Posts Tagged ‘Should’
I am going to move to Japan, should I get flood insurance?
March 5th, 2012
Question by : I am going to move to Japan, should I get flood insurance?
Well, I’m moving to Japan for family reasons and I don’t know if should get flood insurance, because I’m a little low on money it will be a little hard to get around.
Best answer:
Answer by Clatterin
I would get rentgen insurance in case radiation poisoning occurs.
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8 home insurance options you should consider
February 29th, 2012
Gina Roberts-Grey
Warning: Your home insurance policy may contain more holes than Swiss cheese.
Home insurance frequently stops short of covering things like food that’s spoiled as a result of a power outage or a computer that’s fried by a power surge. Richard Caughron, a senior product consultant at MetLife Auto & Home, suggests giving your home insurance policy a thorough read to find out which coverage you do have — and which coverage holes you may need to fill.
Here are eight types of optional coverage that you may want to weigh for your home insurance.
1. Computer damage
Tim Dodge, a spokesman for Independent Insurance Agents & Brokers of New York, a trade group, says this option covers computer hardware, software and related components. A standard home insurance policy won’t cover damage if, say, your computer is damaged by a power surge or spilled coffee. But an add-on to your policy will cover that type of damage. This extra layer of coverage should cost less than $ 100 a year, Dodge says.
You also can buy this type of coverage separately. It’s sold by companies like ElectronicWarranty.com, SquareTrade.com and SafeWare.com. Prices vary.
2. ID theft
Insurers like MetLife and Liberty Mutual sell identity theft protection as a supplement to traditional home insurance. The annual cost, according to Dodge, is about $ 25. The deductible runs about $ 250.
What does this coverage offer? If, for instance, a cybercriminal steals your credit card numbers and makes thousands of dollars in unauthorized purchases, this coverage can help you pay to restore your “good name and credit history,” Caughron says.
A standard limit for ID theft coverage is $ 15,000. Expenses that fall under that umbrella include replacement of income you lost because you had to take time off work to right the wrong. This coverage won’t cover any unauthorized purchases, though; that’s typically addressed by your credit card issuer.
3. Spoiled food
If fresh and frozen food goes bad because your refrigerator stops running during a power outage or simply goes on the fritz, optional “refrigerated contents” coverage can help you recover from this kitchen calamity. However, Dodge says, this coverage typically provides a small amount of money — $ 500 to $ 1,500. And before collecting any money, you’d have to pay a deductible of about $ 100, Dodge says.
4. Content replacement
If you have coverage of $ 50,000 for your furniture and other household belongings but it would cost $ 75,000 to replace items damaged or destroyed in a fire or another covered disaster, you’d receive no more than $ 50,000. Standard home insurance policies reimburse you for the “actual” or depreciated cash value of your belongings. So if you forked over $ 1,000 a year ago for your flat-screen TV, it might be worth just $ 750 now, Caughron says, “and that’s all you’d get as long as your claim doesn’t exceed the policy amount.”
With “replacement cost” coverage, you’d be given enough money to fully replace your lost items, Caughron says. The cost for this coverage varies widely; it’s based largely on the amount of coverage you want.
5. Personal injury
Personal injury coverage pays for legal bills in case you’re sued for slander, libel or other similar issues; it doesn’t refer to physical injuries. Dodge says he bought this coverage for himself for less than $ 20 a year after Long Island teenager sued Facebook and four of her former high school classmates in 2009. The $ 3 million lawsuit claimed the ex-classmates disparaged her on the social media site.
“The case against Facebook was thrown out, but the case against the teens was not,” Dodge says. “Unless their parents had personal injury coverage, they had to pay for their lawyers and any settlement out of pocket.”
This extra coverage may cost as little as $ 20 a year, Dodge says. Plus, there’s no deductible.
6. Inflation protection
For an extra cost, an “inflation guard” increases the amount of your home insurance to keep up with inflation so that you can maintain adequate coverage to replace your home in case of a disaster. “It automatically adjusts the coverage limits when you renew your policy to reflect current construction costs in your area,” says Loretta Worters, a spokeswoman for the nonprofit Insurance Information Institute.
7. Code upgrades
Caughron says “ordinance or law” is a type of coverage that “is not well understood by the general public.”
Standard insurance normally won’t pay for the extra costs associated with making sure your home meets new building codes or ordinances when it needs to be fixed. So if your community has imposed new rules about roofing or plumbing since your home was built, you’d have to pay for related upgrades out of your own pocket.
That’s where “ordinance or law” coverage can come in handy. If your home is insured for $ 200,000 and you tack on this extra coverage, your policy generally would cover code or ordinance upgrades up to 10 percent of the insured amount, or $ 20,000. Higher coverage amounts are available; MetLife recommends “ordinance or law” coverage totaling at least 30 percent of the insured amount.
8. Water or sewage backups
One of a homeowner’s biggest fears is coping with a sewer or drain backup or a non-pumping sump pump. You can ease those fears with what Caughron calls “one of the most important” coverage options available to homeowners.
Home insurers like Allstate and MetLife sell coverage to pay for repairing backup- or pump-related damage; coverage amounts range from $ 5,000 to $ 250,000. Of course, you’d have to pay a deductible if you file a claim.
“Higher coverage amounts are advisable if you have valuables in the area around drains and sump pumps on the lowest floor of the house,” Caughron says.
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What You Should Know About Gum Disease
February 8th, 2012
What You Should Know About Gum Disease
Find Out What You Can Do To Defeat Gum Disease From Home. Affiliates Earn A 70% Commission
What You Should Know About Gum Disease
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At fault car accident, should I use health insurance or car insurance coverage for medical?
February 5th, 2012
Question by risey3k: At fault car accident, should I use health insurance or car insurance coverage for medical?
My car hydroplaned and hit a guard rail last week, I made a claim since the car was totaled. I had to be rushed to a hospital, and all is well now. Should I use health insurance or PIP coverage to pay for medical bills.
Best answer:
Answer by jonnie66
your car insurance will pay medical, so try PIP first
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Should assisted living residents purchase personal liability insurance?
January 30th, 2012
Bennett Voyles
Roughly 900,000 Americans live in assisted living centers, according to the National Center for Assisted Living. And for residents and their families alike, these facilities mean an end to many worries — but not all of them.
Residents of assisted living facilities still might face personal liability risks. What if a resident’s dog bites a visitor? What if a visitor slips and falls inside a resident’s room and sues?
Filling an insurance void
While some experts are skeptical of the seriousness of those risks, one specialty insurance product is providing liability coverage geared toward residents of assisted living centers. Called Asset Guard Endorsement, this insurance was created by insurance agent Eugene Solomon of El Segundo, Calif. Solomon insists that assisted living residents need personal liability insurance but have had little access to it.
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Solomon developed the idea for Asset Guard Endorsement when a colleague asked him a hypothetical question about the colleague’s mother, who was an assisted living resident. What would happen, he asked, if his mother ran into someone on her mobility scooter? At first, Solomon says, the two thought that the assisted living center’s insurance would cover such an incident, but the center where his colleague’s mother lived wouldn’t give that information in writing.
The more they investigated the question, Solomon says, the more they found that liability coverage for assisted living residents was inadequate. Typically, residents had some liability protection through their home insurance or renter’s insurance, which they were likely to have given up when they moved into assisted living, according to Solomon.
Often, he says, new residents are asked to take out a renter’s insurance policy, but many don’t actually do so. Additionally, Solomon found that many insurance carriers don’t want to write a policy for somebody who shares a room, for somebody who lives in a unit for which someone else has keys, or for certain geographic areas that have a lot of senior care centers.
To fill that perceived gap, Solomon and partner James Karmin introduced Asset Guard Endorsement. The coverage, underwritten by Philadelphia Insurance Co., is designed to cover personal liability for those in assisted living centers. It covers damage caused by a resident’s pets, protects personal property and safeguards against lawsuits.
A typical Asset Guard Endorsement policy costs $ 185 a year, Solomon says. Liability coverage options include $ 100,000, $ 300,000 and $ 500,000 limits. Coverage of personal belongings carries a $ 5,000 limit, with the ability to pay for a higher limit. The policy also covers lodging expenses if a resident’s apartment is damaged by a covered loss, such as a fire.
Is this coverage really necessary?
Not everyone thinks this coverage is necessary, however.
“Given the frailty of these folks, both physically and cognitively, I can’t in my lifetime remember a resident getting sued. … It just doesn’t happen,” says Rick Stephan, a veteran of the senior living industry and principal at Rick Stephan & Associates, a consulting firm for providers of senior living services.
The average assisted living resident is an 87-year-old woman who needs help with one or two basic daily activities, such as bathing or dressing. According to the National Center for Assisted Living, 87 percent need help with their meals, and 81 percent need help managing their medications.
Moreover, Stephan says, residents at such facilities aren’t entirely unprotected. Most assisted living residencies carry liability policies.
“Typically, the liability insurance is the responsibility of the provider, not the renter,” Stephan says.
Generally, public liability insurance (a type of insurance businesses buy to cover themselves if a member of the public is injured on the premises) will cover visitors’ accidents. These days, Stephan says, such policies are fairly cheap — about $ 100 per bed — as competition in recent years has driven prices down.
Stephan also is skeptical of Asset Guard Endorsement’s value when it comes to seniors in independent living centers, which provide less daily help than assisted living centers do. For these residents, a standard renter’s insurance policy should be fine, according to Stephan. Unless residents are getting an especially good price on coverage, it holds little appeal for “the independent living resident who has been dealing with a trusted broker for many years.”
Nick DiUlio
A troubling development has emerged in auto insurance: Nationwide, the cost and frequency of claims is on the rise. However, experts say this surprising bump shouldn’t trigger higher auto insurance premiums — at least in the short term.
A recent study from the Insurance Research Council, a nonprofit unit of the American Institute for Chartered Property Casualty Underwriters and the Insurance Institute of America, found the nationwide cost of auto insurance claims rose between 2008 and 2010. Throughout the past decade, those costs have declined or been stable. At the same time, the frequency of auto insurance claims also has gone up — in the opposite direction compared with previous years.
“This was somewhat surprising and a little troubling,” says David Corum, vice president of the Insurance Research Council. “The long-term trend of decreasing claim frequency may be ending.”
According to Corum, personal injury protection (PIP) claim costs — those related to medical expenses, lost wages and other damages — per insured vehicle rose nationwide by more than 18 percent from 2008 to 2010. Moreover, when it came to bodily injury liability claims — which cover the medical costs of injuries to passengers in your car and other cars after an accident — 2010 was the first year since 1994 that frequency did not decrease.
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“This may be a statistical blip or it may be a fundamental change in the trend of claim frequency,” Corum says. “If the frequency is no longer going down and instead going up, consumers could be in for some trouble.”
The effect on your premium
Eli Lehrer, vice president of nonprofit research center The Heartland Institute, says the findings in the Insurance Research Council study probably won’t affect the average consumer’s auto policy right away. A single-year increase in claim costs isn’t enough to warrant higher insurance rates. Since insurers’ profits “are currently pretty healthy,” he says, there isn’t much room for them to pass these costs along to consumers.
“I would guess that a two- or three-year trend would probably be enough to start affecting rates, but not just a single year,” Lehrer says. “I think the auto insurance market is just too competitive right now.”
What drivers should be most concerned about are their habits behind the wheel, says Jim Whittle, chief claims counsel for the American Insurance Association trade group. A person’s driving record and claims history remain the most important factors used to determine insurance rates.
“Your individual driving habits are extremely important,” Whittle says. “If you are safe and responsible, you’re probably going to have fewer accidents and fewer claims than someone who isn’t a good driver, and that’s where you’ll see the most noticeable impact on your premiums.”
Fault vs. no-fault
The Insurance Research Council report focused a lot on the increased cost of PIP claims in three of the largest states that use a no-fault approach to car injury compensation — Florida, Michigan and New York. In Florida, for example, the average PIP claim cost per insured vehicle rose 62 percent between 2008 and 2010.
Whittle says the no-fault premise is simple: If a policyholder is involved in an accident, that policyholder’s auto insurance company is responsible for reimbursement without proof of fault. Policyholders aren’t allowed to seek legal damages for losses caused by other drivers.
In states without no-fault systems, however, policyholders must go through a process to determine whether a defendant is liable, and whether the costs are reasonable and are tied to an accident.
Mike Barry, a spokesman for the nonprofit Insurance Information Institute, says fraud and abuse within the no-fault system causes consumers in New York to collectively pay tens of millions of dollars more in premiums.
“What happens is certain medical providers take a bill that may have been $ 6,000 and make it $ 8,000,” Barry says. “While it’s illegal, there are some players in the medical community who figure no one’s going to notice a bill that went up by $ 2,000. If this is done enough times in a state with 19 million people, it’s going to drive up the cost of auto insurance.”
Insurance fraud within the property and casualty industry — which includes auto insurance — costs about $ 30 billion a year, according to the Insurance Information Institute. Frank Scafidi, a spokesman for the nonprofit National Insurance Crime Bureau, says PIP fraud is part of that figure. Scafidi says the findings of the Insurance Research Council report can be explained partly by the high volume of insurance fraud schemes around the country, particularly in no-fault states.
“Phony accidents followed by unnecessary or repetitive medical treatments performed by questionable providers all add to the cost that we pay for coverage,” Scafidi says. “These findings (by the council) are not at all surprising for those of us in the business of investigating insurance fraud.”
Other explanations
Fraud and abuse are not the only reasons for the increase in claims costs. Lehrer says the continued rise in medical costs shares some blame.
“The largest bills that auto insurers have to pay are almost always medical bills,” Lehrer says. “And even though most auto claims don’t involve injury, almost all expensive auto claims do, and a typical hospital stay costs more than the average car.”
Insurance expert Frank Cacchione, CEO of New Jersey-based TNC Management Group, says the increase in the filing of auto insurance claims can be attributed to:
• More high-performance, sporty vehicles on the road.
• An increase in driving now that economic recovery is slowly under way.
• Distractions caused by drivers who are talking and texting on their cellphones.
“I think the combination of these factors will lead to more rate increases in 2012 and, at some point, stronger restrictions on the use of cellphones while operating a vehicle,” Cacchione says.
The weak economy also may shoulder some of the blame for increased claim costs, says Ernie Bray, CEO of AutoClaims Direct, which provides claims services and technology to insurers.
“Anytime you have tough economic conditions, you have a lot more people trying to exaggerate their claims in order to cash in,” Bray says. “They see insurance claims as a way to get a little extra money, and this drives up the cost of claims. Someone has to pay for this, and ultimately it’s the consumer.”
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Health insurance should be more like car insurance, you pick the coverages and the deductibles to meet your?
January 26th, 2012
Question by mission_viejo_california: Health insurance should be more like car insurance, you pick the coverages and the deductibles to meet your?
The health-care debate has centered on the uninsured. That so many people do not have health insurance is a consequence of foolish government policies: regulations that raise the price of insurance, and a tax code that ensures that most people get their insurance through their employer. If you don’t work for a company that provides health insurance, you’re out of luck. People locked out of the insurance system still have access to health care. But they often end up in emergency rooms because they did not receive preventive care.
For most people, however, it is another aspect of our employer-based health-care system that causes the most trouble: the insecurity it creates. People worry that if they switch jobs, they will lose their health insurance. They worry that their company will cut back on health benefits. Universal coverage is not necessary to address these worries. Making it possible for individuals to own their health-insurance policies themselves, rather than getting them through their companies, would solve the problem. It would also reduce the political momentum behind socialized medicine.
Best answer:
Answer by 51
you want your health insurance to go down? Call you congress man or woman and tell them to boot the free loaders from south of the border
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How should I do health insurance deduction from paycheck if I choose my own health insurance ?
January 19th, 2012
Question by shanravi_29: How should I do health insurance deduction from paycheck if I choose my own health insurance ?
I want to choose my own insurance instead of company sponsored plan.
Usually when we elect company sponsored plan the premium on health insurance
is tax deducted from the paycheck. But if I choose and pay my own insurance Can I still make tax deducted from each paycheck? or should I apply tax deduction during tax filing?
Best answer:
Answer by HMichele
You can’t payroll deduct if you are paying your premiums on a private insurance plan. The insurance company will be billing you not your company. If you are self-employeed, have 1099 income, you deduct the premiums from your taxes. You have to weigh the pros and cons of each and make an informed decision on which is better for you.
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Where should I go for the best Renter’s Insurance coverage in NYC-Queens area?
January 18th, 2012
Question by Plaid Ninja: Where should I go for the best Renter’s Insurance coverage in NYC-Queens area?
I am looking to get renter’s insurance but there are many choices. I know very little about choosing an insurance company or what I should be looking for. Any and all advice would be greatly appreciated.
Best answer:
Answer by jodi c
try www.rent-direct.com
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Should Police and Fire protection be run by private and insurance companies like healthcare is?
January 6th, 2012
Question by Eye of Sauron: Should Police and Fire protection be run by private and insurance companies like healthcare is?
Should we do away with this socialistic police and fire protection for all?
Best answer:
Answer by trooper3316
The US Constitution protects people from the government. This protection would not apply if police services were run by private business. Not having the protection of the US Constitution would create much greater problems.
I doubt you would find as many private citizens willing to run towards the sound of gunfire, or into a burning building.
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What should i tell the car insurance company?
January 3rd, 2012
Question by Jitu: What should i tell the car insurance company?
I bought a car 6 months ago but I did not take an insurance policy. Im planning to take a new one. What should I say to the insurance company. Are they gonna ask about when I bought the car and charge me for not insuring it?
Best answer:
Answer by Southern Hippo
Here in bc, i would just put yesterdays date in the field that asks when you bought the car…
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