Insurance World

People usually don’t expect to hear the words “insurance” and “entertainment” in the same sentence. Insurance is something you need, or wish you had, in the event of an emergency or even a tragedy. For example, you need car insurance when you’re involved in an accident, when your car has been vandalized, and even when your car has been stolen. You need homeowner’s insurance if your house catches fire, your valuables are stolen, or someone is injured on your property. You need health insurance to help pay for any kind of medical attention. And you, rather your family members, need life insurance in the event of your death.

Entertainment, on the other hand, is meant to entertain people; to make them smile, laugh, cry – whatever it takes to make them enjoy themselves. Entertainment isn’t about protecting yourself or anyone else. Entertainment is about making sure people have a good, and safe, time.

So, “insurance” and “entertainment” seem to have absolutely nothing in common, right? Wrong. There are many forms of entertainment out there that may make you and your family members wish you had some form of insurance.

Take stunt performers for example. These are the people who step in during television shows and big screen movies to perform the stunt scenes, i.e., the dangerous actions that most actors and actresses aren’t trained to perform, or would simply rather not perform. Stunt performers are also the clowns and lion tamers and tight rope walkers who provide you with entertainment at circuses around the world. Stunt performers are trained professionals who can usually pull of a stunt with what looks like amazing ease and grace; however, accidents do happen. Stunt performances can turn dangerous, causing injuries and sometimes even death. In the event injuries or death occur it’s reassuring to know that some kind of insurance, whether it’s health or life, is there when you and your family members need it.

Is there such a thing as cheap home insurance? There may be a better question. Is home insurance really that expensive? Homeowner’s insurance may very well be the consumer’s best buy when it comes to insurance. There are multiple benefits and features that make the home policy unique. Most everything that the homeowner owns including the dwelling can be covered in some way by homeowner’s insurance. When you think of the magnitude of the coverage afforded by homeowner’s insurance versus the premium paid then you would have to agree that homeowner’s insurance is a very good buy. The rates on property insurance in general, have increased over the last ten years. Much of that has to with increased catastrophes like the hurricanes in Florida. The toxic mold problem that originated out west has also caused premiums to increase on a national basis. The home insurance buyer really needs to focus on a few areas to get the most for the premium dollars paid.

Accurate Dwelling Amount – This is the first most critical decision that you will make. The square footage of your dwelling has to be correct in establishing the replacement value of your home. The market value is of little use to you when you purchase insurance to rebuild the structure. Replacement cost is better for homes that have been built within the last 40 years. Check with your insurance company underwriting guidelines.

Replacement Cost or Actual Cash Value – This facet of your home insurance policy should be clearly understood. Replacement cost insurance on both your dwelling and its contents means that the insurance company will rebuild or replace your loss with like kind and quality. Actual Cash Value will calculate the replacement cost and then subtract for depreciation. The actual cash value policy is cheaper but you will have to come up with the depreciable amount out of your own pocket.

Deductible – Higher deductibles bring your premium down substantially. $500 to $1000 deductibles are common. This is a huge savings to you over the years and is your most valuable tool in lowering the cost.