of utmost importance. As discussed in a previous article, not only is it important to purchase homeowner’s insurance, it is just as important to know what that policy covers.

Homeowner’s insurance policies contain several different coverage areas.

The topic of the previous article, Part 2 of this series, discussed insuring the detached structures on your property. This article will explain how to insure your personal items and belongings.


In addition to covering your home and detached structures, your homeowner’s insurance also includes compensation for theft of or damage to your personal property. Keep in mind that every homeowner’s insurance policy is different.

Because every single homeowner’s policy is unique, you need to know what your policy’s coverage limit is. The average coverage for personal items in the typical homeowner’s insurance policy usually ranges from 50 to 75 percent of the price your home is insured for, depending on your insurance company. Confused? Don’t fret.

In a nutshell, if your house is insured for $450,000, your personal belongings should automatically be covered for between $225,000 (50 percent) and $337,500 (75 percent). Again, however, your policy may be different. This is a very important detail, so be sure to check your policy!

In the end, it is essential to know what you’re covered for because each homeowner’s insurance policy is different. You need to know what yours limits or excludes.

Is your homeowner’s insurance policy up-to-date? (Some policies automatically update your home’s current value. Does yours?) While it is easy to let that dust settle over your policy from year to year, keep in mind that putting it aside could cost you much more in the end. Your homeowner’s insurance policy may make heavy reading, but it will be even more burdensome should you not know what is covered in it.

via Your Homeowner’s Insurance Policy ‘ Dissected: Part 3 of 5.

Home Insurance- Repercussions of Not Having Homeowners Insurance

Mistakes are a part of life and are usually fairly simple to correct. Other mistakes may take more effort to correct or even be impossible to correct completely. Mistakes are meant to help us so we don’t do the same in the future.

A mistake such as not keeping home insurance on our residence is an unspeakable mistake. This can cost you so much financially that you might never recover. It is always a smart idea to keep a homeowners insurance policy current at all times. Many people believe that if they live in a city or neighborhood with a low or no crime rate history, that spending money on a homeowner’s insurance policy would be a waste of time since nothing bad ever happens around where you reside.

This is wrong to think this way. You will never know when a disaster could happen and just because none has happened lately in your area does not mean you are immune. Nature can strike at a moment’s notice and do great damage to your property.

Without having an insurance company, you will be stuck paying for the entire repair yourself and this is not going to be a cheap project. Nowadays, most homes on the market have a value of close to or over a million dollars. With this in mind, you will most likely agree that the average individual’s bank account would not be able to cover the expenses that could occur during a disaster. Without having the protection that a homeowners policy can offer, you would most likely be stuck living in a messed up house – if it is in livable condition at all – or you would most likely have to take out a second loan to make the repairs that should have been covered by a policy.

This leads to nothing but a pile up of more debt and more worries for your family.

Many people, once these thoughts have occurred to them, would not like extra burden of having to pay for more bills on top of their current ones.

If you are in a 15 to 30 year mortgage and you end up taking out another loan, do you realize how long you will be paying?

This is just one of the many factors that everyone should consider when contemplating home insurance and home loans. Thorough research and preparation is they key to not getting tsken for a ride or getting ripped off in the realm of home insurance and home finance.

via Home Insurance- Repercussions of Not Having Homeowners Insurance.

Why Every Home Should Have a Surge Protector

You may well have invested several thousands of dollars in the computer and stereo equipment in your home. One additional – but necessary – expense is a surge protector which can help protect not only the equipment itself, but photographs, documents and other irreplaceable files. And you don’t want your expensive home theater system to be damaged by a power surge either.

So why exactly does your home need a surge protector? Over the last few years, most electronics have become increasingly sophisticated and as a result, they can be damaged by just small surges in voltage. These occasional small surges can have a cumulative effect over time and cause damage not only to a computer, but televisions, modems and stereo equipment. And a huge power surge can instantly damage computer, stereo and TV equipment.

Power surges are most commonly associated with storms and lightning. Lightning actually strikes somewhere in the world 100 times every second and there are an estimated over 100,000 storms every year in the United States. Annual figures for property damage caused by storms routinely runs into billions of dollars – and if you live in the States of Georgia, Florida or the Carolinas, you are particularly at risk from power surge damage caused by thunderstorms and lightning.

Power surges can also be caused by strong winds and ice storms, or by power lines being brought down by heavy snow. And if your neighbors are for some reason using an extra amount of electricity, it can cause a power surge in your home – it’s common for power surges to occur on hot days when everyone is using their air-conditioning to its maximum.

Surprisingly, an estimated 70% of power surges actually originate inside the home – if you have ever experienced a brief flicker on the TV or lights, it’s probably caused by a power surge. They can also be caused by such things as turning on a major appliance such as washing machine, dryer or air conditioner. The extra electricity suddenly being used creates a brief surge that can affect the wiring in your home.

And power surges can be caused by faulty wiring, an overloaded circuit, faulty circuit breakers or a poorly grounded appliance or wall outlet. A surge protector is a must if you live in an older home – or if you suspect that the wiring in your home may not be in the best condition. While we may have some warning of an approaching storm, a spike in voltage on a power line generally occurs without warning.

And try to make sure that your surge protector protects against lightning strikes – not all of them do. The type of surge protector you need will also depend on the modem that you have – if you have a regular modem, choose a surge protector with a phone jack; if you have a cable modem, you should choose a surge protector that will also accommodate TV, cable and internet connections.

Surge protectors come in two basic types – a power strip that allows several different appliances to be plugged in, which also doubles as a surge protector. You probably have all of your computer or home theater equipment plugged into a strip containing several outlets. Be careful as not all power strips offer surge protection. Fuses and circuit breakers don’t protect against surges in power either.

Power strips are also convenient, in that they allow you to have everything plugged in to a central location. You can even label the plugs, so you don’t accidentally pull out the wrong plug – easy to do when half a dozen things are plugged in. And with a power strip, there is also no danger of overloading the outlet.

You can also purchase what is known as a whole house surge protector. These devices usually connect to your circuit breaker panel and protect every device and fixture in your home – they generally cost between $200 and $600. If you aren’t comfortable installing it yourself, an electrician can easily do it for you.

Your property insurance or homeowners’ insurance may not cover damage or loss due to a power surge. Even if it does – you may be faced with paying a deductible of up to $500. Typically, a good quality surge protector offers primary coverage – this means that you don’t need to claim through your property insurance first. Make sure that the warranty that comes with the surge protector covers not only the device itself, but any equipment connected to it as well.

An adequate surge protector is inexpensive, costing as little as $20. Its well worth the money for peace of mind and the insurance it provides.

via Why Every Home Should Have a Surge Protector.

What Does Homeowners Insurance Cover?

Every homeowner should realize the importance of homeowner�s insurance policy. Homeowners insurance policy not only protects the homeowners from man-made and natural disasters, but it also protects you from several other situations.

The basic homeowners insurance policy pays you in case of any damage due to fire, severe storms, tornado s and hurricanes. Damage to your property, possessions and home are primary elements to be covered. Coverage provided by the policy is not the most important aspect; the most important aspect is the amount they provide in case of any disaster.

Lost of possessions like furniture, electrical appliances, jewelry, clothing are also generally covered by some of homeowners insurance policies, up to a specific percentage of the policy.

Liability coverage protects you in case you are responsible for someone else’s injury or property damage. In such cases home owners insurance will soon provide you minimum 18,000 USD as coverage. Policyholder can buy an extra premium of $1.5 million. Liability coverage also covers certain injuries that happen within the premises of your home such as your dog biting someone. A sum of $700 is paid to the insurer with basic homeowners policy; this can increase up to $5,000 after paying extra.

Dwelling coverage will pay you in case of damage to your outstanding building (garage, storage, shed, fencing, boundary) and your home.

Loss of use coverage will help you in case if your home is damaged due to fire, storm or any other man made or natural calamity. Loss of use coverage will pay your expenses when your home is not suitable to live.

You must think over all the issues before purchasing a homeowners insurance. Consider the reputation of the insurance company and do not make decisions solely based on premiums of policy. Using Internet, you can find reputed home insurance company with best homeowners insurance rate. With a bit of research work you can get the best deal.

via What Does Homeowners Insurance Cover?.

How A Good Disability Insurance Policy Upholds You During Sick Times?

Worried about the revved up medical bills on your recent sickness- temporary disability? It has made a big whole in your monthly budget. And now you are having sleepless nights on any possibility of recurrence of the situation in future.

Well, with the changing lifestyles, diseases among the generations have increased. Sometimes these diseases take the from of disabilities, costing you more on your pockets. But buying an insurance policy can give you some amount of respite. When you are unable to work, disability insurance coverage replaces some portion of your earned income. You get two major types of disability coverage:

Short-Term Disability Coverage: This type of insurance coverage gives you cover for the early days of your disability. This policy can pay you benefits for two weeks to two years. Usually short-term disability is included in the employee’s benefit package.

Long-Term Disability Coverage: As the name suggests, long term disability helps you replace your income for an extended period of time. This time period generally ends after five years or when the age of the disabled person is 65. This long term disability is either provided by your employer or you can also have it individually. Under this, there are two types of individual insurance. One is non cancelable and the other is the guaranteed renewable.

In this type of insurance scheme, the renewal of the policy cannot be refused by the insurer. The insurer is also required to pay the premiums on time. The major difference between the two is that, you have an extra security in a non-cancelable contract, that the premiums will never be raised above that shown in the policy.

But a guaranteed renewable insurance policy can raise the premiums, if the change made affects all the policyholders. Due to this, the initial premiums are less expensive for the guaranteed renewable policy as compared to the non-cancelable one.

Insurance on individual disability is a basic concept. It considerably replaces your total income and that too on a tax free basis. The disability policy provided by every company is different from the other. But it is not a product that you can shop for on the basis of competitive rates. Buying a cheap disability insurance policy is just like throwing away money.

So before going in for a particular insurance policy, it is advisable for you to do a little market survey and put your hands on the one that is the most suitable to you.

via How A Good Disability Insurance Policy Upholds You During Sick Times?.

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