Casualty Insurance Helps Protect You Against Loss

Casualty insurance covers a broad range and may include property insurance, liability insurance, and vehicle insurance. There is both private and commercial casualty insurance. A good example of commercial casualty insurance is workers’ compensation insurance. This type of insurance protects a business when an employee is hurt while performing their job responsibilities. Without casualty insurance, individuals or companies could end up owing a great deal of money.

Private casualty insurance helps protect your property such as a car or a house. It also provides liability coverage which protects you in case someone is hurt on your property or you damage someone else’s property. There are several types of casualty insurance.

Homeowners Insurance covers your home and your belongings against loss from fire or theft. This policy also provides liability coverage which can protect you if someone suffers personal injury¬†while visiting or if you damage another person’s property.

Car insurance is another type of casualty insurance. This type of policy protects your car against theft or fire. The policy will also include liability insurance which is required in order to drive a car in many states. Liability insurance protects you in case you are found to be legally responsible for damaging someone else’s car or causing them injury during a vehicle accident. If your car is financed, your lender may require you to also buy collision and comprehensive insurance.

Renters insurance is also casualty insurance. When you rent, your landlord should have a policy protecting the building and their own personal property, but this policy will not protect your belongings. You’ll need to purchase renters insurance so your own belongings are covered in case of a fire or theft. Renters insurance also provides liability coverage in case you cause damage to someone else’s property or if a guest is injured while visiting in your home.

Income Protection Insurance And How It Helps If You Can’t Work

Income protection insurance will cover an individual if they become incapacitated and can not work. This insurance may offer monthly payments while the insured is off work. It can also offer protection against sickness, accidents or unemployment.

These policies typically offer protection in three situations. First, you can purchase a policy that will protect against sickness and accident only. For a bit more, you can purchase a policy against unemployment only or you can purchase a comprehensive policy that protects you against all three situations.

These policies typically don’t start paying until the insured has been out of work at least six months. Once this waiting period is over, the policies may cover up to 80 percent of the insured’s salary. The policy will continue paying until the insured returns to work, reaches retirement age or dies.

How long and how much a policy pays will depend on the terms and conditions of the policy. If an employee is able to return to work at reduced hours or in a different position for less pay, the policy will usually take this into account and adjust payments.

Income protection policies are primarily offered in the United Kingdom, Australia, New Zealand, Ireland, and South Africa. There are two types of policies, group income protection, and individual income protection.

Group income protection is available through the employer and will replace an employee’s income if they can’t work due to injury or illness. This type of income protection insurance is available as part of an employee benefits package.

Individual income protection insurance may be purchased through private insurance brokers. It is also sold by some independent financial advisers.

Group income protection policies will generally cover pre-existing conditions while many individual income policies do not. Group policies also tend to pay more than individual income policies.

Life Insurance Explained

Life insurance is basically a form of insurance that pays a sum of money to your beneficiaries right after your demise or after a given period. It is also known as life assurance or life cover and it’s a way to help protect your family financially if you die.

You choose the amount of cover you require and the period and you can pay premiums either monthly or annually. In return, your loved ones are assured that if you passed away while covered by the policy, they will get a cash payout when a valid claim is made.

Why Should You Consider Life Insurance?

If you have a partner, kids or a person who relies on you for financial aid, then you may want to consider life insurance. If you are the breadwinner, without that money, your loved ones will be left in a struggle to pay the rent or mortgage and other bills.

Also, if you have outstanding debts such as a home loan, life insurance could be used to cover these debts when you die. It could also help your loved ones with every day living expenses and even cater for your funeral costs and helps avoid insurance fraud.

There are various types of life insurance but the most common are term life and whole life insurance. Term life covers you for a set period of time. Your premium won’t change and you’ll not accrue any money. It is the cheapest form of life insurance in the market, but if you happen to die outside the set period, you’re not covered.

Whole life, on the other hand, is a permanent option. Here, the policy covers you your whole life. The premium will be level and the insurance provider will invest a portion of the premiums. It’s slightly expensive than term insurance but cash values are accrued and accessible at any time. Also, your beneficiaries are awarded death benefit.

There are numerous competent insurance companies and organizations that provide life insurance and it is up to you to do your research to find the best for your needs and budget.

What’s Travel Insurance?

If you’re a seasoned traveler, you already know all of the woes of lost luggage, getting sick while you’re on your vacation canceled and missing flights. However, did you know that they make a special insurance for such situations?

It’s called Travel Insurance and it can really save you a lot of money if you find yourself in one of the above scenarios. If you find that you are in such a situation and you don’t have travel insurance, you may well find yourself paying out exorbitant fees to rectify the situation.

Most insurance companies carry travel insurance and a few airlines will also offer you travel insurance options in case a flight is canceled.

The trick here is to use your regular insurance company as the travel insurance will cover more when you go through your own insurance company.

If you find yourself sick while on your vacation, you may also find that your insurance isn’t any good where you’re at. Of course, this will depend on where you’re traveling to.

If you’re traveling in the same state that you already reside in, you likely won’t have any issues, however, if you’re going across the country or across the continent, you’re going to want this type of insurance.

Medical fees can be outrageous and just one emergency room trip can wind up costing you thousands of dollars. Worse, they may not be willing to release you from the emergency room until you have a means to pay them.

Travel insurance covers all of these scenarios and more. Next time you book a trip for a vacation or business, be sure that you check into travel insurance with your insurance company. It may just save you thousands of dollars in lost luggage, canceled or missed flights and medical situations.

What’s Car Insurance?

If you have a car, you must have car insurance. Car insurance protects you from any potential liability should you get into a car wreck.

There are two different types of car insurance. There is liability insurance which covers you should you be in a wreck and another vehicle or someone property is involved, and there is full coverage which covers your vehicle and the other vehicle as well.

If you have a car loan, you’ll be required to have full coverage on your car as this will protect their vested interest in your car. It’s also great because should you be in a wreck, full coverage will cover any dents, dings or other damages to your car.

All states require liability insurance. However, they don’t require full coverage. If you have liability insurance your premium is going to be lower, however, if there is damage done to your car such as running or backing into a tree or hitting an animal, you will have to pay all of the repairs on your car out of pocket.

If you have liability insurance and another vehicle hits you, even if you have Medicaid, their insurance will have to pay for the repairs to your car, however, if you hit them, your insurance is going to pay for the repairs to their vehicle and you’ll still have to pay for the damages done to your vehicle unless somehow you’re both at fault for the wreck.

Car insurance rates will vary and when you pay your premium you’ll receive a document call proof of insurance. You’ll need to keep this with your registration in your car at all times to show to a police officer should you be in a wreck or pulled over for a speeding infraction or some other reason such as a headlight out or something. You can contact your insurance agency for full rates and options on car insurance.

What’s Homeowners Insurance?

If you own your own home you’ll want to have homeowners insurance. Homeowners insurance covers your personal property inside of the home as well as damages to the house should any occur. It also covers you if someone is injured at your home or while on your property.

Some homeowners policies will also cover such things as fire, wind, theft, hail, lightning, and vandalism as well. However, you’ll want to make sure that you read the fine print and fully understand the circumstances surrounding such coverages as not all of them are the same.

Many homeowners policies will exclude specific things such as floods, earthquakes, and volcanic eruptions. Be sure that you fully understand what is and isn’t covered in your policy before you sign and pay your premium.

You can also opt out of specific coverages by signing a waiver to exclude those specific situations. However, you can’t opt out of the coverages to the structure itself as this is a requirement by the mortgage company to help protect their vested interest in your house until you’ve paid your mortgage off.

You’ll never want to exclude the clause that protects you should someone injure themselves while at your home or on your property. If someone fell down the steps, for example, you may find that their insurance company bills you directly for their injuries and they have to file a claim.

You would be held liable for such fees as their medical care, lost wages and anything else that pertained to their injury while they were on your property. For this reason, this is a must have any homeowners insurance policy.

You can find a lot of different rates for homeowners insurance so do your homework through your insurance agent and get several quotes before you sign on the dotted line.

Explanation of Health Insurance

Health insurance is a kind of insurance coverage which covers the costs of my medical and surgical expenses the individual who is insured may incur. Depending on the kind of health insurance coverage, the insurer either makes direct payments to the provider, or pay costs out-of-pocket and is later reimbursed. There are private insurance companies as well as government insurance programs.

Medicaid for example is state run government insurance program which helps those with lower incomes to pay for the medical care. Medicaid will pay the healthcare provider directly and a small amount may have to be paid by the insured for certain medical care. Medicaid however is only available to certain low income families and individuals who are found to be eligible. Rules about who is and who is not eligible as well as what services are covered vary from one state to the next.

Medicare is another example of health insurance which the government provides. Medicare however is only for those age sixty five or older. Others who may also be eligible for Medicare are individuals suffering from certain health issues or disabilities, such as chronic (long-term) kidney failure that require treatment with dialysis or a transplant. For those who qualify, Medicare cover some, but not all medical costs but at least it provides some protection.

At some point or another in their life, and oftentimes on many occasion, everyone will require some kind of medical treatment, medical devices and attention. When medical care is necessary, ideally it is best for a patient to place their focus on recovering and becoming well, as opposed to trying to figure out whether or not they have the needed resources to cover all of their medical bills. This is why it is very important for people to be covered by some kind of health insurance. Even if you are healthy and feel you do not need it, it is better to be safe than sorry.

Explanation of Landlord Insurance

If you are planning on renting out a home that you own, you are probably a candidate for landlord insurance. Typically this type of insurance included two different kinds of coverage: properly and liability protection. Both of these coverages are meant to protect you, as the landlord, form and financial losses.

Landlord Property Protection

Typically, this helps to cover the physical property related to the property that is being rented. This may include the dwelling itself as well as equipment kept on site for maintenance. Generally coverage includes:

  • Dwelling
  • Other Structures
  • Personal Property Utilized to Service the Dwelling

Landlord Liability Protection

This aspect of a landlord insurance policy can help to cover another person’s medical bills as well as your legal expenses if someone were to be injured on the property you are renting, and you were to be found responsible. For example, if a tenant were to fall down stairs at your rental and the court were to determine that it was due to your failure to maintain the stairs and/or the railing, then you may be held responsible to handle the legal, medical or other costs of your tenant. In this case, your landlord liability coverages can help to cover these expenses.

Additional Coverages to Consider

Depending on the condition, neighborhood, or geographic area of your rental, adding on certain optional coverages to your landlord policy is something you may want to consider. For example:

    • Vandalism and Burglary
    • Personal Umbrella Policy
    • Rental Property Under Construction
    • Building Codes

If you are considering renting out a property that you own, it is important to take the time to talk with a local agent and find out more about what options you have available to you. This is the best way in which you will be able to determine which coverages will best suit you and the property that you will be renting.

What is the Purpose of Gap Insurance?

Gap insurance is a type of insurance that financial institutions recommend when someone takes out a loan to purchase a vehicle without a sufficient down payment amount. This situation happens quite often since people sometimes decide to trade in their car on a new or better one while they still owe on their previous loan. There are various reasons people make this choice, but they often end up trading a vehicle that has a lower trade-in value than the amount they owe.

Automobile dealers are able to make the trade and help them get a loan for the new vehicle, but they end up in yet another “upside down” loan. If the borrower has good credit and adequate income, they are able to get a better vehicle. However, the financial institution that holds the loan feels they must protect their interests, so they recommend or even require, the addition of Gap Insurance to the contract.

Most people are aware that automobile insurance companies do not cover the full value of the vehicle in the case that it has been damaged beyond repair in an accident. The principle paid on a vehicle loan does not typically keep up with the depreciation value of the automobile, so the loan holder, even if they are on worker’s compensation insurance, will not be fully compensated in the case of a “totaled” vehicle.

When there has been an accident serious enough to damage a vehicle beyond repair, it is likely the driver has suffered serious injury as well. This may mean a temporary loss of income, so the loan holder may not be able to pay off the balance of the loan. Gap insurance takes care of this problem by paying off the balance of the loan in the case of a serious accident where the loan holder cannot do so.

What’s Payment Protection Insurance?

Payment protection insurance or PPI as it’s typically referred to is a type of insurance that will help you to pay your monthly expenses including mortgage, credit cards, loans and other expenses should you be ill, injured or lose your job and are unable to work for a period of time.

It’s very important to keep in mind that payment protection insurance has many exclusions that can apply and you’ll likely have to prove that you’re unable to work and why with full and complete documentation.

Payment protection insurance prices will vary greatly from one policy to another and depending on what they cover. If you foresee that you may become unemployed in the near future and already have payment protection insurance you may wish to ensure that it’s fully covered.

Many payment protection policies will also have a waiting period so make sure that you’re aware of these specific stipulations.

Payment protection insurance will vary on how long it will carry you over while you’re unemployed. If your injured or unable to work due to illness you may also wish to consider a long-term disability policy to cover the gaps that you’ll have in your coverages.

Payment protection insurance can be a good thing to have when you have it for the right reasons. To get more detailed information set up an appointment with your insurance agent and ask to discuss your options regarding payment protection insurance and what all it will cover.

You’ll have to keep up with your premiums to ensure that you have this coverage when you need it and you may have to prove your inability to work to receive your insurance from this type of policy.

Not all policies are the same so again, read the fine print and make sure you fully understand what you’re signing before you sign and pay your premium.