Flood Insurance Fallacies

What happens when your home is inundated with water? Is this disaster covered by your standard homeowner’s policy? Unfortunately, the answer is no. Damage caused to your home by flooding waters is not covered anywhere in your basic homeowner’s policy. Unfortunately, many people learn that this statement is untrue when it is too late.

Having flood insurance is the only way to be somewhat safe when it comes to your home protecting your home from water damage. Across the United States, only about 20% of the homes that are at risk for flooding are covered by some type of flood insurance. Most major private coverage providers do not want to insure people against flooding because of adverse selection. This means that the number of people who are making claims against flooding damage is greater than the number of people who want to protect their homes from the possibility of flood damage, so private insurers see this as something that will not bring them any profit.

However, in certain flood prone areas, the government requires that flood insurance be purchased in order to secure mortgage loans from federally accredited agencies. This coverage does not go into effect until thirty days after the policy has been purchased, unless the person lives in a floodplain. This purchase of flood coverage, provided by the government, went into effect in 1968 under the National Flood Insurance Program. Many people have criticized this program because it helps people rebuild in areas that are vulnerable to flooding, without any of their premiums ever going up. Homes and areas that were flooded over twenty times are still able to be covered without the threat of rising premiums.

Flooding is defined as inundation of an area of two or more acres, or two or more properties that are usually dry land. Flooding can be brought on by hurricanes, earthquakes, tornados, levee breaches, and other natural disasters. Unfortunately, if flooding occurs due to an earthquake, the damage from flooding is not covered by the earthquake insurance. Flood damage is not covered under any other type of policy a homeowner could hold.

In the United Kingdom people who are living in a flood prone area are supposed to flood proof their homes, or they risk facing much higher coverage premiums. In Canada, no flooding coverage even exists.

Flood coverage is an argument that has been fought about for decades, but until you live in an area that is threatened by flooding, a person will never understand how important it is to have the government’s support behind the coverage.

3 Tips for Checking Your Low Priced Insurance Policy Is Sufficient

So, you’ve done your research and found a low priced insurance policy to cover you on your forthcoming holiday? The task doesn’t end there, though – you need to make sure it is actually suitable for your needs before you go ahead and book it.

Here are three tips that will make the task easier and ensure everything is as it should be.

Make sure you booked it for the right dates

You should, of course, be well aware of the date you set off for your holidays and the date you return! However you should double check you have them right and that your policy covers the period you need it to cover. If you got it wrong, contact the company immediately to put it right. Alternatively, they may have got the details wrong on the policy documents. If this is the case, make sure you contact them immediately to have it corrected.

Check you are covered for any activities you wish to do

While many low priced insurance policies will cover most activities, they may not cover everything you intend to do. For example, you may want to do white water rafting or a parachute jump while you are away, and if this is the case, you’ll need to check check whether the policy will cover such an activity. If not, you need to either make a change so it does or get an additional policy for extreme sports. Oftentimes you should be able to get an all in one policy designed to cover whatever sports you want to do, so be sure the one you have booked is suited to your needs.

Read every last detail in the small print

It seems as if human beings are hardwired to avoid small print of any kind! Unfortunately, this is exactly where all the most important details are found on low priced insurance policies. So when you receive your copy, take the time to sit down and read through every last detail. Mistakes can be made, so check your name, address and other information to ensure it is all 100% correct. Don’t let even the smallest detail slip through if it isn’t right. It could invalidate your policy and that will lead to untold problems if you need to make a claim.

As you can see it makes sense to check everything when you buy a low priced insurance policy to cover a trip or a holiday abroad. The last thing you want is to make a claim and discover the one you bought isn’t quite as all encompassing as you need it to be. The time to find out is definitely before you leave, not after!

Patrick Chong is the Managing Director of Insuremore. We provide low priced insurance and offer a range of policies including single-trip, multi-trip and family insurance. For all your travel cover needs, Insuremore can help you in the quickest and most cost-efficient way.

A Little Bit Of History About Insurance in America

It was one of the founding fathers, Benjamin Franklin, who formed the first insurance company in 1751, called Philadelphia Contributionship, and it was home/fire insurance. According to PBS reports, 143 policies were issued by the company in the first year, and none of the insured property caught fire for seven years afterwards. In fact, Philadelphia used the same scheme that all insurance companies use today; the members of the company paid an amount of money that would be used to restore financial loss due to fire-related causes. Such payment is popularly known today as insurance premium. Benjamin Franklin played a significant role in developing insurance indeed, but he was not the first to introduce auto insurance. As a matter of fact, the first car insurer’s venture began a little earlier than Benjamin Franklin’s time.

The First Known Automotive Insurance in America

People now see car insurance as an inevitable part of everyday lives simply because car is the most-popular means of transportation in the country. Insurer provides essential financial protection for every vehicle owner in the event of an accident that causes property damages, casualties, medical conditions, and all possible financial losses. In America, Detroit is nowadays well-known for its automobile industries. During the late nineteenth to early twentieth century, Ohio was home for innovators of this new type of transportation. It is worth mentioning that the world’s first car insurance coverage policy was issued in Dayton, Ohio in 1987. According to Ohio Historical Society, Gilbert J. Loomis was the first person to purchase car auto liability insurance. The policy provided protection for Loomis in terms of financial loss (or financial responsibility) in case his car damaged another person’s properties, killed, or injured someone. These policies are more or less similar to those used widely by modern car insurance companies throughout America nowadays; at least, the policies issued to Loomis set examples of what kind of financial protection that car insurance policy should at least provide for the owner.

The car insurance industry slowly began to gain its popularity since then, and it indeed developed into more comprehensive as well. In 1902, the first comprehensive insurance policy provided coverage for fire and theft, so it was no longer for accident-related causes only, according to International Risk Management Institute. In 1912, insurance coverage that combined multiple perils was starting to develop as insurers tried to include fire, property, and liability coverage for automobile into one single policy. Auto insurance coverage policies evolved greatly, but the basic principles remain the same. Benjamin Franklin did not probably think about cars when he started Philadelphia Contribution-ship, but he played a crucial role in developing the system and popularize the idea that insurance does bring peace of mind to the policyholder.
With the rise of the automobile industry in America, insurance also began its expansion. There are many factors involved in the success story of car manufacturing such as expansion of U.S. economy, infrastructure and road development, and the rise of “car culture” itself in the country. Of course, the rapid growth of vehicle production and number of car owners in the country inevitably resulted in more road cars and accidents.

In 1930, more than 100 people were killed in accidents per day. It is not a surprising fact since drivers at that time were not obliged to undergo strict driver licensing, and probably most of them were never registered to any driver test. This was, in fact, an expected consequence due to the absence of driver test or driving schools. In 1920s, due to various political reactions, the government invested more funds to build better roads and traffic control system as well as improve vehicle licensing regulation and implement strict driver test. Massachusetts was a step ahead of most states by establishing driver licensing in 1903; however, the state only started to implement driver licensing in 1952.

Massachusetts and Connecticut were ahead again with the implementation of compulsory insurance and financial responsibility laws. To be more precise, Connecticut’s law required driver or vehicle owner to produce valid proof of financial responsibility of at least $10,000 in case one is involved in an accident that resulted in more than $100 worth of damages, injury, medical bills, or when the accident caused the death. Back then, drivers were obliged to what was stated by the law after their first-time accident.

In 1950s, car insurance began to spread widely across the nation in almost all states. Massachusetts was the only states in the country that required drivers to purchase car insurance policy before vehicle registration. In 1956, New York adopted the same regulation; North Carolina took the same step in the following year. During 1960s and 1970s, almost all states developed the same type of regulation although each state has different specific requirements. Considering that the beginning of compulsory insurance law was in 1925, and it was successfully applied throughout the nation by 1970s, the development is staggeringly quick.

Insurance Quotes in a Digital Age

Insurance is great. Yes, it can be a hassle to find. Sorting out the pricing and policies can be complicated. So what if the whole thing could be made as easy as pushing a button? The great news is that it almost has.

What Makes it Frustrating

Making the monthly payment on a premium can be frustrating, but it’s easy. Once you file a claim, you realize how much that monthly payment was worth it. Finding the right policy, on the other hand, can be a challenge. There are policies for your home, condo, apartment, motorcycle, car, and health. Also, there are many different companies. Getting insurance quotes from each carrier can take much more time than you have available. Once people find coverage, they rarely re-evaluate it to see if it is still the best option available.

Technological Evolutions

Luckily, the Internet has revolutionized insurance quotes. Trained agents can help you identify what your priorities are and which policy best meets your individual needs. Filling out a simple form online can generate quotes from several major carriers at once. Many agencies are also now able to incorporate smaller, more specialized carriers into their networks as well. The ability to organize and sort through so much information so quickly has made getting insurance quotes almost push-button simple.

Working Closely with an Agent

Getting a variety of insurance quotes is just the first step. The most affordable policy may not be the one that best meets your needs. Understanding the often complex policy language can be a daunting task. At this point, it is essential to get a trained agent involved. Like many service professionals today, agents are highly trained and strictly regulated. They are a personal part of their clients’ lives because they are helping to protect the most valuable aspects of a client’s life: their health, home, and family. You should be able to work closely with an agent who knows you and understands your priorities.

Your agent can sit down with you and evaluate each of the quotes individually. Together, you can structure a comprehensive package that addresses your coverage needs and financial commitments. The package may consist of the best policies from several carriers or a single umbrella. The use of digital technology allows for highly personalized packages of coverage. With access to so many quotes and coverage options at your fingertips, what you decide to do is up to you.

Obviously finding a safe level of coverage is not something you want to put off until you need it. The task of obtaining insurance quotes and sorting through coverage packages used to prevent people from shopping for insurance. New technology and highly trained agents have simplified the process. Highly personalized packages can provide better coverage and save you money. If you haven’t looked at your insurance lately, now is a great time.

How To Get The Best Insurance Quotes

What things should you keep in mind when looking for a way to make payments to your current insurer without any hassle? What does the insurance cover? Can you go for the online insurance option? Read on for the answers to these commonly asked questions.

Most people tend to pay their insurance company whatever amount they demand in order to avoid the hassle. But is it compulsory for you to get car insurance quotes from a local company? No, you are not bound to do so, especially if you have access to the Internet. Almost, everything costs you loss if you buy it online, isn’t it? So, why can’t you get insurance quotes online? Of course, you can.

How to get quotes?

There is no doubt that the web has brought a revolution in the world of car insurance. Nowadays, getting insurance quotes from the comfort of your home is a piece of cake. There are so many insurance providers online that their quotes have become quite competitive.

So, how can you get quotes online? Well, it is simple. All you need to do is go to an insurance site offering quotes online upon request. Once you have chosen a site, you can enter your details and the hit Enter. You will get a quote instantly or after a few hours in your email. As an alternative, you can try out an insurance aggregator website, which will submit your entered information to a number of online insurers. You will get a lot of quotes in seconds in your desired order.

Once you have got the cheapest quote, you can complete your transaction by phone or through the website of the company that offered the quote.

Choose a responsive provider

Most people have to deal with dishonest insurers since they don’t have the information they need. With the advent of online insurance companies, it has become a lot easier to get cheap insurance. If you have no idea where to go and what to do, you may want to try out an insurance quote aggregator site. What do you need to keep in mind during your research? The first and foremost thing is that you should not go with a company offering the lowest quotes and low quality service. The insurer should be ready to answer your questions when you call them. Moreover, they should respond to your emails and calls promptly.

Lastly, it is very important to keep in mind that you should go with only an insurance provider who is popular and trust worthy. What does this mean? How can you find out if an insurance provider is trusty worthy? You can easily weed good providers out of bad ones. You just need to go to insurance provider review sites and then read reviews on several providers. At the end, you should choose one that has lots of positive reviews.

So, if you are looking for cheap insurance quotes, you can use the two methods explained above. Since there are so many insurance providers online, it looks like the days of conventional, local brokers have been numbered. With the passage of time, online insurance quote providers will run circles around local providers.

Information Technology Insurance Jobs

One of the best and often the most lucrative insurance jobs that you will find out there is in the technical or information technology portion of the insurance industry. Every insurance company, both large and small, is required to house a series of data on their clients on a day-to-day basis. Given the HIPAA mandates, not only must they house that data, but also to provide for the storage and retrieval of it in the event of an emergency and to assure that the data is well guarded and the privacy of the patients and clients are maintained.

IT or information technology is found all across the insurance jobs arena and you’re going to find that a wide array of kinds of IT are necessary in every insurance jobs venue. From the largest insurance company to the very smallest, guarding the identity of the patient, as well as their privacy is key to the smooth and legal operations of the insurance company.

In addition to those mandates, the law requires that insurance companies must also house the data in such as way that it is private and that, if there is a breach or a need, that the new data must be stored in networks or off site facilities that are readily available to them and which are also completely private. Not only this, but also the ability to attain the data and to return it at a moment’s notice is needful in the insurance jobs industry.

Aside from data storage and data management and monitoring, the best technical salaries in the field of IT can be found in insurance jobs. Among the other jobs that are necessary for every insurance company is IT management, IT monitoring, and Network security. On top of those professionals working in the field of insurance jobs, we will also find website developers, systems engineers, network engineers, as well as help desk and support personnel. We will also find those who develop the programs and systems for the insurance company, as well as others who will provide for the needs of the other workers to have their questions about hardware and software answered.

Those who are proficient in coding, in website design and in software and hardware, as well as data entry can find a very lucrative salary in insurance jobs in the IT industry. If you’re someone who is experience in computers, may–or even sometimes may not–have a degree in programming or design, you may well find a good paying job in the insurance jobs market.

Many people consider that those who work in insurance must be insurance agents or must have knowledge of insurance. It’s isn’t necessarily true that every job in the insurance jobs arena is directly involved with the sales and provision of health care insurance, or home, auto, life or other insurance. In many cases, the support personnel for these companies may make as much, if not more, than the salesmen and women who work directly with the insurance sales department.

Easy Tips to Get the Best Insurance Policy

Insurance is slowly and steadily becoming a necessity in the modern world. Individuals, corporate and even governments need insurance. The question arises; why do we need insurance? Before answering it, let us see what exactly insurance is. To put in simple words, Insurance is the prepayment of a small fixed amount of money called ‘premium’ to shield against a bigger unpredictable expense called ‘loss or claim’. In this way, the risk is shifted from you to the insurance company.

The necessity for insurance springs up out of the dangers we all run throughout our daily lives. Our lives are continuously in danger through illness or accident; our assets may be subject to damage or loss, while losses suffered by others may involve us, in one way or another. There is also the risk of causing injury to other individuals or damage to their property at a subsequent heavy cost to ourselves, in case we are sued for compensation.

Thus, there is a constant need for protection, for some way of wiping out the risk; diluting it or transporting it to someone. This is where insurance comes into the picture.

It is commonly seen that the majority of the people are overpaying for insurance. Any type of insurance, whether it is life, auto, home, travel, or medical insurance, presents a challenge to even the most seasoned customer. Getting the best insurance policy is not an impossible task; we just need to research all possibilities.

Since choosing insurance is a bit dicey, here are a few tips:

-Before buying insurance, take your time to research and be sure to choose the right policy for your needs.
-Do not let an insurance agent confuse you with insurance terminology. Ask him or her to explain all the points in a plain and simple language.
-Get quotes from different companies and compare them for price and features. You may find a low-priced policy with better coverage.
Always ask for a discount. Most companies give discounts, but they are not forthcoming about it. Make enquiries and be prepared to bargain.
-Ask about the fines and penalties for lapse and charges for renewing.

Purchasing insurance can be a wearisome experience. You need to speak to many companies or their agents, then fix appointments and compare all the policies physically. It is much faster and easier to do these chores online. Checking for insurance online gives you many advantages.

First, there are many websites from where you can get a quote on any kind of insurance policy you may need. Second, you have all the data and comparisons in front of you. You can check it in detail and really get all the information. No hiding and misinformation on the agent’s part and no surprises for you in the future.

Regarding the rules, it doesn’t matter whether you are doing your insurance shopping online or offline; these would always be the same. Be patient, don’t rush, ask for the discounts, don’t get confused with terminology, always compare the policies and be mindful of the fines and penalties.

Online Insurance – Finding the Best One

There are so many websites that offer online insurance that it can be hard to know where to start. If you want to find the best quotes that you can then there are a few things you can do to make your search more effective. Below are some tips on finding the best online insurance.

Firstly, get quotes from websites that have access to a number of different online insurance companies. Most sites will be able to give you multiple quotes and this is definitely the sort of site to start at. If the site only quotes from one company you may get your insurance quickly, nut it will certainly not be the best deal you can find. This type of insurance is a highly competitive business and each company will try to convince you their deal is best, so comparison sites are the only sensible place to start.

You will not get the best rates if you simply renew your insurance with your current company. Even if you don’t intend to change it is worth doing a bit of research on what other online insurance is available and seeing if your current company will match the lowest quote. Often they will do this in order to keep you as a customer.

Another important tip is to give as much accurate information as you can when getting online insurance quotes. Sometimes it can be tempting to take short cuts, but if you miss out relevant information your quote may come out artificially low. This will either mean that the quote is essentially meaningless or you will end up paying more for the insurance. In the worst case scenario, if you buy the insurance at the low quote it could end up being invalid if you need it to pay out.

To find the best online insurance for you, you need to consider in advance exactly what you want and how much insurance you need. Insurance needs vary from person to person, especially when it comes to things such as life insurance and home insurance. It is a good idea to have a clear idea in mind of exactly the level of cover you require before you start looking for it. This way you will not end up paying for insurance you don’t really need or a greater level of cover than is really necessary. To help you with this you will find the insurance calculators that can help you work out the cover you need.

Convenience of Going for the Online Life Insurance

People can opt for online life insurance policies according to their budgets and needs. You also get an option to go through various policies and compare their benefits and terms. Some of the important information to look for would be coverage, cost of policy, premium payment terms, and the payment options. You get all the information from a single place, and from the convenience of your homes.

This option helps people choose their own policy without going through various insurance companies, and spending time and fuel for gathering information. Though brokers can also be helpful for getting quotes, they have limited offers when compared to the ones that you can get online.

Online life insurance companies also provide the ‘Price Comparer’ tool that helps people select the right kind of policy for their family. It also allows them to manually calculate the premium amounts without having to disclose their incomes, annually or monthly. It also informs the users about various types of insurance policies that they can combine together, and then calculate the premium accordingly. All this can be done with a few clicks of the mouse, not to mention saving on the amount of time and money that you would have to spend to visit the insurance companies.

How can I apply for life insurance online?

It is very simple. Just search for the online life insurance providers using the search engines. Typically you should get many search results with provider and agency websites. Before buying any life insurance online, make sure you take quotes from multiple providers. You could also check out the insurance review websites where the comparisons will have been already done by the experts. This makes your job all the more easier for making the right decisions.

If you have any questions, you could shoot them an email or call them over the telephone. Their contact information will be listed on their websites. You could have your concerns addresses by their customer care departments.

Once you are convinced that you have made the right choice, you could simply move to their purchase page and buy the policy by using your credit card, or through online bank transfers. You will immediately get a copy of you insurance emailed to you. They will also send you the hard copy to your mailing address.

The basic rule for the insurance still remains the same, where the insurer pays premium to the insurance company, to take care of his medical and other expenses whenever the need arises. Even if you opt for life insurance online, you will still have to submit the documents and medical reports manually. However, you can pay your premiums or renew them online.

Insurance websites will usually provide updated information on newer and cheaper insurance plans offered by them. The navigation system on the insurance websites will be quite user friendly. Finding the right information is usually hassle free, and could easily buy your life insurance online. Some companies even offer chat support, where your concerns will be addressed immediately.