Property Insurance Mistakes

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Property Insurance is of the utmost importance

Costly Property Insurance Mistakes

Getting the right property and casualty insurance coverage may not rank high on your list of financial priorities. Too busy with investment decisions and estate planning issues? Well, the more successful you become, the more you have to lose. Owning property in different countries and even different states of the same country requires you to know the various insurance laws applicable.

It’s important to review all of your needs, consider specialized policies or policy options, and coordinate your coverage with other aspects of your financial situation.

Shortfall in your coverage that could prove costly

Leaving gaps in the coverage. Review coverage regularly to keep up with rising replacement costs.

1. Ignoring the unique characteristics of various properties you own. A 19th century showplace you’ve restored, can’t have Standard Homeowners coverage. Coastal homes may face flood damage, while a place in the mountains could be subject to wildfires.

2. Under insuring art and collectibles. Standard Homeowners policies have limited coverage for the losses of certain valuables. Some of it may need a specialized policy. You’ll need a professional appraisal with frequent updates as items appreciate or additional items are added.

3. Omitting to insure household employees. You could be liable for medical expenses and lost wages if your employee is hurt on the job. As a household employer you might be required to contribute to a workers’ compensation fund. If an employee drives your car, include him/her on your policy.

4. Failing to have a policy reviewed and updated. Your insurance needs are not static. Increase in the value of a collection; home renovations increasing the value of your property; assets added to or removed from your estate as a result of divorce, or death in the family could require policy changes.

A complete review of all your insurance coverage should be executed every two years.



Long Term Care and your Future

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Long Term Care

Long Term Care: Develop a positive attitude towards your future

Do you belong to the ‘Worry about my future Club’? Well then STOP FRETTING! There are many ways to protect your future.

Today your are healthy and strong, taking care of yourself without any help. If life could continue this way it would be great, but the future is completely unpredictable. We cannot control the future, but we can make precautions to safeguard it.

Instead of waiting till it is too late, realise the possibilities the future might hold and equip your life with amenities. One certain way of equipping, is to get insured as insurance is consolation when you land in tribulation. In this case the important aspect of insurance is Long Term Care.

Why do I need Long Term Care?

As every person may reach a stage in life where he cannot take care of himself, he will need long term care. That includes you. Long Term Care provides assistance for the individual to perform daily activities such as bathing, dressing, using the toilet and eating.

Some people hate the idea of being a burden to others and don’t want to think about losing their independence. They make the biggest mistake by failing to take up long term care. Long term care is necessary when affected by any of these ailments:

• Arthritis

• Cancer

• Heart disease

• Diabetes

• Strokes

• Alzheimer’s disease

• Depression

Don’t panic, take action!

Those are all possible ailments one may face when you get to old age and it could happen to anyone. Panic and worry won’t rescue you. Taking precautionary measures will. Avoiding Long Term Insurance will make no sense later in life. Long Term Insurance provides benefits like home health care for good personal care in your home.

You could also get care from a community care center, or during serious illness you can obtain nursing home care. The hospice care, caregiver service and care coordination services are further benefits of Long Term Care.

Develop a positive attitude towards the future. Careful planning to prepare ourselves, leads to living peacefully now.



How to buy Travel Insurance

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Travel Insurance is the safe way to go!

You can obtain decent Travel Insurance through any of the following providers:

  • Your Insurance Company
  • Travel Agent
  • Specialist Travel Insurance Companies

Where to buy Travel Insurance

You buy Travel Insurance in your country of residence. This has to be the country you wish to be evacuated to in case of a medical emergency.

Travel Insurance for Regular Travelers

You are considered a regular traveler when you travel abroad at least three times per year. Shop around for Travel Insurance that allows you to purchase cover for a number of trips in a specified time frame. Trip by trip cover is more expensive, so if you can get cover for six months or even a year, you’ll definitely save money.

When to buy Travel Insurance

Buy your Travel Insurance as soon as you have finalized your travel plans. You  are covered as soon as you buy your Travel Policy. So, if you buy your ticket without buying a Travel Policy and you are injured the next day and unable to travel, you will not be covered.

Buy your Travel Policy well in advance and ensure that you are covered for medical expenses, medical evacuation and lost baggage and travel documents.

Happy Traveling!


Why you need Travel Insurance


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If you cannot afford Travel Insurance, you probably can’t really afford to travel.

What is Travel Insurance?

Travel insurance is short-term insurance that covers travelers against travel-related emergencies and expenses. Most people obtain Travel Insurance when they travel abroad, because it covers medical expenses. Lost travel documents and baggage is also covered.

Why do you need Travel Insurance?

The following 3 reasons explain the most important grounds to have Travel Insurance:

Sickness or injury

Your health insurance covers you in your own country, but not abroad. It is safer to be covered by Travel Insurance in case of a medical emergency, because medical expenses may be very high in the country you are visiting.

Medical Evacuation

Medical emergency evacuation back home is costly and if you are not covered by your Travel Insurance, chances are that you would not be able to get home quickly when you are sick or injured.

Stranded en route to your destination

Being stranded in a connection city may be very costly if you consider accommodation, life necessities and meals. International airline hubs are generally located in major cities such as New York, Taipei, Paris, London and Tokyo. Living expenses in major cities are high and having Travel Insurance cover regarding this issue will surely give you peace of mind and save you money as well.

Happy Traveling and remember to read your Travel Insurance Policy thoroughly before you depart.


Home Insurance Earthquake Cover

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Earthquake Cover may be expensive, but well worth it
Is Home Insurance Earthquake Cover really necessary?

For many years every time there is a major earthquake in a city, surrounding cities experience an invasion of victims relocating as a result of the damage that was done to their homes. These people say that they loved living there, but could not financially manage rebuilding the house that wasn’t covered by earthquake insurance.

Earthquake insurance will cover the homeowner or building owner against any damage that is caused by an earthquake. Some insurance covers damage to the building and provides a small amount of funds for possible relocation or to replace items that were inside. Even in the earthquake ridden California, less than 20 percent of Californians have earthquake insurance.

Many of them are beginning to consider it again as it has been too quiet for too long and the next one could be due. For many it is not a resent quake that makes them think about getting insured, it is the possibility of the next quake. Another reason to review home owner’s policies to possibly add earthquake insurance is that if a quake happens, it can destroy your financially for a very long time.

Reasons to get Home Insurance Earthquake Cover
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Structural damage by an earthquake
  1. Even if a quake doesn’t cause structural damage to your home, the coverage will replace a certain amount of items that are damaged. Earthquakes can cause a fallen chandelier or your television to drop off the wall. Sometimes it is just broken plates but you can still file a claim. The excess for damaged items is lower than for the overall property damage.
  2. If you need to vacate your home for a period while it is repaired or rebuilt, the coverage will help pay for your lodging.
  3. Structural damage will be repaired and often if you have an older home, you will have an improved frame, which is better than before.
Possible reasons against Home Insurance Earthquake Cover

The premiums of  Home Insurance Earthquake Cover can be high if you live in an earthquake area. Excess payments for structural damage is also high, but will cover you when your house is damaged by an earthquake.

If you have a small earthquake in your town and then decide to get Home Insurance Earthquake Cover, you may not be able to, as many insurance companies will halt the issuing of new policies for a certain amount of time in areas that have had movement.

It is probably a good idea to apply for coverage when conditions allow it again.

Home Insurance Flood Cover

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Flooding may cause grave damage to your house

Why you may need Home Insurance Flood Cover

Do not take for granted that a basic Home Insurance policy is enough. Often times these policies do not make provision for specified coverage. This could be a problem if you live in an area that is a high risk for certain threats that aren’t included in the cover.

Take note that your Home Insurance policy is unlikely to provide you with automatic coverage against flooding if you live in a flood endangered area. However you should acquire an add-on policy for flooding to extend the basic coverage. It should give you enough protection to cover the costs of such damages.

Home Insurance Flood Cover Explained

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Home Insurance Flood Cover is money well spent

Home Insurance Flood Cover will cover your home against repair or replacement costs of property lost due to a flood. Floods are caused by heavy rain, hurricane, tornado, snowmelt or mudflows. It is true that most home owners believe they will never need to claim from this type of coverage. Truth is that Flooding can cost any home owner huge amounts in damage. Having Home Insurance Flood Cover can be your safety net or life jacket.

Who should get Home Insurance Flood Cover?

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Water causes a great deal of damage to your house

There is no area that is totally exempted from flooding, but some areas are just more prone to flooding than others. To make these areas known to any home owner, flood maps have been created to show the locations. Flood maps are created by your national Emergency Management Agency. They are people who conduct topographic studies and collect information on storm tides, river flow, and rainfall to establish and stipulate high-risk areas.

Maps are regularly updated so the home owner can make educated decisions about protecting his property. Remember though that Flooding can happen in high-risk areas, moderate-to-low risk and almost no-risk areas.

There is a 1 in 4 chance of flooding in high risk areas. If you have purchased a home in such area, you are required to buy flood insurance. In the other areas, you are not required to buy flood insurance, but the decision is yours.

Perhaps it is better to be safe than sorry.

What does Home Insurance cover?

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Home Insurance can save you from financial ruin

Your home is your place of safety and happiness, but also possibly the biggest investment of your hard earned money you will ever make! Your safe haven requires protection against various incidents.

Home Insurance is financial protection. You pay a premium for the cover. You might never have to claim against the policy, but in the case of a destructive event it may be the only way to avoid the cost of losing a home.

Policies from different companies differ, but most home insurance policies protect against the most general risk factors such as:

  • Fires of any size that could cause structural damage of the building or the contents inside or fixtures to your house.
  • Theft of things stolen from your home.
  • Vandalism – acts by destructive people such as broken windows or doors, graffiti, or other acts from such people.
  • Storm and/or flood damage for damage to your home caused by wind, hail, water, rain and ice.
  • Falling objects – protection from falling trees or other items that may fall onto your house and cause damage to the roof or other segments of the structure.

Home Insurance is your Responsibility

It is your responsibility to seek and find the policy that suits your individual needs as well as the need to be covered against specific events that is frequent in the area and neighbourhood where your house is built.

If any of the events that you have cover for, occurs you will simply have to fail a claim with your agent or directly with the Insurance Company. The company will make the funds available to repairs damaged items or replace what was lost.

Your policy provides cover up to amount specified in the policy. Take care to be sure that your Home Insurance coverage is enough to cover the full home value as well as additional coverage that may be needed. Be aware that the value of your house should not include the land value.



Car Insurance 101

Are you buying a new car ?

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First-time car buyers need to be informed on car insurance facts
First-time car buyers and Car Insurance

For a first-time car buyer, the process may prove to be a difficult decision. Many people that buy a car for the first time are not aware of the fact that they need to have insurance before driving their new car off the showroom floor. Financial institutions providing the finance for the purchase insist on the new, financed car being insured. The main reason for this is that they want to ensure that their new asset is protected.

Get at least 3 Car Insurance Quotes

Never accept the first offer that is given to you. Get at least 3 quotes and compare both the products and cost before making your decision.

Many banks or financial institutions are affiliated to an insurance company or brokerage firm. New buyers therefore may find themselves feeling bulldozed to take insurance cover through the bank’s preferred supplier.

It is important to know that this cannot be enforced on the new buyer and the decision lies with the client. This makes it essential to shop around for competitive car insurance quotes, to ensure that you are offered the best deal. Ensure that both cover and price suit your individual needs.

Do cash buyers need Car Insurance?

Cash buyers are not exempt from getting car insurance for their new car. Car theft, hijackings and deteriorating road conditions are factors that may cause your car to be damaged or stolen. Car Insurance will cover you against most of these unforeseen events, depending on which Car Insurance Option you select.

Comprehensive Auto Insurance: You are covered against accidental damage, theft, fire and third party liability. All new, financed cars have to be comprehensively insured.

Third Party, Fire and Theft: You are covered against third party liability, theft and fire, excluding accidental damage to your own car.

Third Party Only: Third party liability only.

Select ample cover at a price you can afford and that suits your individual needs. You can tailor your auto insurance with a wide variety of Value Added Products at very little additional cost.

The most important fact still remains: Shop around and compare quotes before you decide to purchase car insurance.

A Guide To Car Insurance


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Choose a Car Insurance policy that suits your individual needs

Whether you’re buying clothing, jewellery or shopping for car insurance, you always want to get the best value for your money. But, what’s the secret to finding reliable, affordable car insurance that won’t cost an arm and a leg?

Shop around for the best deal on car insurance

Get quite a few car insurance quotes from different insurance companies before you buy or renew your policy. Insurance companies vary, so you could get a better deal somewhere else.

Don’t be afraid to change car insurance companies

You can switch insurance companies whenever you want, even if it’s in the middle of your car  insurance policy term. If you find a better rate, switch over and save. Be sure to have your new policy in order before cancelling the old one so that you do not end up with no cover for an indefinite period of time.

Car Insurance Policies

There are three types of Auto Insurance Policies:

Comprehensive Car Insurance

A fully comprehensive policy includes Third Party, Fire and Theft and also covers damage to your own vehicle in the event of an accident. There are many extras, too, for example it will also give you cover when you drive another person’s car.

Third party, Fire and Theft

You get third party cover, as well as two useful pieces of cover – fire damage to and theft of your car, including damage caused by a theft or attempted theft.

Third party Only

This is most suitable for older cars that are fully paid and covers your legal liability if you damage someone else’s physical property (walls, vehicles, gates etc.) due to a motoring accident.

Factors that affect your car insurance premiums

A great variety influences your auto insurance premiums and these include:

Age: Young drivers are charged with higher premiums because of their lack of driving experience.

Job: If you work from home, you will pay less than when you drive at peak traffic on a daily basis.

Driving Record: A good driving record shows you as a lower risk and your premiums are lower.

The car you drive: The higher the value of the vehicle, the higher the premium. High performance vehicles are also more expensive to insure than their standard equivalents.

Location of the car: You’ll pay more if you keep the car in a high-crime area or park it on the street at night. Rather park your car in a locked garage overnight and your car insurance premium will be lower.

Usage of car: You’ll pay more if, for example, you plan to use the car for business delivery purposes. You pay lower car insurance premiums if you use your car for social or domestic purposes only.

Excess Payment: The higher the excess, the lower the premiums.

Security: Gear Locks and Satellite Tracking will help reduce your premiums

Happy driving and good luck in finding the auto insurance that suits your individual needs!


8 Easy Ways to Cheaper Car Insurance

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Shop around online for car insurance

Car insurance is one of the most expensive costs involved in driving a car, but it’s not something you can do without. That doesn’t mean you have to blindly pay whatever the first insurer you contact, quotes. There are several simple things you can do to reduce the cost of your premiums. Read through these 8 items and you’ll definitely be more aware of ways to save on car insurance right away.

1. Shop around and buy Car Insurance online

Statistics show that most people simply renew their current policies without shopping around. The internet makes it easy to compare prices from different insurance companies, so why not take advantage of this? Plus, you usually get a discount of 10% or more just for buying your car insurance policy online.

2. Type of Car Insurance Policy

Do you really need a comprehensive policy with all the extras? A Third Party, Fire & Theft policy can reduce your premiums hugely, and is definitely worth considering if your car isn’t an expensive model. However, if you driva a financed car, you are required to get Comprehensive Cover. Third Party Only cover is best suited for old cars thar are already paid in full.

3. No claims discounts on Car Insurance

Almost all policies feature a discount that increases for every year you don’t submit a claim. The higher the discount available, the more you could save. Also look at insurance companies offering a no claims bonus for life feature, where your current discount level can be fixed forever, even if you have to make a claim somewhere in the future.

4. Car Insurance Policy: Excess

The excess on a policy is the amount of a claim you have to pay before the insurer pays the rest. Choosing to have a higher than standard excess level will usually mean lower premiums. Keep in mind that you will be responsible for payment of the selected amount before your insurance provider pays the outstanding amount.

5. Security of your car

Fitting your vehicle with an alarm, immobiliser, or other security devices may allow your premium to be reduced. Overnight parking of your car in a locked garage will also reduce your premium as compared to leaving your car in an open parking space or at the side of the road.

6. Try to pay your Car Insurance annually

Many insurers charge you interest for the privilege of paying in monthly installments. Pay annually if you can afford it or look for a car insurance company who does not charge extra for monthly payment of premiums.

7. Mileage on your car

The more mileage you run up every year, the more your insurance will cost. Even if you are  unable to reduce your mileage, make sure that you provide your insurer with an accurate figure.

8. Drivers on your Car Insurance Policy

The more drivers you have on your policy, the more it will cost. Reduce the number of people insured to drive your car to the minimum possible. Also try to get the policy in the name of the designated driver with the lowest risk profile. For example, if a car is driven by both a man and a woman, insuring it in the woman’s name will often result in a lower quote.

An interesting fact is that female drivers may pay up to 29% less on car insurance than their male counterparts.