Spreading Risk Makes for Affordable Insurance

The insurance industry has been around for hundreds of years. Many moons ago, some forward thinker figured out that if the risk of loss was spread among many different people, that losses wouldn't be so devastating to one particular individual. If each individual paid in a small amount to a pool of money in exchange for protection from huge losses, then a certain level of assurance and certainty would be received by each individual. No single individual would be completely wiped out if a disaster occurred. Thus, the idea of insurance was born. Affordable insurance is available today due to this idea.

With insurance, individuals seeking coverage pay an annual premium to a third party, the insurance company in this case, in exchange for a promise of protection. Mathematical geniuses known as actuaries estimate the approximate cost that each person should chip in so that the company can afford to meet its obligations. Actuaries are able to make these calculations by estimating the anticipated losses based on historical experience. Investment experts take into account the investment returns that the insurance company can receive from holding millions of dollars of customer premium payments. Marketers can assess the number of customers that can be expected to do business with the company. Together, affordable insurance can be achieved when all of the elements work effectively.

Today's insurance companies operate in an environment rich in data. Property and casualty loss rates have been tracked for decades, so companies today can estimate with tremendous accuracy the likelihood of any given building to go up in flames. Companies understand what hazards can increase the probability that a loss will incur. Insurance companies are also heavily involved in risk management, which involves actively reducing the risk that losses may happen. Risk management can involve offering incentives for usage of smoke detectors and sprinkler systems, performing professional inspections of properties, and conducting educational sessions on how to prevent fires. On the life insurance side, actuaries can estimate with great certainty the lifespan of any given individual. Actuaries understand what health factors to look for that influence a person's number of years on the Earth. These health factors can include smoking, family history, health symptoms, and engaging in risky behavior such as motorcycle riding or certain water sports. The result of all of this knowledge is much cheaper life insurance. Insurance companies know how to earn just enough profit to keep the company earning an above average return, while also competing with other companies in terms of price. In the past 10 years due to the Internet, many traditional agents have been cut out of the picture, which has further reduced the cost of insurance. Agent commissions on insurance are typically extremely high, sometimes reaching as high as 50%. Companies like Geico allow consumers to communicate directly with the insurer, thus drastically reducing commission costs and therefore the total cost of insurance.

Affordable insurance is possible today more than ever. If you think you're paying too much for your insurance, you probably are. It's advisable to compare insurance costs and make the switch if a cheaper policy is available.

Bristy Voelkel has been an insurance specialist for the past 4 years. She has worked with several top insurance carriers, saving individuals shopping for free insurance quotes. Bristy is standing by waiting to assist you in comparing affordable insurance quotes & saving you hundreds. Get started today!

Business Insurance - Convictions, Criminal Records and Bankruptcy

When starting a new company or commercial venture, business insurance can be a source of confusion. There are various types available, and it is imperative that you obtain the most appropriate type in order to fully protect your company.

Getting the right type of business insurance at a good price can be a hurdle in itself, but what if you have a previous bankruptcy, IVA or criminal conviction to your name? In cases such as these, obtaining business insurance can suddenly become very difficult indeed, and it may seem that your attempts to make a new start in your life are hindered whichever way you turn.

If this sounds familiar, you are not alone. There are over 8 million ex-offenders and ex-bankrupts within the UK who are experiencing difficulty in obtaining basic insurance policies because of a prior bankruptcy or an existing criminal record. Unfortunately, many insurance companies refuse to provide cover once criminal records, convictions or bankruptcies are disclosed. It is therefore understandably tempting for applicants to fail to disclose these facts when applying for business insurance. However, this will result in your insurance policy becoming void, leaving you open to extreme financial damage in the unfortunate event of a claim against your business.

So what course of action can ex-offenders and ex-bankrupts take to ensure they are treated fairly and are eligible to receive the necessary insurance policies essential to making a fresh start?

Specialist insurance providers may hold the key.

Companies and brokers offering specialist insurance understand the problems faced by people with a previous conviction or bankruptcy. They are dedicated to finding competitive business insurance quotes, even upon disclosure of your criminal record or financial history. This will ensure that your business is paid in the event of a claim. There are many different types of business insurance available such as public liability insurance, professional indemnity insurance, employers liability insurance and product liability insurance, to name a few. Don't worry if you are unsure as to which type of business insurance your company needs. Your chosen specialist insurance company will be able to advise you and make sure you choose the most suitable cover for your line of business and get the best deal possible.

With a past conviction or bankruptcy, starting afresh may feel like a daunting task, especially if you have spent some time in prison. Knowing where or who to turn to in order to get the help you need can make all the difference and can give you the confidence you need to pick yourself up and get on with your life.

Remember, your past does not have to be a guide for your future.

Sale Insurance Services (SIS) are specialist insurance brokers, dedicated to providing competitive insurance quotes to people with criminal convictions and previous bankruptcies. SIS provide an honest and open service, the company's mission being to aid those who are being unfairly denied basic financial services, simply because of their past. SIS offer many types of insurance, including car, home and business insurance.

Insurance Law Affects Everyone

Although some people may regard insurance cover as optional, and choose to self-insure for minor risks, insurance is nonetheless a cornerstone of modern commerce. Without insurance, banks would be reluctant to lend against the security of buildings and other property, and many business projects would never see the light of day. In Australia, the role of insurance companies is regarded as so important that they are regulated by APRA (the Australian Prudential Regulation Authority), which is the same government institution responsible for overseeing banks, credit unions, building societies and members of the superannuation industry.

Insurance law defines the establishment and registration of insurance companies, relevant capital and operational obligations, and many aspects of their interaction with policyholders. When you receive a policy document or product disclosure statement, from an insurer, you should be able to regard that as an honest statement of your rights and obligations, and to expect the insurer to have the ability to meet a valid claim. Without insurance law, we could not have confidence in the financial viability and behaviour of insurers, which would affect us all in one way or another.

However, this backdrop of legislation and government regulation does not entirely eliminate the scope for disputes between insurers and their clients. In relation to personal and property claims, insurance companies and policyholders are frequently at loggerheads regarding policy conditions (terms which must be satisfied before an insurance company is liable to meet claims), exceptions (an insurance company may be able to avoid paying a claim falling within the policy exceptions), and quantum (the amount of an insurance company's liability).

On the positive side, the relevant legislation in Australia, the Insurance Contracts Act (Cth), has some consumer-friendly provisions. For example, an insurance company may not be able to rely upon a condition not having been fulfilled, to decline a claim, unless that condition is relevant to the claim. However, other jurisdictions operate under different rules, and reference should be made to the specific legislation affecting insurance coverage in the country or state where the insurance is arranged.

In all cases, it is very important to truthfully answer questions asked by a prospective insurer, provide all material information about the risk, and read policy documents and disclosure statements carefully. It is also important to investigate an insurer's refusal to pay a claim, or an attempt to pay only part of a claim. In such cases, it is usually up to the insurer to show it has good grounds for its position, and legal advice may be necessary to interpret the policy terms, and to ensure they are correctly applied in accordance with insurance law.

Stephen Bourne is a lawyer in Australia (see profile ), and also contributes articles and case summaries to the Ekupu Law Library website. Stephen has law and business qualifications, and is a Fellow of the Australian and New Zealand Institute of Insurance and Finance.

The Difference Between Income Protection and Critical Illness Insurance

During a recent financial review with a new client, something I carry out with all new clients, I asked the question as to whether he had any income protection in place. I was quite surprised and impressed when he told me he had. It's not usually the first thing young people think about and this guy in his late twenties had it sorted...or so I thought. He quickly followed this with "I think I have that with my mortgage protection". Ah ha. It wasn't the first time I had heard this and I'm sure it won't be the last. Indeed perhaps we as Financial Advisors and whoever sold him the initial policy are to blame. And so I embark on my task for today to educate the general population or at least anyone reading this on the difference between Income Protection and Serious illness.

Income protection is in general a standalone policy. It is not usually linked to your mortgage although it can be used as a payment protection policy in some cases. Serious illness cover or critical illness cover as it's also know can be either standalone or incorporated into a life policy or mortgage protection policy. This is where the confusion above often arises. This client in particular had taken out a mortgage protection policy some years ago through the bank where he got his mortgage and at the time he was also offered serious illness cover as an option. This type of policy is also a lot cheaper when you are younger and so he opted to go with this for a relatively low premium.

Serious illness cover will pay out a lump sum on diagnosis of one of a list of serious/ critical illnesses. Each company has their own list and they differ slightly so you should always check that you are getting the best cover. The main illnesses that they would all cover would be cancer, heart attack and stroke but most list around 40 or so different conditions. In the event of a claim the insurance company would pay out a lump sum payment. You could use this to clear some money off your mortgage, clear loans, fund necessary treatment you may require or for general living expenses if you are unable to work for a period of time. In general this cover is excellent if you need money quickly to clear a loan or your mortgage or if the illness is only short-term and you are able to return to work soon after but if you were unable to work ever again the lump sum is probably not going to last very long.

Income protection on the other hand provides you with a regular income in the event of you being out of work for a long period of time. It would cover any illness or injury which leaves you unable to work. Yes any illness or injury including those covered by serious illness cover. It will pay you right up to retirement or until you return to work. In some cases your employer may pay sick pay for a given period although there's no obligation in law. Seriously worth considering is Income Protection insurance. Cover kicks in once you're out of work for more than the specified period which can be 8 weeks, 13 weeks, 26 weeks or 52 weeks. The longer waiting periods are ideal for anyone who may be paid for 6-12 months by their employer. You could have the income protection coincide with this so that it would kick in then ensuring no gap in your income. The maximum amount you can claim is 75% of your regular salary - This can add up quite quickly and could potentially account for 2 to 3 million if you were never able to work again.

Company Directors Insurance - Can You Do Without It?

The untimely death of a Company Director is undoubtedly an extremely harrowing and emotional time for their family and friends but also their colleagues in business.

From a business perspective, the death of a Director or a large shareholder can cause major financial problems for;

1. The surviving Directors and the company at large, and
2. The deceased's next of kin.

1. Surviving Directors and the company at large

As well as the personal tragedy of the death of a Director, the surviving Directors and the company face a number of serious financial challenges.

Following the premature death of a Director their company shares will normally become part of their estate. For example, they could become the property of the deceased's spouse or one of their children. This can cause problems for the organisation, particularly if the deceased shareholder owns a large percentage of the organisation.

The new shareholder may have little business knowledge or indeed may wish to move the company in new and unwelcome directions. If for instance, the deceased shareholder owned more than 50% of the company, their next of kin would become the majority shareholder. This individual may be someone the existing Directors do not wish to have the final or indeed any say in the firms decision making process.

2. Next of kin

As well as the death of a loved one, their next of kin could face some very difficult decisions. They may be in full time employment in a different organisation and may not be interested in taking up the Director's role and prefer to take the shareholding's cash value. However, the company may not have the money readily available to buy out the deceased Director's shareholding from them.

As such, both parties are placed in a very unsatisfactory position.

Co-Directors insurance:

A simple solution to the business problems caused by the death of a Director is an easily available and relatively inexpensive insurance product: Co-Directors insurance.

Of course the upset and anguish caused by the death of a colleague can never be compensated for, but by taking out a Co-Directors insurance policy you can limit the financial damage and disruption caused by the untimely death of a Company Director.

The ultimate aim of a Co-Directors insurance policy is that it allows you to put the structures, processes and monetary agreements in place now, to protect your business financially in the face of a premature death of a Director in your organisation.

The main benefits of a Co-Directors insurance policy include:

1. The surviving Directors remain in full control of the business.

The policy proceeds from the Co-Directors insurance policy are used by the surviving Directors to purchase the deceased Director's shareholding from their estate. This ensures the continuation of the company's operations with the minimum disruption.

2. The deceased Director's estate will then receive the monetary value of the shareholding.

If you are the director of a limited company with other shareholders then you should really consider taking out a co-directors insurance policy to protect against the above eventualities. The policy itself is a simple life insurance or life assurance policy with a bit of legal structure on it informing of how the funds are to be used and what agreements are put in place should another company director die. Talk to you financial advisor today about Co-Directors Insurance.

Pol O Murchu is a leading Irish Financial Advisor, Insurance Broker and Mortgage Broker. His company Heritage Insurance Brokers provides clients with a range of Insurance and Financial Products to suit their every need. He specialises in Life Insurance, Life Assurance, Mortgage Protection, Pensions, Investments, Mortgages, Health Insurance and a range of both personal and business insurance products. To get more information on any of our products contact us today.

Medical Insurance and What You Will Have to Pay

It's no wonder there are so many billing issues with medical treatments. There are different types of insurance each with their nuances. Below are four common ones:

Health Maintenance Organizations (HMO): With HMOs you pay one amount (maybe $25 or $30) for each doctor visit. You are not billed for anything else and there is no need to submit a claim.

You must use what is called a primary care physician (PCP) who helps you manage your health care. S/he will be the first one you call for any treatment you need. This doctor must be a member of the HMO medical group.

You will need your PCP to provide a referral to see a specialist that also contracts with the HMO.

Preferred Provider Organizations (PPO): With a PPO, you receive the majority of your health care from a provider network like an HMO. But, if you are willing to pay more you can go outside of the network. You can choose to select your primary care doctor from the PPO network.

Health Savings Plans (HSPs): There are two parts you can access with HSA coverage. One is a high-deductible plan and the other is a health savings account. The deductible plan provides basic catastrophic coverage. The HSA operates as a tax-free savings account. You pay for routine medical expenses from this account.

Fee for Service (FFS) or Point of Service (POS) plans: This is a simple plan. You pay for and receive the care you need. Then you are reimbursed for a percentage of the cost.

If selecting from any of these plans, ask the following questions:

• What are the covered health care services?

• What is the yearly premium?

• How are referrals managed?

• How much will it cost for non-network treatment?

• How many in-network doctors are there?

• Where are the network doctors and hospitals located?

• What preventive services are covered?

There are many other factors to consider when you are researching one of these plans.

Deductibles: You will pay a deductible which is part of the insurance coverage that you must pay before the insurance company kicks in their portion. As an example, you might have a family deductible of $5,000 that you will have to satisfy. You insurance company will pay their portion after that.

Copayments: A copayment is an amount you pay at the point of service. You might pay $30 for each doctor's visit but will not be billed for anything else while you are at the doctor's office.

Coinsurance: Coinsurance is expressed as a percentage of the medical bill after you have paid your deductible. For example, if you have a coinsurance rate of 80/20, you will have to pay for 20% of the medical bill while the insurance plan will pay 80%. So, if you have satisfied your deductible and your medical bills over that is $5,000, you will pay $1,000 (20%) and your insurance plan will pay the other $4,000.

Medical billing and claim resolution can get confusing with all of the co-pays, out-of-network providers, deductibles and co-insurance requirements so make sure you understand any medical bills.

Sunni Patterson is an accomplished marketing professional and entrepreneur. She is an expert at developing on and offline marketing strategies.

Expensive City Life: Should You Fork Out for Insurance?

We all know how expensive it is to live in Australia's largest cities. A recent survey by Demographia International found that Sydney, Perth, Melbourne and Adelaide housing is the most unaffordable in the English-speaking world. Amidst all this financial pressure for the average Australian family, one very important expense is often overlooked... insurance. Should you be forking out for the security that life insurance, income protection insurance and mortgage insurance bring? Or will that leave you with nothing to eat but Vegemite, bread and two minute noodles? We examine both sides of the issue today.

Cost of Living Pressures

It isn't difficult to see the cost of living pressures faced in Australia. Expensive land flows onto other purchases, and since employers also face price rises, wages are less likely to go up. The obvious and sensible option is to limit your outgoings, cutting back on unnecessary spending to make the most of what you have.

Are Income Protection and Life Insurance Unnecessary Spending?

These cost of living pressures create an unfortunate catch-22 situation. People 'have' to spend more money on various household expenses, and so choose not to insure their ability to earn an income (either in sickness or in death).

However, the cost of living pressure faced by the average family often mean that 'Plan B', for when one adult cannot work, is radically different to your ordinary life. Kids must change schools. Housing has to shift to the outer suburbs. Sports cannot be played, pets cannot be kept, and various other little luxuries disappear.

Income protection insurance and life insurance are more necessary than ever in a life situation with high financial pressure... if you have little spare cash now, just imagine what would happen if your weekly wage suddenly disappeared!

It becomes clear that cutting spending other than insurance is a smarter option.

What Unnecessary Spending Can Be Cut?

Many of us become trapped in the belief that every cent of our spending is necessary - that we must put petrol in the car, we must eat, we must send the children to school and we must dress ourselves for work.

However, the level of expense that each individual family experiences often has an incredible amount of room for movement! Within 'necessary' expenses are often hidden unnecessary preferences. Consider the following:

    Do you need all the packaged food in your weekly supermarket shop?
    Do you waste food at home?
    Can you combine car trips to cut down petrol costs?
    Can the kids take the bus to school instead of being driven?
    Do you have more pets than you need?
    Do you look first at opportunity shops for clothing... especially kids' clothing?
    Do you always shop around for different quotes on your products and services... even on income protection insurance and life insurance?
    Do you really need your home phone line?
    Do you need to have a post paid mobile, or could you use a prepaid mobile instead?
    Do you sell things you don't need on eBay, instead of just giving them away?
    Do you utilise your network to have your household appliances repaired and serviced?
    Do you smoke cigarettes, or regularly drink alcohol? These increase both your weekly bills and your eventual healthcare bills, as well as causing more time off work.
    Do you utilise your library to its full extent?

There are plenty of ways to save money on your everyday expenses without cutting into the true essentials like income protection insurance and life insurance!

Logistics of a House Fire - Insurance/Contractors/Recovery - What Is It You Need to Know

Statistics say that there are many different possibilities of severe weather in different parts of the country, fire remains the greatest disaster threat to individuals and families. Across every state in this country there families who have been affected by home or apartment fires at an average of 1-2 fires every day. Tragically, every day in our communities at least two families - and in many cases, far more - lose their homes and belongings to a devastating fire.

In 2009 my husband and I woke up to 6 - 7 foot flames outside our bedroom window at 2 a.m. in the morning. It is not something you expect or every want to have to deal with.

Below are a few of the most important things everyone should know and think about before such a life changing event occurs.

The very first thing that you should do before you need your insurance is to video record every single nook and cranny, draws, closets, out building, garage and its contents and I mean every single item, including personal items, electronics with serial numbers down to paper clips. Keep a copy in a safe place off site. All of this trouble will make replacing items so much easier if and when the time comes.

Be sure that you have adequate coverage checking the limits for the Structural and Personal Items. Make sure that you know about any riders that could be attached i.e. limitations for home offices. We were shocked to find out they would only pay $2500 to replace any office equipment. It did not cover even an eighth of the total loss in the office.

Review your coverage every year to make sure to add to your policy anything that you need to add to your policy for coverage. If your family and life style is growing you might need more insurance coverage. Keep a copy of your policy off site maybe in a safety deposit box.

Check to see if your smoke detectors and/or carbon monoxide detectors are up to code and have fresh batteries in them every six months.

Make a list of your credit cards, invoices and bill due dates and telephone number. Two days after our fire I had to start calling all of our creditors to make sure I paid all of them on time. Luckily most of that was fresh on my mind because the day of the fire I had made out all of my bills. Unfortunately I did not mail them so they burnt up in the fire. Keep this list off of site also.

Make sure someone calls the Red Cross Victim Assistance Team in your area. Usually the police or firemen do that for you. Make sure they do that for you. They will help you find a place to stay for a few nights if you do not have a place to go. They are wonderful and very supportive

It takes a few days to make all of the temporary living arrangements and to get the insurance to kick in so plan to have a little extra money and think about temporary living arrangements that you may have available to you. We had to live on-site because of our cattle and horses. But it took six days to make arrangements for and RV and we had to stay in a motel till them. The closest motel was 45 minutes away. Have a trusted family member or friend that could help you sort out all of the arrangements, details and decisions that you will have to make all at once. . It is happening all at once and it is over whelming.

When someone gives you a referral for contract work it does not mean that they are necessarily honest or trustworthy. You need to check them out a bit before you hire them. Everyone deserves honor and respect when they are going through something like that.

Within a couple of days of the fire they will have an investigator on site to determine that cause. They ask lots of questions and had us draw out the lay out of the room where the fire started. It was completely gutted so they wanted to have an idea how the room was used. They wanted every tiny detail of that room and what was in it.

If I every had to do it over again I would ask to see if we could set up some kind of escrow account so that we could review and approve of each payment that went to the contractors making sure that the job was completed to our satisfaction. We had items that were never done but they got paid anyway.

A volunteer firemen told me that she often recommends a fire extinguisher beside the bed in case you have to use it to get out of a room engulfed in flames.

Most of all please take good care of yourself during the recovery. Nurture your mind, body and soul. Recovering from any life changing event can be a daunting task to say the very least.

Women in Canada Pay 5% Less for Auto Insurance and 25% Less for Life Insurance Than Men

There are many rumours about the differences in insurance premiums for men and women. We have analyzed insurance premiums of Canadians across the four most populated provinces. The outcome was quite clear across all major insurance types: Home, Auto, Life. On average, women in Canada pay 5% less than men for Auto insurance, 8% less for Home insurance, and even 25% less for Life insurance. What are the reasons for these differences?

Although there are many criteria considered for the estimation of Auto insurance premiums, it's a fact that women appear to be safer drivers than men, which is reflected in insurance premiums. Women not only have fewer accidents than men, but their claim amounts are lower. The average difference is in Ontario is $5/month and means approximately a 3% difference in premiums.

--Auto insurance, average premiums --

    Canada: Men with $123 vs. Women with $117 results in difference of 5%
    Ontario: Men with $151 vs. Women with $146 results in difference of 3%

Difference in Home insurance premiums is mostly driven by Home value and a number of other aspects that are not affected directly by a consumers' gender. Nevertheless, the premium difference reaches 8% in favour of women on the national level. Interestingly there is virtually no difference between Home insurance rates for men and women in Ontario!

--Home insurance, average premiums--

    Canada: Men with $77 vs. Women with $71 results in difference of 8%
    Ontario: Men with $69 vs. Women with $70 results in difference of -1%

The most significant difference in insurance premiums can be observed in Life insurance: men pay on average 25% more than women. This picture is quite consistent across most provinces analyzed and difference reaches 23% in Ontario.

One of the main factors that drives this difference is the fact that women have a significantly longer life expectancy of 83 years than men with 79 years (according to Statistics Canada, for 2006-2008). Though this gap is closing, and was 7 years a quarter of a century ago, insurance companies see women as a lower-risk customer segment than men.

--Life insurance, average premiums--

    Canada: Men with $71 vs. Women with $57 results in difference of 25%
    Ontario: Men with $81 vs. Women with $66 results in difference of 23%

As our analysis show, women in fact seem to pay less for different insurance types than men. What have your gender experiences shown when buying insurance?

Alex Saltykov is a Co-Founder and CEO of InsurEye Inc http://www.insureye.com. Alex spent years advising insurance clients both in North America and Europe while he was working for one of the leading management consulting companies. His areas of expertise are insurance, innovation, IT and operations.

InsurEye Inc. is a Canadian company that offers people transparency and insights around insurance using modern technology.

Our new tool InsurEye Peer Comparison will show you what your peers across Canada pay for their insurance. This way you understand if you overpay and what insurance providers you should choose to save on insurance!

Full Protection To Landlords Through Let Property Insurance

The let property insurance

It is natural for a property owner to want to protect his or her property, whether it is a home or a company premises. The homeowners need protection to keep their family members safe while the need for protecting the company premises depends on the financial aspects. The let property insurance or landlord insurance helps to give financial support to the land owners. If a property is rented out, the landlord is earning through the property and hence it is necessary to get the property insured. There are many risks attached with the property that is given out for rent. The rented house may have many valuable items and any damage to these items will affect the landlord or the homeowner.

The Scope Of Landlord Building Insurance

The scopes of these insurance policies are many. Consider the case of a fully furnished home or an apartment that is given out for rent. The theft of items in the house creates a financial burden to the landlord. Natural calamities can affect the structure of the building, puts the occupants life in damage and cause damages to the contents in the building. It is a necessity to have landlord building insurance to overcome such problems. If you take into account the breakage of any household property, then the landlord insurance company will give the expenses for replacing the locks and doors. In case of any accidents taking place to the tenant inside the premises, the insurance will be helpful in covering the necessary medical bills. If there is some misunderstanding between the tenant and the property owner and the matter reaches the court, then the legal fees for the property owner is covered by the insurance company. The landlord can avail the insurance also for meeting the expenses for repairing any damage to the interior properties like furniture and other utility items or any damages to the exterior caused by the tenant.

Getting The Quote

You can get the quotes for let property insurance or the buy to let insurance through online. You can request for quotes from the reputed insurance company by giving details about the property. After considering the value of the property, they will give you their best quote. You will need to get the quotes from two or three providers and you will be able to compare their rates online itself in order to choose the best quote. The online quotes and the ability to compare the policies and quotes make it easy for the landlords to purchase the best insurance according to their convenience.

Selecting The Policy

While selecting the policy, keep in mind the area of the property and the value of the items in the property. Do not go for cheap let property insurance as they may be insufficient to cover any damages to your property. Select insurance companies that offer best deals to the landlords. Compare the different policies available online and ask for quotes from different insurance companies. Go through the terms and conditions of every single insurance company. This will help you to find the best one in town.

Insurance Totaled My Car - What This Means

"Your vehicle is a Total Loss." These words, more often than not, spark immediate controversy between an insured and their insurance company. The main cause of controversy between an insurance company and an insured as it relates to total loss is that most people feel their vehicle is worth more than it really is.

A vehicle, though historically not a good investment, is very personal to us. Many of us spend a great deal of time in our vehicles each day and grow attached to our car. Many others ''trick out" their cars and inherently feel that their modifications enhance the value of the car.

I thought it might help some folks if they heard exactly how an insurance company views this and how they go about compensating you for your car should it be determined to be a totaled. There are typically two main things involved in understanding this process: What exactly is a Total Loss and how is the value of a car determined. In this article I am going to discuss and define a Total Loss from an insurance companies perspective.

So, what exactly does it mean when your insurance company deems your vehicle a total loss? In general, there are two types or measurements if you will when it comes to making this determination: Financial or Economic Total Loss and an Obvious Total Loss.

Financial or Economic Total Loss
A vehicle is often declared an Economic Total Loss when the cost of repairs exceeds the value of the vehicle, plus sales tax, less your deductible. I am sure you have heard that there is a percentage used to determine if a car is an Economic Total Loss. You have probably heard numbers from 50% to 70%, or more. This is true, however, it is important to know that not all states set an actual percentage and that for the states that do not set percentages, it is up to the insurance company to determine what that will be.

Although all insurance companies that are free to set this number themselves are all different, a common number you will hear is 70%. What exactly does that mean? I thought a quick illustration might help:

Market Value $15,000
Plus tax $ 1,050 (7% used as example)
Sub-total $16,050
Less Deductible $ 500
Total Loss Value $15,550

Cost of Repairs $11,662
Repairs are 75% of the value

In the example above, your insurance company would likely determine your vehicle to be an Economic Total Loss. One thing to remember is that if you are paid the value of your vehicle, the insurance company will retain the salvage or damaged vehicle and then sell it to a vendor. Most insurance companies have negotiated contracts with salvage buyers and will use that avenue to recoup some of the money paid out for the total loss. In the example above, your insurance provider would know that your car had a salvage value of $3,000 (example). So, when making their total loss decision, they would factor in this amount and subtract it from the total amount paid of $15,550, bringing their net cost to $12,550.

One other brief point to make that is worth noting is that your insurance carrier will also factor in estimated supplemental damages were your car to be repaired. From my experience as an adjuster and claims manager, there are often supplemental or additional damages/repairs identified once a car begins the repair process. These damages are often discovered on "tear down" or after parts of the vehicle are removed and additional damages are more visible. In many cases it is almost certain that there will be additional damages based on the visible damages, however, an adjuster will only write for what they can see and note that additional damages are likely.

Obvious Total Loss
An Obvious Total Loss or OTL is in which the damages to a vehicle are so extensive in terms of repair and/or putting the structural integrity of the vehicle at risk with a repair, that the car is determined to be an OTL. Some examples of an OTL are:

    Fire Damage
    Rollover
    A theft
    Extensive Water Damage
    High impact front-end collision
    T-Bone or hard hit to the side of a vehicle at the center-point

In most cases, a claims adjuster will not have the direct authority to determine a vehicle to be an OTL. The two insurance companies I worked for required a manager approval to make this call. With today's technology, that can be done easily in the field by simply sending some detailed photos to a Claims Manager or Property Damage Manager. In this case, there isn't a cost of repairs necessarily but the valuation process is the same.

Hopefully this helps you understand what is meant when you are told that your car is a total loss. Your insurance claims adjuster should explain all of this to you, however, having a basis understanding will certainly help should you find yourself in this situation.

Marc Berry brings over 8 years of direct experience in the auto insurance field, having worked for 2 of the largest and most respected insurance companies in the nation.

Travel Insurance: Answers to Frequently Asked Questions

People want to be safe when they travel. But no matter how many precautions and preparations you make, there's always a chance that something unfortunate will happen. The best thing to do is to be prepared in the event that something does happen. Travel insurance can be very important to some people. It's a safety net for when you need it most; when you're in a strange place and you have a lot of money invested in your vacation. Following are answers to frequently asked questions on the subject.

What is travel insurance?

Travel insurance is exactly what it sounds like, it's an insurance policy designed to protect you while you are traveling abroad.

What do these insurance policies cover?

There are different types of travel insurance. You can select policies that match your needs. Some policies pertain specifically to medical expenses. The cover things such as doctor's consulations and emergency medical care. Other policies protect you in case of an accident with a rental care, flight cancelation or lost luggage.

It may be possible for you to get medical coverage for an already existing medical condition. However, the more financial-related policies will not cover foreseeable losses; for example, your flight was canceled because of a strike but the strike had already begun before you purchased your policy. Also, be aware that some plans will cover certain types of travel expenses but not cover others. Make sure you understand everything that is and is not covered.

Is it necessary?

It depends on the individual whether or not travel insurance is necessary. Those who travel with a lot of money or valuable cargo have more incentive to buy policies that cover these losses. If you travel light enough that any losses you encounter would be minimal, then this type of coverage may not be for you.

Those who travel often are more likely to run into trouble as opposed to those who only travel once a year; this is simply due to the rule of odds. Therefore, those who travel frequently should consider travel insurance more carefully than those who don't.

Medical expenses abroad are sometimes covered by your existing medical plan. Be sure to go over your current health insurance carefully. There's no point to buying travel insurance for medical needs if your existing policy already covers it. Read the fine print, though. Some policies will cover some things but not others, such as coverage for prescription drugs but not emergency medical transportation. If your plan doesn't cover medical expenses abroad, you may want to consider travel insurance plans that do cover it.

How do I get Travel Insurance?

Travel insurance has been made easy to purchase online. All you need is search for "travel insurance" and find company websites. You will need to supply some personal information, and the details of your trip.

How much does it cost?

The price will vary greatly based on which company you go through, how much you want covered, how luxurious your trip expenses will be and whether or not you are traveling overseas. It is important to shop around and compare before making any purchase.

Can my plan cover more than one person?

Yes, it is possible to get plans that cover a group of travelers all under one policy. This is great if you are traveling with family, especially children.

There are a wide variety of plans and policies available. Your current medical insurance and, possibly, insurance provided through your credit card purchases may cover you. It is important that you evaluate any coverage you might have and obtain the necessary travel insurance to guarantee that any unforeseen medical expenses are covered.

Five Reasons To Use An Insurance Broker When Looking For Insurance

When buying insurance, you can choose to buy direct from an insurance company, from a tied agent or a bank that represents one company or you can choose to purchase your insurance through an insurance broker. Most brokers can save you money on your insurance not to mention the time you would otherwise spend shopping around yourself but there are other reasons why using an insurance broker can be of major benefit to you.

Here are just some of the advantages of purchasing your insurance through an insurance broker:

    An insurance broker works for you - not the insurance company. Your insurance broker is not tied to a specific company or a specific company's products. They can search a number of companies and their products to find the best deal for you. A broker can take a thorough look at your personal needs and recommend the best and most suitable product for you based on your situation. Insurance brokers can get you the best deal available from their large portfolio of products and provider, while banks or insurance companies can only offer you the products from one company, and are therefore more limited in the number of products they can offer.

    Insurance Brokers are experienced and professional. Brokers deal with a wide range of products and services and are qualified to recommend the policies that best suit your needs from the wide range of companies that they deal with. They will know for example what companies are best suited for younger drivers for example or who is best for providing public liability for your industry. They typically have experience with claims and can guide you through the often confusing and stressful claims process, answering any questions that you may have. What's more most brokerages in Ireland are generally smaller and can often offer a faster and more personalized support. Brokers are also committed to continual professional development and lifelong learning, ensuring that they are informed on the latest changes and adjustments to insurance policies and legislation to give you the best options available when you purchase your next policy.

    Insurance Brokers are regulated: Brokers are required to meet certain standards and financial obligations. In addition to the requirement to hold professional indemnity insurance, they are required to carry out a process with each client to ensure that they are recommending the correct product to suit your needs. A 'fact find' should be used to discover your exact needs and requirements and on this information the broker should make their informed recommendations. A 'reasons why' letter or 'statement of suitability' should also be presented to the client outlining why the product and the provider is being recommended and how they meet the clients specific needs.

    You can get access to insurance companies that you cannot access on your own: In recent years there are more and more insurance companies popping up that only deal directly with brokers. In transacting business in this way they can save costs and do not have the same requirement for large call centres or large administration teams to deal with the public. They can then pass on these savings to you, the consumer. Many of these companies only deal directly through brokers so you will not be able to get a quote directly. Certainly over the past couple of years we have found ourselves recommending these companies more and more as they are able to consistently deliver on price, product and service.

    Insurance Brokers are required to give full disclosure on commission and fees and the effect on your insurance premium: Of course brokers need to be paid too and they get generally get paid a percentage commission from the insurance companies. In addition to this they may also charge a small fee for their services. As part of the regulation they must provide you with a copy of their terms of business which outlines the companies they deal with, how they are paid and details of any fees they may charge. This allows you to make an informed choice when buying insurance.

Choosing an insurance broker means that you have a professional on your side when choosing the best policy for yourself, your business and your family. Insurance brokers offer professional and unbiased advice, ethical conduct, and full disclosure of all the information you need to make an informed decision. They can talk you through each stage while giving you personalised advice and excellent customer service. So next time you are looking for insurance or renewing your current product why not contact your local broker first and see what a great service they can offer you.

Pol O Murchu is a leading Irish Financial Advisor, Insurance Broker and Mortgage Broker. His company Heritage Insurance Brokers provides clients with a range of Insurance and Financial Products to suit their every need. He specialises in Life Insurance, Mortgage Protection, Pensions, Investments, Mortgages, Health Insurance and a range of both personal and business insurance products. To get more information on any of our products contact us today.

Dental Insurance, What the Insurance Companies Didn't Tell You

What is dental insurance?


    Dental insurance covers the patient against dental costs. It is not uncommon to have a dental insurance or dental plan together with your health insurance. Some employer will offer some form of dental insurance over and above the company medical insurance.

    Unlike health insurance that covers diagnosing, treating and curing serious illnesses, dental insurance mostly covers preventive treatment. Dental treatment is highly predictable and very often non-catastrophic. Most dentists will advise patients to have at least one check-up every six months, that kind of preventive treatment is covered by most good dental insurances.

    Dental plans very often encourage patients to have regular dental check and promote good dental hygiene, it is in there best interest to offer such plans with the dental insurance.

Do i need dental insurance?


    As mentioned, unlike health insurance, dental insurance is very predictable and as such is not always a good candidate for insurance.

    For example, most dental insurance will offer $1000.00 cover per year, but the fact is that most patients never require more than $100.00 per year. Self funding might be a better option as it removes the dental insurance overheads.

    The employer option

    But if something goes wrong then you might need a comprehensive dental insurance cover or access to funds that you might not have.

    This is why some employers offer Direct Reimbursement (D.R.), the employer takes a percentage of salary into a dental insurance fund and this covers the employees.

    The insurance companies response

    To offer cheaper dental insurances than the one offered by employers, insurance companies responded with HMO's and Preferred Provider Plans (PPO's). Under those plans the insurance can offer cheaper premiums, but the treatments offered are often very limited. Another problem is that the dentists often increase the waiting lists and limit specialist treatments.

The common options


    Although the employer dental insurance is often the better option you need to look at that they actually offer you.

    Who will select the dentist?

        Open Panel, you choose the dentist without any restrictions.
        Close Panel, you are given a list of dentist to select, they in turn signed an agreement controlling their charges with the dental insurance company.
        Preferred Provider Organization (PPO), Group of dentist that offer to charge less, if you want someone else, you might need to pay the difference.
        Exclusive Provider Organization (EPO), Group of dentist that offer to charge a lot less, but then the client cannot go anywhere else, (unless they pay the full price).


    As you can see the more you go down the list the more restrictive the options are, typically an Self-Funded Insurers will offer an open panel whereas Dental Service Corporations and Insurance Carriers will offer EPO's.

    How is the dentist compensated?

        Payment plan, the patient pays a monthly fee to the insurer and in turn the insurer pays the dentists/specialist.
        Capitation Plans, the dentists charges the insurance company a certain amount per-capita, (per patient), and in turn offer to treat the patient.
        Direct Reimbursement Plans, the patient pays the full price and the dental insurance plan will reimburse all or some of the money.


    The second option is very limiting as some rogue dentists are inclined to offer substandard treatment to maximise their profit. The last option allows you to choose the best treatment plan.

    All above can limit the percent value that is actually been repayed and/or cap the yearly value that can be (re-)claimed.

    How are the benefits and payments calculated?

        A list is given of what is covered and for how much, any amounts over are not reimbursed by the dental insurance.
        The dental insurance offers a maximum amount that can be reimbursed per year, as long as the patient is within that figure the insurance will cover them. This is great for long term treatments, allowing the patient to choose the best value for money and overall treatment for their need.


    What ever cover is offered by the dental insurance you must make sure that it has a regular review to ensure that the benefits are fair and reasonable.

Questions About Selling an Insurance Agency

My firm works regularly with agency owners in the planning and execution of the sale of their business. Some key questions have been raised more frequently with the pending tax increases set for 2013, so I thought it would be helpful to address these to a broader audience in the dialogue that follows. The level of detail is significant but the intent is to provide a more complete discussion of such important questions. I hope you find this information useful in your business planning.

1) What are agencies currently selling for as a multiple of revenue?

While simplistic in nature, setting a value based on revenue is not realistic. The insurance distribution system contains a wide array of agencies and brokerages serving different market regions and segments. We have seen agencies sell for anywhere from 1.0 to 2.7 times annual commissions with an average guaranteed price range of 1.4 to 1.8. In our experience though, the value to a buyer is generally driven by pro forma earnings, risk and transaction terms, and all three are equally important. Multiples of revenue are generally the product of the expected price, and not the determining factor.

The pro forma earnings provide a buyer with a return on their investment and cash flow to cover any debt service. The risk assessment is a subjective measure of how well the buyer believes the investment will yield their desired return. And finally, the terms relate to how well the buyer can leverage their capital, such as when there is significant seller and/or third party financing, and also hedge any significant risks, such as with a portion of the purchase being paid on an earn-out contingent on maintaining revenue, earnings, accounts, etc.

The only way to ascertain a realistic market value of your agency is to have a professional valuation performed that is in-tune with your industry, the availability of financing and the market demand. Our firm averages 3-6 valuations per month in addition to completing a sale transaction every 1-2 months.

2) What steps can an owner take to enhance the value of their agency?

There are many steps that can be taken to enhance the value of your agency but they generally relate to maximizing the profitability and minimizing perceived risks to a buyer. Let's discuss maintaining or growing revenue first, as declining revenue generally erodes profitability. One suggestion that we often give to clients is to put in place methods to track sources of revenue. It could be tracking revenue created from different marketing or sales programs so you understand how effective your marketing dollars are being spent. Another is tracking new and renewal revenue by producers and product lines so you understand who/what is and isn't working for the agency, and perhaps what might be done to improve performance. The last thing to review under the category of revenue is your commission rates and contingent earning contracts with carriers. If the agency maintains low loss ratios, and high production and retention, there might be an opportunity to renegotiate your compensation with the carrier. It never hurts to ask and use a little leverage such as the hint that another carrier might be wooing your business with a better pay schedule.

On the expense side, personnel costs generally are the largest item and typically run an agency anywhere from 35-60% of revenue; therefore, it is important to keep a close eye on personnel and productivity waste. The most productive agencies leverage technology to improve workflow and minimize labor costs. They also develop performance-based compensation plans and weed out unproductive employees in a timely manner. The most profitable agencies maintain personnel costs at 30-40% of revenue. Buyers will typically discount the value of an agency if they need to come in and completely restructure the operation, staff and compensation.

Another major issue with personnel is addressing any ownership or vesting interest of employees or producers. If you don't own a book of business, then you can't sell it to an outside party. This can become a major problem if ownership with a producer needs to be settled during the sale process. The best solution is to either buy-out the interest before the sale process is initiated, or negotiate an equity swop in advance so that the producer will be paid on the sale.

There are many other minor expense items that can be shored up prior to executing a sale process. Such things might include renegotiating leases or contracts, canceling ineffective advertising and reducing any owner's discretionary spending such as personal meals, travel and entertainment.

On the risk side of the coin, you should address any specific revenue concentration issues with producers, carriers, product lines or accounts. Can business and account relationships be transferred from producers to staff members? Do you have good procedures in place for cross-selling and following up with clients before renewals? Are you over-exposed in any particular area that might be cause for a concern? Most likely any internal problems are known to the owner. The goal should be to round out the business and reduce your own risks, as well as that which might be perceived as one by a buyer.

3) How does an agency owner go about getting the best price and terms on a sale?

In short, by planning for the sale and executing a controlled sale process where multiple, qualified buyers are disclosed on the opportunity, provided with relevant details on which they can make a decision and encouraged to make offers in a short period of time. One thing to note is that when you lock into a negotiation with only one party, you end up negotiating against yourself. This is why it is best to provide accurate, relevant details in advance of receiving an offer so you can avoid an opportunity for the other party to renegotiate.

When representing a client in the sale of their agency, we conduct a pre-due diligence to flush out any issues and make sure the documentation is ready in advance. We also create a very detailed confidential summary of the agency that educates potential buyers about the operation and opportunity. Both of these steps add a great deal of value by speeding up the overall sale process and providing buyers with the information they need to feel comfortable in consummating a deal.

4) How do you find a buyer while protecting confidentiality?

There are two ways to solicit buyers: the reactive method and the proactive method. The reactive method involves placing discrete ads about the opportunity and waiting for prospects to inquire. The proactive method involves discretely marketing directly to potential prospects and asking them if they are interested. Obviously the former is much more effective than the latter and its best handled by a third party. When it comes time to solicit buyers, our firm has a database of over 1,200 pre-screened individuals and companies that have contacted us looking to acquire insurance agencies that we can contact directly.

Protecting confidentiality should be a top priority during the sale process as a great deal of damage can be incurred should your employees, customers or carrier reps learn that you are trying to sell. There are many would-be-buyers for insurance agencies, but only a small percentage are serious candidates for any given agency. Any prospective buyer should be required to sign a legally binding confidentiality/non-disclosure agreement and required to submit a statement of their financial worth, including cash available for a transaction, before receiving information on the agency. From an owner's perspective, it is very difficult to manage the buyer solicitation and screening stage while also running a business.

5) How long does it take to complete the sale of an agency?

The truth is that it can be as short as a few months to never depending on a number of factors including the agency, the asking price and terms, how buyers are solicited, how well the agency is prepared for sale and how well the process is managed. The buyer also makes a big difference. Some are inexperienced and unknowingly make promises that they can't keep in regards to how much they can borrow from a third party, while others intentionally lock the seller into a non-binding purchase agreement with the intention of renegotiating after due diligence is completed.

In our experience, after a purchase agreement has been signed by the parties, the sale process typical takes two to three months depending on the sophistication of the transaction and financing involved. The due diligence phase alone can take two weeks to two months, depending on the complexity of your business. In many cases, the owner will also need to stay on with the buyer for a transition period which can range from a few weeks to a few years. Our average time from executing an engagement with a client to closing on the sale is five months, and our success rate is very high because of our pre-due diligence on the agency and potential buyer.

For most agency owners, the agency business is their most valuable asset. Having not sold an agency previously, many owners are unaware of the value of their agency, how to initiate a sale process, the amount of time, energy and emotion that goes into it, and the potential issues that can arise. To yield the best return on your investment, it is critically important to the perform this process properly and choose the right advisors because you only get one chance to get the sale right.

Our firm has helped dozens of clients reach their goal of exiting their agency. Should you have any questions regarding this subject matter, please don't hesitate to contact me. Thank you for your time and best wishes for a prosperous new year.

Top Triggers For False Claims Act Liability

The medical profession can be a shifty game if you are unaware of its pitfalls. While most medical professionals really just want to help patients feel better about themselves and bring them to an absolute state of wellness, there are others, who are in it simply to make money, and they're not afraid of robbing from patients and insurance companies to do it. The abuses in the system are considerable, and that's why many in Washington would agree - whether Democrat, Republican, or Independent - that something should be done to fix the system. While they don't agree on what that something is, one of the safeguards currently in existence is the False Claims Act. Here are three of the most common triggers for liability under this piece of legislation:

Billing for services not rendered

Many times unscrupulous doctors will actually bill the insurance company for services that didn't actually take place. They depend on patient ignorance and the advantage of the insurance companies not being there in the room at the time of treatment in order to get away with this one. That's why it is important that you as a patient look over your bills or have someone you trust go with you and then examine the itemization. If not, your insurance company could be getting hit hard, and they will pass that on to you in the form of increased premiums.

Misrepresentation of the goods and services rendered

Sometimes the bad guys won't flat out lie about what they did, but they will misrepresent what the goods and services rendered were used for, and again, it results in an overcharge. You don't want to cause a rift between yourself and your doctor, especially if you trust the care that he provides, but if you start to suspect that his office is trying to "pull one over on you," then you need to do something about it. Contact your insurance representative at once and voice your concerns.

Misrepresentation of the nature of the patient's illness

Sometimes a doctor may present a patient's illness as less (or more) serious than it really is. This can trigger liability under the False Claims Act as well because many times an insurance company will not cover something that is unnecessary for restoring the health of the patient. If a doctor seriously thinks testing or sending to an outside specialist is necessary, then there is no issue, but they have to be able to back that up by showing a past treatment pattern that indicates an escalation.

When dealing with the health care world, you as a patient must stay on your toes, and do your very best to protect yourself from overcharging and fraudulent practice.

Need someone with substantial experience litigating medicaid fraud on behalf of medical employees? Someone who has studied and examined every aspect of the medicare fraud can surely help you out.

Term Insurance - the best investment for your family

You've always tried to give your family nothing but the best. Compromise is not an option. You would go out of your way to bring a smile on your near and dear one's faces. But life is all about uncertainties. What would happen if something unfortunate were to happen to you? Ever given it a thought? Who would take care of the liabilities left behind that are still waiting to be paid off? Your utmost priority is to secure the well being of your loved ones who have always depended upon you. Thought the emotional void cannot be fulfilled, you can plan and make sure that financially their life is secured.

This is where the role of term insurance comes in. A term insurance pay out can help ease worries on the financial front. Term insurance provides protection for a specific period of time. It pays a benefit only if due to some unfortunate incident, the policy holder passes away. Level term products are the most popular plans purchased today. You can choose a level term from 5 years to 30 years. Also, the premiums can be either guaranteed or not guaranteed.

When you buy a term insurance, make sure you are aware of the guaranteed* premium period. Once, all the formalities have been done and you pay the first payment, the insurance company is obligated to keep the policy in force as long as you keep paying the premiums. It's up to you to pay every month or not. But once you stop paying, the policy will lapse after usually a 30 day grace period. Some term insurance policies can be renewed when you reach the end of a specific period which can be from one to 30 years.

These days, to make it easier for you to calculate your premiums and compare different plans for this category, you can use insurance calculators and even subscribe to term insurance online. But before you subscribe to these insurance plans online, take a look at various other term insurance plans available. There are a lot of hidden costs which one tends to ignore. So make sure that you are aware of all the terms and conditions so that there is no surprise in store for you later on. Since buying a these kind of insurance plans costs much less than any life insurance policy, it's time you ensure a life of self respect and pride for your family.

Liability Insurance: Searching Made Easy

Many business establishments are in search for cheap public liability insurance. Others are used to checking through different insurance company websites to check for low cost insurances. Some would even spend time calling and talking to various insurance customer service representatives and in the end are thought to check further on the web for instant information. This can waste a lot of time especially for a busy business owner or manager. Some would simply ask around and compare cost but each business has unique demands and different budgets established for insurance purposes.

However, the best way to search for cheap public liability insurance is to look for insurance quote engines. Insurance quote engines will require some information for the system to know your needs. After the details are provided, it will pull up various plans from different carriers for you to choose from. The premium information and the various services provided will help you compare different public insurance liability offers. The system can generate the information in just a matter of seconds. In a few clicks, you have all the information you need to pick from a wide range of public liability insurance offers that are within your budget and meets the demands of your business.

However, once you have your eyes on a few insurance offers, short list your options. And based on your company's demands, you need to check on the limitations in each and every public liability insurance offer. See how each insurance carrier can provide competitive insurance offer with the competitive services they provide. Most insurance companies offer very low prices for their service because their offers overflow with limitations instead of services. With very little to get out of the insurance, there might be no advantage at having a cheap public liability insurance after all. However, if you limit your option to reputable insurance carriers, you might have a better chance at receiving the best level of service for a low price. The insurance that covers many liabilities to the public, their lives and properties is the best choice especially if it is for a low cost.

Finally, double check on the premiums offered. While some premiums might showcase low amounts the services you needed might require an additional fee. The premium price can just be bait so it is best to be extra cautious in settling for cheap public liability insurance. If all the other insurances offer the same premium and the same additional services for a fee then choose the one that offers the service that suit your business for a low additional cost. At the end of the day, it is supposed to be a financial solution that takes care of untoward incidents in the business premises. And if the wrong one is chosen, there could be more unnecessary hassles experienced. Prevention is the best cure and in choosing the best public liability insurance do not rush. Take time to check the credibility of the insurer. In addition, take a close look at the premium price if it already includes the service that meets all of your needs.

Workers Compensation - The Insurance Side

Workers compensation is an insurance that your employer provides as a benefit to you as their employee. In the event that you need to file a claim, there are many things you need to know about what's happening on the insurance side of it. Here's a basic rundown of what's happening and what you can expect.

If you've decided to not seek the help of an attorney right away, the first person you'll be dealing with is an insurance adjuster. An insurance adjuster is a person that takes charge of the claim and all aspects of it- including your recovery. They follow your case closely and will keep in close contact with you throughout the process. Unfortunately, due to the fact that these people are employed by the insurance company, they have no need to keep you informed on your rights and what's best for you. It's going to be your job to know your rights and sometimes enforce them when necessary. This said, the adjuster is the person that decides whether or not you are entitled the benefits of an approved claim. Working with an adjuster is a team effort between you and them- and while it's their job to make sure they treat you with respect, it's your job to do the same for them.

It is important to stress that an adjuster has to motivation to make decisions based on your best interests. This needs to be handled by you. While they won't treat you poorly, they'll do their jobs. It's up to you to make sure you're getting the best end of the deal. If you feel like this may not be something you could handle, hiring legal help may be of great benefit for you. A lawyer or attorney will make decisions on your behalf that are best for you- and since they know the legal system and what your rights are, you'll be able to take full advantage of your rights through them. Of course, if you're comfortable handling this on your own, legal help may not be what you need.

When you file a workers compensation claim, you'll first hear from an insurance adjuster by letter. The letter will let you know what the immediate status of your claim is- whether or not it's been initially denied, accepted, or under further review. Adjusters typically do their best to contact the claimant right away to obtain facts from the incident and other pertinent information that they feel are associated with your claim. The most important thing to do when an insurance adjuster is taking a statement is to tell the absolute truth. This avoids conflicting statements and prevents the insurance company from considering denying your claim based on potentially erroneous facts. Due to the high amount of fraud committed with workers compensation insurance claims, insurance agencies are very diligent about making sure your claim is substantiated and that you are telling the truth.

How To Find The Best House Insurance Quotes

This article aims to provide tips on finding the best house insurance quotes. People's homes are one of the biggest investments people make, financially and economically. Not only does it serve as a place for them to stay in at night, it also keeps them protected from the dangers outside, ensuring that they and their family are safe from harm. As such, it's important to get coverage for your property, which is why you need to be very discerning when it comes to making house insurance quotes. This article discusses everything you need to know about homeowners insurance policy, from its different types to tips on how to choose the best one.

Kinds of Home Insurance Coverage

As you may hear when you get insurance quotes, there are broadly three kinds of home insurance to choose from:

Actual cash value. This type of insurance policy provides policy owners with the cash value of their home when they make claims. Do note that it's possible that some money will be deducted due to depreciation.

Replacement cost. This type of insurance policy will pay for the costs involved in repairing or rebuilding your house. This doesn't make deductions for depreciation.

Guaranteed or extended replacement cost. This provides the highest level of protection, paying for the value of the property, including those inside the home, prior to it being damaged or destroyed.

What Affects House Insurance Quotes?

It's not just the different rates that make home insurance quotes different. There are several factors that can affect how much you will be asked to pay to get coverage for your home. Some of these include:

The type of home you have. Condo insurance premiums will be different from the premiums of a house-and-lot property.

The age of home. The age of your home can also affect how much you will be charged on your premiums. The older the property, the higher your premiums you will have, since these have more risks than newer houses.

Materials used. The poorer the quality of the materials, the more expensive your premiums will be.

The amount of security your home has. The more security features are installed in your home, the better the price you will be given in your house insurance estimates. For example, a home that has a burglar alarm, a smoke detector, and a fire sensor will be charged for coverage more cheaply than a home that has none of these.
Location.

Location can also affect your house insurance quotation. It's not only the safety of the neighborhood your property is in that plays a role in how much your premiums will be; the closer your home is to fire and police stations, the cheaper the house insurance quotes that will be given to you. Furthermore, your premiums are higher if you live in an area that's prone to flooding, earthquakes, and other disasters. You can also get specific apartment insurance if you live in an apartment or condo.

Factors to Consider in Getting House Insurance Quotes

When it comes to home insurance, don't just consider the home insurance quotes if you want to be fully protected from any dangers or damages. To get the best coverage possible, please consider the following factors:

The amount of coverage you want.

First of all, you need to weigh in which is more important to you: the amount of coverage, or cheap house insurance. The cheaper the premiums, the less coverage you have; conversely, the higher your house insurance quotation, the more your properties will be protected. If you have the budget, do get for the comprehensive coverage. You may end up spending more money, but you will have the protection you need in case anything unexpected happens. However, if you don't have that much money, try to balance between good house insurance quotes and good coverage to get the best possible deal. At the very least, get the essentials, both from manmade and natural disasters.

The value of your property.

Make sure that you get your property appraised to get house insurance estimates that corresponds to the value of your home.

The contents of your property.

If your budget can afford it, do get the properties inside your home covered as well. Your house insurance quotes may be higher, but at least you can have peace of mind knowing that all of your properties are covered by your insurance.

How to Get House Insurance Quotes Quickly and Easily

The quickest and easiest way for you to get house insurance quotes is by going online and comparing the offers of the different insurance companies. These websites are pretty easy to use: all you will need to do is to enter your ZIP to go to a page with home insurance quotes that fits your needs.

When it comes to home insurance, be sure that you don't jump into anything without evaluating what your options are. Compare the house insurance quotes of the different insurance companies so you can see which one provides the best deal and the coverage that you will need.

Average Monthly Cost for Renters Insurance

Renters insurance is very important to have if you are renting a place. This will protect all your personal belongings and at the same time, this will also give you peace of mind that if something happen inside your place, your liability coverage will take care of you.

The average monthly cost for renters insurance is actually based on the coverage that you want for your personal properties, liability coverage and the type of deductible that you want. The higher deductible the lower monthly payments. The lower deductible the premium will be a lot more.

Having a renters insurance will give you peace of mind that, no matter what happen you will be covered fp any type of losses. If for any reason that someone broke into your home, whatever personal property that is missing will be replace by your insurance carrier. You just have to pay for the required deductible. In any case of fire, all your personal belongings that you lost will be replace through renters insurance.

The average monthly cost for renters insurance is between $20 to 40 dollars a month. But it still based on the actual coverage that the insured wants to have.

A lot of insured are adding more coverage on their policy to cover most of their personal belongings. Like a laptop, expensive cameras, and more expensive stuffs. This will protect yourself and all your personal properties in any unexpected situations.

The great thing about having a renters insurance coverage, if your place is damage with a smoke from a fire next door, your insurance carrier will put you to another place where you can stay until the smoke damaged is totally clears in your place. The insurance carrier will even pay for your food and other personal expenses while your place is still have a smoke damage. It will be for your best interest to take advantage of the many benefits of having a coverage from renters insurance. That will give you the benefits if not having to worry about anything. In spite of paying something on a monthly basis, that will give you the chance of enjoying your life without worrying.

If you don't have any insurance protection, and someone took all your personal belongings, it will be hard for you to recover all your investments. Even though you have a police report, chances are very slim for you to recover all those stuffs that are missing. If you have renters insurance, you don't have to worry about anything. All you have to do is to file claim. The insurance adjuster will do all their investigation and will try to settle the claim as early ad possible. This will give the insured the opportunity to take care of the insurers settlement funds so they can move on with their lives. Others will just have to wait if their claim will get settled by their assigned adjusters.

Make sure to deal with right insurance agent before paying a specific premium. Once you have the finds ready and available, you can either pay on a monthly basis, semi-annual or the whole thing in full. In this case, you will avoid missing any payment and lose coverage.

Understanding Lifestyle Protection Insurance

2012 is shaping to be a difficult year for both the public and private sectors in the UK. When the economic climate is this bleak everybody suffers, and no one can look at their job and say with certainty it is 100% safe.

The best we can do is take measures to protect the things that are important to us, in case the worst should happen. Lifestyle protection insurance offers a safety net that enables families to keep their heads above water if they are unable to work for any serious length of time.

Lifestyle protection insurance was created as a replacement for payment protection insurance, which became the target of negative publicity in 2011 when it emerged that banks had been mis-selling this product to people who didn't need it. While it was no reflection on the product itself, a lot of banks decided they didn't want to sell it anymore, and major insurance providers decided to introduce a new, cleaned up product called short term income protection, or lifestyle protection insurance.

Most LPI policies are designed to make payments for up to a year if the claimant is prevented from working by accident, sickness or unemployment. The policyholder will select the benefits they want to receive based on their individual needs, with the average monthly benefit being around £1000. For this level of cover, you would expect the premium to be something in the region of £20-£40 per month. Premiums vary depending on the age of the policyholder and the level of excess they set.

Finding the best provider can be done in a number of ways, but most people usually go straight to the price comparison sites. The benefit of these sites is that they give you a broad range of prices and options to choose from. The down side is that all the providers listed there have to pay commission to the comparison site, and so their prices are likely to be higher than what you would get by going to the providers directly.

An alternative to the big price comparison websites is the Money Advice Service, a government-funded initiative run by the FSA. The MAS service has a major advantage in that it is compulsory for insurance providers to show their full range of products and prices on there. This gives you a much more comprehensive picture than the commercial comparison engines are capable of, with all the low cost providers listed right alongside the big name brands.

Once you have found a provider and a policy that meets your requirements, you will need to be assessed in order to establish your suitability for this kind of insurance. Remember, the primary concern for any insurance provider is profit, and thus they will only agree to cover those with whom they think they have a good chance of a positive outcome. This is an important point, because if you wait until your company is making redundancies and your own job is in danger before pursuing insurance, you will have left it too late and no one will cover you.

Protecting your income with LPI is a sensible and potentially vital way to look after your family's finances in these uncertain times. The three key pieces of advice for getting the best possible policy are firstly to ensure you get your head around all the different product names, secondly to use the FSA's money advice service rather than commercial sites to do comparisons, and finally to make sure you don't leave it too late to get covered!

What Are The Main Benefits Of Getting Landlords Insurance?

Many people today for various reasons have decided to lease their property. Renting out property carries risks that must be considered. Therefore, many people that lease out property carry landlords insurance as protection. There will be circumstances that would normally not be a consideration for owners occupying their own property.

Generally, the tenants will not be well known to the owner. There really is not an accurate way to gauge whether the individuals are likely to be destructive. Subsequently, damage to the property can occur, and traditional homeowners insurance would not cover any loss. Having the right insurance policy can cover loss of income if the tenants fail to pay, as well.

Additionally the renters may have visitors over and someone gets hurt, having insurance will cover such events. However, the insurance will not cover any loss of the renter's property. There may be natural disasters that prevent the renters from inhabiting the property. There are policies available that can cover the loss of income while the structure is being rebuilt.

Property owners may also need to hire contractors to perform work on the property. Injuries to the workers would be covered under the policy. It is important to consider the property as a business. Consequently, standard content insurance or fire protection will not cover many events when the property is classified as a business. Individuals that work for the property owners would be considered an employee.

It is important for owners to understand their policy. There is actual cash value and replacement value insurance. Actual cash value only pays what the item is worth at the time it was stolen or destroyed. For example, a television set that is 10 years old has far less value than a new one. However, replacement value means regardless of its age, the item is valued at what it cost to replace at today's prices.

Property owners may provide washers and dryers, furniture and even ceiling fans for their renters. The appliances and fixtures may be stolen or damaged, as the renters abandon the property. Having the right coverage will ensure the owner is fully compensated for their loss.

Lawsuits are prevalent in today's society thus, property owners must do what they can to protect themselves. For example, a renter decides to rewire some electrical plugs. Through no, fault of the owner the renter sustains injuries. The tenant however, may feel it is the owners fault and brings a lawsuit against the property owner. Being well covered against liability at this point can prevent a financial disaster from occurring. Having landlord's insurance is one of the more critical necessities of leasing property.

Pipes can burst at anytime; the furnace may fail in the middle of the night. Owners can become overwhelmed financially without insurance. The renters may have paid on time and never posed any trouble. The owner may not have ever had a reason to enter the premises until after the renters had left. Owners may have assumed everything is ok. However, the property may very well be in shambles. This is where landlords insurance reveals its true value.

Purchasing Homeowner's Insurance for New Home Buyers

When I purchased my first home, there were a lot of things I was confused about. There was so much paperwork to fill out, documents to provide, and things to do that I was a little overwhelmed at times. Thankfully, I had a good realtor, loan officer, and insurance agent who did most of the heavy lifting for me. But for those of you who are thinking about buying your first home, let me clarify at least one part of the process - purchasing homeowner's insurance. Below are answers to some of the questions I had when I was obtaining homeowner's insurance for my first home.

Do I need homeowner's insurance?
If you purchase a home on credit, the bank will require you to have homeowner's insurance. Even if you purchase a home with cash, it's a good idea to protect your investment.

Who should I use?
There are many companies that provide homeowner's insurance. Many first time homebuyers get their homeowner's insurance from their auto insurer. This can provide multi-policy discounts and is occasionally the way to go. I would recommend using this opportunity to shop around to make sure you are getting the best price for similar coverages. With homeowner's insurance it's important to shop around because the price difference between companies is dramatic at times. There are many occasions when the savings of going with a different company are more than the savings of a multi-policy discount. Many loan officers know insurance agencies that provide excellent service and have superior pricing. Get a quote from your auto insurer, the company your loan officer recommends, and maybe one from your friend's company. Most policies are very similar in what they cover so make sure you are getting the most for your dollar.

How do I obtain it?
If you are purchasing the home on credit you will be required to show proof of insurance at the close of escrow. Obtaining proof of insurance, also known as a binder, can be done weeks in advance. There are loan officers that will do all the quoting and binding for you or you can handle it yourself. When it comes to binding the policy, it's usually easiest to let your loan officer work with the insurance agency. Information needed to bind the policy, such as your name as it will appear on the deed, estimated closing date, mortgagee clause, and escrow account information, is more readily available to the loan officer. You usually do not have to sign anything for a homeowner's insurance policy and you can have it paid through escrow.

What does it cover?
You'll want to read your individual policy to understand exactly what your policy covers. Generally speaking a basic H03 policy would cover things like fire, wind, theft, and personal liability - among other things. It usually does not cover things like equipment breakdown (some companies have this as an optional coverage) and general wear and tear of the home. It also does not cover flood or earthquake as those coverages need to be purchased as separate policies. Obviously, this is not a comprehensive list of all things covered and not covered by a homeowner's insurance policy, but just a few examples of things covered and not covered.

Purchasing your first home can be overwhelming at times. With so many things to do and so little time, it's difficult to be informed every step of the process. While purchasing that first home can be stressful, hopefully these couple of tips on homeowner's insurance will ease your burden at least a little.

How Do You Make A Water Damage Or Flood Clean Up Claim To Your Insurance Company?

As a water damage restoration clean up professional for over 22 years, getting use to how a claim is made by a homeowner when they have water damage is easy. But most homeowners have no idea how or who to call when they have a water damage or flood damage issue.

When a call comes in for a water damage or flood damage most homeowners will ask the obvious question "how much do you charge for your services"

Any contractor that gives any answer is fooling the customer do to the fact that every water damage or flood situation is different.

The first question that will usually come out of the mouths of experienced and qualified water damage restoration companies (notice I didn't say carpet cleaners who also do water damage clean up) do you have insurance. Most homeowners will say yes, but I am not sure if the company will cover the damage.

Here are some steps and tips on how to proceed in finding out first if the insurance company will pay for your damage.

Look for your insurance papers (documents) that you received from your insurance agent and look for the phone number that contacts the claims office of your insurance company. Sometimes even the agents themselves have trouble digging through the paper work to find the claims phone number. The best suggestion is to look on the internet for your insurance companies claim number. It's usually easy to find on the first page of the site.

Before calling understand the insurance language. The insurance company person on the phone that you will discuss your possible water damage claim is called an adjuster. Your damage is referred to as a claim,peril or a loss. I know loss sounds strange but that's the language that is used. There maybe someone who will come to your house from the insurance company and that person is also called an adjuster. The documents or paper work that was given to you originally by your agent is called a policy. The policy is your contract and in most cases clearly spells out what is covered and what is not. That leads us to the word covered that I just mentioned. The word covered is used when the insurance company accepts responsibility to pay the costs of the damage of the items that were damages by the water damage and the clean up costs and repair costs of home items like drywall, carpet.

When talking to the adjuster on the phone don't talk to much. Just keep it simple with just the facts. As honest as you are, insurance company adjusters are not out to deny every claim as everyone thinks. There are state and federal laws that the insurance companies must follow, so the insurance companies work on proof.To keep it easy get proof of why the water damage happened like a bill or written statement from a plumber or the city or county of why something happened. Pictures are great and your dishwasher or washer machine appliance repairman will be your best friend to prove to the insurance company your damage is a "covered loss."

These days insurance companies will suggest a water damage restoration company to come out and mitigate the damage. Mitigate is the term that is used to clean up and stop further damage from happening. Most insureds (that's you the homeowner) believe that the water damage clean up work will be guaranteed because the company mentioned their name. Actually the company only suggests and will not back up any companies work. Remember that you the homeowner has the legal right to use anyone you want to.

Contacting the insurance company to make a claim can be nerve racking to some homeowners. Just remember to be calm and relay the facts.