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Loopholes of the Insurance World

3 Reasons You Should Always Carry Renters Insurance

Posted by on Jan 4, 2016 in Uncategorized | Comments Off on 3 Reasons You Should Always Carry Renters Insurance

If you are renting property you might be wondering if it is worth carrying renters insurance. Some landlords will require that you carry insurance, while others will leave that decision up to you. Regardless of whether it is required or not, you should always be carrying renters insurance while you are renting. Here are a couple reasons why. 1. Liability Protection Lawsuits happen all the time and you need to make sure that you are protecting yourself in the case that there were to be an accident on the property. Your landlord probably has liability coverage, but if you caused the accident, you may be responsible for the lawsuit. For example, if it is your responsibility to shovel the sidewalks and driveway of the property and someone comes onto the property and slips and falls, they could hold you responsible, not your landlord. When you carry renters insurance you can opt to get liability coverage so that if you are sued they will help to pay for the expenses. This could be life-saving if the lawsuit becomes expensive. 2. Coverage Over Your Personal Belongings Probably the most important reason to have renters insurance is to cover your own personal property. For example, if the house was to burn down and everything in your house was lost, how would you recoup those costs? Your landlord would be able to rebuild the property using their own homeowners insurance policy, however, their policy would not cover your loss of property. That means that everything inside the house would be lost and you would have no way to get any replacement or relief. When you get renters insurance they will have you estimate the amount of money you have in your personal belongings. This will include electronics, musical instruments, furniture, and anything else of worth. Then if something were to happen they could reimburse you for the damage. 3. Temporary Relocation Costs If while you are renting there were to be a problem with the property and you had to find temporary housing, how would you pay for it? You still might be required to pay rent on your current apartment, even if you can’t stay there for the time being. When you have a renter’s policy they can help to pay for temporary housing. This way you don’t become broke if you need to pay rent at both places. These are just a couple reasons why you should always carry renters insurance. Contact a local agent, such as Weeks Insurance & Financial Services Inc home insurance, for more...

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You Only Get One Life, But There Are Multiple Insurance Options To Cover It

Posted by on Sep 17, 2015 in Uncategorized | Comments Off on You Only Get One Life, But There Are Multiple Insurance Options To Cover It

It does not matter if you are eighteen or eighty, life insurance is a good investment. Most policies help pay for funeral costs and provide some funds to support remaining family members after you are gone. If you are considering life insurance, but do not know how much coverage or what options to choose, here are some helpful guidelines for you. Guaranteed Insurance with No Questions Asked There are life insurance policies that do not require a physical exam or health questionnaire. If this is a big concern for you, you can invest in these types of policies, which cover you regardless of any pre-existing condition and do no fluctuate whenever a change in your health status is reported. In fact, you do not have to report changes in your health status at all when you buy a “guaranteed acceptance” policy. However, if you choose to share your health information because it is all good, you may enjoy a discount on your policy. Term Life Insurance If no one has ever explained to you the difference between term life insurance and a regular policy, the explanation is this: term life policies help you budget. Put simply, you can get as much life insurance coverage as you want, usually up to one million dollars, for the amount you can reasonably afford every month. The payments are typically spread out over a period of ten years, and you agree to make these monthly payments for that entire time. If you should pass away accidentally during the ten-year term, the policy still pays out, but subtracts the amount of the payments that will be missed for the remaining term years of the policy. The good thing about this option is that you can get a lot of coverage for little money and most insurance companies will allow you to convert it to a regular life insurance policy after a specified time. Life Insurance for Interim Insurance Loss and Beyond Some employers offer group life insurance as an employee benefit. In the event that you lose your job or your employer decides that they will no longer help pay for this benefit and are cancelling the group life insurance, you can purchase interim life insurance. What this type of insurance does is cover you during the timeframe that you are losing your group coverage but continues to cover you beyond that for as long as you want and need life insurance. Ergo, for a brief period of about one to two months, depending on your current policy’s cancellation terms, you could be covered by two life insurance...

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Why You Shouldn’t Lie To Your Insurance Company

Posted by on Aug 8, 2015 in Uncategorized | Comments Off on Why You Shouldn’t Lie To Your Insurance Company

Your car insurance company relies on you telling the truth in order to give you the correct car insurance policy. If you do not tell the truth, you may cost your car insurance company money and your insurance company may even be able to avoid paying you. Your Driving Record After you have lied on your car insurance application, the car insurance company will check your driving record to make sure that it matches what you reported. Car insurance companies share driving histories with other car insurance companies. Consequences for Lying About Your Record If you lied, your car insurance company will either raise your premiums to reflect your actual driving record or will cancel your policy completely. You may also be contacted and asked to provide an explanation on why you lied on your insurance application. However, depending on the location, after a certain period has passed, the car insurance company will no longer be able to cancel your policy. Sometimes, the fact that you lied is not caught right away. However, if you file a claim and it is later discovered that you lied on your insurance application, you may have your insurance policy canceled for misrepresentation. Then, it can be much more difficult to get insurance from another company. If you have a history of lying, this may be used as an excuse to raise your premiums. The higher rates reflect the greater burden you place on the insurance company as a result of your dishonesty. For example, if you claim you park your car in a garage, the insurance company will give you a premium based on the understanding that your car is not as easy to steal. Then, if your car is stolen while outside, the car insurance company will lose money in premiums that would be charged if the insurance company saw a greater chance that your car would be stolen. Address Cheating Another common form of fraud is address cheating. This is when you claim to live at a different address, sometimes at a different address, to obtain a better premium. This is considered to be a form of insurance fraud. Insurance Fraud Lying to a car insurance company may even be prosecuted under insurance fraud. You may face fines and possibly jail time for committing insurance fraud. Soft fraud, such as exaggerating a claim, can lead to a misdemeanor. Hard fraud, such as completely fabricating an incident, can lead to a felony. Contact a company like Klondike Insurance for more...

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Two Tips To Help Newlyweds Get Affordable Life Insurance Coverage

Posted by on Jul 9, 2015 in Uncategorized | Comments Off on Two Tips To Help Newlyweds Get Affordable Life Insurance Coverage

As a newlywed, not only do you have to get settled into your new home and change your last name, but you also need to discuss life insurance. From this point forward, everything you do has an effect on your family. Life insurance serves as a barrier of protection that in the event something happens, you can rest assured that your spouse will be able to continue on without facing a financial burden. Unfortunately, some couples think life insurance is an option they can’t afford, but this simply isn’t the case. Get Coverage For Where You Are For most newlyweds, the beginning of the marriage is spent building wealth together. If you were to interview couples who had been married a decade or longer, they would likely tell you that their finances have drastically increased from the point when they first got married. When selecting a policy, only get coverage for where you and your partner are financially, currently. Purchasing a policy that far exceeds your needs will force you to pay a higher premium, unnecessarily. For example, if you and your spouse plan on living in a rental for the first five years, there is no need in investing in a policy that offers a mortgage payoff option. Since you don’t have a mortgage, you will be paying for a feature you won’t use. Make adjustments to your policy as you and your partner make adjustments to your living arrangements, get salary increases or expand the size of your family. Choose Term Over Whole Life Policies For your first life insurance policies as a couple, it’s a smarter idea to choose a term life insurance policy rather than a whole life policy. Term life insurance policies have a specific date of maturity and they don’t build a cash value. As the name would suggest, a whole life policy, is intended to last your whole life and they do build a cash value. For these reasons, term life insurance policies are a less expensive option. If you’re a young couple who doesn’t have a lot of money to spend, a term policy can make life insurance affordable. Once you and your partner have more money to spend towards a policy and you incur more property and savings, you can then change your policy to a whole life insurance plan. Having life insurance as a new couple doesn’t have to put you in debt. You can get the coverage you need while still staying within your budget. To learn more, contact an insurance brokerage like Breckles Insurance Brokers...

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4 Insurance Policies For Your Home-Based Business

Posted by on Jun 11, 2015 in Uncategorized | Comments Off on 4 Insurance Policies For Your Home-Based Business

If you run a small business out of your home, it might not seem like you need business insurance. However, this couldn’t be further from the truth. You should have insurance to protect your business, inventory, and assets separately from your home and health insurance protection. Here are some of the most important policies to have for your home-based business. Business Property The first area of coverage you need for a business run out of the home is business property insurance. Your homeowner’s policy will not cover damage done to your home office, which includes damage to your computer, electronic data, office furniture, and office equipment. If there is a small fire that breaks out in your home office, all of those replacements or repairs would be up to you. With business property insurance, you get coverage for office-related equipment and supplies, including inventory. Commercial Auto If you ever use your vehicle for business purposes, you should have a commercial auto insurance policy. This is specifically for business vehicles, even if it is just used to meet clients or run errands. For example, if you are hit while heading to the post office to drop off postcards for marketing purposes, that is considered a business errand. The commercial auto policy would cover an accident you got into on the way to the post office. This also allows you to keep your business and personal auto insurance policies separate if you have more than one vehicle. Workers’ Compensation You need to have workers’ compensation insurance if you have any employees working for you, even if they are family members. If your spouse is on the payroll and gets a check every two weeks, he or she should be covered by workers’ comp. This is a required business insurance policy that will cover their medical costs and missing income if he or she gets injured while working in your home office. It will also prevent your employees from suing you if they are injured performing job duties. Liability Finally, make sure you have a good liability insurance policy. This should cover different types of liabilities, including potential damage or injury caused by your products, premises liability if a client is injured in your home office, and general liability for legal costs. For example, if you make homemade soap and that soap caused a severe allergic reaction for one of your customers, they could sue you for medical costs. The products liability portion of this policy would cover medical and legal costs. For more information, contact a business such as Acumen Insurance Group...

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Protect Your Assets And Limit Your Liability – Advantages Of Umbrella Insurance Coverage

Posted by on May 12, 2015 in Uncategorized | 0 comments

Most people who own a home or a vehicle understand the importance of maintaining adequate insurance coverage. However, deciding what coverage is, in fact, adequate can be a more complicated process that can end in frustration if you suddenly find yourself exceeding your coverage limits during a difficult situation. Rather than crossing your fingers and hoping for a good outcome, you should take proactive steps to avoid that situation. Below, you’ll find a guide to some of the benefits of purchasing umbrella insurance coverage: Lawsuit Shielding Most types of property insurance are designed to protect the property itself or perhaps provide for some medical care. What your insurance policies may not do, however, is provide guarantees that you’ll have your interests protected in the event that you’re found at fault for an accident and then sued. Umbrella coverage can kick in during a lawsuit and provide extra funds that will help assist you with the disposition of your case. This may include both paying legal fees as well as providing financial compensation to victims of an accident, and can provide you with significant cost relief. Property Replacement As mentioned above, home and auto insurance policies are primarily designed to protect physical property. Unfortunately, in the most extreme circumstances, even property can be too expensive to repair or replace for your current insurance coverage. In these cases, it’s vital that you don’t find yourself locked in to paying out of pocket. Your umbrella coverage will offer additional security on top of your existing home and auto coverage. Most umbrella policies have extremely high payout limits, putting you in a position where you can be sure that all affected parties will be made whole at the conclusion of the process. Peace of Mind Insurance policies do provide a significant relief from liability, but they also provide for peace of mind for property owners who are worried about that liability. If your financial future is a grave concern for you, it can often feel like you haven’t done enough to secure it. Rather than forcing yourself to live with these insecurities, purchasing umbrella coverage can help to eradicate them. Knowing that you have an umbrella policy that’s ready to assist you will remove a significant burden and allow you to feel truly comfortable about your future. To learn more, or if you just have other questions, try contacting your own local insurance agents to get more information and...

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3 Actions You Can Take To Lower Your Home Insurance Costs

Posted by on Apr 6, 2015 in Uncategorized | 0 comments

Controlling your expenses means more money in your pocket for other things. Your home insurance policy is one area where you can save money without compromising your coverage if you do your due diligence. Here 3 things you can do to reduce the cost of your homeowner’s insurance policy. Periodically Check What the Competitors Have to Offer Insurance companies are for-profit businesses that strategize on how to expand their customer base. This means that insurance companies, like most other companies in other industries, will adjust their products and pricing to appeal to a larger customer base. You don’t have to constantly shop around for the best price, but you should do it every three to five years to see if you can take advantage of your changing conditions (like a better credit score) that could reduce your insurance premiums. Also, you should price shop your existing insurance company as well; they might lower your rate for a couple of reasons, like you now have a higher credit score, and you have been a loyal customer. Give Your Insurance Company the Business Insurance companies will charge you less per item if you give them more of your business. If you have a spouse or a child who owns and drives a vehicle, you can get a family plan for your insurance needs that incorporates your homeowner’s insurance policy — this can result in significant savings on your combined insurance costs. If you have a boat, motorcycle, or car, and you can get those items insurance coverage through the same company that offers your homeowner’s insurance, you can usually get a discount on your combined insurance costs. The average homeowner’s insurance policy in the Canada costs $840.00, but if you bundle your policies and get a 10 – 15 percent discount, your homeowner’s insurance cost could drop to $688.50. A Good Credit Score Counts The insurance industry considers those who have a low credit score to be at a higher risk level to file a claim (insurance companies don’t like people who file claims, as this directly affects their profitability) than those with a high credit score and will give discounts to those who have a high credit score. You should monitor your credit report closely as you pay down your debts and clear up any past due payments. As your credit scores rise, the premiums on your homeowner’s insurance policy should drop – provided you’re proactive and shop around with this updated information. If you are looking for other ways to reduce your insurance costs, you should call an insurance agent like Cambridge Insurance Brokers (Preston) Ltd and see what else they can...

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Features That Make Your Brand New Car Expensive To Insure

Posted by on Mar 10, 2015 in Uncategorized | 0 comments

One of the things insurance companies consider when calculating insurance premiums for brand new cars is the cost of the car. However, this is only one factor because there are other things that can increase your premiums. For example, brand new cars that attract high insurance costs tend to: Be Modified There are two major reasons why people perform car modifications or buy optional extras for their cars: To increase performance ā€“ for example, engine modifications may be aimed at increasing the horsepower, and top of the range sound systems may be installed to improve audio quality. To enhance the looks ā€“ customized wheels are mainly for the esthetic value. Unfortunately, both of these have their downsides. Performance-enhancing modifications make cars riskier, and beatification investments make cars more attractive to thieves. The net result is that the car poses more risk than a non-modified version, which means the insurance companies will increase its premium. Have Foreign Manufacturers Although there are a few exceptions, it is generally true that foreign cars tend to cost more to repair and service. This may be because their parts may be harder and more expensive to source, or because not many mechanics are trained to service them. Whatever the reason, it is true that the rarer a foreign car is, the more it will cost to insure. Be Exotic Also known as supercars, exotic cars are: produced in limited numbers built with unusual/rare materials personalized to their owners’ tastes targeted at niche markets require specialty tools and knowledge to service  As you can see, all these are features that make these cars potentially riskier to insurers. For example, the cars are more expensive to start with, and finding the right mechanics to service them is not easy. Have Expensive Parts Whether your car is foreign or local, modified or not modified, exotic or standard, it will cost more to insure if its parts are expensive and difficult to insure. For example, if you import a cheap but rare foreign car, it is likely that you will have to import most of its spares too. This means the car will not be cheap when it breaks down and requires a spare, and the insurance companies are likely to raise its premiums to cover this risk. These are some of the issues you have to consider if you are buying a new car, and the cost of insurance is one of the factors you are considering. Note that insurance companies place different weights on different issues. For example, one may place more emphasis on modification while another one may consider cost of parts to be a more important issue. This underscores the need for quote comparison when shopping for insurance companies, such as Idris Insurance Brokers...

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Why Should Businesses Carry Insurance?

Posted by on Feb 17, 2015 in Uncategorized | 0 comments

There are many different types of insurance available. Of course, homeowners keep insurance on their homes in case a flood, fire or robbery occurs. Automobile owners keep insurance on their cars so they have coverage if an accident occurs. However, it is just as important for business owners to carry insurance on their businesses. This helps protect the business owner, his employees and his customers. These are some reasons that it is very important to keep insurance coverage on your business. Unexpected Damages  When you least expect it, your business can be damaged or destroyed by a fire, flood, severe storms or theft. Without having insurance coverage, it is very expensive to have to restore or rebuild your business out of your own pocket. However, if you have insurance on your business, the insurance will pay for the cost of replacing the building and any damaged inventory that is lost. It is better to have this insurance available on hand when these things occur, so that you have the money to restore your business ready and waiting for you when it is needed. Lawsuits  Another situation that can cause severe problems for the success of any business is a lawsuit. For instance, if a customer claims they become injured or ill from your products or services, they may file a suit for restitution. Without adequate insurance coverage, a business could end up shutting down due to the expense of paying restitution to the customer should he win his case. If the business owner has purchased insurance to cover his company for this purpose, the insurance company will pay the cost of restitution instead of the business owner. Employee Compensation  It is also important for businesses to carry insurance that covers their employees. If an employee becomes injured at the workplace, his medical expenses and compensation for lost wages should be paid by the employer. The insurance company will pay for all medical costs pertaining to the injury as well as, pay the employee a percentage of his regular wages while he is unable to work due to the injury. Many states are required by law to carry this insurance and short term or long term disability for the injured employee should he be unable to work for more than a few weeks. Attempting to run a business without insurance coverage, including auto insurance for company vehicles, is very risky. At some point something will occur that makes having insurance coverage much easier on the business owner and all other involved...

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Five Common Travel Insurance Misconceptions

Posted by on Jan 28, 2015 in Uncategorized | 0 comments

Many travelers are tempted to cut back on the costs of their journeys by foregoing travel insurance. Travelers often make this mistake because they have misconceptions about travel insurance that convince them that it’s not worthwhile or cost effective. If you’re a frequent traveler and you’re tempted to go without travel insurance, consider the following common misconceptions regarding insurance policies: My home insurance will cover me Even if you have health insurance, credit card insurance, or homeowner’s insurance at home, your home insurance policies won’t necessarily cover you when you’re overseas. Most likely, the only way your policy will cover you for injuries or accidents abroad is if you specifically sought out a policy that is valid in foreign countries.  If you forego travel insurance on the assumption that a domestic policy will cover you overseas, you might want to look into the details of your current insurance policies.  I’ll only be covered if there’s a catastrophe Some travelers are skeptical that they will be able to collect anything from a travel insurance policy in the event of small incidents like schedule changes and minor illnesses. However, travel insurance policies can be depended on to provide reimbursement for a wide range of incidents. Whether you need reimbursement for lost luggage, repatriation expenses, or medical treatment, you shouldn’t have trouble filing a claim with a reputable insurance provider.  Only people with risky hobbies need travel insurance Many people who travel overseas do so to participate in risky adventure sports like rock climbing, skydiving, or skiing. While this type of traveler is the most likely to end up with an injury abroad, it’s important to consider all of the costs that can come up while traveling that are not related to such activities. In fact, most surprise travel expenses have nothing to do with vacation activities.  Medical costs overseas will be affordable out-of-pocket Although health care may be less expensive in your destination country than in Canada, it’s important to understand that this lower cost health care might also be lower in quality. Often, travel insurance policies specify that coverage for medical expenses must reach a treatment standard that is “equivalent to home”. This ensures travelers that they will be able to get quality medical care even if the standard treatment in a given country is much lower than in Canada.  Purchasing last minute travel insurance is fine If you’re delaying the decision to purchase travel insurance until the last minute, you might pay more than you have to. It’s a good idea to purchase travel insurance (from professionals such as Dennis Homeniuk Insurance & Financial Services Inc Travel Insurance) at the same time that you’re making all of your other travel...

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