As natural disasters continue to increase in number and severity, and insurers pay out record amounts of claims for damaged homes in many parts of the country, homeowner's insurance rates are on the rise.
In recent years, that's prompted some homeowners to hunt for the lowest possible premium they can find, but that can end up costing them more than they expected.
Shopping for insurance based on price alone can have a number of consequences:
Insurers are experimenting with new technology that tracks how many miles you drive, your driving patterns and other nuances in how you drive, in order to price policies and offer discounts.
As part of the process, insurers will typically require that policyholders download an app that will use the phone's GPS system and location-tracking to generate a picture of how the policyholder drives.
Many of these apps will rate your driving and good drivers can earn discounts and rewards for safe driving, based on the data collected by the app.
With homeowner's insurance rates on the rise, you may be looking for ways to reduce your annual premium without skimping on coverage. After all, a large portion of your net worth resides in the same place as you do.
But there are a number of strategies you can use to chip away at your overall annual premium.
When you have business insurance policies you will often hear the terms “insurance binder” and “certificate of insurance,” but do you know the difference?
A binder is a contract of insurance. It's called a binder because it "binds" your coverage and creates an insurance contract and is used temporarily until the policy is issued.
A certificate of insurance is a form of proof of insurance warranting that you have coverage for a specific period.
Having a medical condition doesn't automatically disqualify you from buying life insurance. While finding coverage can be more difficult than it is for others, individuals with challenging medical histories and even severe conditions can usually find at least some coverage.
Wearable medical devices such as the Fitbit are making increasing inroads into all aspects of life. Corporate wellness programs are embracing them as a way to encourage activity. In some cases, incentives may be provided to employees who meet certain activity and other health targets.
Insurance companies are also getting more interested in collecting biometric data from customers via wearable medical devices and other forms of monitoring. For example, John Hancock now offers "interactive" life insurance policies, under which customers can submit to optional fitness and activity tracking via wearable devices and smartphones.
Injuries due to slips and falls are one of the most frequently reported workers’ compensation claims. While these accidents can happen anywhere, any time, they typically spike during the winter months. According to the U.S. Bureau of Labor Statistics, over 20,000 workplace injuries due to falls from snow, sleet, and ice occurred in 2016. Of those, 28 percent resulted in more than a month off of work.
Employees and visitors alike are at risk, but with a proactive safety plan, slips and falls can be prevented.
Across the country property and business owners have been overwhelmed by damage caused by tornados, fire, flood, and other disasters. For many, this is the first time they have experienced such loss, and they become targets of insurance fraud when questionable contractors show-up in damaged communities offering to clean and repair the damage, handle the insurance claim, and other services.
You may have heard the phrase, “the only constant is change.” Take a moment to think about everything that has happened over the course of this last year. Have you changed jobs, gotten married, or had a baby?
It’s true. Our lives are always changing, which is why it is essential to review your insurance needs annually. Coverage needs change as the circumstances in our lives change. Family, home, and career status should be reflected in your policy coverage.
The REAL ID Act was passed by Congress in 2005 to establish minimum security standards for state-issued driver’s licenses and identification cards. Enforced in phases, the final phase of implementation, targeting air travel, began in January 2018.
While every effort has been taken in compiling this information to ensure that its contents are totally accurate, neither the publisher nor the author can accept liability for any inaccuracies or change circumstances of any information herein or for the consequences of any reliance placed upon it. This publication is distributed on the understanding that the publisher is not engaged in rendering legal, accounting, or other professional advice or services. Readers should always seek professional advice before entering into any commitments.
4200 University Ave, Suite 200
West Des Moines, IA 50266-5945
5940 South 118th Circle
Omaha, NE 68137
708 Heartland Trail, Suite 1000
Madison, WI 53717