Insurance In The News

When President-elect Obama
appointed former Senate Majority Leader Tom Daschle to become Secretary of Health and Human Services, he described health-care reform as a priority for his administration that was an "emergency" given the ongoing economic crisis. Rep. Pete Stark (D-CA), said that Democrats were unlikely to vote on a comprehensive health-care reform proposal until early in 2010.

Insurance outrage of the Week:

“What Tennessee is Doing About Health Insurance”
Coverage with limits. What happens when a patient exceeds the benefit limits?

The Insurance Term of the Week:
Broker :
Insurance salesperson that searches the marketplace in the interest of clients, not insurance companies.

Reference: AM Best

Larry's Tip of the Week:

The New Year is upon us.  With a week economy and many Americans strapped for cash and trying to stretch the family budget, this is a good time to review your insurance portfolio.

You don’t want to overlook your property and casualty insurance when drawing up your budget.  Having the right insurance could mean the difference between financial survival and financial ruin.  At the same time you don’t want to waste money on coverage you don’t need. 

This is the time to take an inventory of your personal property and their values.  This will also help if you must file a claim for fire or theft and it will alert you as to how much coverage you need to have.

1.    Go around the house and document your belongings.  Use the free home inventory download on our website.  If you have to file a claim this will serve as a record of your belongings.

2.    Have your driving habits changed?  Are you driving fewer miles?  You might qualify for a lower premium on your auto insurance

3.    Are you vulnerable to burglaries?  In a weak economy these types of crimes tend to go up.  Don’t think it won’t happen to you. 

4.    Consider renters insurance if you are renting.  It generally cost $15.00 to $30.00 per month and for that you get 100% replacement protection on your belongings along with liability coverage.

5.    Consider raising deductibles to lower your premium.  You can save as much as 25% or more simply by raising your deductible.  Insure against the larger loss that you cannot absorb.  Take care of the small expenses yourself. 

6.    You may be entitled to discounts by packaging you insurance together.  You can save 20% or more by insuring your home and cars with the same company.  Other discounts are available for having a home alarm system, dead bolts on the doors and driving cars with safety features like anti lock brakes and anti theft devices.\

7.    Don’t over insure older vehicles that may not be valued very high.  It may not be worth it to carry comprehensive and collision coverage on many older vehicles. 

8.    Make sure you carry liability protection to insure against drivers that either have no insurance or have minimum limits of liability

9.    Shop around to compare your insurance premiums once each year.