October 2016

4 Things to Consider Before Renewing Your Car Insurance

Every year, people receive a notice from their car insurance provider. For many people to renew car insurance policy is an automatic thing – the notice is received, a check is sent, and done. Others ignore the notice and their cover will continue anyway. However, it isn’t as automatic for some people particularly if you’re quite frugal. The problem with the new cover is that it usually comes with a higher rate. So before you do nothing or send out a check without giving it a second thought, here are a few things that need to be considered and assessed before renewing car insurance:

Renew car insurance three weeks ahead Those who renew three weeks in advance generally pay much less than those who renew the day before and on the day of the new policy. According to a research for ‘This is Money’ by a comparison website, the reason for this is because insurance providers are preying on those who are in need for a new deal and would most likely pay any premium. In addition, renewing way ahead of time implies financial prudence while buying the day before or on the day itself suggests a greater risk for insurance providers.

Changes in your coverage When it’s almost time for you to renew car insurance policy, you should step back to consider the amount of coverage you currently have. Many people resort to the minimally required coverage, believing it’s all they need. While it’s hard to think of the unexpected things that might happen in the future, being prepared for it financially can reduce the shock factor. You should also find out if you’re paying for redundant coverage. For example, if you have health insurance, why should you be paying additional premium for uninsured motorist coverage if your health insurance can cover your injury expenses?

Optional coverage Another thing worth considering is optional coverage. For example, is it worth it to carry collision insurance if you drive a car of an older make and model? Some drivers slash their collision insurance without much thought in the actual cash value of their automobile when their car loan is paid.

read : Reasons You Need Homeowners Insurance

Switching to another insurance provider Some insurers usually charge a higher premium for renewal when they take your claims history into account. You have the option of switching to another insurance provider. But before you do, make sure you make a thorough car insurance comparison. Avoid focusing only on the premium rates; keep in mind the important aspects such as the financial stability of the company, customer relationship, add-ons, etc. when looking for another insurance provider.

Insurance providers know that a percentage of their clients will not go to great lengths of finding a different quote for their insurance policy – whether it’s because of apathy, naivety, or they’re just really well-off. But regularly evaluating your car insurance policy and seeking for an alternative quote for a better deal not only saves you money; it also helps you keep in check of the amount of coverage you have and if it’s enough to keep you safe on the road.

by Ysabella Taus

Insurance

Reasons You Need Homeowners Insurance

Alhidayat October 04, 2016

Although most people have heard of homeowners insurance, many of them don't understand all of the benefits to owning a policy. Homeowners insurance is a safeguard against unknown future events, and while you can’t see what tomorrow has in store, your future self will thank you for investing in your safety with homeowners insurance. Here are a few of the reasons why.

When an earthquake, tornado, or even a strong blizzard strikes your town, the damage can be devastating. Most people don’t have the disposable income necessary to cover the repairs at the time of a disaster, and paying out of pocket to reconstruct a roof after a tree falls or to re-panel your house after a tornado passes can be expensive. Since you don’t know when mother nature is going to strike, it pays to be prepared by choosing homeowners insurance in North Andover, MA, that will cover potential disasters.

Mortgage Lender Requirements

Most banks and mortgage lenders require applicants for home loans to obtain homeowners insurance. Lenders want to protect their investments, and they typically ask that you, the homeowner, carry a large enough policy to cover the amount of the mortgage. If you can’t afford insurance, then the bank or lender may supply a forced coverage policy. These policies are far more expensive than a policy you could find yourself, which is why it pays to search out coverage on your own.

Protection Against Loss

In the event of a natural or human-caused calamity in your home, homeowners insurance will cover the cost to replace and repair your belongings. For example, if a nasty house flood destroys your floors and furniture, your insurance company will cover the costs to replace them. Your coverage may also extend beyond your home to your garage, shed, and yard.

Pay Medical Bills

Though you may associate homeowners insurance purely with property damage, homeowners insurance can also cover medical costs. Your insurance policy may pay for the costs of any injuries incurred on your property. If a friend slips on the ice in front of your house, your insurance company can foot the bill. Avoid costly medical bills and potential legal disputes by investing in a policy.

Loss of Use Coverage

Accidents and natural disasters have the power to make your home uninhabitable overnight. That’s why many homeowners insurance policies include “loss of use” coverage, which covers your hotel stay or other housing costs as you wait for your home to be repaired. During a time of crisis, this coverage comes as a relief, since the last thing you want to worry about is where you’ll stay.

Robbery and Theft

If your house is broken into and your belongings are stolen, your insurance policy will cover the cost to replace them. Security systems and guard dogs can be effective protections for your home, but when those fail, it’s wise to have a plan B. This is particularly helpful if you have various valuable belongings in your home, like electronics, jewelry, or heirlooms. To make the coverage process easier in case of a robbery, create an inventory of all of your valuable possessions, including detailed descriptions of the items and estimates of their monetary value.

Ultimately, the greatest benefit of homeowners insurance is peace of mind. You can’t foresee the future, but you can prepare for it. Though you don’t know what accidents or disasters may strike your home, when you purchase homeowners insurance in North Andover, MA, you don’t have to worry about it. You can rest assured that your insurance company will have you covered if anything happens to your home. BY by Cleo Gib

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