The Scam We Call Homeowners Insurance
Judging by the title you would think I am a customer that got ripped off when he made a homeowners claim, right? Well, that is not the case. I work for a major international insurance company. Actually, I work in a sales office for this company. Prior to becoming a manager for this company I used to think insurance was meant to protect you in the event of a loss. I have learned differently.
This may not be the case in all states, although I think it is with my company, but if you make too many homeowners claims or one claim for a large amount of money you will most likely be cancelled. Yes, that is right. If you use your insurance for what it was intended for and for what you pay a premium for you will be cancelled after the claim is paid.
Most people want the insurance in the event of a big loss, like a fire burning the house to the ground. This makes sense. But, some people insist on carrying a low deductible such as $250 or $500. This increases the premium you pay for the policy but you really don’t receive much added benefit because if you make too many claims for a couple hundred dollars you will still be cancelled in most cases.
Personally, I carry the largest deductible I can because it makes my premium as low as possible and I would only be making a claim if it were serious anyway. Where the situation gets even more difficult is when you are cancelled for too many claims or one big claim it is hard to get another company to accept you for insurance. If a new company does take on your “risk” you will pay and arm and a leg for the policy. Out of desperation some people will try to lie and say they had no losses. The companies combat this by running a loss report on you, where all companies report their losses to. If for some reason you slip through that step and they write the policy you can still be cancelled for misrepresentation if they find out later that you lied to secure the policy. That could be 5 or 10 years down the road after they have taken your money for all those years. And, if you get cancelled for misrepresentation it will happen before any claims are paid.
There is no way to beat the system. Your mortgage company requires you to have insurance. Even if they didn’t, who wants to see their biggest investment burn to the ground and get nothing for it. My recommendation to anyone reading this article would be to raise your deductible as high as possible, make claims only when you absolutely need to, and very seriously consider any endorsements you are offered. What I mean by that is, make sure you completely understand what is covered. An example of this would be something like the Sump Pump/Water Back-up endorsement. This endorsement will provide coverage in the event your sump pump breaks during a storm and there is water damage in the basement as a result. This does not cover everything in the basement however.
It will cover things such as the furnace, hot water heater, and some appliances that would “belong” in the basement. If you had a TV sitting down there and it got destroyed you are out of luck. What is even more interesting is the fact that when a major storm is headed toward the area where I work the company will not allow us to add this endorsement to a policy until the storm passes.
As a consumer you really need to be sure you listen to that famous saying, “Buyer Beware”. Make sure you are fully aware of what you are buying in all cases. If this example does not convince you of that I am not sure what will.
Scott Bianchi operates http://www.best-internet-bargains.com If you would like to be included in his mailing list when he publishes a new article send an email to articles@bestinternetbargains.com
[tags]Homeowners Insurance, Insurance[/tags]
Getting a Homeowners Insurance Quote in Arizona
When looking for homeowners insurance in the state of Arizona there are a few things you should keep in mind:
How much to buy : Keeping in mind that the purpose of insurance is to transfer risk, you need to adequately protect your assets in the event of a catastrophic loss. You should insure your home for its proper value for maximum protection. Your house is a major investment, don’t scrimp on protecting it. Additionally, your mortgage company may have a set of insurance requirements you must adhere to.
Coverages : Know the difference between All Risk and Named Peril coverage. All risk is broader and will cover all risks subject to policy exclusions. On the other hand, Named Perils will cover only the perils named (i.e., fire, lightening, windstorm). All risk may cost a little more, but it’s worth it to protect your home.
Valuation : To protect our investment, replacement cost coverage pays the amount it will take to replace your home with the same kind and/or quality. Actual Cash value depreciates the purchase price of your home. ACV premiums may be cheaper, but replacement cost will return your home to it’s pre-loss value.
Rates: Rates are affect by factors such as:
Hurricane Recovery Steps to Start Putting Your Life Back in Order
It seems unreal, another major storm hitting Florida after experiencing four last year. The beginning of hurricane season, Floridians were just starting to get past the destructive events that caused many of people stress and even, depression. As Hurricane Dennis comes onshore, the upcoming hours, days, and months afterwards may be ones of disbelief and shock. There are ways to help get one?s life back in order after these type of predicaments.
Express your emotions when you feel them. If you feel urge to cry, give into it. It’s probably the healthiest things you can do for your body as it looks for a way to release any build-up of tension. Don?t be surprised, too, if you seem to have your act together and then at the least expected moment, tears erupt again. Be kind and understanding with yourself whether others are or not.
Talk about your feelings, concerns, and fears. Be honest. Say them out loud to your family, friends, boss, and co-workers. If you can?t get the words out verbally, write them in a letter. You might be surprised that others feel exactly the way you do but were hesitant to express them.
Ask for help immediately. Let your ego step forward. Don?t keep your needs to yourself. Reduce as much stress as you can today. From a bottle of water to an extension on paying a bill, register with FEMA, call your insurance company, and contact your creditors as soon as possible. Getting these things out of the way gives you more energy to deal with other things
Accept help immediately. Now is not the time for pride to stand in the way. Those that offer help are usually in a place to do so are, or they probably wouldn’t have extended their invitation in the first place. Take them up on their offer without excuses. Food, a place to stay, clothing, or transportation can again leave you with less to worry about right now. Worry about how to provide payback on any of this later when your life is back in order. You’ll be in a better place to consider your thank- yous and they might end up being more what is needed by your benefactors anyway.
Life after a traumatic event such as a hurricane may be life-altering so expect some time to pass before you feel like yourself again. Remember that free professional help is available from government, church, and other charitable organizations at times like this. They were designed for moments like these.
Copyright 2005 Kathy Iwanowski. All Rights Reserved.
Kathy Iwanowski, a former cancer nurse and manager, creates art, speaks, and writes about creative living and work. She resides in Florida. Her articles, editorials, and reviews on art, business, creativity, and nursing subjects have been published in newsletters, ezines, and books in the United States.
To arrange for Kathy as a speaker for your next event or to find out more about her work, visit her website at http://www.kathyiwanowski.com
[tags]Hurricane, Florida, Depression, FEMA, Recovery, Insurance[/tags]
Getting the Right Insurance Cover and Premium
First of all, always be honest with the insurance company. They will repudiate your claim on any piece of information that is not correct. For example, if your vehicle is not in a locked garage, never say it is! You might pay a lower premium, but you won’t be compensated for any theft in such a case.
Second of all, check on your schedule what excess is payable on the policies you have. It is needles to pay a very low excess if you are in a safe area for example. The higher your excess is, the lower your premium will be. So if you feel that your vehicle is safe, and you don’t run a great risk of having an accident, you can push up your excess so that you pay less per month.
Thirdly, check on your schedule which optional extras is automatically included. Say for example you have a policy and you also get medical assistance as a value added product, make sure that you are not paying for it, or if you are paying for it that you will use it. If you are in an area which isn’t known to have hail storms, you can take of hail storm cover from your vehicle policy.
Fourth, when it comes to household insurance it is absolutely critical that you are NOT under-insured. You will lose out a lot of money on claims if that is the case. If you are insured for 100 and the value is actually 200, you will only be compensated for 50% as that was the only part that you were paying for in your premium.
And fifth, always make sure that you specify items that are very valuable. Make sure for example that your laptop is insured at replacement value.
Always make sure that your schedule of your policies are indeed true, and reflects your current situation. It is good practice to check this every 6 months at least.
Barries Barnard is the webmaster of bargain hunting or cheap insurance and medical insurance
[tags]insurance, insurance quotes, online quotes, online, insurance claim, broker, premium, excess[/tags]
Basic Bank Accounts Failing the Basic Needs of Consumers
The lists of bank and savings accounts that are available to most people are bewildering. A quick look at a comparison site like Moneynet or Moneyfacts will reveal thousands of different products. Unfortunately many of these accounts are not accessible for anyone with either a poor or even no credit history.
Research carried out for the National Consumer Council (NCC) reveals “that the poor pay more, or get less, for essential goods and services having a bank account can be a gateway to other products and services, such as affordable credit and insurance”. To help counteract this problem of financial exclusion, the government has tried to initiate the introduction of basic bank accounts for the least well off. The NCC has however warned that, “the current model of basic bank accounts, introduced by government in 2000 in an attempt to enable all low-income consumers to access banking services, is not delivering.”
The new basic bank accounts were introduced as part of a wider push towards ‘universal banking’ and corresponded with the introduction of direct payment of social security benefits to bank accounts as well as the Post Office Card Account (POCA). The plan was that these accounts would also help their users by letting them set up direct debits to pay their utility bills, and so keep better track of their finances from week to week.
The accounts were originally designed to let people save and withdraw money, but in an effort to prevent extending any existing debts and stopping the accounts from becoming overdrawn, they don’t offer cheque books, overdrafts or other credit facilities. The accounts were intended for those with no credit history who might not meet the banks’ criteria for opening a standard current account. The accounts features typically include the ability for payments, for example pensions and benefits, to be credited direct to the account, withdrawals by plastic card through cash machines and the facility to pay bills by direct debit.
The problems experienced seem to be partly because the accounts do not always help those with a small weekly income to deal with the unpredictable gaps which can occur in wages, benefits or spending. Automated monthly direct debit payments for goods and services can prove of little use to many on low weekly based incomes. Those paid on a week by week basis, expressed a preference for weekly cash based, rather than monthly direct debit, budgeting options and felt that bank accounts with direct debit facilities would not provide them any advantages. By using cash instead of a bank account, they found they could juggle payments easier, and avoid punitive additional bank charges if they did not have the funds to hand, to cover an outgoing debit payment.
Another problem experienced was that the holders of these basic accounts are also liable to be those on low incomes, with low (if any) savings and are more likely to be in arrears paying their household bills than those without them. This vulnerable group are less likely than most to be able to deal with unexpected additional expenditure, such as an unforeseen bill for home repairs, but without recourse to any credit facilities, they may be forced into resorting to high interest loans to cover temporary setbacks.
The NCC found that “people on low incomes who use accounts to manage their money are more likely to be in arrears with household bills. They are also more likely to have outstanding credit commitments, partly because they have wider access to credit”, than those without accounts.
The government has set a target of halving the number of households which do not have access to a bank account by 2006. The banks state that they currently face a lack of demand, however more than two million applications, in excess of the government’s expected take-up, for the POCAs have been made. The banks are claiming that reaching the targets will be difficult, as they are being impeded by various barriers to opening basic bank accounts, such as the identification requirements in money laundering rules. Some of those on low incomes may not possess either a full driving license or full passport, and so find difficulties setting up new financial accounts. The banking industry has also been widely criticised for failing to actively promote basic bank accounts and, sometimes, for actually discouraging people from opening them.
The NCC proposed that basic bank accounts need to be more flexible. Suggestions to make the bank accounts meet the needs of consumers included offering weekly, rather than monthly, direct debit facilities where payments are only triggered if the money is available in the account, occasional payment holidays, and small free ‘buffer zone’ overdrafts.
Whether the lack of interest is due to the banks, the government, or the product itself, something needs to be done if there is to be an increase in the take-up rates. Half of those surveyed by the NCC felt they do not really need an account. An even more damning indictment of the current basic bank accounts was that a similar proportion of account holders preferred to withdraw all their income, rather than leave it in the account, and then manage it as cash. An inclusion policy may be a laudable idea, but it is no use if people do not want to be included, and it should not disadvantage those it is meant to help.
Useful Resources:
Bank and savings account comparisons - Moneynet
Basic account research - National Consumer Council
Richard lives in Edinburgh, occasionally writing for the personal finance blog Cashzilla and reciting Vogon poetry.
[tags]Bank accounts, savings, insurance, finance, loans, moneynet, credit cards, debit cards[/tags]
Workers Compensation Insurance - Construction Contractors
Worker’s Compensation Insurance for construction-related framing contractors has always been expensive. Danny Harter, owner of DH Framing already knew that much because he faithfully carried this insurance in order to work in legal compliance with State insurance requirements. But what Danny wasn’t expecting - to be suddenly cancelled by his Worker’s Compensation Insurance carrier - happened in November, 2004 - all because “out of the blue,” his insurance carrier simply decided that his company was “too small” for their interest. Danny had two employees, including himself, and a weekly payroll between $1,500 and $2,000.00.
Danny was notified of his cancelled workers comp policy when the client he was busily working for one morning, came up to him and said, “You can’t work on this job - I’ve got a notice here that you don’t have valid Worker’s Comp Certificates with your insurance carrier anymore.” How embarrassing!
Danny obviously lost time on the job, and income. But he did what he needed to do, and immediately started contacting insurance carriers, trying to find someone who would not consider him “too small,” or otherwise, undesirable. After all, he was and still is a successful, hard-working small businessman. Shouldn’t someone be interested in writing his business?
To no avail, Danny could not find an insurance carrier that would underwrite his business. Fortunately, he contacted an insurance agent who just happened to know about the Worker’s Comp Co-Op. “Call these guys,” the insurance agent said. And Danny did. I picked up the phone and talked to Danny about his business, and what happened to him.
Within one week, Danny and his employee were not only back on the job with the client who had to stop his work - he also had payroll services and worker’s comp insurance coverage without those big deposits you have to put down with traditional insurance agents. So Danny saved not only saved his business. He saved additional, unnecessary hours - weeks - of downtime on the job, and those huge upfront fees.
Today, Danny is still a client of mine, and now has a third employee. His lovely
wife.
Gary Rifkin -
Workers Comp Co-op - Payroll Consultants
Group
[tags]Workers Compensation Insurance,Construction Contractors,State insurance requirements,framing contrac[/tags]
The Most Important Person In The Room
While he wasn’t my very best friend, his friendship was, nevertheless, important to me. For over 30 years, we had shared food and drink, baseball games, our kids soccer events and much laughter.
At his funeral, I stood at the back of the parlor hall and watched dozens of his friends pay their last respects to his family. There were many hugs, gentle kisses, warm handshakes and, of course, a flood of tears. As all those people were expressing their genuine condolences to the bereaved family, it occurred to me that I was probably the most important person in the room right then. Not in an arrogant or presumptuous sense… but in a practical one.
You see, in addition to our friendship I was also his life insurance agent. It wasn’t easy because, like so many naive individuals, he resisted each time I approached him about the subject. Like many well-meaning, caring, loving husbands and fathers… he didn’t want to talk about it. Not for a long time anyway. But, I didn’t give up because I’ve witnessed dozens of unexpected deaths that without the benefit of life insurance would have devastated families and businesses.
Because I cared so much for him and his family, I pursued until finally - at long last - the $1,000,000 policy was put into effect. And so… there I was in the back of the room. And, when it was my turn to gently kiss his grieving spouse and warmly hug his kids, I didn’t just express my sorrow… I reminded them that in a matter of days a great deal of money was going to be available for them to secure their lifestyle for the rest of their lives.
The power of life insurance is truly awesome! What a shame most people don’t understand or appreciate its value. And what a bigger shame it is for these same naive people to make fun of or even ridicule life insurance agents. The reality of death cannot be denied. Yet, under normal circumstances the prediction of any one particular death is impossible. This is why life insurance is based on the principle of large numbers. There is a science of prediction based on the similarity of statistically large groups of people. Without this ability to predict the larger scale version of death, it would be impossible to buy a life insurance policy for a reasonable price. And yet, our individual deaths will undeniably and irrevocably occur.
For most of us, the death of a loved one or a business partner is cause for financial concern. Either the loss of family income is potentially devastating or the intrinsic commercial value is almost impossible to replace. In most instances, the tax-free death proceeds from a life insurance policy can greatly reduce the financial pain and, perhaps, even remove it completely. Life insurance is the most misunderstood financial asset anyone could own. Yet, it should be the cornerstone of every financial plan. Without the tax-free proceeds of a life insurance policy most financial plans will crumble in only a matter of time.
This article will not venture into the turf of product types. We’ll save the classic “buy term and invest the difference” argument for a later presentation. In the meantime, I’ll leave you with this thought. I have delivered in excess of 15 million dollars of tax-free life insurance proceeds over the past 25 years. Children have completed their education because of this… mortgages have been paid off because of this… businesses with hundreds of employees have survived because of this. At no time … ever … did anyone who accepted their tax-free check ask me what type of policy it came from. They simply didn’t care… and why should they? The death proceeds from a life insurance policy is the greatest gift anyone could leave to a loved one.
So, the next time a life insurance agent wants to discuss life insurance with you… for heavens sake listen up! That agent could become the most important person in the room when your loved ones are grieving your demise. Make sure that agent can deliver what your family is going to need the most because you can no longer provide it for them
More helpful information regarding personal finance may be found at http://personal-finance-on-the-net.com
[tags]life insurance, life insurance policy, unexpected death, loss of income[/tags]
Unclaimed Assets Stocks, Bonds, Utility Deposits, FHA Insurance Refunds, Etc. Could Belong To You
Stocks, bonds, utility deposits, FHA insurance refunds, paychecks, safe deposit box contents, etc. - in the U.S. there are Billions of dollars in unclaimed money and property ready to be claimed. Many people do not know that each state in the nation has a specific department which was established for sole purpose of receiving unclaimed money and property, and that they have the right to inquire about what could rightfully be theirs.
The vast majority of this unclaimed money and property originates from banks, insurance companies, utility companies, and various other institutions. In accordance with the law, this unclaimed money and property is generally held for anywhere between 2 to 5 years before being turned over to the state.
For over 5 years United Refund Services has been helping reunite people with their unclaimed money and property.
You can conduct a 100% free, instant search for unclaimed money and property by visiting: http://www.united-refund-services.com/unclaimed-searches.html.
In the event you do have unclaimed money and/or property, the claims process is quite simple and in most cases only requires you to produce a general form of identification and complete a simple form. Please note that unclaimed property is often auctioned to the general public if the state deems it to be abandoned, so if you are serious about inquiring, you don’t want to delay.
United Refund Services continues to provide top level advice, materials and resources regarding unclaimed assets and residual income at: http://www.united-refund-services.com.
[tags]unclaimed money ,stocks, bonds, utility deposits, FHA insurance refunds, safe deposit box contents[/tags]
Have You Got The Necessary Cover
Are you a company or individual who could do with some form of health cover? Then look no further than a Blue Cross Blue Shield health cover insurance plan, which is obtainable in just about all states right through the country. Blue Cross Blue Shield is a respectable corporation that offers a selection of health insurance plans for just about every budget and every need. Group and specific policies can be purchased through a large number of insurance agents, and from online vendors, the best ones are www.ehealthinsurance.com, (Alexa) www.medhealthinsurance.com, (Alexa) or even just directly from Blue Cross Blue Shield their website address is at www.bcbs.com. (Alexa) An enormous assortment of plans is accessible, and can be easily compared side by side, making it straightforward to see what each has to propose and how they might differ. Finding a good quality health insurance plan for yourself or your business doesn’t have to be perplexing and stressful.
Blue Cross Blue Shield health insurance plans can usually be modified to the requirements of each person, as well as individual, family, and group coverage for small and big businesses. What’s more there are also exclusive supplemental plans accessible to seniors to supplement Medicare coverage, because regrettably Medicare doesn’t cover everything and often senior citizens might need some sort of help to pay for their prescriptions, although there are some plans for some type of prescription coverage which is usually for formulary and non-formulary medications, as well as mail in pharmacy options to purchase a three month supply at greater savings.
Plans can also vary in deductibles, co-pays, even out-of-pocket expenses, and maximum lifetime benefits too, in addition to other types of coverage’s and exclusions depending on whether or not the plan is an HMO (Health Maintenance Organization), PPO (Preferred Provider Organization), or POS (Point of Service) plan.
For more information on different types of Blue Cross Blue Shield health insurance plans, go to the links mentioned above to compare plan options and prices. Application can be made online for individual and family policies for a minimal fee, and estimated premiums are available when comparing different types of Blue Cross Blue Shield health insurance plans, which will be adjusted according to general health status and any chronic illnesses that may be present.
Often is the case also that for extreme chronic conditions that premiums will be substantially higher and in some extreme cases maybe not even given at all.
It is a very complex area at times and that is why there are customer service representatives who will be more than willing to help with your own personal situation.
Mitch Hampson is a successful Webmaster and publisher of availablehere.info so if you would like more information on this subject please checkout his website at availablehere.info
This article is shareware. Give this article away for free on your site, or include it as part of any paid
package as long as the entire article is left intact including all live links. Copyright © 2006 Mitchell
Hampson
[tags]business, accounting, insurance, home based business[/tags]
Consider This Before You Travel Abroad
When I was helping my husband prepare for his trip to Bosnia, I read all of the travel information he received. After reading the travel advice, I realized that there were several travel precautions that I had never considered. Of course, he needed immunizations, but I knew about that, or so I thought.
I did not know that he also had to have a series of treatments to prevent Hepatitis A and B. There was also a strong advisory about avian flu and trichinosis which meant that he could not eat any poultry or pork. Travelers were warned to drink only bottled water. Travelers were also advised to bring antibiotics with them in case they suffered “traveler’s diarrhea.”
Insurance coverage was the thing that I was least prepared to handle. First, I learned that it is not likely that your health insurance will provide coverage if you are outside the United States. Your dental insurance, will not cover you either. As I began to search for health insurance, I found traveler’s insurance which included much more than health insurance.
I learned that if my husband was injured or became ill, it could be prohibitively expensive to transport him to a place where he could receive good medical treatment. Fortunately, there is emergency medical evacuation insurance to cover that cost. There is also emergency reunion coverage that will pay for me to go to where my husband is, in case of a medical emergency that requires my presence. Finally, and this is really final, there is insurance to cover the cost of bringing the body or ashes home if his injuries or illness result in death.
Emergency travel insurance is something we may not consider before we travel abroad. Now that I know it exists, I am gratefully buying the insurance. It is very inexpensive and provides high coverage amounts for the emergency travel. It also provides dental insurance, ambulance, outpatient, hospital, and doctor. There is even a death benefit included.
Many people take vacations to places all over the world. Other travelers may already know about emergency insurance coverage for travelers, but I did not and I am glad that I did my research. I believe this is just as important as the immunizations, and I wanted to bring this information to my readers’ attention.
Jo Ann Joy, Esq., MBA, CEO
Copyright 2006 Indigo Business Solutions. All rights reserved.
Discover the secrets to success.
About the author:
Jo Ann Joy is the CEO and owner of Indigo Business Solutions, a legal and business consulting firm that is a “one stop shop” for small businesses. We offer both legal and business services. We provide all professional services that a business requires without being “referred out” to other professionals.
Jo Ann has a law degree, an MBA, and a degree in Economics. She is a strategic business attorney who works closely with businesses to greatly improve their chance of success. Her background includes commercial, corporate, contract and real estate law, accounting, financial planning, mortgages, marketing, product development, banking, and business planning and strategies. She ran a successful business for 10 years and has written and given presentations on many different legal, tax, and business subjects.
Please visit website for free articles and for business, legal, and tax advice. http://www.IndigoBusinessSolutions.net Phone: 602-663-7007; Fax: 602-324-7582
[tags]Travel,health insurance,emergency medical insurance,evacuation,repatriation,reunion,abroad,injury[/tags]
