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How much insurance should I buy for my house?
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Do I need collision protection on my automobile?
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Is my jewelry fully covered by my homeowner's policy?
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Excess Liability Insurance
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Workers Compensation Insurance
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How much insurance should I buy for my house? |
| In selecting an appropriate amount of coverage, be sure to avoid the most common consumer mistake- insuring your home for what it will sell for (the market value) rather than what it costs to replace. Homeowner policies are designed to cover the cost of reconstructing your home should it ever be destroyed. Therefore, you should select an amount of insurance that represents the replacement value of your home. |
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Do I need collision protection on my automobile? |
Many people wonder if they should always purchase Collision protection. To make the decision, you need to know the current value of your automobile and the cost of coverage. Generally speaking, vehicles decline in value as they age. Only you can decide if collision coverage is necessary after considering the cost of insurance is more economical than the cost of repairing or replacing the car at your own expense. Nonetheless, here are some guidelines to help you make a decision that is best for you.
1. If your car is leased or financed, you are probably required to maintain Collision as well as Comprehensive coverage.
2. If the value of your vehicle is slightly higher than the deductible chosen, then it makes no sense to purchase Collision or Comprehensive coverage.
3. If your annual premium for the sum of these coverages (Collision and/or Comprehensive), when multiplied by 8, is greater than the value of your auto, then it is not economically feasible to purchase physical damage for that vehicle.
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Is my jewelry fully covered by my homeowner's policy? |
Most people don’t realize that many homeowner’s policies offer only 00 in coverage for jewelry. Given that this limit is generally less than the cost of an average engagement ring, it is doubtful that most customers will have enough coverage for their jewelry. The solution is to purchase a Valuable Articles Policy so you can insure specific jewelry items. Tips on selecting a valuable articles policy:
1. Look for a policy that doesn’t mandate that you can replace an item to receive full value of the settlement.
2. Select a company that makes it easy to insure your jewelry by requiring appraisals on high value items. |
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Excess Liability Insurance |
Judgments from lawsuits can exceed the liability limits on your automobile or home insurance policies, especially if there is a critical injury or loss of life. Excess Liability or Umbrella Insurance is the extra protection you need in the event a liability lawsuit were filed against you. An Excess Liability Policy gives you two types of coverage:
1. Additional Liability Coverage for you and your family over and above the present amounts you now have on your auto, home, boat, or recreational vehicles.
2. Primary Coverage for liability claims not covered under other policies such as defamation of character, libel, slander, or false arrest.
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Workers Compensation Insurance |
Every state requires most employers, by statute, to provide either formal workers compensation insurance or post some form of financial responsibility for injuries or sickness suffered by employees while in the work place. The law in each state of employment defines coverage. Every job in America falls into one of hundreds of broadly defined job classifications published by the industry standard National Council of Compensation Insurance (NCCI). Each classification, by state, has an assigned rate per 0 of employee payroll.
The final premium is further modified by the following factors that can include an experience rating, state taxes, and variable rating offered by some insurers that deviates from NCCI suggested rates. Because so many states have their own variations on workers compensation policies, it is important to have an expert who can clarify this complicated area.
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