Wednesday, September 17, 2014

Property Insurance Comes In Many Varieties

Property insurance is a fairly straightforward concept that can become confusing if you don't know what kind of policies protect against which kinds of perils. In general, if you own property of any kind, it could face damage or destruction or its use could result in damage or destruction to other people's things, such as a car, truck, van or other vehicles that is wrecked during an accident. In such cases, a good insurance plan will pay to costs to repair or replace the damaged or destroyed items up to policy limits and minus any deductibles that might apply.
Another threat people who own things face include if someone is injured or killed due to some sort of use involving the insured property. That could mean something as simple as a slip and fall while coming or going or could be more serious, such as a permanent disability or worse, death, resulting from the use of the insured item or parcel. And that could leave the owner in serious financial trouble without the right kind of protection in place. Without the proper coverage, it would be possible to lose virtually all assets and even future earnings if facing a lawsuit resulting in a large judgment against the owner.
Fortunately, insurance can reduce the risk of going bankrupt or losing everything due to liability arising from use of an insured item or parcel. Liability of course, is the legal obligation to care for what is owned and ensures others are not harmed or their things damaged while on an insured parcel or other tangible asset, such as a home or car. And when liability coverage is in place, the policy will pay up to its limits for the injuries or damages.
In addition to monetary limits, there are other limitations on such policies. A deductible typically would apply in the event of a total loss or damage to the insured item, home or parcel. A deductible is designed to keep litigation at a minimum and stop the potential for several claims being filed as a result of small incidents that inflict only a small amount of monetary loss to the policyholder. Deductibles might range from zero dollars to $1,000 or more on a car, for example. And possibly even higher for a home or other insured parcel. And if the insured item is harmed, the policyholder must pay for those costs rather than file a claim if they fall within the range of the deductible.
Deductibles do not apply if causing injury or damage to somebody else or their property, which prevents yet more possible lawsuits from being filed and running up costs even more than they already might be. Deductibles are designed to reduce costs for insurers as well as policyholders and can make rates more affordable when purchasing coverage.

Personal Inland Marine Insurance Plans

When a property owner has a normal homeowners, condominium or renters policy in effect, there are low limits on the coverage available for high-dollar items, like rare art, jewelry, gold and silver items and other costly personal property. But a personal inland marine plan can protect such costly items while giving broad risk protection.
When there is a gap in property coverage, expensive personal items can be left uninsured or not fully protected in the event of a total loss. If valuable firearms, musical instruments, furs or other items are stolen or destroyed by fire or some other peril, there might not be enough coverage to replace them or fully reimburse the policyholder. But a personal inland marine insurance policy can provide coverage to repair or replace such insured items and not leave their owners in the lurch if a total loss occurs.
Without inland marine protection, property owners might be left with no hope of replacing their lost valuables if the loss is caused by a peril for which there is no coverage in their homeowners, condo owners or renters insurance plans. And if those items are being transported and are damaged or destroyed in the process, an inland marine rider would repair, replace or reimburse the policyholder up to coverage limits and minus any deductible amounts.
Some property and casualty firms offer several kinds of coverage to protect the valuable items homeowners, condominium and renters plans do not protect. Insurance coverage can be written for individual items, each with their own coverage limits, such as when a particular piece of artwork might be much more valuable than any other personal items. Coverage also can be had that provides blanket protection for high value items instead of listing them individually. In such cases, settlements are negotiated on an individual basis, taking into account factors such as depreciation and rarity when determining a final payout for insured losses.
An Inland marine plan can protect expensive items on an agreed-value basis, which determines the value of the insured item at the time the policy is written. If a loss occurs, the insurer simply pays the policyholder rather than attempting to replace the item. Repairs will be made doing so will cost less and would not significantly impact the value of the insured item. If a repaired item would wind up nearly worthless as a result, then it would not be repaired. Instead, it would be declared a total loss and payment made up to coverage limits and minus any deductibles.

Mold Infestation and Home Insurance

There have been many viral stories about homeowners who had living nightmares of mold infestation. Although these stories might be taken for granted by some of us, it is a problem that is actually occurring on a large-scale basis.
Aside from property damage, there are other problems associated with mold infestation. One such problem concerns the health of your family. Molds have tiny spores in them which can become airborne. They can enter the human body through our openings like the ears, nose, and mouth and cause subsequent health problems commonly targeting the respiratory system. Because of the problems associated with uncontrolled mold growth, many homeowners are now seeking for home insurance covering mold infestation. But the big problem lies with home insurance coverage policies themselves.
A lot of home insurance companies have become exhausted of the tremendous claims arising from mold infestation. As such, there have been limits while others have excluded mold problems to their clauses. Majority of them are just offering insurance for water-related damages to properties such as those arising from bursting water pipes and flood. While homeowners can get help for these instances, new problems can arise after the water has subsided. Molds start to grow and reproduce rapidly.
With uncontrolled mold growth, house parts and the things inside start to fade their visual appeals. The mold population also contributes to foul odor inside the house while the spores pose threat to the inhabitants. According to medical experts, long-term exposure to molds can actually cause poisoning to humans.
There can be other options if your insurance can't over mold infestation. One option which has become popular for some fractions of home owners is the so-called buy-back endorsement. This is a limited mold insurance coverage in exchange for more money for your premiums. You can also look for companies which have clauses referring to coverage of testing and clean up of the mold population inside the house.
As a homeowner, you should also properly educate yourself about molds, their nature, how they reproduce, and what you can do to prevent a possible mold infestation in your house. There are a lot of preventive measures which can stop the thriving of molds in parts of your house. Here are some of them.
  1. Air conditioners and humidifiers should both be used assuring that the humidity level inside your house is maintained between 30 to 50%.
  2. There should be properly installed attic and crawl-space ventilation systems.
  3. Cold surfaces of the house such as windows, walls, pipes, and roofs should be insulated.
  4. Plumbing problems should be solved immediately.
  5. Frequently wet areas like the laundry and bath room should not be carpeted. The same principle applies to the kitchen and basement too.
  6. Cracks and holes in the basement walls should be patched immediately.
Mold infestation is really a nuisance in attaining comfortable living. When overlooked, it can bring damages not only to your house. It can also render your house unsellable.
Desare Kohn-Laski is a proud and experienced Florida realtor who is knowledgeable and familiar of the East Coast Florida real estate market. Some of the areas of her service include Parkland, Fort Lauderdale, and Hallandale Beach. Stop the chase for your dream house with her professional assistance.

What Is Buildings Insurance?

When you own a building for letting purposes, you might want to consider insurance that will cover subsidence and structural damage to the property. Landlord buildings insurance will pay for a total rebuild of your property in the event of flooding or fire.
Is it worth paying for?
Like any kind of insurance, paying it every month is a cost that seems endless, until something happens, then you'll be glad you have it. You could pay your premiums for years and never claim, but that's just the way insurance works.
Is my contents covered with buildings insurance?
No, you need another policy to cover the value of the contents within the building; your building insurance will not cover contents of any value. You will need to pay another premium as well as your buildings cover.
How much will the insurers pay?
The insurance company will pay for the value of the property, therefore it is import you tell them the full value from the start of your policy. If you don't, you'll find that you have a rather nasty shock because you'll need to pay for it yourself.
If your property is valued at £200,000, tell your insurance advisor this when they're on the phone to you. This will cover the whole amount and you'll be in safe hands from the on.
What will the insurance company pay for?
  • They will replace the hot water boilers, radiators and copper pipes as well as drying out the property if your flooded out.
  • If your front door is damages, they will pay for this too.
  • Damage to flooring and walls, if flooding hits.
  • While the property is being fixed and becomes uninhabitable, your tenant will get alternative accommodation.
What's the best way to get a policy?
In today's world, there are loads of insurance companies willing to take your money, you need to find one that looks after you as a landlord and places the money bit last.
Can I do without it?
If you're the kind of person that works on ethics, you will need this cover even if you have no mortgage on the property, it's better to have it, than not to have it.

Get A Great Deal On Redundancy Mortgage Protection

One of the greatest fears of redundancy is the fact that you would not be able to pay your mortgage or any of the debts you have incurred. If you cannot pay your mortgage, chances are that you might lose your home. It would there be wise to provide for the loss of income by adding redundancy mortgage protection. One of the ways in which to prevent this is to have redundancy mortgage protection added to the insurance policy of your bond. This will ensure that you are able to meet the payments of the bond at the time of no income.
There are a few methods in which this can be achieved:
  1. You can visit a website that would give you the options you need. These websites usually give you the option of getting quotes from different companies and compiling quotes for you. This way you are able to compare pricing without having to browse from one website to another.
  2. An insurance broker could also be of great help. This is even better as they are able to give you comparative costs as well, but can also explain to you the intricacies of the different insurance types.
The mortgage insurance can include the redundancy policy or you could add it on to the insurance at a later stage. The income loss policy is not the same as the life insurance policy. It is important that you:
  1. Sit down with the lender, either at the start when you add the mortgage insurance and the life insurance on the loan, or at a later stage.
  2. This is where you would need to add the mortgage protection for when you are made redundant. Many people do not think about this aspect and are often caught unawares, and have to give up their homes as a result of non-payment.
  3. The options for this type of policy are:
    1. Income protection: The income protection policies can be a separate policy from the mortgage insurance and the life insurance.
    2. It is also called the mortgage protection policy and the broker or the website you are using could help with calculating life insurance as well as the income protection policy.
    3. This would mean that you do not have to pay separate premiums. If it is added at a later stage you will have to pay separate premiums, unless your lender can arrange for a combined premium. Banks are usually able to do so.
With all the different policies available, one has the tendency not to think about the redundancy mortgage protection plan. You do, however, have ample time to add it on once the mortgage loan and life insurance is in place. The difficulty is just that you would then have to pay the premium separately.

Monday, September 8, 2014

About importance of insurance

In simple words, insurance is a concept, which involves two parties namely, the insurer and the insured, who is also referred to as the policyholder. The insurer is the insurance company, whereas the policyholder is the one who avails the service. In this process, the policyholder has to pay a certain amount of fees at prescribed time intervals to the company, and in turn, the insurer agrees to bear the financial losses and expenses of the policyholder. Insurance is most helpful in cases of property loss, in business, loss of life, substantial medical expenses, damage to automobiles in case of accidents, etc.

If you are thinking about its importance in risk management, it protects the business from shutting down in the event of any property loss. The losses can be incurred by any means of destruction, such as fire, floods, storms, and many other natural calamities. Financial losses that may arise due to a major theft can be covered. In addition to the property losses, business insurance is significant, as it may also cover a part of the amount to be paid in case of losing to a lawsuit. This is, no doubt, the best way to protect the organizations from major losses.

In the working of these policies, you keep paying the premium periodically, and in case of death, the insurer has to pay a particular amount to the nominees, who are primarily your family members, and those dependent on your financial support. The amount to be received by the family, in case of death, depends on the policy you choose. Even if you are covered with a policy that is provided by your employer, it is always better to have your own. The policy of the employer may just include an amount which is twice the annual pay; however, other policies may allow up to ten times the yearly pay.

It plays an important role in covering the prescribed medical expenses. In this, you have to pay the premium, for which the expenses on your medical bills are paid by the respective company. Remember that the expenses will only be covered, if the insured becomes ill due to the causes covered in the policy. As the costs for medical treatments are rising, it is suggested to avail a good healthcare plan.

This is nothing but the cover for the damages incurred due to car accidents. This is the best option to stop worrying about the expenses to be paid in case of a car crash. In US alone, more than 1200 road accidents take place. There are many types of policies, which have a cover for specifics in the accidents. Some types may cover damages caused by vandalism, fire, robbery, and natural disasters. Before deciding on the policy, understand all the aspects that are covered.

Having moving insurance

Having insurance always helps, and that is why financial planners always stress on having the right policy to protect us from untimely or unexpected financial expenses. Life insurance, health insurance, automobile insurance are the main types of insurance. However, when we are moving base from one place to another, having moving insurance always helps to get compensation for sudden expenses.

Insurance Provided by Home Insurers
There are many companies which offer moving insurance for the home insurance policy owners. However, to be on the safer side all people having home insurance should discuss and confirm with the company officials if the clause is mentioned in their agreement or not. If your home insurer is not offering you the insurance, then you should ask if you can get it after payment of a special premium.

Insurance Provided by Moving Company
Moving companies also offer insurance to their customers based on certain terms and conditions. Moving companies have their own set of rules, and it is quite possible that they will not cover some select goods for insurance. So, it is better to get all things clarified before you move with them. One of the prominent conditions laid down by moving companies offering insurance is that you can get the insurance amount for losses in transit, only if the goods have been packed by the company. Transportation of goods can sometimes lead to damage of your property and hence, you should check with the moving company if it has a policy of offering compensation for the damaged premises. Most reputed companies do offer their customer insurance benefits in case of damage to their properties.

Moving Insurance Types

Like for Like Insurance Cover
In this type, insurance rates are charged as per the weight of the items. The insurance company will be charging you separate a fee for every item it will carry for you. Though unlimited coverage is offered under this scheme, the insurance payout would increase with a rise in weight of the goods.

Value Coverage Insurance
In the value coverage insurance, moving companies decide the insurance premium to be paid, depending on the real value of the goods to be transported. This insurance offering starts with the insurance seeker declaring the prices of the goods to be carried to the moving company. Based on this information, the company will charge the insurance seeker for the insurance cover. So, naturally the costlier items will come with a higher premium as compared to cheaper items. One thing to note, here, is that you won't get insurance benefit if the prices of goods declared by you are found to be incorrect.

All-inclusive Insurance Cover
As the name suggests, inclusive insurance cover consists of all the charges and hence, a person is not required to pay any more amount in the form of insurance premium. However, the chances of getting high amount as compensation is very low in this kind of insurance and the coverage will be extremely limited.

Full Replacement Value (Against Inventory)
In this type of insurance, company will prepare a list of items which are to be covered and decides their replacement value. All those items not included in this list are not insured, and people seeking insurance have to declare all their personal belongings. If this is not done, then they will not get insurance cover for the entire shipment.

Full Replacement Value (Lump Sum)
This kind of insurance offering is much easier to understand as compared to other types of moving insurance. In this insurance type, insurance seekers will declare an amount which they would like to have as insurance cover for the shipment.

Limited Insurance Coverage
The limited insurance coverage, which is also called the named perils insurance will give insurance benefit only if the cause of loss is mentioned in the insurance agreement and discussed with the insurance seeker before. Though you do not get coverage for loses during loading and unloading of goods, you can get coverage during storage and transportation periods.

Select Inventory Coverage
This is a kind of insurance coverage in which insurance benefit is received only for items finalized by the customer. The value paid as insurance benefit would be equal to the replacement value declared by the customer.

Thursday, September 4, 2014

Insurance an effective approach to manage financial losses

One of the reasons why event insurance is beneficial is because it can cover different events. Although you get one policy, the coverage has many uses. You can take this policy for a business conference, trip, speaking engagement, parties, weddings and seminars. Anytime there is an event taking place, there is usually a form of security deposit that is at risk. With this insurance, the loss of this money is prevented. This insurance is an effective approach to manage financial losses. Here is the coverage that you should expect from this insurance:

1. Cancellation of the event. This also includes postponement or relocation of the event. There are times when you plan an event but needs to be cancelled last minute because of the weather, strike, natural disaster or terrorism. No matter how much you plan for an event, there are cases where there is low attendance or losses because of unavoidable circumstances. Event liability insurance will assist in recovering from the losses you incurred in planning and other costs of the event. This insurance can also cover product liability so that you can enjoy yourself in the event without having to worry about the safety of your guests.

2. Special event insurance is the best cover for exhibitions and trade conventions. This is very important for your business as accidents usually happen when we least expect it. Although you can consult an attorney and file a claim, the best recourse is to rely on this cover to immediately assist the business in recovering from the loss.

3. People who are celebrating an occasion such as a wedding or a party can obtain one day event insurance. You are usually held legally responsible should an accident happen that leads to injuries of those in attendance. There are cases where it might be difficult to repay everyone or take care of health costs in the event of an accident or injuries. Additionally, you might have hired premises and damaged the property. These accidents happen. It means that there are certain administrative charges that you will need to pay for the losses. With this insurance, you can be sure that the cover will be of assistance.

Insurance as practically a necessity to business activity

Getting the right insurance to cover an individual, their home, health, assets, business, family, etc, is an ongoing process that needs to be reviewed at different stages of your life. The importance of insurance in modern economies is unquestioned and has been recognized for centuries. Insurance is practically a necessity to business activity and enterprise. But insurance also serves a broad public interest far beyond its role in business affairs and its protection of a large part of the country's wealth. It is the essential means by which the disaster to an individual is shared by many, the disaster to a community is shared by other communities; great catastrophes are thereby lessened, and, may be, repaired.

There are some insurance policies that are of utmost importance. Living without them in modern times is a risk no one should dare take. The policies are:

• Auto Insurance: Every state requires car owners to have some sort of car insurance, especially liability insurance. If you get in an accident and it's your fault, the victims of your negligence can sue you and own everything you own. That doesn't mean everyone needs comprehensive auto insurance. For example, if you drive a clunker, you probably don't want collision insurance.

• Health insurance: should be viewed as a necessity for the vast majority of Americans, with the possible exception of those who receive Medicaid or Medicare. Only the richest of the rich can afford to pay out of pocket for medical expenses, which range from hundreds of dollars for routine doctor visits to thousands for more serious illnesses or broken bones. Premiums aren't cheap, but not having health insurance can cost middle-class Americans way more than they can afford, including their homes and their savings.

• Life Insurance: If you're single and you have no children, you can go without life insurance, but if anyone depends on you financially, you need life insurance. How much do you need? How much more money will you likely earn during the rest of your working years? Add that figure to what your funeral will cost, and that's the minimum amount of coverage you should buy. Life insurance is more affordable than ever, but the best rates are for the youngest and healthiest, and when you apply, expect to undergo a thorough physical examination, which include blood and urine tests.

• Property Insurance: If you own a house, or any other property, chances are it is your most valuable asset. Why wouldn't you want to protect it? If your property is not paid off, the bank or company that gave you a loan will require you to have insurance, but some people who pay off their mortgages make the mistake of dropping their coverage. You should buy as much insurance to allow you to replace the house if it was destroyed, and you also might want to buy a policy that covers the contents. If you don't own a house, you should buy contents coverage because your most valuable assets may be the contents of your apartments.

Different types of commercial insurance

There are a number of different types of commercial insurance policies. The type of business you run will determine the types of policies that will best protect your investment. All businesses should have general liability insurance. If someone is injured by you, your product, your services, or one of your employees, this type of policy will provide you with a defense, and it will pay any damages associated with the alleged loss. Most businesses will benefit from protection offered by property insurance, which insures against the loss of the location, inventory, or equipment. These types of policies may also insure the property of your clients within your control. For example, if you own a watch repair business that burns down, destroying the watches you are repairing, your policy will cover the loss of the watches

If your business involves transporting employees or equipment in vehicles, obtaining a commercial insurance auto policy is a wise decision. A commercial auto policy protects damage resulting from collisions. It can also cover any damage caused by employees driving their own vehicles for company business. Companies providing professional services should consider professional liability insurance, which is also known as malpractice, or errors and omissions insurance. This type of policy covers lawyers, accountants, notaries, real estate agents, hair salons, and others, for damages associated with improper service

The sheer number of available policies can be intimidating, and expensive. You may want to inquire about a business policy, which provides a bundle of services at a discounted premium.
Finally, there are a number of steps you can take to help ensure that you do not need to use any of your various policies. Hire a competent attorney to review contracts or advise you on business practices. Incorporating your business will protect your personal assets from seizure, in the event the business is found liable.