Insurance Agent/Broker

A Day in the life of a Insurance Agent/Broker

The people involved in the insurance industry profess that they provide security for a living, since their product is financial protection in the event of a crisis or emergency. This protection is always in demand, and the insurance industry is thus one of the nation’s largest employers, with over two million workers. Seventy percent of them are involved in administrative or sales posts in three main areas: Life, health, and property and liability. The life insurance agent collects monthly or yearly payments from a policyholder; if the policyholder dies while covered by the policy, the designated members of his family receive a substantial sum of money. Sometimes life insurance agents arrange for more creative benefits, such as college tuition payments for children. Ensuring proper coverage for hospital and doctor visits is the domain of the health insurer, who most likely works for groups of employers rather than soliciting clients among the general public. Some health insurers are employed by the government to enforce Medicaid policies. Finally, property and liability agents insure instances of damage done both to and by their policyholders. They must also be fluent in the world of health insurance since they cover workmen’s compensation; an employee injured at work will deal with this agent rather than a health insurance agent. Agents work for one insurance agency, whereas brokers work independently and sell policies through many agencies. Beyond this distinction, however, agents and brokers fill many of the same functions. Each meets with potential clients and advises them on the most appropriate coverage. When claims are made, they have to settle the claim equitably for both the client and the agency. Agents and brokers can be salaried employees of an agency or, more likely, work partly or fully on commission on the premiums they sell. Because most agents work on commission, they must spend quite a bit of time networking and finding new customers. Some large agencies cover all areas under one of the three divisions, while smaller ones specialize in one area, car insurance, for instance. Besides keeping up with customers and courting new ones, insurance agents and brokers have administrative tasks to do, such as keeping records of sales. Lucky and successful agents will have a staff to handle these matters.

Paying Your Dues

Life and health insurance agents and brokers must be licensed by their state, which means passing an insurance examination. Agents who sell investment-oriented policies must also be licensed by the National Association of Securities Dealers or the Securities and Exchange Commission. While a college degree is not necessary for these positions, many agencies are seeking college-educated applicants, and a degree is an especially good idea if you want to advance to managerial positions. Some agencies even offer training programs for undergraduates, in the hope that students will work part time while in school and become full members of the company upon graduation. Some of these programs even provide tuition reimbursement for students employed with their agencies.

Associated Careers

Occasionally insurance agents have dual professions-some property insurance agents are also real estate agents, for example. Field representatives attempt to generate new business for agents and brokers. They conduct and attend insurance conferences in order to remain fluent in the latest topics in insurance. At times field representatives will educate insurers about advancements in the field. The most prestigious title in the insurance industry is held by the underwriter, who has the stressful task of reading applications that are submitted by agents to determine whether the agency should accept the risk a particular client presents. Underwriters depend on studies done by actuaries that determine levels of risk. Insurance adjusters are also players in the industry. When an accident occurs, an adjuster visits the site to assess the damage and determine the funds the insurer will award.

Landlord Insurance

There are many different types of landlord insurance, all designed to protect the landlord against loss of earnings and any damage they may incur to their property or contents as a result of renting it out. The cover usually comes under three main categories: building insurance, contents insurance and landlords liability insurance.

There will also be differences between landlords insurance that is designed for buy-to-let properties and individuals, commercial properties or those who have a portfolio of properties. If you do have a number of properties it's likely that you'll receive a discount when it comes to buying your insurance.

Why Do You Need Landlords Insurance?

Since you are using your property as an extra source of income you will need to ensure that it is adequately protected. Since you are taking money for your property, your normal home insurance policy will no longer be valid. You are now going to need a residential or commercial landlord policy to protect your building, contents and earnings as a landlord.

If you have a good landlords insurance policy in place then you will be able to relax in the knowledge that any damage caused to the property will be repaired under your cover. You will never have to worry about incurring large costs that you can't afford.

Types of Landlord Insurance The first kind of insurance you will need to take out is buildings insurance where you will be required to estimate the cost of rebuilding your home should you encounter a total loss. It is important to insure your building for its true value, as you could find yourself losing out if you don't.

Contents insurance can also be taken out. This covers only the contents that are owned by the landlords, and the tenant will need to take out their own contents insurance. This will include your furniture etc. if you are renting out your property furnished.

Other landlord insurance may also cover factors such as your tenant not paying rent. Many of these different types of cover are often included on one landlords insurance package, with contents insurance as an added extra for a small fee. You may also be able to get landlords liability insurance, though this may come as a separate policy.

How Much Will My Landlords Insurance Cost?

There are a number of factors that will determine how much your landlords insurance costs. All insurers will asses you differently, but in general they will take into account factors such as:

- The cost of the building to be rebuilt in the event of total loss.

- The location of the property.

- How many claims have been made in the past.

- How old the property is.

- The type of property.

- The type of tenants living in the property.

LandlordBuddy.co.USA is here to help by providing you with useful landlord insurance information and allowing you to compare landlord insurance and landlord insurance plans.

Why Landlords Should Get Landlord Insurance

Landlords insurance covers you for any loss or damage to your property. For a fixed monthly fee, you can ensure that you are protecting your investment and that you will be able to meet the costs for any work that needs to be done as a result of damages.

The prices of landlords insurance will vary from insurer to insurer, but depending on what you want covered will be a substantial cost each month - the majority of which goes towards protecting the building itself. It is understandable that you may question whether this is a worthwhile investment, which is why we have put together this guide to help you make your decision.

Standard Landlords Insurance Cover

As a general rule there will be different levels of cover when it comes to landlords insurance. You will usually find that an insurer offers a 'standard' option which is basic in comparison to other policies. The major benefit of choosing this kind of cover is that the monthly price isn't huge, but you will still be protected against some of the most important risks that you may encounter as a landlord.

Even basic landlords insurance will usually cover damage to your fixtures and fittings that can happen during a tenancy. If your property is not furnished then you may find that the security deposit paid by your tenant upon moving in is enough to cover any damage to these items.

However, landlords insurance usually goes above and beyond this basic level. For a start, if you are furnished then you will have more at risk when it comes to the potential level of damages that could occur.

Secondly, most insurance packages will cover your building - which is the most important element of the property! The chances are that most mortgage lenders will want you to carry this kind of insurance as a protection against yours and their investment.

More Comprehensive Landlord Cover

Whilst the most basic landlords insurance packages may only insure against damage such as fire, storms, water and so on, more comprehensive insurance plans will protect you from malicious acts committed by your tenants to the property and building.

On top of this general protection, one of the most worthwhile kinds of insurance to have is that where you will be covered from loss of rent. After all, as well as being an investment, your property is now providing you with an income. Should this income cease then it may make it hard for you to continue paying your mortgage, putting you in a difficult financial situation.

Many landlords insurance policies will cover loss of rent should your property remain empty between tenancies. It will also pay for the rent you are losing while taking a tenant to court, or while you are waiting for repairs to be completed. This has obvious advantages and, even if you could pay for repairs yourself, this is the only way you are guaranteed to earn rent. Without insurance you would have to lose earnings for those months.

Points to Bear in Mind

It is important to remember that different levels of insurance will come with different limits as to how much they will pay out. You will also be expected to pay an excess charge on many items. This is why it's so important to read the small print and find an insurance policy that really suits you.

In answering the question of whether you need insurance for your property you should remember that contents insurance will not cover the contents of your tenants. You may also already have adequate cover from your security deposit. However, when it comes to building insurance and cover for loss of rent, landlords insurance can prove extremely worthwhile not only due to the money it will save you, but also for the peace of mind it affords.

Property Affiliate Program USA

Eventually, with the development of the Internet facilities it's becoming easier and easier to be involved into any affiliate marketing program. An affiliate marketing program is actually an additional (sometimes even main) job to many people. The major feature of such programs is that they do not restrict people in social status, age, sex, or any other characteristic. Besides that, a lot of affiliate programs are free of charge. Really, there is sense in it since another goal of the affiliate marketing program is to draw in more consumers, persuade them to purchase something, thus, to make profit of it. The more affiliate partners participate in this process, the grosser income will be.

Considering this, property affiliate program USA pretends to be one of the most requested businesses. Even retired people have an opportunity to be accepted into any property affiliate program USA and get side income. Such programs usually have some tiers (at least two of them). The 1st tier means that a partner has not got any special agreements with the affiliate program provider. However, 2d tier suggests development of the services provided by the affiliate partner through inviting other partners into this network; hence, larger profit.

Property affiliate program USA implies the principle of leading people to the main web site. In such a way, partners receive money for clicks and sells. If you open your administrator panel, you'll see completed sells and pending sells. Such affiliate marketing guide helps to control traffic and incomes.

Affiliate partners may be involved into all sectors of the property market: USA property for sale, for lease, for rent and for purchase, also, residential and commercial property sectors. Once you're looking for other online marketing businesses, you're offered to learn more at affiliate marketing guide.

Property Insurance Claims by Landlords

USA landlord insurance policyholders have to deal with a wide range of problems that arise from a buy to let property. Some of these problems are simple and can be rectified easily and some can be costly. If the problem is covered by the property owner’s landlords insurance policy then the landlord does have the option to claim against the property insurance.

Below is a list of common claims made by USA landlord insurance customers. Some of these risks can be reduced by the landlord that puts in risk management solutions to limit the likelihood of a claim occurring. Most landlords know that making a claim on their let property insurance can increase the renewal premiums and landlords that have made numerous claims within a short time frame may even find it difficult to obtain cover.

Escape of Water Claims

Probably the most common type of claim for rented properties is the escape of water claims. This obviously leads to distressed tenants and wastes a lot of time for the landlord in trying to correct this issue. The landlord has to call the insurance companies claims line and report the claim. Call a plumber and have the immediate problem of the leak fixed. A lot of time and effort on the landlords part that can easily be reduced by taking some simple measures.

The landlord should ensure that the tenant knows where the stopcock is located to turn the water off. Also water tanks, ballcocks in tanks and overflow pipes should be check periodically for wear and tear and replaced if needed. Another issue that arises is burst pipes due to freezing in the winter months. Again try to maintain a minimum temperature of 15 degrees throughout the property and lag any external pipes.

Accidental damage by tenants

Damage to landlord’s contents in a rental property also features high on the list of claims made by residential USA landlords. Usually accidental damage claims are made for damage to carpets and sofa sets etc. Unfortunately these types of claims are very hard to avoid as most tenants will not deliberately cause damage to their landlords contents.

The only thing a landlord can do is make sure that they vet the potential tenant thoroughly by following up on their references. Letting a property to shared students will more likely result in accidental claims then letting a property to a single professional. Most landlord insurance policies tend to exclude accidental damage cover where the property is rented to DSS or student tenants.

By choosing the type of furniture provided to the tenant can help reduce these types of claims. Laminate flooring in the kitchen and bathroom can easily be cleaned and is not prone to staining easily.

Storm damage claims to a let property building

Most landlords building insurance policies cover damage caused to the main structure of the let property by storm conditions. Even though landlords cannot prevent the storms from happening, they can however take some precautions in minimising or preventing the resulting damage caused by a severe storm.

Repairing the roof and then periodically getting it check for any loose or damaged tiles can save the landlord a lot of time and money. Also if the roof if flat and is made of felt on timber, then most let property insurance policies will contain a flat roof endorsement that the roof must be checked and recommendations made by the roofer must be carried out within a specific time frame.

Landlords insurance online

Landlords are usually busy people. If you are looking for advice and guidance on the risks you face as a landlord and how to cover some of them with insurance, then probably the last thing you feel inclined to do is start trudging around the high-street. The good news is that today, wearing through the sole of your shoes isn’t necessary. There are specialist insurance providers offering landlords insurance online – and they are easy to find.

What services do they offer? The first thing they can do is to help you understand is the nature of your rental business from a risk and exposures point of view. That may sound blindingly obvious and perhaps even unnecessary. Surely nobody understands your business and its risks better than you do?

That may be true but it may not be. Landlords insurance is a specialised and sometimes complicated area that involves insurance technicalities as well as legal issues.

Adequate protection

Adiquate landlords insurance protection, to give some illustrations of this: although most landlords understand that their property should be insured against natural disasters and accidents, perhaps rather fewer appreciate that they are legally accountable for accidents to tenants or the visitors of tenants, that take place on their property. Some landlords may not fully appreciate that contents such as furnishings may need to be explicitly covered by a policy or that they need to be sure their policy also covers the property when it is standing empty between rentals or while under refurbishment.

It’s also the case that some of the traditional hazards landlords have often accepted as ‘part of life’ such as tenants that maliciously damage the property or that vanish leaving large rent arrears, can also be covered by insurance.

Once the specialist provider has understood the risks you face they can then use their expertise to find the product that is right for you and at the best price possible. The best way to start this process is through looking around at the websites of the specialist providers of landlords insurance online. Their sites usually contain a mine of useful information and a follow-up phone call can clarify the specifics of what they can do for you in your particular situation.

Let property insurance

Let property insurance caters obviously for the landlords market and offers cover for both domestic and commercial property. It offers a number of advantages not found in a home insurance policy such as loss of rent and malicious damage. It can also be used on a much wider range of construction and property types. If you are tempted to not disclose to your insurer that your property is let DONT. It would be better to be uninsured as in the event of a claim you would not be covered in addition non disclsoure could prevent you frpom gaining insurance in the future.

1. Business property insurance

2. Buy to let insurance

3. Let property insurance

4. Commercial property insurance

Easily the most common type of policy is the buy to let insurance.

USAinsurancenet is one of the biggest specialist insurance brokers in the USA. Not only can we offer you excellent cover but we also offer an efficient service in the event of a claim. Regardless of property or tenant type you have we offer competitive landlord insurance and first class service for the level of cover you require.

Why choose USAinsurancenet for your let property insurance?

If you are looking to purchase in the near future we will have a plan to suit your needs regardless of whether there is an existing tenant, currently unoccupied or requiring renovation we can help

Our advisors are experienced at offering you the best landlords insurance and advice no matter how long you have been a landlord.

We work with USA leading insurance companies, ensuring that you not only have the best cover but also obtain a excellent quote.

Best landlord insurance

A quick scan of the market will show that there are more providers of specialist landlord insurance out there than many people think. More detailed and possibly more comprehensive than standard home and contents cover, a landlord insurance policy can guard against some of the problems of having tenants, as well as some of the problems of having a property left empty. But there is no one policy which is the best landlord insurance deal for everybody, and depending on your property and your needs, it may take a bit of homework to find out which deal suits you.

However, there is no shortage of information and finding a policy which fits what you are after and is affordable is not an impossible task. Firstly it may help to try and decide exactly what kind of cover you are after. For example, you might only want buildings cover, or you may plan to have some of your belongings in the property, perhaps if you are looking to let it furnished.

Then there are other concerns, such as do you want a form of protection if tenants fail to pay up, or perhaps are looking for a landlord liability element to your policy.

Extra cover may be needed

Then there are listed buildings or buildings with particularly unusual features which may need an extra element of cover. There may be buildings which are more at risk as to flooding or subsidence, so you may also want protection for this.

Of course a property which you are looking to rent out is just as vulnerable to fire, theft, or vandalism as any other, and as you probably have a considerable sum of money tied up in it, so getting the best landlord insurance is important. If you are at all uncertain about what it is you really need, or are at all unsure or about how best to arrange quotes, you can always turn to a specialist landlord insurance broker who can act as a middleman and search the marketplace to find the best deal.

It is very important to ensure that your Landlords House Insurance policy completely covers your needs. For example ensuring that the Buildings Sum insured is adequate, ensuring that you have Home emergency cover if you are an absent landlord and that you consider things like loss of rent and potential legal expenses if the tenant does not pay.

The best landlord insurance policy could be the deal which emerges after you have done your homework and checked your requirements with a number of providers. Sadly there is not one definitive deal which is suited to every landlord and you may or may not feel you can afford some useful extras like liability cover or protection against the chances of subsidence, which may be extra on some deals.

Building insurance for landlord

 Any business wishes to minimise its risks and landlords are no exception to this. For landlords, there is always the possibility that their building will suffer damage – perhaps even rendering it uninhabitable for a period. To avoid this being a major financial blow, good building insurance for landlord is often seen as being critically important.

 Building insurance for landlord can be a complicated subject and specialist advice from an expert provider of landlord insurance may be required. That’s because there are a number of factors that the landlord needs to consider. These include whether the building is used for commercial or residential letting (or both)? Does it stand empty for periods of time? Is it in use or under renovations/restoration?

 It is then necessary to consider what the risks are. Property can be damaged in natural or man-made accidents. Sadly, tenants and other third parties can also maliciously damage a rented property and today it is also necessary to think about the risks of terrorism.

 All of these factors can affect the type of policy required and the cost. At the same time as thinking about building insurance for landlord, it may also be advisable to consider what exactly is ‘the building’.  There can sometimes be grey areas between what is the building, a fixture/fitting and the landlord’s personal property/goods. It may therefore be sensible to consider a policy that covers both.

Landlord insurance

 There are a number of specialist and expert providers of landlord insurance. They will consider the individual circumstances of a landlord and make recommendations as to the insurance that will best suit their needs.

 Many landlords take out building insurance as part of a package of buy to let insurance that covers a broad range of risks including such things as third party liability cover. There is considerable flexibility here and single or multi-tenanted properties can be covered (commercial or residential) as can primary or secondary first homes being rented out. It is even possible to find policies that will allow a single flat in a block to be covered.

 The costs of this insurance is usually passed back to the tenant as part of their rent and this can avoid the sometimes difficult task of trying to persuade renters to consider their own insurance on the property.

 For landlords, it may be worth keeping in mind that normal ‘primary home’ buildings insurance will not usually cover a property being rented out even if only part of the building is so used. This is not something that will be amusing to discover for the first time following a claim and many insurance companies will take a dim view of any false declaration of use – it could make it difficult or impossible for the landlord to obtain future insurance on a property.

Cheap landlord insurance

An old joke runs along the lines that the only cheap insurance is the insurance you decided not to buy. Amusing as that may be, for landlords the thought of ‘doing without’ landlord insurance should be unthinkable. It may be understandable to search for cheap landlord insurance but going without it could cause you financial disaster.

Some landlords are perhaps not fully aware of just how exposed they are to a whole category of risks unique to the nature of property rentals. The owner-occupier does not have to worry about tenants causing damage to their property or stealing their furnishings, fixtures or fittings. They are fortunate enough to be able to remain blissfully unaware of the problems of people disappearing overnight owing large amounts of rent or of third parties launching insurance claims against them following an injury received on their premises. In general, the owner-occupier is also immune to many of the risks that arise when properties are left empty for perhaps lengthy periods of time in between rentals or while undergoing redecoration/repair.

The landlord though does have to worry about all of these things and find insurance cover that can help share some of the burden should something go wrong.

Cheap cover can be found

Such insurance is by definition more complicated than the approximate equivalent cover for a domestic owner-occupied residence. The risks for the Landlords House insurance company are higher and they will understandably wish to charge a higher price (premium) for their policies.

This is no reason though not to continue to look for cheap landlord insurance and shopping around is usually advisable. One of the most important things to be clear on is that you are taking the insurance that’s right for you and not paying for cover you do not need. Being clear what is the best policy for a given situation is not always easy and the specialist landlord insurance providers will be able to help you find the most cost-effective solution to your needs.

Cover is available for property damage, whether occupied or vacant, contents, fixtures and fittings, malicious damage and even a loss of rent due to absconding tenants. This can even include cover for buy-to-let properties under renovation or conversion.

In conclusion, however bargain oriented you are in your search for cheap landlord insurance, don’t slip into the trap of trying to purchase owner-occupier insurance and use that. It may be a little cheaper but it will be totally invalid for any form of commercially rented property. Finding this out when you need to make a claim is an experience that you may well feel you could do without!

USA Landlord Insurance Terms & Conditions

Terms & Conditions

1. Acceptance of Terms

Your access to and use of www.buytoletinsurancedirect.co.USA ("the Website") is subject exclusively to these Terms and Conditions. You will not use the Website for any purpose that is unlawful or prohibited by these Terms and Conditions. By using the Website you are fully accepting the terms, conditions and disclaimers contained in this notice. If you do not accept these Terms and Conditions you must immediately stop using the Website.

2. Advice

The contents of the Website do not constitute advice and should not be relied upon in making or refraining from making, any decision.

3. Changes to Website

The Website reserves the right to:

3.1 change or remove (temporarily or permanently) the Website or any part of it without notice and you confirm that the Website shall not be liable to you for any such change or removal; and 3.2 change these Terms and Conditions at any time, and your continued use of the Website following any changes shall be deemed to be your acceptance of such change.

4. Links to Third Party Websites

The Website may include links to third party websites that are controlled and maintained by others. Any link to other websites is not an endorsement of such websites and you acknowledge and agree that we are not responsible for the content or availability of any such sites.

5. Copyright

 

5.1 All copyright, trade marks and all other intellectual property rights in the Website and its content (including without limitation the Website design, text, graphics and all software and source codes connected with the Website) are owned by or licensed to the Website or otherwise used by the Website as permitted by law.

5.2 In accessing the Website you agree that you will access the content solely for your personal, non-commercial use. None of the content may be downloaded, copied, reproduced, transmitted, stored, sold or distributed without the prior written consent of the copyright holder. This excludes the downloading, copying and/or printing of pages of the Website for personal, non-commercial home use only.

6. Disclaimers and Limitation of Liability

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6.2 To the extent permitted by law, the Website will not be liable for any indirect or consequential loss or damage whatever (including without limitation loss of business, opportunity, data, profits) arising out of or in connection with the use of the Website.

6.3 The Website makes no warranty that the functionality of the Website will be uninterrupted or error free, that defects will be corrected or that the Website or the server that makes it available are free of viruses or anything else which may be harmful or destructive.

6.4 Nothing in these Terms and Conditions shall be construed so as to exclude or limit the liability of the Website for death or personal injury as a result of the negligence of the Website or that of its employees or agents.

7. Indemnity

You agree to indemnify and hold the Website and its employees and agents harmless from and against all liabilities, legal fees, damages, losses, costs and other expenses in relation to any claims or actions brought against the Website arising out of any breach by you of these Terms and Conditions or other liabilities arising out of your use of this Website.

8. Severance

If any of these Terms and Conditions should be determined to be invalid, illegal or unenforceable for any reason by any court of competent jurisdiction then such Term or Condition shall be severed and the remaining Terms and Conditions shall survive and remain in full force and effect and continue to be binding and enforceable.

9. Governing Law

These Terms and Conditions shall be governed by and construed in accordance with the law of England and you hereby submit to the exclusive jurisdiction of the English courts.

Privacy

1. Protecting Your Privacy

Globe Property Services Ltd t/as Buy to Let Insurance Direct is committed to protecting your privacy and maintaining the security of any personal information received from you. We strictly adhere to the requirements of the data protection legislation in the USA. The purpose of this statement is to explain to you what personal information we collect and how we may use it.

2. Giving Us Details

When you request information, we need to know your name, address, email address and other relevant information. This allows us to give you specific advice or quotations. You have the option to withhold personal information that is not required for the purpose of giving an indication, but we cannot proceed with any insurance or financial arrangement without full details and without giving you certain relevant information.

3. How We Use Your Personal Information

We may use your personal information to update you about new products/services. We will only contact you with your consent.

4. What We Don't Do

We do not sell, rent or exchange your personal information with any third party for commercial reasons, beyond the essential requirement for credit/debit card validation during purchase.

5. Security

We follow strict security procedures in the storage and disclosure of information which you have given us, to prevent unauthorised access in accordance with the USA data protection legislation.

We do not collect sensitive information about you except when you specifically knowingly provide it. In order to maintain the accuracy of our database, you can check, update or remove your personal details by contacting us.

Economy Auto Insurance

Sound knowledge of how car insurers decide on the premium for auto insurance can help you find the best economy auto insurance deal. Economy car insurance is a result of a careful purchase and usage of a vehicle. One can decrease the premium of a car insurance policy by working on factors ranging from the model of the car to the amount of deductibles.  

ECONOMY AUTO INSURANCE: TIPS

Before agreeing to economy auto insurance, car insurers look at different areas to gauge the risk of insuring the vehicle owner/driver. They even study the credit report to see the possibility of a driver missing out a premium payment. Knowing the factors that determine the premium can help you decrease the rate. Here are some tips that can help you in bringing down the premium:

·                     Improve your image through controllable factors: Factors such as the mileage, frequency of driving, model, security features and dents and repairs are what a car insurer looks into before deciding the premium. For instance, the premium is lower for cars that have anti-theft devices installed. Therefore, ensure that you look into all such factors in order to lower the premium of the cover.

·                     Use one insurance company for all covers: Buying car insurance from the same insurer that covers you health, life and other covers is the best way of getting discounts by virtue of volumes. Insurers encourage such moves and offer lower premiums.

·                     Discuss with experts, friends and colleagues: People are always on the look out for economy auto insurance. Therefore, make use of their research and inquire about their insurer. Also, talk to experts about more ways of decreasing the premium, such as increasing your deductibles. Ask for references from vehicle showrooms.

·                     Compare and then shop: Do not buy the first attractive car insurance that comes your way. Due to intense competition in this segment, car insurers try to attract clients through different prices. Therefore conduct thorough research before buying an economy car insurance.

Adding your children’s names in the policy can help you get discounts as well. If your children travel without a car to schools that are located at a distance, car insurers decrease the premium to compensate for the daily traveling expenses borne by you.

Following the above tips will ensure a lower premium and will help you find the best economy auto/car insurance.

Economy Travel Insurance

It has become easier to find economy travel insurance with the increasing penetration of the Internet. There are several websites enabling you to compare prices and coverage of different insurance polices. While these sites make identifying an economical policy easy, most people are not aware that the best way to save on travel insurance is to consider existing policies.

Our existing insurance policies (such as life insurance and medical insurance) cover us for areas similar to those covered by travel insurance. So, purchasing travel insurance without considering existing policies may result in money spent on duplicate coverage.

ECONOMY TRAVEL INSURANCE: WAYS TO LOWER COST

Besides studying the details of existing insurance policies, here are some other ways of lowering the cost of travel insurance:

·                     Compare the cost of travel insurance from various insurers and agents. Commissions and other hidden charges may make a policy expensive without you even realizing it.

·                     Ask your existing insurers for travel insurance. They often give you discounts by the virtue of volume.

·                     Form a group of people traveling to the same destination. Group travel insurance is cheaper than individual travel insurance.

·                     Increase your deductibles.

·                     Purchase a customized travel insurance policy. Purchase a policy from an insurer that will tailor the policy to suit your individual requirements and circumstances. A one-size-fits-all policy may have covers that you might not need.

ECONOMY TRAVEL INSURANCE: THINGS TO CONSIDER

Most insurers that offer economical travel insurance exclude some crucial coverage from the policy. These may be:
·        Default of carrier: Excluding this means that losses arising out of the tour operator or the airline going out of business will not be covered.
·         Pre-existing medical conditions: Leaving this out might prove costly, as the probability of a pre-existing medical condition being aggravated by travel is higher than the probability of suffering from a new ailment.

Consider the excesses or deductibles before purchasing a travel insurance policy. Some policies charge you multiple excesses for the same claim event, making the policy expensive.

Economy Home Insurance

Insurance companies offer economy home insurance with building and contents cover at affordable rates. To buy an economy home insurance policy, one has to research the market thoroughly. However, one can employ alternate methods to curtail the home insurance premium.

ECONOMY HOME INSURANCE: HOW TO GET DISCOUNTS

Consider the following tips while buying an economy home insurance policy:

§                     Home security: Insurance companies provide discount on home and contents insurance premiums if the home is fitted with an effective burglar alarm system. Purchase a burglar alarm approved by an authorized national security systems agency. Also, install window and door locks to minimize the risk of theft. Develop a neighborhood watch program in the locality and ask for discounts from the insurance company.

§                     Combined policy: One can purchase both building only and contents only insurance together from the same insurance company to enjoy discounts. Comprehensive home insurance is also available at low rates but it offers limited coverage.

§                     Group policy: One can buy economy home insurance in groups. Group insurance policies offer customized coverage at affordable rates. For group policies, one can also negotiate with the insurance company in terms of coverage and premiums. Communicate with the community associations to form a large group to enjoy maximize benefits.

§                     No-claims bonus: Insurance companies offer discounts to individuals with a no-claims history. To enjoy this benefit, a policyholder should have accurate records of the previous insurance policies and claims filed, if any.

§                     Online shopping: Buying economy home insurance cover online can provide 10%-20% discount on the policy premium. One can receive economy home insurance quotes from different online providers. Compare the quotes for the amount of coverage and policy premium and sign in for the best deal. However, one should pay extra care while buying insurance online. The credibility of the insurance company should be ensured to avoid online fraud.

§                     Deductibles: It is the amount that a policyholder agrees to pay towards the economy home insurance claim. As the deductibles rise, the financial risk to the insurance company declines. Thus, higher deductibles mean lower premiums. However, the idea of increasing deductibles is not ideal for individuals residing in risk prone areas.

Every individual wishes to pay lower premiums and get economy home insurance. However, cutting down on the policy cover to reduce premiums is not prudent.

Economy Life Insurance

According to the Bureau of Labor Statistics of the US Department of Labor, roughly 70% of workers in the private industry had access to employer-provided medical care benefits in March 2009. While 90% of the high wage earners received such benefits, only 25% of the low wage earners received the same. These statistics underscore the importance of economy life insurance.

Term insurance is the simplest and most economical form of life insurancethat offers financial support to the family in case of a policyholder's death within the term of the insurance policy. In this form of life insurance, the premium amount remains unchanged through the entire term of the policy.

ECONOMY LIFE INSURANCE: FEATURES SOUGHT

The features to seek in an economical life insurance policy are:

·                     Benefits should be tailor made to suit individual requirements

·                     Should have cost efficient rates

·                     Should be flexible, so that it can be altered to suit changing requirements

·                     Should have death benefit that can be extended up to 70 years of age

ECONOMY LIFE INSURANCE: TIPS

You can lower your life insurance premiums through the following measures:

·                     Buy term life insurance at a young age: At a young age, you might not feel the urgency for insuring your life and may not have substantial financial requirements. However, at this age, the term life rates will be quite low. Lock in high term life insurance coverage at this stage when your health is good and the prices are low.

·                     Opt for appropriate insurance coverage: Most financial planners recommend purchasing coverage equal to six to ten times your annual gross income.

·                     Select the right term for the insurance cover: While people in their 30s or 40s should opt for a 20-year term length, a person close to retirement should not opt for a term of more than ten years. Similarly, people trying to quit smoking must purchase a shorter term policy. After qualifying for non-tobacco rates, one can replace the former policy with a longer-term one.

·                     Look for price breaks in insurance coverage: Check out the premium when your coverage increases to $250,000, $500,000 or $1,000,000. Companies often offer price breaks at certain coverage amounts. As a result, people can get the opportunity to pay a lower premium for more coverage.

Economy Medical Insurance

Medical insurance plans provide cover to policyholders in terms of reimbursing their medical expenses if they fall seriously ill or meet with an accident. While there are several plans available in the market to cater to the varied needs of consumers, economy medical insurance is the most sought after.

ECONOMY MEDICAL INSURANCE: BASIC INFORMATION

While buying economy medical insurance, consider the following:

·                     Coverage under insurance plans is provided only for pre-specified medical expenses. Read the plan handbook to ascertain which medical treatments are covered before buying a policy.

·                     The term 'managed care' is used by insurers to control costs. If your insurance policy falls under “managed care,” always seek approval from the insurance provider before going to a hospital to ensure that your hospital bills are reimbursed.

·                     The insured has to typically pay a specific sum (known as deductible) on an annual basis to the insurance company before it starts paying.

·                     The insured may need to share a part of the medical bill with the insurer. This is known as coinsurance payment.

·                     According to the 'coordination of benefits' clause, there is a limit to the amount paid by an insurance company if a couple files for a claim for the same medical expense under two different group insurance plans.

·                     Choose the insurer who offers the maximum cover for the same price. 

THINGS TO CONSIDER WHEN BUYING ECONOMY MEDICAL INSURANCE

The first step towards buying an economy medical insurance is the identification of personal insurance needs.

·                     While seeking cheap medical insurance, prioritize the risks faced by you.

·                     A low-cost medical insurer may not provide cover for very high risks and might deny claims submitted for expensive medical treatments. Therefore, a potential insurance buyer must read the policy disclosure agreement carefully.

·                     Always ask the insurer or agent to explain the points in detail whenever you are in doubt.

·                     Research the track record of an insurance company to gauge its credibility and financial soundness.

·                     Look for group insurance and insurance provided by employers to lower your medical premium. Group insurance policies are cheap and offer greater coverage. Moreover, you may not be required to undergo medical screening to qualify for the policy.

Economy Health Insurance

Although most people are provided health insurance through their employers, there is no guarantee that everyone has adequate health cover. According to the US Census Bureau, nearly 46 million Americans, or 18% of the population under the age of 65, were without health insurance in 2007.

The reasons for such a high number of uninsured people are:

·                     Inability to afford their portion of the insurance premium. Health insurance premiums have risen by 119% for employers between 1999 and 2008. Employee spending on health insurance coverage has accordingly surged 117%.

·                     Small firms hesitate to offer the health cover due to such a rapid rise in premiums. While the average increase in yearly inflation has been 2.5%, health insurance premiums have escalated by 12% on an average for small firms.

Census studies also indicate that about 22,000 excess deaths occur annually among uninsured adults aged 25 to 64. This mortality rate is significantly more than the deaths from diabetes (17,500) within the same age group. The best way to avoid being part of the uninsured, high-risk group is to get aneconomy health insurance policy.

ECONOMY HEALTH INSURANCE: THINGS TO CONSIDER

Economy health insurance plans, or the least expensive health plans, usually offer the least coverage. Thus, while buying economical health insurance, balance the coverage with what you can afford comfortably. While buying a health insurance policy, pay special attention to what is included and excluded in the plan. For example, you can decide to exclude maternity care from your policy if you are not planning for children in the near term and save on costs.

Every policy document has the following sections at the back:

·                     Outline of Coverage: This section shows what will be paid for by your plan. It also indicates the extent of medical bills you will need to pay for.

·                     Exclusions and Limitations: There are 2 key things to consider:

o                                            Deductible waived: This indicates that you do not have to pay towards your plan before the start of coverage. Several economical health insurance plans waive the deductible for routine care and basic lab tests.

o                                            Does Not Apply to Out-Of-Pocket Maximum: This means that the payments you make for certain services are not included in your out-of-pocket maximum. So even if you have spent your annual out-of-pocket maximum, you may still find yourself paying for certain services. Check this section carefully for the services that have "Do Not Apply" mentioned with them.

·                     Limitations and Exclusions: This section is tough to understand and is always specified in fine print. However, it is important to understand any exclusions to the plan before you buy the policy.

Remember to check out the quotes of several insurance providers before you finalize your economy health insurance policy.