Category: Insurance

Life Insurance Tips: Part 2 – Policy Type

One of the main motivating factors behind purchasing a life insurance policy is the idea of what the life insurance plan can do for you.  For some, life insurance can be used to temporarily transfer a person’s financial risk to a financially solvent insurance company.  If temporary coverage is what you seek, then you may […]

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Life Insurance Tips: Age/Debt vs. Assets

When Should You Start Looking for Life Insurance? If you talk to a younger adult, you would probably expect to hear answers like, “when I get married, when I have a child, or when my income is higher”. What would you expect most middle-aged adults to say?  More often than not, they would probably tell […]

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Technology and Life Insurance

If you purchased a life insurance policy more than 30 years ago, you probably bought it from a door-to-door salesperson who carried around a rate book that allowed them to offer you a quote, based on your health, age, and policy amount.  If you were interested a policy, they probably had to go back to […]

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Property Insurance: What is Co-insurance?

Co-insurance for property insurance addresses the policy holder’s promise to purchase a limit of insurance that is equal to a percentage of the actual value of the property being insured.  Should the policy holder not purchase to the percentage of the actual value of the property being insured, the insuring carrier will penalize the policy […]

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Umbrella vs. Excess Liability Insurance Policies

What’s the difference between Umbrella and Excess Liability Insurance Policies? Umbrella and Excess Liability policies are both designed to provide coverage above the limits of underlying coverage. The two policies are often mentioned interchangeably by insurance professionals. However, there is a difference between the policy forms. The basic distinction between Umbrella vs. Excess Liability coverage is: Umbrella […]

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Building Ordinance Coverage

Should you suffer a loss to your building, most property insurance policies, if written on a replacement cost basis will pay for the replacement of the damaged portion of the building, after it is established that the reason or cause of the loss is covered by the policy.  For example, if your building is damaged […]

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Property Loss Indemnification

When a property loss occurs, how the insurance carrier determines the amount of indemnification is an important concern.  In general, the insured will be paid the lessor of: •Insurable Interest •Policy Limits •Actual Cash Value •Cost to Repair •Replacement Actual Cash Value Actual cash value, or ACV, is usually calculated by determining the item’s replacement […]

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Is Pet Insurance Necessary?

Most pet owners would agree that a pet is what brings a family closer and some even consider their pet as part of the family.  According to The New York Times, about 62% of pet owners said they would likely pay for pet health care, even if the cost reached $500.  But, what if the […]

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Commercial Auto Policy Holders – Don’t Be Left Holding the Bag!

Most commercial auto policies do not provide physical damage coverage on a replacement cost basis.  Instead, coverage is typically written on an Actual Cash Value basis, which adjusts for depreciation and condition of the vehicle at the time of loss.  Consequently, many people find themselves in the unenviable position of still owing out‐of‐pocket on the […]

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