New Home Builders Should Know These Homeowners Insurance Basics

When looking for a place to develop real estate, many new home builders know that they are required to purchase homeowners insurance to be eligible for financing. There are different categories of homeowners insurance policies that offer different levels of protection. Generally, the policies that offer the most cost effective options do not insure the property or homeowner’s belongings, only the property. Many homeowners prefer to purchase more comprehensive policies that cover the house and the belongings it contains.

Property Protection

New home builders should know that there are two basic components of a homeowners insurance policy: property protection and liability protection. The former covers the home, structures attached to the home, other structures on the property such as storage sheds, and personal property in the home. Some policies will reimburse the actual value of the property while others will cover replacement costs regardless of depreciation. Other insurance policies will cover loss of valuable items, like jewelry, even when the loss was caused by a non-catastrophic event. Finally, insurance will cover your living expenses in case the damage is so extensive that you cannot live on your property.

Types of Damages Covered

The property protection portion of your policy will cover damage caused by ice, storms, fire, theft, and vandalism. The policy will also cover malfunctions that cause damage on your pipes, provided there is no neglect on the part of the property owner. To be eligible for coverage, a property owner has to pay a deductible. Many policies do not cover damage caused by hurricanes, floods, or earthquakes. Homeowners who live in places where hurricanes, floods, or earthquakes are prevalent need to add separate coverage options (at an additional cost).

Liability Protection

The second part of a home insurance policy, liability protection, covers potential damages when people are injured on your property. If one of your guests is injured while on your property, the liability protection coverage will pay for the medical bills of the injured party. However, liability coverage does not apply if neglect on the part of the property owner can be proven.

Personal Liability

If you entertain guests at your home, you will have greater peace of mind from knowing that you have personal liability coverage as part of your homeowners policy. One of the advantages of this type of coverage is that it will protect you in case someone is injured in your home and sues you for damages. In addition, the coverage will help cover the legal costs incurred when someone files suit against you for injuries sustained while at your home.

When buying a policy to cover a property, new home builders should know that they can customize their policies to cover many contingencies. One of the aspects that can be customized is the liability coverage limit. The insurance policy for your home will have a maximum limit that it can pay in case you are found liable for guests’ injuries while at your home. You can customize your policy to ensure the limit and deductibles are suitable for your specific needs.

Drone Insurance and What Every Drone Owner Needs to Know

Insurance is the financial responsibility that is taken by a firm or person in case you damage someone’s property or cause harm in any way to another person. Insurance is important to own before you drive any manned vehicle and the same is true for unmanned aerial vehicles (UAVs). Insurance is a key aspect of risk management and can help your business get through legal complications resulting from unforeseen accidents caused by your drone.

The owners as well as the manufacturers and operators of drones are finally showing interest in learning about drone insurance. Drones are still in a developmental phase and there aren’t any specific rules and regulations governing their use. Therefore, there are a number of questions in the minds of the people regarding the insurance policies of these aerial vehicles. People want to know how the drone insurance is going to work. The following is a compilation of all the aspects that need to be kept in mind when it comes to drone insurance.

Is Drone Insurance Really Necessary

It is true that right now there are no implications for not having drone insurance. You can fly your drone even if it hasn’t been insured. However, it is becoming increasingly necessary to buy insurance for these aerial vehicles as they can cause some serious damage if they go out of control and cause an accident. Moreover, as the use of these drones increases, the authorities would most definitely make it compulsory for the drone owners to buy insurance before they can start flying them. Therefore, it is a good idea to buy drone insurance today so that you don’t have to worry about it at a later stage.

Criteria for Setting Premiums

The cost of drone insurance mainly depends on the level of danger that may be involved with the operation of the drone. Mostly, the choice of platform, the operator’s experience and the use of the drone is taken into consideration for estimating the coverage that the insurance company will provide you. If there is a higher possibility of an accident happening, the cost of insurance may go up. On the other hand, if the operator is an experienced one and the chances of a collision occurring are less, the premium amount might not be that high. So, when looking for a good drone insurance plan make sure that the drone you have is a safe one and is being piloted by an experienced professional.

Insurance Coverage

Every drone insurance plan is different. The coverage that is provided by the drone insurance will largely depend on the policy that you are buying and the company providing it. The areas that are covered by drone insurance plans are different for the owner and the manufacturer. For instance, most insurance plans for drones provide coverage to the owners for the legal liability and the physical damage caused by their drone either to a person or a property. This insurance will cover you for the following aspects:

· Personal injury: If your drone invades the personal space of your neighbor or some other person and ends up injuring them.

· Non- owned: If you happen to crash someone else’s drone that is not owned by you.

· Medical expenses: If your drone collides with a person, causing him/her injuries which require medical treatment.

· Premises liability: If your drone enters the premises of a person who does not like your drone invading his privacy.

· Damage to the UAS: Any damage sustained by the UAS during its flight either because of inclement weather condition or collision with an aerial object.

Factors to Consider When Choosing a Drone Insurance Provider

Drone insurance is a very important issue and thus it is vital that you choose your drone insurance provider very carefully. There are a number of insurance providers available in the market offering various plans for insuring your drone. However, not all of them are good. Some of the companies are only in this business to make money and don’t really care about their customers. If you want to find the best drone insurance provider then you will have to take into account the following factors:

  • Reputation

The reputation of the drone insurance provider is of critical importance. You should only choose that insurance provider that has a good reputation among the people. The easiest way of finding out about the reputation of a drone insurance service is to have a look at the testimonials posted on its website. If the testimonials are generally positive then the company is a reputable one.

  • Reliability

Reliability is also an important factor that should not be overlooked when it comes to choosing a drone insurance provider. Make sure that the company you are buying the insurance policy from is reliable and can be trusted with if you get into trouble with your drone.

  • No Hidden Cost

All the best drone insurance providers have a very clear and transparent price structure. They do not have hidden costs which are revealed when you need the insurance to cover you. To avoid such an instance, go through the terms and condition of the insurance provider with the help of an insurance lawyer to be sure that there aren’t any hidden costs mentioned in there.

  • Customer Support

Customer support is also an important aspect that should be given due importance if you want to find the best drone insurance provider. You should make sure that the insurance company you are dealing with has a responsive customer support staff that answers all your questions promptly.

In a nut shell, drone insurance is very important and it would be wise for you to buy it if you plan on using these aerial vehicles for personal or commercial use. However, choose only a reliable and reputable insurance provider to get your drone insured.

Guide to Individual Health Insurance

The new Covered California health insurance marketplace offers a wide range of affordable health plans for you to choose from. Whether you are self-employed, or looking for coverage over and above what your employer currently offers, there is a plan that will likely meet your needs. Federal regulations require that health plans operating under the Affordable Care Act (ACA) meet certain access requirements. In California, those requirements include timely access to healthcare providers, as well as geographic access standards.

Here is a general guide to individual health insurance that you can refer to when choosing a plan. And do not forget these important dates regarding open enrollment for 2016.

Provider Networks

When selecting a health insurance plan, it is important to verify the plan’s provider network of doctors, hospitals, nurse practitioners, therapists, and other health care providers. It is equally important to understand what is not covered as well. Understanding your plan’s provider network helps you save money, receive better care, avoid unexpected fees and costs, and be happier with the care you receive.

Out-of-Network Care

You are not restricted to health care providers in your network, but should you decide to use one outside of your network, health insurance will cover less resulting in a higher out-of-pocket cost for you, except in the case of emergencies.

Provider No Longer in Network

If your health care provider leaves your network, you will generally need to find a new doctor inside the network, and most plans will assist you in doing so. As a rule, a health plan’s continuity of care policy allows a patient to continue care with a doctor no longer in the network for a certain period of time at the lower cost-sharing rate.

Cost-Sharing Requirements

Each plan has different cost-sharing requirements. Typically, your overall share of costs is a combination of the premiums you pay plus any other co-payments, co-insurance or deductibles for which you are financially responsible.

How to Find a Doctor

In most cases, the plan you choose will have a list of doctors who accept your insurance. The Medical Board of California offers some great tips on choosing a doctor:

  • Ask friends, family or co-workers about physicians they like.
  • Ask your county medical society or association for names of physicians in your area.
  • Once you have some names, call and ask if the doctor is accepting new patients and whether they accept your insurance plan.
  • Check with the Medical Board to verify the physician has a current California license.
  • Meet with the physician and consider having a physical done to determine if this is the doctor for you and your family.

Selecting a Hospital

When you undergo treatment in a hospital or other facility, ask to have any services performed by in-network providers. Your physician may decide which hospital is appropriate for your care, but you can still check the hospital’s California HealthCare Foundation rating by visiting


Purchasing the Best Car Insurance

In the past, car insurance was not a necessity, as some people went for it and some did not. However, today an auto coverage policy is one of the crucial things in your life, if you own a car. People need proper coverage, no matter how luxurious or modest their car is.

The way people buy insurance has also changed. In the past, buying a car insurance just meant to meet your neighborhood agent and ask him for it. But now, it is somewhat different, as you have got lots of other options at your disposal from where you can get your vehicle insured, with some entirely new coverage choices.

Buying car insurance: Which method to choose?

When you want insurance for your car, you might be puzzled as from where you should get it. Should you deal with an insurance agent or should you go online? You can choose among different options for getting your car insurance. This includes:

  1. Buying from captive agents
  2. Buying from independent agents
  3. Buying online

People, who prefer personal services and like to form face-to-face relationships, should certainly purchase their policy from an agent. But, since there are different agents, they need to decide which one is the best for them.

Among these, some are called ‘independent agents,’ who sell insurance for numerous companies and some are ‘captive agents,’ who sell insurance for just one firm. Let us see the different features of these agents, so that you can decide easily and quickly the right agent for yourself.

1. Buying from captive agents

You should buy your coverage from a captive agent, if you are dedicated to a specific insurance firm. Since captive agents deal with only one company, they will know all the different insurance options offered by that company. And, thus they can assist you to build the right package based on your needs. However, captive agents may take more time to respond to your questions and to know your needs as compared to independent agents who work for commission.

2. Buying from independent agents

You should buy a policy from an independent agent, if you want to check out the different insurances provided by different companies, as independent agents deal with several companies and not just one particular insurance firm. This way you can get a better rate.

And, since independent agents are not directly employed by any one firm, they would not push one specific product and will tell you the right things about all the insurances. Thus, independent agents can aid you to find inexpensive coverage for your car. However, since they work for commission, they are under more pressure to grab a deal as soon as possible.

3. Buying online

The third option is to skip insurance agents completely and to work directly with the company online. However, for this you have to do most of the work yourself. You have to conduct a thorough research on different coverage providers, what they offer, the rates of their insurance, and what all their policies covers. Then, you can talk to the company, that best fits your needs to procure the coverage itself.

Among these, some insurance companies that employ agents do not necessitate you to work with them and a few of them do not employ agents at all. Buying auto insurance online is one of the best options for you if you do not have much time and want to get inexpensive car insurance, as it saves you from paying commission to an insurance agent. If you are not sure about your car insurance needs, then buying car insurance online, without an insurance agent can cause you to buy the wrong, too little, or too much insurance.

Select your type of coverage

Besides deciding which company to go with, you must also consider which policy you want. There are three main types of policies, including traditional, usage-based, and per-mile car insurance. So, have a look at these three car insurance coverage programs before you settle for one particular car insurance.

1. Traditional auto insurance

In this type of auto insurance, the insurers determine the quotes for the policy with the help of various personal factors, such as your age, driving history, gender, credit score, etc. Generally, the more risk you have as a driver as per these factors, the more high your insurance rates will be. In this, you can opt for a minimum coverage amount as per the state law or else you can select from a long list of different types of auto insurance coverage.

2. Usage-based auto insurance

As opposed to the traditional car insurance, where insurers presume your driving skills depending on a list of different risk factors and your accident history, usage-based car insurance providers offer you car insurance by seeing you in action in real. In this type of car insurance, like Allstate’s Drivewise or Progressive’s Snapshot, you get a telematic device, which you have to plug-in your car. This device records how you drive and your driving behavior, especially your bad driving habits like accelerating or hard braking.

So, if the device records that you are a low-risk driver, then you can save your money with usage-based car insurance. However, if it records that you frequently drive late at night or you drive fast, then it would not help you save money with your car insurance. Additionally, many usage-based car insurance programs are not available in each state. Therefore, if you are devoted to one insurance company, then you may have to switch your company, in case you move to a different state.

3. Per-mile auto insurance

Per-mile auto insurance providers also use a telematic device, but they focus on just one thing, that is how little or how much you use your car. However, this car insurance type is still new and is not available in every state. Among others, Metromile is the best provider of per-mile car insurance and is available in seven states until now, which are California, Illinois, Oregon, Pennsylvania, New Jersey, Washington, and Virginia.

Additionally, per-mile providers use the same elements as traditional insurers in determining your car insurance rates, but you can save some money through its telematic device. If you do not use your car much and use it only for emergencies, then your premium may be cut significantly. However, if you normally drive your car, then there are fewer chances of you saving money from it.

Shop around

No matter how you purchase your insurance, whether you go for a dedicated agent or you directly sign up with a car insurance provider, you must shop around in order to get the best rates. Do some homework and do not just settle for the first deal that comes your way. This is because rates for the same policy can differ from one company to the other by thousands of dollars. Therefore, comparing different car insurance offers is the best possible way to land up a good deal.

4 Qualities of a Successful Insurance Broker

Whether you are running a business or having your own restaurant, it is your duty to protect it from liabilities. The public who are coming to the office premises can face several problems or accidents due to negligence of employees who are working in office. These results in liability claims and situations come when you have to pay huge sum of money to the sufferer. This affects brand name and popularity. In the time of crisis, if you have to spend a lot for the claims, nothing will be remaining in the bank account. Thus, it is very important to have insurance policies.

However, choosing the right type of policy is quite confusing at times. If you are not able to know what type of policy your company want, you are not able to secure your business. Thus, it is better to take help of the insurance broker who has many years of experience and knowledge in this field.

Here Are Some Of The Traits That A Successful Insurance Broker Possess-

1. Passionate To Work-

It is one of the major traits of a successful business insurance agent or broker. Dedication and passion for work are very important to bring out the best results. Almost all the successful insurance agents are passionate about what they do and provide. They make their clients totally understand what the policies and the amount as well. The services that broker provide have the huge impact on the life of clients and their families.

2. Organizing nature-

Doing the job in an organized way is very important for a broker. If the expert is not organized enough, he or she will be not able to clear all the doubts about the policies. Almost all the successful insurance agent has the administrative tracking system to keep the details of current and previous clients. Staying systematic in nature is one of the best features of a professional.

3. Have Experience And Knowledge-

When you are hiring the professional, checking of the qualification is mandatory. It is very important to see that the expert is having more than 5 years of experience and knowledge in this field. Checking of the qualification certificate is a must.

4. Good Communication Skills-

Good communication skill is very important to deal with the clients. Most of the insurance broker is able to communicate with the clients can make them understand all the claims and rights.

These are some of the features that you find in a successful broker. However, it is better to take interview of at least 5 experts and check their client testimonials. It will help in hiring the right one for your business.

Top Ten Tips For A Successful Insurance Agency Blog

Why take the time to create and maintain an insurance agency blog? There are many benefits to blogging, from showcasing agency expertise, to improving insurance agency search engine optimization. Suffice it to say, an insurance agency website is missing a vital component if it lacks a blog. Here are ten important tips to ensure your agency deploys a successful insurance agency blog:

1. Be Consistent – Publish at least one blog a week, and do it every week. Gaps impact credibility for both your readers and your insurance search engine optimization.

2. Speak To Your Audience – It’s about them, not you. What topics interest them? What impacts their businesses?

3. Vary Content Fulfillment – Blogs should include complimentary digital content when possible. This might include a link to a video, and infographic, a webinar, a case study, or new regulations (ACA, OSHA, etc.).

4. Don’t Make It About Insurance – I can save you money on your commercial insurance is not the type of blog that agencies should publish. As noted in Tip #2, stick with topics that will interest your target market.

5. Educational, Timely, Elucidating – The more educational your content, the better your insurance agency blog. Focus on regulations, updates, news and interesting topics relating to your readers. Make sure each blog includes a “knowledge nugget”, a valuable take away that your reader will remember.

6. Leverage Social Media – Whenever you post a blog, make sure you share it on LinkedIn, Facebook, Twitter, Google+.

7. Include Social Media Sharing Icons – Make it easy to share your blogs by including “chiclets” (sharing icons) at the bottom of every blog.

8. Don’t Just Blog, Vlog – A short video or recorded webinar can be used to make a great blog. These look very professional when sharing on social media.

9. Include Images – Blogs always look more professional when an image is included. Images make blogs more likely to be read.

10. Make It Easy To Find – Make sure your blog is easy to find on your insurance website. At a minimum, have your blog accessible from your main navigation, but it’s even better if it’s also accessible from a Call To Action button on your home page.

An insurance blog provides owners, agents and producers with a great opportunity to showcase expertise. Many agencies can blog on their own, utilizing their internal staff. Those that lack the time or resources, can outsource their blogging to a proficient insurance agency marketing firm.

Is Mobile Telematics Technology Promising for Auto Insurance?

At a time when road accidents cause the death of millions, there is a need to check driving behavior through mobile technologies.

According to WHO, 1.25 million people die due to road accidents. WHO also estimates accidents will be the seventh leading cause of deaths globally. Is there a need to press the panic button in the face of these figures? What kind of education is required to check accidents or reduce the accident risks? Let us dwell deeper.

According to Bob Joop Goos, chairman of the International Organization for Road Accident Prevention, “Over 90% of accidents are caused by human error.” Human error is all about driving behavior, isn’t it? Well, if it is so there is a need for a driver scorecard for improving driving and making driving safe. This is to ensure that he get his insurance claim hassle free for losses incurred. Having come thus far, let us go into the technical aspects of enhancing ones driving behavior. Moreover, let us also consider whether one has to pay ‘fixed premium’ or ‘pay as you go’ or ‘pay how you drive’ for auto insurance.

A person living in the State of Alabama is paying $1,500 a year on an average. Suppose a person living in the city is paying $1500 where he is prone to more accidents against a person lives in the suburbs paying the same amount where less chances of accidents. Suburban drive is easy compared to driving in cities. Remember the city driver will drive lesser kilometers in comparison with the suburban driver who drives more. The city driver is prone to more accidents. On the other hand the suburban driver is prone to more wear and tear of his vehicle. If fixed premium is collected from both drivers, how does this make sense? Now if you are giving an option to choose between the following:

• Fixed premium annually
• Usage based Insurance (UIB) which is pay-per-use

What will you choose? Everybody wants to be cost effective; none wants to end up in loss. Therefore majority is likely to choose the second option. The reason is more customers are mobile. Customers can download the mobile application on mobiles to track their driving data. Risk assessment is easy with mobile telematics application. Assessing risks like driving at peak traffic hours, following traffic rules or not, parking hassle free, speed driving etc., and take necessary precautions in future with the help of tips provided by the application on mobile device.

Digital technologies are empowering the insureds to pay as you drive (PAYD) insurance, pay how you drive (PHYD) by the customer. How this is going to affect the insurance industry? This is another area that requires discussion.

Mobile telematics technology integrates technologies like Global Positioning System (GPS), Mobility, Cloud and Big Data analytics where driver uses data to enhance his driving behavior. This will reduce accidents. The mobile app gives information on like hard braking applied, rapid acceleration, road types, driving smoothness, phone distraction, traffic alerts, speed and mileage etc. Besides, insurers can deliver personalized services and bring in new customers by reducing processing delays. Club the advantage of enhancing driving behavior with Usage Based Insurance. This will surely get the support from State as well as from businesses.

Shall we gain more insights on this? Businesses are looking for productivity, government wants productive citizens. No one wants their productive ones to be injured or be a burden. It is in this context there is a likelihood where insurance companies, businesses, and government may work together to reduce productivity risks. Driving behavior is the prime cause for road accidents. Mobile telematics technology has the capacity to enhance drive behavior, reduce accident risks and workflow not disrupted.

Mobile telematics technology also has its bearing on automobile industry. As we know luxury automobile manufacturers come with inbuilt telematics, small brands charge extra for automobile electronic accessories. These black box technologies are pushing the cost of cars upwards. In such a scenario, mobile telematics technologies lowers technology cost with the integration of integration of technologies such as Global Positioning System (GPS), Mobility, Cloud and Big Data analytics on smart phones. Advantage for would be vehicle owners.

At a time when deaths caused by accidents are listed as seventh worldwide government, insurers, businesses and the general public, mobile technologies offer hope to reduce risks. Canada is hosting Insurance Telematics Canada 2016 on 28, 29 April at Double Tree Hilton, Toronto. In the previous year 2015 43% of insurance companies attended the event. This year the event intersects auto tech and insurance expecting more attendance to brainstorm.

A Different Homeowners Insurance: Tips on Reducing Your Heating Costs

You know there’s more than one reason to give thanksgiving for a temperate winter. Besides the mild weather, you save a bundle on your heating bills. Face most homeowners and business owners famous quotes: “Regardless of the exceptional chill-less days, winter is when your heater goes into general overtime!”

If you want to save on those unsightly heating bills (sure you do!), follow these easy tips for home warming efficiency and you’ll have another thing to bless!

10 Easy Home Heating Fixes

1. Change your heating air filter as needed. If it is dirty, it can clog your heater and make heating inefficient, leading to overtime heater activity that equals significantly high energy bills!

2. Out with the old worn-out door and window weather strips, in with the new! The experts claim this is sure to keep the cold at bay much more proficiently and economically.

3. Switch your heating thermostat to a lower setting when you are not home and when you sleep at night. By doing so on a regular basis, you can save ‘mucho’ dollars- between 1 to three percent off of your year’s heating bill! Worried about feeling uncomfortably cold while in bed? The simple solution is a layering of extra blankets that will keep you cozy and warm while being kind to your wallet!

4. Adjust your water heater to the relatively low and burn-preventing 120 degrees Fahrenheit setting on your thermostat.

5. Keep your window curtains open during the day when the sun’s warmth can aid in heat maintenance in the home. Draw your window drapery closed during the evening time to get premium warmth and avoid any heating losses.

6. Make sure fireplace openings are shut close. In this way, your home will experience no heating losses through the chimneys.

7. Keep all of your heating vents free from blockage.

8. Stop the cold air that gets into your home from electrical outlet boxes by adding insulation to the gaps under your cover plates.

9. Activate your ceiling fans. Ceiling fans are not just to keep you cooler in the hot summer. They can also do an efficient job on getting the warmth that is locked up in the ceiling to circulate. Allow your ceiling fan to spin on a low setting and you reap not just significant warmth. Look at it as a form of ‘homeowners, renters, condo or landlord insurance’ that adds up to fifteen percent heating savings!

10. Stick some clear plastic window sheets to your home windows. It’s a great way for homeowners to redirect the sun’s heat in the summertime and keep the warmth from escaping through generally poorer window insulation during the wintertime.

Why Life Insurance Is Very Important Before Investing Money

Many people ignore insurance. They are not familiar with the different benefits they can get out of buying life insurance. They feel like they are just losing money if they will spend money for buying insurance. In the world of personal finance, insurance has a big role.

In personal finance, we are commonly talking about saving money, budgeting money and even how we should spend our money wisely. Those are just basic things to talk about in personal finance. We should also talk about emergency funds and insurance.

Emergency funds will not discuss in this article. I believe you will prepare your emergency funds before you will invest your money. I will give you some reasons why insurance is very important particularly life insurance. Are you ready?

Investing is very exciting and rewarding. But don’t dive into investing immediately unless you have emergency funds and most of all – health and life insurance.

Life insurance is very important because it serves as an income protection for the whole family who rely financially to the family’s breadwinner. If the breadwinner is insured and he died, the family will not suffer financially since they can have the money to use to survive.

In the world of insurance, the money that the family members or beneficiaries are known as the “benefits”. The insurance company will give an exact amount of money to the beneficiaries of the insured person.

Most of the time, the beneficiaries are those people who rely financially to the insured. Therefore, if there are people who rely to you financially, you should also immediately purchase life insurance policy.

Okay, enough talking about the benefits. Let’s know the reasons why you need to buy life insurance before you invest money.

Your investment funds are not enough to help your loved ones financially. The ideal coverage or the face amount that your beneficiaries should receive when you died is amounting to the equivalent of 3 to 5 years annual income.

Example, if your annual income is one hundred thousand dollars ($100,000), your beneficiaries should have half million dollars when you died.

If you are just started investing money and your funds is amounting to $75,000, your family will be in financial trouble if in case you died.

Life insurance is one of the important thing to consider before investing money. Don’t ignore it. Don’t be in a hurry. Carefully plan your investment plan and one of your investment plan is to protect your income first. I hope you learned something today. If you have any questions or want to know more about investing, you can read blogs, ask on forums or attend investing seminars.

When Insurance Coverage Is Right for Your Life-Stage

As far as insurance coverage goes, we all agree on one thing. Premiums certainly cost big dollar bills! Certainly, there’s a reason for it. We are paying for a pool of protection. Our collective contributions are there for risk exposure that each of us faces. If I suffer losses and damages and submit a legitimate claim, that pool of premium payments is what pays me. If you suffer losses and damages and submit a claim, that pool of premiums is what pays you.

Of course, every form of insurance coverage is not applicable for every stage in life. The following will give you a good guide as to when it is smart to acquire specific coverage and when it is not.

Timeline of Health, Auto, Home, Business Coverage

• Teenage Years

Though teenagers put a big grimace on auto insurance premiums, it’s absolutely essential that you cover your teen driver. Trying to skimp on teen auto coverage will only backfire if he or she is involved in an accident. Chances are it will happen. When it does, you want the full protective liability coverage!

• Twenty to Thirty

The general consensus among this age group is that ‘we are all-powerful’. Unfortunately, no human being can lay claim to that nonsense. Accidents, sickness and liability can happen to everyone. Number one tip of the day: get health insurance even if you are healthy!

• Thirty to Forty

This age group is personified by being more settled as far as assets, and family. Typically, this group has children, a home and more than one car. Balanced coverage in the form of auto insurance, homeowners or renters insurance, health coverage and life insurance is a must. It is also wise to consider an encompassing umbrella policy at this point. If you are a professional, it’s a professional liability policy is a must and if you own a business, a general liability policy is the way to go.

• Forty to Fifty

This age group usually is at the summit of profit-making, with a spike in personal assets and net worth. Auto, homeowners, health, life and umbrella coverages are things you cannot do without. It’s about time to look into adding disability insurance as well.

• Fifty to Sixty

At this stage, children begin to go out on their own. It’s important to discuss their responsibility to take care of their own insurance needs. Equally as vital is the need to evaluate your mature status and elevated needs of coverage. Contemplate nursing home insurance and a living trust fund for your heirs.

• Sixty Plus

For those who at this point have not thought about nursing home insurance, now’s prime time! It’s a good idea as well to go over all your different forms of coverage and see if you need to add anything to it.

To life! Responsible living means getting adequate insurance coverage. Once you’ve taken care of your needs, you can surely rest assured with undisputed peace of mind!