By: Elena Grace Flores
In most cases when buying a house, one can spend almost all his or her lifetime savings – and you don’t want this to be jeopardized just because you do not have a home insurance – or there are issues that hinder you from getting a proper insurance which can be one of the following:
Homes that cannot be insured…
Do not buy a house that has record of large disaster claims like any kind of water damage. Insurers will only insure this at substantial rates if they still accept your application. It is best to abandon the idea of purchasing such properties because this would only prove that this is a prone to disaster.
Umbrella Policies for lawsuits and hazards…
Liability insurance can take care of the damages or bodily harm incurred to others within your property – but sometimes, victims want more to the verge of suing you. This is when you need umbrella policies to have maximum financial protection. In the U.S. you can be covered up to one million dollars. Another instance is when there are disaster threats or hazards in your area – you will need an umbrella policy where flood protection or anything of that sort can be overwritten. Better yet, getting coverage for home transfer to a safer ground if possible will be brilliant.
Life Insurance for the insured…
The head of the family who is buying the house on mortgage must also have life insurance. A short-term one or long-term plan depending on the capability of the bread winner will be helpful – to prevent the rest of the family from being homeless should unexpected demise of the home buyer occurs. The short-term plan must allow the rest of the family to find alternative dwelling and the longer one should allow them to remain in the house until it is paid off by the insurance grants.
Disability and accident insurance are also very helpful because we just don’t know what the future awaits for us. Don’t just buy a house and insurance based on what you can afford now. Considerations for such situations must also be undertaken so as not to lose any savings or properties you already have because you cannot fully pay the mortgage!
By: Elena Grace Flores
It seems like a reminder to scout around ways to lower insurance costs for your car and home after celebrating New Year. Sometimes finances can be tough but this is not a good reason to go underinsured. The more you have to make sure that you are covered from any destruction when the going gets tough – but what can you do if you only have so much money?
Consider these tips in getting a bargain with your insurance premiums without the risks of being underinsured:
1. Pay a higher deductible up to US$1000 or equivalent in your local currency to lessen your yearly premium to at least 25%. It is important to insure your home on the amount enough to rebuild and furnish the house when disaster strikes. Do not base your home insurance value to the market rate of your property.
2. You can save more on insurance costs if you consider reliability and customer service quality of the insurance provider. You might be able to get full coverage at a lot lesser rate but every time you need something, you need to drive all the way to their office or call them several times before they can act on a single request – is not only tedious but expensive in terms of time and money. Most of all, claims must be processed quickly. You can get testimonials from other insurance buyers you know.
3. Always make damages cause by flooding covered by your chosen home insurance. Statistics shows that flooding is the major cause of home wreck. Choose a higher deductible amount to save up on your premiums but if you live in a flood-prone area, consider adding some elevations to your home structure as preventive measures.
4. Follow the required amount of liability insurance in your locality for your car insurance – and not just the minimum. In the U.S., $100,000 is the standard liability for bodily harm and per accident is $300,000. It’s better to pay enough than live with guilt or be sued. Drive defensively and get a certificate for it also. You might be able to find an insurer that offers discounts for certified defensive drivers.
5. Drop the mentality that just because you don’t own the house, you don’t need to spend on home insurance. The very reason why there’s renter’s insurance. The important thing is to be able to start all over again when all the possessions inside your house are wiped out or damaged by a calamity. You will be able also to pay for any liabilities to other people injured within your vicinity.
It is always beneficial to get one insurance provider for all your insurance needs. You can have discounts for patronizing the company and you will be known by their customer service staff – and enjoy the privileges of a priority customer. So, it pays to be loyal when it comes to buying insurance!
By: Elena Grace Flores
In the Philippines, there are many car owners without a garage. How much more car insurance? Despite the fact that this is an additional out of pocket expense. one should not drive without it. Choosing the right auto insurance quote matters a lot in terms of benefits and costs, so take this advice carefully and start searching if you do not have one yet!
If budget is not an issue, better go for a comprehensive car insurance coverage. This covers not only accidents involving your car and a third party vehicle but also theft and damages caused by vandalism, fire, weather disturbances, animal intervention and falling objects from nowhere.
Since, it is not only your safety and your car’s damages are your responsibility when driving, you must choose an auto insurance quote that covers third party liability such as the comprehensive car insurance coverage. This means that you are not only taken cared of medically but also financially for the damages of your car plus the damages you might incur to a third party or another individual and to his or her car.