Insurance policy reminder app is your Insurance alarm as it reminds and manages your general insurance policies as well as managing your life. Insurance Policy Reminder is an insurance policy manager that helps you to manage all your insurances ranging from personal insurance, mediclaim, accident insurance, travel insurance, fire insurance, vehicle insurance and etc.
Showing posts with label Insurance. Show all posts
Showing posts with label Insurance. Show all posts
Approaches to Using Life Insurance For Retirement
For almost everyone else, the best way to absorb life insurance into your retirement-planning strategy is to get the right death benefit
for your family at the lowest cost so you have the most money left over
to take other key steps toward financial security. Let’s take a look at
how this approach works.
10 Mobile Apps for Insurance Professionals
These apps will help streamline your work and life and as a matter of fact, teach you new insurance concepts that you need to know in this ever-changing industry.
Gap Insurance
When you purchase or lease a new vehicle, the value starts depreciating the very minute it {the vehicle} leaves the car park. Suffice us to say that as a matter of fact, most vehicles lose about 20% of the value attached to it within a year.
Standard auto insurance policies act as a coverage for the depreciated value, because insurance will pay the current market value for the car.
If you pay for the purchase of a new vehicle and only put down a little deposit, the amount of the loan borrowed may very well surpass the market value of the vehicle as at when it was purchased.
Gap Insurance therefore bridges the gap between the worth of a vehicle and what you owe on it.
Therefore, it is a good idea for you to consider buying gap insurance for your new vehicle if you:
On most auto insurance policies including gap insurance with collision and comprehensive coverage makes an addition of only about $20 a year to the annual premium.
- Deposited a percentage of less than 20
- Financed for 5years or longer
- Leased the vehicle
- Purchased a car or truck whose depreciation is faster than average
- Allowed an adverse equity from an old car loan roll over into the new one
On most auto insurance policies including gap insurance with collision and comprehensive coverage makes an addition of only about $20 a year to the annual premium.
Coverages Available When Purchasing A Car Insurance
Are you thinking of getting an insurance policy for your car but you don't know the policy that is suitable and tailored to meet every one of your needs down to the last detail?
Well, we've taken the liberty of preparing this article to serve that purpose.
Below are some of the coverages under auto insurance:
So, when you are setting out to buy an auto insurance, make sure you talk to a seasoned insurance broker or agent to find out the best kind of coverage that will be suitable for you. Make sure you understand what each option does and how it would work if you ever needed it. Also, you can get more than one coverage at a time so far as it provides the best car insurance that will fit with your budget.
N/B
Please make sure to read the actual policy document in your state for important details on coverages, exclusions, limits and terms and conditions.
Well, we've taken the liberty of preparing this article to serve that purpose.
Below are some of the coverages under auto insurance:
- Liability Coverage: Under this, we have two types of coverage; coverage for body injury and coverage for personal property coverage. As a legal requirement for drivers in almost every state, liability coverage pays for someone's medical expenses, personal injuries and damage to property if the fault lies with you.
- Collision Coverage: If you collide with another vehicle or something stationary like a telephone pole, collision coverage helps to pay for the damages to your car.
- Comprehensive Coverage: Otherwise known as ''Other Than Collision'' or ''Fire and Theft''. If there is a break and something gets stolen from your car or if there is a dent due to hail or storm, comprehensive coverage helps in covering for the losses to your car.
- Medical Bills Coverage: If you or any other occupant in your car gets hurt in an accident, this coverage can pay for your's and their medical bills.
- Personal Injury Protection: PIP is very much identical to Medical Bills Coverage. The difference here is that PIP has a much wider coverage capacity than Medical Bills Coverage. It can help pay for medical and rehabilitation expenses, funeral loss, chemotherapy or dialysis expenses, etc.
- Uninsured/Underinsured Motorist Coverage: If the fault lies with an uninsured or underinsured motorist in an accident, this policy provides liability (bodily injury and property damage) coverage for you.
So, when you are setting out to buy an auto insurance, make sure you talk to a seasoned insurance broker or agent to find out the best kind of coverage that will be suitable for you. Make sure you understand what each option does and how it would work if you ever needed it. Also, you can get more than one coverage at a time so far as it provides the best car insurance that will fit with your budget.
N/B
Please make sure to read the actual policy document in your state for important details on coverages, exclusions, limits and terms and conditions.
Facts About Auto Insurance
Understanding the simple mechanics of auto insurance can be a herculean task, let alone understanding the puzzles surrounding it. Puzzles like the guidelines, policies and procedures of the many insurance carriers of today. Outlined below are some facts you need to know about auto insurance so you can have adequate arsenal at your disposal when looking forward to purchasing an auto insurance.
Life Insurance For Women: Is It Important?
Insurance, Life Insurance, Life Insurance For Women
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So many reasons abound as to why life insurance should form an integral part in every individual's financial planning, still, most ladies and women disregard this basic asset in the strategy of protection and are therefore more likely to be uninsured or underinsured as compared to men.
Homeowners Insurance Policy: What It Covers
Homeowners insurance is an insurance policy that provides financial protection against disasters. It insures the home itself and the things you keep in
it.
Questions You Should Ask When Buying An Auto Insurance
Are you considering purchasing an insurance for your car? Then, there
are some questions you should ask yourself before you buy one.
Read Also Coverages Available In Auto Insurance
Read Also Coverages Available In Auto Insurance
Why Do Insurance Companies Raise Premium?
We usually ask why insurance companies raise premiums for different policies from time to time. Well, it is important to note that an insurance company is a business entity and as such, will want to make profit for the company and shareholders. One of the ways they make profit is to look for any statistical implication that will likely predict the possibility of someone filing a claim. That, itself can justify the insurance company charging higher premiums. Some of these statistical implications are listed below:
A Beginner's Guide To Renter's Insurance
Insurance, Insurance Coverages, Renter's Insurance
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Most of us know that people who own their residences carry – as a matter of fact, are often required by mortgage companies to carry – homeowners insurance
to protect their property, their possessions and any injury incurred by
visitors. But what about people who are leasing their living space? Renter's insurance
protects against loss or damage to your personal belongings when you
occupy a rental property – anything from a studio apartment to an entire
house or mobile home. Renter’s insurance can also provide liability protection for you in the event someone else is injured on that property.
Essential Facts About Home Insurance
Understanding the basic facts about home insurance is crucial to protecting your investment whether you are a first-time home buyer or an established home owner. Outlined below are some of the things you need to know and avail yourself with.
Things To Consider When Choosing An Insurance Company
When choosing an insurance company, there are several factors to take note of to help you make a wise and if possible, the best decision. Consider some of
the factors below:
- Check out a company’s ratings: What is the quality rating of the insurance company, as published by the main rating agencies in comparison with their peers?
- The paying ability, financial strength, asset, etc of the company matters
- Find out if the insurer is a specialist in this area of insurance coverage
- Will it be possible to meet or speak with any of the insurance company's agent and will you be working from time to time with the same person (agent)?
- Will the company be able to provide an insurance coverage that is adequate enough for your needs?
- Is the insurance company's policy premium cost effective when compared to similar/other insurance companies?
- What are the deductibles you are to pay?
- What is the process and procedures for payment of claims?
- Does the insurer give family discounts on premiums for multiple policies?
- If closeness is going to be an issue, is there a local office nearby that will attend to you?
- Complaints made against the insurance company: Consider the company's record for claim refusal. Your State's Insurance Commission may have a record of complaint.
- The size and life span of the insurance company
- Seek assistance from a seasoned insurance professional
Benefits of Insurance In Business
Benefits of Insurance, Benefits of Insuring a Business, Insurance
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Anyone who is going into business today must be aware that to be successful, he/she has to take risk. But what of those kinds of risk you have no control over? What do you do to at least reduce the consequences of these uncontrollable risks in business? The answer is simple! Insurance! Make sure you insure your business to take care of those uncontrollable risks that may occur in the future.
As you read on, you will learn about the type of risk your business may face and the benefits of insuring your business.
As you read on, you will learn about the type of risk your business may face and the benefits of insuring your business.
Types of Business Risks
There are many types of risks in business but the most common forms of risks include but are not limited to:- Legal Risks-: This is the risk of a company or its officers being sued for misconduct or negligence. A business may be accused of non-compliance with rules and regulations or standard practices which may lead to a law suit and if found guilty, it may lead to serious financial and non-financial consequences. This kind of risk is applicable to all kinds of businesses but is more prominent in businesses that deal directly with customers.
- Physical Risks-: These are risks that act as physical threats to the existence and smooth operation of a business. For instance, fire disasters, explosions, flood, spillage etc. are typical examples of physical risks.
- Financial Risks-: From the moment a person invests a dime into a business venture, the person undertakes a financial risk because there are probabilities that the business wouldn’t do well and this may lead to a loss of investment. Also, in the course of running the business, some things may occur that would cause the business to lose some money and if not properly guarded against and managed, this may lead to the death of the business.
- Intellectual Property Risks-: This risk arises as a result of a company not taking sufficient steps to protect its intellectual property and inventions and as a result, it gets stolen and leads to a loss for the business.
- Economic Risks-: Remember the 2008/2009 Global Economic Meltdown and how it affected companies with many of them closing down? That’s a typical example of how economic factors can affect a business.
- Inherent Risks-: Inherent risks have to do with the nature of a business.
- Credit Risks-: This involves the debtors of a business and the probability that they wouldn’t pay their debts at the end of day leading to financial losses by the company.
- Market Risks-: This has to do with changing market conditions, buying patterns and changes in demands and trends that may affect the sales and profitability of a business.
Benefits of Insurance in Business Risk management
- Prevents And Minimizes Financial Losses-: Insurance helps you to reduce financial losses when unfortunate events occur. For instance, when there is a breakdown of equipment your company might not be able to function properly and this might lead to a loss of revenue but you can use a business interruption insurance policy to guide against this such that the insurance company covers for any losses incurred during the period.
- Promotes Continuity Of Business-: When some companies are hit with sudden and unplanned unfortunate occurrences, it may lead to the end of it if not properly managed but insurance helps to minimize risks so that the business continues to operate and grow regardless.
- Risk Sharing-: Insurance also helps to achieve risk or loss sharing in business. Such that when a company makes losses instead of profits, the insurance company can come to the rescue. Also, when businesses are hit with misfortunes, they may not be able to solely afford the costs of getting back up and running again but when the business is insured, the risks are shared between the company and in the insurance company such that both parties can collectively get the business up and running again.
- Protects Business Image-: When a business goes down, it is not only the business that suffers; the customers, stakeholders, shareholders and the public are affected too. Therefore, insurance helps to manage bad occurrences so that customers and every other person attached to the business can be protected.
- Protects The Business Against Debtors-: Sometimes, debtors also pose risks to the business and insurance can help to protect the business against defaulters.
- Effective Use Of Resources-: Insurance also helps to promote and ensure that resources are put to the best use. For instance, health insurance helps to ensure that employees are of perfect health and happy so that they can put in their best. Happy and healthy employees equals positive output.
- Provides Assurance To Stakeholders And Investors-: Also, when a company is insured, it provides a kind of assurance to people who may consider doing business with them. Insuring your company attracts shareholders and customers to your business.
CONCLUSION
The benefits of insurance to your business is limitless and boundless, so, you would be doing yourself a whole lot of good by insuring your business.Renter's Insurance: What Does It Cover?
We all have so many questions about Insurance, the policy to buy and what it covers. I hope this article helps.
An all-perils renter's insurance policy provides worldwide theft coverage for personal property. It doesn't matter where you travel to as an insured renter: Theft coverage travels with your belongings.
2. Car
An all-perils renter's insurance policy does not cover the theft of a vehicle. It does, however, provide coverage for personal property stolen with a vehicle or from a vehicle, and this applies wherever the vehicle is: in your home town, out of state or out of the country.
3. Bicycle
Bikes count as personal property, and as such, are fully insured. If you have an especially expensive model, it might be best to schedule it on the policy, as when insuring anything unique or of high value.
The insured must make a good faith effort to remedy the problem as soon as it is detected. This includes contacting the owner or property manager of the structure. The owner is responsible for repairing and mitigating any mold, and dealing with the water leak or whatever caused damage in the first place. Both the tenant and owner policies could be used together to subrogate claims.
Subrogation is a term denoting a legal right reserved by most insurance carriers. Subrogation is the right for an insurer to legally pursue a third party that caused an insurance loss to the insured. This is done as a means of recovering the amount of the claim paid by the insurance carrier to the insured for the loss.
The liability insurance portion of your coverage can protect you in case a visitor is injured on your property.
In the event of a lawsuit, your renter's insurance policy would cover the legal costs and any payouts that you would be responsible for if you are found legally liable. Some examples of payouts would be a medical bill directly related to the accident or replacement of a third party's property that was damaged in your home.
Depending on your policy, your family members may also be covered against personal injury. For example, if your son, who lives with you in your rented apartment, has a guest over and that guest suffers a slip-and-fall injury due to your son's negligence, your renter's insurance would cover the legal costs and medical expenses of the guest.
Usually, it has to do with someone else, or someone else's property. A good scenario is this: If your dog rips up the carpet in your own apartment, it may not be covered, but if the dog chews up the alligator suitcase belonging to a house guest, it may be. Basically, if your pet is legally responsible for damage to a visitor's belongings, or bodily injury to the visitor, chances are that the pet coverage will assume the liability.
The bottom line is, after you buy a policy, take an inventory of all of your personal belongings, and include photos, videos and appraisals. Store this list in a safe place; outside your home, a safe deposit box, a trusted friend or family member, or better still, send it as an attachment to your mailbox. By inventorying items, insured renters can be properly prepared in the event of a claim. In the event of a loss, report the claim to the insurance company as soon as possible.
A. Theft
1. GeneralAn all-perils renter's insurance policy provides worldwide theft coverage for personal property. It doesn't matter where you travel to as an insured renter: Theft coverage travels with your belongings.
2. Car
An all-perils renter's insurance policy does not cover the theft of a vehicle. It does, however, provide coverage for personal property stolen with a vehicle or from a vehicle, and this applies wherever the vehicle is: in your home town, out of state or out of the country.
3. Bicycle
Bikes count as personal property, and as such, are fully insured. If you have an especially expensive model, it might be best to schedule it on the policy, as when insuring anything unique or of high value.
B. Mold
Coverage differs from one insurance company to another and from state to state. An all-perils renter's insurance policy typically provides a low set amount of coverage for damage caused by mold as long as it occurred from a covered peril. In a named-perils policy, mold coverage must be specifically included. If it isn't, mold coverage may be purchased through a rider.The insured must make a good faith effort to remedy the problem as soon as it is detected. This includes contacting the owner or property manager of the structure. The owner is responsible for repairing and mitigating any mold, and dealing with the water leak or whatever caused damage in the first place. Both the tenant and owner policies could be used together to subrogate claims.
Subrogation is a term denoting a legal right reserved by most insurance carriers. Subrogation is the right for an insurer to legally pursue a third party that caused an insurance loss to the insured. This is done as a means of recovering the amount of the claim paid by the insurance carrier to the insured for the loss.
C. Water Damage/Flooding
An all-perils renter's insurance policy does cover water damage, if
the damage is a result of a water leak inside the structure, like from a
burst pipe or faulty water sprinkler. Damage caused by rising
water from an exterior source, such as a flood, would not be covered by
renter's insurance. Separate flood insurance
would need to be purchased through the National Flood Insurance Program
or a private carrier that offers flood insurance in the region where
the dwelling is located (though you need only buy coverage for your
belongings, not the building itself).
D. Storage Units
An all-perils renter's insurance policy provides coverage for the contents of storage units, excluding autos. It does not matter where a storage unit is located. Most policies limit the amount of off-premise coverage to around 10% of the total personal property coverage. Limits on the types of covered perils still apply. In certain areas, perils such as earthquakes and hurricanes may not be covered. Flooding from external rising waters would not be covered under a renter's insurance policy, either.E. Personal Injuries
Renter's insurance provides two main forms of coverage – liability and contents insurance.The liability insurance portion of your coverage can protect you in case a visitor is injured on your property.
In the event of a lawsuit, your renter's insurance policy would cover the legal costs and any payouts that you would be responsible for if you are found legally liable. Some examples of payouts would be a medical bill directly related to the accident or replacement of a third party's property that was damaged in your home.
Depending on your policy, your family members may also be covered against personal injury. For example, if your son, who lives with you in your rented apartment, has a guest over and that guest suffers a slip-and-fall injury due to your son's negligence, your renter's insurance would cover the legal costs and medical expenses of the guest.
F. Pet Damage
Most renter's insurance does not offer coverage, or at least full coverage, for pet damage. A policy that does offer that usually includes clauses in the contract specifying the types of scenarios in which the coverage applies.Usually, it has to do with someone else, or someone else's property. A good scenario is this: If your dog rips up the carpet in your own apartment, it may not be covered, but if the dog chews up the alligator suitcase belonging to a house guest, it may be. Basically, if your pet is legally responsible for damage to a visitor's belongings, or bodily injury to the visitor, chances are that the pet coverage will assume the liability.
G. Bed Bugs
Renter's insurance policies do not cover bed bug infestations. Bed bugs are typically included in the same category as other vermin, such as cockroaches and mice. Detecting and cleaning a bed bug infestation is considered a maintenance expense and a responsibility of a renter.
Providers of renter's insurance exclude bed bug or any other type
of infestation for numerous reasons. One possible reason is the
difficulty in determining the cause of the infestation; it could be due
to negligence or carelessness on the renter's part.
H. Moving
An all-perils renter's insurance policy covers damage to items
resulting from a covered peril during a move, such as theft. Fire and
water damage would also qualify you to file a claim, but there are limitations and
exceptions to this coverage. Most policies do not cover general
damage to items resulting from a move, such as broken dishes or
furniture.
If you hire a moving company, the company is responsible for getting the items moved without damage. Check into a moving company's liability insurance to make sure it offers replacement cost coverage on any damaged items; often, the moving company's insurance settles claims based on weight or the items' actual cash value.
If you hire a moving company, the company is responsible for getting the items moved without damage. Check into a moving company's liability insurance to make sure it offers replacement cost coverage on any damaged items; often, the moving company's insurance settles claims based on weight or the items' actual cash value.
The bottom line is, after you buy a policy, take an inventory of all of your personal belongings, and include photos, videos and appraisals. Store this list in a safe place; outside your home, a safe deposit box, a trusted friend or family member, or better still, send it as an attachment to your mailbox. By inventorying items, insured renters can be properly prepared in the event of a claim. In the event of a loss, report the claim to the insurance company as soon as possible.
Suitable Reasons To Purchase Renter's Insurance
Renters insurance help cover the cost of replacing
your stuff if it's unexpectedly damaged or ruined. That protection
generally applies to certain risks (also referred to as "perils"), such
as fire and theft. It is a policy that protects your home valuables.
If you're renting an apartment or home, you'll need an insurance policy to cover your belongings. Your landlord's property insurance policy covers losses to the building itself – whether it's an apartment, a house or a duplex. Your personal property and certain liabilities, however, are covered only through a renter's insurance policy that you, as a tenant, have to find and pay for. While 95% of homeowners have a homeowner's insurance policy, only 37% of renters have renter's insurance, according to a 2014 Insurance Information Institute poll conducted by ORC International.
Then begs the question: why do so few renters have insurance? One reason for this is that so many people incorrectly assume they are covered by their landlord's policy. Another reason is that people underestimate the value of their belongings. If you add up the value of just your clothing and electronics, it probably wouldn't take long to get into the thousands of dollars. One more often overlooked reason is liability: If someone is injured in your house – a friend, neighbor, or the pizza delivery person – they could sue you.
So, even if you thought you didn't need insurance, here are some good reasons why you should get a renter's insurance policy.
See Also A Guide To Renter's Insurance
1. AFFORDABILITY:
The average renter's insurance policy costs $187 a year, according to 2011 figures reported by the National Association of Insurance Commissioners (NAIC) in 2013. Your actual cost will depend on factors, including how much coverage you need, the type of coverage you choose, the amount of your deductible and your residence. If you're in Mississippi, for example, you'll pay the most (average $252 a year); if you live in North or South Dakota, you'll pay the least (average $117 a year).
2. IT COVERS LOSSES TO PERSONAL PROPERTY:
A renter’s insurance policy protects against losses to your personal property, including clothes, jewelry, luggage, computers, furniture, and electronics. Even if you don't own much, it can quickly add up to a lot more than you realize and a lot more than you would want to pay to replace everything. According to esurance.com, the average renter owns about $20,000 worth of personal property.
Renter's policies protect against a surprisingly long list of perils. A standard HO-4 policy designed for renters, for example, covers losses to personal property from perils including:
Read Also Why you should purchase a disability rider on life insurance
3. YOUR LANDLORD MAY REQUIRE IT:
Your landlord's insurance covers the structure itself and the grounds, but certainly not your belongings. A growing number of landlords require tenants to purchase their own renter's insurance policies, and they'll expect to see proof of purchase. This could be the landlord's idea, or it could be an "order" from the landlord's insurance company – the idea being that if the tenants are covered themselves, some responsibility can be shifted away from the landlord. If you need assistance finding or obtaining coverage, your landlord may be able to help.
4. IT PROVIDES LIABILITY COVERAGE:
Liability coverage is also included in a standard renter’s insurance policies. This provides protection if someone is injured while in your home or if you (or another covered person) accidentally injure someone. It pays any court judgments as well as legal expenses, up to the policy limit.
Most policies provide at least $100,000 of liability coverage, and between $1,000 and $5,000 for medical-payments coverage. You can request (and pay for) higher coverage limits. If you need more than $300,000 of liability coverage, ask your insurance company about an umbrella policy, which can provide an additional $1 million worth of coverage for about $150 to $300 a year.
5. IT COVERS YOUR BELONGINGS WHEN YOU TRAVEL:
Renter's insurance covers your personal belongings, whether they are in your home, car,or with you while you travel. Your possessions are covered from loss due to theft and other covered losses anywhere you travel in the world. Check your policy or ask your insurance agent for details on what constitutes "other covered losses."
6. IT MAY COVER ADDITIONAL LIVING EXPENSES:
If your home becomes uninhabitable due to one of the covered perils, your renter's insurance policy may cover “additional living expenses,” including the cost associated with living somewhere else temporarily, food and more. Check with your policy to find out how long it will cover additional living expenses, and if it caps the amount the company will pay.
In fact, the whole summary of the matter is that renter's insurance provides coverage for your personal belongings, whether they are in your home , car or with you while you're on vacation. In addition, renter's insurance provides liability coverage in case someone is injured in your home or if you accidentally cause an injury to someone.
Make sure you understand what exactly your policy covers,and ask your agent about any available discounts, deductibles and coverage limits. For example, be sure you know whether your insurance provides replacement cost coverage (RCC) for your personal property or actual cash value (ACV). The first will pay to replace your 15-year-old carpet, say, with a new one, at current market rates, while the second will only reimburse you for the value of a carpet that's 15 years old. Needless to say, RCC costs more.
If you're renting an apartment or home, you'll need an insurance policy to cover your belongings. Your landlord's property insurance policy covers losses to the building itself – whether it's an apartment, a house or a duplex. Your personal property and certain liabilities, however, are covered only through a renter's insurance policy that you, as a tenant, have to find and pay for. While 95% of homeowners have a homeowner's insurance policy, only 37% of renters have renter's insurance, according to a 2014 Insurance Information Institute poll conducted by ORC International.
Then begs the question: why do so few renters have insurance? One reason for this is that so many people incorrectly assume they are covered by their landlord's policy. Another reason is that people underestimate the value of their belongings. If you add up the value of just your clothing and electronics, it probably wouldn't take long to get into the thousands of dollars. One more often overlooked reason is liability: If someone is injured in your house – a friend, neighbor, or the pizza delivery person – they could sue you.
So, even if you thought you didn't need insurance, here are some good reasons why you should get a renter's insurance policy.
See Also A Guide To Renter's Insurance
1. AFFORDABILITY:
The average renter's insurance policy costs $187 a year, according to 2011 figures reported by the National Association of Insurance Commissioners (NAIC) in 2013. Your actual cost will depend on factors, including how much coverage you need, the type of coverage you choose, the amount of your deductible and your residence. If you're in Mississippi, for example, you'll pay the most (average $252 a year); if you live in North or South Dakota, you'll pay the least (average $117 a year).
2. IT COVERS LOSSES TO PERSONAL PROPERTY:
A renter’s insurance policy protects against losses to your personal property, including clothes, jewelry, luggage, computers, furniture, and electronics. Even if you don't own much, it can quickly add up to a lot more than you realize and a lot more than you would want to pay to replace everything. According to esurance.com, the average renter owns about $20,000 worth of personal property.
Renter's policies protect against a surprisingly long list of perils. A standard HO-4 policy designed for renters, for example, covers losses to personal property from perils including:
- Damages caused by aircraft
- Damages caused by vehicles
- Explosion
- Falling objects
- Fire or lightning
- Riot or civil commotion
- Smoke
- Theft
- Vandalism or malicious mischief
- Volcanic eruption
- Weight of ice, snow or sleet
- Windstorm or hail
- Damage from water or steam from sources including household appliances, plumbing, heating, air conditioning or fire-protective sprinkler systems
Read Also Why you should purchase a disability rider on life insurance
3. YOUR LANDLORD MAY REQUIRE IT:
Your landlord's insurance covers the structure itself and the grounds, but certainly not your belongings. A growing number of landlords require tenants to purchase their own renter's insurance policies, and they'll expect to see proof of purchase. This could be the landlord's idea, or it could be an "order" from the landlord's insurance company – the idea being that if the tenants are covered themselves, some responsibility can be shifted away from the landlord. If you need assistance finding or obtaining coverage, your landlord may be able to help.
4. IT PROVIDES LIABILITY COVERAGE:
Liability coverage is also included in a standard renter’s insurance policies. This provides protection if someone is injured while in your home or if you (or another covered person) accidentally injure someone. It pays any court judgments as well as legal expenses, up to the policy limit.
Most policies provide at least $100,000 of liability coverage, and between $1,000 and $5,000 for medical-payments coverage. You can request (and pay for) higher coverage limits. If you need more than $300,000 of liability coverage, ask your insurance company about an umbrella policy, which can provide an additional $1 million worth of coverage for about $150 to $300 a year.
5. IT COVERS YOUR BELONGINGS WHEN YOU TRAVEL:
Renter's insurance covers your personal belongings, whether they are in your home, car,or with you while you travel. Your possessions are covered from loss due to theft and other covered losses anywhere you travel in the world. Check your policy or ask your insurance agent for details on what constitutes "other covered losses."
6. IT MAY COVER ADDITIONAL LIVING EXPENSES:
If your home becomes uninhabitable due to one of the covered perils, your renter's insurance policy may cover “additional living expenses,” including the cost associated with living somewhere else temporarily, food and more. Check with your policy to find out how long it will cover additional living expenses, and if it caps the amount the company will pay.
In fact, the whole summary of the matter is that renter's insurance provides coverage for your personal belongings, whether they are in your home , car or with you while you're on vacation. In addition, renter's insurance provides liability coverage in case someone is injured in your home or if you accidentally cause an injury to someone.
Make sure you understand what exactly your policy covers,and ask your agent about any available discounts, deductibles and coverage limits. For example, be sure you know whether your insurance provides replacement cost coverage (RCC) for your personal property or actual cash value (ACV). The first will pay to replace your 15-year-old carpet, say, with a new one, at current market rates, while the second will only reimburse you for the value of a carpet that's 15 years old. Needless to say, RCC costs more.
Can You Sue An Insurance Company?
Filing a policy claim with your
insurance company can be an arduous and intimidating process. Many
people feel pressured and helpless when a massive insurance corporation
refuses to pay on a policy, and think there is no way to contest it. The good news is that, if your insurance company refuses to pay on a policy, you can contest it. An insurance companies must obey the law like everyone else. It is
important to know your rights to sue an insurer. Then begs the question; can you sue an insurance company?
Reasons To Shop Around For Your Insurance
Insurance, Reasons To Shop Around For Your Insurance
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Life, as we all know, happens, and at different stages in life, you’re going to need different protections from your insurance. That’s why an insurance checkup
is often in order. Doing it annually may seem like a waste of time, but
it could bring about some big savings. That’s particularly true if you have
too much insurance. Even being underinsured can cost you if the
unthinkable happens, but making sure you have the right level of
insurance is not the only reason a checkup is important. It may be funny, but just as the human body needs check-up, your insurance need check-up too. From taking
advantage of reduced rates to ensuring you are getting all the discounts accumulated and way over-due, here's a look at some reasons why shopping around for your insurance
can save you money.
On the flip side, being underinsured can also be a costly mistake. The last thing you want to happen is have a major disaster and not have enough insurance to cover the repairs. If we're talking about health insurance, not having enough of it could end up bankrupting you.
Suffice me to say that insurance is a necessary evil that is needed to give you peace of mind and although that peace of mind comes at a cost, it doesn’t have to be too much of a cost if you shop around for your insurance. Whether it's homeowner's, automobile, health or life insurance, going over your coverage, discounts and rates annually can results in big savings. Not to mention that it can ensure you have the right coverage for your individual needs. Doing nothing isn’t an option unless you want to miss out on potentially big savings.
1) To Take Advantage of Rate Changes
Taking a look at it, one of the most important reasons why you want to do an insurance checkup is to save money. Rates can change more often than you can blink, driven by a wide range of variables and reasons, some of which are out of the control of the insured. Take homeowner's insurance for one example. If crime in your neighborhood decreases, so will your homeowner's insurance premium. Shopping around is the only way you will know if lower rates are available.2) Your Status/Situation Has Improved
The timing of your insurance purchase can also have an impression on your rates and is another reason why you want to shop around fairly often. Take homeowner’s insurance again as an example. If you bought the policy after a rash of crimes or a big storm and things improved, your premiums could be cheaper. With auto insurance, the same logic applies. You may have signed up for your policy when your credit score had taken a hit, but now you’re in a better financial position and your debts are paid off and your credit score has improved. Or it may be that you had points on your driver’s license that are now gone. In both instances, by shopping around you are going to save money, and in some cases, lots of it.3) Your Insured Items Got a Lift/Boost
Whether you own a home, car or fine art, what you pay for insurance will be based on the perceived risk. The more that risk is mitigated, the less you will pay in insurance. Take health insurance for an example. Someone who is healthy will pay less for insurance than someone who is sickly. But if that sick person got better, then his insurance should be reduced. The same can be said for an automobile or home. If you just bought a security system for your home or automobile, that is going to lower your risk and thus your premiums. But if you don’t shop around or at the very least let the insurance know about the upgrades, you won’t be able to save.4) You Have Too Much Coverage
Whether it is on purpose or by mistake, often people end up with too much insurance coverage whether that’s for their health, home, automobile or life. Insurance is supposed to give you some peace of mind, but that doesn’t mean you have to overpay for it. While you may not have to check up on your insurance every year to make sure you have the proper coverage, it is something you should want to do more often than not. After all, you don’t want to have a full coverage on your automobile if it's more than 10 years old or $1 million coverage on a $50,000 condo.On the flip side, being underinsured can also be a costly mistake. The last thing you want to happen is have a major disaster and not have enough insurance to cover the repairs. If we're talking about health insurance, not having enough of it could end up bankrupting you.
5) You’re Missing Out on Discounts
Insurance companies are in a cutthroat industry, and they want your business and will go to great lengths to attract and retain you as a customer. Meaning that discounts are all over the place. Whether you are shopping for homeowner's insurance, health insurance or for car insurance, insurers are going to offer you discounts that can range from single-digit to double-digit percentage savings. There are discounts for your age, risk, how many products you have with the company, whether you are a member of a particular group and so on. If you don’t shop around for your policies, you could be leaving money on the table in discounts and deals.Suffice me to say that insurance is a necessary evil that is needed to give you peace of mind and although that peace of mind comes at a cost, it doesn’t have to be too much of a cost if you shop around for your insurance. Whether it's homeowner's, automobile, health or life insurance, going over your coverage, discounts and rates annually can results in big savings. Not to mention that it can ensure you have the right coverage for your individual needs. Doing nothing isn’t an option unless you want to miss out on potentially big savings.
Questions High Networth People Should Ask About Insurance
Many high net worth families fail to acclimatize their insurance
portfolios to protect their assets as their wealth grows. This is not bizarre as life has a way of getting very busy. A lot of people think
once they have an insurance agent who has set up a comprehensive
insurance program, it is on auto-pilot but life happens and things
irrevocably change, thus it makes sense to review and update your
insurance program from time to time to make sure you in fact actually have comprehensive
insurance coverage.