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Category: INSURANCE

  • Best Aircraft Insurance

    Best Aircraft Insurance

    Searching for the best aircraft insurance to purchase? If yes, then read through this article to discover some of the best aircraft insurance. In the meantime, the aviation and aerospace industry is rapidly growing and is set to grow even more in terms of infrastructure and aircraft acquisition.

    However, the industry is prone to a series of risks and threats, especially regarding the problems associated with the technical operations of an aircraft and the subsequent hazards and dangers. 

    Best Aircraft Insurance

    The risks and threats in this industry have prompted more operators to purchase aircraft insurance. Also known as aviation insurance, this insurance covers losses that arise from aviation risks such as damage to property, loss of cargo, or injury to people.

    In addition, it offers both property and liability coverage to aircraft and seaplanes. Moreover, this insurance encompasses the restoration or substitution of impaired aircraft and components, while aviation accident insurance addresses liability assertions arising from injury or fatality.

    If you’re interested in purchasing this insurance but aren’t sure what insurance company to purchase coverage from, check out the next section to discover some of the best insurers.

    5 Best Aircraft Insurance

    As stated above, aviation or aircraft insurance is paramount, as this can safeguard you from unplanned losses.

    Whether it’s commercial airlines, private jets, or cargo carriers, we have outlined some of the best insurance providers to make use of. Check out the list below for some of the top aircraft coverage providers:

    AIG

    American International Group, popularly known as AIG, is global in aviation insurance, offering tailored solutions for airlines, operators, and manufacturers.

    This multinational company operates in over 80 countries across the globe. Over the years, AIG has provided its customers with robust aerospace insurance solutions for every industry that uses aircraft.

    In addition, they offer aerospace products liability, airline insurance, aviation workers’ compensation, general aviation liability coverage, and more.

    Furthermore, they offer customized solutions that meet the complex needs of aerospace clients through a robust combination of industry experience and a team of experts.

    BWI Fly

    Another esteemed aviation insurance provider is BWI Fly. This insurance company is highly regarded for its competitive rates, exceptional customer service, and extensive range of policies. And this has made them a preferred choice for various types of insurance.

    In addition, they consistently ranked as one of the top aircraft insurance companies, offering a wide range of policy options customized to suit your needs.

    BWI Fly Policies are designed for specific types of aircraft and aircraft owners, such as experimental aircraft, seaplanes, commercial drones, private jets, flying clubs, and more.

    Some of the coverage options available include liability, aircraft hull, and not-in-flight and not-in-motion insurance. Lastly, you can easily purchase or get a quote via their official website.

    USA

    USAA, which is also known as the United Services Automobile Association, is among the top aircraft insurance companies. This insurance company has been serving millions of military members and their families with affordable insurance, investment, and banking services.

    It was first in 1922 by a group of 25 U.S. Army officers for mutual self-insurance. In addition, they offer coverage for personal and commercial aircraft, along with aviation and agriculture businesses.

    Furthermore, their insurance plans cover various aircraft, such as traditional helicopters, warbirds, commercial unmanned air vehicles, and seaplanes. It is one of the best aircraft insurance providers for military veterans seeking aviation coverage.

    Aerospace Insurance Managers, Inc.

    This insurance company is a U.S.-based company offering comprehensive insurance coverage to private and commercial general aviation aircraft and airports.

    Over the years, this company has developed into one of the largest independent aviation insurance brokers in the U.S. It largely caters to clients in the country.

    Also, the company offers general aviation and casualty insurance products with a focus on private and commercial aircraft.

    Old Republic

    Another insurance company that offers the best aircraft coverage is Old Republic. This company has its headquarters in Chicago and is one of the 50 largest shareholder-owned insurance businesses in America.

    It is a prominent provider serving the aviation marketplace in the United States and Canada. With more than 30 years of experience in the industry, the company has gained a robust footing in the market, and they have been able to cater to the unique challenges of their clients.

    Is Aircraft Insurance Worth it?

    Yes, this insurance is worth it. As you know, flying comes with massive life risks ranging from terrorist activities like hijacks, mysterious disappearances of flights, plane crashes, auto or technical failures, turbulent weather, etc.

    Purchasing a comprehensive aviation insurance policy protects aircraft manufacturers and operators against these risks. Ultimately, this insurance is ideal because it can protect against catastrophic loss of your aircraft, which could be one of your biggest potential exposures.

    Bottom Line

    Aircraft insurance can protect you in case of loss or damage resulting from threats and risks associated with the aviation industry. If you wish to purchase this coverage, we have outlined some of the best and top insurance providers to purchase coverage from.

    These insurance companies exemplify excellence in safeguarding air transportation by providing comprehensive coverage and risk management solutions to ensure safety and security in the skies.

    Overall, these companies are ideal for commercial airlines, private jets, or cargo carriers, and they play a vital role in safeguarding the aviation industry against unplanned risks and issues.

  • Do You Need Insurance to Ship a Car

    Do You Need Insurance to Ship a Car

    If you recently purchased a car outside your home country and would like to find out if you need car insurance to ship your vehicle, this article is for you. One of the frequently asked questions on the internet is, “Do you need insurance to ship a car?

    Do You Need Insurance to Ship a Car

    The simple answer to this question is no. You do not necessarily need insurance to ship your car. This is because shipping companies are required by law to provide basic liability insurance under the United States Department of Transportation.

    However, while it is not required to have personal car insurance, it is recommended that you have one, and this is because most shipping companies only provide basic coverage options. If you would like to learn more, read this article to the end.

    Do You Need Insurance to Ship a Car?

    As stated above, you do not need insurance to ship your car, and this is because shipping companies are required to provide basic liability coverage.

    Hence, if you’re shipping your car, whether by plane, train, or auto transport truck, you are not required to have personal auto insurance. However, if you’re shipping your vehicle through a car driver, you will need coverage. 

    In addition, you can also opt for additional coverage to ensure your vehicle is adequately insured. This is important if you’re shipping an exotic vehicle, luxury, or antique.

    Although research shows that less than 5% of cars that are transported report any damage, getting personal car insurance will give you peace of mind.

    Why You Shouldn’t Ship Your Car Without Insurance

    There are several reasons why you shouldn’t transport your vehicle without purchasing a personal insurance policy. While this is not compulsory, many shipping companies only provide minimal insurance. Although some companies offer full coverage, others do not.

    However, personal car insurance gives you backup coverage for the damages your shipping company may not cover. It is critical to note that if your shipping company doesn’t offer an insurance option, ensure you choose a different company.

    Whether you’re shipping across a country, overseas, or to a neighboring state, there are risks of loss or damage. However, you can avoid these losses or damages by ensuring your carrier is properly insured.

    What Are the Types of Auto Transport Insurance?

    Auto transport insurance is designed to protect vehicles during transit by land, sea, or air. However, it is important to understand the different types of auto insurance. Here is a list:

    Customer

    This is a basic insurance policy that you must have for your vehicle. Customer insurance is required to drive and ship your vehicle by the auto transport company, as it is a legal issue.

    However, with personal insurance, your car is protected from different cases, like damages that may occur when you drive a car or when your auto is under the shipping company’s responsibility. In essence, this insurance helps with replacement costs when needed.

    Carrier Insurance

    This insurance covers damages or losses that may happen to your car during shipping. It is recommended to always check if your broker hires carriers that provide insurance coverage.

    This is because if not, you might get into trouble where your car is damaged, and you are the one who will pay for that even if the blame is not on you. It is worth noting that this insurance is a legal responsibility of the US Department of Transportation.

    Broker Insurance

    This insurance often acts as a middleman between the car carrier and the client. It also offers insurance coverage provided by third-party coverage.

    Hence, it is recommended to know with the broker about car transport insurance before signing an order to ship a car.

    What Does Auto Transport Insurance Cover?

    Now that you know some of the insurance offered by auto transport insurance, it is important to know what is covered. Firstly, coverage varies by company.

    Most companies will cover your vehicle for any damage; others will only cover damages from car transport. However, here is some of the coverage offered:

    • Damage that occurs while transporting, unloading your car, or loading
    • Also, basic damages such as fire damage, theft, and scratches
    • Insurance of the car itself.

    What Is Not Covered?

    Here are some of the coverages that your auto transport insurance might not offer. Check out the list below:

    • Damages due to civil unrest, weather, or natural disasters.
    • Also, damage due to your car being in poor shape when shipped, such as loose parts or leaking oil
    • Lastly, personal items inside your vehicle.

    How to Secure Your Car

    There are certain things you should know before deciding on a car transport company to ship your vehicle to.

    Request Proof of Insurance

    You will have to first check if your transporter is authorized by the Department of Transportation and carries its motor carrier number. Also, you should ask every company you consider working for for a copy of their insurance certificate.

    They are legally expected to give it to you, and if they are professionals, they will provide you with proof of their insurance and discuss its details. However, if they hesitate, it might be a bad sign for their credibility.

    Contact Your Private Car Insurance

    Next, speak to your car insurance provider to determine how much your insurance covers during the shipping and under which circumstances.

    Also, inform them about your plan to transport your vehicle, and they may offer additional coverage that you might consider purchasing.

    Remove Your Possessions from Your Car

    Ensure you remove all valuable possessions from your vehicle, as this is not usually covered by standard auto transport insurance.

    Inspect and document your car.

    You should document your car’s original condition before you give it to the shipper of your choice.

    This should be standard procedure for carriers, and it is better to do your inspection beforehand. You can take pictures of your vehicle from all angles and record any damages, scratches, or chips.

  • Best Cellphone Insurance Providers

    Best Cellphone Insurance Providers

    Best Cellphone Insurance Providers: No doubt, cell phones and other mobile devices are essential when it comes to getting by in today’s world. Thus, it is important to keep these devices protected.

    With cell phone insurance, you can protect your device from accidental damage that is generally not covered by your renters or homeowners insurance policies.

    Best Cellphone Insurance Providers

    Cell phone insurance is a type of insurance that covers the cost of repairs or replacing your mobile device if it’s damaged or stolen. In other words, this insurance covers the manufacturer’s warranty or theft.

    Like other insurance policies, you will have to pay a premium for your coverage, and the insurer will pay out for repairs or replacement in the event of a covered loss.

    If you would like to purchase coverage, it is important you know some of the best insurance providers. This aims to outline and discuss some of the best cellphone insurance providers to choose from.

    Best Cellphone Insurance Providers

    There are a plethora of cell insurance providers, and selecting the right company can be tasking or daunting. For this reason, we have compiled some of the best providers to check out.

    Our selection is based on their coverage, customer service and reviews, pricing, and more. Check out the list below:

    Akko

    One of the most popular cell phone insurance companies that is highly rated and offers affordable plans in Akko. With this company, you can insure your electronics, photography or video equipment, gaming gear, and more at an affordable price.

    For mobile devices, some of its coverage includes cracked screens, liquid damage, accidental damage, parts breakdown, vandalism, theft, and more. It provides an inclusive protection plan that starts at $5 per month and can cover not just your phone but up to 25 additional items.

    In addition, it allows for fast and easy same-day repairs, unlimited claims, and no annual reimbursement limits. This company makes it easy to get coverage by filling out your information and adding devices.

    Progressive

    Another insurance company that offers the best cell phone insurance coverage is Progressive. This company offers highly affordable cell phone insurance.

    In addition, it offers two-year policies with a $75 deductible and a premium of only $153. Furthermore, this company can reimburse you for theft or vandalism of your cell phone.

    Other coverage offered includes damage due to fire, flood, natural disaster, drops, spills, and power surges. More importantly, they also cover and repair cracked screens.

    Getting coverage from this company is also easy and can be done by simply visiting their official website online.

    USA

    This is another renowned insurance company that offers a wide range of insurance services to U.S. military veterans and their families. They offer members an average of 22% savings on cell phone coverage of one- or two-year plan options.

    Furthermore, they offer additional security features in addition to their coverage, including the Safestore app and the ability to lock and locate your phone remotely.

    You also get a two-year prepaid plan from USAA that costs about $7 per month. You can shop for a quote or coverage via their official website online.

    5 Devices

    This insurance company allows customers to protect five internet-connected devices, all for the price of one. In addition, you can also shop for a plan that covers up to 10 or 20 devices.

    For each device, you will receive coverage for cracked screens, liquid damages, mechanical failures, electrical component failures, and more. Also, you get 24/7 customer service along with free shipping for repairs; with no hidden fees.

    This plan also features a low deductible and allows you to file unlimited claims. You can get coverage for $17.99 monthly, and you can upgrade your service whenever you wish.

    SquareTrade

    This insurance coverage is now part of Allstate, and they offer an affordable solution to cell phone protection. You can get coverage for $8.99 per month, and you can cover any phone from any carrier.

    However, a deductible applies for covered claims ranging from $25 up to $149, and this depends on the type of damage. It is crucial to note that this company does not cover loss or theft, and coverage is limited to accidental damage but does include water damage.

    However, they offer a cell phone insurance plan that can either be purchased as a family or individually. You can get coverage by visiting their official platform online.

    Bottom Line

    Cell phone insurance can be a worthwhile investment, especially for people who are currently using some of the expensive mobile devices.

    However, before purchasing coverage, it is important you know some of the best lenders, and this article has outlined and discussed some of the top providers.

    We, however, advise that before purchasing coverage, you ensure you compare quotes to enable you to select a provider that meets your needs.

  • Scuba Diving Insurance

    Scuba Diving Insurance

    Are you a scuba diver in search of insurance products to protect yourself while engaging in scuba diving? If yes, stumbling on this piece of writing is not a coincidence! Scuba diving is an exciting and occasionally unpredictable sport that comes with some risks, such as the possibility of accidents, medical issues, and equipment malfunctions.

    Scuba Diving Insurance

    Scuba diving insurance is a special type of insurance that is designed to shield divers from certain dangers related to underwater activities. Whether you are a recreational or professional diver, purchasing scuba diving coverage is crucial.

    This is because most standard health insurance policies do not cover the particular hazards associated with diving. With this type of insurance, scuba divers can dive with peace of mind knowing that they have coverage for medical costs, trip cancellations, lost or damaged gear, and even emergency evacuation.

    Risk Involved in Scuba Diving

    Although scuba diving is considered a safe and exciting sport, we can’t rule out the fact that there are several risks attached.

    Even when it is done under the supervision of professional divers, there are cases where a specific risk will rear its face, and it may incur severe damage to the diver.

    As a result of the risks and dangers involved in scuba diving, most insurance companies label it as an ‘extreme sport.’.

    Here are common examples of risks involved in scuba diving:

    • Decompression sickness (DCS)
    • Ear and sinus barotrauma
    • Pulmonary barotrauma
    • Arterial gas embolism
    • Nitrogen narcosis
    • Equipment failure
    • Poor visibility
    • Strong currents
    • Marine life hazards (e.g., stings, bites)
    • Entrapment or getting lost
    • Hypothermia
    • Panic or anxiety underwater
    • Drowning
    • Surface intervals and rapid ascents
    • Injury during entry or exit

    These and many more are typical examples of potential risks of scuba diving. Since a standard travel and health insurance policy does not cover expenses related to scuba activities, purchasing scuba diving insurance is an ideal option.

    What Does Scuba Diving Insurance Cover?

    Typically, a scuba diving policy offers coverage for medical expenses and other costs associated with accidents and damage incurred from scuba diving activities.

    Although it provides essential coverage for medical expenses, scuba diving coverage also covers

    • Lost or damaged diving equipment.
    • Cost of transportation from the dive site to the medical center.
    • Emergency evacuation and repatriations.
    • Trip cancellation or interruption.
    • Loss of hands, feet, or eyesight.
    • Decompression sickness treatment
    • Search and rescue costs.

    Depending on the type of policy you bought and the insurance company you are working with, there may be other coverage options aside from the aforementioned ones.

    You can check your policy document or reach out to your insurance company for further clarification on what your policy covers.

    What Is Not Covered?

    Most insurance policies have their specific limitations; scuba diving insurance is not an exception.

    • Injuries due to reckless behavior
    • Diving without proper certification
    • Normal wear and tear
    • Non-diving-related medical expenses
    • Personal liability outside of diving activities
    • Diving in unapproved or unsafe locations
    • Accidents caused by alcohol or drug use
    • Pre-existing medical conditions

    When purchasing scuba diving coverage, it is important to have an idea of the exclusions of your policy. In the event of an accident, you will be able to know if the claim meets the parameters of your policy or not.

    Who Sells Scuba Diving Insurance?

    Scuba divers can purchase diving insurance from several reputable insurance companies, which focus on adventures, sports, and travel. Insurance companies that specialize in offering extensive coverage for divers include Divers Alert Network (DAN) and World Nomads.

    These insurers understand the hazards involved with scuba diving, and as such, they provide scuba diving coverage that covers medical emergencies, evacuation, and dive-related equipment.

    Both recreational and professional divers can purchase scuba diving from either DAN or World Nomads and enjoy perks like coverage for lost gear and trip cancellation.

    Furthermore, besides insurers that specialize in providing coverage for scuba divers, there are traditional travel insurance companies that may offer policies that include scuba diving coverage as an add-on or rider.

    While these companies may offer coverage that covers diving, policyholders must carefully review the terms of the policy to make sure the coverage matches their unique diving needs.

    In general, scuba divers are encouraged to shop around and compare offers from several companies when deciding on which policy to opt for. This would also enable you to weigh your options and select an insurance company that provides sufficient protection that fit your diving needs and budget.

    FAQs

    What is scuba diving insurance?

    This insurance is a type of insurance specially designed to cover hazards related to underwater diving, such as emergency evacuation, medical bills, and equipment loss.

    Who needs scuba diving insurance?

    Scuba diving insurance is typically designed for anyone who participates in scuba diving.

    Whether you are a recreational or professional scuba diver, consider purchasing scuba diving insurance to protect yourself from potential hazards.

    How much does it cost?

    The cost of this insurance varies significantly across multiple insurers and is also contingent on several factors.

    Insurance companies will take a look at your diving experience, coverage limits, and other factors when determining how much you will be charged for premiums.

    Do I need scuba diving insurance if I have health insurance?

    Even if you have a health insurance policy, you still need scuba diving insurance for comprehensive protection.

    Most standard health insurance policies do not offer coverage for diving-related injuries; hence, the a need to have additional coverage.

  • Kidnap and Ransom Insurance – What it is and How it Works

    Kidnap and Ransom Insurance – What it is and How it Works

    In the world today, serious threats to personal and corporate security are frequent. Among these threats are kidnapping, ransom, extortion, and other crisis events. However, with Kidnap and Ransom Insurance coverage, companies and individuals can navigate through these dynamic, complex, and constantly changing scenarios.

    Kidnap and Ransom Insurance - What it is and How it Works

    As you know, the financial impact of these crises can be severe on businesses or families. However, this coverage can take away the burden by reimbursing all associated costs incurred during and after the event.

    In addition, it can save people from having to give up their fortunes to protect their loved ones. But before you purchase this insurance, it is important to consider several important factors.

    Also, you will need to understand what this insurance entails, how it works, what it covers, and what it typically costs. If you are interested in learning about this insurance, this article is for you. This article aims to provide a detailed guide on kidnapping and ransom insurance.

    What is Kidnap and Ransom Insurance?

    This is a form of crime insurance that protects against financial losses resulting from abduction, blackmail, or unlawful confinement. It is also known as K & R Insurance.

    This policy also helps to protect individuals, businesses, companies, and corporations operating in high-risk areas. In other words, this insurance can be purchased by individuals, business owners, companies, and corporations.

    Lastly, K&R insurance can also provide access to response consultants who can help with crisis management. They can help identify security risks and tailor coverage to meet your needs.

    How Does It Work?

    As stated above, this policy is specially designed to cover a wide range of security risks that can happen anywhere and anytime. In addition, it provides immediate and guaranteed access to experienced response consultants who can assist with all aspects of a crisis.

    However, here is how the insurance works. As you know, in most kidnapping scenarios, the kidnappers might demand that the victims avoid notifying third parties, and this can be challenging and also lead to complications when the employer or family needs to reach out to the insurance company.

    In this case, most kidnapping and ransom policies include a specific notification provision. This means that the policyholder or employer can notify the insurer and the police about a kidnapping only when it is safe to do so.

    Once the insurer has been contacted, they will deploy specialists to assist in the release of the kidnapped individuals. This assistance may involve negotiations with the abductor, ransom delivery, evacuation, and specialized care.

    However, the insurer does not receive the ransom payment; instead, the employer or family must cover the cost from their funds or seek a loan.

    Subsequently, once the crisis has been resolved, the policyholder will be reimbursed for the ransom and any other associated expenses.

    It is worth noting that if the total costs are beyond the specific limit, the policyholder will be responsible for covering the extra expenses.

    What Does Kidnap and Ransom Insurance Cover?

    This insurance policy covers families, businesses, and other institutions against potential financial losses that may result from kidnapping, financial extortion, or ransom demands. Most K&R policies also cover ransom payments, medical care, interest on bank loans, and the potential loss of income.

    In addition, it covers business interruption costs, public relations expenses, and support services. For company owners, this policy also covers lawsuits against the company if the kidnapped individual decides to sue you for damages.

    In addition, depending on the policy you purchase, you might come across some that cover losses resulting from time off from work after the individual has been released, injuries suffered, related travel expenses, etc.

    Lastly, most policies also cover wrongful detention, terrorism, and, in worst-case scenarios, funeral expenses. We advise you to go through the coverage offered by each insurance company before purchasing coverage.

    Who is this Insurance Right For?

    You don’t need to have millions before purchasing this insurance. Also, you don’t need to be a foreigner working in a war zone to be susceptible to kidnapping and ransom-related events.

    Thus, this insurance coverage is ideal for both individuals and companies that find themselves at risk through their travel exposures, the location of their permanent operations, their industry, or their public profile.

    However, here is a list of sectors and people that can consider this coverage.

    • High-net-worth individuals
    • Humanitarian and aid agencies
    • Media and Journalist
    • Aviation
    • Construction
    • Engineering
    • Maritime
    • Mining
    • Politicians
    • Professionals traveling abroad
    • Tourists
    • Oil and Gas
    • Security
    • Telecommunication

    How Much Does It Cost?

    Research has shown that the average cost of kidnapping and ransom insurance is as little as $500 a year. However, prices rise quickly, and your premium might also be determined by several factors.

    These factors include the type of coverage, benefit amounts, destination countries, and the number of people covered. In this case, the cost might be between $2,000 for a $% million policy that covers a year of nonhazardous travel.

    In addition, if you’re traveling to hot spots, then the price will increase. Nonetheless, this coverage might be worth it in the case of an actual kidnapping.

  • Best Homeowners Insurance for Older Homes

    Best Homeowners Insurance for Older Homes

    Hey there! Are you searching for the best homeowners insurance for older homes? If yes, then this article is for you. This article aims to outline some of the top and best homeowners insurance companies offering coverage for older homes.

    Best Homeowners Insurance for Older Homes

    In the meantime, older homes are generally more expensive to insure when compared to newer homes. This is because older people are often viewed by insurance companies as at higher risk.

    For instance, they can be fragile, their construction material may be obsolete, and certain structural components, ranging from roofs to plumbing, etc., may be in bad shape.

    In this case, finding a home insurance company for your older home might be tasking and time-consuming. Not to worry, we have compiled some of the best companies to consider.

    Best Homeowners Insurance for Older Homes

    As stated above, we have compiled some of the homeowners insurance companies that provide coverage for older homes or high-risk homes. Check out the list below:

    USA

    One of the best home insurance that covers older homes is USAA. This insurance company is best for active military members, veterans, and their families. In addition, their coverage is designed to safeguard your home, belongings, and personal liability.

    Some of the coverage offered includes dwellings, other structures, personal property, and loss of use. Furthermore, they offer additional coverage, which includes extended replacement costs, increased ordinances or laws, replacement costs for personal property, home-sharing, and more.

    The average rates for 100-year-old homes range from $1,504 per year for 75-year-old homes to $1,519 per year for 50-year-old homes to $1,566 per year.

    The best part is that this coverage is available to all 50 states but only to those affiliated with the U.S. military. Lastly, you can get a quote online by simply visiting their official platform.

    Allstate

    Another top home insurance company that offers coverage for old homes is Allstate. This is one of the top-rated home insurance companies in the nation, and this is due to its relatively affordable rates.

    In addition, they offer a wide range of discount options along with exceptional customer service. Allstate home insurance policies are available in all states except California.

    However, like USAA, they offer six basic coverages, including dwellings, other structures, personal property, medical payments, personal liability, loss of use, and other additional coverage.

    The average rate for 100-year-old homes is $1693 yearly; for 75-year-old homes, the average rate is $1693 yearly; and for 50-year-old homes, it is $1681 yearly. You can also purchase a quote through their official website online.

    Chubb

    This insurance company offers a wide range of coverage options for high-net-worth properties, including extending replacement cost coverage, which can increase your coverage limit by up to 50%.

    Thus, this insurance company is ideal for people who live in an area that’s at high risk for wildfire damage, offering complimentary wildfire defense coverage.

    Furthermore, Chubb home insurance also includes complimentary home inspection with the aid of its HomeScan technology to detect potential issues going on in your home’s walls or ceilings. It also offers basic home insurance coverage along with additional coverage to ensure that your home is well-secured.

    The average rates for 100-year-old homes are $1743 yearly; for 75-year-old homes, $1753 yearly; and for 50-year-old homes, $1853 per year. Its services are available in all 50 states and can be purchased online via its official platform.

    Progressive

    If you need a home insurance company that offers old homes with safety measures such as smart locks and burglary alarm systems, then you should consider Progressive.

    Progressive is an insurance broker that doesn’t underwrite or service the home insurance policies it sells, but it will place you with one of its partner insurance companies for all of your coverage, customer service, and claim-filling needs.

    Despite this, this company offers the best services designed to meet your needs. In addition, you can also purchase home and auto insurance at the same time to score a multipolicy discount.

    The average cost for 100-year-old homes is $1743 per year; for 75-year-old homes, $1837 per year; and for 50-year-old homes, $1850 yearly.

    What Are the Factors That Affect the Price of Insuring Older Homes?

    Now that you’ve learned about some of the top insurance companies that offer home insurance coverage for older homes, it is important you know the factors that affect the price of insuring your old home. Here are some of the most common factors to consider:

    Age of the Home

    One of the major factors that affects the price of insuring older homes is the age of the home.

    For instance, the price of homeowner insurance for a 100-year-old house differs from that of a house less than 40 years old. Home insurance rates are higher for older homes or homes in need of repairs.

    Building Materials

    Another factor that might affect the price of insuring older homes is the building materials. If your home was built with rare materials, then replacing it might be considerably more expensive.

    This is because these homes often require additional review by your insurer to ensure your property is eligible for coverage and that the correct protection is afforded.

    Roofing

    This is another vital factor that might affect the price of insuring your old house. An older roof is less likely to withstand damage, and thus your premium might increase.

    Also, the material used to construct the roof can cause concern, as the materials used years ago were heavier and less durable than those used presently. Lastly, depending on the age and roof material, your home might not be qualified for coverage and a full roof replacement.

    Electrical Wiring

    If your home has its original wiring, there might be a high risk of fire and other issues, and in this case, your insurance premium might be high.

    Thus, depending on the age and type of electrical system, your home may not be eligible for coverage.

    Plumbing Systems

    Outdated plumbing systems can also cause your home insurance premium to increase. This is because obsolete plumbing systems are often built with materials that are prone to leaks, blockages, and burst pipes.

    How to Lower Homeowners Insurance Premiums on Your Older Home

    If your home insurance premium is unaffordable for your old home, you should consider the following:

    • Replace the wiring in your home with modern ones.
    • Also, change the plumbing and utility lines.
    • Replace the roof
    • Have a good credit score.
    • Also, make cosmetic and interior upgrades and renovations.
    • Lastly, check for available discounts, such as safety or bundling discounts.

    You can consider the above if the cost to insure your old home is expensive and unaffordable.

    Bottom Line

    Purchasing home insurance is ideal, as this can secure your home from unexpected circumstances. However, having an older home can make it harder. Nonetheless, several home insurance companies cover high-risk homes.

    All you have to do is find the best deal on the coverage you need using an online quote comparison tool to see how different insurance companies stack up.

  • Accident, Sickness, and Unemployment Insurance

    Accident, Sickness, and Unemployment Insurance

    Accident, sickness, and unemployment insurance, also known as ASU, is designed to secure people who are unable to work due to injury, illness, or unemployment. In addition, it provides financial support to help you cover your living expenses, such as rent or mortgage payments, utility bills, and more.

    Accident, Sickness, and Unemployment Insurance

    Generally, this insurance usually pays out for a maximum of 12 months, and thus it is a short-term solution. Accident, sickness, and unemployment insurance are particularly advisable for self-employed people who rely on their income to cover their financial commitments.

    Hence, you can enjoy peace of mind and also continue to pay your essential outgoings each month. This is irrespective of accident, sickness, unemployment, or redundancy. If you’re interested in purchasing this policy, read through this article till the end.

    What is Accident, Sickness, and Unemployment Insurance?

    This is a policy designed to provide a monthly tax-free payment directly to you to replace your income if you lose your job. It also covers your income and enables you to recover from an injury. Or illness or find a new job without suffering financially. I

    f you lose your regular income due to accident, sickness, or unemployment, this policy can help cover your expenses. You will be paid a monthly tax-free amount to cover your loss of earnings up to 12 months or until you return to work.

    How Does it Work?

    This is simple. Once you decide to purchase this insurance, you will need to research and choose the right product for your situation and circumstances. After which, you can proceed to apply for the policy.

    It is, however, essential to know that for unemployment policies, you will have an initial exclusion period. This means that if you are made aware that your job is at risk within this period, then it is best to cancel the policy.

    This time could be 60 days, 90 days, or 120 days. However, for accidents and sickness, there are no initial exclusion periods, and you are covered immediately upon taking the cover out. You can either choose an excess or a waiting period; this is the time you will wait at the point of claim before you receive your payout.

    It is key to note that this is dependent on your preferences and budgets. The last period is 30 days, increasing to 90 days, which is the cheapest for accident, sickness, and unemployment cover.

    In addition, this policy will continue as long as you are paying your monthly premium payments. If you stop paying, your coverage will stop. If you continue paying, you will be covered until you reach the age of retirement or if you wish to cancel.

    What Does it Cover?

    Generally, this insurance insures up to 60% of your current income, although this does vary between insurers. In addition, it is flexible coverage, as you can choose whether you would like to cover just accidents and sickness, just unemployment. Or the whole package of accidents, sickness, and unemployment. You will have to purchase coverage based on your budget.

    What Are the Exclusions?

    It is important to know some of the exclusions of this insurance, and some of these exclusions include:

    • Accident caused whilst committing a criminal act
    • Which are self-inflicted or due to alcohol, drug abuse, or misadventure?
    • Resulting from war/serving in the armed forces
    • Pre-existing medical conditions
    • Stress, anxiety, or depression
    • Standard pregnancy without complications
    • Resignations or voluntary redundancy
    • Unemployment due to misconduct or industrial action

    How Much Does It Cost?

    The cost of this insurance depends on several factors, which include

    Monthly Benefit

    If you select a higher monthly benefit, you will have to pay a higher monthly premium.

    Age

    Another factor that determines the premium you will have to pay is your age. Generally, your monthly premium increases with your age. This reflects the increased risk of health-related issues and the recovery time needed for most accidents.

    Deferred Period

    If you begin paying the monthly benefit after 30 days, you will have higher premiums than policies that pay out after 60 or 90 days.

    Health and smoking status

    Non-smokers with no pre-existing conditions will enjoy lower premiums than a smokers with existing health issues.

    Occupation

    The cost of ASU coverage is also determined by your occupation. For office-based roles, you are likely to have cheaper monthly premiums than those for high-risk hazardous professions such as construction workers.

    Benefit Period

    If your benefit period is 12 months, you will have a lower monthly premium than those with 24-month benefit periods.

    To decide which policy is right for you, you will need to compare quotes to find the best and most affordable prices.

    Is Accident, Sickness, and Unemployment Insurance Worth It?

    As stated above, this is an ideal policy designed to help provide income to people who are injured, sick, or unemployed. Also, it eases the financial burden and provides you with the support you need to get back on your feet.

    While this insurance has its benefits, borrowers need to review policy terms, exclusions, and waiting periods before purchasing the coverage.

    Furthermore, it is worth considering alternative protection options such as income protection insurance and critical illness coverage to ensure they have the most comprehensive and suitable coverage.

  • Single Trip Travel Insurance – What it is and How it Works

    Single Trip Travel Insurance – What it is and How it Works

    No doubt, travel insurance is important as it can help cover financial losses associated with traveling. In addition, it can be a useful protection for domestic or international travel.
    One of the travel insurance coverages you can purchase is single-trip travel insurance.

    Single Trip Travel Insurance - What it is and How it Works

    This insurance is designed to cover just one trip and can help protect against unexpected events that might pop up, from a sudden illness to a stolen passport. Not only does this insurance cover sudden illness or stolen passport, but it also covers a wide range of issues such as trip cancellations, medical expenses, loss of belongings, and other unexpected events.

    Furthermore, this insurance can help lessen the burden of planning for a single trip. Thus, with single-trip travel insurance, you can get the peace of mind that you deserve. If you’re interested in obtaining a quote, please read through this article to understand the details.

    What is Single-Trip Travel Insurance?

    Single-trip travel insurance is a policy that covers you for a one-off holiday to a destination or destination(s) of your choice and ends when you come home.

    This insurance is ideal for all travelers, and this is because it is helpful for trip interruption, cancellation, medical expenses, rental cars, and other coverage.

    Additionally, unlike annual travel coverage, which covers many trips and can be expensive to purchase, this policy is affordable. In other words, single-trip travel insurance is usually cheaper than an annual policy.

    It is, however, essential to note that if you enjoy a couple of trips each year and you take out a single policy each time, the cost can soon add up. Thus, in this case, you might consider purchasing annual travel insurance.

    How does it work?

    This is simple. As stated above, this insurance or policy covers one-off holidays from start to finish. If you’re considering this policy, you will first need to research and compare several travel insurance companies to find the right plan that suits your budget.

    Once you’ve decided on a company, you will be required to provide the following information: destination, start date, and end date of your trip. If you intend to visit more than one destination in one trip, ensure you include all the sites in your coverage.

    This insurance policy will cover your medical expenses, emergency repatriation, holiday cancellation, lost or stolen luggage, and other possessions.

    What Does It Cover?

    Your single-trip travel insurance will cover the following:

    • Medical expense
    • Holiday Cancellation
    • Personal possessions and baggage
    • Personal Money
    • Emergency repatriation
    • Personal liability

    The aforementioned are some of the common coverages that you will get when you purchase this policy.

    It is worth noting that coverage might vary from one travel insurance to the other. Hence, ensure you research the coverage offered by each company to determine your needs.

    Pros and Cons of Single Trip Travel Insurance

    You must understand the pros and cons of this insurance before purchasing a policy.

    In this section of the article, we will outline some of the pros and cons of this insurance:

    Pros

    • Firstly, this insurance can be cheaper than annual coverage.
    • Also, it covers a specific trip.
    • Lastly, you have a higher maximum age than the annual

    Cons

    • It can be more expensive per trip.
    • Shorter-term coverage
    • You will need a new policy each time you intend to travel.

    How Much Does It Cost?

    As stated above, this coverage can be less expensive than annual insurance. It costs between 5 and 7% of your total trip cost. However, prices may vary due to certain factors, such as

    • Age
    • Cost of your local healthcare
    • Cost and breadth of coverage
    • Optional supplements are added to your policy.
    • Lastly, the length and cost of the trip

    The following can determine the cost of your single-trip travel insurance. Thus, you must consider the above-listed factors before purchasing coverage.

    Frequently Asked Questions

    Does single-trip travel insurance cover COVID-19?

    Most single-trip travel insurance companies cover COVID-19. This means if you contract COVID-19, you will be covered to cancel your holiday or receive medical treatment abroad.

    However, most companies do not cover COVID-19, so you should go through the coverage offered by each travel insurance company before purchasing coverage.

    Is annual travel insurance cheaper than a single trip?

    As mentioned above, if you’re planning on going on more than one trip this year, you might consider purchasing annual travel insurance, as this might be cheaper.

    However, if it is a one-off holiday, trip travel insurance might be cheaper.

    When should I start my single-trip policy?

    If you’re considering this policy, to get started, you will need to enter the dates you will be leaving and returning to your home country.

    You will then be covered for unexpected cancellations from the time you pay for your policy, even if the travel dates are months away. Hence, you can look forward to your holiday knowing that you’re covered.

    When is single-trip travel insurance best?

    Here are some of the best examples of where single-trip travel insurance might be the best option:

    • If you’re planning on taking one or two trips within a year, it might be cheaper to buy one or two single policies.
    • Also, if you can’t find an annual policy within your age limit
    • Lastly, if you’re being quoted a high price for an annual policy, you can consider this policy.

    Does single-trip travel insurance cover multiple countries?

    Yes! Your single-trip insurance can cover multiple countries. Thus, if you wish to visit several countries in one trip, you can get this insurance.

    However, you will need to provide your insurer with the list of countries you intend to visit along with the date you will be leaving and returning from your trip.

  • What is Supplemental Life Insurance

    What is Supplemental Life Insurance

    If you have life insurance but you additional coverage to your existing plan, then you should consider getting supplemental life insurance.

    For instance, if your employer offers life insurance as part of your employee benefit but you need additional coverage that covers your family’s needs in case something happens to you, this insurance is ideal for you.

    What is Supplemental Life Insurance

    This article will discuss supplemental life insurance and why you should consider purchasing a policy.

    What is Supplemental Life Insurance?

    Supplemental Life insurance is a type of life insurance that provides additional coverage to an existing life insurance plan. This policy can be purchased through an employer or a private insurance company.

    In addition, this insurance is ideal if your current policy doesn’t offer enough coverage or if you need specific benefits. This insurance can provide extra support for your loved ones if you pass away unexpectedly.

    How does it Work?

    This insurance as stated above provides additional coverage to your existing life insurance.

    While your basic life insurance policy is typically paid for by your employer and covers one or two times your annual base salary, most employers don’t extend coverage to commissions, stock incentives, etc.

     In this case, supplemental life insurance can provide a higher coverage but you will pay the premiums.

    It is however essential to note that you will need to have basic life insurance before you can be eligible for this coverage.

    Pros and Cons of Supplemental Life Insurance

    Before purchasing this insurance, you must understand the advantages and disadvantages of this policy.

    This section of the article will outline some of the pros and cons of this insurance:

    Pros

    • It offers higher coverage limits and this is typically three to ten times your salary.
    • Also, it offers easy accessibility.  Most times, no medical exam is required
    • Typically, lower rates due to group pricing
    • Lastly, spouse and dependent life insurance may be offered at a lower rate.

    Cons

    • Rates increase as you age
    • Also, coverage is only forced if you’re actively working with the company
    • It offers limited customization with fewer options for riders compared to individual policies
    • Lastly, employers can change benefits which could impact your coverage

    Types of Supplemental Life Insurance

    Here are some of the types of supplemental life insurance coverage you can purchase:

    Supplemental Employee Life Insurance

    This coverage may increase your coverage as an employee.

    Supplemental Family Life Insurance

    This coverage provides death benefits if your spouse passes away. It also covers the death of your child or qualifying dependent.

    Supplemental accident death and dismemberment

    This coverage is designed to cover beneficiaries in case of death or to you in case of dismemberment.

    How Much Does it Cost?

    The cost of this policy depends on where work. This is due in part to how insurers calculate group life prices.

    Most insurance companies consider data about the group as a whole such as the number of employees and their average age. However, this data might also vary from company to company.

    The group coverage can however be lower than if you buy your coverage. In general, the cost of this insurance varies and can be determined by several factors such as your age, the place you work, etc.

    How Much Supplemental Life Insurance Should I Get?

    To determine the right amount of coverage you need, you will need to consider your family’s financial needs and how well your current coverage would support them when you’re no more. Here are some quick considerations:

    Assess your Financial Obligation

    Firstly, start by calculating major expenses your loved ones might face and these include mortgage payments, outstanding debts, and future college costs for children.

    Determine Existing Coverage

    Next, you will have to look at what your base group life insurance policy already covers. This insurance can help bridge the gap by ensuring enough support for your dependents if your base policy is limited.

    Benefits of a private policy

    While this insurance is convenient, it doesn’t follow you If you leave your job.

    Thus, a private policy adds an extra layer of security thereby giving you coverage that is not tied to your employment.

    Most private policies also offer more flexibility with customizable coverage levels and riders.

    Limited Underwriting Advantage

    If you have health issues, group and supplemental life insurance might be ideal for you because they often involve limited or no medical underwriting.

    Thus, it makes it easier to get additional coverage even if you have conditions that would otherwise impact your coverage or eligibility.

    You should consider these factors before deciding the appropriate amount of supplemental life insurance coverage.

    Is It Worth It?

    This might be an ideal coverage for you if your basic life insurance coverage isn’t insufficient.

    However, you must weigh your options and consider individual life insurance options before committing to supplemental coverage through your employer. 

    If you are still not certain whether this coverage, a financial consultant or insurance professional might offer more personalized guidance.