Climate Change Is Taking the Insurance Landscape by Storm
Insurance companies are having to assist their clients to learn and implement far reaching changes to the properties. They are offering to help people get their homes secured, making necessary modifications to shore up flood protection and strengthen building structures against storms and hurricanes. Insurers are also increasingly willing to foot the bill for some of these modifications.
The industry has finally realized that to survive, it needs to take an active role in helping the people it provides with cover by assessing risks and offering help. It is often more economical for the companies to put some damage control measures in place before the next natural disaster occurs. By doing so, insurance companies are helping their clients to protect their lives and properties while minimizing insurance risks for themselves.
More people than ever before are now living in flood prone regions and in hurricane belts. This has been in part as a result of more people choosing to live in costal areas, coupled with global warming and the rising sea levels. The increasing menace from rising sea levels means that more and more homes will be exposed to the caprices of the weather.
In 1992, hurricane Andrew, wreaked havoc in the southern costal cities of the united states causing damages in the tune of 25 billion dollars. It is perhaps, the single event that marked the dawning of a new era for insurance companies.
In the wake of hurricane Andrew, the insurance industry was said to have parted with billions of dollars. Several companies went bankrupt after splashing out huge sums in damage claims.
1989 to 1994 saw the insurance companies splash out 69 billion dollars in damage claims, about 20 billion dollars more than the previous five year interval. This 40% increase in damage claims payments was a sign of things to come.
Faced with possibility of an uncertain future and the prospects of major disasters on the back of global warming, the industry has chosen to clean up its act. Clean up is perhaps, too harsh an expression, but in order to continue to bring back huge profits, it was vital for the industry to adopt more preemptive damage control measures.
The reality is, that faced with an increased frequency and intensity of storms and other natural disasters, the only end in sight for everyone might well mean higher premiums.
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[tags]insurance and global warming, home insurance, florida home insurance, natural disaster insurance[/tags]
Opinions on Whole Life Insurance as an Investment Tool
Yes, it costs more, but whole life insurance packs a few perks that term life insurance doesn’t. The perk most people are interested in is the fact that whole life insurance usually offers fixed premiums; since it covers you for life, you could have fixed premiums for life. Term life insurance doesn’t cover you for life, which isn’t necessarily a bad thing; however, you could end up paying higher premiums upon renewal. Opinions vary from person to person as to whether fixed premiums are enough to make whole life insurance the better life insurance.
The perk that tends to form stronger opinions, however, is the investment component that comes with whole life insurance policies. Whole life insurance policies come with an investment component, often referred to as “forced savings,” which is money your policy accumulates based on dividends the life insurance company pays you, and life insurance companies that sell whole life insurance policies label the investment component as an excellent way to save money; however, opinions on whether or not the investment component of a whole life insurance policy is worth the extra price - or even effective, for that matter - range from one end of the spectrum to the other.
If you’re considering purchasing a life insurance policy, but aren’t yet sure if you want to purchase term or whole, don’t base your decision solely on the perks offered. Sure, a whole life insurance policy allows you to save money, but so does a bank. The decision-making process doesn’t have to be complicated. If you want life insurance for life, look into whole life insurance; if you want life insurance for a certain period of time, look into term life insurance. Look at the perks of each policy only after you have a handle on the basics of each policy. You’re less likely to be swayed by the perks once you know which policy will better meet your needs.
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A Health Savings Account Primer
Jenny Thomas heaved a sigh of relief. A month ago she checked into her local hospital to deliver her first child, but unanticipated complications necessitated an emergency surgery. Fortunately both she and the baby were fine. But if it hadn’t been for her family’s health savings account (HSA), she could have ended up owing the hospital tens of thousands of dollars.
An HSA is smart savings plan that you use for unanticipated medical expenses. Usually, money that you sock away into the plan comes out of your paycheck before payroll taxes are computed, so that you maximize your savings rate. Furthermore, any income that the HAS plan itself generates (such as from interest or investment appreciation) is also tax free, so it grows fast. Some employers even contribute extra matching cash to the plan to encourage you to save.
In most parts of the country, to be eligible for an HSA you also need to hold a High-Deductible Health Plan (HDHP). An HDHP is a plan where the deductible - that is the amount that you pay out of pocket, before the insurance “kicks in” is somewhat higher that what you might have seen before: usually in the neighborhood of $2000 to $3000. The big idea behind the HSA/HDHP combo is that the premiums on the high-deductible plan are so much lower that even though you pay the first couple of thousand “out-of-pocket” - actually out of your HSA - you save money in the long run over a traditional plan.
Hundreds of banks, credit unions and insurance companies offer HSAs, and it’s easy to sign up. Once you’re enrolled, you can use the money in the account for most any approved medical, dental, vision or disability health care or expense.
HSA’s differ from one another mostly in the ways they grow. Some HSA’s grow like traditional savings accounts, with interest compounding daily. Other HSA’s let you be more aggressive and pick money market funds, mutual funds or other investment vehicles so that you can maximize the growth of the account. It’s up to you, and you should make sure you understand the investment choices available to you before you select your HSA institution.
After you have opened an HSA, managing the account is pretty easy. You setup automatic deductions from your paycheck, usually totalling an annual amount less than your HDHP deductible. You then invest your accumulating HSA funds in interst-bearing accounts, stocks, bonds and/or mutual funds, depending on the choices available to you at your HSA institution. Returns on these investments are tax-free, so they compound fast! If, in some year, your don’t use the cash, it automatically gets carried over to the next year. So in this way HSA’s are different from “Flexible Spending Accounts” which typically follow a “use it or lose it” approach.
Kurt Stammberger is VP, Marketing at Healthia Inc. Healthia provides integrated comparison-shopping health insurance related information on health care products and services, doctors and health insurance plans.
[tags]health insurance, group health insurance[/tags]
Tips On Finding A Quality Realtor That Works For You
Before they can start to work for you
When your looking for a house, apartment, mobile home or townhouse there’s a good chance you’ll come across a realtor. This realtor will always try to be getting your business. One of the best ways to know if this realtor can do the job is to know what he or she is required to do for you.
Before starting a business relationship with yourself a realtor must show his or her duties, limitations and the types of services a customer might expect. This can be done with a pre-made brochure (working with a realtor) which explains:
the fiduciary duties that an agent owes to a client, be that client a seller or a buyer;
Limitations on these duties should an agent be given consent to act for both parities.
The types of services a customer might normally expect to receive when there is no agency relationship.
It’s very important to understand that the seller or buyer’s informed consent is required before a realtor starts to work for yourself. This can be used as your fist test to see the quality of your realtor. Whether your buying or selling a condo, apartment or house, the brochure that explains these topics are provided to the realtor from the British Columbia Real Estate Association. This brochure is to be read to you and then signed by yourself before the realtor talks about anything pertaining to your home purchase.
Duty to Clients
Your local Real Estate council sets out the duties that a realtor owes to a buyer of real estate or a seller of real estate with respect to any investments in your area. All of the following is required when your in the market to buy or sell your home. This applies to Newly constructed homes, Apartments (new or old) and all other transactions pertaining to the buying or selling of real estate:
Your realtor does actions in the best interest of the client;
Realtor is in accordance with the lawful instructions of the client
Only uses authority given by the client;
If there is a task that is above the authority of the realtor, he or she must advice you to seek independent professional advice on matters outside of the expertise of the realtor;
Confidentiality of information is a huge item that must be established
When an offer on your property is put forth, all offers to the client must be presented in a timely and unbiased manner;
Any conflicts must be told to the client when they arise.
We’ve talked about what a realtor is responsible to do if he or she wishes to work with yourself. When you first come in contact with a realtor be sure to notice the body position, eye contact and hand shake. Notice the way she or he understand and listens to what your needs are. Ask specific questions and take note of the response made by the realtor. You now have knowledge of what the responsibilities of a realtor are. Whether your investing in a condo, apartment, mobile home or acreage, your realtor must disclose what his intentions are.
Shane Toews is a Licenced Realtor who helps others to educate themselves on current real estate issues. He also provides assistance on how to locate quality homes, apartments or vacation rentals in Canada’s Fraser Valley area. Visit his website RentFraserValley.com for more information on Canada’s Fraser Valley Real Estate Market
[tags]real estate,home rentals,vacation rentals,condos,apartments,property,beach front,insurance,mortgage[/tags]
Finding the Cheapest Home Insurance Quote
While the Press and media are always telling us to shop around for the cheapest home insurance quote, it can be difficult to do if you don’t know where to start. Here we explain the best places to look - and how to ensure you get the best price on your home insurance quote.
Did you know that complacency is the biggest reason why we overpay on our insurance? And that’s not just home insurance, but motor insurance too. The renewal notice drops through your letterbox once a year from your current insurer and the premium doesn’t look much more expensive than last year. So, you decide, for ease (and - dare we say it - out of sheer laziness!) to stick with the same insurer.
Big mistake!
While you may be happy with your current insurer, if you want to pay less for your insurance, then you really do need to shop around - if only to satisfy yourself that you really have got the best deal going!
And this needn’t be an exhaustive exercise that eats in to your precious time - you don’t have to trawl the High Street or make lots of ‘phone calls - you can do it simply and quickly from the comfort of your PC.
The great thing about using the internet to search out home insurance quotes is that it is speedy, free and you don’t have to converse with anyone, thus saving you time and effort! You can also do it 24/7, giving you the freedom to do your research at a time convenient to you.
And because the with online quotes and purchases there is less administration to do for the insurer, they can offer you discounts, typically 5%-15% off the normal premium!
Finally, to ensure you find the right policy at the best price, do get at least three home insurance quotes so that you can compare terms and conditions etc. Try to get each quote on a like for like basis so that you can make a true cost comparison - do not make the mistake of choosing the cheapest premium without checking out that there is no compromise on the cover offered.
Jason Hulott is Business Development Director of Protection Insurance. Protection Insurance is an internet based insurance business dedicated to getting consumers the very best insurance rates and the best products. Our product portfolio includes Home Insurance
[tags]home insurance quote[/tags]
Canadian Term Insurance Explained
Canadian term insurance may be a new idea for many people who think of whole life insurance as simply a policy you pay throughout your lifetime, but term insurance is actually a better option for most people for several reasons.
Term life insurance is basically a life insurance policy that lasts for a specified period of time. Unlike whole life insurance policies which last from the moment they are purchased until the policy holder’s death, Canadian term insurance may last for 10, 20 years or to age 100. While this sounds the same, you will pay much lower premiums and get higher coverage when you opt for term insurance from any of the major insurers in Canada.
Term life insurance is ideal protection for younger people and for breadwinners because coverage amounts can be chosen to cover the amount of the family mortgage, car loans, current debts; problems that you would not want to burden your loved ones with in the event of an accident. When something unforeseen results in the death of the family’s breadwinner, the economic results can be immediately devastating, but a term life policy can be the rescue net your family needs at this traumatic time. Plus, during the coverage period of your policy, your premiums will never change so you’ll always know exactly what you’ll owe to keep your policy in good standing.
TERM LIFE QUOTES
Premiums for term insurance vary with your health, age, and lifestyle influencing whether you will pay a higher or lower amount. However, you can use the Internet to request a term life insurance quote online to get the lowest premium possible. The Hughes Trustco Group provides you with quotes from all the insurance providers so you can do your own life insurance comparison and select the premium and the policy that meets your needs.
Ivon T. Hughes president of The Hughes Trustco Group has been in business for over 30 years. Canadians and Americans - Get a FREE Quote TODAY!
Tel: (514) 842-9001 Email: info@trustco.ca Web: http://www.hughestrustco.com
[tags]canadian term insurance[/tags]
Home Insurance - Take Cover
Are your house contents insured? Really? Are you absolutely certain? If you’re under insured, from a legal point of view, you may as well not be insured at all. Your insurer may well simply scale back your claim by the amount you’re under-insured, but they would be within their rights to reject the claim totally.
Many people under-estimate the value of their personal possessions. If you go through your home, room by room, and make a rough mental note of the contents, you may be very surprised at the result. Don’t forget to include portable electrical items, jewellery, designer clothes and paintings and even photograph frames. It’s often the smaller items that are easily stolen in a “smash and grab” type of burglary and these can be the very items which you overlook in your valuation.
When working out the premium for your policy, insurers use your postcode, the size of your home and the claims history of the area. Contents calculators are often available online, which are useful in deciding the level of cover required. There are steps you can take to help to cut premiums and stay safe.
In addition to the normal alarm system, you could think about installing motion-activated lights at the entrances to your house, not only are they a deterrent for the burglar but they’re convenient for your own use too. A security cover inside a letterbox makes sure a thief can’t gain entry by putting a hand or instrument through it to open the door. Fitting all outside doors with efficient key-operated locks and bolts is a good idea.
Inside the house, valuables could be kept in a safe and security fittings could secure any precious works of art. It’s a good idea to use some kind of marking or security code and record serial numbers, where this is relevant. Photographs of your valuables are useful too.
There’s a wide range of policies available. The majority of standard household policies will cover contents of up the
Medical Insurance Rate - Why Does It Change and How is It Decided
Are you shopping for health insurance? Are you looking for the best rates? Are you totally confused? There are so many people scrambling for health insurance and are trying their best to compare the rates. This is not easy at first because the health insurance companies have had to come up with creative alternatives in their insurance portfolios. Those creative alternatives can give the average person an insurance headache.
The rising costs of hospital and physician services are always passed on to the consumer. The consumer depends on their insurance company to pay for their medical expenses in exchange for a premium. The medical rates are based on several criteria.
Here are a few:
1. Gender - Male/Female rates differ.
2. Tobacco - Non-Tobacco - Tobacco users are higher
3. Household Status - Single, Parent-child, Parent-children, Husband-Wife, Husband-wife-child, Husband-wife-children
4. Deductible - $500 to $5000 (with some companies)
There are some things that you can do to affect the rate. The most cost savings method is to choose a high deductible plan. The higher the deductible calculates into a lower the rate. Low deductibles no longer justify the premiums paid. This trend toward high deductibles is called self-insuring. You are taking on the financial responsibility for the deductible amount.
The best way to offset and prepare for the out of pocket deductible is to start a health savings account. This is a tax deductible savings plan for medical expenses. It’s the equivalent of a medical IRA. The tax deduction offsets some of the out of pocket expense you incur with the higher deductible. Contact your tax advisor or accountant about starting a health savings account.
To view our recommended source for reliable quotes, visit this page: Affordable Health Insurance.
To view our recommended source for all other insurance, visit this page: Insurance Quotes.
[tags]Medical,insurance,rate[/tags]
Life Insurance Money Saving Tips
Life insurance, specifically Term Life, is arguably one of the best values in the entire financial services arena. Where else can you go and get hundreds of thousands of pounds in protection for literally pennies per day? Rates for Term Life insurance remain at all-time lows, and now is the time to lock in the best prices. Here are some ways to help you save money when purchasing life insurance.
Buy when you’re young. Although your financial needs may be lower at a younger age, the rates are also substantially cheaper when you’re young. Remember, the goal is to cover your primary assets (like your salary and house) so that if something were to happen to you, your beneficiaries would be able to persevere financially. The best advice is to lock in as much protection at a young age while your health and prices are still good.
Your “half” birthday could be costly. While some companies raise their prices based on your actual age, most companies increase the price of their policies six months before your birthday. It’s a term called “Age Nearest” in the industry, and that half-year price increase could really add up over a 20-year term policy.
Buy before any major health issues arise. Healthy people have the best mortality risks and thus are much cheaper for companies to insure. This translates into lower rates for the “Super Preferred” customer than someone with higher risk factors such as a heart condition, cancer or diabetes. Conversely, if you were unhealthy when you acquired your policy, and your health has now improved, it might be time to shop for a new policy, as your rates are likely to be lower.
Select the right length of coverage. Everyone has different needs, and not one size fits all when it comes to term life insurance. While it may make sense for people in their 30s and 40s to secure a 20-year term length, a 10-year term might be more appropriate for someone nearing retirement.
People who are trying to quit smoking, for example, might be best suited purchasing a shorter term (and then replacing it with a longer term policy when they qualify for non-tobacco prices). Lastly, individuals who have 30-year mortgages might want to consider a 30-year term to ensure that the house is protected throughout the period of the loan.
Check for price breaks. Companies often offer “price breaks” at certain coverage amounts (i.e.
Home Owners Insurance Online - The Internet Proves to be the Cheapest Source for Insurance
Shopping for home insurance online is easy. There are a ton of websites that make it so easy to enter the proper information in order to give you an accurate quote. The home policy has less required information than the auto policy. Auto insurance depends so much on extensive driver and vehicle information. The homeowner policy depends on some basic information. The most important calculation is the actual square footage of your home. When you shop online they will want this information. Insurance companies need this because they use various calculators to determine building costs per square footage. The online quote has a questionnaire that needs completed that will ask you some other valuable information that helps determine the replacement value of your home. Air conditioning and fireplaces increase property replacement values. The size of your deck or patio is also considered when determining the insurance amount. There are questions about your garage location. Finished basements increase the replacement value and the online quote will often ask you the percentage of your basement that is finished.
Prior insurance is important when shopping for insurance coverage for a home that you have been residing in for a while. You will be asked about your present insurance. Having insurance is a must when comparison shopping because it is stability and credit factor that will make the risk more acceptable for the insurance company. If you want personal items insured on a rider of some kind then you will most likely need proof of their value. Jewelry riders require recent appraisals and or receipts to prove their worth.
The online quote process may reveal something about your present coverage that you were unaware of. You may find that after you complete a replacement cost estimator with several companies that your home is either under insured or over insured. This is one of the great benefits of shopping online. It enables you to do some of your own research. Shop for homeowner’s insurance online. You will be pleasantly surprised.
Please see our recommended sources for low rate insurance quotes Home Owners Insurance, Medical Insurance, Cheap car Insurance.
[tags]home,owner,insurance,online[/tags]
