MrInsurability February 12, 2017 No Comments

Insurance Misrepresentation and 8 Ways to Prevent It

Insurance Misrepresentation

Are you a victim of insurance misrepresentation? Do you depend on your insurance agent to tell you what you need? Does your agent explain what a policy covers, what it doesn’t cover and where to get it?

Do you understand the language used in writing a policy?

Today, crooked insurance agents are taking advantage of people who don’t know this information. Giving people incorrect information is what’s know as insurance misrepresentation. The problem has reached such levels, that many states have implemented new laws. Now agents and insurance companies must provide accurate information about any policy that they are selling. Read more

MrInsurability December 6, 2016 No Comments

Safety Lowers Insurance Costs

MrInsurability.comToday I would like to start to talk about safety. This includes you, your home and your safety at work. There
are things that you can do to protect yourself. You can use safety measures that can lower your insurance costs, by reducing claims.

In order to know what to do,  you need to understand the way that a typical predator would think. Whether it’s a prowler, con-artist or even a rapist or active shooter, rarely do these bad guys pick their victims at random. Criminals hate choosing random victims as it puts them at a higher risk of getting hurt or caught.

To minimize those risks, these bad guys typically pick their victims very carefully. They typically plan and carry-out their attacks in three stages. Let’s look in a little more detail at each of these stages. Read more

8 Types of Homeowner’s Insurance Policies

MrInsurability.comToday, let’s look at a little bit more about homeowner’s insurance. Many people are not aware that there are 8 different types of homeowner’s policies. If that’s you, how do you know if the one that you have is the right one for you?

Honestly, it can at times be difficult to narrow down the type of policy that will best fit your needs. Let’s take a look at what these 8 policy types do and don’t do! Read more

Insurance Fraud

MrInsurability.comToday I’d like to take a look at the problem of insurance fraud and just how much it is costing each and every one of us.

What Is Insurance Fraud?

Insurance fraud is a violation of a civil law, which is a law that governs a dispute between private parties, as opposed to involving a government agency. Black’s Law Dictionary, 6th ed., defines fraud as:

An intentional perversion of the truth for the purpose of inducing another in reliance upon it to part with some valuable thing belonging to him or to surrender a legal right; a false representation of a matter of fact, whether by words or by conduct, by false or misleading allegations or by concealment of that which should have been disclosed, which deceives and is intended to deceive another so that he shall act upon it to his legal injury. Read more

MrInsurability September 9, 2016 No Comments

Renter’s Insurance

MrInsurability.comIf you rent a house or apartment and think that your landlord is financially responsible if there is a fire, theft or other catastrophe, you’d be wrong!

Your landlord may have insurance to protect the building you are living in, but your landlord’s policy won’t replace your personal possessions or pay for your living expenses while the building is being repaired.

The only way to protect yourself financially, against disasters, is to buy a renter’s insurance policy.

Renter’s insurance, sometimes referred to as tenants insurance, includes three basic types of protection:

  • Personal Possessions
  • Liability
  • Additional Living Expenses

 When it comes to your personal possessions, a standard renter’s insurance policy protects your personal belongings against damage from fire, smoke, lightning, vandalism, theft, explosion, windstorm, water and other disasters listed in the policy. Floods and earthquakes are not covered. Supplemental insurance is available to cover these disasters.

To decide how much insurance to buy, you need to know the value of all your personal possessions; including furniture, clothing, electronics, appliances, kitchen utensils and even towels and bedding. In other words, if your home were to burn, you should have enough insurance to replace all of your possessions.

The easiest way to figure out how much insurance coverage to buy is to create a home inventory (a detailed list of all of your personal possessions, with their estimated value). To help make this task easier, the Insurance Information Institute offers free Web-based software, which you can find at www.knowyourstuff.org. An up-to-date home inventory will also make filing an insurance claim faster and easier.

A standard renter’s insurance policy also provides liability protection against lawsuits for bodily injury or property damage that you or your family members cause to other people. It also pays for damage your pets cause.

So, for example, if your son, daughter or dog accidentally ruins your neighbor’s expensive rug, you’ll be covered. However, if your children or pets destroy your own rug, you will not be covered.

The liability portion of a renter’s policy pays for both the cost of defending you in court and for court awards, up to the limit of the policy. Liability limits generally start at about $100,000.

Some experts recommend that you buy at least$300,000 worth of protection. You can also buy an Umbrella or Excess Liability policy, which provides higher limits and broader coverage. Generally, umbrella policies cost between $200 and $350 per year, for an extra $1 million of liability protection.

Your policy also provides No-fault Medical coverage. So, if a friend or neighbor is injured in your home, you can submit their medical bills directly to your insurance company. You can generally get $1,000 to $5,000 worth of this coverage. It doesn’t, however, pay the medical bills for your own family or your pet.

 The third part of the coverage is something that many people don’t know exists. This is called Additional Living Expenses coverage or ALE. This coverage takes effect if your home is destroyed by a disaster that your policy covers and you need to live somewhere else. Your renter’s insurance covers your additional living expenses.

Policies will generally reimburse you the difference between your additional living expenses and your normal living expenses. ALE covers hotel bills, temporary rentals, restaurant meals and other expenses you have incurred while your home is being rebuilt.

More on Renter’s Insurance next time! Until then, be sure to contact your independent insurance agent with any questions about your insurance coverage!

 

 

Travel Insurance – Do You Need It? (Part 1)

MrInsurability.comThis is a question that travelers ask themselves every year and for 1 out of 3, the answer is yes!

You too may think that you have the answer to this question, but do you really?  Just how much do you know about travel insurance? Do you know what exactly travel insurance actually is, what the benefits are or under what circumstances it would make sense for you and your family to purchase it? Read more