Entries Tagged 'Personal Insurance' ↓

Save 10% or more on your auto insurance.

Delaware Defensive Driving Link:

http://delawareinsurancecourse.com/?lgr=91212071-253e-e111-8b37-00c09f3f0f12

Many auto accidents in the United States could easily be prevented. Following are some tips for avoiding accidents and thus reducing your insurance claims:

• Distracted driving is happening at epidemic levels every day. Not a day goes by that you don’t see someone on his or her cell phone, talking or trying to text while operating a moving motor vehicle. States are now enforcing laws to regulate this behavior. Common sense should rule. Focus on the task at hand and be aware of your surroundings at all times while driving.
   
• The next most important part in reducing auto claims is wearing a seat belt. Serious injuries can happen on one-lane back roads just as easily as they happen on main thoroughfares. Be the designated seat belt wearer in your car and make sure all of your passengers are too.
   
• Be sure to have enough room between you and the car in front of you. Should the vehicle in front of you stop short, you won’t have the amount of reaction time you think you do to stop. A good rule of thumb is to have at least one car length for every 10 miles per hour you are traveling. If something unexpected happens, you’ve given yourself plenty of time to stop and prevent a crash.
   
• Auto safety includes keeping your vehicle up to snuff in the care and maintenance department as well. Keep up on regular oil changes, tire rotations and brake pad inspections. It’ll not only keep your car running in optimum condition, but you also won’t have to worry about your vehicle breaking down while you’re on the road and potentially causing an accident. Likewise, if you see another driver in a beat-up, run-down vehicle, you’ll want to steer clear so you’re not involved in an accident.

Driving can be a fun experience. Do everything in your power to make it that way.

A personal umbrella insurance policy can give you added protection and peace of mind.

Property insurance and liability coverage are important, but a personal umbrella policy provides the extra coverage you might need.

With property insurance, you are insuring a tangible item. That tangible item could be a boat or diamond ring, and it will have a specific value. The limit of the property insurance will reflect that value.

Liability insurance, on the other hand, protects you from negligent behavior. You can’t easily put a price tag on behavior. When we engage in certain type of activities, there is always the possibility of injuring another or damaging his or her property.

For example, if you were to be sued for causing a car or boat accident, the limit on your auto and boat policy would be used up first. However, if you have a $1 million liability limit but are ordered to pay $2 million in damages, your auto or boat policy would not provide enough coverage. You’d be responsible for paying the second $1 million out of your own pocket.

A personal umbrella insurance policy will help you avoid that situation because it provides additional liability coverage once the primary policy runs out.  

It might make sense for you to have a personal umbrella insurance policy for your auto or boat, as lawsuits can easily skyrocket beyond $1 million.

A personal umbrella insurance policy might also be good in addition to your homeowner policy.

Business owners, especially, should have a personal umbrella insurance policy so they are protected if they are sued personally as well as professionally.

So can you ever have too much liability insurance? The answer is no.
That’s because you never know how much you would need if you are
brought into a lawsuit. You can buy a $1 million policy but end up in a lawsuit for $5 million. This is why it’s always best to buy as much liability insurance as you can afford.

My office can help you determine how much coverage is right for you.

Sending a child to college is never simple. After years have been spent planning for the children’s financial future, their leaving home for the first time marks a milestone for anxious parents and children alike.

Unfortunately, in the midst of all the planning and preparation, many parents forget one of the most important steps, and that is ensuring that their college-bound child is properly insured.

Following are some tips to make sure you’re all prepared to start the school year without fear:

Home Away From Home: Verify that your homeowner policy covers personal possessions taken to college. Remember, most policies protect valuables up to a percentage of your total possession coverage. It may be necessary to purchase additional coverage in the form of a rider, especially if your child engages in expensive hobbies. Before packing up, take time to clearly label all belongings and take photographs, as that action will provide important documentation should a problem arise.

Hit the Road: Adding your college student to your auto policy is something you may have done years ago, but be sure to update the policy to reflect the new location of the student … and the vehicle. If the family car is left at home, you might be happy to encounter a big discount. On the other hand, out-of-state college students might come out ahead by purchasing an individual auto policy, especially if they have good driving records. Encourage students to keep their grades up and avoid erratic driving behavior in order to qualify for the best possible rates.

Health Coverage: Under health care reforms, parents may be able to include students on their health insurance policies until they reach the age of 26. Be sure to review the providers available in the new location. For those seeking affordable individual coverage – especially for out-of-state students – check out the options provided by the college itself. Most provide free or very low-cost routine care via a health center with special prices for students. Be sure to review the options to determine which plan best suits the needs of your child and family budget.

A pool party is a great way to entertain young and old alike, but it can also increase the risk of personal liability should anyone get injured. Following are seven swimming pool and insurance safety tips to keep you cool and safe this summer:

Verify Your Coverage: Call my office about the total amount of medical and liability coverage you have in the event of an accident or injury. An umbrella policy is an affordable way to provide an additional layer of protection without breaking the bank.

CPR and First Aid: Before hosting a pool party it’s always a good idea to make sure at least one person is properly trained in CPR/first aid.

Secure the Area: Pools should be properly secured with a high fence or enclosure that is locked when not in use. Adult supervision is a must when children are using the pool.

Child and Pet Proof: Installation of a pool alarm can more than pay for itself in reduced anxiety and decreased premiums, but be sure to select the right size and type for maximum protection.

Establish Rules: Pool parties are great fun, but be sure everyone understands what is and isn’t acceptable. Common causes of pool-related injuries include running, diving and intoxication.

Safety First: Keep emergency equipment within reach, including a floatation device and emergency-related phone numbers. Always ask whether people know how to swim, especially children.

Alternatives: Other water hazards include hot tubs, swim spas and even ponds. Maintain the common area and reduce direct access whenever possible to discourage children or pets from gaining access when you are away from home.

Have you been watching the rising price of gold, gems, and other precious metals? Since 2000, the price of gold has nearly quintupled. People have enjoyed an increasing asset, even through these hard economic times. Along with this added wealth comes increased risk.

Most homeowner policies have a sublimit for jewelry, goldware, silverware, etc. for the exposure of theft. If these items were to be stolen, you would only receive a portion of their true value, or nothing at all depending on the total dollar amount you own. For those who were wise enough to schedule their jewelry, now would be a good time to revisit the appraisals, and be certain  the coverage limit is adequate should you have a claim. Appraisals should be reviewed every three to five years, and as with all personal property, you should keep photos or videos of the property in a safe place.

For those who have not scheduled their jewelry, now is the time to do so. This is especially true for the items you felt were not worth the value to insure. They may be worth it now.

There are two main types of fixed annuities: life annuities and term certain annuities.

Let’s look at life annuities.

Fixed annuities are purchased from insurance companies or financial institutions with a lump-sum payment or a series of payments made over time.

The money invested in the annuity is guaranteed to earn a fixed rate of return throughout what is called the accumulation phase of the annuity.

Life annuities pay a predetermined amount each period until the death of the annuity holder.

Straight life annuities are simple.

They pay a set amount per period to the annuity holder until he or she dies.

There is no payout to beneficiaries when the annuity holder dies.

Because there is no other type of insurance component in this type of annuity, it is less expensive.

But there are several other kinds of life annuities.

They differ in the insurance components they offer the annuity holder.

In other words, they may alter the payout in the event of something negative happening to the annuity holder, such as sickness or early death.

For example, life annuities with a guaranteed term allow the annuity holder to designate a beneficiary, so if the annuity holder passes away before the term ends, the beneficiary will receive the sum of the money not paid out.

Similarly, joint life with last survivor annuities continue payments to the annuity holder’s spouse after the annuity holder dies.

They also allow the annuity holder to designate additional beneficiaries to receive payments in the event of a spouse’s sooner-than-expected death.

Annuities are clearly complicated.

It is therefore best to contact my office if you are interested in an annuity.

It’s an unfortunate fact of life that, despite the best of intentions, accidents still happen.

What you do after an accident, though, can make a difference, especially when it comes to filing an insurance claim.

Following is a handy checklist of three things you should do following an accident:

Remain Calm and Call for Help: Even the smallest fender bender can feel like a frightening experience, so the very first step is to pull over to a safe area. Make sure you and the other driver are not in imminent danger and then call for help.

Gather Documents: While you wait for the police, take time to exchange information, including contact details, make and model of the vehicles, license plate numbers, and insurance carrier. It is also a good idea to collect the contact information of any eyewitnesses that may have seen the accident.

Just be sure to avoid placing blame or taking responsibility for the accident. In fact, it’s best to speak directly to the police officer in order to avoid unpleasant accusations or other potential problems. If possible, take photographs of the accident before the vehicles are moved.

Ask Your Agent: Once the police report is completed, it is time to contact your auto insurance agent – the sooner the better. Not only will doing so help assure a timely resolution to the claim, but your agent is often able to assist with towing, rental replacement and other urgent needs to put you back in the driver’s seat as soon as possible.

If you haven’t heard about usage-based auto insurance, don’t worry – you’re not alone. Usage-based auto insurance is a relatively new type of policy that calculates rates based upon usage patterns, including distance, time and place. It’s often called “pay as you drive” and comes in three different forms:

1. Distance-Based: Most traditional auto insurance underwriters provide deep discounts for people who drive fewer than 7,000 miles annually. However, even that may be too costly when broken down by the mile. New distance-based options are a terrific alternative for college students, retirees or others who primarily rely upon public transportation but want to maintain a driver’s license for seasonal travel or short trips around town. Not only can a distance-based policy help control costs, but the prepaid option makes it easy to add coverage on short notice. Just be sure to keep a good eye on the odometer, because overages can be quite costly or even result in a denial of claims just when needed most.

2. Time-Based: Another popular form of usage-based auto insurance is time-based. Essentially you pay only for the actual time driven rather than miles or location. Vehicle information is recorded and transmitted to the insurance company in order to track actual usage patterns. Time-based usage is a great alternative for car sharing, small businesses and those who may benefit from driving during off-peak hours. Potential negatives include a lack of privacy, paying for time stuck in traffic jams as well as intrusive technology that monitors everything from speed to duration of the trip.

3. Place-Based: Anyone who has ever tried to navigate Los Angeles or New York during rush hour will certainly appreciate the open highway of an interstate. That fact isn’t lost on your insurance underwriter either. It has long been known that certain areas are more dangerous than others. Place-based policies are designed to address that difference while helping save money. Individuals and small-business owners are likely to enjoy substantial cost savings based upon actual risk, but in return, expect to give up some level of privacy.

Whether your employees telecommute a few days each week or simply need to take work home once in a while, understanding insurance needs is critical to keeping the work-at-home scenario running smoothly. Use these basic business tips to keep your assets and information safe.

Don’t count on homeowners insurance. Standard homeowners insurance sets strict limits on the amount of coverage for business-related expenses; instead, ask about expanding business coverage to include everything from laptops to liability when workers are off-site. Remember, equipment is only one part of the equation; it’s equally important to maintain adequate liability coverage for sensitive data, business use of automobiles and other situations that may impact others.

Ask about discounts. Security measures like encryption, FOB security devices or LoJack computer locks can dramatically reduce the risk of theft or inadvertent data loss when employees work from home. Safe driving records and other commonsense precautions may further reduce the cost of insuring off-site employees.

Provide company sponsored standards. Keep control of security measures and expenses by supplying a standardized protocol and software solutions for dealing with security measures as well as hardware-related issues. Don’t blur the lines by allowing employees to use personal equipment for company business; it’s harder to control the quality of information and may inadvertently lead to security issues down the road. Be prepared to provide full documentation to the insurance company and the tax authorities to justify expenses.