The Importance of Having Property Insurance

Owning a residential property can be very costly. The mortgage itself eats up a large portion of your housing budget, but furnishings, repairs, property taxes and insurance increase your monthly financial commitment even more. For some people, paying for their home's indemnity against future and uncertain loss can be a burden but what they don't realize is its importance especially when it comes to having a sense of security in case of accidents.

Covers the Home's Structure

Homeowners insurance covers the cost to rebuild your entire home if the damage falls under the scope stipulated on the policy. It is the amount of coverage that will determine how much the company will pay in rebuilding the home's structure. While it is the company who does the calculation, it is still very important that you verify if the amount is accurate. By insuring your property, you are actually protecting yourself from financial hardship should damage to your home occur.

Pays to Replace Your Belongings

In the event of serious damage, a standard home policy will also cover your belongings. You basically need this type of indemnity so you don't have to go without the necessities in case something happens to your house. It is good to take an inventory and keep a list of all the things you own as this will help you make a pretty accurate estimate of how much coverage you will need. For high-value items such as antiques and other art pieces, make sure you have a rider to ensure coverage. A rider is extra insurance for specific belongings attached to a regular policy.

Provides Liability Insurance

Sometimes, no matter how cautious you are, accidents still happen. Your guest can slip and break a bone or your dog could bite your friend who came over to visit. While you hope you never have to worry about dealing with these kinds of problems, it is important that you are ready in case something awful happens. Protecting yourself with liability insurance will ensure that injuries other people sustain on your property are covered.

Fulfills Mortgage Contract

If you are one of those homeowners who carries a mortgage on your property, then you should know that your contract likely requires you to have an insurance policy. Bear in mind that the lender has a financial interest in your home and this is the reason why insurance is important. Most companies will place an insurance policy on your home in case you don't have one however it will be a lot cheaper on your end if you find yourself one than settle on what the mortgage company provides you.

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How to Make Annual Travel Insurance Work for You

Travel Insurance

Holidays used be a luxury: generations ago, the idea of crossing nations was intimidating for its expense and difficulty, while the concept of crossing oceans was only possible for the lucky few. Nowadays, packing your bags for a trip is almost an expectation for many middle-class families, and the travel industry is booming.

The need for travel insurance has grown as well and, while many travel now and then, there some families and individuals who can afford regular trips. If this is the case for you and your family, you need to consider how to make annual travel insurance work for you.

Choose the right provider

The first step is probably the most obvious. Choosing the provider of your policy comes with its own set of expectations, including reliability, efficiency, and, of course, value for money. But picking an annual travel insurance policy from the plethora of companies flooding an already bursting market can seem daunting. The key is to focus on the quality of a provider's guarantees, matched with the openness and simplicity of their plans. Solid, small and reliable firms are usually backed up by larger insurers, and offer plans which, while simple to quote and easy to book online, always come with a clear explanation of exactly what you can expect if you plan your regular trips. Choose wisely, and whether you're heading off to Spain on short weekend trips or have a few conventions to cover in Ireland over the summer, you know you have a policy you can trust.

Choose the right plan

Even the smallest providers will offer a range of plans. It's not always a simple matter of narrowing down a number of annual travel insurance plans offered by a few companies and going with your gut instinct. The intelligent way to make your plan work for you is to ensure you only pay for what you need. Year-round cover varies, and whether you are a businessperson, family, couple, or individual will, along with other factors, affect the efficacy and cost-efficiency of your plan. Checking the fine print will save you from paying for things you might never need.

Choose the right extras

The nature of annual travel insurance means that it's is based on the rather pessimistic premise of portentous injury, accidents or loss of valuables. But even if the best-case scenario occurs and you never need to make a claim, a policy can be made attractive with some potential extras. Free cover for children, cover for cruises or golf equipment, 24 hour emergency contacts and other perks can make your plan work for you all the harder even harder - and save you money!

Patrick Chong is the Managing Director of Insuremore. We provide low cost travel insurance and offer a range of policies including annual travel insurance, single-trip, multi-trip and family insurance. For all your travel cover needs, Insuremore can help you in the quickest and most cost-efficient way.

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Business Travel Insurance

Business Travel Insurance

Those in the business world can appreciate that hurdles can come out of nowhere, especially when you have a tight deadline or can't afford to have any more stress outside of what the job is outlining. While travel can be smooth, it can also throw some curve balls that can give you a major bump and headache. Travel insurance for businesses trips can be helpful to your company.

Like travel insurance that you take out for a personal trip, the coverage is going to depend on the particular plan that you choose. Some plans offer trip interruption but make sure that it's a covered reason. Other plans may have coverage for a trip delay. If so, it's important to know how long that delay needs to be since it can vary from policy to policy and/or company to company. Whatever it is that you are looking for in a policy, make sure that you go over all of the policies and choose the one that best matches your needs. I would strongly recommend that you speak with the insurance agent to get all your questions answered. This is not one of those times where not knowing won't hurt you: it can and will hurt you if you didn't read the fine print or didn't ask all your questions.

Did the business deal fall through and the meeting was cancelled? Many travel insurance policies also have the option to help cover cancelling the already paid trip. Again, always check that this is actually in the policy that you choose. It's also important that you know if there's a specific amount related to this.

Needless to say, you should go with a reputable travel insurance company and ask as many questions as you need answered. Although your travel agent can guide you to a good company, you should still do your due diligence. I would personally go with a larger, well-known company rather than a smaller, lesser-known company tat promises you lower prices. Please also remember that a travel agent is not an insurance agent. They are another person in your corner that will fight for you, but ultimately your questions and concerns should be aimed at the insurance agent that's handling your policies and claims.

In the end, investing in travel insurance for your business trips can be a very great move. While it does require some legwork, it does mean having some comfort knowing that things are not that out of control. It gives you just one more tool to get your job done at the end of the day and one step closer to closing the deal.

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Select the Right Bodily Injury Liability Options for Your Commercial Auto Insurance

One type of coverage in a commercial auto insurance policy will cover bodily injury claims. If an employee using your company vehicle causes an accident that injures others, bodily injury liability insurance will pay for costs related to those injuries. This might include hospital and medical bills, rehabilitation costs, long-term nursing care, funeral expenses, lost wages, pain and suffering. This policy may also cover your company's legal defense if you are sued as a result of your employee's involvement in the accident. In most states, bodily injury liability insurance is required by law.

When you work with the commercial auto insurance company on the details of your policy, you will select limits that will determine the amount the company will pay for a given claim. You may choose to have split limits or a combined single limit.

Split limits - This kind of limit indicates the maximum payment the company will pay per person that is injured, and the maximum payment for all injuries in the accident. For example, if your policy lists limits of $20,000/$50,000, this means the company would pay up to $20,000 per person injured, up to a maximum total of $50,000 for all injuries in a single claim.

Combined single limit (CSL) - In this case, there is no specific limit per person. A maximum total is designated that is paid for all injuries and property damage that result from a single accident. For example, your policy indicates that the insurance company will pay up to $1 million for all injury and property damage related bills resulting from an accident your employee causes.

Consider the following comparison of how coverage might apply in the case of an accident where your employee rear-ends another vehicle, and your split coverage amounts are $20,000/$50,000:

Suppose the costs for the accident were $700 for the other driver's medical costs and a $15,000 hospital bill for a passenger in the other car. Since each person's medical costs were less than the $20,000 per person and the total accident was less than $50,000, all the costs would be covered by the insurance company.

If the costs for the accident were more significant, such as $30,000 for the other driver and $20,000 for the passenger, the total amount would be covered, but the individual amount for the other driver would be greater than the individual limit. Therefore, your policy would pay the maximum amount of $20,000 for the driver and the full $20,000 for the passenger, but your company would be responsible for the remainder of the driver individual amount above the maximum.

Some important considerations with bodily injury liability:

- Most companies will require that all of your business vehicles be listed on the policy, with the same limits for each vehicle. 
- Make sure your carrier is well informed about local laws regarding bodily injury liability requirements, as some states set minimum limits. 
- Some policies have a radius restriction, based on the operating location of the vehicle. - Check with your carrier to make sure any limits fit within your business location and service area. 
- Understand what coverage your business has. There are exceptions to all types of policies, so make sure you know what may not be covered, such as intentional acts.

Bodily injury liability considerations are just one aspect of a commercial auto insurance policy. Make sure you work with an experienced carrier who will take the time to understand your business needs and develop a policy that's right for you.

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Six Reasons Every Driver Needs Auto Insurance

According to the Bureau of Transportation Statistics, there are over 254 million registered vehicles in the U.S. All of those cars, trucks, and motorcycles must be covered by insurance in order to be legally operated on public roads. Have you ever wondered why that is? Why must we pay for something we may never use? Here are six good reasons every driver should have auto insurance.

1. It's The Law

Depending on where you live, you could be subject to fines and suspension of your driving privileges if you drive without auto insurance. Some states may even impound your vehicle on the spot if you cannot produce proof of coverage.

2. It May Save You Money

If you are involved in a car accident that was your fault, liability coverage should pay for the other driver's expenses. This includes both damage to property (the vehicle) and medical costs if either party was injured. Without coverage, you must bear the entire financial burden of the accident yourself, which could be thousands of dollars.

3. It Speeds Things Along

Although accidents are always unpleasant, when you have auto insurance, your insurer will help you through the post-accident process. Not only will they deal with the other party's insurance company so you won't have to, they can also help you file a claim and even find a local auto repair shop. If you don't have coverage, however, you won't receive any help, advice, or instruction. As a result, the process could drag on for months, or even years.

4. Accidents Happen

Even if you're a great driver who has never been in a car crash, you still need coverage. Why? Well, most drivers are involved in an accident sooner or later. Whether it's your fault or the other driver's, you'll be asked to prove that you are insured. There are about six million collisions reported each year in the U.S. - that's over 16,000 accidents a day - so there's always a possibility that you'll find yourself dealing with one.

5. It Provides Supplemental Coverage

If you are involved in a serious car crash and you have a bad health plan (or no health plan), auto insurance may help. Because most policies require personal injury protection coverage, your auto policy should pay for some of your medical expenses. This safeguard can be a blessing if you sustain a serious, chronic injury that requires rehabilitation or long-term nursing care.

6. It Provides Non-Accident Protection

Even if you aren't driving, your vehicle can sustain damage from a break-in, vandalism, or Mother Nature. Depending on your auto policy, you may be able to file a claim with your insurer that will reimburse you for any damage or loss.

For these reasons, it is imperative that you carry auto insurance on every vehicle you drive.

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