2 Things Your Insurer Must Have

The quality of your insurance policy is directly related to the reliability of your insurance company. The basic idea of buying insurance is to have coverage and protection when needed. To get the best insurance experience you must make sure your insurer has these two things.

24/7 Service

One of the reasons you opt to buy an insurance policy is to be able to get coverage if you suffer a loss or damage. For instance, if you are involved in a car accident, one of the first things you would do is to call your insurance company. You have to make sure your insurer offers a 24/7 customer care service. Accidents are as unpredictable as they come. It is best to only settle for an insurer you are sure will always be available.

Experience Level

There's absolutely nothing wrong with newer insurance companies but you would need much more that a good profile. The more an insurer has been able to settle claims and pay compensation, the more experienced they will be in handling similar situations. Make a good research on the experience level of the company. You should go out of your way to ask some of their clients on how well they offer their services.

Homeowners Insurance: Flood and Earthquakes

Homeowner’s insurance policy protects your home from all damages and loses. This is usually the leading line some insurance companies would use to sell you their policy. While there is nothing out rightly wrong with this, it is somewhat misleading. It just takes a simple "all" word to not only make the statement invalid but has the tendency of causing problems later in the future for clients and insurers.

The standard homeowner’s insurance policy covers damages and loss to homes but usually excludes flooding and earthquake related damages. This is not the time to question why or why it isn't included. When buying your homeowners insurance policy, do not go with the impression that it is included. For further clarification, you should feel free to ask your insurance agent.

If you live in areas that are prone or susceptible to flooding and earthquakes, it is best to include their coverage in your policy. Like other reasons for buying insurance, you cannot predict when and to what extent the damage from these natural disasters could be. You will always be safe to have it included to your insurance policy.

A Common Gap in Disability Insurance Policy

If you take a close look at what disability insurance stands for, it is clear to see that it is an amazing policy for employees. Not only does it protect the business and business owners, it also helps bears the risk of the employees. As benevolent as this policy may seem, there are also some gaps that arise in the policy. If not properly understood, these gaps could cause a devastating effect on the employee.

Disabilityinsurance pays a part of the salary of employees to them if they are involved in work related injuries. This means as long as they are away from work, they still get to receive a portion of the salary. What most people don’t realize is the fact that a part of your salary may not really be significant to cater for your needs. The policy could pay as high as 60% of your salary but this would only be meaningful if your salary is large.

The policy also doesn’t include bonuses and commissions. So if you get more in commissions and bonuses, you should not expect the policy to pay your any part from. To give a better illustration, let’s imagine you receive an annual salary of $10,000 and commissions of $50,000. The disability insurance is able to pay as high as 60% of your $10,000 but never the $50,000. So if you have expenses calculated with both the $10,000 and $50,000, the 60% would not be enough. To fill this gap, it is advised to take up additional disability coverage; just in case.

Understanding the Basics of Insurance Contracts

An insurance contract can also be called an insurance policy. It is a written contract between you (known as the insured) and the insurance company (insurer). Insurance contract contains clauses or agreements pertaining to the level or extent of coverage to be given. All of these clauses or agreements will be met and provided for after payment of a premium. Paying of this premium gives you entitlement to file for a claim if you have a loss or damage. The amount of coverage in an insurance policy is always well spelt out in the contract. Ensure you do well to understand it.

Usually the first page of the insurance contract is where you find the agreement summary. This initial page is known by different names, depending on the type of policy. It is also known as a Declaration page, benefit summary page, etc. This page will contain who is covered, what is covered, the effective dates of coverage, and the amount of the premium. The number of the policy will be listed, along with your name and address and your insurance agent's name and address.

The contract will contain all the clauses and limitations of the policy. Most people either become weary of reading or do not fully understand the policy provision before appending their signature. Do well to go through each agreement or clause. If you do not understand any clause, meet with insurance experts to help breakdown that aspect of the policy. Never assume things!