Archive for November, 2009

Discounted Health Insurance

Discounted Health Insurance is really only available in some instances. Unfortunately these instances are not always easy to come by. Because Discounted Health Insurance carriers are always looking for the most profitable risks the restrictions or qualifications for maximum discounted health insurance can be somewhat of a challenge.

Typically health insurance carriers offer better rates for those in large groups such as medium sized corporations and larger where typically the employees are more than three hundred or more. Obviously the larger the better.

The age groups and genders also make a difference due to the fact that younger people rarely bother seeing the doctor. Gender comes into play as pregnancies tend to be a matter of when and not if.

Overall health of the group is very important to the carrier offering discounts on health insurance for obvious reasons. Things they will typically consider are the number of smokers, obesity, pre-existing conditions and other health issues. The healthier the group the better the rating.

Interestingly enough the type of employment doesn’t seem to come into play as much here as one would assume. Regardless if the employer is a dynamite factory, roofer, hazardous waste remover or whatever, discounted health insurance doesn’t seem to be affected as much. The reason seems to be because Worker’s Compensation would have to address any work related life and health issues that are caused within the scope of employment. This is of course not to say that carriers could possibly not deny applications for any reason they deem reasonable.

Overall discounted health insurance is available although difficult to obtain due to all the criteria involved. However, for those in the job market it is wise to research different companies and see how they rate in regards to benefits for employees. Throughout the country there are some businesses and corporations that seem to take better care of their workers.

For individual coverage the only discounts really available have to do with age, gender, health, medical history and pre-exisiting conditions. Although there are some savings to be had by falling into the “preferred” category or whatever rating system is being used by the discounted health carrier the real savings tend to be through a good employer benefits program.

In the end by shopping around individuals can at least compare pricing and coverage to determine who will offer the deepest discounts for health insurance.

Flood Insurance

Flood Insurance is written through FEMA and the NFIP typically and coverage is often limited. However, for many there really is no other option as most carriers will exclude flood coverage from their property policy. This then only leaves FEMA and the NFIP.

Even though limits are normally limited to a certain amount it is in many cases sufficient as floods usually damage the ground floors and below. Therefore covering the total value of contents and building is not always required.

It is very important to realize that flood coverage has a thirty day waiting period before coverage is active. This of course is to prevent a flood, no pun intended, of submissions when impending flooding is threatening. For this reason it is crucial to purchase flood insurnance every year as floods tend to happen on their own schedule and without much warning.

Remember that Traveler’s, Hartford, State Farm, All State, Nationwide, Farmer’s and the vast majority of insurance carrier’s typically do not cover flooding therefore it is important to purchase this coverage in addition to your home owners policy. Normally the agent or carrier that handles your insurnance can write a flood policy but be sure to confirm this or request it specifically.

Hurricane Insurance

Hurricane Insurance may be the obvious insurance for those who live in the Gulf Coast region of the United States. However there really is no official coverage termed as such. When people ask or refer to Hurricane Insurance usually what they are referring to in essence is their Wind Coverage.

Wind Coverage will address the exposure of wind damage on an insured’s buildings and contents. Although the limits are negotiable what most find difficult or inflexible is negotiating their deductible. For those in the Gulf Coast regions deductibles are typically a percentage of the building and/or contents value. For example their wind deductible may be either 1%, 2% or even as high as 5%. In years gone by wind deductibles were the flat $1,000, $2,000 or $5,000 deductible.

Regardless of the deductible “Hurricane Insurance” is a must in the Gulf Coast states as those who experienced Katrina and Ike are all so familiar with. Although wind coverage is a large part of protecting your valuables flood insurance must be a part of your “Hurricane Insurance” protection as well. Once again this coverage is often overlooked and this topic will be discussed in another blog.

By having wind and flood coverage the basics of “Hurricane Insurance” is covered. Of course this is just a brief summary of what many term as “Hurricane Insurance” and not meant to be a complete insurance prescription for catastrophe type coverage.

Disability Insurance

Disability Insurance is a must have for any working person who’s income is necessary for everyday living. Especially for those in one income families disability insurance is critical to their financial survival. By having disability insurance the family is protected from unforeseen accidents that would incapacitate a worker from earning a paycheck.

With disability insurance the employee will be able to draw an income that is based upon their current income and is understood when the policy is bound. This will safeguard a family from a sudden loss of income and thus jeopardizing their financial future. For this reason disability insurance is key to any financial planning.

Disability Insurance has two types of coverage. One is for short term disability and the other for long-term disability. Both have specific roles and many employees will in essence have both to further guard against temporary and long term set-backs.

Without a question disability insurance is important to have possibly only second to health insurance when it comes to life and health insurance policies. For these reasons it is advisable to either purchase one on your own or sign up for your employer’s program if it is offered. One note to consider is that if you purchase a policy outside of your employer then it is easily transferred to your next job.

Worker’s Compensation Texas

Worker’s Compensation in Texas is very different from all the other states in that it is a voluntary coverage that employers can choose to sign up for. Both Texas and New Jersey are voluntary states for this coverage therefore employers can choose to use Worker’s Compensation as their solution for workplace injuries or not.

By enrolling into a worker’s compensation program employers protect themselves from potential medical claims and employee litigation as a result from workplace injury. For those who choose to be exempt they often place themselves at risk and are on the hook for all injuries to employees while on the job.

Very rarely does it ever make sense to opt out of Worker’s Compensation as the value for the premium is well worth it. Although many small employers feel that it is too expensive it typically only takes one accident at work to realize how cheap worker’s compensation really is. Important to note is that the Worker’s Compensation policy also pays for defense costs should an employee file a law suit.

Because Worker’s Compensation is sold by many different carrier’s throughout the United States it is always best to shop around and compare pricing and coverage. In Texas there are many good carrier’s in which Texas Mutual is only one of many but highly rated in the national market. Others include Utica, Hanover and Service Lloyds just to mention a few.

Regardless of what an employer chooses to do the reality is that if you own a business the old adage of “not if but when” really is true concerning a workplace injury. For this reason it is crucial for every business owner to be prepared on how to address the medical and legal costs that can and often does occur.

Be sure to check out different carriers before deciding and be informed before making your final decision as to whom you will go with if you choose Worker’s Compensation.

What is a Umbrella Insurance?

Umbrellas in the insurance world is most likely to be thought of as the red one in all of the Travelers Insurance commercials. Although it surely is an umbrella the imagery is what the commercial from Travelers is trying to get across. “We will cover and protect you in the storms of life.”

Although Travelers sell insurance umbrellas so do many other insurance companies like The Hartford, Allied, Amica, Philadelphia and many others. Umbrellas are simply extra coverage that can be purchased to cover losses that are in excess of all the underlying insurance policies. In essence if a policy has a one million dollar occurrence and a loss exceeds the one million then the umbrella would cover over top of that up to to the umbrella limit. Likewise if the aggregate happened to be exhausted in one claim then the umbrella could make up the difference up to the policy limit.

Umbrellas like all other insurances can be written very differently in comparison one to another. For this reason it is important to understand how each umbrella policy is triggered. Some umbrella policies are written as excess coverage and some are true umbrellas making up for some coverages that may not be generally covered under the general liability of a risk. In the personal lines umbrellas are relatively inexpensive especially when considering that it will add a significant amount of coverage.

In the commercial umbrella world they tend to increase in price as the exposures are typically greater which is typically inherent of any business dealing with many different consumers and businesses. However the cost of an umbrella in the commercial world, just like in the personal lines, still has great value in comparison to the overall price.

Without a doubt an insurance umbrella whether personal or commercial is a great bang for the buck. Like stated above it is important to know if it is an excess umbrella or a regular umbrella as there are distinct coverage differences. And as always by shopping around with the many different carriers can usually mean various pricing. In short, Travelers aren’t the only ones with umbrellas… just the red ones.