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Archive for June, 2010

Is Homeowners Insurance Enough In The Toughest Of Times? June 29th, 2010

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Homeowners Insurance is supposed to protect us in case of disasters. That is what we have come to expect from our homeowners insurance over the years. But what if the disaster is the costliest in U.S. History? What if your insurance agent’s home and office were destroyed in the disaster also?

That is what happened to many customers and homeowners insurance agents and companies after Katrina hit the Gulf coast. Many agents’ homes, offices and insurance Companies’ claims centers were in the same situation as their clients due to the storms. So what did they do? They set up office in tents and mobile trailers. Then Hurricane Rita blew away these temporary offices and the agents and companies set them up again. These temporary shelters acted as a communications center for all people in the surrounding areas. Local people would come by to ask questions, meet with their claims adjustors and just catch up on the news with their neighbors. Extreme circumstances dictated unconventional responses: some agents even filed claims for their clients without even talking to the clients just so they could get the claim in the queue. Allstate allowed customers to submit claims through any agent in the country and set up a priority line to assist. They sent email to agents in the areas surrounding the disaster areas to act as messengers by word of mouth to their fellow agents in the effected areas. The larger companies such as State Farm & Allstate that service claims for the national flood Insurance Program even used satellite imagery to determine damage in some neighborhoods that were entirely flooded.

Lessons Learned: Those of us not effected by these disasters can learn a few lessons about coping with future disasters from the thousands of policyholders that are still waiting to get their claims paid. As soon as possible, take steps to prevent further damage to your home if possible: such as covering the roof with a tarp if possible. You can hire a contractor if you can find one, as that would be safer for most of us than climbing on our roofs. Hold off making any repairs until you see or talk to an adjuster first. Plus, keep your receipts, as you’ll need them to prove expenses that can be re-imbursed later.

What Does Homeowners Insurance Cover?

You can generally expect your homeowners insurance to help pay for additional living expenses for up to 12-24 months while your home is being repaired. But, homeowners insurance usually pays only after they verify you have a legitimate claim. After Katrina, many insurers made an exception, automatically distributing enough to cover two weeks’ worth of additional living expense to anyone in an area subject to mandatory evacuation. Some companies even gave small advances on contents under the personal property part of their homeowners insurance policies.

If you have to wait to get your check, it helps to have cash that is easily accessible in a bank account or money market fund. Stashing cash at home isn’t a great idea because if your home burns down and you weren’t able to get to your cash, most homeowners insurance policies only cover $100-$200 in cash whether it is stolen or burned up in a fire. Your goal should be to have an emergency fund available to take care of your family for 2-4 weeks (minimum)if possible. In a disaster it might be hard to even find a local bank to get cash. Debit/credit cards with a statewide or national bank would perhaps be better.

Your biggest problem in getting your claim handled may be in either not having the proper homeowners insurance coverage or not having enough coverage. Most good homeowners insurance policies today cover up to 120% of your dwelling coverage limit. It is important that you review the dwelling limit with your agent every couple of year’s at a minimum. Homeowners insurance policies do not cover Flooding, but you should again see your agent for this coverage.

If your homeowners insurance falls short, you may qualify for money from the Federal Emergency Management Agency (FEMA) or a disaster-assistance loan from the Small Business Administration (SBA). Homeowners can borrow up to $200,000 for rebuilding and $40,000 to replace personal property at very low interest rates for up to 30 years.

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Insurance Lead Generation Expanding Your Market Share June 28th, 2010

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What to Look for in a Lead Service

If you have a successful insurance company, but still believe theres an untapped segment of the market that you havent reached, you may want to avail yourself of an online lead generating service. Insurance leads purchased from a reliable provider will not save a floundering insurance agency or make mediocre agents stellar sales people. But leads purchased from a service can certainly supplement the sales of an agency with a solid core of clients. Of course, no lead sells itself. Any contact you get, no matter how interested they may be in purchasing a policy, will take effort.

Here are some guidelines when considering an online insurance lead service:

* Be wary of any service that promises you extraordinary results.

* Make sure the leads you purchase are guaranteed against no call complaints.

* Leads should be from consumers who have requested a specific type of insurance quote (life, homeowners, medical, etc.).

* All phone numbers provided should be verified by the service.

* Fresh leads, sent within minutes of generation, are best.

* Companies that do not require a long-term commitment from you are preferable

* Go with a service that has no set up fee.

* Minimum purchases are a normal part of the businessthe range is usually $500 – $750.

* Look for a service that has a track recordfive years or more.

* A lead generating service that specializes in insurance and related products will best serve your needs.

* Examples of typical leads should be included on the companys website.

* A service that is a member of the Better Business Bureau Online is preferable.

A solid lead should contain specific types of information regarding the potential customer. A lead is an outline for your sale, providing you with more than mere contact information.

Initially, the lead will be assigned a control number that will serve to identify it and that will be useful for your and the lead services tracking. It will also contain the lead typelife, health, automobile insurance, etc., along with the date the lead was received.

Contact information will include the persons name, address, phone number and an alternate number. There should also be an e-mail address. For life insurance, there will be basic information about the potential client, including sex, age, height and weight. Any health problems and use of tobacco will be stated, along with information regarding the persons housingrent or own.

You may also receive data regarding the leads spouse, such as their age, weight, height and use of tobacco. Finally, there will be information detailing the amount of insurance and the type of policy in which they are interested. For life insurance you may receive two quotes, one for term and the other for whole life.

Other types of leads, such as health insurance, homeowners, or disability, will contain the same basic contact information but will vary greatly depending upon the type of lead it is. As an example, a good health insurance lead will provide you with information about the family members, including any health problems, use of substances and current medications.

When considering a lead generation company, be sure it is clearly stated how they get their leads, what will be in a lead and the profile of a typical lead. Companies that are an official partner with major search engines, such as MSN, Google and Yahoo, and that are recommended by high profile publications, such as the Wall Street Journal, often offer a good product. People that use the Internet are typically more educated and affluent than those who do not and thus leads from this source often make better prospects than those harvested from other places.

A lead generation company should also define what constitutes a valid lead. You should not be charged for a lead with bad contact information or that is listed in the National Do Not Call Registry. Also, a company should charge for the lead onlythat is the person you will contactand not the number of products you may sell that person.

Look for a company that will taper the number of leads you receive at a given time to meet your needs. If you have any questions or problems, ease in contacting the lead generating company, either through e-mail, chat or a toll free telephone number is a necessity.

Exploiting the Internet as an information center for your insurance business can help broaden your customer base and expand your market share, providing you with clients with whom you might otherwise never connect. Use it to your advantage.

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Homeowner And Auto Insurance Quote – What To Know About June 27th, 2010

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Homeowner And Auto Insurance Quote – What To Know About Personal Property Insurance

Did you know that if you buy your auto insurance from the same company as your homeowners insurance, you could get a discount? Many companies offer what is called a multi- discount.

Here are a few other tips for saving money when buying insurance:

1.Shop, shop, shop: Always shop around. Different underwriting guidelines may cause one company to charge more for your homeowners and/or auto policy where another company may be able to offer discounts. Get a couple of quotes and compare not only the premiums, but compare overages.

2.Deductibles: Rule of thumb, the higher the deductible, the lower the premium. Remember, however, the purpose of insurance is to make you whole in the event of an insured loss. Don’t raise your deductibles to the point where you’re spending more out of pocket than you can afford. If you currently have a $250 deductible and can live with a $500 deductible, then raise it accordingly. However, if you raise your deductible to $5,000 to save money on your premium and then suffer a loss, that first $5,000 comes out of your pocket. So, raise them only as far as you can afford.

3.Discounts : Ask for discounts. Some companies offer discounts to senior citizens which can amount to as much as 10%. Other companies offer discounts on auto policies to teens who maintain good grades (B or above). Your agent is aware of these discounts so always ask.

4.Longevity: Once you find the right insurance company, stay with them. Insurance companies like loyalty and will offer discounts for remaining with them for several years. Three to five years with the same carrier may earn a 5% discount and six years or more as much as 10%.

5.Credit Score: As unfair as it sounds, your credit score is taken into consideration when determining your premium. Know your credit score and do whatever you can to improve it.

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Do You Need Health Or Travel Insurance? June 22nd, 2010

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Obtaining medical treatment and hospital care can be costly for travelers who are injured or who become seriously ill overseas. The Social Security Medicare/Medicaid program does not provide coverage for hospital or medical services outside the United States.

Before you leave the United States, you should be informed about which medical services your health insurance will cover abroad.

Senior citizens may wish to contact the American Association of Retired Persons for information about foreign medical care coverage with Medicare supplement plans.

If your health insurance policy does not provide coverage for hospital or medical costs abroad, you are urged to purchase a temporary health policy that does provide this type of coverage. There are short-term health and emergency assistance policies designed for travelers.

You can find the names of companies that provide such policies from your travel agent, your health insurance company, or from advertisements in travel publications. In addition to health insurance, many policies include trip cancellation, baggage loss, and travel accident insurance in the same package. Some traveler’s check companies have protection policies available with the purchase of traveler’s checks.

Medical Evacuation

Although some health insurance companies may pay “customary and reasonable” hospital costs abroad, very few will pay for medical evacuation back to the United States. Medical evacuation can easily cost $10,000 or more, depending on your location and medical condition.

One of the main advantages of health and emergency assistance policies is that they often include coverage for medical evacuation to the United States. Even if your regular health insurance covers you for emergencies abroad, you should consider purchasing supplemental insurance to cover medical evacuation.

Whichever health insurance coverage you choose for travel overseas, remember to carry with you both your health insurance policy identity card and claim forms.

Do You Need Travel Insurance?

You may not need travel insurance, if you are already adequately covered by other insurance policies.

Depending on the travel insurance plan, travel insurance usually promises to cover you for cancellation or interruption of your trip, some form of emergency medical care while you are traveling, lost or stolen luggage, and various other troublesome occurrences.

Before you decide on a travel insurance plan, it is wise to investigate the plan carefully and read the fine print. You should closely check any agreements with your travel agent, tour operator, airline, or other companies involved with your travel plans. The agreements may include written guarantees.

If you have a fully refundable airline ticket, you may decide that you would not need trip cancellation/interruption insurance.

On the other hand, it may be worthwhile noting that certain insurance plans can protect you by covering the financial costs in case of the following situations:

A sudden, serious injury or illness to you, a family member, or a traveling companion.
Financial default of the airline, cruise line or tour operator.

Natural disasters or strikes that impede travel services.

A terrorist incident in a foreign city within 10 days of your scheduled arrival in that particular city.

The fact that you, a traveling member of your family, or a traveling companion were quarantined served with a court order or required to serve on a jury.

A circumstance in which you were directly involved in an accident enroute to departure for your trip.

It is a good idea to check your other insurance policies. For instance, your homeowners or tenants insurance may cover the loss or theft of your luggage.

Certain credit cards may also provide additional travel insurance, if you have used them to purchase the ticket for your trip.

Your health insurance may provide certain coverage, regardless of where you travel. But it is very important to note that some policies only partially cover medical expenses abroad. Moreover, as previously explained in the section on Health Insurance, Medicare/Medicaid will not cover hospital and medical services outside the United States.

Your travel agent should be able to advise you about the right plan for you. Before purchasing travel insurance, review the plan carefully, and be wary of buying coverage that you may already have.

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Insurance and warranties for mobility products. June 22nd, 2010

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It is now possible to take a warranty (extended) and accidental damage insurance to cover home mobility products which include adjustable beds, riser recliner chairs and stair lifts. Therefore in the event of an accidental damage including mechanical or electrical breakdown, protection will be offered.

Such warranties and insurance can be taken out on both new and used products. However before taking out a warranty it is worth considering that a new product may be covered by the manufacturers warranty.

Periods usually cover 12, 24, 36 or 48 months for new products. For used products cover can usually be taken three months after the product have been purchased and will last for 9 months. This is usually to ensure that used products are reliable before insurance and warranties commence. Upon renewal a 12 month period can be taken.

There are two main types of warranties available these are:

On Site (OS) Warranty

This warranty is the most convenience where repairs to the mobility product are carried out at you home. There may be exceptional cases were the product cannot be repaired at the home and will need to be taken away for full repairs.

Return to Base (RTB) Warranty

This warranty will result in the product being taken to a workshop for repairs. For new product be wary of this warranty as often you may be requested to return the product in it original packaging which may not always be possible.

Before taking any insurance or warranty cover be sure to read all small print, and ask any questions you may have, especially with reference to the type of warranty being offered.

It is also possible to take insurance to cover mobility scooters. There are two aspects of this type of insurance. First, to cover the scooter itself for damage, secondly to cover injuries or damage to a third party or the third parties property.

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Home Insurance Quotes June 19th, 2010

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With all the rising costs in the world consumers are looking for ways to cut costs and save money. Americans spend billions of dollars every year on their home insurance policies. It does not take a genius to figure out that every homeowner needs insurance, most people consider their home to be their greatest asset.

Thousands of homeowners are reaping the rewards that comes from filling out a FREE home insurance quote. Many are receiving 25-30% discounts on their policies while becoming more educated about the home insurance that is right for them. Here are a few tips that might help you when you are shopping for that “Perfect” insurance policy.

Increase Your Deductible

Just like auto insurance, policies have deductibles, and the same rule of thumb applies–carry the highest deductible you can afford. The higher your deductible, the more premium credit you can expect to receive from your insurance company. Your savings could reach 25% by increasing the deductible from $100 to $1000.

Improve Your Home Security

Most insurance companies offer discounts for smoke detectors, burglar alarms, dead bolts, fire extinguishers, and Neighborhood Watch Areas. Homes with a fire and burglar alarm system hooked up to a third-party monitoring company receive higher discounts than homes with local bell alarms.

Consolidate Policies

Insuring two or more vehicles with the same insurance company can save you 10 – 15% on your premiums. If you cover your homeowners insurance and auto insurance together, you can reduce your premiums by another 10 – 15%.

Construction Type

Before buying a home, consider its construction type, such as frame or concrete block and steel (CBS). A wood frame house typically costs more to insure than one built mostly of concrete.

Verify Distance To Fire Stations And Windstorm Areas

If you live in the country, you’ll probably pay higher rates for your insurance than if you lived in town. Why? Its because of the longer distance to your local fire station. If you live more than 5 miles from the nearest fire station, and more than 1,000 feet from a fire hydrant, you will most likely pay a higher premium.

Before purchasing your home, you may want to get a quote for both and flood insurance. Insurance companies may not offer you windstorm or flood coverage, depending upon the area in which you live. If your home is in a hurricane prone area and your insurance company offers windstorm coverage, then installing approved hurricane shutters should result in a premium discount.

Claims Free Record And Renewal Discounts

If you have not had a claim under your policy during the past 3 – 5 consecutive years, you could receive up to a 15% discount, depending on the insurance company. Plus, most companies will discount your premium if your policy has been in force for 3 straight years.

Mortgage Free Discounts

Some insurance companies target who have paid off their mortgage and offer them premium discounts of up to 5%.

New And Renovated Home Discounts

A majority of insurance companies offer a discount for new homes, and you may qualify if your home was built in the last 10 – 15 years. Also, a recently renovated home costs less to insure, so find out when the last major electrical, heating and plumbing update was completed on the home.

Live-In House Keeper

Some insurers offer up to a 2% premium credit if you have a live-in employee as they feel it could reduce the likelihood of burglary.

Conclusion

After reviewing the foregoing savings tips, you may think that if you added up all your credits you could receive a 70 90% reduction in your premiums. Unfortunately, it doesnt work that way. Certain safety or other measures you take may qualify you for being placed with the “preferred” company of a particular insurance group. This “preferred” company will be able to give you more premium credits than a standard company is able to.

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Business travel insurance June 19th, 2010

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Traveling is a part of our day-to-day life. We all travel because of one reason or other and can be national or international. Traveling always involves risk. So, whether you travel for pleasure or business, it always safe to travel with proper travel insurance. If your are properly insured, there is no need to worry about the risks involved in traveling like loss of luggage or baggage, flight delay, accident, medical emergency or evacuation.

Formerly, Travel Insurance was considered as a luxury. But now travelers are aware of factors that are not under their control like trip cancellation, medical emergency, evacuation, flight delay, loss of baggage etc.

There are many kinds of insurance policies. Travel Insurance comes in front of you in different shapes like Travel Health Insurance, Travel Medical Insurance, Vacation Insurance etc. Whether it a business or leisure trip, proper Travel Insurance is crucial because of many reasons. It protects your travel investment, belongings and health. You can hold travel insurance for personal and business purpose it is always true that a proper Travel Insurance makes your trip memorable.

Apart from personal insurance, Business Travel Insurance also covers computers and other business equipment of businessmen or travelers who travel for a business purpose. Business Travel Insurance makes perfect sense and is always a policy or contract under which the insurance company agrees to pay a sum of money to the insured for a damage or loss or injury as a result of some uncertain event during his trip. This can include flight delay, baggage loss, medical emergency, accident or disasters. Under a Business Travel Insurance contract, the insurer pays for business loss or damage faced by the insured during his trip.

Many things can go wrong during your business trip. This can be your baggage loss or a flight cancellation, or your destination become unreachable due to bad weather, or even you can fall ill and have to postpone the trip. You cannot control such events, but with the help of proper Business Travel Insurance, you can minimize their outcome. Whether it is a small enterprise or a large corporation, the success of a business is largely based on the dedication and hard work of the members of that organization. But it doesnt matter how industrious you are, because one disaster or catastrophe can destroy your business and wipe out all the profits. The only way to make sure that the effort and money that you invested doesnt fade away when a disaster smacks is by protecting your business with appropriate insurance.

About Author:

Adrian Rogers – For related articles and other resources, visit : http://www.buy-travel-insurance.com/

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What Factors Determine Term Life Insurance Rates June 17th, 2010

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Term life insurance policies provide a limited coverage period, which is determined by the policy owner. Term life insurance rates are actually the cheapest form of life insurance, but there are different rates for different people. This is because once the term of the policy is up you dont receive any payout from the policy. If you take out life insurance at a young age, you will get much better term life insurance rates than if you wait until you are older.

The total cost of your term life insurance rates can be tricky. Some term life insurance policies appear to cost more, but may, in fact, be cheaper when you look at the total cost of the term life insurance policy. For example, annual renewable policies increase your premiums every year and thus may appear to be more expensive than level term policies where the premiums never increase (although the initial premiums for a level term policy will be higher). But, in fact, level premium policies may involve higher costs over the policy’s full term, and become particularly expensive when you try to renew your policy at the end of the term. This is why you do have to compare term life insurance quotes.

Some of the factors that influence your term life insurance rates are:
Whether or not you smoke. Tobacco users are twice as likely to die as non﷓tobacco users while they are insured. Life insurance companies take this into account when they set their premium and cash benefits levels. You can save from 20% to 30% on premiums by quitting smoking.

Medical Record. If you have a terminal illness, it is unlikely that any life insurance company will issue a policy. In the case of heart disease, you will get a policy but your rates will be high

Occupation. if you work in a dangerous occupation, such as working on a ship that carries gas, this will put you into a higher bracket when it comes to getting rates for term insurance. You will have to shop around to compare term life insurance quotes if you are in this category.

Term life insurance rates vary a lot, and you can do something about your premiums by taking some decisions to become more healthy, like giving up smoking.

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Annual travel insurance June 14th, 2010

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Annual Travel Insurance covers you for every holiday you take for twelve consecutive months. Annual Travel Insurance is generally meant for people who take more than one holiday every year. If you are taking a three-week holiday in some destination during summer and another holiday later in the year, then Annual Travel Insurance could help you save money. Because, if you hold an Annual Travel Insurance, there is no need to spend money for purchasing insurance every time you travel.

Annual Travel Insurance is an insurance policy or contract under which the insurance company agrees to pay for loss or damage or injury encountered by you during your trip. This includes trip cancellation, evacuation, medical emergency, baggage loss etc. If you hold proper Annual Travel Insurance then your worries or anticipations regarding your safety during the trip will be no more.

Annual Travel Insurance policies cover you for one year with an unlimited number of trips. That means, you can have unlimited number of holidays or business trips as you wish and have a guarantee that for all the trips for the next twelve months you will always be covered. During this one year, you can travel as many trips you like, but no trips should exceed the maximum number of days you have selected in your policy. Annual Travel Insurance policy will cover you for a period of one year from the start date you choose. So, one has to be careful in mentioning the start date in the policy. Annual Travel Insurance gives you superior cover levels and reduced excess payments that you need to pay to make your travel insurance claim. Burglary, hijack, hospital expenses, flight delay, travel delay, cancellation, evacuation – everything is covered in a better way if you hold an Annual Travel Insurance. Annual Travel Insurance gives you complete peace of mind all throughout the year and also gives cover to your delayed baggage, loss of personal items or cash, or passport documents.

Obtaining an Annual Travel Insurance policy is very simple. First, select the destinations you wish to be covered for the next consecutive twelve months, and then select the date you want your Annual Travel Insurance to start. After that you have to clear what kind of party you need to cover, that is whether you go for single person, family, couple, group of people etc. and their age groups.

About Author:

Adrian Rogers – For related articles and other resources, visit : http://www.buy-travel-insurance.com/

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Cheap Travel Health Insurance June 14th, 2010

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We are all fond of bargains, and paying less for a given product or service and travel health insurance is not an exception. But one thing never to forget is that cheap can often get more expensive and savings are not always reasonable especially when health and life are concerned.

So be careful when you select a cheap travel health insurance plan. If the plan does not cover what happens when you are traveling, then you might regret your stinginess. Youd better find other ways to cut costs than by reducing the number of risks covered.

One way to get travel health insurance cheaper is by purchasing a multi-trip travel health insurance plan. This is applicable in the cases when you travel frequently. Another alternative for frequent travelers is purchasing annual plans or choosing a new plan that has the option of renewing it at a discount.

Another way to save money is to buy travel health insurance for a particular country only. There are companies that offer such plans, though most of the offers on the market are for any country outside the US.

If you travel with your family, then a family plan is the best option in terms of money. The same applies to group plans, if you are traveling as part of a group.

A riskier alternative is to select a plan in which not all medical expenses are covered by the insurer but you are a co-payer. In general these plans are cheaper, but there is less security for you.

How much you will save from choosing a cheaper travel health insurance plan is up to you. There are many online insurers that provide a calculator to check which of their plans are applicable for you, but never forget that cheaper is not always better. It is a bargain only if you pay less money for the same risks!

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