Insurance

Hello everybody! We hope you enjoyed the first part of the series “Common insurance mistakes to avoid”. So without babbling more let’s straight begin part 2 and give you some more bite. 6) Eliminating long-term-care insurance: Recently, many people with long-term-care policies were badly hit by rate hikes of around 45%-95%. If your insurance carrier also notifies you that you rates are too going to soar, you might get tempted to drop that policy and avail a new one.

Insurance policies are there to help your get back on your feet in case you experience any financial trauma. You cannot deny the key role they play in your financial life. Nowadays, even the federal and state governments have made some policies mandatory keeping in mind the protection they carry. Whether you are new to this arena or having coverage now for years, you should be aware of some common mistakes that most insured folks do. You can keep your insurance costs under control just by knowing these common mistakes.

A recent market survey conducted by InsuranceQuotes.com says that majority of US citizens who rent either a home or a condo, don’t avail renter’s insurance. One of the prime reasons behind this is that most people believe that their landlords’ coverage are going to protect them too, which is absolutely false.

You may have no idea, but a small hole can bring in larger financial threats in your life. What types of holes could trigger damage? Would you insurance company pay for the loss? Let us find out. Sinkholes: If you are living in prone areas, your insurance provider may or may not include sinkholes in the policy. In the United States, most standard insurance policies exclude from the coverage any kind of earth movement, i.e., earthquakes, tremors from a volcanic eruption, land shockwaves, landslides and mudflows.

Feb 15, 2013 saw an asteroid hitting the Earth with the debris striking parts of Russia and posing risks to lives and personal properties in the area. Does that make you sit up and consider what’s going to happen if you’re subject to the next celestial grudge? Though such situations are very rare, there’s nothing to lose your sleep about. The standard insurance policies offer coverage for damages to your home, car or property, if ever you’re hit by asteroids, meteors, falling satellites and other similar space junks.

If you have too many expensive items in your home, you must ensure that they are protected with adequate insurance. It’s not that your homeowner’s insurance or renter’s policy will deny coverage for your personal belongings. However, the standard policies usually restrict coverage for the expensive personal belongings.

Expenses may run high when you’re expecting a child. Be it for the medical check-ups, regular tests, pre-natal or post-natal care, you’ll have to spend a lot on medical bills. Having health insurance protection is helpful for any individual and if you’re pregnant, you’ll need the insurance as a protective prop for both the mother and the baby.

How pregnancy had been disregarded by health care industry?

Childbirth and pregnancies are routine events in any part of the world.

You might be genial enough to let others drive your vehicle. Don’t expect your insurer to behave in a similar manner. In that case, you can only pray that the other driver using your vehicle doesn’t get involved in an accident. If he or she causes any accident, and your insurer denies paying for the consequent damages, you’ll have to bear the expenses on your own. The costs might not only be for the damages to your own car, but will also take into account the damages to the other vehicle or vehicles involved in the accident.