Insurance Analysis
Highly qualified and experienced insurance industry consultants
Hurricane Irene puts home insurance under the magnifying glass
The aftermath of Hurricane Irene brings wide-ranging implications, and damages to the home caused by hurricane-fueled storms – and the home insurance considerations that go along with it – are some of the most major concerns (other than the most serious of concerns) for homeowners across the U.S.
When it comes to natural disasters and home insurance, knowing the proverbial fine print of an individual insurance policy can be of the utmost importance.
Some homeowners in coastal states may opt to purchase separate hurricane insurance policies, but for those who don’t it’s important to understand the details of a given home insurance policy.
What is covered, what isn’t
According to the Insurance Information Institute (I.I.I.), standard home insurance policies typically do offer protection against wind damage sustained by severe storms such as hurricanes. Standard
Different Types of Rental Car Insurance
Ive written about car insurance for rental cars before, but it seems to be all over the headlines today so I thought I would revisit this topic. Whether or not to add the car rental companys car insurance is one of the biggest stressors you will face at the car rental counter. The best advice, according to Fox News Jonathan Weinberg, is to do your research before standing at that rental counter. It is very possible that your personal car insurance policy or even the credit card with which you rented your car will cover you in the case of an accident. Weinbergs article, Secrets to unraveling car rental insurance, offers some pointers.
The first thing you should do is check with your own car insurance company and see if the coverage you already pay for includes rental car insurance. Keep in mind that you may have added expenses with your own company if you do actually need to use their car insurance. Youll have to go through the claims process, pay your deductible, and your car insurance rates could increase. Many credit card companies offer the perk of car insurance coverage for your rental cars. This is another case where you really need to do your research up front and see what they cover. Some exclude SUVs and vans, others only offer secondary coverage meaning that they only pay for what your primary coverage does not. You may even be charged a deductible.
Its important to make sure that you have liability coverage as well, especially in case you get into a bad car accident with another vehicle. Credit card car insurance does not cover liability in the United States. Car insurance through your rental car company offers basic liability coverage, but you have to pay more for supplemental coverage which youd need in the case of a major accident. Your personal car insurance policy will likely cover liability as long as that is part of your overall policy. While you will not be getting cheap car insurance if you purchase through the rental car company, you can rest assured that you will be covered and wont have to worry about extra paperwork filing claims and paying for deductibles. Weigh the benefits and see what coverage is best for you when renting a car.
Advantages Of Whole Life Insurance – Advantages To Owning Whole Life Insurance
It can be a very satisfying feeling when you become aware of the advantages of whole life insurance for the first time. A very convincing life insurance agent persuaded you to buy your whole life insurance policy 20 years ago. You subsequently bought some term life insurance as well because you felt you needed additional life insurance protection for your family. The only time you thought of your whole life policy since is when you heard the constant buzz that term life insurance was better. You never took the time to get into the details because you earned a good income and never was short of cash. 20 years down the line you decide to find out a little more about your whole life insurance policy.
The best way to pay for car insurance
When it comes paying for their car insurance, many drivers won’t have a choice but to split their annual quoted premium into 12 separate monthly payments – even though they will be charged a premium for doing so. This is especially the case in the aftermath of a costly Christmas when finding a hefty lump sum can often prove impossible.
However, many drivers will be unaware that there is a significant disparity between the premiums insurers charge for paying your insurance on a monthly, rather than an annual, basis. But this is where you can start to take back control.
Monthly payment option cost disparity
Some insurers add up to 10.75% onto the quoted premium for the privilege of paying monthly, according to research carried out by MoneySupermarket.
Mortgage Protection Insurance – Consider Mortgage Protection Life Insurance
Consider mortgage protection insurance. Have you ever given it any thought? Do you think it would be useful? Do you know how it works? Are you aware of the many options you have as far as the types of mortgage protection policies available?
Perhaps the largest investment you will make in your lifetime is the purchase of a house. In many a case this is where you will live for the rest of your life. You insure your house against any natural disaster that may befall it. You also insure it against fire.
Most people take out a mortgage when they buy a house. They put down a small down payment and then make monthly payments to the bank or mortgage company that came up with the balance of the money to purchase the house.
Car Insurance Companies Offering Usage-Based Discounts
Are you one of the 70 million drivers who could be paying less for you car insurance each year because of your driving habits? According to the Insurance Journal article 70 Million Drivers Missing Out on Car Insurance Savings: Insurer, having your driving habits monitored could save you some money. Our previous blog mentioned Progressives new Snapshot driving program, one of the first programs available. Usage based car insurance programs give discounts for people who drive less often, are safer, and drive during the safest times of the day. A recent phone study showed that 50% of people drive less than 12,000 miles each year, 84% of drivers believe they are cautious or defensive while driving, and 88% of drivers are hardly ever on the road between midnight and 4:00 am.
Progressive estimates that with all three of those factors taken into consideration, close to 40% of drivers could get a discount on their car insurance. That is 70 million drivers that could be paying hundreds less for their car insurance each year, up to 30% less. Safeco, Travelers and many other companies are also offering these usage based discount options. Some estimates say as many as 60% of car insurance companies have the program in place. In Progressives research, they determined that 63% of drivers would be willing to put a device in their car, in the event that it could lead to some savings. They also estimate that drivers using their Snapshot system are less likely to get into a car accident and less likely to receive a ticket for a moving violation.
Taylor Supports Measure Protecting the Role of Ohio Insurance Agents and Brokers
COLUMBUS, OH – Ohio Lieutenant Governor and Department of Insurance Director Mary Taylor co-sponsored an NAIC resolution that passed Tuesday urging the U.S. Department of Health and Human Services (HHS) and Congress to address the negative impact of Obamacare on insurance agents and brokers.
Specifically, the resolution calls on HHS to remove agent and broker commissions from the administrative side of the medical loss ratio (MLR) calculation while placing an immediate hold on implementation and enforcement of the MLR requirements relative to independent agent and broker compensation.
“The inclusion of agent and broker commissions in the administrative side of the MLR harms more than 270,000 agents and brokers operating small businesses in Ohio,” Taylor said. “At a t
Risk factors that affect individual health insurance
When applying for individual wellbeing insurance, it is important to note the risk factors affecting health insurance. This way you can ascertain your legibility to the insurance cover and how the risk factors, if any, will affect the amount that you are going to pay in premiums.
The first risk factor that companies providing individual health insurance quotes look at when one wants to apply for individual health insurance is age. It is a known fact that as people get older the chances of contracting disease goes up as compared to a younger person. Read more…