Even during a global financial crisis, there are still plenty of people who continue to travel on business or holiday. But how many globetrotters avoid purchasing travel insurance because it seems too confusing or even unnecessary?
The fact is, travel insurance should be seriously considered by anyone planning a trip. (more…)
Since insurance is based on the sharing of risk, your home’s history could very well play a significant part in determining your insurance premium as it could increase the home’s risk profile. This is not confined to risks such as burglaries, but also applies to any claims that may have been made by the previous owners.
For instance, if the house in question has a history of burst water pipes, it stands to reason that there could be an underlying problem with the plumbing that may not yet have been fixed. In addition, structural damage from previous floods could also play a role in the structural integrity of the house. It is therefore important that prospective homeowners get the house they are interested in properly assessed before purchasing it.
There is a strong correlation between a persons’ claim history and the likelihood of that person claiming again in the future. Properties that have a strong claims history also tend to perpetuate that claims history, thus costing insurance companies more over time. As a result, insurance companies tend to evaluate insurance premiums based on the claims history of both the new homeowner and the property to be insured. Keep in mind though that these considerations only form a small part of the overall risk profile associated with an insurance premium.
Insurers may, based on these statistics, view the home’s claims history as part of the insurance applicant’s risk profile even thought the claims were made by another person prior to the new owner occupying the house in question. Since some countries and some states within the USA have mandatory time periods within to respond to people applying for insurance, insurance companies may take negative actions when presented with such an application. Subsequently, because the insurer does not have adequate time to investigate the application properly, underwriting can be denied.
Based on all these factors, you may choose to do a full investigation on your new dream home’s history; not only considering whether the previous owner made multiple claims, but also what the previous owner claimed for. Although a damage claim by the previous owner may not influence the premium, the associated risks may be an underwriting factor that prevents an insurer from accepting the risk. Based on the outcome, you may choose to continue searching for a more appropriate home. You may also want to use insurance comparison websites to analyze the differences between premiums and check which insurance companies are increasing their premiums based on your home’s history.
About Author:
Stuart Broad is a writer who works for various car and home insurance sites. If you are looking for a cheap insurance, he suggests trying for well known insurance broker.
Getting married is undoubtedly one of the busiest and most stressful times of your life. You have all sorts of arrangements to make and you have a deadline so you have to make them quickly. You probably can’t think of anything other than getting married to the person of your dreams and feel you can only afford to focus on your big day. Although this is understandable, and indeed expected, you also need to consider your insurance. Tying the knot will drastically change your insurance needs and options and you should try and sit down with your soon-to-be spouse and evaluate these carefully. Re-evaluating your homeowners, life and health insurance well before the wedding is definitely a good idea so when you come back from the honeymoon, your insurance needs are covered and you can go about “being married”.
Short-term insurance
When you get married, both your household contents will be covered under a single policy, but this is probably not the case before you say “I do”. If you are both insured by the same insurance company which is unlikely, you could simply move all your property on to one person’s policy. If not, it is wise to shop around for the best possible rate while retaining adequate cover. Getting married will change your risk profile and your monthly rate is likely to be much less, especially your vehicle insurance.
Health insurance
Similar to short-term insurance, married couples tend to pay less for health insurance than their unmarried counterparts. Most health insurance companies do not offer domestic partner cover and if they do, it is considered taxable income if you submit a claim. To that end, it is advisable for unmarried couples to have separate health insurance policies, but all that changes when you get married. Compare your policy to your partners’ and see which offers the best possible benefits for the lowest premium. It is also not a bad idea to shop around for a possible alternate insurer than either of you currently use.
Life insurance
Many consider life insurance the most important policy to consider, especially if you are starting a family. They will need to be protected in the event of either of your deaths and as such, this should be discussed well before the wedding. If you already have a policy in place, you would want to consider increasing the cover so that your loved ones are not left without a source of income after your death. If you have not already done so, you will need to change the beneficiary on your policy as well.
Ensuring that all your insurance needs are taken care of before you start your life together will not only provide you and your soon-to-be spouse with much needed peace of mind, it could also save you a few pennies on your monthly installments which is often very welcome.
About Author:
Stuart Broad is a marketer who works for a number of South African insurance sites. If you are looking for a budget insurance, he recommends trying to get insurance quotes at InsuranceHound.
You’ve chosen your destination and may have even booked some bargain flights online, looking forward to your holiday, lying in the sun, sipping Sangria and soaking up the rays. But are you a senior traveler and have you arranged your senior travel insurance?
Travellers who are over 64 years old can often encounter difficulty obtaining travel insurance. (more…)
You’ve found your sunny vacation destination and you’re already looking forward to spending some time relaxing in the sun. But are you a senior traveler and have you arranged your over 64s travel insurance?
If you are over 64 and looking for travel insurance cover you could run into some problems. (more…)
American credit cards are lacking the technology necessary for them to be universally accepted in many foreign countries. The all important missing component in American cards is smart card technology.
Smart cards still have the old magnetic strip, making them compatible with older terminals, but they also have an embedded microprocessor. (more…)
If you want to make sure that you are covered from any mishaps, then travel insurance can help you have a worry free holiday. So why do some people just leave travel insurance? People may not really realise just how important travel insurance is, but it could really help you out. (more…)