Saturday, June 20, 2009
Tips for getting Free Insurance Quotes
Free quotes are fabulous but there are a few drawbacks.
First, depending on what kind of insurance quote you
looking for, the form will usually require significant
personal information from you about you, including
your name, address, phone number, email address
and social security number.
So why, you may wonder, do they need an SS number.
Insurance companies check credit ratings on applicants to
determine if they are a potential risk for defaulting on a
policy after a few months or a few payments.
Credits reports show them your history as much as it
has been reported: a number of credit card defaults or
bankruptcy will push you into a higher rate category,
or may even make you ineligible for whatever kind of
insurance coverage your looking for.
If your looking for Pet Insurance they will want more
information on the pet than on you, but if your pricing
auto or home insurance, you'll have to strip down.
No way around it (legally.)
Insurance on Your Property
Information the forms may ask for include:
Type of Structure (Brick, frame, stonehenge)
Type of Heating (Natural gas, propane, electric, nuclear)
Roof (asphalt, slate, metal, blue tarps and duct tape)
Basement (Yes, no, finished, unfinished, crawlspace, dungeon)
Electrical (Fuse box, circuit breaker)
Age
Location
Auto Insurance
You will need to know:
Make (Ford, Chevy, Renault, GMC)
Model (Taurus, Lumina)
Year
How many drivers
Garage Location
In addition, the forms most likely will need your
driving history (tickets, accidents) as well as any
medical conditions you may have that affects your
ability to operate a motor vehicle.
Life Insurance
Expect to answer questions concerning:
Your Present Health
Smoker
Occupation
Xtreme sports enthusiast
Where you live
The scope of this article cannot cover all the potential queries
you may have to answer, but to make you aware of
the possibility of being required, as you have seen, to
provide considerable information in order to get that free quote.
Couple of Things You Can Do
Set up a separate email account for your quote surfing as
it will likely result in a continuous stream of emails from
insurance providers attempting to get your business.
If your uncomfortable giving away personal data, try
submitting the form with only the parts you feel ready
to provide; some insurers may go ahead and do the quote
as best they can until you come clean with all the details
they really need.
Shop around. Different providers expect different things.
There are plenty of choices out there, but it takes a bit of
effort to find exactly what you want in terms of insurance
coverage and costs.
Sunday, May 31, 2009
Condo Insurance
A condo is a home of course, but it is not a house
and the types of insurance coverage you will need
are different.
The Condo Association collects dues to cover premiums
for insurance on common areas of the complex: the grounds,
parking lots, building exteriors, pool area, etc.
Typically, the individual owner is responsible for
insuring everything inside his unit.
The Condo Association's master policy generally are written
in one of two rather broad categories.
"All In"
Covers floors, walls, ceilings, fixtures, etc.
Pretty much everything that is structural or functional.
in nature.
"Bare Walls In"
Covers real property but will not include fixtures,
flooring, countertops, and other add-ons that a
owner may have completed.
As you can see, the coverage can vary considerably so
it pays to know upfront what your getting.
There are also variations of the two types.
These details should be included in a condominium
association's bylaws, so make sure you get your
copy and read it over.
Some questions to ask:
How much is the association deductible?
Condo association insurance usually includes
coverage for the commonly shared building
and common areas. Such policies
will have an association deductible.
It will be spelled out in the policy
In the event of a natural disaster or
just some storm damage, any deductible will be
divided among unit owners.
The trend lately has been to acquire policies
with higher deductibles to control costs.
This may leave a gap that the unit owner may
want to make arrangements for with additional coverage.
The bylaws should provide the information on
deductibles and individual owners responsibilities.
Typically a unit owner will cover the cash value of
interior aspects of the condo itself. That way, in the
event of a fire or water accident valuables as well as
any improvements he may have made are covered regardless
of the cause of damages; as a result of owner negligence or an act of God.
and the types of insurance coverage you will need
are different.
The Condo Association collects dues to cover premiums
for insurance on common areas of the complex: the grounds,
parking lots, building exteriors, pool area, etc.
Typically, the individual owner is responsible for
insuring everything inside his unit.
The Condo Association's master policy generally are written
in one of two rather broad categories.
"All In"
Covers floors, walls, ceilings, fixtures, etc.
Pretty much everything that is structural or functional.
in nature.
"Bare Walls In"
Covers real property but will not include fixtures,
flooring, countertops, and other add-ons that a
owner may have completed.
As you can see, the coverage can vary considerably so
it pays to know upfront what your getting.
There are also variations of the two types.
These details should be included in a condominium
association's bylaws, so make sure you get your
copy and read it over.
Some questions to ask:
How much is the association deductible?
Condo association insurance usually includes
coverage for the commonly shared building
and common areas. Such policies
will have an association deductible.
It will be spelled out in the policy
In the event of a natural disaster or
just some storm damage, any deductible will be
divided among unit owners.
The trend lately has been to acquire policies
with higher deductibles to control costs.
This may leave a gap that the unit owner may
want to make arrangements for with additional coverage.
The bylaws should provide the information on
deductibles and individual owners responsibilities.
Typically a unit owner will cover the cash value of
interior aspects of the condo itself. That way, in the
event of a fire or water accident valuables as well as
any improvements he may have made are covered regardless
of the cause of damages; as a result of owner negligence or an act of God.
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Monday, May 18, 2009
Long Term Care Insurance
Purchasing long term care insurance requires a little research. Here are a few points you should consider before making your decision
whether or not to purchase long term care insurance.
What is Long Term Care Insurance?
Bottom line, it's insurance that pays some or all of the expenses associated
with long term health care. LTC policies cover a variety of medical, personal
and support services. These services can be provided in the home, in an
assisted living setting or in a nursing facility for an extended period, as
appropriate and depending upon your policy's provisions.
Considerations
• Staying independent and receiving quality care at home.
• Freeing your family and friends from the responsibility of caring for you.
• Spending your life savings the way you want.
• The younger and healthier you are, the more options you will have
to choose from at a lesser expense.
The first thing to consider is your financial situation.
Long term care insurance is not for everyone. If your net worth is between
$100,000 and $2 million, you may want to examine purchasing it, the idea
being that if you have less than $100,000 then you will exhaust it quickly
and as a result be eligible for state and federal assistance programs.
If your worth more than $2 million, you can afford to pay for the long term
care itself. That said, if you are in the $1 to $2 million range, that you
could do without, but it could be a good hedge to protect your assets,
as typical annual rates average from $60,000 and $175,000,
depending on your location and level of care.
The next step is to decide when to buy it. If you buy while you
are younger, your premiums will be lower than if you purchase later in
life. In addition, if you wait until you already in need, you're
more likely to be turned down for the insurance. Generally, you
will pay about the same amount over your lifetime for the insurance,
so buying early really just spreads out the payments over a longer period.
Policy coverages can vary widely. One policy may cover 80% for
3 years and another may cover 100% for 10 years. Examine the terms
and benefits before deciding which policy is right for you.
The idea that long-term care meant going to a nursing home is off the table.
Today, help with day-to-day activities like shopping, meal preparation,
bathing, or nursing care is easy to get in your very own home if you have a
policy which includes home care. It may be comforting to know that you have
loved ones to care for you, but being a caregiver can be an enormous burden,
time-consuming and stressful.
A good long term care insurance policy allows you to receive quality care,
protects your savings, and spares your most important relationships of
dependency stress.
These are choices you want to have so look into long term care insurance as
soon as possible, before your health disqualifies you from enrolling.
Statistics show that nearly half of the population will require some sort of
assistance as it grows older and for longer periods of time.
LTC policies can help you avoid being a burden and depending on
family for care. They also help you protect assets, maintain control of your
financial affairs, insure a higher standard of living and give you far greater
choices should you need help at home or continuing care in a long term facility.
Thursday, April 23, 2009
Pet Insurance
For some people, the very idea of buying pet insurance boggles their mind. Just ask any farmer if he has insurance on his dog. Chances are he’ll laugh loud and hard and look at you like you are some kind of pinko degenerate.
For many of us, however, the idea of pet insurance is not that far-fetched, especially if we ever had to pay the medical on a pet that got in a tussle with the neighbor’s dog or cat.
Stitches and one scratched eyeball = $$$$$!
So for those of us who are considering pet insurance after paying though the nose on several occasions, here are some approximate costs.
For a monthly fee of between $25 and $40 (depending on where you live and the type of pet) you can expect to get something like this:
* $2,000 towards each accident or illness per year
* $500 towards an accidental death
* $250 towards advertisements and rewards in the event our pet is lost or stolen
* $250 towards boarding/homecare in the event we are hospitalized
* $500 towards unrecoverable holiday costs due to urgent treatment of our pet
* $25,000 liability if our pet damages other property or pets
* $75 towards prescription food if prescribed by a vet
* $300 towards covered medical devices
* $200 towards behavioral therapies
* $300 towards alternative therapies
* Deductibles ($100.00 annual)
* 20% Co-pay.
Now, chances are a plan like this will not cover normal vaccinations, routine medical appointments, obedience or training classes, cosmetic dentistry, flea control, injury or illness caused by war or terrorist activities. In addition it will provide no liability coverage if your pet is considered "dangerous" under federal, state or municipal law.
This should give a better idea of what you will get for your money should you decide to purchase some insurance on Fluffy or Bowser. Remember to get online and shop around for the best deal and don’t feed your critters those buffalo-wing leftovers.
Wednesday, April 22, 2009
Homeowner's Insurance Part 1
Your home may be the biggest investment of your life and with it comes a certain amount of risk. If you have a mortgage, you definitely need homeowner’s insurance. Even if you own the house free and clear, replacing it at today’s construction costs could wipe out your savings. The insurance premium on loss by fire can be reduced somewhat by assuming a larger deductible. For example, a $5,000 deductible would come out of your pocket in case of fire. If you earmark savings for the deductible, you can reduce your overall premium. However, you need to be aware that if you paid $100,000 for your house, it may cost $140,000 to replace it. Your coverage should reflect the replacement cost, which has nothing to do with the market value of your house. The market value may be $200,000, but insurance coverage should address the replace cost.
Most insurance policies do not cover flood or earthquake damage as a standard item. Coverage for this kind of loss must be purchased separately. In areas at high risk for flood, the government may offer a one-time house replacement. Review this with your agent. You may need a supplement to cover total replacement.
Should your home be destroyed and you chose not to replace it, you will receive the replacement cost, less depreciation. This is called actual cash value and may be less than the purchase price of your dwelling.
Generally, a homeowner’s policy has limits on the amount of coverage for accidents that happen on your property. If you have significant assets or income and the injured party sues you, the court settlement may include more than medical and court costs. Consider your liability coverage in line with your assets. For example, if your dog attacks and permanently disables the postman or meter reader, you may experience a significant court judgment, if not of your assets then of your lifelong income. Consult your insurance agent on liability coverage versus your assets.
Motorcycle Insurance
Ok.
You just spent 6 weeks pouring over the classifieds, visiting dealerships,
surfing websites and e-auctions and you finally find a ride that suits you.
What's next? Bike insurance of course.
If this is your first time then here are some guidelines.
By knowing how the insurance company will view you to determine premiums, you can keep your rates lower. Things to consider are as follows:
Type of Bike
If you have the latest and greatest, it will cost you more than a used motorcycle.
The more expensive it would be to repair or replace is the factor here.
Your Age
The older you are generally the less expensive your rates will be to a point.
An age of 38 will raise fewer flags than an age of 18. Then again, if your 68, already had two bypass operations and just purchasing your first bike, your rate will probably be up there.
Your Address
High crime and high accident zip codes will result in higher rates. If you live
in a government subsidized inner city apartment complex and drive
Deadman's Curve every day to work, your rates will reflect that.
Driving History
Any accidents you have been involved in will count against you. Insurance companies go back five years and look at your record. Even if an accident wasn't your fault it probably won't help your rates. Tickets for minor traffic violations are also considered when determining your insurance rate. Drive safe and you'll save money.
Your Job
Where you work and the route you take will influence your rates. If you're working as the night shift bouncer at a Gentlemen's Club in Soho and parking your bike on the street, make sure you save all that change you shake out of misbehaving drunks; you'll need it.
OK. Now that we've reviewed what insurance companies look for, here are some tips for getting a better rate.
Shop, Shop, Shop, Shop
Google and get quotes. Many sites have a quickie online quote system
that can get you a price in minutes.
I know it can be tedious but the rates between different companies can be considerable. You'll be surprised and delighted when you find a rate half as expensive as you thought you would have to pay.
Security
Got a garage? Use it and let the insurance company know.
Built-in alarms? Great! It all helps keep rates low.
Special Training and Low Mileage
If you take any BMV classes make sure you let the insurance company know.
They count toward a discount. They may even require that you attend.
And finally,be aware that usage makes a difference.
The hardcore road warrior chasing 100,000 miles a year will
pay more than the causal summertime cruiser in Minnesota.
You just spent 6 weeks pouring over the classifieds, visiting dealerships,
surfing websites and e-auctions and you finally find a ride that suits you.
What's next? Bike insurance of course.
If this is your first time then here are some guidelines.
By knowing how the insurance company will view you to determine premiums, you can keep your rates lower. Things to consider are as follows:
Type of Bike
If you have the latest and greatest, it will cost you more than a used motorcycle.
The more expensive it would be to repair or replace is the factor here.
Your Age
The older you are generally the less expensive your rates will be to a point.
An age of 38 will raise fewer flags than an age of 18. Then again, if your 68, already had two bypass operations and just purchasing your first bike, your rate will probably be up there.
Your Address
High crime and high accident zip codes will result in higher rates. If you live
in a government subsidized inner city apartment complex and drive
Deadman's Curve every day to work, your rates will reflect that.
Driving History
Any accidents you have been involved in will count against you. Insurance companies go back five years and look at your record. Even if an accident wasn't your fault it probably won't help your rates. Tickets for minor traffic violations are also considered when determining your insurance rate. Drive safe and you'll save money.
Your Job
Where you work and the route you take will influence your rates. If you're working as the night shift bouncer at a Gentlemen's Club in Soho and parking your bike on the street, make sure you save all that change you shake out of misbehaving drunks; you'll need it.
OK. Now that we've reviewed what insurance companies look for, here are some tips for getting a better rate.
Shop, Shop, Shop, Shop
Google and get quotes. Many sites have a quickie online quote system
that can get you a price in minutes.
I know it can be tedious but the rates between different companies can be considerable. You'll be surprised and delighted when you find a rate half as expensive as you thought you would have to pay.
Security
Got a garage? Use it and let the insurance company know.
Built-in alarms? Great! It all helps keep rates low.
Special Training and Low Mileage
If you take any BMV classes make sure you let the insurance company know.
They count toward a discount. They may even require that you attend.
And finally,be aware that usage makes a difference.
The hardcore road warrior chasing 100,000 miles a year will
pay more than the causal summertime cruiser in Minnesota.
Life Insurance
Face it.
If you are a responsible adult with dependents, life insurance is something you should have already. If not, then this article shall enlighten you.
Life insurance should not be be confusing. So let's figure out what you need in terms of coverage by considering your life circumstances.
What Kind of Life Insurance Coverage Do You Need?
Choosing the type of life insurance coverage you need necessarily gets into lifestyle choices. The choice is dependent on each individuals or family's needs. There are three basic types of life insurance policies. Choosing the one that is right for you is our concern for the moment.
The three different types of life insurance policies are:
Universal Life Insurance....usually bought when young and builds cash value
Whole Life Insurance........usually bought when young and builds cash value.
Term Life Insurance.........fixed rate for fixed benefit
Ok.
So let's get to the big question.
What kind of death benefit are we looking at?
This is the amount that your wife and kids will receive if you die. A quick way to figure out how much life insurance you might need is to take your current annual salary and multiply that by 7. For example, if you make 50,000/per year then I would recommend buying a minimum of $350,000($50,000 X 7= $350,000). If you have an outstanding mortgage balance, that's another consideration.
Do you have kids in college? That is another thing to think about.
Basically, it's a balancing act between how much you can afford and how well you want your dependents to live after you expire.
Choosing an Insurance Company
When looking for a life insurance company, a low premium is important but it is also important to know about the financial strength of the insurance companies you are interested in. By choosing a company that has apparent financial strength your worries that the company will be able to pay your life insurance claim when needed shall be reduced, although as we have seen in this new economy, nothing is absolute.
When you've narrowed down a list of life insurance companies to contact, have all personal information available. Your name, social security number, address, phone numbers, and places of work will be necessary to have on hand. Also, be aware that if you are getting life insurance from anywhere but your employer, you will probably have to take a medical exam. Different life insurance companies test for different things during the medical exam and they all test for AIDS. All companies charge different premium rates for smokers, so, if you are a smoker you will want to search around for a life insurance company that has the best rates for smokers.
Term or Cash Value Insurance?
If you are looking for a low cost, basic life insurance plan then term life insurance would be your best choice. Term life will give you a certain amount of life insurance for a specific term. Term life insurance is a good choice for people on fixed incomes or individuals not looking to build value.
Cash-Value life insurance (whole and universal) is more expensive but will build cash value that you can borrow against in the future. This is a good option for someone interested in having a life insurance plan well into their retirement years and want the value accrued to cover premiums.
Term life insurance policy premiums are generally much cheaper than cash-value policies (universal and whole) especially if you are young and in good health and a low cost term life insurance policy does exactly what you expect it to do by financially taking care of your beneficiaries if you die. Here's the basics of a low cost term life insurance policy:
Purchasing a Term Life Insurance Policy
You buy a low cost term life insurance policy with a specified time period, usually one, five, or ten years. During that "term" you pay a specified premium. Remember, if you put off purchasing a policy until you are older it will cost more. Your beneficiaries will receive a death benefit if you die during the term of the life insurance policy.
Facts About a Low Cost Term Life Insurance Policy
Simple, right?
Well, as with all insurance, there are loop-holes and and little twists you need to be aware of. The death benefit can change throughout the term life insurance policy depending on whether you choose decreasing, level, or increasing term life insurance. So, what happens when your term expires? That's where renewable and/or convertible term insurance options will need to be decided upon. For example, you want a basic 10 year low cost term life insurance policy with the death benefit to stay the same throughout the term life insurance policy and at the end of the term you would like to "convert" to a different term life insurance policy such as a cash-value policy, without taking another medical exam. If this is the case, you would choose a level term convertible life insurance policy.
Understanding Your Life Insurance Policy
Now that you have your policy, take the time to learn about it. If you have questions don't hesitate to contact the insurance agent who sold you the life insurance policy. It is much easier to have the answers to your questions prior to making a claim.
If you are a responsible adult with dependents, life insurance is something you should have already. If not, then this article shall enlighten you.
Life insurance should not be be confusing. So let's figure out what you need in terms of coverage by considering your life circumstances.
What Kind of Life Insurance Coverage Do You Need?
Choosing the type of life insurance coverage you need necessarily gets into lifestyle choices. The choice is dependent on each individuals or family's needs. There are three basic types of life insurance policies. Choosing the one that is right for you is our concern for the moment.
The three different types of life insurance policies are:
Universal Life Insurance....usually bought when young and builds cash value
Whole Life Insurance........usually bought when young and builds cash value.
Term Life Insurance.........fixed rate for fixed benefit
Ok.
So let's get to the big question.
What kind of death benefit are we looking at?
This is the amount that your wife and kids will receive if you die. A quick way to figure out how much life insurance you might need is to take your current annual salary and multiply that by 7. For example, if you make 50,000/per year then I would recommend buying a minimum of $350,000($50,000 X 7= $350,000). If you have an outstanding mortgage balance, that's another consideration.
Do you have kids in college? That is another thing to think about.
Basically, it's a balancing act between how much you can afford and how well you want your dependents to live after you expire.
Choosing an Insurance Company
When looking for a life insurance company, a low premium is important but it is also important to know about the financial strength of the insurance companies you are interested in. By choosing a company that has apparent financial strength your worries that the company will be able to pay your life insurance claim when needed shall be reduced, although as we have seen in this new economy, nothing is absolute.
When you've narrowed down a list of life insurance companies to contact, have all personal information available. Your name, social security number, address, phone numbers, and places of work will be necessary to have on hand. Also, be aware that if you are getting life insurance from anywhere but your employer, you will probably have to take a medical exam. Different life insurance companies test for different things during the medical exam and they all test for AIDS. All companies charge different premium rates for smokers, so, if you are a smoker you will want to search around for a life insurance company that has the best rates for smokers.
Term or Cash Value Insurance?
If you are looking for a low cost, basic life insurance plan then term life insurance would be your best choice. Term life will give you a certain amount of life insurance for a specific term. Term life insurance is a good choice for people on fixed incomes or individuals not looking to build value.
Cash-Value life insurance (whole and universal) is more expensive but will build cash value that you can borrow against in the future. This is a good option for someone interested in having a life insurance plan well into their retirement years and want the value accrued to cover premiums.
Term life insurance policy premiums are generally much cheaper than cash-value policies (universal and whole) especially if you are young and in good health and a low cost term life insurance policy does exactly what you expect it to do by financially taking care of your beneficiaries if you die. Here's the basics of a low cost term life insurance policy:
Purchasing a Term Life Insurance Policy
You buy a low cost term life insurance policy with a specified time period, usually one, five, or ten years. During that "term" you pay a specified premium. Remember, if you put off purchasing a policy until you are older it will cost more. Your beneficiaries will receive a death benefit if you die during the term of the life insurance policy.
Facts About a Low Cost Term Life Insurance Policy
Simple, right?
Well, as with all insurance, there are loop-holes and and little twists you need to be aware of. The death benefit can change throughout the term life insurance policy depending on whether you choose decreasing, level, or increasing term life insurance. So, what happens when your term expires? That's where renewable and/or convertible term insurance options will need to be decided upon. For example, you want a basic 10 year low cost term life insurance policy with the death benefit to stay the same throughout the term life insurance policy and at the end of the term you would like to "convert" to a different term life insurance policy such as a cash-value policy, without taking another medical exam. If this is the case, you would choose a level term convertible life insurance policy.
Understanding Your Life Insurance Policy
Now that you have your policy, take the time to learn about it. If you have questions don't hesitate to contact the insurance agent who sold you the life insurance policy. It is much easier to have the answers to your questions prior to making a claim.
Homeowners Insurance Part 2
Step-by-Step Guidelines to Home Owners Insurance
Home owners insurance is a requirement by the mortgage companies.
Unless you paid cash for your home you will have to have it.
The reason of course is to cover the mortgage company's risk if
the house were to burn or collapse or get sucked up into a funnel cloud.
So What Kind of Homeowners Insurance Do You Need
Typical home owners insurance policies are divided into 2 parts:
I: Home Insurance Property Protection
II: Home Insurance Liability Protection
Property protection covers damages sustained by your home usually because of fire or storm damage.
Liability protection covers such things as injuries or accidents that may occur on your property. If the little old neighbor lady comes over for tea and falls down your stairs you'll be glad you're covered.
Remember that there is a deductible when filing a home insurance claim unless noted on the policy. You can choose a higher deductible to save money on your premiums.
When contacting insurance companies about an insurance quote, you will save money by knowing your discounts. Combo insurance policies, home security systems, smoke alarms and dead bolt locks are some options to consider which can get you a less expensive home owners insurance quote.
On a standard homeowners insurance policy, coverage limits for jewelry, furs, watches, and related items is only $1,000 combined. If you want additional coverage you will have to itemize your valuables and submit the list to the insurance company for review.
Here is a list of considerations to save money on your homeowners insurance.
Home/Auto Discount
Insuring your car and home with the same company will get you a package discount. Insurance companies will be happy to show you what kind of savings are available with combo packages.
Deductibles
Raising your deductible will result in considerable savings. Although it will cost you more upfront if a claim is required, it saves in the long run. Stay claim free and you come out ahead.
Home Security Systems
Security systems can prevent losses and make your house less of an insurance risk. Any type of security system will help give you a discount, but the systems that feed directly to local police and fire departments are most likely going to get you the largest discount.
Dead Bolt Locks
Dead bolt locks installed will save you money on your premium.
Make sure all of your doors have them installed because the discount only applies if there are dead bolt locks on every door.
Escrow
More than likely you will want your premiums folded into your monthly
mortgage payments, as well as any property taxes.
Your mortgage provider will do this for you. Some
providers charge a fee, some don't. You can have all this taken care of
just by notifying them that you have shopped around and wish to
make a change; they will need all the details so have the info handy.
Home owners insurance is a requirement by the mortgage companies.
Unless you paid cash for your home you will have to have it.
The reason of course is to cover the mortgage company's risk if
the house were to burn or collapse or get sucked up into a funnel cloud.
So What Kind of Homeowners Insurance Do You Need
Typical home owners insurance policies are divided into 2 parts:
I: Home Insurance Property Protection
II: Home Insurance Liability Protection
Property protection covers damages sustained by your home usually because of fire or storm damage.
Liability protection covers such things as injuries or accidents that may occur on your property. If the little old neighbor lady comes over for tea and falls down your stairs you'll be glad you're covered.
Remember that there is a deductible when filing a home insurance claim unless noted on the policy. You can choose a higher deductible to save money on your premiums.
When contacting insurance companies about an insurance quote, you will save money by knowing your discounts. Combo insurance policies, home security systems, smoke alarms and dead bolt locks are some options to consider which can get you a less expensive home owners insurance quote.
On a standard homeowners insurance policy, coverage limits for jewelry, furs, watches, and related items is only $1,000 combined. If you want additional coverage you will have to itemize your valuables and submit the list to the insurance company for review.
Here is a list of considerations to save money on your homeowners insurance.
Home/Auto Discount
Insuring your car and home with the same company will get you a package discount. Insurance companies will be happy to show you what kind of savings are available with combo packages.
Deductibles
Raising your deductible will result in considerable savings. Although it will cost you more upfront if a claim is required, it saves in the long run. Stay claim free and you come out ahead.
Home Security Systems
Security systems can prevent losses and make your house less of an insurance risk. Any type of security system will help give you a discount, but the systems that feed directly to local police and fire departments are most likely going to get you the largest discount.
Dead Bolt Locks
Dead bolt locks installed will save you money on your premium.
Make sure all of your doors have them installed because the discount only applies if there are dead bolt locks on every door.
Escrow
More than likely you will want your premiums folded into your monthly
mortgage payments, as well as any property taxes.
Your mortgage provider will do this for you. Some
providers charge a fee, some don't. You can have all this taken care of
just by notifying them that you have shopped around and wish to
make a change; they will need all the details so have the info handy.
Liability Insurance Minimums by State
Liability is required in all states and is defined as one's legal responsibility to pay for damages resulting from an accident be it a minor fender bender to a full blown wipeout.
If it is determined by the officers working an accident of yours that the incident was a result of your mistake or negligence, your liability insurance coverage pays for the other party's repairs to their car and medical expenses.
Minimum coverages are generally considered by insurance companies to be insufficient but then they are in the business of selling insurance. Most insurance professionals suggest the best liability limits to have are 100/300/100.
100,000 per person for bodily injury 300,000 per accident for bodily injury 100,000 per accident for property damage
In short, if you are a subpar driver with impaired faculties in a beater Escort wagon careening around Beverly Hills all day and night you may want to consider more than the minimum liability coverage. Here's the list:
* Alaska 50/100/25
* Alabama 20/40/10
* Arkansas 25/50/15
* Arizona 15/30/10
* California 15/30/5
* Colorado 25/50/15
* Connecticut 20/40/10
* Delaware 15/30/5
* Florida 10/20/10
* Georgia 15/30/10
* Hawaii 20/40/10
* Idaho 20/50/15
* Illinois 20/40/15
* Indiana 25/50/10
* Iowa 20/40/15
* Kansas 25/50/10
* Kentucky 25/50/10
* Louisiana 10/20/10
* Maine 50/100/25
* Maryland 20/40/10
* Massachusetts 20/40/5
* Michigan 20/40/10
* Minnesota 30/60/10
* Mississippi 25/50/25
* Missouri 25/50/10
* Montana 25/50/10
* Nebraska 25/50/25
* New Hampshire 25/50/25
* New Jersey 15/30/5
* New Mexico 25/50/10
* Nevada 15/30/10
* New York 25/50/10
* North Carolina 30/60/25
* North Dakota 25/50/25
* Ohio 12.5/25/7.5
* Oklahoma 10/20/10
* Oregon 25/50/10
* Pennsylvania 15/30/5
* Rhode Island 25/50/25
* South Carolina 15/30/10
* South Dakota 25/50/25
* Tennessee 25/50/10
* Texas 20/40/15
* Utah 25/65/15
* Virginia 25/50/20
* Vermont 25/50/10
* Washington 25/50/10
* Wisconsin 25/50/10
* West Virginia 20/40/10
* Wyoming 25/50/20
The first two numbers indicate bodily injury liability limits. The third number refers to the property damage liability limit. The first two numbers in 25/50/20 mean in an accident each injured person would receive a maximum of up to 25,000 with only 50,000 allowed per accident. The last number refers to the total coverage per accident for property damage which in this case would be 20,000.
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