Most people reach out to their insurance brokers or underwriters when there is a significant event in their lives that necessitates new or revised risk coverage – perhaps when they purchase a new home or it’s time to trade-in the old car. However, far fewer remember to review their insurance at regular intervals or when more subtle changes to their coverage requirements occur.
Reviewing your insurance regularly helps ensure your coverage is what you expect it to be in the unfortunate circumstance that you need to file a claim. It also aids in making informed decisions regarding coverage and being proactive about minimizing your insurance costs.
There are many different circumstances that could possibly change your coverage requirements and prompt a call to an insurance professional for a review. The examples below identify some of the instances in which you might want to review your coverage:
Renovations – If you perform renovations to your house, it is likely that you are also increasing its value. Whether it’s a new kitchen, bathroom, pool, or even expensive landscaping, remember to check your policy limits to ensure they remain adequate in case of an insured loss. If you’ve recently renovated your basement, also note it is
The last decade has brought tumultuous changes to the insurance industry and especially to the way insurance is sold. We now find ourselves in a world where insurers have become some of the top spending advertisers in the country with Progressive coming at #22 and Uncle Warren’s Geico at #5. Each of those insurers individually spent more on advertising than perennial television spender, Budweiser, who finishes the list at #25. All of this ad spending is working and last year Geico passed Allstate to become the second biggest auto insurer in the country.
This deluge of advertising has been largely focused on price, and it is no secret that it has convinced the average consumer that personal lines insurance is a commodity where the only thing that matters is finding the lowest price. Many analysts such as McKinsey and Nomura Equity Research have declared that insurance is now a commodity. Those of us who work in the industry understand that this is simply not true. Personal lines insurance is not by any means a commodity that ought to be bought on price alone. Personally, we love Chubb’s tagline “Who insures you doesn’t matter. Until it does.”
It’s not just who insures you,
You want your home and family to be protected in case of an accident. It is the best thing you can do. However, that protection can be a little fickle. Your insurance agency may reimburse you in the event of certain problems, but it might not provide funds for other issues. In fact, if you do not have some of these policies, you may be footing the bill yourself in the event of an accident.
Everyone knows it’s a necessity to get an insurance agency to write a policy for a home, but many do not think about getting a policy when they are renting. Yes, your property owner has coverage for their property in the event of a fire or another incident. However, that policy does not cover your valuables. A typical policy only costs a few dollars a month and includes some liability coverage as well.
Like your children, your four-legged family members need annual checkups and vaccinations in order to be in top health. In the event that they need an operation at some point, it can get expensive. You can check with your insurance agency to see if they offer coverage for your pet that will
Medicare is the federal health insurance program for people who are 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant, sometimes called ESRD). If you or your spouse have worked full time for 10 or more years over a lifetime, you are probably eligible to receive Medicare Part A for free.
Part A covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care. What Medicare covers is based upon, Federal and state laws, National coverage decisions made by Medicare about whether something is covered, local coverage decisions made by companies in each state that process claims for Medicare. These companies decide whether something is medically necessary and should be covered in their area.
Medicare Part B is available at a monthly rate set annually by Congress ($121.80 in 2016 for incomes $85000.00 or less for an individual). Part B covers certain doctors’ services, outpatient care, medical supplies, and preventive services. Some seniors are eligible to receive the medical insurance portion (Part B) free as well, depending on their income and asset levels. For more information, inquire about the Qualified Medicare Beneficiary (QMB),
Disrupting technologies, increasing competition and economic pressures makes P&C insurance to look beyond traditional strategies.
A shift is going on in the P&C insurance sector. In this shift some will emerge as leaders, many falling behind, and another group may be wiped out from the market. Year 2016 continues with market disruption. What are the forces that disrupt the market? How it affects processes and stakeholders is a hot discussion already. Now let us delve deeper.
First and foremost is disruption due to innovations and new product development. Innovations are great levelers as well as a destroyers. Just look at the potential of IoT in changing insurance business. IoT is adding new tasks for the insurers. Wearable devices, automobiles, transmitters, medical equipment’s, security systems, doors, lights etc., are providing insurers to segment markets and create new price models for the P&C market.
Emergence of sharing economy where assets are shared is creating opportunities for the property and casualty markets. This means insurance companies need to create new pricing models to tap those assets.
Are agents being replaced?
Digital technologies are throwing a spanner in the established property and casualty markets. Before digitization threats insurers employ agents to educate the customers. But the growing digitization phenomenon
The Insurance Bill passed in March 2015 in both the houses is expected to have a deep impact on the Indian Insurance industry. Much anticipated and awaited, this amendment offered a bunch of benefits to both the Insurance Company and the policy holder. Increased power to regulatory bodies, more protection to policy holders and increased level of foreign investment in the sector are some of the key features of the Insurance Bill.
Listed here are some major highlights of the bill and how they can affect you:
Increased Foreign Investment: The new amendment allows up to 49% foreign investment in Indian Insurance companies from now onward. This increased capital flow is expected to revitalise the industry all together. The national players now will be able to invest in new products and expand their portfolio manifold.
What does this mean to you: how is this going to effect you as a policy holder? Well, at a glance it may seem of no significance at all, but increased foreign participation means, increased competition, wider product range and more professionalism. The increased competition in the market will also reduce malpractices such as miss-selling and misleading the policy holders. So, in long run this move can actually
At some point in everyone’s life, insurance becomes a necessity. Whether coverage is required by law, like an auto policy, or by prudence, it is a virtual certainty that you will need to hedge against loss. The run of the mill policies (life, home, auto) are understandable. If you lose your home in a flood, you’re going to be glad you had coverage. But then there are others that make you scratch your head. The fact of the matter is, if you’re willing to pay the premiums, no matter how strange or even impossible the scenario, someone will cover it. Here are some examples of the odd, outlandish, and otherworldly things people have insured.
Yes, this exists. And it’s not just a one-off occurrence; there are companies in parts of the Southwest that make their revenue almost exclusively off of covering people in the event that they are taken into a spaceship by extraterrestrial beings. In most cases, it operates as a special form of life insurance. If someone is abducted by aliens and never seen again, the family they leave behind will be compensated, assuming they can prove the abduction happened. Other companies offer a more specialized version of