Joy Olivia Miller

Archive for the ‘Insurance’ Category

Many people find it a big burden to be taking a home loan and having to pay mortgage for a number of years. Similarly many others would like to avoid thinking about insurance. Having to think of taking policy and paying annual premiums all through major part of their lives is not something everyone looks forward to.

Today you may not think of insurance for your self. But when you have a family, children and a home, you will have to think of providing for their health care, children’s education as well as home loan payments. God forbid, in case something were to happen to you what happens to your family and who will pay for your recovery and keep the boat sailing. Well the answer is: Your Insurance will pay for all this.

You should be equipped with a little bit more knowledge of the various insurance policies to help you choose the right one for you.

Do not make a mistake of signing for a insurance policy because you get a good discount and the premium is low. Understand what the policy has to offer and weigh its benefits Vs disadvantages before you go ahead.

Before singing up for the policy you should be clear of the policy offering. You need to read and understand all the conditions stipulated in the policy document along with the inclusions, exclusions and riders, which are given in fine print. This is what people miss out on most of the times and stand to suffer later.

We come across most of people getting upset with the insurance companies and dragging them to court and litigation for not paying their claims. They do not realize that they are at fault for not having read the fine prints in policy before signing up and now company cannot be held responsible for their loss.

Before buying the policy check out the options available with additional riders and risk coverage against your policy. Many times insurance companies allow you to add on substantial cover for a small increase in premium depending upon the category of risk. Ask your agency for all details and then take your decision.

Based on your income, your liabilities, assets and your age, your children’s age etc, the insurance consultant would be able to help you draw up a plan to cover life insurance, health, education, home, assets, car as well as other important risks coupled with savings too. Insurance is a long-term investment and hence it is important that you work out all in detail with professional help.

Insurance claim advance payments are not widely known by people who file claims. Often, when an insured has a loss of significant size, such as a flood, tornado, wildfire, hurricane loss or a big water damage loss, an advance payment of a portion of the anticipated settlement is issued by the insurance company. This situation also happens regularly when a business has a loss and needs money up front.

It is a customary and widely accepted practice for the insurance company to issue an advance payment in this type of instance. Be aware that there’s nothing in the standard property insurance policy that deals with advances. It is usually just a courtesy that the insurance company extends to their policyholder.

However, they don’t usually offer to do it. You have to request the advance.

Here’s an example. Joe Smith’s house is hit by lightning, and a fire damages most of the house. Joe’s policy has Building limits of $100,000, Contents limits of $50,000, ALE limits of $20,000. The house can be repaired for $70,000, which is less than the policy limits. However, the adjuster expects that the Contents loss will exceed the policy limits of $50,000, and the ALE loss will be $15,000. The adjuster sends in his first report to the insurance company, and tells them to expect the loss to be approximately $135,000 on these three parts of coverage.

The insurance company could easily issue an initial advance payment of $25,000 to $35,000 for Contents and ALE, and $40,000 to $50,000 for the Dwelling loss.

So, what do you do if your Contents are damaged and you need the most basic things, like a change of clothes and shoes? What if you need to have a contractor secure the building and put tarps on the roof to keep further rain out of the building? Most people do not have tens of thousands of dollars just lying in their bank accounts that could be used to begin repairs, or begin replacing personal property. That’s when the insurance company issues an advance.

It’s best to make your request in writing. Even if it’s just a hand-written letter, it’s best if it’s in writing. Write or type your request, keep a copy for your records, and give the copy to your adjuster. It’s also a good idea to send a duplicate copy to the claims department of your insurance company. Send it by overnight courier or certified mail. NEVER rely on the adjuster to ask for an advance on your behalf. He might get delayed with other work and it could be days before he asks. DO IT YOURSELF.

Take control of your claim, my friend! Make an EARLY request in the claims process for your advance payment!

The American auto insurance sector is characterized by the presence of a large number of players. Some are large general insurance companies that have diversified into auto insurance and some are pure play auto insurance companies. Here are some of the notable players in auto insurance business.

State Farm Insurance is one such company. It is a national insurance company and one of the biggest general insurance companies in the US. For the year 2003, the company had a revenue of about $56 billion. Headquartered in Bloomington, Illinois, State Farm Insurance is a very popular auto insurance provider in the US. With a nationwide network of branches and attractive discounts for various categories of people SFI has an edge over its competitors. SFI is also the largest insurer of cars, trucks and SUVs in the US.

American International Group or AIG is another big company. It is the second largest general insurer and also the second largest auto insurer in the US. The Farmers Insurance Group of Companies is one of the largest general insurer and the third largest auto insurer in the US. Like SFI, this company has also got a large network of branches in all the states in the US.

Apart from these, there are other players in the American market. Some of them are 21st century Auto Insurance Group, which has its strength in auto insurance space and operates in eight states. Some niche players include Auto Owners Insurance, which has been operating in the nation since 1916 and covers 22 states across the nation.

One feature of the American auto insurance space is that there is room for all players ? general insurers who have diversified into auto insurance business and auto insurance specialists.

The Houston Texas area has a very high density of apartments. As an insurance agent in that area we have a lot of interest in apartment renters insurance. Some carriers do not offer insurance in the Houston market because of the risk of hurricane. Companies that do write in Houston will charge a higher premium for the area. However even in coastal areas rates are still affordable.

Many apartments are now requiring tenants to have a renter’s insurance policy. Some customers ask for the least expensive policy that will satisfy the landlord. In Houston the minimum coverage usually costs from $10 to $15 per month. A typical policy in that price range includes $10,000 for personal property, $50,000 for liability, and $1,000 in loss or use coverage. This is a good level of coverage for the cost, and certainly better than no coverage.

For tenants with more than a small amount of personal property it may be advisable to upgrade. A mid level policy could include $25,000 in personal property, an upgrade to “replacement cost”, $100,000 in liability coverage, plus $2,500 for loss of use coverage. This might be in the $35 per month range. Other upgrades could include higher personal property and liability limits, identity theft coverage, scheduled jewelry, and possibly higher sub limits for items such as computer equipment.

(There are many rating factors so your actual premium could be more or less that the costs mentioned)

Policy’s have limitations so have an experienced agent explain details, and help select the right coverage for your needs. If your budget is tight you could get an inexpensive policy and upgrade later. Some consumers become very interested in getting coverage or upgrading after a burglary, fire, hurricane damage or other disaster. Don’t wait until it is too late!

Dental insurance is intended to cover a portion of your dental treatment charges. Most dental patients are not well informed about the facility of dental insurance. Even health and human service specialists do not fully understand dental insurance policies.

The amount of coverage you are offered depends on your contract with the insurance company. What your dental insurance company pays depends on many factors including deductibles, maximum allowable benefits, substitution clauses, and exclusion clauses.

Orthodontic dental insurance will cover a part of your orthodontic treatment expenses. Orthodontics generally deals with the corrective surgeries and treatments required to correct deformities of teeth arrangements. Treatments that involve orthodontics are quite expensive.

Atlanta Dental Group and Pacific Dental Insurance are some of the leading insurance companies that cover orthodontic dental insurances.

Orthodontic dental insurance is intended to cover both routine as well as not-so-routine dental works. Dentistry involving dental implants, root canal treatments, and orthodontic braces can get to be quite expensive.

Orthodontic dental insurance will enable you to take care of all your dental problems as they arise. This also covers oral surgery for recessed gums or the removal of wisdom teeth. If your teeth need to be re-aligned for health reasons, then the cost falls under orthodontic dental insurance.

Some of the plans of orthodontic dental insurance will not cover cosmetic surgery procedures, as they are not health related. But some orthodontic dental insurance plans do cover a part of the expenses.

It is always wise decision to take up orthodontic dental insurance policies as these treatments cost you a lot more than regular dental procedures. These policies will help you save a lot of money. You can show the policies to the physicians and get your treatments done.

Though most of the insurance companies offer orthodontic insurance policies for all ages, there are some companies that will limit treatments to patients up to the ages of 19 or 21.

With dental insurance, all you need to worry about is making your regular trips to the dentist. You can have your teeth taken care of without worrying too much about the cost; your dental insurance will cover it.

Personal Injury Protection (“PIP”) is a coverage option you can purchase on an auto insurance policy. It pays for medical expenses, lost wages, loss of household services and funeral expenses following an accident, regardless of who is at fault.

Depending on your auto policy type and the state you live in, minimum PIP coverage typically pays up to $10,000 in “reasonable and necessary” medical bills; $10,000 in lost wages, which is paid at amount of up $200 per week after the first fourteen days following the accident; $2000 in funeral expenses: and $5000 for loss of services, which is subject to a maximum of $40 per day and $200 per week.

Loss of household services would be such items as housekeeping or yard maintenance. In the event you are injured and unable to perform such tasks, your insurance company may reimburse you for these expenses up to the amount of the specified PIP limit.

Liability coverage is mandatory in 48 of the 50 states. PIP is not mandatory coverage but an important for of coverage nonetheless. It is a great benefit if you are injured in an accident. PIP will cover you regardless of who is at fault for the accident. Following an accident, you may be faced with significant medical expenses and unable to work. PIP can help cover these expenses.

While your health insurance, if insured, may be able to cover treatment caused by a motor vehicle accident, it does not cover all treatment. It may have limitations on coverage or not cover chiropractic or massage treatment.

Following an accident, PIP insurance is the primary form of insurance for medical coverage. Your health insurer would likely make you provide proof of no PIP coverage. They would only pay medical expenses in the absence of coverage. Once the PIP coverage has been exhausted, health insurance would pay for additional medical expenses per the terms of the policy.

Because PIP is such an important type of coverage, some states require you to waive PIP coverage in writing. Auto insurance companies are required to keep a copy of your signed waiver and may have to pay PIP benefits in the absence of a signed waiver form denying coverage.

You also typically have the option of purchasing higher limits of PIP coverage from your auto insurance company. For example, in Washington State, the higher optional level of PIP coverage pays up to $35,000 in medical bills; $35,000 in lost wages, paid at amount of up $700 per week after the first fourteen days following the accident; $2000 in funeral expenses: and $14,600 for loss of services, which is subject to a maximum of $40 per day.

PIP coverage may also apply in bicycle or pedestrian accident claims. A bicyclist or pedestrian injured by a vehicle is typically covered under the PIP provision of the driver’s insurance policy, regardless of fault. If the driver that strikes a pedestrian or bicyclist does not have insurance or is underinsured, the injured person may be able to use their PIP coverage or their parents’ PIP coverage to help pay for damages such as medical bills and lost wages following an accident.

Children can also be covered under their parents PIP policy. Depending on the state they live in, if for example, a child who was walking or on a bicycle was struck by a driver that did not have PIP, they may be able to use their parent’s PIP coverage.

Some auto insurance companies also offer med-pay coverage, which is different than PIP. This is more limited coverage and covers medical bills only up to specified amount, typically $5,000 and no other losses.