Insurance World

Auto insurance can make a big hole in your pocket. Insurance premiums vary hugely between companies, agencies or agents, brokers, and of course the make of the car you own and your credit rating. To pay lower insurance you must:

1.
Always maintain a good driving record.

2.
Never accept the first estimate you receive. Be wise and check comparisons of different insurance providers at your state insurance department website or phone them. Their addresses and contact numbers can be accessed from http://www.consumeraction.gov/insurance.shtml the consumer action website. Be sure to get competitive quotes from different insurance providers. Contact providers that are strongly recommended by people you know well. Keep your peace of mind by checking the financial stability of the companies with rating companies like A.M. Best (http://www.ambest.com/) as well as in forums and blogs.

3.
Complete a market survey well before you select a car make and make a comparative table of insurance and other hidden costs. Find out which features increase insurance premiums and which ones reduce premiums. For example if parts of a certain make are hard to find or expensive such cars will have huge insurance premiums, similarly installation of anti-theft devices or an extra brake system lowers insurance premiums. Many questions are answered by the Insurance Institute for Highway Safety at http://www.iihs.org/.

4.
Choose to have higher deductibles this will reduce the burden by at least 15-25%. But look at your finances first and determine whether you can set aside US$ 200-US$1000 periodically to create an emergency vehicle fund.

5.
Consider availing the insurance from the same company that has you covered for home, accident, or life. Many companies offer concessions to clients who have more than one kind of policy. Known as a multi-policy discount this could benefit you.

6.
Most policies are based on your personal credit record. Having an unshakeable credit history can lower costs. Pay bills on time, don’t avail too many loans, and be sure that credit balances are as low as possible.

7.
Avoid duplicating medical coverage. Find out whether eliminating medical cover in auto insurance will reduce your premiums or the personal injury protection costs. In some places the reduction is as much as 40%. So, if you have adequate health insurance you could weigh the pros and cons of eliminating this in auto insurance.

8.
Find out if insurance premiums are dependant on where you stay. Sometimes staying in a rural community or suburbs as against the city center could save you a bundle.

9.
Take advantages of discounts like low risk career, low mileage, taking public transport to work, car pooling, no violations or accidents, taking defensive driving courses, following safety rules and regulations, or having a child who studies far away.

10.
Use the reductions offered for insuring more than one car belonging to the family. Many companies have special offers for corporate organizations, club members, professional groups, alumni groups, or clubs.

Make time to make a big saving. Check through all the parameters and mark areas where a saving can be made. The market is competitive and you can be the beneficiary.

Some Home Fire Insurance Protection Scheme only covered against damage to the internal areas of the house, which generally includes the floor slabs, internal partitions, ceiling, doors, windows, internal sanitary fittings, electrical wiring, etc. Any loss or damage to your renovations, or household contents (like furniture, decorations, electrical appliances and personal possessions etc.) is not covered.

There are some mortgage fire insurance will only cover you against damage to the building structure, including its permanent fixtures and fittings. Any loss or damage to your renovations, or household contents (like furniture, decorations, electrical appliances and personal possessions etc.) is not covered.

Look for a comprehensive home insurance plan

Look for a comprehensive home insurance plan that insures your renovations and contents within your home against fire, explosion, flood, theft and other causes specified in the policy. Best of all, some may even top up with offer benefits like Worldwide Personal Liability, Worldwide Family Accident Protection and Emergency Home Assist at no additional cost.
Does your home protection plan cover risks insured against for home contents?

Look for a home protection insurance scheme that covers for physical loss or damage to the renovations and contents in your house caused by any of the following causes:
1. Fire, lightning, domestic explosion
2.
Hurricane, cyclone, typhoon, windstorm, earthquake or flood
3.
Water discharged or overflowing or leaking from pipes, water systems or installations, roof, roof guttering and down-pipes in your house
4.
Impact by any land vehicle or any animal.
5.
Civil commotion, disturbance and riot
6.
Malicious act of any person
7.
Theft accompanied by violent or forcible entry into Your Home
What is the meaning of Sum Insured?

The “sum insured” is the insured value of the property and the maximum amount an insurer will pay if it is totally destroyed by an insured peril. The sum insured should reflect the cost of replacing the insured property to its original condition (or its equivalent) at the time just before the damage occurred.
How much can I claim for my renovations / contents?

Depending on the insurance plan, the maximum amount that you can claim will be up to the sum insured specified in your Schedule, or not more than a certain percentage of the sum insured on content.
When making a claim, your insurance company may send a loss adjuster to inspect the damaged property and/or assess your loss. Therefore To facilitate the processing of your claim, you should take photographs of the damaged property; present Quotations of repair or replacement of the damaged property; make a Police report if necessary.