What is Travel Insurance?

Posted on June 5, 2014 Written by Leave a Comment

Perhaps nothing is more frustrating than being forced to cancel a pre-paid family vacation. Often time, travelers already have their tickets in hand, their luggage packed and their hearts set on the destination. Unfortunately, most expenses for travel are nonrefundable once purchased even if they are never used. This makes having to cancel a trip not only frustrating but often a large loss financially.

There are many different types of insurance policies on the market today. From medical insurance to homeowners insurance, each one serves to protect customers from a different situation. One of the less heard of but still very important types of insurance is travel insurance.

Most people haven’t even heard of travel insurance, usually people just assume any other insurance policy they possess will cover them while traveling abroad. However, in many cases this is not true. This makes travel insurance important in its own right. There are hundreds of small risks while travelling including: injury, lost belongings, and the overall lost expenses of a trip.

Travel insurance covers many things that can save world explorers a great deal of money. Situations covered by travel insurance include: trip interruption or cancelation, travel delays due to bad weather, lost or delayed baggage, missed flight connection, overseas funeral expenses, visitor health insurance, accidental death or injury while abroad, and emergency evacuation. Depending on the cost of the protection plan chosen, the amount of refundable money can be as little or as much as the customer wants.

Even more, travel insurance will also include customer service plans that are available seven days a week, 24 hours a day. This customer service line will often include a concierge service as well as emergency assistance while travelling.

Who Needs Travel Insurance?
While destinations can be fun, the travel required to get there is often simply stressful. Long flights, rushed connection, slow luggage, and even the occasional injury can turn a vacation into a punishment very quickly. This is especially true of families traveling together, particularly those with young children.

Travel insurance is ideal for anyone who travels a great deal. Often, companies who send salesmen or representatives to other parts of the world or country will offer a travel insurance plan to their employee to make the job less stressful.

Travel insurance can ensure that your vacation is as relaxing and stress free as possible, no matter what bumpy situations may come along.

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What is Real Estate Insurance?

Posted on June 3, 2014 Written by 1 Comment

More often referred to as Real Estate Title Insurance, Real Estate insurance is meant to protect customers in the case of financial loss due to any defects associated with purchasing a title. This type of policy is meant to protect a new owner from any hidden or unknown defects on a title they are purchasing. For example, in the case of liens, back rent, judgments, or similar title issues. Real estate title insurance even protects against lawsuits targeting the title. If, after a title is purchased, an issue is discovered there can be major financial loss to the owner, including potential loss of the property completely. However, real estate insurance protects against this possibility.
Unlike other insurance types, real estate insurance is a single time purchase that does not have monthly premium or charges. The initial cost of the insurance is based on the cost of the title.

Who Needs Real Estate Insurance?
There are no requirements forcing home purchasers to buy real estate title insurance outside of a lender agreement policy. Real Estate is an expensive investment, rather it is a home or plot of land. Once the investment is purchased, a title exchanges hands. This title makes the real estate legally the new purchaser’s. However, if the title is defective in some way, the new owner is usually on the hook for financial issues.

Real Estate Title insurance may seem to be very specific in nature for the cost of the actual policy. However, there are a wide range of reasons a title could come under attack. Some common real estate issues are Misinterpretations of wills, mistake in recording legal documents, real estate fraud, deed forgery, false impersonation of the actual title owner, deeds by a minor, sell by someone who is deemed unsound of mind, or most commonly, liens from unpaid inheritance, income, estate, or gift taxes. All of these can be very expensive suits that target a new owner even if they have nothing to do with the fraud or evasion. Often, these suits will result in the loss of the property without any guarantee of a refund of the money paid to the purchase.

Overall, real estate title insurance may not seem like much, but in the case of a lawsuit it can be a big part of preventing financial loss. Even more, because it is a onetime purchase that lasts the entire time the title is held, it can ultimately be a small investment compared to the potential loss without it.

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What is Medical Insurance?

Posted on June 1, 2014 Written by Leave a Comment

Life is filled with the unexpected. Because of this, each day could potentially come with an accident. No matter how healthy a person is, no matter their overall caution, accidents simply happen. And while they cannot always be prevented there are ways to lessen their repercussions. By having a solid protection plan in place, it is possible to prevent an accident from becoming a calamity.

If you are injured or become ill, one of the last things you want to be thinking about while you recover is the medical bills that accrue. From the emergency ride to the hospital, to each and every tiny expense added to the bill while being treated, to any time needed for recovery – medical bills can grow exponentially – ultimately draining any savings. However, there is insurance to help prevent this. Medical insurance is in place to help pay some of the costs of medical bills.

What Does Medical Insurance Cover?
Medical insurance rarely covers the full cost of medical treatments; however it can greatly decrease the cost on the policy holder.

Like so many other insurance policies, the exact amount covered by health insurance companies will vary greatly depending on the plan chosen. However, most polices will cover surgery and treatment expenses as well any prescription medications that the customer needs after release. Also covered in the standard policy is any Xrays, CAT scans, or MRI’s needed to diagnose the injury.
Beyond emergency care, medical insurance usually covers standard medical visits, vaccines, check-ups and most other preventative care. Because of this feature, those with health insurance are more likely to seek medical treatment for small issues and, thus, circumvent many larger problems in the future.

How much does Medical Insurance Cost?
The cost of medical insurance varies greatly on the quality of plan chosen. However, the industry does have a standard system. When purchased, policy holders agree to a particular plan and then make monthly recurring payments to the insurance company. These payments are called premiums, but unlike most other bills they are not working towards a decreasing amount or to ownership of anything.
Instead, each payment insures that if any medical expenses arise in that month, the policy holder is completely covered. Ultimately, this means that some people could pay into the policy for their entire life and never truly need the expensive emergency funds, while other may need it just a few months after signing up for the policy.

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What is House Insurance?

Posted on May 29, 2014 Written by Leave a Comment

House insurance is more commonly known as homeowner’s insurance. Owning a home can be very expensive. From the initial purchase, taxes, and growing interest – home ownership is pricey enough with adding additional fees. However, homeowners insurance can be one of the most essential things on the market today for those buying a new house. Homeowners insurance is not a type of insurance required by state law. However, many lending companies will require it before giving a loan for the purchase of a house.

The policy will protect owners in the case of damage of the home or the belongings inside. It also protects against any potential law suits that can arise from injury in or around the property by guests. While it may seem unlikely, even the most maintained home will experience issues. And when one of the issues results in an injury, homeowners are often held responsible. For example, if an invited guest is visiting the home and they trip on a loose tile and injure themselves, the homeowner will be on the hook for any medical bills, pain and suffering charges, and missed wages. This can become an expensive loss very quickly. However, homeowners insurance will cover these types of situations and cover at least some, if not all, of the bills incurred from the lawsuit.

Who should get House Insurance?
Anybody who owns a home should have homeowners insurance. Even those who are not concerned with potential lawsuits, a policy will also protect against flooding or fire and the large losses that can grow out of a natural disasters.

When purchasing a home, most lenders will lay out homeowners insurance options for the purchaser to choose from. Lenders will often, at the very least, require basic homeowners insurance. In the case of something that damages or destroys the home, the lender is at a loss as well. The same goes for potential lawsuits that could target the property. In most cases, the homeowner does not actually own the home until the lender has been fully paid off. Until then, the bank or lender holds the title. And if the property is sued, the lender could face the same lawsuit.

Overall, homeowners insurance is important for anyone who owns a home. It protects owners from a plethora of unfortunate situations. No matter how new the home is, there is always a risk for potential loss. House insurance reduces this risk.

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What is Health Insurance?

Posted on May 27, 2014 Written by Leave a Comment

Life is unexpected. Even the most healthy individual could find themselves becoming injured in an accident or developing a rare and unexpected illness. As scary as this thought is, the thought of dealing with the financial strain of the situation alone is just as bad. However, having health insurance can help to alleviate some of this stress.

Health insurance is perhaps the most important insurance anybody can have. Sadly, it is often one of the most ignored insurance policies by those attempting cut expenses. Health Insurance is a type of policy that will pay at least a portion of medical expenses accrued from an illness or an injury. This covers doctor visits, surgeries, prescription medication, and any other medical costs. Even more, health insurance helps to promote healthy lifestyle habits by making it less of a financial strain to make and keep routine check-ups and physical exams as well as vaccines. By simply having insurance, maintaining good health through consistent preventive care is much easier.

There are multiple types of health insurance policies, each suited and designed for different people. However, there are a few industry standards that are usually covered no matter the plan or the provider. For example, prescription medications, MRIs, CAT scans, X-Rays, blood tests, pap smears, emergency services, visits to primary care specialists and referrals for any condition not covered by the average physician.

Without health insurance, emergencies can become a major financial stress. Trips to the hospital alone can be enough to break the average person’s bank account.

Who Should Get Health Insurance?
Everybody should have health insurance of some form. Health insurance, like all other insurance policies, can be an easy thing to ignore in the name of saving money. On the average day of most people’s lives health insurance does nothing for them. The monthly premium comes out like clockwork, almost never actually helping the owner accomplish anything. However, when it does become important, it is the best thing in the world to have behind you. Often, medical bills grow exponentially, quickly overcoming any type of savings that was in place.

There are no laws that require people to have health insurance and rarely are there laws to require employers to provide it to their workers. However, when the issue arises people are always glad to have the policy there. It can decrease medical bills and costs greatly and make already unfortunate situations all the more easier.

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What is Cargo Insurance?

Posted on May 25, 2014 Written by Leave a Comment

Cargo insurance is important for anyone who frequently ships expensive or fragile cargo, either through a company or personally. If cargo is lost or damaged while in shipping, most shipping companies are not responsible for any damage. This means the full loss goes to the one who shipped the cargo. Cargo loss or damage for a business can mean a great loss both financially and damage the company’s reliability in the eyes of the client. Once the cargo leaves your business, it is fully relying on the experience and ability of the workers transporting your cargo. This can be a lot of responsibility if the cargo is a huge necessity to your business survival and success.

Cargo insurance will cover any financial losses from having cargo lost, stolen, damaged, or destroyed in shipping. Cargo is damaged in many ways. For example, if the cargo is being shipped by boat – water damage is real threat that can destroy fragile cargo. There are just as many dangers when shipping through air, by rail, or even through a truck company. In the end, having a valuable item leave your possession to be delivered anywhere in the world is a risk to the item.

Who Needs Insurance?
Any shipping company that moves a large amount of cargo would do well to invest in the cargo insurance. Because of the sheer volume that the cargo is shipped in, the chances of loss or damage increase greatly for that shipper. However, there is no law requiring companies or individuals to purchase cargo insurance, rather they ship professionally or personally.

Ultimately, the choice to purchase cargo insurance boils down to the individual value of each item that is being shipped and rather or not the shipper can afford to risk the loss. While it may seem unlikely, it is possible for shipments consisting of multiple packages to get lost. If this happens, is it worth the cost and premiums to be protected through cargo insurance or to simply take the loss. Most companies that ship on a regular basis cannot afford the loss of their cargo, and thus choose to purchase the insurance.

Even more, there are varying levels of cargo insurance, as with nearly all other insurance types. For extra money, the good can be covered almost completely, and the loss or stolen cargo coverage will kick in sooner. Either way, at least partial coverage goes a long way to ensure the success of those who ship a great deal of cargo.

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