Sunday, February 1, 2009

When Do You Need Environmental Insurance

For someone who is in the real estate market looking to make some profit by obtaining or purchasing real estate property for commercial uses, it is always advisable for them to check their property for possible pollution or toxic waste of any kind. The source of the contamination could be from the polluted soil or land, underground or the construction itself. Besides causing harm to its owners, it might be causing health problems and more to properties that are located near it. If the stated problems do exist, then the property owner will be looking at clean-up costs that could build up to quite a large amount, sometimes exceeding the value of the property itself! Worse still, the property owners might be paying even more for unseen payments to the relevant authorities that are related to the environmental laws and decree.

Being the owner or the past owner of the property could mean that you will be held responsible for the toxin and poisons spreading to buildings nearby. Possible charges against you would include personal injury lawsuits or property damage. In such cases, how do you protect you and your company from getting into trouble?

The many levels of law enforcements in regards to environmental safety is still new and every now and then they will be amended to keep up with new developments. Trying to keep in touch with the latest changes can be tiring to potential and current property buyers. But the reality is that only a few main decrees are essential in helping you understand the possible penalties as a result of environmental issues.

One of the most well-known and important laws is CERCLA, which stands for Comprehensive Environmental Response, Compensation and Liability Act, where it is passed as an official law in the year 1980. Another revised and improved version of CERCLA is SARA, which stands for Superfund Amendments and Reauthorization Act) where it was authorized in the year 1986. There are currently a few active funds in the world today where the money is intended to help pay for the clean-up costs of deserted commercial sites that are too contaminated to be used and to cover the liability costs of the owner of the property.

If you have checked the premiums for insurance policies covering environmental risks of commercial properties, and you think that it might be too expensive or it might make you initial investments in purchasing the building seem too large of an amount, then you can go check the current Commercial General Liability, or CGL, policy that you have been keeping and paying for. Some of the CGL policies do cover for such incidents of environmental lawsuits though it was not openly declared. However, in recent years, due to the escalating lawsuits involving the very same area and insurance companies ended up paying for liabilities as a result of pollution, the insurance companies have since readjusted their clauses to not cover for such incidents.

With rising news coverage on the pollution problems and the large amount of money property owners have to pay for the damages and cleaning up, insurance companies have come up with policies which provide coverage especially for environmental damages and pollutions. This type of insurance will cover costs and damages resulting from pollution and contamination of toxic waste, damages and harm to the estate or physical harm to a third party, the cleaning-up bills of a third party's estate that is not considered the policy owner's estate, the cleaning costs of an estate that is not owned by any individuals but damaged by the policy holder's estate, and finally the transportation costs of products or waste which have caused pollution and contamination problems.

If you are thinking of purchasing and developing a brownfield site, which means the commercial site that has been left undeveloped because of its excessive pollution problems, take note that there are insurance companies willing to offer you coverage for these areas. If there is no insurance coverage offered for these sites, this land may be left undeveloped since the risks of incurring clean-up costs and the further financial payments in penalties is too high.

In order to cut down the risks involved, check with the local authorities regarding the laws and regulations regarding the pollution and environment concerning commercially run estates. Take note on your potential accountability in financial terms and also the legal requirements if something should happen to the buildings and estates near your property. If you find the law decree hard to understand always seek help from a lawyer who is well versed in the field of environmental laws. By acquiring the necessary knowledge, you can then decide if you need to purchase an environmental insurance for your property.


Commercial Liability Insurance

Liability insurance is when you cover any visible or possible liability that you may have with proper insurance. When businesses or commercial establishments purchase insurance to cover their liabilities, it is called as commercial liability insurance.

For any commercial firm, the commercial liability insurance pays part of or the entire amount of the damages caused by liabilities of the company that may have been imposed due to business-dealings or by law. It also has the potential to pay for the cost of legal defense in case of any claims. Adequate commercial liability coverage is a must to survive in business. Without it, a commercial firm would have to bear the cost of damages itself.

One has many options of applying for commercial liability insurance. However it is the insurance company that, by using their underwriting standards, determines if the business is eligible for insurance and for how much. The insurance companies have classifications on businesses, and any new commercial liability insurance has to fall in one of those classifications. This means that even a company with a totally clean record might still have to pay a high premium for commercial liability insurance.

Insurance is mostly sold directly by a company or through their agents and brokers. There are also individual and independent agents that, unlike exclusive agents, at times represent several insurance companies.

If one is considering buying commercial liability insurance, he or she should remember to contact several liability insurance agents and look around for various companies. At the same time, the firm should also ensure that it thoroughly understands what it is buying.

Often an independent agent can be a good source to provide comparisons on various commercial liability insurances policies available. However, one should remember to properly search around and even surf the internet to do some research on his or her own, before finally opting for one company and policy over another.

Also, do remember to check that the agent you choose has experience in your line of business and whether he or she is licensed to do business in your state. You can find about an agent's license from the Commissioner of Insurance by calling them up or visiting the website.


What Exactly is Commercial Insurance?

So what is Commercial Insurance?

Put very simply, Commercial Insurance is protection for your business. From new start businesses to those well established; an unexpected event could destroy your business if adequate cover isn't in place.

With so many insurance products and providers, it would be easy to think Commercial Insurance was a complicated matter. It doesn't however need to be this way. Commercial Insurance can easily be broken down into 3 keys areas:

  1. Keep it legal
  2. Protection
  3. How to buy

Keep it legal

Certain types of cover are required by law. Employers Liability insurance, which covers claims from employees for accidents and sickness they may suffer as a result of working for your business, is one type of cover that must be purchased. You will also need to purchase at least third-party motor insurance for all motor vehicles used by the company.

Protection

Ensuring you have the right cover and protection is vital so time should be taken to ensure you find a policy (or policies) that give you exactly the level of cover you require. This again need not be a complicated task if you break down your requirements:

Insure your people – many firms are often dependent on the people they employ. Insurance is available which will protect the business in the event of employees being unable to work. Types of cover available include Keyman insurance, income protection, directors & officers insurance and private health & critical illness cover.

Insure the common risks – certain risks are common to all businesses. These include fire, theft and equipment failure. It is worth investigating (or getting someone to investigate for you) whether common risks such as buildings and contents insurance, cover for money and goods in transit and business interruption insurance can be covered under an all-risks type policy. This may save your business time as well as money.

Specialist cover – depending on your industry and requirements, policies can often be packaged together with some even being industry specific with packages tailored to cover specialist sectors like engineering or manufacturing. Other specialist cover available includes public and product liability and professional indemnity cover.

How to buy

Commercial Insurance is more often than not purchased using an Insurance Broker. The benefit of using a Broker is that they are insurance professionals who can recommend policies to you whilst searching the market to find you the best possible deal.

A good Broker will offer a personalized service and will understand your needs and that of your business. When looking for an insurance provider it is often worth checking to see if they are well established, have schemes with the leading insurance companies and whether they offer a local and personalized service.

If you follow these simple tips then the chances are you and your business wil get the right cover, protection and peace of mind.

This article was written by Mark Burdett, Marketing Manager of Northern Counties Insurance Brokers. Mark has over 17 years Marketing experience in the Financial Services industry and has worked on campaigns for companies including Norwich Union, Kia and Zurich.

Now based in Newcastle upon Tyne Mark is Marketing Manager for one of the UK's Leading Insurance Brokers - Northern Counties Insurance Brokers.


California Commercial Vehicle Insurance

If you drive a commercial vehicle (big rig, delivery truck, bus, etc.) in California you should be aware there are certain legal requirements for vehicle insurance that you must maintain. Because commercial vehicles can often carry hazardous materials or precious cargo (such as our children) the insurance requirements for them are much higher than traditional automobile coverage.

Not all insurance companies offer commercial vehicle insurance. Some companies that specialize in auto coverage have a separate division that handles heavy vehicle insurance underwriting. Many times you can consult with your agent who can inform you of their coverage availability or refer you to another insurer who may be able to handle your commercial needs.

Some of the requirements for getting coverage of these larger vehicles can include specialized driver training requirements as defined by the state of CA. Often drivers must have a special endorsement or license to drive such vehicles. Regular inspections are usually mandatory for such vehicles as well to help maintain safety on the road. It is not uncommon to see random inspection points setup across the state to do spot checks of commercial trucks and other vehicles.

If you have any questions about the availability of coverage or the minimum requirements necessary you should contact the state department of motor vehicles who will explain detailed coverage requirements based on the type of vehicle and for what purpose it will be used for.


Making House Fire Insurance Claims

Are You Prepared if the Worst Should Happen?

The recent house fire at the Buckinghamshire home of broadcaster Sir Terry Wogan highlights the risks we all face of an outbreak of fire in our home. Even when every precaution is made to avoid such a disaster, house fires can still be unavoidable. Will your insurance cover you if your home and possessions are destroyed by fire? Making a house fire insurance claim may not be as straightforward as you expected.

Sir Terry Wogan's house fire was caused by a faulty tumble dryer in a utility room. Fortunately there were smoke alarms throughout the building, alerting residents to the blaze very quickly. All internal doors in the house were closed which prevented the fire from spreading to any other rooms of the house. It still took two firefighters in breathing apparatus two hours to contain the fire. Sir Terry praised the firefighters on his radio show.

Claiming House Fire Insurance

While the damage to Sir Terry's home could have been a lot worse if the fire prevention measures had not been so good, it's certain there will still be a claim to make on home and contents insurance. It's likely there was a great deal of smoke damage to some of the contents of the house, and of course the tumble dryer and possibly some of the other equipment in the utility room has been damaged.

If you were to fall victim to a house fire, would you be able to make an insurance claim? Fire does not just cause damage to replaceable property and possessions . A serious house fire could destroy personal belongings which cannot be replaced. What price can you put on these items? Whatever value you give them, your insurance company may not agree.

Getting the Right Settlement in Your House Fire Insurance Claim

Your insurance company are in the business of making a profit, and they don't do this by giving out vast sums of money to their claimants. Insurance companies employ experts, known as loss adjusters, to review the details of insurance claims and make sure the insurance company pay out as little as possible. An insurance loss assessor will visit the property, taking photographs and making notes on the damage the fire has caused, and will present a report to the insurance company suggesting the lowest possible settlement to cover the cost of fire damage.

You may find that this amount does not adequately cover the loss that you have suffered in a house fire. Unfortunately, most people making insurance claims are not experts and don't have the time, knowledge or experience to put forward a good case. But expert help is available to those making house fire insurance claims.

An insurance loss assessor works in much the same way as an insurance adjuster, compiling detailed evidence of the damage the fire has caused and assessing what the insurance settlement should be. The difference is that loss assessors work for the claimant, not the insurance company. A loss assessor will make a fair and honest appraisal of the damage and present the strongest case for you when making your insurance claim for a house fire. The cost of using such an insurance expert is more than covered by the final settlement they are able to get you.

How to Make a Successful House Fire Insurance Claim

The most important thing to do, as soon as the fire has been taken care of, is to contact an insurance loss assessor as quickly as possible. The sooner they can visit your home and assess the damage, the better the chance they have of getting you a fair and appropriate settlement from your insurance company.

Of course, before any of this happens, you should take every step to avoid the risk of a fire in your home. But if the worst does occur, make sure you use an insurance loss assessor to avoid a disappointing payout from your insurance company.


Buying a Home Insurance Policy - Things You Must Know

Owning a house insurance policy is expensive but very expedient for the house owner's financial protection and peace of mind. If you buy a house after taking a home loan from a financial institution, it then becomes important that your buy insurance cover for the house.

If you do not cover the house and there is fire outbreak and the property burns, you will continue to pay back the loan until you pay up. On the other hand, if the house is covered, the insurance company will pay up the value the house is insured for to you and this will enable you to either repair the property or even do a rebuild.

Now, get started by choosing a reputable and reliable house insurance provider; some banks or lenders have insurance companies that they patronize so when asking for loans ask also for such providers. Where this is not applicable, you can go online and search for providers but make sure you are not paying too much for your home insurance. You need a good repayment rate.

Clearly understand your insurance policy. Read your policy thoroughly and make sure you understand everything stated in it; for example, there are some exclusions that are spelt out and if you do not understand them, feel free to ask you agent for clarifications. Clarifications like if the house can be used for business purposes? It will be disheartening to discover after a happenstance that you are not properly covered.


You Need Insurance For Your Apartment

What happens to the owner of a house when there is water leakage or fire outbreaks or a robbery incident? Most times the owner gets confused and ends up spending a lot of money and making wrong choices at the peak of the confusion. Nevertheless, if the house is insured, the owner is relaxed knowing that his or her insurer is responsible for the repairs.

If you need a stress free information access that connects you to a good home insurance company then you should consider going online. The internet is the very comfortable choice. Using the internet, you get your desired home cover policy without you having to go the insurance company's physical address and locations. In addition, an agent is not necessary since you can do it yourself.

Home owners normally feel depressed whenever there's an accident in the house... accidents like broken pipes or fire outbreaks or broken glasses etc. These occur randomly and unannounced.

It is better to insure your home to avoid such situations. Get your internet-ready computer, enter your zip code, click submit and be professionally connected to the right home cover source.

Shopping for an insurance policy company with the right qualities that suits your desire is not something you should do in a hurry. You have to be patient so that you can make the right choice. Always put your entire property into consideration when insuring your home in case of bad incidents and security checks.

When searching for insurance policies, consider the ones that have good benefits attached to it. Benefits like discounts, free insurance quotes and a policy that can cover everything in your home. Moreover, you have thousands of insurers that are ever ready to grant you your home cover desires. Remember to use this article guidelines to avoid mistakes or regret later.


A Home Insurance Policy Found Online Could Save You Money

A home insurance UK policy searched online for could help you to make huge savings. By shopping online you are able to take advantage of the fact that the vendors you buy from have no overheads. One of the best ways of obtaining cheaper quotes to compare is to go to an online insurance broker. They will provide you with the quotes and also provide information needed to ensure you can make a fair comparison.

You can take out a home insurance UK policy in two ways. You can choose buildings insurance and contents insurance separately or take them both together. Your mortgage lender will usually ask that you take out buildings insurance to protect your home, in case for example it should burn down to the ground. If the shell of the property is insured the insurance company would payout so you could rebuild. You would also have to take into consideration the cost of removing the rubble left behind and the cost of this should be included in the amount you insure the shell of your home for. A buildings insurance policy would protect the structure of your home and also outer buildings, plus anything in the property that was classed as non-removable such as a fitted kitchen.

Home contents insurance is not compulsory, as is buildings insurance; however it could be wise to take out cover as you could lose everything if you were to suffer a complete loss of all your belongings. A policy would usually protect against such as fire, theft, vandalism and flood. The majority of policies would also usually cover any items that were classed as removable, in short if you could take them with you if you should move home.

There are numerous ways you might be able to make savings on your home insurance UK policy. Installing such items as burglar alarms, smoke alarms and putting up fencing around your home can all help to keep down the cost of your insurance.

Should you decide you do want to take out both contents and buildings insurance, consider taking them combined from the same provider. By doing so you could save you a great deal of money when compared to taking them separately with different insurance providers. While you do want to make savings on your insurance you have to ensure you have adequate cover. There would be nothing worse than taking out a cheap policy only to find you are unable to claim due to not being insured for the event.

Therefore when comparing a home insurance UK policy always check what you are getting for your money, this means reading the small print. For instance when taking out home contents check the maximum amount the provider would payout on any one single item. Also check to find out if jewellery e.t.c would be included in with the policy, as often these have to be insured on a spate policy. Also check whether the policy would offer new for old or whether the policy would take depreciation into account. If the policy pays new for old then as the name would suggest you would get brand new replacements. If depreciation was taken into account then wear and tear would be taken into consideration and you could lose out.


How to Find Affordable House Insurance Quotes

House insurance quotes do not have to be costly. You can easily find an affordable quote that will meet your budget and give you the insurance coverage you need for your peace of mind. Even if you are not having any issues with your current insurance provider, you can save money by shopping around.

To shop around for the best quotes, you do not have to spend time calling all the insurance providers in your area to get information about rates and quotes. The technology of the Internet allows you to compare a variety of insurance quotes to find the cheapest one with the best coverage.

By searching online for affordable house insurance quotes, you have access to a wider number of insurance providers. There are many different insurance providers licensed to practice in various states and not all of them have a visible presence in every town and city.

When you visit a website of an insurance company to request a free quote, the first thing you have to do is enter your zip code. If the provider is able to offer you a policy, then you will be able to continue. If not, then the message on the screen will tell you that you cannot purchase a home insurance policy for your region from this provider.

Experts will tell you that in order to do a good comparison of rates and policies; you should request at least three house insurance quotes. You do not have to pay for any quotes nor are you under any obligation to purchase any of the policies. You can sit back at your leisure and compare the quotes and what is covered under each policy to choose the one that is most affordable for you.

When shopping around for homeowners insurance quotes, you do need to have the information that the provider needs in order to determine the cost of the policy. You need to know the age of the home, the type of material used in the construction of the foundation, walls and roof, and the square footage of the home. You also need to know the square footage of the home as well. Along with the amount of coverage you need, these are the main factors that determine how much the quote will be.

The amount of coverage you have on your home is an essential part of getting house insurance quotes. You should really sit down and figure out how much insurance you will need so that you have enough money to rebuild your home should it be completely destroyed.

In order to do this, you should check out the cost of having a house of your size built at today's rates. With the rising prices, it is highly unlikely that you will be able to rebuild the home for the same price you paid for it.

Another aspect of getting home insurance quotes is the amount of coverage you need for your personal belongings. Take an inventory of what you have in your home and attach a value to each item. The total is the amount of coverage you need to replace these items and will also come in handy if you do need to provide the insurance provider with a comprehensive list.

The coverage on your personal belongings is usually equal to half that of the coverage on the home itself, so when you do the Math, you may have to increase the coverage.


Reduce Home Insurance Premiums For the New Year

If you've made it your New Year's resolution to get your finances in order then don't forget about your home insurance. It's easy to save money - and you don't even have to switch providers. Here are six of the best tips.

- Evaluate your cover: Take a look at your policy at least once a year and consider which options you really need. For example, do you need accidental damage cover? Unless you have wild children or pets in your home or you're planning to undertake some home improvements then you may be better off without it as the option can increase premiums by 25 per cent.

- Quit smoking: If you quit smoking as part of your New Year's resolutions (and stick to it) then make sure your insurer is informed. Smokers will pay more for insurance due to the fire risk.

- Install a home security system: Get in touch with your home insurance provider and ask it to recommend a security system that could earn you a discount on your policy. The NACOSS standard alarm is particularly popular and could cut your premiums by 7.5 per cent.

- Change your locks: Quality window and door locks may seem like a fairly basic level of home security but they go a long way with an insurer. If you install five-mortise locks on external doors and double bolts on windows you could cut your premiums - just make sure you lock up before you leave the house.

- Join a Neighbourhood Watch scheme: If you want to be more sociable in the New Year then give your neighbours a call and organise a Neighbourhood Watch scheme - members can typically reduce premiums by five per cent.

- Increase your voluntary excess: Think about what you could afford to pay if a claim were necessary. Setting the excess higher, but still at a comfortable level, can slash your premiums.


Home Insurance - Your Ideal Free Quotes

Home insurance is a must do for every homeowner. Acquiring it is so easy but the problem is the strategy to use when shopping for the cheapest policy that will suit your needs. Many end up accepting any quote that comes their way but later realize that it is not a cheap one. Going online, you can get as many quotes as you want and be able to choose the one that will be best for you. To make a wise choice you are to take your time.

Do you think giving out info about the size of your home and the type of building material will cost you fortune? This is no issue to get bothered about because it will cost you nothing to get a quote. Just get your area code filled into the space specified and submit.

Do not wait until you have gotten ten quotes before you could compare. If you can lay your cursor on three quotes then you are ready for a good deal. When you submit this quote, necessary information on the cost of policy will get to you via email and then at your leisure you can compare the quotes.

Any quote you get last for 2months before it expires; this means you have 60 days to make a choice. Many providers online provides a private site for her customers to use whenever they are ready to get a policy. Experts suggest that it is best to shop online because it saves you energy, time, and it is fast. Consider the online transaction safe for insurance shopping.

What are you waiting for? get a better deal from the best insurer and have your house insured.


An Explanation of Your Choices in Homeowner Insurance

Having homeowner insurance gives you peace of mind in knowing that should an accident occur and destroy all or part of your home and your belongings, you have a policy in place that will help you rebuild or replace what you have lost. There are many facets of the home insurance industry that many people do not understand which often results in them not having adequate coverage or in their purchasing the wrong type of policy for their needs.

There are two main types of policies you can look for when buying homeowner insurance. A basic insurance policy has named perils in the policy and will only cover any damage if it is caused by one of these events. This is the cheapest type of policy and if you are looking to save money and still have coverage, this is the one for you.

A comprehensive policy is more expensive, but offers a much broader form of coverage. Under such a policy you can pay extra to have insurance against floods, earthquakes and other events that a standard policy considers an "Act of God". This is called optional coverage. Under such a policy you can have insurance for your valuables, such as jewelry, electronics, artwork, and furs. It can also include extra insurance if you have a dog that may injure a person on your property.

The process of obtaining homeowner insurance is quite simple. If you own your home and do not have a mortgage then it is up to you whether you take out such a policy. If you have a mortgage, though, the lender will require you to have such insurance in place before you can sign the final papers.

You pay the premiums for the home owner's insurance policy (either on a monthly or annual basis) and in return, if you incur any damages, the insurance policy will cover the costs of repairs. You will have to choose an amount of deductible, which means you will be responsible for paying a certain amount towards the cost of repairs. This is usually $500, but if you choose a higher amount, such as $1000, the premium costs will be lower.

The amount of premium an insurance company charges you for a policy depends on certain factors that the company analyzes in order to determine how much of a risk you pose to the insurer. While the fact that you have had home insurance in the past and have never made a claim will be taken into consideration, it really plays a small part in determining the cost of your policy.

The cost of homeowner insurance depends to a large extent on the amount of coverage you need to have to replace the home if it is completely destroyed. The larger your home, then the more expensive it is and therefore the greater cost involved in replacing it and so you need more coverage. In order to do a home owner insurance comparison, the company will need specific information to come up with an approximate amount of coverage and to determine your risk, such as the square footage, the types and amounts of safety features you have installed, the type of heating in your home and the material used in the construction of the home.

The area in which you live also plays a part in determining the cost of your homeowner insurance. If you live in an area where there are frequent burglaries, this puts you into a different class of risk and will therefore mean a higher cost of premiums. The more safety features you have installed will lower this cost significantly.


Insuring Your Home For the New Year

For many of us, a new year brings the opportunity to make resolutions and look forward to a fresh start. But whilst many promises will no doubt revolve around food, cigarettes or more frequent visits to the gym, the current economic climate could lead many of us to think about making resolutions which revolve around our finances.

From insurance to credit cards, January will bring a shock to many who've made use of their credit cards to buy presents and sort out bills. Indeed, many of us will be thinking about trying to get our financial situations to a more manageable level, and with a bit of careful planning you can help yourself to free up some much needed spare cash.

As well as the mortgage payments, one of the main outgoings for homeowners will be the home insurance, one of the most important policies you have to take out. Indeed, many mortgage companies will have conditions that state you must arrange a home insurance policy before they'll consider covering you.

Home insurance is split into two types: buildings and contents insurance, each with its own set of rules and will provide differing amounts of cover depending on the policy you choose. Some policies will offer the opportunity to combine the two into one policy, but this may leave you restricted in some areas of cover.

So what's the difference between the two policy types? By researching what both offer before signing up for a policy, you can ensure that you are covering the right items as well as saving yourself some money:

Buildings insurance does exactly what it says on the tin, in that it covers the structure of your home against factors such as fire, flood and vandalism. The level of cover can also be extended to include nearby external structures such as garages, fences and even your garden shed if you want it to.

Homeowners usually have to sort out their own policies, whereas if you're renting a property the level of cover will be the responsibility of your landlord. Some providers will offer home insurance cover as part of a mortgage policy, but it can be worth searching the market and doing some home insurance comparison to find your own policy before you choose to sign up, for this could prove to be a cheaper option for you.

Contents insurance covers items which you'd take with you when moving house. This can include everything from electrical equipment, clothing and valuable items up to a certain amount, as well as providing cover for situations such as stolen keys and accidental damage.

Making a note of the items in your property and letting your insurer know about them can help when you're making a claim. By being honest with your insurer you are more likely to have equipment replaced should you need to make a claim, and can also help to secure a cheaper deal when searching for home insurance quotes.


Getting the Right Home Contents Insurance

You spend a lot of time, money and effort on your home contents but sometimes very little on protecting them. Buying the wrong home contents insurance policy could cause a lot of heartache and financial spend in the future if you don't have adequate protection.

So, first of all, what is home contents insurance?

Home contents insurance covers your personal belongings in the home from clothes and books to CDs and saucepans. In fact, if you turned your house upside down and shook it, all the stuff that fell out would be classed as 'contents'. Everything else (fitted wardrobes, fitted kitchen, the walls etc) would need to be insured under buildings cover.

By having a home contents insurance policy in place you are ensuring that, if the worst were to happen and you were to lose everything in your home, you would at be able to at least replace your contents with the money from your insurance policy. The majority of contents insurance policies cover your personal items from damage such as fire, theft, vandalism, storm and damage caused by flooding.

Getting the right sum insured

The first decision you have to make when looking for home contents insurance is how much cover you need. This is known as the 'sum insured' and this is the amount you would receive back if you lost everything. Therefore, to make sure that you have an adequate sum insured, you need to make an inventory of all your personal belongings. Don't forget the large items such as sofas or beds as well as the smaller ones (DVD's, CD's, cutlery etc) and those items hidden out of sight in the wardrobes and drawers.

Failing to get the right sum insured could see you being under insured. This means that in the event of a claim, you may not get all the money needed to replace all your belongings.

What the cover entails

Making sure you have the right protection is imperative and the internet is a great place to compare what is and what is not covered in the various policies you are considering.

One of the many things you need to look for is whether the policy would pay for any loss or damage on a new for old basis or whether depreciation would be taken into account. For instance, if your living room carpet was damaged and had to be replaced, if you had new for old cover then you would get sufficient payment to replace the carpet with a new one.

If depreciation was taken into account, then you would get an amount that was equivalent to what the carpet would be worth today, allowing for wear and tear.

Check to see if the contents of your garden are included. Some providers will cover the cost of plants in the garden and hanging baskets for instance.

Another thing to look for within the cover is whether your freezer contents would be covered. This means that if you lost all the contents of your freezer the insurance policy would pay out for you to fill it back up again. Also make sure 'big ticket' items are covered such as a laptop or engagement ring and take into consideration any items regularly taken away from home such as a bike.

Lastly, make sure your home is secure. When buying your home contents insurance be aware that insurers often reward homeowners who make their property safe. For example, if you have an alarm system or belong to a Neighbourhood Watch Scheme, you could get a discount on your cover. Plus, a more secure home means you'll be less at risk of theft.


Low Cost Home Insurance - Steps That Help

Are you looking for a low cost home insurance policy? Your best bet is to shop online. There are many home insurance providers offering various quotes; this gives you the opportunity to compare rates from different providers and come up with the one that is comfortable with your income.

While you are comparing quotes, there are important things that you have to take note of:

Make sure you understand the small prints very well; there may be words and phrases that are difficult to understand, ask questions to avoid disappointment at the time of claim. Make sure the policy actually covers all you need. In the event of late payment, will the company penalize you? This is one factor you have to be certain of.

If you cancel the policy or move to another insurer, will you be penalized? Does the policy actually cover all you need? What are the benefits and / or discounts accruable to you?

You are advised to hire the services of a professional to get you the required documents from home cover regulatory institutions. These documents spell out in clear terms the pros and cons of each provider. This will help you make your decisions.

Your ideal home cover deal start from understanding the quotes you got after shopping online. Your best quote and ideal service will be one that satisfies your need and is easy on your budget. Do not compromise your cover need because of money. Having this in mind will make you put your home cover need first before considering how much you pay for it.


Home Insurance - Learn to Save For Your Ideal Home Cover

No reasonable human being likes wasting money. If you do not want to waste money paying for an over-priced and / or unnecessary home policy, here are some tips that will guide you and make you save on your home insurance deal.

Home cover providers are usually very happy with home owner and tenants that are security conscious. These clients are referred to as low risks and the reward they get is a low rate deal. You will definitely safe money when you install home security facilities in and within the home premises. Devices like fire extinguishers, burglar alarms and the different types of dead locks well fixed on your doors, windows and lockers.

Keep the trees near your home trimmed to minimize the amount of water sucked in by the roots as this will reduce the risk of subsidence. Also this will also reduce corners and shades that a burglar or thief will use as a hideout within your home property.

Make sure you include an emergency cover in the policy you purchase. They can be an added extra on the already existing policy. It is cheaper having them as added extras than to buy them separately.

Your home insurance deal is very important. It gives you peace of mind to know that your property is covered by a big reliable company, especially at times like these when the weather is very unpredictable. Learn how to understand your ideal home cover quotes and choose correctly. What is primarily important is your property, be you the home owner or a tenant, the safety of your property comes first. Paying as little as possible for a complete cover makes your deal the best one.


Home Insurance - Renewal Tips

So many people do not bother to check for other home insurance providers when their current home cover deal is due for renewal, they simply allow the same company to renew the policy. This is not a problem if you have a good deal from the current company and also, if you have developed a great working relationship with the company. The truth here is that many people do not know if they are getting the best of their policy and how they are placed with the insurance company providing the policy. They simply renew with the same company and move on with their other duties.

It is worth your while to check your home insurance provider. These companies have a way of checking and studying your life style so as to know how to charge you for the service they are rendering. Since they study you, why not study them to know if you are paying more than what you should pay and if you are unaware of special discounts and benefits? It only makes common sense to do this. The results from doing this will either give you a better deal for a lower price or get you a new provider that will give you your ideal service.

There are many home cover companies online; use this great resource to study their services and bonuses to their customers. You can start with comparing free home insurance quotes from trusted comparison sites online. These sites will connect you with the leading home cover companies and send you their free quotes. Take your time to digest the information you get from the different companies and apply for the service that is perfect for you or instruct your current company to give you the complete service that is due you.


Home Insurance - Smoke and Fire Help

Fire disasters can be devastating; it is a painful experience to the owner of the property that got burnt. Most times, these disasters hit people without prior notice. In most fire disasters, it is noted that the smoke of the burning materials does more damage to people than the fire itself. Smoke is very dangerous to every living inhabitant of the home e.g dogs, cats, humans etc. Smokes have a way of weakening and deforming the materials used for building the home. These materials include wood slates, blocks, clothing items etc. The fire will burn off anything burnable that it makes contact with and also destroy the composition of materials that are not readily inflammable.

Another point to note about smoke is the health hazard associated with inhaling it over a period of time. Depending on the burning material producing the smoke, smokes can kill in seconds or lower ones body resistance to other sicknesses.

When shopping for home insurance deals, be sure to look out for those that provide complete cover for smoke and fire. They should also provide cover for the health risks associated with inhaling bad smoke. Your health is very important and should be taken seriously.

Make sure you keep electrical connections and their circuit joints away from flammable materials. The truth is that most electrical fires start with sparks from such joints and if they are placed on flammable materials, it may cost you your home.

Create proper channels for smoke to leave the home. The fire places in home should be well channeled out so that smoke generated from burning wood can easily route itself out of the home. This helps reduce poisoning caused by the smoke in the home.

By taking your time to make sure that your home safe will not only reduce the occurrence unforeseen disasters but it will also make home insurance companies give you quality service with lowest rates on the purchased policy.


What You Need to Know When Shopping For Homeowners Insurance

Your home may be one of the most expensive purchases you will ever make, so it is important to make sure that your home is protected. Purchasing a homeowners insurance policy for your home is something that every homeowner must do. A policy will provide financial protection against disasters to your home and your property. Here are some things that you should know when shopping for your home insurance policy.

What A Typical Home Insurance Policy Will Cover

While there are many different types of policies, most homeowners insurance plans will cover fire, lightning, riots, smoke, windstorm, hail, theft, falling objects, ice, snow, sleet, and volcanic eruptions. Most policies will not cover floods, earthquakes, or maintenance damage such as mold or termite infestation.

Choosing A Homeowners Insurance Company

When searching for a policy, you will have to decide on a company. While there are many great homeowners insurance companies, there are a few things you should look for before making your final decision.

- Make sure the company is licensed to sell insurance in your state.
- Find a company that is financially sound. Check independent ratings from companies like A.M. Best to determine the financial condition of the company.
- Does the company or agent provide you with the level of customer service you are looking for?
- Are the company's agents easy to get in contact with?
- Compare rates from multiple companies to see which company can offer the best rates.

How To Save Money On Your Policy

There are some things you can do to help lower your insurance costs.

- You can raise your deductible. A higher deductible will mean lower premiums.
- You can make your home safer. Things like shatter proof glass can make your home safer and lower your rates.
- You can look for discounts for things like having an alarm system.
- You can combine insurance policies. Having your auto insurance and home insurance from the same company can save you money.
- You can shop around. Shopping around and comparing quotes can help you save money on your policy.


Monday, January 26, 2009

The History of Title Insurance

The need for title insurance arose historically from the fact that traditional methods of conveying real property did not provide adequate safety to the parties involved. Until a century ago, transferring title to real property was handled primarily by conveyancers, who were responsible for all aspects of the transaction. The conveyancer conducted a title search to determine the ownership rights of the seller and any other rights, interests, liens or encumbrances that might exist with respect to the property, and, based on its search, provide a signed abstract (or description) of the status of the title. Although the conveyancer was generally not a lawyer, that individual was recognized as an authority on real estate law. The origin of title insurance is directly traceable to the limited protection that the work of such a conveyancer provided to the purchaser of real property.

In 1868, the celebrated case of Watson v. Muirhead (57 Pa. 161) was filed in Pennsylvania. In that case, Muirhead, a conveyancer, had searched and abstracted a title for Watson, the purchaser of a parcel of real property. In good faith and after consulting an attorney, Muirhead chose to ignore certain recorded judgments and to report the title as good and unencumbered. On the basis of Muirhead's abstract, Watson went ahead with the purchase, but was subsequently presented with, and require to satisfy, the liens that Muirhead had concluded were not impairments to title. Watson sued Muirhead to recover his losses, but the Pennsylvania Supreme Court ruled that there was no negligence on the conveyancer's part and dismissed the case. Watson, an innocent purchaser who had suffered financial damages because of the encumbrances on his title, had no recourse.

The decision of Watson v. Muirhead demonstrated clearly that the existing conveyancing system could not provide total assurance to purchasers of real property that they would be safe and secure in their ownership. As a result of that decision, the Pennsylvania legislature shortly thereafter passed an act "to provide for the incorporation and regulation of title insurance companies." The first title company was founded in Philadelphia in 1876.

This new type of insurance (called "title insurance"), addressed the concerns raised in Watson v. Muirhead by providing:

1. Responsibility without proof of negligence;

2. Financial protection through a reduction of the risk of insolvency; and

3. The assumption of risks beyond those disclosed in the public records (for which the abstractor was not liable).

Since the late 1800s, the title insurance industry has grown to where it now is an essential component in an overwhelming majority of real estate transactions in this country. The services provided by the title insurers may vary somewhat from one area of the country to the other, reflecting the different laws, customs and procedures of the various states and counties throughout the nation. But the essential purpose of these services is the same - to assist all of the parties in real estate transactions by ensuring that the acquisition or transfer of an interest in real estate can be effected with a maximum degree of efficiency, security and safety.


What is Title Insurance?

When buying a home for the first, or even second, time, you know that many considerations will arise in addition to the usual concerns like the mortgage and closing fees. Purchasing insurance is now a factor, and depending on where you live you may be faced with taking out policies for home, fire, and flood. However, few new home buyers may realize the need for another specific policy, particularly if the home they are buying is not new. Title insurance can prove valuable to the homeowner.

What is Title Insurance?

Simply defined, title insurance protects the homeowner against loss when issues tied to the property's title come into questions. The title is essentially the deed to the property, the legal document that transfers ownership of the home, land, and whatever else is specified therein from one person to another. In an ideal real estate transaction, the seller will sign the title over to the buyer. The document now proclaims that the buyer is now the owner of the property.

It should be a cut and dry process, but in certain situations the title of a property may come into dispute. For example, a home that had been owned over generations - sold to an outsider - may become the object of a legal battle should somebody in the family claiming to be the rightful owner decide to challenge the title. Also, it may come to pass that a seller who has no authorization to transfer a title does so anyway - maybe through forgery - thereby committing a fraudulent transaction. The holder of the title may then have to face legal and financial problems that could result in losing the property.

What Title Insurance Does

With title insurance, any possibilities of problems arising from a real estate transaction are smoothed over to allow for a clean sale. Unlike other types of insurance which pay after something happens, title insurance works protects the policy holder from losses incurred prior to the policy's release. Issues such as ownership disputes, unpaid taxes or liens are handled and cleared before the sale is final.

What Title Insurance Does Not Do

As mentioned earlier, title insurance differs from policies like car and fire insurance in that it doesn't cover losses the occur after the sale. If someone were to put a lien on your home, the title insurance would not cover any losses since the event happened after the policy was taken out. The insurance only protects you from losses involving the property's previous owner. In turn, should you decide to sell your home, a prospective buyer may take out a policy to protect himself from any issues (ownership, taxes) you have had as a homeowner.

While title insurance is not required for the homeowner, it can be a good investment for those seeking to buy certain properties. When the you consider the possibilities, having title insurance may save you a few headaches as you purchase your new home.


Why You Need Title Insurance

Protecting your Home Investment

A home is usually the largest single investment any of us will ever make. When you purchase a home, you will purchase several types of insurance coverage to protect your home and personal property. Homeowner's insurance protects against loss from fire, theft, or wind damage. Flood insurance protects against rising water. And a unique coverage known as title insurance protects against hidden title hazards that may threaten your financial investment in your home.

Protecting Your Largest Single Investment

Title insurance is not as well understood as other types of home insurance, but it is just as important. You see, when purchasing a home, instead of purchasing the actual building or land, you are really purchasing the title to the property - the right to occupy and use the space. That title may be limited by rights and claims asserted by others, which may limit your use and enjoyment of the property and even bring financial loss. Title insurance protects against these types of title hazards.

Other types of insurance that protect your home focus on possible future events and charge an annual premium. On the other hand, title insurance protects against loss from hazards and defects that already exist in the title and is purchased with a one-time premium.

Two Kinds of Title Insurance Benefit You in Two Ways

There are two basic kinds of title insurance:

  • Lender or mortgagee protection,
  • Owner's coverage.

Most lenders require mortgagee title insurance as security for their investment in real estate, just as they may call for fire insurance and other types of coverage as investor protection. When title insurance is provided, lenders are willing to make mortgage money available in distant locales where they know little about the market.

Owner's title insurance lasts as long as you, the policyholder - or your heirs - has an interest in the insured property. This may even be after you have sold the property.

Depending on local practices and state law where the property is located, you may pay an additional premium for an owner's policy or you may pay a simultaneous issue charge - usually a smaller amount - for the separate lender coverage. You may even split settlement costs with the seller for the lender or owner's policy.

What does Your Premium Really Pay For?

An important part of title insurance is its emphasis on risk elimination before insuring. This gives you, as the policyholder, the best possible chance for avoiding title claim and loss.

Title insuring begins with a search of public land records affecting the real estate concerned. An examination is conducted by the title agent or attorney on behalf of its underwriter to determine whether the property is insurable. The examination of evidence from a search is intended to fully report all "material objections" to the title. Frequently, documents that don't clearly transfer title are found in the "chain," or history that is assembled from the records in a search. Here are some examples of documents that can present concerns:

  • Deeds, wills and trusts that contain improper wording or incorrect names;
  • Outstanding mortgages and judgments, or a lien against the property because the seller has not paid his taxes;
  • Easements that allow construction of a road or utility line;
  • Pending legal action against the property that could affect a purchaser; or
  • Incorrect notary acknowledgments.

Through the search and the examination, title problems are disclosed so they can be corrected whenever possible. However, even the most careful preventative work cannot locate all hidden title hazards.

Hidden Title Hazards - Your Last Defense

In spite of all the expertise and dedication that go into a title search and examination, hidden hazards can emerge after closing, resulting in unpleasant and costly surprises. Some examples of hazards include:

  • A forged signature on the deed, which would mean no transfer of ownership to you;
  • An unknown heir of a previous owner who is claiming ownership of the property;
  • Instruments executed under an expired or a fabricated power of attorney; or
  • Mistakes in the public records.

Title insurance offers financial protection against these and other covered title hazards. The title insurer will pay for defending against an attack on title as insured, and will either perfect the title or pay valid claims. All for a one-time charge at closing.

Your home is your most important investment. Before you go to closing, ask about your title insurance protection, and be sure to protect your home with an owner's title insurance policy.


Family Insurance - Protecting Your Greatest Asset

With so many different types of insurance now available, it can be difficult for some family's to know which coverage they must have, versus which ones they should have.

Here are a few tips on choosing the right insurances for you and your family:

-Think about your needs.

-Consider your budget.

-Think about future changes to your family.

-Consider what would happen to your family if you didn't have a certain type of insurance.

Once you've considered what your family's needs are, it'll be easier to decide which types of insurance are necessary. Here are a few of the most common insurance policies today's average consumer should consider:

Health Insurance:

No one can dispute the need for good quality health insurance these days, especially if you have children. The most common types of health insurance these days include:

HMO Plans - the most restrictive type of health coverage, HMO's are also the cheapest for both the employer and the employee. These plans require participants to see only approved physicians. Specialists may be seen with a referral from your Primary Care Giver. Co-pays are relatively low, with virtually no deductibles on basic services.

PPO Plans - is a combination plan, which works like an HMO, but allows patients to see any physicians they choose whether they participate in the plan or not, at an increased fee. Many people like the flexibility and options with this type of plan, however premiums are usually much higher and deductibles can reach 20% when seeing an out-of-network provider.

Indemnity Plans - work very much like old-fashioned insurance policies. A patient sees any doctor they choose without a referral or pre-approval, but is responsible for 20% of the fee. Clearly the most versatile type of policy, it is also the most expensive, both in the case of premiums and deductibles.

Automobile Insurance:

If you own a car, you are legally bound to cover every driver in your household with collision and liability insurance.

Disability Insurance:

How would your family pay the bills if you were taken ill or injured and were unable to work for an extended period of time? Many employers offer short and/or long term disability insurance policies, but many do not. In the event that you are left unable to work due to medical circumstances, short term disability coverage will pay you anywhere from 60-100% of your current salary (depending on the policy), beginning 30-60 days after your injury, for a period of 3-6 months.

Long-term disability insurance is just that - insurance for longer illnesses and injuries. Once your short-term disability coverage expires, long-term disability benefits will enact until you return to work. This is not the same as government disability benefits that some people with permanent disabilities may qualify for. Be sure t check with your employer to see if they offer these types of benefits. If not, you may want to consider purchasing your own policy, especially if you are a sole breadwinner or work at a high-risk job.

Dental/Eye Coverage:

While dental and eye coverage used to be a normal benefit for most fulltime employees, this is no longer the case, leaving some employees solely responsible for taking care of their family's dental and eye costs. These types of policies usually cap at a certain amount and only offer coverage on certain procedures. Still, they can be beneficial to those without enough income to handle these unexpected costs.

Homeowner's/Renter's Insurance:

If you own your own home, your mortgage company required you to carry enough insurance to cover the cost of the mortgage should your house be destroyed in a fire. But, what id you rent? Your landlord has coverage on the building, but you are responsible for covering your belongings. Fairly inexpensive, renter's insurance covers the cost to replace your furniture, clothes, appliances, personal items and displacement costs in the event of an apartment fire.

Life Insurance:

It's not always easy to consider your own mortality, or that of your spouse or children. But, accidents and illnesses do happen and people die. Life insurance for adults is meant to help your family continue to pay the bills in the event of your death and the loss of your income. Insurance for children is meant mainly to cover funeral costs and is a good idea for lower income families who would be financially burdened by these costs in the event of a tragedy.

As you can see, there are many different types of insurance to consider. Check with your agent to see which policies are right for you.


Determining the Proper Amount of Insurance Coverage for your Personal Property

Are the contents of your home or business properly ensured? There's really only one way to know with any degree of certainty: perform an asset inventory. Collectors, in order to obtain insurance riders, are required to itemize each of their collectible items, recording any identifying information as well as taking a photo and substantiating value. But beyond that, the majority of us have not performed an asset inventory. So we don't really know if we're properly insured. Have we accounted for our clothes, CD's/DVD's, software programs, toys, etc. – items typically forgotten in the insurance estimate?

An asset inventory is not difficult to perform. Start with a list of all of your belongings by room. Then walk from room to room, recording the brand, model, serial number, original purchase date and purchase price for each item. Take a photo while you're obtaining the above info. Spend a few minutes and gather any receipts that you have that can accompany your inventory information. When you've documented everything, calculate the total value of your belongings and compare this information to the current value of your insurance policy. At this point, it's also a good idea to determine if your insurance policy covers replacement cost or actual cash value. Depending on your individual situation, you may opt for one type of coverage over the other.

Remember, in the event of a claim, your insurance company will want the information noted above anyway. So by completing your inventory for insurance evaluation purposes, you'll also be arming yourself with the information required to expedite a claim, should you need to file one. And beyond those two uses, a completed inventory can be used for many other purposes (for both personal and business reasons): estate planning, divorce proceedings, loss substantiation, depreciation schedules, loan collateral report, etc.

So, don't delay. With the average premium for homeowners insurance in the US looming just under $900, now is the time to complete your asset inventory and to determine if you are properly insured.


Is Your Personal Property Under-Insured?

According to Marshall & Swift/Boeckh, a whopping 64% of homes in America are under-insured. With the many recent natural disasters, many people are finding out exactly how much their insurance policy will cover. Unfortunately, some have found out too late that their coverage is inadequate.

What can you do?

1) Take Responsibility

First, recognize that protecting your home and personal belongings is your responsibility. While your insurance agent is there to help, it is ultimately up to you to purchase adequate coverage.

2) Inventory your home and belongings

Before you can make a decision about how much insurance is right for your situation, you must know how much your home and belongings are worth. Here's where it helps to use a simple home inventory software program to track the value of your home plus all of your belongings. Look for one with a report which you can print out listing your personal
assets grouped by category with subtotals.

3) Review and update your policy

Now that you know how much and what you're trying to protect, it's time to review and update your policy. Compare the value of your actual belongings with the coverage in your policy. Pay special attention to limitations for specific categories of personal property, and don't hesitate to call your agent for clarification. In fact, now would be a good time to print out a copy of your home inventory report, and schedule time with your agent to review your policy and current status.


What Do You Do If You Get Sick Or Have a Major Medical Emergency When Traveling Abroad

Many folks of wealth and means become world travelers in their old age and why not, this is a beautiful planet with lots to see and do, and why not fulfill your life experience by seeing all there is to offer? There are the 7-Natural Wonders of the World and all the most interesting things built by civilization be for our time, things like Aztec Pyramids, Egyptian Pyramids, Great Wall of China, Stone Hinge, Machu Picchu, Castles and cave writings too.

Becoming a world traveler in need to expanding your realm is hardly an easy endeavor, yes, it is fun, a hobby, but to see it all takes a lot of planning and dedication and traveling to some very interesting places, that are not always as safe as you might like. In many nations there are dangerous parasites living in the water and the food the locals eat may contain bacteria or viruses that your body cannot handle.

And what if you have a major medical emergency while traveling the world, what do you do then. Their hospitals are not as modern, safe or experienced as they are here, you'll need to get home right away. Ah, but how? Well, it just so happens you can buy insurance from a private company that leases its own private jet fleet and they will fly you home from where ever you are in the world to a US Hospital of your choosing.

Sounds like a good idea doesn't it? Well, it sure is a hit with world travelers, and best of all it is only a couple of hundred dollars a month, and there are now a couple of companies offering this type of traveling insurance, so perhaps you might look into that?


Choosing the Best Annual Travel Insurance

In certain instances, annual travel insurance involves coverage for more than one trip though with total travel time limited to a fixed period of time (such as thirty one days) and even between sixty to ninety days as well. Before purchasing annual travel insurance online you should take heed of certain guidelines that will help ensure that you get the best deal. It is in fact also quite easy to misunderstand the true meaning of the term insurance and so you could, if you are not careful, easily purchase the wrong kind of policy.

The good news however is that it is very simple to buy annual travel insurance online and at a more affordable cost as well. Insurance companies that sell annual travel policies do not have to worry about paying out commissions to travel agents and this benefit is then passed on to customers. Even then, you must go through the fine print regarding different plans so that you are well acquainted with the terms and conditions of each policy and are also sure that you will in fact get maximum benefits. It goes without saying that you should only buy your annual travel insurance from a company that enjoys a good reputation.

So, at the time of purchasing your insurance you need to also ensure that the website is properly secured so that you don't have your personal information and credit card details stolen by hackers. Typically, the cost of annual insurance should fall between one hundred and fifty dollars to two hundred and fifty dollars and how much you end up paying will depend on circumstances and benefits offered by individual policies.

With budget travel becoming increasingly more popular and readily available, many people have started to travel a lot more frequently than in the past. Availing of annual multi trip travel insurance is therefore very advantageous and well worth looking at closely in case you happen to be a frequent traveler. At the time of purchasing annual travel insurance makes sure to also look for features such as medical expenses, cancellation costs, travel as well as luggage delays and loss of income. In addition, you will also need to shop around in order to get the best deal.


Check Your Homeowners Insurance For Travel Coverage

In the past, travel coverage was often purchased through a travel agency or agent. This may still be the case in some circumstances, but travel insurance can be easily purchased via the internet these days. Travel insurance protects you against financial issues, or medical issues, that may arise while traveling. Most frequently it is purchased when traveling abroad. The reason being is that international travel is expensive, so it makes sense to hedge. It is often booked well in advance, so travel insurance can be comforting when it comes to making travel arrangements for that exotic trip.

When it comes to selecting a travel coverage policy you should carefully evaluate the specifics. All travel insurance companies are not created equal. Some of the lesser-known travel insurance companies have loopholes in their service, so make sure to evaluate the fine print before purchasing. It is too easy to just take the travel agents word for it, do some evaluating.

Before you go out and purchase a comprehensive travel coverage policy, it pays to take a look at your existing coverage. Take a look at your health insurance policy, it may or may not provide coverage for you when traveling internationally. This is critical, as extensive health coverage is often needed when visiting exotic locations. Also there is hope for homeowners, so check with your homeowners insurance policy, as some of these homeowners insurance policies include travel insurance protection. Renters insurance, much like homeowners insurance may also provide protection. Booking your travel with a specific credit card may have its advantages. Some credit card companies offer minimal travel insurance protection, if the travel plans are booked with that specific credit card company. Make sure to book your travel with the most appropriate credit card.

The most commonly purchased form of travel assurance is called trip cancellation insurance. Not only is trip cancellation/interruption insurance widely utilized, but it's cheap too. Trip cancellation travel insurance can be very useful when utilized on exotic trips, which are so often purchased well in advance. A lot can happen from the time you book your travel to the time of your travel. With the instability of energy costs, we don't know whether cruise companies or even airlines will be in business by the time we take our trip. Another example would be having to leave our trip early. We never know when we'll have a family or business emergency that will require immediate departure. Travel cancellation insurance provides this reassurance, and that's why it's so often recommended by experts.

There are many other forms of travel coverage. You can purchase travel insurance that just focuses on your medical needs. This is important in areas that may not offer the best health care services. There is travel accident insurance, which is great when visiting that exotic location or traveling to extreme locales. This could provide airlift out of those hard to reach locations, which could not only save your life, but save your pocketbook as well. If you're interested in an all-inclusive travel insurance policy, you can purchase a policy that well include all of these benefits.

If you decide to go with the travel insurance provider, make sure to do a little homework. If you have coverage that's pre-existing on your homeowners insurance or a credit card, it makes no sense for you to pay twice. Also, make sure that you are covered for what you expect to be covered for. It is not unusual for some of the less, not insurance companies to have loopholes in their fine print, which alleviates them from payment. When you need them most. This is why it's always a good idea to go with a well-known company.


Short Term Health Insurance Travel Tips

Let's face it: travel insurance is not the first (or even tenth) thing on your mind when you plan your trip. It's much more enjoyable to pore over guide books looking for that perfect beach to lay on, than it is poring over premium payments to send your mortal remains home.

Still, as sexy as the rest of travel planning may be, a solid short term insurance policy is a must have for your trip. Here is a list of tips that will help you find the right short term travel policy:

It is vital to purchase a policy that will cover the cost of a medical evacuation (one of the most expensive outcomes possible). Consider this: the cost for a medical evacuation in Thailand is just over $60,000. How's that for a travel bill? It's important to purchase your policy prior to your trip, as this way you will be covered for its entire duration.

Before you buy short term health insurance, find out if you already have coverage from family members, your job, or any state sponsored programs. In addition, you can purchase an insurance policy from a travel agency or a student association (if you are under 25 years old in the US).

Alternatively, you can contact your credit card company. Generally, they will cover at least some of your travel expenses if you paid for them with their card. 

Make sure to read the fine print. Many insurance companies do not cover dangerous activities such as scuba diving, sky diving, or even high altitude trekking.

Assess what your belongings are worth, and compare with the premium payments. This will help you determine whether theft insurance is worth it.


Too Old For Travel Insurance

Going on holiday whilst you're young seems to be the cheapest option as less and less companies are insuring the aging travellers. Of course, the older you get the more likely you are to make a claim on your policy so there is no shock to see why some companies are increasing premiums or refusing people all together but it may come as a shock to know that 97% of travel insurance providers enforce an upper age limit on travellers.

If you are over 65 then you can rule out 25% of insurers when travelling abroad and for travellers over the age of 75, you can forget about contacting 73% of insurers.

The majority of older travellers are only making trips for the likes of visiting relatives or maybe making the most of a week away somewhere tranquil; this will be needed after the stress caused trying to obtain the relevant cover for the trip away.

This also comes as the working age is already in talks to increase to 70 as we are now living longer and maintaining better health conditions. People who want to kick off their retirement with a bang will face hefty travel insurance costs, some as much as £800. So any money saved on free bus travel will be needed to fund any insurance needed for travelling abroad.

79 is the popular age for insurance companies to stop covering the aging travellers and it is no surprise to know that 31% of over 80's feel they are being discriminated against by the insurance providers.


Saturday, January 24, 2009

Do You Need Cheap Commercial Insurance?

Liability insurance in relation to commercial operations can be difficult. the content on insurance company websites is as simplified as it can be, but oversimplification only causes concern. It can make insurance products seem too good to be true. Due to the serious nature of commercial insurance it is important to have a proper understanding.

Are there any big secrets when it comes to commercial insurance? well if there is then it is nothing to do with the fine-print but more to do with having the right sort of coverage for the type of business that you have. there are many forms of commercial insurance such as professional liability coverage and product liability coverage. There are more and so the question you need to ask is in relation to which type of policy is right for you.

It is common for business owners to fail when asking the right questions about a policy that they are purchasing. They end up with the wrong policy and therefore inappropriate cover. If research is not carried out then business owners will make this mistake repeatedly. The upshot of such failings is the loss of substantial business assets. Insurance companies will never admit the regularity of such occurrences.

Always remember that insurance companies like any company are in the business of making money and therefore will think nothing of selling incorrect policies with people that have not briefed themselves if it means that they are going to be on the make. the marketing of insurance companies portrays them as these saintly institutions that are all about the welfare of their companies but this is never the case. Never assume that the person dealing with you personally on behalf of an insurance company is au fait with the type of policy that you are procuring. It is down to you to have the knowledge needed to make sure that you get the right cover.

Therefore to avoid losing valuable assets and potentially your entire business, you must make yourself well versed in commercial insurance. the InterNet has plenty of information in various forums and articles so make sure you know what your insurance requirements are before you start contacting insurance companies.



Friday, January 23, 2009

Accidental Insurance Policies - What You Need to Know - Are You Covered?

Accident Policies. Some policies cover only accidents and not illness. As you might suspect, policies like this are very specific about what is considered an accident. It is extremely important to understand what the insurance company defines as an accident.

Generally, an accident to the health insurance industry is considered as unforeseen and unintended. Remember, that when discussing accidents in any policy that includes an accidental provision, it is important to define what an accident is, not just accident specific policies.

Accident benefits are most commonly paid for...

• Accidental loss of life (also called accidental death)
• Accidental loss of limb or sight (dismemberment)
• Loss of time and/or income
• Hospital expenses
• Surgical expenses
• Medical expenses like visits to the doctor.

Let's expand a bit on dismemberment. As we said, this would be loss of limb or sight, however, different states have statutes that define dismemberment and they can vary from state to state. This is a subject that you need to discuss with your insurance agent to determine what actually constitutes dismemberment in your state.

Side Note: Did you know that every regulates the insurance industry for that state? Your state has a huge impact in the coverage you get in your policies.

Accidental Death Benefit can also be referred to as "principal sum." This type of coverage should not be confused with life insurance. There is a huge of difference between the two. Life insurance policies will generally be paid regardless of the cause of death (although, suicide is not covered in most policies). An accidental benefit is paid ONLY if the death is accidental as opposed to a death by natural causes or illness.

The person who received the death benefit is called the beneficiary. The policy owner (or holder) has the right and responsibility of naming beneficiaries. Usually there is a primary beneficiary however the policy holder can assign a second and even a third beneficiary.

The primary beneficiary is the first person in line to receive the benefit in the event of the death of the policy holder. They can also name a second beneficiary who would receive the benefit in the event the primary beneficiary dies before the insured. Some policies can include a third beneficiary who would be in line after the first two. Although, some policies allow you to divide (by percentage) between the beneficiaries.

There is much more to be learned about accidental death policies, but I would like to mention one important component before we move on. An accidental death may not be instant. A person can die as a result of an accidental injury months after the accident occurrence. Read your policy carefully because most stipulate that the accidental death benefit will only be paid if death occurs within 90 days of the accident.

Side Note: ALWAYS read an insurance policy. It does not matter what type of policy, know your policy. I have spent many hours with clients that did not know what was covered and what wasn't covered. This is especially true when you have employer (group) health insurance.

Considering Disability Insurance? Here is Some Food For Thought - These Morsels Could Save You Cash!

Don't be caught without a form of income, make sure you get paid! If you get injured, be prepared!

Some things to consider when determining disability income needs are

- Establish the absolute minimum required if income stops.
- Determine your retirement needs if work ceases and the ability to pay into your retirement ends.
- Allow for any benefit that might be offset by social security
- and workers compensation.

Some thought needs to be afforded to the possibility of "total disability." Watch out here too... Definition are important! Policies and different companies may use different definitions for "total disability."

Some policies will NOT cover you if you get injured doing something that they deem "to dangerous" (i.e. skydiving or race car driving). Also, some interpretation is important as far as to the insured's own occupation and any occupation the insured may be qualified to perform.

There are three methods used to determine "total disability", these are

1. Predefined Occupational Method (Based on Insured's Own Occupation)
2. Reasonably Qualified Occupational Method (Based on Insured's Experience, Education and/or Training)
3. Presumptive Disability (Loss of limbs, sight etc...)

Pre-Defined Occupational Method - This method concerns the occupation that the insured is normally engaged in. In this case total disability might be defined as "the insured's inability to perform any or all of the duties or his or her own occupation." This is determined by the insured's occupation at the time that disability begins.

Reasonably Qualified Occupational Method - This method is more limiting defined as "the insured's inability to perform the duties of any occupation for which he or she is reasonably qualified by education, training or experience."

In other words, while you may no longer be able to conduct the tasks of your current occupation you may be able to perform activities in the associated field.

There are some disability income policies that use another criterion to classify total disability. This is called presumptive disability and automatically qualifies the insured for total disability classification.

These conditions are:

• Loss of use of any two limbs
• Total and permanent blindness
• Loss of speech and hearing

Presumptive Disability - This method sometimes involves a loss of income test. If the earnings after disability significantly drop below pre-disability earnings by a given percentage the insured may be considered totally disabled.

As a rule of thumb, a short-term policies cover non-occupational disability. On the the hand, long-term policies cover both occupational and non-occupational sickness and accidents. At this point if the worst does happen, and you are totally disabled, occupational benefits are routinely reduced because you may qualify for benefits form workers compensation and social security.

Other considerations are the provisional period, elimination period and the benefit period. Some disability policies use a probationary period that begins when a policy goes into effect and no benefits are paid during this period. It varies but is often 15 or 30 days and sometimes up to 60 days for long-term policies.

In addition to the probationary period some policies also include an elimination period. It begins when the policy goes into effect and can last for any length of time even up to a full year. This is usually left to the insured to decide as it is based on how long the insured can go without income after becoming disabled.

The primary advantage to a long probationary period is a low premium and allows the insured to use premium dollars to purchase a benefit that best suits their needs.

The benefit period, which is the length of time, can vary depending on the needs of the insured. They can be as short-term as 13 weeks up to long-term as long as age 65.

As a general rule the longer the benefit period, the higher the premium. Same as everything in life, we get what we pay for. Benefit amounts for both short-term and long-term policies range from 50% to 66 2/3% of earnings with a cap on the maximum amount to be paid.

Other disability categories are confining vs. non-confining, partial, residual, recurrent, delayed, combined accident and sickness and non-disabling.

We won't cover definitions of each category here, but do be aware of their existence and check your policy for a definition of coverage for these types of disability.

Most companies offer optional short-term benefits for an additional cost. A typical disability income policy might include all, some or none of the items below so it is important to discuss these with your agent.

These options are:

• Supplemental income - sometimes called an additional monthly benefit rider, provides additional income during the first several months of a long-term disability.

• Hospital income - pays a stipulated amount per day when hospitalized extending for a certain period and can be up to 12 months.

• Elective benefits or indemnities - provides lump-sum payments for certain injuries like fractures, dislocations, sprains or amputations of toes or fingers and is elected by the insured in lieu of weekly or monthly benefits stated in a contract.

Saturday, January 10, 2009

Disaster Decision - Do You Need Insurance?

The expenses involved with owning a home can be overwhelming at times - routine maintenance, repairs, seasonal preparations, improvements. Not to mention taxes, fees, and all those monthly bills. Some homeowners, in trying to reduce their expenses, wonder if they really need disaster insurance.

Disaster insurance is typically defined as additional homeowner's insurance to cover events like hurricanes, tornadoes, earthquakes, and floods. Home insurance policies typically cover hurricanes and tornadoes (review your policy to be certain in covers damage from such events). But often damage from floods and earthquakes isn't covered. This extra insurance, if desired, must be purchased in addition to your standard homeowner policy, and it can be expensive, depending on where you live.

Because disaster insurance can be expensive, it's a type of coverage some homeowners opt not to buy. But in some cases they are required to buy. For example, mortgaged homes in the US that are located in designated flood hazard areas are required to buy flood insurance through the US National Flood Insurance Program. Of course, once those mortgages are paid, there is no longer a requirement to buy such insurance.

But homeowners in those areas should carefully consider whether they really want to take the risk that their home and everything in it could be swept away, leaving them with nothing but an empty lot. Homeowners that aren't in designated flood hazard areas should still know that floods can cause plumbing problems, like sewer and septic backups. These often aren't covered in a standard homeowner's policy, and they may want to consider an endorsement for coverage.

In the US, many tend to think that only the area along the west coast is subject to earthquakes. This isn't true however, and 39 US states have some potential for earthquakes. Coverage for seismic events can be very expensive in California and other western states, but homeowners in other states should evaluate the cost vs. the earthquake risk for the area where they live.

Accident Factoids

You and I. M. Strong, the adjuster from Granite Mountain Insurance, are sitting at your kitchen table in an attempt to settle your motor vehicle accident claim.

Strong is all wound up and on the offensive, rambling on and on about how your injuries weren't serious. His typical pitch usually goes something like, "Look, I've been at this a long time. I've talked to people like you, day in and day out, for over twenty years. People who've gone through exactly what happened to you, with the same sort of claim as yours. Sure, you had a period of discomfort but your so-called injuries were routine. Believe me when I tell you they aren't worth much."

You’re stunned. You can't believe what Strong is trying to pull. You say, "I’ve been miserable! There was no way I could get back to work because of the pain in my neck and back."

Strong shift's in his seat and a victorious look (one that says he knows it all) begins to march across his face. At that point he predictably states, "Look, I can tell you, after handling thousands of cases like yours, that the discomfort you may have had, for a couple of days at the most, are relatively minor. They don’t even come close to justifying the three week’s of work you lost and the disability you and your doctor are claiming".

Now you're thunderstruck! He smiles to himself and comes at you from another angle, "I've seen thousands of cases like yours and I've had more than my share of exposure to personal injury claims, examinations, doctor-talk and recovery - - the whole nine yards. I've seen physical trauma at its slightest and its worst. Any judge or jury would know, once they heard about your so-called ‘injuries’ that your physical problems were almost non-existent".

He'll take a minute to let that sink in and then he'll attempt to sway you even more by telling you he can prove your time lost from work was not compatible with the injury involved. He'll hint around about some "independent information" he's supposedly gathered from your neighbors and/or business associates, which indicate you’ve been involved in "very active" physical activities since the accident.

Once he lets that one sink in he'll ramble on about the "independent examination" the doctor hired by Granite Mountain executed, telling you, with outrageous confidence, that his doctors Medical Report states there was little, if anything, wrong with you. Then he’ll surely try this one on for size: “My doctor is a professional .The only people he ever sees are those who’ve been in motor vehicle accidents. That’s what he does all day long, check out personal injury claims like yours. His report clearly states your physical problems were almost non-existent”.

He hums a happy tune to himself as he observes the amazement marching across your face and that drum beat he’s heard so very often begins to pound away within the gray matter between his ears: Boom/Boom/Boom, declaring, “I gotcha!, I gotcha!, I gotcha!, I gotcha!”

If you let Strong get away with that than his attempt at downgrading your disability will have been successful. As a way of "proving" what happened to you wasn’t serious he’ll describe your “so-called injuries” with fancy medical language and then compare them to the more extreme types of personal injury problems or conditions he's dealt with in the past. The implication being yours were obviously minor and have little, if any, value.

At that point he'll read the statements and opinions in your own attending physicians Medical Report in such a way which, if not read properly, he'll insist proves, “You may have been a little sore from a slight injury but it clearly states you certainly didn't have any serious physical problems“. (You can bet every dollar in your wallet that he’s made that statement several thousand times)!

You're quickly discovering that neither Adjuster I. M. Strong nor his supervisors at Granite Mountain Insurance are going to be fair. They're out to take advantage of you. That’s the name of their game and that’s what they get paid to do. Question: Is that really true? Answer: Yes, it’s really true. Take it from Dan, I was on that firing line for 30 years!

From that point on you shut down. You be the listener. Let him babble on. When he's finally done, you say, "Your points about my injuries are very interesting. I'd like to discuss them in detail with my doctor“. Pause and then add, “We'll call this off for now while I go back and consult with him."

Before he answers you should get up, smile, point towards the kitchen door and bid him "Goodbye". If he balks, sneak a peek at your watch, tell him you're late for another appointment and insist your meeting is over. He'll have no choice but to leave.

If you do that here's what you'll have accomplished:

(1) You'll have seized the bargaining "momentum" and control from the adjuster and, if you remain adamant he'll never get them back.

(2) Served notice on him that it's you, not he, who will now call the shots in the negotiation "Power Game" he's been playing.

(3) Impressed the adjuster that the settlement will be done on your terms, not his.

You may ask: Okay, I threw the adjuster out and let him politely but surely know I’m not going to buy into his nonsense. So, when this all gets played out, what have I accomplished?

The answer is: I. M. Strong is aware you‘ve not bought into his pitch and in his secret heart he perceives that reality. For those in the home office (so as to know exactly where they stand) his instructions have always been that everything that passed between the two of you is placed into the report’s he continues to send in, regarding the settlement talk’s he’s been having with you. So, the fact that you’re not buying his story, will go into your file to be read by that adjusters superiors.

Once they do they’ll have no choice but to conclude that you’re no pushover!

You’re going to stick to your guns because you’re right and the Medical Report your attending physician executed for Adjuster Smart is legit. You know that both your “pain and suffering” and the length of recovery from your injuries, has been clearly stated.

Smart has correctly assumed that you’re not accepting his usual pitch, filled with mumbo-jumbo nonsense, yet so often works. It’s beginning to dawn on him if he doesn’t change his tactics you’re going to hand you case over to an attorney and his superiors at Granite Mountain won’t be dancing for joy should that come to pass.

Wait five or six weeks then call Smart and ask him to come back to talk some more. I flat out guarantee you the next time you meet the power will have shifted into your corner and you'll never again hear him attempt to minimize your injuries. That often comes to pass because he’s received this typical six word, one line memo, from his supervisor at the home office, “Settle this one and move on”.

Granite Mountain will have reached the point where they’re satisfied to pay and get rid of you. Why? Because personal injury claims continue to pile up and clog their incoming pipeline. They’ve got a lot of other unsuspecting prey to trap and shoot and it’s clear you're an individual who’s too wise, too tough and too difficult for them to fuss with any longer.