Insurance requires you to think about bad occurrences … medical problems, car accidents, emergency home repairs. But although it may sound pessimistic to dwell on what could happen (carpe diem, anyone?), it’s important to protect yourself from some of life’s biggest surprises.
When it comes to protecting your home, it’s not just about safeguarding against structural damage or theft—it’s just as much about feeling secure in where you live. If disaster strikes, your focus should be on reclaiming your sense of stability. The last thing you should worry about is money.
We spoke to LearnVest Planning Services certified financial planner Ellen Derrick—and some real homeowners—about the top 11 things you should know about homeowner’s insurance.
1. What It Covers
A typical policy will pay for damage to your property and your possessions in the event of certain storms, fire, theft or vandalism. Like renter’s insurance, it also provides liability coverage if someone gets hurt on your property and decides to sue. Homeowner’s insurance also covers shelter costs, so you don’t have to face crazy hotel bills if you’re temporarily displaced from your house.
2. What It Doesn’t Cover
A standard policy has exclusions, including earth movements (landslides, earthquakes, sinkholes), power failure, war, nuclear hazard, government action, faulty zoning, bad repair or workmanship, defective maintenance and flooding. Windstorms are typically covered, including tornadoes, although insurance companies exclude tornadoes or hurricanes in some high-risk areas.
3. Why You Should Shop Around
Before committing to a policy, take the time to research an agent whom you trust—preferably one with good reviews online or via a personal recommendation. It’s certainly something that Ramzy Ayyad, who struggled to receive benefits following a house fire in November 2008, recommends that prospective homeowners do. “I had to deal with a rude adjuster,” he says. After complaining assertively to the adjuster’s boss, Ayyad finally received a check for the damages—but the process was exhausting.
4. Which Preventive Actions Can Reduce Premiums
It may sound like common sense to have a working smoke detector, but did you know that it might also help you land a lower insurance quote? The same goes for a burglar alarm. According to insuranceagents.com, you can reduce your premium by about 5% if you install something as a simple as a deadbolt, and up 15-20% for a burglar alarm system.
5. How Replacement Coverage Differs From Market Value
There are two key distinctions that every homeowner should know: “replacement cost” versus “market value.” Replacement cost covers repairing or replacing your entire home. Market value is how much someone would pay to buy your home and accompanying land in its current downtrodden condition. [See more]
When it comes time for a teen to begin driving, it’s a source of a lot of apprehension for most parents. Of course there’s the safety aspect, but there’s also the cost. Teenagers generally have very high auto insurance costs, simply because they’re not experienced drivers. Although high costs may seem inevitable when insuring young drivers, there are some steps that can be taken to lower the premiums a bit. The team at AlarmSystemReport.com, an alarm system review site, has created a list of the top tips that can allow teens to drive without spending a fortune.
1. Many companies offer good student discounts—so it’s just one more incentive for a teen to make good grades. The thinking behind these discounts is that teens who maintain good grades are generally more responsible overall. If a student maintains at least a B average, this should be brought to the attention of the insurance company. Discounts for good grades can average about 15%.
2. While it can be tempting to purchase a first time driver a clunker, cars with safety features, like air bags, are actually going to mean lower insurance costs.
4. Choose a company with an accident forgiveness program. This means that if a teen driver is part of a small, at-fault accident, rates won’t rise the first time. This is important, because an accident, even a minor one, can mean a huge increase in premiums for young drivers.
5. Just as a home security system can lower homeowner’s insurance costs, car alarm systems can also mean lower premiums. It doesn’t have to come with the vehicle, DIY alarm systems designed for use in vehicles will work to lower insurance costs as well.
6. Some states have graduated license programs in place, but if not, parents should enforce their own. For example, for the first year, limit teen drivers to only driving up until 9 p.m., and limit the number of passengers they may have in the vehicle.
7. Many parents find it useful to have their teen pay their own insurance costs. This helps them better understand and appreciate how expensive it is, thereby encouraging them to be a safe driver and keep costs low.
Alarm System Report is the most trusted site related to the home alarm and security industry. Organized on a state-by-state basis, whether a consumer is seeking information on Ohio security systems, or Hawaii security systems, the information is available on the site. The creators of the site work to make information relative to residents of each state, and they frequently update their comprehensive reviews and rankings of top companies and equipment.
Read the full story at http://www.prweb.com/releases/teen-auto-insurance/auto-insurance-discounts/prweb11538600.htm
Insurance outsourcer Quindell was also quite small when Midas tipped it in May 2012, but the business has expanded dramatically and brokers expect further substantial growth.
Back then, the shares were 5.63p and the company was valued at £145 million. Today the shares are 321⁄2p, valuing the group at almost £2 billion. The second largest company on AIM, it is moving to the main market in April and chief executive Rob Terry hopes to be in the FTSE 100 within 12 months.
His ambition may well be achieved as brokers expect the stock to reach at least 75p within the year.
Quindell provides all the services that insurers offer to customers when they are involved in a car accident and it is not their fault. These include processing claims, medical and legal services and replacement cars.
The firm handles about 25 per cent of all non-fault motor claims in the UK and it is gaining new customers all the time. Insurers like to offload their claims management to Quindell because it is efficient and manages to settle claims far more cheaply than the insurers can.
Terry has won £300 million of new business so far in 2014 and revenue from this division is predicted at more than £1 billion this year, rising to £1.5 billion over the next two years.
Quindell is also involved in telematics, technology that shows insurers how safe their customers are, using black boxes or even smartphone apps to track their driving habits.
The Association of British Insurers predicts that 10 million drivers will have telematics installed in their cars or on their phones in the next five years and Quindell’s technology is the best on the market.
The company owns 49 per cent of telematics group Ingenie, which has been backed by football presenter Gary Lineker.
Over the next few months, Terry is expected to acquire the rest of Ingenie in an all-share deal worth more than £50 million, but Lineker will remain on board.
Quindell also works with insure the box, which owns Drive like a Girl, and it has signed telematics contracts with three large insurers in the US and one in Canada.
In 2012, Quindell delivered profits of £49 million. Its 2013 results will be announced in a couple of months, but profits are expected to surge to at least £128 million, more than doubling again in the current year to £278 million.
A maiden dividend of 0.1p is scheduled to accompany the 2013 figures, rising to 0.2p for 2014.
Midas verdict: Rob Terry is fiercely ambitious and as a 12 per cent shareholder, he is motivated to make Quindell succeed. The speed of growth has frightened some investors, but large institutions such as Prudential and Investec are backing the business, which is reassuring.
Existing investors should hedge their bets and sell 30 per cent of their shares, but they should keep the rest. New investors could find value at current levels.
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If you decide to buy or sell a manufactured home, or if you're just seeking for more information, you'll profit from this section. Let our easy-to-follow tips help guide the way before you getting overwhelmed by all you need to know to buy or sell a manufactured home.