Insure Today Blog is an informational site about all the different kinds of insurance and our goal is to keep our readers informed about insurance trends, tips how to save on insurance premiums and what to look for in insurance policies.
We keep you up to date with both local and international trends in insurance and hope that all our readers will find the facts provided in this site useful.
Insurance should not be taken lightly and it is usually the person that compares a variety of insurance products that ends up with better insurance packages at better premiums.
You can learn more about life insurance, short term insurance, health insurance and travel insurance. Cancer insurance is a new trend in the insurance market. Read more about it here. We also provide you with a guide to basic insurance terminology that will explain some basic insurance trends.
The valuable insurance tips presented here, may just save you some money. We hope that you find what you are looking for.
The cost of personal computers and laptops make it necessary to have them insured.
You can even insure computer accessories and your cover depends on individual insurance packages.
Computer Insurance Coverage under Homeowners Policy
The majority of Insurance Companies insure laptops and personal computers under their Home Contents Package. Your personal computer will fall under home contents, while your laptop will generally resort under the Portable Possessions section of your Homeowners Policy.
Home contents insurance covers all loose contents of your home against fire, flood, loss and damage. It is wise to find out exactly what your particular policy covers before an unforeseen event occurs.
Replacement cost vs actual cash value
Replacement cost is usually at least 10 percent more expensive as compared to actual cash value. Keep in mind that the value of these items depreciate fast. The reimbursement you get on replacement cost is the same as the current cost of your computer and not the depreciated cost you would get with an actual cash value policy.
Rather insure your computer for replacement value. This means that you may have to specify a higher amount than the general amount allocated in a basic policy.
Laptop and portable computer insurance
Laptops are considered as portable possessions that can be taken with you when you step out of the house. As mentioned earlier, if the value of your laptop exceeds the amount specified in the policy, you will have to specify a more realistic amount to the insurer.
Always keep the receipt when you buy a laptop, personal computer or any valuable computer accessories.
Who needs Computer Insurance?
Students, business professionals, small business owners, schools and home users all need computer insurance. Another tip is to buy an extended warranty when you buy your new laptop or personal computer. This will cover you against mechanical breakdown, electrical failure and other eventualities specified in the warranty.
Save money on insurance and avoid making serious mistakes when you shop for insurance policies with these 7 rules as a guide.
Rule 1: Financial Risks
Only buy insurance for financial risks you cannot manage on your own. Don’t handle insurance as a way to cover any or all losses no matter how small or insignificant. This is a waste of money. Insuring your home with homeowners insurance is a good choice, but taking out expensive, comprehensive insurance for a very old car is a waste of money.
Rule 2: Shop Around
Get a few insurance quotes from different Insurance Companies. Most Insurance Companies provide an online quote service, as well as a telephonic quote service via state of the art call centers. Do not immediately accept the first or cheapest quote. Make sure that the policy covers your lifestyle and individual needs.
Companies that sell directly to the client will also save you additional money for a middleman or broker. Have a look at the benefits the different companies offer, as well as any low-cost Additional Options provided to enhance your basic policy.
Rule 3: Never Lie on a Policy Application
Your policy can be cancelled if it is discovered that you have given incorrect information.
Health, life, and disability insurers run severe background checks on applicants through the Medical Information Bureau, so you can get caught when providing inaccurate information.
Rule 4: Don’t Buy Specific-Risk Policies
Your insurance should provide the broadest coverage you can get. Buying insurance cover against specific illnesses like cancer defeats the purpose of having an insurance policy. If you have ulcers or other medical issues, your cancer insurance will not help you. A much safer option will be to get comprehensive medical coverage instead.
Rule 5: Never Cancel One Policy until You Have a Replacement Policy in Place
You will be uninsured for however long it takes to get a new policy. And if disaster strikes during this period, you could be financially ruined. This rule applies to everyone, but especially for the elderly, since older folks sometimes have trouble getting health and life insurance. Please keep this important information in mind!
Rule 6: Get a High Deductible or Excess
You save money by having insurance policies with high Excess or Deductibles. The premium for high-deductible policies is always lower. Not only that, but you save yourself all the trouble of filing a claim and needing to haggle with insurance company representatives if you have a high deductible and you don’t need to make as many claims.
Lately, most Insurance Companies are offering to pay cash back to policy holders after 4 or more years remaining claim-free. This should be an additional incentive not to claim for any and every mishap.
Note: The more you claim, the more inflated your premiums will become, due toe being viewed as high-risk by your insurance company.
Rule 7: Rainy Day Account
While you can save money on your insurance premiums by following the rules mentioned earlier, it’s probably a big mistake to use that money for, say, a trip to Hawaii. Instead, use any savings to build a nice-sized rainy day fund that you can draw on to pay deductibles. A big enough rainy day fund can cover both periods of unemployment and your insurance deductibles.
Keep these guidelines in mind and you may save more money than you expect on the long run!
Everything you need to know about travel insurance
Why do we need travel insurance? Travel insurance protects travelers against adverse events such as cancellation and interruption of travel. It reimburses the traveler regarding medical expenses incurred, loss or damage of property and transit delays.
How can you make the most of your travel insurance?
There are four main categories of travel insurance, namely Health & Medical, Delays & Cancellation, Death and Damage or Loss of property.
Emergency evacuation: Guarantees emergency transportation to either a local hospital in the event that the traveler is unable to use own form of transport. Another option is to have the traveler transported to a hospital closer to home. If family members are covered on the same policy, they can also travel back to their home destination with the patient.
Medical reasons: Reimburses emergency medical and dental costs incurred by travelers. The majority of holiday insurance policies reimburse the traveler after they have paid locally for treatment. Medical claims are usually paid within 7 – 10 working days. Pre-existing medical conditions are covered by most policies if the policy is purchased within a maximum period of 21 days from the date the traveler made the first payment or deposit.
Cancellation: Reimbursement comes into effect if travelers have booked and paid for a holiday, but are unable to follow through with their plans due to personal illness or injury, death of either the individual or a family member, adverse weather conditions, transport strikes, terrorism, sudden unforeseen unemployment or by sustaining serious damage to their home caused by a natural disaster.
Delay: Travelers are reimbursed for hotel, food or clothing expenses in the event of a flight delay.
Interruption: Insurance companies usually reimburse travelers abroad if they have to cut their trip short due to illness, death, terrorism, weather, airline strikes and other adverse conditions. These conditions refer to events outside the control of the traveler.
Accidental death: Covers death or dismemberment at any time of your trip.
Air Flight accident: Covers death or dismemberment during an air flight only.
Common carrier: Covers death or dismemberment of the traveler while traveling on public transport such as a plane, ferry, train bus or taxi.
Baggage loss: Reimburses a traveler for lost, stolen or damaged personal items. This coverage is usually not confined to baggage damaged or lost by the airline, but covers the duration of the trip.
Hire Car damage: Reimburses travelers for damage or loss to a rental vehicle. Liability coverage should still be purchased through the car rental company.
Assistance services: Guarantees a 24-hour telephone advice and assistance service to travelers. This service can be used anytime a traveler needs advice. Be sure to keep this number in several places in your luggage or on your person when you move around.
We trust that these travel insurance guidelines will alert you to the issues you should address when taking out travel insurance for your next trip.