What should I consider when buying home insurance?

• The following you should consider when buying a home insurance:
  1. Purchase the coverage to replace your home and not your mortgage.
  2. Determine the coverage amount for personal property and personal liability.
  3. Determine if you need extended coverage for personal items like silverware, computers, jewelry or additional endorsements like earthquake and flood insurance.
  4. Check the reputation of the insurance company.

I am building a house, how do I insure it while it is being constructed?

• A standard homeowner's policy will suffice, but make sure that you tell the insurance company or your agent that the house is currently under construction

How can I lower my home insurance premium?

• To lower your home insurance, you can raise your deductible or drop your coverage. The deductible is what you pay from your own pocket before your insurance claim is processed. You can lower your premium by having your deductibles on the higher side. Hold multiple insurance policies with the same carrier you can shop around asking for discounts on your current policy.
  1. Notify the police if there had been a robbery.
  2. Notify the insurance company regarding the damage or loss of property.
  3. To avoid further damages protect your property.
  4. Make a list of damages or missing things.
  5. Show the insurance company the damages.
  6. Make a complete statement for the insurance company that details events before, during and after the loss occurred.

What steps do I take to file a homeowner's claim?

• The following steps are required and it is very important that you follow these steps otherwise the insurance company might not process your claim.
  1. Notify the police if there had been a robbery.
  2. Notify the insurance company regarding the damage or loss of property.
  3. To avoid further damages protect your property.
  4. Make a list of damages or missing things.
  5. Show the insurance company the damages.
  6. Make a complete statement for the insurance company that details events before, during and after the loss occurred.

Do I need Flood Insurance or Earthquake Insurance?

• Basic homeowner’s policies do not cover damages from flood or earthquake. If live in an area where floods and earthquake happens then you should consider adding flood and earthquake endorsements in your policy.

What should I consider when buying life insurance?

• There are several options or factors to consider when purchasing a life insurance policy
  • What type is right for you?
  • For how long will you need the coverage?
  • How much do you need?
  • The extensions you wnat to include in your policy
• To help figure out which is right for you, it may be useful to understand some of the basics of a life insurance policy:
  • Premium - The amount you pay in exchange for coverage
  • Lenght of Coverage - The amount of time you are insured
  • Cash Value - The amount available to the policy holder through  surrenders, loans and withdrawals
  • Death Benefits - The amount of money paid to your beneficiaries upon your death

What should be the value of life insurance I own?

• It varies and all depends on your needs and situation. Contact an insurance company or agent, define your needs, they will be able to come up with a suitable solution.

How can I lower my life insurance premium?

• Life insurance is based on several different factors, below are some common ones:
  • Age
  • Health history
  • Occupation
  • Height and Weight
  • Income
  • Smoking or tabacco use
  • Alcohol

What is cash value?

• Cash value is the interest earning section of a life insurance policy. The cash value growth of a permanent life insurance policy is tax-deferred, which means you do not pay taxes on the growth of the cash value unless the money is withdrawn. Loans or withdrawals can be taken against the cash value of a permanent life insurance policy to help with expenses, such as college tuition or the down payment on a home.

What should I think about when buying health insurance?

• Basically health insurance comes in three types:
  • HMO - Health Maintenance Organizations - The least costly, but highly restrictive. A physician is selected by you and he decides what is medically necessary for you an when you need a specialist.  If the treatment is too costly the HMO can override your doctor's advice
  • PPO - Preferred Provider Options - Allows you to select any provider in the PPO list and generally cover a wide variety of services recommended by those providers. Some PPO cover other providers, but with a larger co-payment.
  • Fee for service is the most expensive policy. It allows you to go to any provider care physician who has approve visits to specialists.

What is CO-Payment?

• The predetermined amount you are required to pay each time you avail a medical service. In other words, if you visit a physician you are required to pay a certain amount between $5-$30 (standard range) as CO-pay per visit.

What is CO-Insurance?

• A certain percentage of amount the insured is required to pay to share the cost of medical care.

What things should I consider when buying business insurance?

• Look around, do some market research, call couple of insurance companies or agents, check out what services are they offering. Finally the deciding factor is to find a professional agent who knows the product, specialize in business insurance coverage.
  You will benefit and would save money in the long run.

How can I lower my business insurance premium?

• To lower your business insurance get a higher deductible, the deductible is what you pay from your own pocket before your insurance claim is processed. Most of the business policy offer optional deductibles. It all depends on your type business type; a significant savings can be done by higher deductibles.
• Higher deductibles lower your premiums. Ask your insurance company about loss control services, this service is offered by some companies and it will give you credit for taking advantage of the loss control recommendations.

How do I file a business insurance claim?

• The following steps are required and it is very important that you follow these steps otherwise the insurance company might not process your claim.
  • The first and foremost thing you do is to contact your insurance company or agent immediately, and in case of buglary contact the police immediately.
  • Ensure that your property is protected from any additional damage, do try yo make temporary repairs, make sure that the damaged property are all intact, as the claim adjuster may need to see them.
  • Read your insurance policy thoroughly, so that you be sure of your responsibilities after a loss.
  • The adjustors will probably ask you to get multiple bids on any work, follow their advice and instructions and comply with their request.