Posts Tagged ‘MUST’

Why Travel Insurance is a Must

Wednesday, July 28th, 2010

Travel insurance is necessary for your vacation packages and without it all your travel dreams cannot come true. Travel insurance is essential for a traveler as it covers your medical and financial expenses and losses incurred on your domestic or international travel. It’s usually arranged at the time of booking the trip and covers the exact duration of the trip.

Many travel agents offer insurance, as part of their travel packages but it will be worth for you if you arrange it on your own through an online source. You can search for a good insurance policy and choose between single and multi trip insurances. If you plan to travel once in a year, then travel insurance of single trip policy will be suitable. But if you have plans to travel frequently then you can consider taking multi trip insurance policy. Continuous insurance can be bought from travel agents, travel suppliers like tour operators, cruise lines and companies offering travel insurance.

A multi trip insurance policy is commonly referred as annual insurance travel policy and can save big money in the long run. While arranging for insurance policies for travel, be clear with what the insurance coverage is provided along with the inclusions and exclusions. Always remember to look at other things also if you look for a compromise between your travel insurance coverage and the premium to be paid. Never assume that a policy with cheap premium will not offer good insurance coverage. This may work in reverse also. A policy taken at a higher price need not cover all aspects of insurance coverage required by you.

As a traveler you face lot of problems and risks while traveling like loss of property and money, trip cancellation, natural calamities, accidents, occasionally death and terrorist attacks. You cannot prevent these risks or stop your travel plan but you can reduce the risk involved by taking travel insurance policies.

The concept of travel insurance is very simple. You pay a travel insurance premium to the company and they in turn covers for your loss of valuables, accidents and unforeseen things. The premium you pay for travel insurance covers risks faced on travel like:

There are lots of possibilities for trip cancellation due to unavoidable circumstances and last minute cancellation will fetch you very less amount as refund. Your travel insurance covers such losses and provides the cancellation cost but the reason for cancellation must be part of the agreement you have signed with the company.

If you lose your baggage then the insurance company pays for the baggage cost but again based on the rules of your insurance contract. A travel insurance policy sometimes covers your medical expenses if incurred while traveling. But if you have got health insurance separately then you don’t have to spend again for health insurance during travel.

Generally travel insurance covers other things like accidental death, medical evacuation etc.

An important golden rule of all insurance policies is to go through the agreement carefully because most of the time you apply for insurance policies during emergencies.

Travel insurance is offered with various options for different types of travelers like student, business, adventure, international and leisure travelers. Travel insurance is also offered for participating in sports involving high risk and traveling to certain countries which have a high risk.

Tags: , ,
Posted in Travel Insurance | Comments Off

Home Insurance Is A Must Have

Tuesday, July 13th, 2010

Buying a home is generally considered a great investment. However, a surprising number of people fail to take actions to protect their investment. Any number of misfortunes can befall a home at great cost to the owners. A simple way to avoid excessive payment for damages is purchasing home insurance.Home insurance is not required for homeowners unless there is a mortgage involved. However, most people opt to purchase home insurance anyway because its rewards far outweigh its costs. Most people end up needing at least some portion of their home insured at some point, and when the cost of the home is considered, it simply does not make sense to skip home insurance.Home insurance generally covers the structure of your home. This should cover any damage that occurs from most accidents but not general wear and tear. Storms, fires, and other disasters are usually covered, whereas floods and hurricanes may be extra- it all depends on the individual policy you purchase. This also applies to other structures you have on your property such as garages. Home insurance is very important because no one is immune to these types of disasters.Home insurance also encompasses your personal property such as the contents of your home. Furniture, clothes and other belongings are usually covered in the case of accidental damage, and this coverage can be very useful if you have some expensive items such as diamond rings. It is important to have appraisals of the most expensive items you own in order to prove their existence and worth. Some home insurance policies will replace these items even if they are lost or damaged outside of the home. Many people consider this a great incentive for purchasing home insurance.Even if you are not worried about the damages that might occur to your property, home insurance is still a good idea because it covers damages that may be caused to others who are on your property, such as neighbors having an accident in your yard or if your dog attacks someone. This part of your insurance will cover your legal defense costs as well as any lawsuit money awarded to the victims. Lawsuits and legal bills can be quite steep so home insurance is worth it for this reason alone.Many home insurance policies also cover your living expenses if you are forced to live elsewhere temporarily due to one of the damages listed in your policy. So if your home becomes uninhabitable for a period of time, home insurance will cover your hotel stay or temporary rent in another location while repairs are undertaken. In the midst of a disaster, numerous expenses crop up so living expenses are one less worry for those who have home insurance.Buying a home is a major purchase and without insurance, you can set yourself up to lose a substantial amount of money. Home insurance helps you protect your investment and to rest easy without worrying about what unforeseen circumstances may occur. Home insurance simply makes sense for smart consumers.

Tags: , ,
Posted in Home Insurance | Comments Off

Car Insurance and Your Claims: They MUST Pay!

Thursday, June 10th, 2010

To further complicate matters, even if a loss is covered, the policy most likely includes a deductible as well as coverage limits. Depending on the nature of the loss, multiple insurance companies may be involved. For example, if a storm strikes and you have both wind and flood damage, you may have to file a claim with your homeowners insurance for the wind damage and another with the national flood insurance program (if you have flood insurance) for the water damage.Depending on where you live, your deductible may be higher under certain circumstances. For example, in Florida, your insurance deductible for hurricane damage is much higher than if your home was burglarized. So, will your local insurance company pay or won’t they? Look at it this way, insurance companies DON’T want to pay. They are in business to generate profits and will need to be convinced BY YOU that the claim should be paid. The burden of proof lies on you, the homeowner. This means that you will need to prove your case and do it well. The better prepared and more organized you are, the better.

Start with documentation. You may need to take dozens of photos and provide your direct insurance agent with detailed estimates to counter against the insurance company’s original settlement offer. You may need to demand to see how the agent depreciated your property and negotiate a more reasonable method. While your homeowner’s insurance policy is a contract, the claims process does provide room for negotiations with auto insurance company (more information on best negotiation tactics in How to Contact with Auto Insurance Company? article).

Your best bet is to be prepared for a fight. Your tools in this battle include a detailed home inventory, digital photos and video documenting the damage, estimates from local contractors, and a willingness to demand a better offer. You don’t have to do this alone. In fact, many contractors are willing to be present during the insurance adjuster’s visit to help point out damage that the adjuster might have otherwise ignored. In addition, public home or auto insurance adjusters act as advocates for the homeowner and work on your behalf to negotiate a higher settlement offer.Arm yourself with knowledge, documentation, and real-world estimates while also considering professional representation and you’ll be better equipped to answer the question, “Will they pay for it?”

Tags: , , ,
Posted in Insurance | Comments Off