Archive for June, 2013

Are You Fully Covered?

Everyone has a unique set of needs when it comes to homeowners insurances. Finding a policy that meets your coverage and price demands can be challenging. By learning to compare policies based on factors such as cost, legal restrictions, and the company’s ability to address your coverage concerns, sorting through the many different policies and selecting the perfect one for you can be made a little easier.

It is important to understand all the things home insurance can protect against. The most overlooked and unknown aspect of home insurance is personal liability coverage. Personal liability covers you legally in case someone is injured while on your property. This coverage pays for medical expenses for people who are accidentally injured on your property. For example, if a neighbor’s child is injured while playing in your home, the medical payments portion of your home insurance policy will pay for necessary medical expenses. This type of coverage also prevents lawsuits from scenarios like your dog biting someone, or the mailman slipping on a wet driveway. However, this insurance will only cover the cost of medical bills of people who are injured that are not in your immediate family.

Another type of coverage that is often overlooked is flood insurance. An insurance company does not typically provide it unless you purchase a premium policy. Insuring your home against flood damage is especially important if it is located on a flood plain.

Decide on how much coverage you desire or need for your home. Many people will pay more on home insurance than their home is actually worth over a period of time. In the event that your home is old or of low value, it is often advisable to consider a limited insurance policy that protects you from high-cost risks that you can’t control which aren’t directly related to the value of the home. Some examples might include your personal possessions inside the home, personal liability, and fire caused by lightning.

Because of the variety of different types of insurance policies, it is becoming increasingly important to understand the ins and outs of home insurance. You may be unknowingly paying to have things included in your policy that you don’t necessarily need, while leaving out some of the things you do. So before you purchase or modify your plan, do your research.


Keep Your Life Insurance Policy From Lapsing

Sometimes bills get lost or misplaced and next thing you know, you have missed a payment. When it comes to life insurance it’s extra important not to miss payments, because if you do your policy could lapse.

A lapsed life insurance policy means that your beneficiaries are no longer entitled to the death benefits outlined in the policy. Without a life insurance policy, you may be leaving your loved ones open to financial struggles once you pass away.

If you are a little late on one payment, don’t stress too much, as most life insurance companies have a 30 to 31 day grace period. This allows you to be late on your premium payment without disruption to your policy. However, if your payment is later than 31 days or doesn’t come at all, you could lose the policy entirely.

If you’d like to keep the same policy but it has lapsed, you typically have to contact the life insurance company and apply for reinstatement. If your health has changed in any way since you purchased the life insurance policy, you must indicate this information and your premium rates could go up or you could be denied coverage completely. If you have a high-risk condition or disease, it’s extremely important to not let your policy lapse, because you are not guaranteed coverage once it’s gone.

It’s important to make sure you are purchasing a policy you can afford. Don’t let the life insurance rates be a bill that you struggle to pay each month or year. Use a life insurance calculator to determine exactly how much coverage you need, and purchase only that amount.

Once your life insurance policy is purchased and it’s time to start making premium payments, select a payment schedule you are comfortable with. You can typically make payments annually or monthly. Many life insurance companies also offer auto-pay options, so that the payment comes out of your account automatically. If you often miss payment deadlines, an auto-pay schedule may be the right choice for you.

Do your best to stay organized and keep all your life insurance information in one place or folder. Being aware of what is expected of you and when payments are due will help you avoid a lapsed policy in the long run.


Insurance Gives You Peace of Mind

Original Article for

In today’s world, insurance is a basic necessity. It allows you to live essentially worry free. Absolved from the fear that your financial status will be drastically changed if Mother Nature decides to grace you with her sometimes-unkind presence.

“Natural disasters such as floods, hurricanes and earthquakes are common nowadays. No one knows when these disasters can strike; it is equally evident that when these disasters occur they cause serious damage. A person who has insured his or her house and property against such natural disaster will be at peace when they occur, the insurance company will be obliged to compensate the policy holder in an event of such eventuality.”

There is no value that can be placed on peace of mind.

“When you are living in a house which is insured, you have a peace of mind and at the same time confident that in case of any eventuality your financial status will not be affected. All that is needed is to ensure that you have taken the right home insurance policy, one that covers most of the property as well as inclusion of most of the perils.”

Certain occurrences are unpreventable, and you can’t go back and insure something after it has already been destroyed. However, you can be proactive and take the initiative to protect your family’s financial security by being properly insured.