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What is included in my Home Owner’s Insurance policy cover? Is there anything specific I need to keep in mind before buying a policy?

Your home owner’s insurance covers your house, any permanent fixtures and fittings, garden walls, gates, fence, pool and your personal belongings. Homeowner insurance protects you from specific types of home-related accidents and incidents. The most common types are fire, theft and vandalism. It also provides additional living expenses such as hotel expenses in case you are unable to stay in your home due to accidents or other incidents. The policy also provides liability protection. Ideally, you should select the amount of coverage which can replace your home and property plus some amount to cover your liabilities. Also, if you are staying in a flood or earthquake-risk area, you should separately purchase flood/earthquake insurance as homeowner’s insurance doesn’t usually cover flood and earthquake.

May I increase or decrease the amount of insurance on personal items in my home?

Initially, your personal property coverage usually reflects 50 percent of your home insurance coverage. It may be increased or decreased, depending upon state requirements.

Can I lower my home insurance premium?

Yes, you can lower your homeowner insurance premium by asking for discounts on your current policy, holding multiple insurance policies with your insurance carrier and raising your deductible.

What happens to me if I drive without auto insurance?

If you are involved in an auto accident and found to be driving without car insurance or proof of financial responsibility, you will be subject to penalties specific to the laws of your state. It could include a fine or loss of driving privileges. If you are uninsured and in an accident that involves property damage or injuries to people, you will be required to pay on your own for any damages assessed by a court.

What do I do if I meet with a car accident?

First, you need to notify the police. Exchange information with the other driver(s) involved in an accident. Next, immediately contact your insurance company. Do what the insurance company advises you to do.

Why do different people pay different levels of premium?

The amount you pay depends on the level of risk you provide to your lender. The price you pay for life insurance mainly depends on your age, health, lifestyle and occupation. So if you are older, have health problems and smoke, and happen to work in a dangerous environment, you will have to pay more for life insurance than someone who is younger, healthier, a non-smoker in a low risk occupation.

What is Limited-pay Insurance?

Limited-pay life insurance is a type of insurance where all the premiums are paid over a specified period after which no additional premiums are due to keep the policy alive.

Are the proceeds of life insurance policy taxable?

Generally they aren’t subject to income taxes. However, they may be subject to estate taxes such as inheritance tax.

How long after filing an insurance claim do you receive the payment?

You should expect to receive forms and information in 5 to 10 days. Once the Death Certificate and forms have been returned, payment should be issued within the same time frame.