Tag: Home insurance

So, you’ve beavered away for years struggling to save some bucks for your dream house (in this rocky economy), and now, you just got off the phone with your mortgage specialist, who has some excellent news for you! The agonizing wait is finally over, and you’re pre-approved and ready to dive into the house hunt with confidence. What an exciting time! But before jumping in, there are a few other things to keep in mind to ensure you find the perfect balance between your needs and budget, and one of them is homeowner’s insurance!

Purchasing a house can be so mind-boggling that it’s easy for first-time buyers not to worry much about the homeowner’s insurance process. But what if there’s a natural calamity or a fire breaks out in your house? Disasters can strike unbeknownst to you, and that’s why protecting your property with the best home coverage is primordial. Buying home insurance entails a myriad of intricacies and can often feel pretty overwhelming. How often have you heard of cases where people have purchased home insurance only to discover that it didn’t protect the only item they were trying to protect? Here’s a handy step-by-step rundown to help you cover all the basics!

Choose Your House Wisely

The choice of housing is often a process of elimination. As you hunt for houses, you’ll realize that many are just not right. It’s not uncommon to compromise on features but search for a home that can meet your current and future needs. The location and individual characteristics of the home you pick can affect the amount and type of insurance coverage you may need.

Get A Clearer Picture of What It Covers

While this may sound surprising, most people don’t understand home insurance at all. To choose the right policy, you need to be able to have a clear understanding of what it entails and covers. Once you’ve got a clear picture, you” ll be able to assess your needs and negotiate better terms and conditions. A standard home insurance policy covers your home and its contents, as well as any public liability. Although the law doesn’t require you to purchase home insurance, it’ s essential to protect your most significant investment if something goes wrong!

Evaluate Your Needs

When purchasing insurance, be sure to know what you precisely need before starting to shop around. You can gather information online or talk to an agent at BREVARD INSURANCE & MARKETING to get an idea of your coverage.

Compare With Other Insurance Companies

After you’ve had an understanding of your requirements, you need to start shopping around for the best coverage and may need to purchase additional insurance – such as flood insurance. Start by looking for reputed insurance providers and then make a list of policies that meet your requirements. You don’t have to buy insurance at the first insurance company you’ve googled online. Instead, compare the plans based on the prices, deductibles, limits, and customer reviews. Make sure you get the right type and amount of coverage. Focus on value, not necessarily bottom price.

Consolidate Your Policies

Ensure your insurance companies offer discounts if you bundle other types of insurance, such as auto or health insurance, into your home insurance policy. You may be surprised to learn that some companies may even bundle policies together with a 10% or more discount on your premiums.

Don’t Forget Your Pooch!

Always disclose your dog. It shouldn’t even be a question. Dogs of all breeds can be a huge liability. You never know when a dog might feel threatened and act out of fear, biting a stranger, or even a family member. If someone sues you for a dog bite, you could be charged thousands (or even hundreds of thousands) of dollars. By insuring your dog, you’re also assuring that dog bites are covered by your insurance policy.

When you hear the word “insurance”, strange or funny might not be the first thing that pops into your mind, yet, it can actually be a lot more intriguing than you probably imagine. Throughout history, people have invested zillions in saving their most precious assets, and insurance has even had a big chunk of impact on major decisions.

In Japan, golfers took out golf insurance just in case they got a hole-in-one, they would have to spend a fortune on sumptuous drinks and goodies, as well as throwing fancy parties for an awful lot of people (isn’t that crazy). Meanwhile, some people have purchased insurance for their body parts, and others have even taken out a policy just to watch popular movies, in case they died of laughter! (No, your eyes didn’t fool you!) Kiss bassist Gene Simmons had his tongue insured for a million bucks…while “Ugly Betty”‘ TV star America Ferrera (who plays an ugly duckling with braces on her teeth), had her smile insured for $10 million (not so ugly indeed).

While these were just a small foretaste, check out some more hard-to-believe but compelling insurance facts that will totally boggle your mind (some of which may help save a few bucks).

Insurance Has Been Around for Several Thousand Years…

Yes, you read right! It may be hard to imagine insurance sales clerks and insurance forms existed hundreds of years ago, but that certainly doesn’t mean that insurance was non-existent. In fact, it is believed that insurance made its first historical breakthrough in China around 3000 BC. Merchants who depended on shipping goods by ship were at risk of losing cargo in shipwrecks. For this reason, some of them divided their merchandise among several vessels, so that even if one of the ships was wrecked, traders would not suffer a complete loss. Modern insurance works in more or less the same way, with money being collected and pooled by insurers, ready to be paid out in the event of a claim.

Home Insurance Policies Often Prohibit Some Breeds of Dog!

Many home insurance policies often prohibit you from having certain types of dogs as pets – because they can potentially cause problems (yes, that’s sad!). Some 4.5 million people are bitten by dogs each year, and about 20% of dog bites require medical attention, according to the Centers for Disease Control and Prevention. Dog breeds typically excluded from standard insurance policies are Mastiffs, Akitas, Alaskan Malamutes, Pit Bulls, and Rottweilers. If necessary, you can pay extra to add coverage for your dog, or by going around the market, you may be able to find a policy that covers your dog.

Your Home Insurance Probably Covers Damage Caused By Volcanoes and Meteorites.

While you might know that your home insurance doesn’t protect you against flood damage, it may cover much more than you think. Home insurance policies usually cover damage caused by volcanoes and even meteors, for example. However, calamities like floods, earthquakes are not usually included. It’s best to read your policy carefully or talk to your agent to find out precisely what’s insured and what’s not, so you can decide if you want to add other coverage, such as earthquake coverage.

Credit Ratings Can Have a Significant Impact on Your Insurance Costs.

You are probably aware of the credit scores that influence the mortgage interest rates offered to you. Still, you may not realize that there are “credit-based insurance scores” that can significantly impact the insurance premiums offered to you. According to Fair Isaac, the company behind FICO scores, about 95% of all car insurers and 85% of all home insurers use these scores when they are licensed. A few states, such as California, Maryland, and Massachusetts, restrict or even prohibit their use.

Companies believe that scores that reflect how you manage your money are apt to suggest the likelihood that you will make a claim. A report by TheZebra.com found that: “Drivers with bad credit can pay twice as much for car insurance as those with exceptional credit. Nationally, improving your credit score from “poor” to “outstanding” would save you 53% (over $1,400) per year”. Fortunately, there are steps you can take to improve your credit score.  

Auto Insurance for Teenagers Can Be Astonishingly Pricey.

It’s not just the cost of education that is covered when your teenagers start driving: You’ll need to get them covered by car insurance, which can be pretty costly. A parent who adds an adolescent to their policy can expect their new rate to be $6,186, and in some cases, 227 % more than insurance for a single adult driver, and a teen who buys their own policy can be even more expensive. 16-year-old are involved in twice as many accidents as 18- and 19-year-old, therefore, adding a 16-year-old to your insurance plan can cost you up to $3,000 or $4,000 or more. (If you need this kind of insurance, look around the market, as rates can vary widely.)                                                   

Starbucks Spent More on Health Coverage for Its Employees Than It Did on Coffee!

Many Americans enjoy employer-sponsored health care – for themselves, their spouses, and their children. That’ s a no-brainer. In China, though, Starbucks has taken employer-sponsored health insurance even further by offering coverage for workers’ parents. It is limited to workers who have been with the company for at least two years and provides coverage for up to 30 critical illnesses for parents under 75 years of age who live in China. This sounds like a good idea in a country where many workers feel responsible for their parents, and it can make Starbucks a more competitive employer. It’s not unthinkable that new types of insurance will also be offered to Americans. We did not always have pet insurance, for example.

These are just a few of the surprisingly cool things to learn about the world of insurance. The more you know, the more you can save! Are you looking for a reputable insurance agent or insurance quote in Rockledge? Have Mimbs & Associates Insurance on your speed dial. Backed by years of experience, they are experts in protecting your property and your family’s belongings.

Opting for the right health insurance plan is crucial as this will help you get the best treatment for yourself, your entire family as well as your four-legged family members. However, deciding which health insurance to choose isn’t an easy task! There are tons of insurance companies in every city these days that provide high-quality insurance plans. Nearly half of all employers with 250 or more employees offer more than one policy, all with different copayments, benefits, premiums and deductibles. But how do you go ahead and pick the right insurer? Here are a few things to keep in mind when selecting the best health insurance plans for your family –

Look at Out-Of-Pocket Costs

Focusing on the monthly premium is one thing, but keeping track of the deductible, copayments and co-insurance is also a key factor. These three elements are your maximum expenses. Under the Affordable Care Act, the maximum reimbursable expenses are $7,150 for a single person and $14,300 for a family policy.

Consider Your Life Stage

Let’s assume the next coming years turn out to be just like the past five. You go for regular medical checkups two to three times. Your partner is as healthy a horse (as long as he/she swallows his cholesterol pill every day). And your kids, well, let’s just say they have an average of one cast and 15 stitches a year. And therefore, choosing an appropriate insurance plan tailored to your individual needs is crucial.

While taking cheap health insurance plans, it is essential to consider your health, age and financial situation. Selecting a policy with a lower deductible and copayments is recommended if you’re suffering from one or more health problems that require ongoing care (such as heart disease or diabetes) or expecting a baby. Of course, you’ll be paying a higher premium, but your overall out-of-pocket costs may be lower. The insurance agent can help you make a better decision with your health insurance based on all of this information.

Number of Family Members

Are you taking health insurance or term insurance that covers all your family members? Along with the number of family members, their life stages matter too. The cover amount needs to be able to support everyone’s lifestyle and spending capacity in case of any unfortunate incident where the insurance will be used.

Check the Drug List

All insurance plans generally provide a detailed medication list and copayment covered. So, be sure to buy an insurance plan that offers a prescription drug benefit high enough to cover all your needs. If your drug isn’t on the list of medications covered, you may have to pay 100% of the cost. It is also an excellent idea to check whether your insurance plan includes a mail-in prescription option; it can save you some bucks on your regular prescriptions.

The benefit should typically cover at least $1,000 per year. With only a few prescriptions, you can easily reach this amount, especially if your doctor prescribes a medicine with no generic substitutes.

Go Over the List of Benefits

Usually, all individual and small business plans should cover prescription drugs, hospitalization, emergency services, mental health and addiction treatment, preventative services and rehabilitation services, maternity and newborn care, pediatric services (including vision and dental care), laboratory tests and out-patient care. However, the specifications of the plans available through your employer may vary, so make sure to read the plan’s Evidence of Coverage.

Also, don’t forget to double-check your prescription coverage each year when re-enrolling in your insurance plan. Many insurance brokers tend to amend their policies and drug coverage frequently. So, it is wise to look for another insurance provider if your daily medications are abruptly withdrawn from your coverage.

Maximum Age Renewal Option

Although you don’t really use your health insurance when you are young, as you get older, health care costs increase and you will have a greater need for health insurance coverage. So, make sure to check whether your health insurance plan features a more comprehensive renewal option with the best pricing. Opt for lifetime plans with renewability options available beyond age 65 – it will pay off in the long run for you and your family.

Choose the Right Insurer Too

While you’re reviewing all these policies and benefits, it’s also wise to choose the right insurer. Look for insurance companies with higher stakes settlement rates (so you don’t have to fight over your claims). Are you looking for a trusted insurance agent or an insurance quote in Florida? Get in touch with BREVARD INSURANCE & MARKETING – they are experts in the protection of your possessions and those of your family.

When shopping for the best insurance policy, you’ll surely be spoilt for choice. Therefore, if you want to pick the crème de la crème, simply do your homework! Hopefully, these smart tips can help simplify your selection process.

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