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Posted by on Jun 27, 2018 in Insurance | 0 comments

Is Renters Insurance Worth It?

The vast majority of homeowners elect to pay for homeowners insurance, and with good reason. Insurance protects you from unforeseeable disasters that can leave you stranded, and these policies help families rebuild. That’s why it may come as a surprise that less than 45% of renters have renters insurance. Apartment buildings and rented homes are just as likely, if not more likely, to go up in flame or experience the same unfortunate events that homeowners face. Even though it is very affordable, many people simply overlook this defensive measure.

What Renters Insurance Covers

Most insurance companies offer plans that start around $200, and these policies usually protect valuables up to $100,000. If you already have car insurance with the company, see if they offer discounts for bundling policies. Renters insurance protects policyholders from lost or damaged property, which is a huge deal. If someone breaks into your rental and steals your laptop, renters insurance should cover that. If your upstairs neighbors clog the toilet and flood your apartment, renters insurance will not only cover any lost possessions, some policies will even help you find temporary accommodations while your landlord fixes the mess. Even if your roommate forgets to turn the stove off after making dinner and burns down the house, you’ll be covered.

Depending on the policy you go with, other items can be protected that aren’t even inside your apartment. Property that is stored in a storage unit may be covered from accidental fires, flooding, and burglary. Now you can store things with peace of mind. Speaking of peace of mind, renters insurance can help you finally go on vacation without any stresses back home. You won’t have to worry if you remembered to lock the bathroom window, or if any criminals saw your Facebook post about going out of town. If you come back home and things are lost, you are covered.

Another major consideration for having renters insurance is the protection it offers from civil suits. Law firms are dedicated to bringing forth claims against irresponsible renters that didn’t take enough action to prevent a guest from suffering a personal injury. The policy likely has coverage for basic liability and medical payments in the event that someone accidentally gets hurt while staying with you. Which means you will be protected from any legal fines or medical bills.

Types of Policies

If you are convinced that you need renters insurance, the next step is understanding the ways that policies replace your lost or damaged property. Some policies offer actual cash value for replacing the property, which means that you will receive cash for the actual value of what was lost at the time it was lost. Replacement value is a type of policy that will replace your lost items, no matter what condition they were in at the time the damage occurred. Pay close attention to this divergence, as it makes a big difference when you need to make a claim and replace your old laptop.

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Posted by on Jun 14, 2017 in Insurance | 0 comments

Why Carrying Auto Liability Insurance is Required in the U.S.

As if the shock and pain of a car accident is not difficult enough, the inevitable financial stress resulting from medical expenses, property damage, and lost time at work makes the situation substantially worse. When another driver is at fault for your injuries, you should be able to count on an insurance company to provide coverage that will allow you to recover fully. However, insurance companies often give false promises of coverage, acting in act in bad faith so they can maximize their profit while providing as little coverage as legally possible. Many times, these companies will covertly employ underhanded tactics so a policyholder does not know when they are being taken advantage of. Bad faith practices by deceptive insurance companies include:

  • Failing to attend to a claim in a timely manner
  • Failing to pay a claim that it owes
  • Requiring unnecessary paperwork or unreasonable information to process your claim
  • Denying a claim without reasonable explanation
  • Lack of communication with policy holder
  • Being deceptive about the scope of coverage

All U.S. states require drivers to have the capability of compensating anyone they might injure in a motor vehicle accident due to their fault. This financial responsibility may be shown by:

  • Carrying auto liability insurance, which is the requirement in 48 states;
  • Paying the state’s Department of Motor Vehicles (DMV) the required uninsured motor vehicle fee if they decide to register their vehicle as uninsured (paying this fee in lieu of purchasing an automobile liability insurance policy, obtaining a self-insurance certification, depositing money or securities, or securing a surety bond is a practice allowed in the state of Virginia; in the event of an accident, the at-fault driver would be held personally liable in compensating the person that he/she has injured); or,
  • Depositing securities or money with the state treasurer or filing an SR-22 (these are alternatives to purchasing an auto insurance policy, a practice allowed in the state of New Hampshire).

The purpose of financial responsibility, or liability coverage, is for at-fault drivers to be able to compensate an accident victim for the bodily injuries that he/she has been made to suffer and for all other costs or losses resulting from his/her injuries.

Carrying auto liability insurance is required in all states except in New Hampshire. The type of insurance coverage that drivers need to carry depends on the “liability” system recognized in the state where they reside. In states where the “fault” system is recognized (also called “at-fault” or “tort liability” system), the tort insurance coverage is what drivers will need to purchase.

Under the “fault” system, accident victims can claim compensation from the at-fault driver’s insurance company; the victim may also decide to file a civil lawsuit against the at-fault driver. Compensation that a victim is legally entitled to receive should cover cost of medical treatment, loss of income, pain and suffering, and damage to property.

In “no-fault” states, accident victims can recover financial losses from their own insurance providers, regardless of whose fault the accident is. Two major advantages this system has over the “fault” system is that, one, the victim will no longer have to file a lawsuit just to seek compensation (from the at-fault driver) and, two, seeking compensation will no longer be a problem for: victims of hit-and-run; those whose are hit by a driver in a stolen vehicle; or those who are hit by a driver who is either uninsured or underinsured.

 

 

 

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Posted by on Jan 4, 2015 in Insurance | 0 comments

The Basics of SR 22 Insurance

Incidents on the road can happen to virtually anyone these days. It has been commonly said that every person will experience at least one vehicle-related accident in their lifetimes. However, it doesn’t take something quite so severe as an accident to have your license revoked. Whatever the state you’re in, the law is upheld without question and no one is exempt.

According to the website of Habush Habush & Rottier S.C.®, your license can be revoked due to circumstances like driving under the influence of alcohol, speeding, having more than three violations in a year, et cetera. If your license is suspended, you are legally not allowed to drive. This can be a problem as most people need to be able to get on the road in order to be able to do their day to day activities. This is where the SR 22 Insurance comes in.

SR 22 Insurance is not, technically, insurance. It is more a certification that says that an insurance company has you covered and will vouch for you on the road, should another incident occur. The procedure is rather straightforward and yet, a lot of people do have trouble with it because though the method is more or less the same for every case, there are some confusing, complicated steps within the process that can be difficult to maneuver. There is also the possibility of subtle nuisances that make your case slightly difficult than all the rest.

Filing for SR-22 car insurance must also be done quickly in order to resume your daily itinerary as regularly and hassle-free as possible. Though the procedure can be difficult, the right insurance provider will be able to guide you through it every step of the way, making it as painless and stress-free as possible.

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