Practical Homeowners Insurance Tips to Remember

February 9th, 2010

One of the first things you must do when shopping for a home is to shop around for the best homeowner’s insurance rates. Many individuals, excited about the whole home buying process, tend to neglect the important of a comprehensive, affordable homeowner’s insurance policy. However, a homeowner’s insurance policy can be your saving grace should your home become damaged or completely destroyed.

With that said, there are a number of practical tips that all homeowners should remember when it comes to homeowner’s insurance:

  • Always check the company and research the agent’s qualifications before purchasing homeowner’s insurance. Make sure that you understand your agent’s qualifications, and that you have a good rapport with him or her.

  • If homeowner’s insurance rates are too steep for your budget, consider raising your deductible to lower your rates. Also keep in mind, however, that a larger deductible will equate to more out-of-pocket expenses should you need to file a claim.

  • Remind your homeowner’s insurance agent about items that can lower your premiums, including fire extinguishers, deadbolts, smoke detectors and home security systems.

  • Consider updating your home to better withstand weather conditions (and prevent homeowner’s insurance claims); this may include stronger roofing materials, better windows and a newer electrical panel.

  • Ask your homeowners insurance company if they provide automatic payment systems or web payment systems; these will make the process of paying your homeowners insurance easier, and may allow you to receive rate discounts from your homeowner’s insurance company.

  • Make sure you have adequate coverage, including replacement cost value. Make sure your valuables, such as antiques and jewelry, are also covered (these may require a separate policy).

  • Consider video taping your home for home inventory purposes. Walk from room to room, properly recording all furniture, electronics and personal items and store the videotape in a separate, safe location, such as a safety deposit box.

  • Consider purchasing separate insurance, depending on where you live. For example, you may want to purchase flood insurance if you live in a low-lying area, as standard homeowner’s insurance policies typically don’t cover flood claims.

Tags: , , , , , , , ,
Posted in Insurance News | No Comments »

Practical Ways to Save on your Health Insurance Expenses

February 5th, 2010

Many Americans, given the skyrocketing cost of health insurance, are now seeing higher deductibles and more out-of-pocket expenses. It is because of this that we all must do what we can to save on our health insurance.

The following tips can guide you when looking for practical ways to save on your health insurance expenses:

  • Read and re-read your health insurance’s policies regarding pre-approvals. Many times, individuals do not go through the proper channels and seek pre-approvals from their insurance companies, only to find out that a very expensive procedure or treatment is not covered under their health insurance policy. Although not all health insurance policies include pre-approvals, those that do typically include very specific language on getting preapprovals for procedures ahead of time.

  • Carefully read any and all correspondence that comes from your health insurance company. This includes bills, explanation of benefits and itemized deductions for hospital stays and doctor’s visits. It is not uncommon to find mistakes when it comes to billing, so you may very well find mistakes that otherwise could have cost you big. If you don’t understand something, immediately contact your health insurer and ask for an explanation or clarification.

  • Carefully read your Explanation of Benefits from your health insurance company and compare them with your statements. Pay close attention to the amount that your insurance company pays and the amount for which you are responsible. More importantly, if your health insurance has been denied, ask for an explanation from your health insurance company. Many times, individuals simply pay their health insurance bills without asking questions. These oversights can end up costing you hundreds - perhaps thousands - of dollars in out-of-pocket expenses!

  • Don’t be afraid to ask for discounts on your doctor’s visits and prescription medications. Many times, your doctor may offer you discounts on services, particularly if you have high deductibles. If your doctor prescribes a medication, ask for any free samples, and always ask if the medication your doctor prescribes is available in generic form.

Tags: , , , , , ,
Posted in Health Insurance | No Comments »

Common Travel Insurance Mistakes - Restrictions and Denials

February 4th, 2010

Travel insurance can be your best friend when traveling, but if you don’t know the ins and outs of travel insurance then you could be setting yourself up to lose a lot of money in the form of travel insurance restrictions and denials.

Here is a list of the most common travel insurance mistakes to avoid:

  • Not understanding travel insurance restrictions - Every travel insurance policy will have its own set of restrictions. It is therefore up to you to read and understand these restrictions to make sure the policy you choose is right for you and the trip on which you are embarking. Many times, individuals will take out a travel insurance policy, only to find out the policy didn’t cover something major until their claim is denied.

  • Paying more attention to the bottom line than the coverage -  Because there are a number of different levels of travel insurance that you may purchase, your first instinct may be to choose the least expensive. However, purchasing the least expensive policy can end up costing you much, much more if you must submit a claim for damages or monetary losses. In the end, it pays to look at coverage before you look at price.

  • Taking part in activities not covered - Activities deemed by the insurance company to be dangerous are typically not covered under a standard travel insurance policy; therefore, if you become injured when participating in one of these activities, it will likely not be covered. If you know that you might engage in any dangerous activity - from skydiving to parasailing to water skiing - you will probably want to take out additional travel insurance to cover this.

  • Engaging in illegal activities - Participation in any sort of illegal activity will certainly make your travel insurance policy null and void. In other words, damage to a vehicle and injury to yourself because you chose to drink and drive, for instance, will result in the loss of any coverage under your travel insurance policy.

  • Not going through the proper channels - Travel insurance policies typically have a set of rules that you must follow to submit a claim. If you fail to go through the proper channels you may be unable to collect money for your losses.

Tags: , , , ,
Posted in Travel Insurance | No Comments »

The Best way to Save on Healthcare: Stay Healthy!

February 3rd, 2010

Because many Americans like you are forking out hundreds - sometimes thousands - of dollars in out-of-pocket expenses every year for health insurance, it only makes sense that you must do what you can to stay healthy and avoid health insurance claims.

Although we can’t anticipate our futures, and we can’t always prevent every illness or injury, there are a number of things we can do to keep our bodies healthy so that we decrease the likelihood of requiring extensive medical care.

How to Stay Healthy and Save!

  • Get appropriate checkups and related tests as recommended by your doctor - The first step in staying healthy is to get regular checkups as recommended by your doctor. Regular checkups can spot health problems in their earliest stages, thereby allowing your doctor to effectively treat you.

  • Eat a well-balanced diet - A well-balanced diet can do more than trim your waistline. It can keep your blood pressure in check, it can lower your cholesterol and it can prevent diabetes. Ask your doctor about a healthy diet to follow.

  • Aim to get at least 30 minutes of exercise a day - You don’t need to hit the gym and lift heavy weights to benefit from exercise. A brisk walk around the neighborhood, three or four days a week, is a great way to work your muscles and your heart and clear your mind. It is also a great way to keep extra weight off your waistline.

  • Visit the emergency room only when necessary - Emergency room fees are typically much more than a visit to your doctor, yet so many people head to the emergency room to receive care that their physician can provide. Emergency room visits have their place when you are suffering from a serious illness or injury; otherwise, contact your doctor and discuss which care option is best for you.

  • Practice good hygiene and get important immunizations - Simply washing your hands and getting an annual flu vaccine can prevent a wide variety of illnesses. Make it a point to always wash your hands before each meal, and upon returning home from an outing.

Tags: , , , , , , , , ,
Posted in Health Insurance | No Comments »

Travel Insurance Mistakes: Additional Concerns to Consider

February 3rd, 2010

Yes, it’s true. There are even more travel insurance mistakes that you must know about before your embark on your next holiday!

  • Purchase your travel insurance ahead of time to make sure that you travel-related claim is covered. In other words, don’t wait until the last minute to purchase travel insurance! Plan ahead and pay for your policy before embarking upon your vacation. Remember: you can’t expect to purchase a travel insurance policy after the event already happened! Trip cancellation policies usually go into effect the day after your payment is received by the insurance company, while all other coverage starts the day of your departure.

  • Get a medical record before canceling your trip for medical-related purposes. In order to submit a travel insurance claim for medical reasons you must first visit a doctor and get a recommendation that you should not travel; otherwise, you may be unable to collect on your travel insurance policy. Always come prepared with medical records if you must cancel a trip due to illness or other medical reason.

  • Pay close attention to dates when submitting a claim. If any of your dates are wrong (departure and return dates, for example) you may be denied a claim. Check and recheck your paperwork before submitting your travel insurance claim.

  • If you fail to understand the pre-existing clause in your travel insurance claim you may not be able to submit a claim for travel reimbursement. A pre-existing condition is any condition you had before you purchased your travel insurance.  Carefully read the pre-existing condition clause in your travel insurance policy and remember to look at the look-back days. Most travel insurance policies have a look-back period of about 60 to 90 days, so read this section of the policy carefully before entering into a contract for a travel insurance policy.

  • Pay close attention to the language used in the travel insurance policy. For example, some policies may use the phrase “cancel for any reason” while others use the term “cancel at any time.” Although these phrases seem similar, they are, in fact, quite different in terms of your rights. “Cancel for any reason” allows you to cancel for any reason, such as an illness or loss of a job, while “Cancel at any time,” although it allows you to cancel at any time, will likely have a clear set of restrictions regarding the reason for canceling your trip.

Tags: , , , , , , ,
Posted in Introduction | No Comments »

Smart Ways Protect your Teenage Driver behind the Wheel

February 2nd, 2010

Insuring a teenage driver is often a very expensive prospect, which is why, as parents, we need to do everything we can to ensure not only that our teenagers remain safe behind the wheel, but that they don’t do anything that could result in an increase in their already-high auto insurance rates.

Passing a driver’s test is just the first step in learning how to conduct oneself behind the wheel. It is up to the parents, therefore, to ensure that they enforce a strict set of rules so that their teenage driver, as well as other motorists, remains safe.

The following tips may provide you with the information necessary to talk to your teenage driver about responsible driving habits:

  • Set a curfew - Setting a curfew with your teenage driver will ensure that he or she is not on the roads during the latest (and arguably the most dangerous) part of the night. A reasonable curfew is perhaps one of the best places to start when establishing driving rules.

  • Prohibit your Teenager from Playing Taxi to many Friends - A car full of many friends is sure to cause distractions for your teenage driver, and may increase his or her likelihood of becoming involved in an auto accident. It is therefore in your teenager’s best interest to limit the amount of passengers that he or she can have in the car at any given time.

  • Prohibit your Teenager from Texting/Talking while Driving - Simply put, cell phones can prove deadly for many teenage drivers. It is therefore imperative that you set strict ground rules for texting and talking while driving. A good rule is to require your teenage driver to never talk or text while the car is in drive.

  • Have a Candid Talk about Drinking and Driving - The topic of drinking and driving should not be approached just once. Instead, it should be an ongoing dialogue between teenage drivers and parents. Talk about the consequences, talk about the dangers, and talk about ways to avoid this potentially deadly situation. Your teenager may roll his or her eyes at you, but in the end, ongoing discussions are highly effective at preventing teenagers from drinking and driving.

Tags: , , , , ,
Posted in Auto Insurance | No Comments »

How to Facilitate the Process of Filing an Auto Insurance Claim

January 30th, 2010

If you need to file an auto insurance claim, do you know what to do?

  • The very first thing you should do if you find yourself in an auto accident is to call the authorities and alert the police (and an ambulance, if necessary). The police will provide you with an accident report, which can help provide you with documentation, both for your auto insurance company, as well as any other claim that may arise from the incident.

    • A police report will also be necessary if you need to file a personal injury insurance claim.

  • After you have received a police report and received medical attention (if necessary), you will want to contact your auto insurance company immediately. Most auto insurance companies require you to file a claim within 24 hours of the accident, so don’t delay making this phone call. You may also be able to file a claim on the Web, so check to see if this feature is available through your auto insurance company.

  • The auto insurance company will ask you about the accident, including any damages and the involvement of any other parties. The insurance company will need to determine whether accident was your fault or was the fault of the other party, if there was one. They will then assign your claim to an adjuster, who will handle your claim from there. Keep all of your insurance paperwork close by when speaking with your claims adjuster.

  • Stay in contact with your claims representative and ask questions as they arise. Keep the lines of communication open with your claims adjuster so that you can move the process of filing a claim along faster.

  • Ask your claims adjuster about repairing your vehicle; in particular, find out where you need to take your vehicle. Many auto insurance companies work with particular auto body companies, so don’t forget to ask questions regarding the repair of your vehicle.

  • Ask your claims adjuster if your policy covers car rental. If so, ask about the details of the rental car benefits, including the daily benefit amount and the length of time that your policy covers a rental car.

    • Tags: , , , , , , ,
    Posted in Auto Insurance | No Comments »

    Your Common Homeowners Insurance Questions Answered

    January 28th, 2010

    Homeowners insurance is more than just a requirement for a home loan; it is a must for all homeowners who want to protect themselves, their families, their home and their assets.

    Don’t take your homeowners insurance policy for granted, as it may one day protect all that you have worked so hard for. With that said, there are a number of common questions homeowners have when it comes to homeowners insurance:

    Q:  Does my homeowners insurance cover natural disasters?

    A: Perhaps. Certain natural disasters, such as wind or hail damage, are typically covered by most homeowner’s insurance policies. However, natural disasters such as earthquakes and floods are not. The only way to find out what disasters are covered by your homeowners insurance policy is to read the policy. Both flood and earthquake insurance policies can be purchased through the federal government.

    Q: Does my homeowners insurance protect my most prized possessions?

    A: This is a gray area. Your homeowners insurance should be adequate enough to cover the assets within your home; however, if you have many possessions that are of significant value, such as jewelry and antiques, it is best to take out additional insurance to cover their value.

    Q: Will my homeowners insurance provide me with enough money to rebuild in case I lose my home to a fire?

    A:  Again, perhaps. There are two different types of policies you can take out: the replacement value or the current value. In other words, if you take out only enough insurance to cover the cost of your home, this may not be enough to build anew home; in which case you would fall short of rebuilding your home. Make sure your policy is written as such as provide you with enough money to rebuild your home and replace its contents.

    Q: Where can I shop for homeowners insurance?

    A:  Homeowners insurance can be purchased through your local insurance company or it can be purchased online. There are many websites that allow you to get online homeowners insurance quotes and also compare costs between insurers. Many times, purchasing homeowners insurance through the same company who carries your auto insurance policy can save you money, as many insurance companies offer multi-policy discounts.

    Tags: , , , , , ,
    Posted in Home Insurance | No Comments »

    Understanding your Auto Insurance Policy

    January 27th, 2010

    An auto insurance policy is generally straightforward; however, it is important to fully understand the details of your policy so that you can be assured that you are adequately protected if you need to file an auto insurance claim.

    Your Auto Insurance Policy: Understanding the Various Sections

    • The first part of your auto insurance policy involves three numbers separated by slashes. This section of an auto insurance policy is often the most confusing to auto owners. However, these numbers are quite easy to understand.

    The first number is the maximum coverage for your policy, per person. In other words, the initial number equals the total amount of bodily injury coverage for each person. The next number is the total amount of bodily injury coverage. In other words, the first number may be $100,000 and the second number may be $300,000, so the total amount of coverage for bodily injury is $300,000, or $100,000 per person. The third number equals the total amount of property damage coverage for your auto insurance policy.

    • The next section of your auto insurance policy includes the policy’s declarations, and also includes information about your vehicle, the drivers on the policy, the monthly premium for your policy and details of the limitations of your coverage. This section also includes additional information on your policy, such as rental car reimbursement; these additional benefits are usually referred to as riders on your policy.

    • The next section on your auto insurance details and defines the language used in your auto insurance policy. This section is designed to help you understand your policy, so it is common to see auto insurance definitions in this section. This section will also help you understand the process of filing a claim and your responsibilities as the driver of the vehicle.

    • The last section of your auto insurance policy will detail your policy’s exclusions. In other words, this section describes situations in which your policy would not cover you. This is an important section to read and understand, as it will clearly detail your rights and limitations under your auto insurance policy.

    Tags: , , , , , , , ,
    Posted in Auto Insurance | No Comments »

    Your Common Travel Insurance Questions Answered

    January 27th, 2010

    Travel insurance is often viewed as a mere inconvenience when booking a vacation; however, it can often protect your investment against unforeseen circumstances, thereby making it extremely practical for most travelers.

    Perhaps the reason that many people choose to forgo travel insurance is simply because they don’t understand just how useful it can be.

    The following questions and answers regarding travel insurance are designed to clear up any misunderstandings about travel insurance so you can make the best decision regarding your travel insurance options:

    Q: What is travel insurance?

    A: Travel insurance is insurance that is purchased to cover unforeseen travel-related expenses. Most travel insurance policies cover travel cancellations due to illness, sever weather and medical emergencies. It may cover such expenses as lost luggage, non-refundable plane tickets and medical evacuations, just to name a few.

    Q: Does travel insurance cover international travel?

    A: Yes; you can purchase travel insurance specifically for international trips. It can cover your travel for a weekend or as long as a 12-month stay abroad.

    Q: What kind of travel insurance is right for me?

    A: There are many questions that a travel agent will ask you regarding your travel plans, and your answers to these questions will often determine what type of travel insurance you need. There are numerous types of travel insurance packages available, from basic plans to premium plans. Travel insurance policies will usually differ regarding price, benefits and dollar limits.

    Q: Where can I purchase travel insurance?

    A: You can purchase travel insurance through a travel agent, or you can purchase travel insurance through an online company. Many times, purchasing travel insurance online saves quite a bit of time and hassle, but make sure you are dealing with a reputable company before purchasing travel insurance online.

    Q: Will travel insurance cover my medical needs?

    A: Perhaps. Travel insurance with medical coverage is often necessary when traveling abroad, as your standard medical insurance is often not valid in other countries. Comprehensive travel insurance with medical coverage often covers emergency medical treatment, medical evacuations and hospital stays.

    Q: How much does travel insurance cost?

    A: Although travel insurance will vary depending on your dollar limits and benefits, a comprehensive travel insurance policy generally costs between 5 and 7 percent of the total cost of your trip.

    Tags: , , , , , ,
    Posted in Introduction | No Comments »

    « Older Entries