May 17, 2012

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The Basics – What Insurance Is, Why Do You Need Insurance?

April 28, 2012 By

According to Wikipedia, insurance is:

“Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed small loss to prevent a large, possibly devastating loss”

Insurance can be Personal or Business one, but the main goal of insurance is to insure you or your business against a possible loss. Term insurance can be described as:

- A small loss that prevents a large, possibly devastating loss.

Insurance protects you against financial loss in a future if you have an accident. Insurance is a contract between you – a policyholder (person or entity buying the insurance), and the insurance company. Policyholder’s payments are called premium.

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There are a lot of types of insurance, but let’s stick with the main ones:

Auto Insurance

Auto insurance also known as

- vehicle insurance

- car insurance

- motor insurance

It is purchased for cars, trucks, motorcycles and other vehicles. The primary use of auto insurance is to provide protection against losses incurred as a result traffic accidents.

There were more than 180 million automobiles in USA in 2006. About 175 million were covered by auto insurance companies. It’s the largest auto insurance market in the world. There are more than 35 million automobiles in Russia. About 34 million are insured as well. China – 10 million insured automobiles.

Auto insurance provides:

a) Property coverage – it pays for thief or damage of your car

b) Medical coverage – it pays for your responsibility to others for bodily injury or property damage

c) Liability coverage – it pays for the cost of treating injuries, lost wages or even funeral costs.

Insurance premium varies for males and females, teenagers and adults. According to the statistics males drive more miles than females and consequently have a proportionally higher accident involvement at all ages. Teenagers who have no driving record will have higher car insurance premiums as well.

Owners of sport cars, motorcycles would have higher insurance premiums as opposed to compact cars, midsized cars and electric cars.

Your auto insurance policy is a contract, most polices are issued from six months to one year period. In USA, Russia, Brazil, Japan auto insurance company should notify you by mail, phone or any other method to renew your policy.

Home Insurance

As auto insurance, home insurance provides compensation or insure you against damage of a home from disasters. Sometimes it’s called hazard insurance or homeowners insurance as well. In the real estate industry it is abbreviated as HOI.

This is the type of insurance that covers private homes. It can include:

- losses occurring to one’s home - loss of home use - home contents - loss of other personal possessions of the homeowner

In some geographical areas, it is necessary to buy additional insurance plan for certain types of disasters, for example:

- flood insurance - earthquakes - war

They excluded from original policy plan and require additional coverage. Home insurance policy is a lengthy contract. It names what will and what will not be paid in the case of various events. It can be seasonal or long term.

Home insurance company should notify you by mail, phone or any other method to renew your policy.

Health Insurance

Health insurance is the type of insurance that pays for medical expenses. It also known as:

health coverage
health care coverage
health benefits

Policy can be purchased by individual or company on group basis to cover its employees. Health insurance policy is a lengthy contract. Policyholders should pay premiums to help protect themselves from unexpected healthcare expenses. Insurance contract can be renewable annually or monthly.

In 2008 approximately 84% of USA citizens have health insurance:

About 9% purchase health insurance directly
About 60% obtain it through an employer
About 20% of Americans obtain health insurance from various government agencies.

In 2006, there were 16% of Americans (47 million people) who were without health insurance. Average spending is higher in the individual market. Many medical expense plans include coverage for dental expenses. Stand-alone dental insurance is also available.

Health care system is mainly in private hands in USA. Hospitals and doctors generally funded by payments from patients and insurance.

Hospitals provide some outpatient care in their emergency rooms and specialty clinics, but primarily exist to provide inpatient care.

In 2008 a report by the Commonwealth Fund ranked the USA last in the quality of health care among the 19 compared countries. According to the Institute of Medicine of the National Academy of Sciences, the United States is the “only wealthy, industrialized nation that does not ensure that all citizens have coverage”.

Life Insurance

Life insurance is also known as life assurance. Insurer (or Life Insurance Company) agrees to pay sum of money upon the occurrence of the policyholder’s death, illness, critical illness, terminal illness or other event. Policyholder pays a fee at regular intervals or in lump sums. This fee is called a premium.

Life insurance can be:

Temporary.

It’s life insurance coverage for a specified term of time for a specified fee (premium). Usually premium buys protection in the event of death and nothing else.

Permanent

Type of insurance that remains in force until the policy matures (in other words pays out), unless the policyholder fails to pay the specified fee when due.

As with most insurance policies, life insurance is a contract between the insurer and the policyholder whereby a benefit is paid to the designated beneficiaries if an insured event occurs which is covered by the policy. Insured events that may be covered include:

Protection policies
Investment policies
Illness

Each contract may include limitations of the insured events. Usually they a written to limit the liability of the policyholder: for example claims relating to war, suicide or fraud. Any misrepresentations by the insured on the application will cause the nullification of the contract.

Upon the insured’s death or illness the insurance company requires acceptable proof before it pays the claim. For example list of necessary documents that required upon the policyholder’s death:

Death certificate
Completed, signed and notarized claim form

If insured’s death looks suspicious, it can be investigated by insurance company before deciding whether it has an obligation to pay the claim. Proceeds from the policy may be paid as a lump sum or as an annuity.

Conservative justices on Tuesday sharply questioned whether the government can force Americans to carry health insurance, wondering if Congress might next force people to buy broccoli. (March 27) Subscribe to the Associated Press: bit.ly Download AP Mobile: www.ap.org Associated Press on Facebook: apne.ws Associated Press on Twitter: apne.ws Associated Press on Google+: bit.ly
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Insurance policies, Policy, Existence Insurance, Existence Insurance coverage

April 28, 2012 By

An INSURANCE is an INSURANCE and Not an Investment Not very long ago many insurance agents came to my father in the beginning of the year with a new diary and calendar.

 

My father, a teacher made them comfortable, sipped many cups of coffee with them and understood the benefit of having an LIC insurance policy. LIC is as synonymous with insurance as Colgate is with toothpaste. In those days the shrewd insurance Uncle sold my father two policies, one for him and another for my mother. He even took more names as references from my father. He was promoting himself as superman. Yes the same cartoon character who saves the world from evil. Well that’s what the insurance agent was trying to do as well or so he portrayed. He sold those policies as tax saving instrument. And till date my father is bearing the burden of paying the premiums for both the policies ensuring that ‘insurance uncle’ is now a millionaire.

After many years one fine morning of January I got a surprise call from my father.
After the usual pleasantries my father passed the phone to a stranger.

To my surprise it was ‘insurance uncle’. He first praised my father for the very timely payments of insurance premiums and then asked me if my wife and I had any insurance or not. He offered me many products with good returns linked to the market. After a long explanation from him i only asked him one simple question.

” Uncle are you selling me insurance, a tax saving product or a product with good returns? Can I get an insurance product for just insurance?” He had no convincing answer and when I asked if he could offer a good term insurance for my 50 year old father the phone was disconnected. Some things that your agent never tells you-
I have my friend in a PSU which sells insurance products. When I asked him to suggest a best term insurance I could see his wicked smile. He said that the bank was not interested in selling term insurance as it was a bad business idea for banks. Then he went on to disclose why no insurance agent sells term insurance. In plain and simple terms Term insurance is protection against risk to life. Very few understand that a term policy is insurance at its purest and simplest best. You pay premiums because there is a guarantee that if something happens to you, your family will be paid out the pre-decided amount, hence you have the peace of mind that even if you are not there, those loved ones will be well taken care of. As it is the cheapest form of insurance the commission that the agent gets is very low,  just one tenth of what he gets for selling a ULIP ( market linked insurance products) and other life insurance policies. 

For example if you buy LIC Jeevan Anand endowment plan of Rs.2,500,000 for 25 years you end up paying close to Rs.1 lack  per year whereas for a term plan you will require to pay just Rs.5600. The remaining sum if you invest in mutual fund through systematic plan you can fetch much more return than what your insurance company will get for you. So next time when an insurance agent calls you do ask him about the term insurance plan he can offer to you and the chances are you will never get the call again.

 Why a term insurance is a must for you- 
 Simply because it provides a safety net for your family and is the cheapest form of insurance available. The premium depends on the mortality charges, which are lower at a younger age. Hence, the earlier in life you take insurance, the longer the term and cheaper the cost. Term insurance policies cover you for a specific amount of money and for a specific period of time. How do you then decide what is the right amount and right term for you? The amount depends on a number of factors like the age of your children, the important goals that you have, the number of years left to your retirement and so on. Likewise the term of the policy is mostly linked to how long you are going to be working. If you are to buy the term plan of 100 lakh for twenty years and your age is 30 years here is a comparison for you. 
 Term Policy Sum Assured  Premium (Annual)   Agon Religare I term plan  100 Lakh 9600+989( service tax) = 10,589  Met Suraksha Plus  100 Lakh   15000+1545=16545   ICICI pure protect elite  100 Lakh  15810 +1628= 17438  LIC AMULYA JEEAN  100 Lakh  25700

 Do not buy One but MANY-
One more thing which your agent will never tell you. He will tell you his age, his experience, his track record but will not make an effort to help you with simple mathematics. Here’s the catch. It makes sense to split your life insurance needs by buying a number of policies instead of just one. Let us understand this with an example. If one requires an insurance cover of Rs 1.5 cr for 20 years, the same policy could be split into, say, 3 policies of Rs 50 lakh each with terms like 10, 15, 20. The point to understand is that Rs.1.5 cr cover will not be needed for the entire 20 years, if you were to work it out it may be required only in the initial few years. This way, there will be two advantages. 
 
First, after completion of the period, the premium for that policy stops, boosting cash flows. In this example, after 10 years, the first policy would stop and consequently that premium need not be paid. Secondly, since these policies are of shorter tenure, the policy holder will be paying lower premiums as well. This is a double benefit that can make a huge difference in the premium, without compromising on the protection requirement. 
 
For example if you buy a Rs 1.5 cr policy for 20 years, the premium for ICICI Pru pure protect comes to Rs 39,279/- pa. However, if you split the policy into three of 10/15/20 year terms, you will pay a total premium of Rs 33,982 pa which is a difference of Rs 5,297/- pa. Now after 10 years, one policy would end and a premium of Rs 9,707 would not have to be paid. Over time, one policy after another will keep on closing and premiums to be paid becomes less and less. If we were to calculate the premiums in the first scenario where he takes one policy of Rs 1.5 cr for 20 years, he would pay a premium of Rs 7, 85,580/- over that time period. In the other scenario, where he takes three different policies, he will be paying in all, Rs 5, 26,660/-. That is a staggering difference of Rs 2, 58,920/-, over the period. This is without compromising on the life cover requirements. It does make sense to have a clutch of policies with different terms, doesn’t it?
 
The last word-
If you are still confused whether you should go for a term plan because you end up get nothing if you survive here is year another option for you. There is a plan with Birla Sun life Insurance company which returns your premium paid when you survive after the term of the policy. For example if you buy term insurance of 12 lakh for 20 years you will have to pay 6000 rupees as annual premium. And the company will give you 2.40 lakh after the maturity of the plan. But if you study carefully the premium is higher in this product and the same will be used to give you the return back. After all insurance companies are not doing charity. So the investment mantra for insurance is just one. Never mix insurance with tax planning. Never mix insurance with capital market linked returns

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Affordable Health Dental Insurance – Insurance for Dental Implants

February 13, 2012 By

Article by Jane A. Smith

Dental insurance coverage are generally for ordinary dental care such as extraction, cleaning and filing and lately, even partial coverage of dental braces. If your need is for an insurance to cover dental implants, you might find it hard to look for an insurance company that will cover such kind of dental service.

The reason for this is obvious. Dental implants are a rare dental application which would not be advantageous income wise, on the part of an insurance company to offer considering the rarity of such dental need. On the other hand, you might indeed find an insurance company offering this kind of coverage but on a very costly basis. Insurance companies offering this kind of coverage are those high end companies catering to the rich and affluent segment of our society.

Such insurance companies are the heavyweights of the industry that would tend to insure anything of great value. These kind of insurance companies insure international shipping, airline companies, oil explorations and even precious stones. Their health insurance covers anything that would be insurable. Unlike the small and traditional insurance companies that do not tend to insure things that are rare in nature, these kind of insurance companies will go for it so long as their price of insurance will be accepted by the client.

You can find these international insurance companies in the internet. When you browse in their websites, look for their health insurance offerings where you can find their offerings on dental care. For sure, dental implants will be offered and dental braces together with other ordinary dental care services. You can then visit the office of the insurance company you browsed on the net and inquire from them personally the cost of their insurance offerings on dental implants.

Naturally, this insurance to cover dental implants is no ordinary matter thus you have to expect extra ordinary insurance charges. If you think you can manage with the insurance cost, then why not? In fact, so long as you can afford to pay the insurance premiums, it would be to your advantage to have one, if you think you might need it in the near future. Dental implants, though a very costly type of dental service, can be moderated with an insurance coverage, especially a full coverage type of insurance dedicated to dental implants.

Although you might feel you are in good hands with these giants of the insurance business, it would still be worth examining very closely the terms and agreements of the policy that they have for a full coverage of dental implants. Further, before you visit them and examine their offered policy, it is advised that you have to visit first a dentist of your choice and inquire about dental implants. Try to inquire if what is the basic procedure in having an implant, and other dental services needed to have an implant. Inquire also about the cost of such a dental procedure. If your dentist might not be able to give you an exact estimate of a dental implant, even just a ballpark figure will do.

With this dental implant information, you can now proceed to visit the office of the insurance company and make your inquiry and clarifications about full coverage of a dental implant. Once fully satisfied, you can now make your final decision about having insurance for a dental implant.

I thought it went quite well with each other.
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Pennsylvania All Terrain Vehicle (ATV) Insurance – Insure Your Vehicle Today

February 1, 2012 By

Article by R Daniel Williams Jr

Insurance for your vehicle is important. If you have a recreational vehicle or camper then there is a requirement for recreational insurance. This insurance is compulsory for financial security. This protects you from loss suffered in road accidents or for paying compensation to the victim or his/her family. There are excellent insurance policies provided by Pennsylvania all terrain vehicle (ATV) insurance. Recreational insurance is compulsory for all US citizens. The intention of this insurance is to pay for the damage or losses to the victims of accidents. The ways of imposing the insurance are however different. This depends on the state you are staying in. For instance, the laws in New Hampshire are relaxed, whereas in Virginia you have to shell out 500 dollars to the state.

This has to be paid every year as insurance of liability. If you are not covered under any type of auto insurance then a fine is levied on you. Your registration can be suspended or you can be put in jail if you are not covered under auto insurance. Mostly you are likely to have insurance to cover the financial loss of the third party in case you are responsible. In order to have a flexible policy, you need to confirm the Pennsylvania all terrain (ATV) insurance rates. Before having a license in Pennsylvania, the driver is likely to have a policy of liability. The holders of the policy should have the license plate of the insurance company. This will confirm full payment done to the party who has suffered loss by the licensee. Hence the PA ATV insurance rate confirms protection against monetary loss in case of an accident that is related to your vehicle. You need to sign an agreement with the PA ATV insurance.

This will have a clause that you will be paying premium and the insurance company will pay the losses incurred by you. Medical damage, liability as well as property coverage is included in the Pennsylvania all terrain vehicle (ATV) insurance quotes. The coverage is of 6 types, but you don’t need to have them all. The Pennsylvania all terrain vehicle (ATV) insurance will inform you what the due date of your premium is and when you have to renew the policy. The policy is generally renewed from a period of six months to a year.

As our cars are insured, we also need to insure our ATV’s. The excellent option is the Pennsylvania all terrain vehicle (ATV) insurance. The PA ATV insurance rates are fixed after getting a PA ATV quote. In order to get a best insurance option, list of various agents has been enlisted. It is very important to have Pennsylvania ATV insurance so as to get financial security from the loss suffered during accident.

Pennsylvania auto insurance

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Insure the Insurance

January 14, 2012 By

According to Law and Economics the insurance is the process to defense a person against those losses which have uncertain possibility of occurrence. In another words it is a method to transfer a kind of loss from one entity to other.

Insurer is the person or institute which provides insurance to the policy holder. The insurance policy is a plan which decides various aspects like payment, premium, etc about the insurance plan. There are many financial institutes or banks all over the world which provide insurance.

The different kinds of insurance includes

Vehicle insurance
Home insurance
Health insurance
Accident or sickness insurance
Unemployment insurance
Life insurance
Liability insurance
Travel insurance
Flight insurance
Credit insurance and many more.

Some people also get pet insurance, livestock insurance, etc.  Vehicle insurance policy is an insurance purchased for cars, trucks, motorcycles or any other kind of automobile.

The insurance policy may insure the whole vehicle or some parts of the vehicle. The insurance company has to make the payment of loss occurred to the vehicle or loss occurred to insured parts of vehicles, if the loss occurred due to any natural or manmade calamity.

Auto insurance for all the new vehicles is compulsory in India.

These insurance companies also have association with big auto dealers and manufacturers. Amount of premium is directly proportional to the price value of vehicle to be insured. The documents required to claim vehicle insurance in India are
Copy of registration certificate (RC) of your vehicle
Driving license copy
First information report (FIR) copy
Original estimate copy and
 Policy copy

The vehicle insurance is of following types

Private car insurance
Two wheeler insurance
Commercial vehicle insurance, etc

You may buy travel insurance due to reasons like cancellation of flight, your passport or visa or wallet being stolen; you can have a medical emergency in a foreign country, etc. To apply for home loan you will need following documents like Identity proof which can be your driving license, voters id, passport, pan card, bank’s pass book , address proof which can be utility bill or any other authorized document with your address mentioned on it, financial proof like income certificate or salary slips etc.

There are many institutes in India which provide life insurance policies to the clients. They popular ones includes life insurance corporation, Aviva life insurance and Bajaj Allianz life insurance. Aviva Life insurance is a joint corporation by Dabur India group and Aviva plc of United Kingdom. Bajaj Allianz is also a juncture of two brands Allianz Se and Bajaj Finserv.

The customer’s complaint against Aviva life insurance is that they were not pre informed about any delay in their premium payments and were directly charged 10,000 rupees. Another customer has complaint about the no response behavior of the organization at the time of claim of insurance.  Bajaj Allianz customers face problems regarding incomplete information provided by agent.

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Citizens Insurance – Insure Yourself With Trust

January 8, 2012 By

Article by Noke Sumer

The insurance costs are rising all over the world. When it comes to home loans, areas which are prone to natural disasters are being put in the radar by the insurance companies to critically scrutinize their insurance requests. This has meant that there are a large number of rejections of insurance requests and a continuously escalating cost of such insurances is being experienced. Take the example of Florida. With a large part of it being federally designated flood zone, the house owners who are looking for insurance are finding it difficult to make ends meet. Either their applications are being rejected or the costs, being charged, are extremely high. The same is the case with Michigan too. It is known to be one of the most expensive areas in the United States of America (USA) for house insurance.

Citizens Insurance is a boon to such people who can find this as the last resort to insure themselves and their families and thus lead a happy and secured life. This citizen centric company is a not for profit and tax exempt government corporation which has taken up the cause of helping those house owners who are finding it difficult to insure their houses.So, what does the corporation have to offer? The company is a website which accumulates all the quotes from various state – approved and licensed insurance providers in the particular area. The visitors to the website of Citizens Insurance are just required to provide information about their zip code and the kind of insurance that they are looking for and the rest will be done by the website. An instant result means that you can have access to all the insurance providers and insurance quotes in a matter of a few minutes. The belief behind such offering is that when one takes an informed decision, on the basis of an exhaustive data, the decision more often than not comes out to be correct.

This free service, provided by Citizens Insurance, does not only confine itself to home insurance but also goes on to include other insurances in the offerings like Auto Insurance, Health Insurance and even Life Insurance. Over and above that, the website has various pieces of information which can help insurance seekers with substantial knowledge of the best ways of selecting an insurance policy and saving one’s cost while doing so. The most recent happenings in the world of insurances are also made available through this website.

Luke’s real life auto insurance quote came back at 303 dollars a month. Luke got pissed… and put his new webcam to use. (Like all of our stuff, it’s scripted.)

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Daily Insurance – Insurance for a Day!

December 18, 2011 By

Article by Sadhana

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Cheap Van Insurance, Cheap Insurance, Insurance Reviews

December 6, 2011 By

Article by Aubrey Washington

Consider Higher Voluntary Excess Amounts – If you think you can afford it in future times you can truly save on your UK lorry insurance if you go with higher voluntary excess amounts. More and more people in the UK are using wagons for either personal or self since use but many are run the chance of existence insured wrongly as they’re not providing the right information to the van insurance company. For folks employing a lorry for personal use remember you can’t carry goods for other people as your insurance may not cover you and if stopped by the police you’ll end up with a fine and penalty points being added to your licence.People who have a truck insured for private use can’t use this for delivery purposes either, so if you do deliveries for your topical pain-killer takeout using a truck that’s insured for private use then you may not be covered. This is another area the police are centering on in England so don’t get caught out if you do this sort of work inform your lorry insurer straight away. People who are self-employed use various sorts of wagons depending on their kind of work but many don’t get the full insurance cover they have to carry out their duties. Whenever you carry commodities in the wagon then make sure your truck insurance covers this as many will not and you are going to need to purchase a good’s in transportation system insurance policy to cover the goods you are carrying. Many van insurance companies will restrict the amount of cover on your policy for the contents of the lorry so ensure this is fair to middling for your needs. So, if you need cheap van insurance, here are some tips to help reduce costs on your van insurance. Therefore check out these sites and compare a variety of quotes, and then after you compare the quotes you get, you can pick out the best one for your lorry insurance needs. When you’re trying to find wagon insurance for a superb price, use these tips for a price you can’t resist. So, find the best quotes, get online, and purchase your insurance for great cover. So, if you are prepared to cut UK wagon insurance costs as much as humanly possible, these tips can really help. Driving an auto in the UK without correct van insurance is illegal. Choose one according to your requirements and requirements. Opting for lorry insurance can be troublesome and confusing due to the assorted deals and offers available. Check with your insurance corporation over the flexibility of cover. Choosing full coverage is a good idea but will cost more. The deductible that you pay in the event of an accident should be determined based on your position. Order your assets and choose in an appropriate way. The higher the deductible, the more you pay for getting your car corrected. When referring to any sort of insurance of insurance such as life insurance, auto insurance, fire insurance, or in the up truck, no doubt, you mostly want a good deal that fits your budget. We want to make sure that the cover you get what you need, but you also need to make certain, a contract that is cheap to get.

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Halifax Insurance – Insure Your Car with Best Benefits

November 21, 2011 By

Article by kumar2009

Halifax Insurance is one of the best selected insurance companies in United Kingdom. The insurance company offer different insurance policies and products that include home insurance, travel insurance, pet insurance, health insurance and also vehicle insurance. Halifax insurance takes care of all your vehicle insurance needs. The company is notably specialized at vehicle insurance. This is generally for both business and also for personal usage.

Car insurance is really important because of the risk involved in traveling. Halifax insurance for cars helps you by providing security from any damage that can happen to your car. With Halifax Insurance in your hand you no longer have any need to buy a new car in case something goes exceedingly wrong on roads. Halifax insurance also involves repairing rate for cars when a major accident happens with heavy damage to the car. Note that the Halifax insurance is held responsible only when the car is driven by insurance holder.

Halifax insurance company besides the general insurance packages offers low insurance packages for females. This package from Halifax insurance also insures the material in their handbags in case they are lost or damaged during tough times. Halifax also cares about different insurance coverage’s most people are looking for. Third party insurance coverage for fire and theft is also available apart from general insurance services provided by Halifax insurance.

Almost any insurance deals from any company starts with asking for quotes. Halifax insurance also has different quotes for different insurance clams. Selecting a right policy should save good money. There are different ways to save money with car insurance but not all of them work with all the companies. The best possible way to save some money is by selecting the best quote available in the market. One can talk to different companies, to collect the quotes and then compare the different quotes available on hand.

Ask different questions to know more about the companies and different policies available. Don’t feel shy to ask questions to an insurance agent or a company. Halifax insurance company has no problem to answer your questions. Make sure to select a policy only after reviewing it carefully. Another thing you should consider before choosing a policy is the discount. Ask for the discounts offered by the company. Halifax insurance offers different discounts for different insurance policies.

Insurance agents can make wonders by helping you find best policies that have best discount prices. It is true that there are too many policies available but a wise choice should surely save money. These policies can easily save hundreds of dollars once they are correctly chosen. Senior citizen, good student and safe driver are some of the common discounts that are available with Halifax Insurance.

Halifax Insurance provides offer various online discounts when you buy them on the internet. The company provides a list of recommended repairers who can repair your car in case of an accident. Halifax insurance normally approves claims in minutes if they are valid. 24 hour emergency helpline is available with a guarantee of 5 years when using an approved repairer. The helpline is not generally provided by all the insurance providers.

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Budget Insurance home insurance

November 15, 2011 By

We know what you’re thinking. Ashton Kutcher looks nothing like Charlie Sheen, but also how home insurance should be cheaper. That’s why Budget Insurance home insurance cuts the cost and not the cover, helping your premiums to lose a bit of that holiday weight and fit back into your budget.

Budget Insurance home insurance is buildings insurance, which covers the actual structure of the home and outbuildings. (For the movable possessions within the home, check out their home contents insurance.) This covers the structure from loss or damage caused by fire, lightning, explosion, storms, floods and earthquakes, even though we don’t get them in South Africa.

What is included in the policy is not just the structure of the home, but fixtures such as geysers, driveways, swimming pools and some other unmovable possessions on the property.

Should your geyser burst or overflow, it is covered under your policy. More than just protection from natural disasters though, Budget Insurance Brokers protect your home from impact with movable items such as cars, falling trees and animals, as well as malicious or intentional damage. They also provide:
Rent

Should the property you own be occupied by a tenant who has to vacate the premises as a result of fire, explosion, storms, floods, earthquakes, malicious damage, and moving vehicles, trees and animals, then Budget Insurance Brokers home insurance will pay out the rent that you lose from the tenant. (Note: this is not landlord insurance for tenants who default on payments.)

You are also covered should you require, rent.

That is, if your home is uninhabitable as a result of the above mentioned damage, your insurance policy covers rent to relocate elsewhere while reconstruction begins.
Liability

If your home is a very bad home and injures others, the legal and medical fees are covered under this policy too. This covers third parties (which includes anyone living in the home or anyone who visits you) as well as domestic employees who may be injured on the job.

Budget Insurance home insurance also includes the cost to remove rubble, fire brigade charges, television aerials, power supplies and professional fees, for example, plumbers and electricians.

For more information on their home insurance policy, visit their policy book.

Originally posted at:  insurance.co.za

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