How do I choose an insurance company?

There are many insurance companies, so choosing between them can be a challenge. Here are the main points to keep in mind when selecting an insurance company: Licensing Not every company is licensed to operate in each state. As a general rule, you should buy from a company licensed in your state, because then can you rely on your state insurance department to help if there’s a problem. To find out which companies are licensed in your state, contact the state insurance department. Price Many companies sell insurance policies and prices vary greatly from one to another, so it really pays to shop around. Get at least three price quotes from companies, agents and from the Internet. Your state insurance department may publish a guide that shows what insurers charge for different policies in various parts of your state. Financial Solidity You buy insurance to protect you financially and provide peace of mind. Select a company that is likely to be financially sound for many years, by using ratings from independent rating agencies. Service Your insurance company and its representatives should answer your questions and handle your claims fairly, efficiently and quickly. You can get a feel for whether this is the case by talking to other customers who have used a particular company or agent. You may also want to check a national claims database to see what complaint information it has on a company. Also, your state insurance department will be able to tell you if the insurance company you are considering doing business with had many consumer complaints about its service relative to the number of policies it sold. Comfort You should feel comfortable with your insurance purchase, whether you buy it from a local agent, directly from the company over the phone, or over the Internet. Make sure that the agent or company will be easy to reach if you have a question or need to file a claim.

Where can I buy insurance?

You can buy insurance through your local insurance agent and through insurance companies that sell through their own employees, over the phone, by mail and over the Internet. Consult your state insurance department, the yellow pages of your phone book, and friends or relatives for the names of insurance companies doing business in your state. In most states, there are dozens, sometimes hundreds of companies to choose from, depending on the type of insurance you're looking for. You can go to our Find an Insurance Company tool for help.

Do I need separate rental car insurance?

Properly insuring a rental car can be confusing, frustrating and downright daunting. Unfortunately, many consumers do not even think about car rental insurance until they get to the counter, which can result in costly mistakes—either wasting money by purchasing unnecessary coverage or having dangerous gaps in coverage.

Before renting a car, the I.I.I. suggests that you make two phone calls—one to your insurance agent or company representative and another to the credit card company you will be using to pay for the rental car.

1. Insurance Company
   Find out how much coverage you currently have on your own car. In most cases, whatever coverage and deductibles you have on your own car would apply when you rent a car, providing you are using the car for recreation and not for business.
   
   If you have dropped either comprehensive or collision on your own car as a way to reduce costs, you will not be covered if your rental car is stolen or damaged in an accident.
   
   Check to see whether your insurance company pays for administrative fees, loss of use or towing charges. Some companies may provide an insurance rider to cover some of these costs, which would make it less expensive than purchasing coverage through the rental car company. Keep in mind, however, that in most states diminished value is not covered by insurers.
   
   
2. Credit Card Company
   Insurance benefits offered by credit card companies differ by both the company and/or the bank that issues the card, as well as by the level of credit card used. For instance, a platinum card may offer more insurance coverage than a gold card.
   
   Credit cards usually cover only damage to or loss of the rented vehicle, not for other cars, personal belongings or the property of others. There may be no personal liability coverage for bodily injury or death claims. Some credit card companies will provide coverage for towing, but many may not provide for diminished value or administrative fees. Some credit card companies have changed their policies, too, so you may not have as much coverage as you thought.
   
   To know exactly what type of insurance you have, call the toll-free number on the back of the card you will be using to rent the car. If you are depending on a credit card for insurance protection, ask the credit card company or bank to send you their coverage information in writing. In most cases, credit card benefits are secondary to either your personal insurance protection or the insurance offered by the rental car company.
   
   If you have more than one credit card, consider calling each one to see which offers the best insurance protection.

At the Rental Car Counter

Since insurance is state regulated, the cost and coverage will vary from state to state. Consumers, however, can generally choose from the following coverages:

• Loss Damage Waiver (LDW)
  Also referred to as a collision damage waiver outside the U.S., an LDW is not technically an insurance product. LDWs do, however, relieve or “waive” renters of financial responsibility if their rental car is damaged or stolen. In most cases, waivers also provide coverage for “loss of use,” in the event the rental car company charges the renter for the time a damaged car can not be used because it is being fixed. It may also cover towing and administrative fees.
  
  Waivers, however, may become void if the accident was caused by speeding, driving on unpaved roads or driving while intoxicated. If you already have comprehensive and collision coverage on your own car, check with your personal auto insurer to make sure you are not duplicating coverage you already have. Should you decide it is necessary, this coverage generally costs between $9 and $19 a day.
  
  
• Liability Insurance
  By law, rental companies must provide the state required amount of liability insurance. Generally, these amounts are low and do not provide much protection. If you have adequate amounts of liability protection on your own car, you may consider forgoing additional liability protection. If you want the supplemental insurance, it will cost between $7 and $14 a day.
  
  An umbrella liability policy, however, may be more cost-effective. Umbrella liability insurance is so named because it acts like an umbrella, sitting on top of your auto and homeowners (or renters) liability policies to provide extra protection including accidents while driving your own car or one that you rent. These policies, usually sold in increments of a million dollars, cost as little as $200 to $300 annually for a million dollars worth of coverage and another $50 to $100 for each additional million.
  
  Those who do not own their own car and are frequent car renters, can also consider purchasing a non-owner liability policy. This not only provides liability protection when you rent a car, but also when you borrow someone else’s car.
  
  
• Personal Accident Insurance
  Personal Accident Insurance offers coverage to you and your passengers for medical and ambulance bills for injuries caused in a car crash. If you have adequate health insurance or are covered by personal injury protection under your own car insurance, you may not need this additional insurance. It usually costs about $1 to $5 a day.
  
  
• Personal Effects Coverage
  Personal Effects Coverage provides insurance protection for the theft of items in your car. If you have a homeowners or renters insurance policy that includes off-premises theft coverage, you are generally covered for theft of your belongings away from home, minus the deductible. If you purchase this coverage through the rental car company, it generally costs between $1 and $4 a day.
  
  If you frequently travel with expensive items such as jewelry, cameras, musical equipment or sports equipment, it may be more cost-effective to purchase a personal articles floater under your homeowners or renters insurance policy. With such a floater, your valuable items are protected at home as well as while traveling anywhere in the world and the coverage is broader.

Can I drive legally without insurance?

NO! Almost every state requires you to have auto liability insurance. All states also have financial responsibility laws. This means that even in a state that does not require liability insurance, you need to have sufficient assets to pay claims if you cause an accident. If you don’t have enough assets, you must purchase at least the state minimum amount of insurance. But insurance exists to protect your assets. Trying to see how little you can get by with can be very shortsighted and dangerous. The insurance industry and consumer groups generally recommend a minimum of $100,000 of bodily injury protection per person and $300,000 per accident since accidents may cost far more than the minimum limits mandated by most states.

If you've financed your car, your lender may require comprehensive and collision insurance as part of the loan agreement.

What is auto insurance?

	Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy. Auto insurance provides property, liability and medical coverage: Property coverage pays for damage to or theft of your car. Liability coverage pays for your legal responsibility to others for bodily injury or property damage. Medical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses. An auto insurance policy is comprised of six different kinds of coverage. Most states require you to buy some, but not all, of these coverages. If you're financing a car, your lender may also have requirements. Most auto policies are for six months to a year. Your insurance company should notify you by mail when it’s time to renew the policy and to pay your premium.

Can I get insurance if I rent my home?

Renters insurance provides financial protection against the loss or destruction of your possessions when you rent a house or apartment. While your landlord may be sympathetic to a burglary you have experienced or a fire caused by your iron, destruction or loss of your possessions is not usually covered by your landlord’s insurance. Because in most cases, renters insurance covers only the value of your belongings, not the physical building, the premium is relatively inexpensive.

By purchasing renters insurance, your possessions are covered against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and water damage (not including floods). Like homeowners insurance, renters insurance also covers your responsibility to other people injured at your home or elsewhere by you, a family member or your pet and pays legal defense costs if you are taken to court.

Renters insurance covers your additional living expenses if you are unable to live in your apartment because of a fire or other covered peril. Most policies will reimburse you the difference between your additional living expenses and your normal living expenses but still may set limits as to the amount they will pay.

There are two types of renters insurance policies you may purchase:

1. Actual Cash Value – pays to replace your possessions minus a deduction for depreciation up to the limit of your policy
   
   
2. Replacement Cost – pays the actual cost of replacing your possessions (no deduction for depreciation) up to the limit of your policy

With either policy, you may want to consider purchasing a floater. A standard renters policy offers only limited coverage for items such as jewelry, silver, furs, etc. If you own property that exceeds these limits, it is recommended that you supplement your policy with a floater. A floater is a separate policy that provides additional insurance for your valuables and covers them for perils not included in your policy such as accidental loss.

Can I own a home without homeowners insurance?

Unlike driving a car, you can legally own a home without homeowners insurance. But, if you have bought your home and financed the purchase with a mortgage, your lender will most likely require you to get homeowners insurance coverage. That’s because lenders need to protect their investment in your home in case your house burns down or is badly damaged by a storm, tornado or other disaster.

If you live in an area that is likely to flood, the bank will also require you to purchase flood insurance. Some financial institutions may also require earthquake coverage if you live in a region vulnerable to earthquakes. If you buy a co-op or condominium, your board will probably require you to buy homeowners insurance.

After your mortgage is paid off, no one will force you to buy homeowners insurance. But it is not advisable to cancel your policy and risk losing what you’ve invested in your home.

Does my homeowners insurance cover flooding?

Standard homeowners and renters insurance does not cover flood damage. Flood coverage, however, is available in the form of a separate policy both from the National Flood Insurance Program - NFIP and from a few private insurers.

The NFIP provides coverage for up to $250,000 for the structure of the home and $100,000 for personal possessions. The NFIP policy provides replacement cost coverage for the structure of your home, but only actual cash value coverage for your possessions. Replacement cost coverage pays to rebuild your home as it was before the damage. Actual cash value is replacement cost coverage minus depreciation so that the older your possessions are, the less you will get if they are damaged. There may also be limits on coverage for furniture and other belongings stored in your basement.

Flood insurance is available for renters as well as homeowners. You will need flood insurance if you live in a designated flood zone. But flooding can also occur in inland areas and away from major rivers. Consider buying a flood insurance policy if your house could be flooded by melting snow, an overflowing creek or pond or water running down a steep hill. Don’t wait for a flood season warning on the evening news to buy a policy—there is a 30-day waiting period before the coverage takes effect.

Excess flood insurance is also available from some private insurers for those who need additional insurance protection over and above the basic policy or whose community does not participate in the NFIP. Depending on the amount of coverage purchased, an excess flood insurance policy will cover damage above the limits of the federal program on the same basis as the federal program—replacement cost for the structure and actual cash value for the contents.

Excess flood insurance is available in all parts of the country—in high risk flood zones along the coast and close to major rivers as well as in areas of lower risk—wherever the federal program is available. It can be purchased from specialized companies through independent insurance agents, or from regular homeowners insurance companies that have arrangements with a specialized insurer to provide coverage to their policyholders.

To find out whether private primary flood insurance is available in your area, contact your insurance agent.

What is homeowners insurance?

Homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep in it. Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage caused by household pets. Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by floods, earthquakes and poor maintenance. You must buy two separate policies for flood and earthquake coverage. Maintenance-related problems are the homeowners' responsibility.

Types of Homeowners Insurance

The Standard Types of Homeowners Insurance

The types of homeowners insurance available to you are fairly standard throughout the United States. There are basically seven types, all beginning with the letters HO.

HO-1 is an older type of policy that is no longer popular these days. It typically provides very limited coverage against specific types of damage to items listed in the policy. Because this type of policy offers such limited protection, it is rarely sold today.

An HO-2 policy offers broader coverage than an HO-1 policy, but its coverage is limited to specified parts of your home. It is called a "named perils" policy because it protects you only against the hazards that the policy specifies.

An HO-3 policy is the most common type of homeowners insurance. It covers all parts of your home against all hazards except those specifically excluded in the policy. Because of its broad-based coverage, it is sometimes called an "all risk" policy. An HO-3 policy also includes liability coverage for visitors who may be injured on your property. HO-3 policies typically exclude a few specific types of loss, such as damage from floods, earthquakes, and sink holes. You can purchase separate coverage for these hazards.

An HO-4 policy is commonly called renters insurance. If you rent your home, your landlord's insurance probably provides some coverage for your personal property. But for your peace of mind, you will probably want to have your own policy as well, especially if you have some valuable possessions. Renters insurance also provides liability protection for injuries to visitors and passers-by.

An HO-5 policy is similar to an HO-3, but it provides even broader coverage. For example, an HO-5 policy might include coverage for unusually valuable property such as art, jewelry, or antiques. This type of policy might also include protection against hazards excluded in most HO-3 policies. Because of its broad coverage, an HO-5 policy is more expensive than the more common HO-3.

An HO-6 policy is designed specifically for condo owners. Condo owners are in a tricky position because they own just part of a building. This type of policy covers their personal property and the portion of the building they own. The condo owners association typically provides some coverage for these things, but it may have significant limitations. Most condo owners choose to buy their own coverage in addition to what the association provides. HO-6 policies also provide liability protection for visitors who are injured on your property.

An HO-8 policy is sometimes called "older home" insurance. Many older homes have a lower market value than replacement value. That is, the price you could get for the home is much less than the cost of replacing it. An HO-8 policy allows you to insure your home for its market value rather than its replacement value.

In addition to these seven types of policies, you may also be able to buy a type of insurance called "extended replacement cost." Most policies cover the full cost of replacing your home under normal conditions. But if you lose your home as the result of a natural disaster such as a hurricane, the cost of replacing it may be significantly higher. After a natural disaster, the cost of building materials and construction services usually goes up dramatically. Policies that cover extended replacement costs take these higher prices into account.

Affordable Home Insurance

Get Quotes on Affordable Home Insurance from Top Carriers

When looking for Affordable Home Insurance it is important to request quotes from many insurance providers. Those who shop around for their home insurance tend to find the best deals available for their home insurance market. Home insurance costs depend largely on the location of the home, how susceptible it will be to natural disasters, like hurricanes and earthquakes, as well as other factors. Homeowners can typically save by increasing their deductible to a manageable rate. Others find affordable home insurance by taking advantage of loyalty programs offered by insurance companies – they buy both their home and car insurance from the same provider. Many affordable home insurance companies compete with rates, so the best avenue would be to obtain quotes from many different sources.

Home Insurance Links - Useful Links to Free Home Insurance

Home Insurance Links:

Wikipedia Home Insurance

Individual Information Institute

FEMA Home Insurance

CNN Money Home Insurance

Insurance at Money Instructor

eHow: Homeowner’s Insurance

Yahoo Home Insurance Center

About: Understanding Home Insurance Policies

How Stuff Works: How Homeowners Insurance Works

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Commitment to employers and members is simple: design plans and resources that offer value and instill confidence. Beyond preventive care benefits and conventional insurance coverage, Humana offers tools and resources that help guide members in using their benefits. We aim to help members make informed choices when it comes to their health, care, insurance plan selection, financing health expenses, and beyond.

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To meet employers and employees on their terms, Humana provides a broad spectrum of healthcare insurance plans.

Consumer-driven products like Humana's SmartSuite^® prove that saving money and having a better experience can go hand in hand – for both employers and employees. A multi-year study of healthcare consumers at 155 companies using SmartSuite shows the product yielded tangible results without a significant change in employer and employee cost share. Annual claims trends were in the 5 to 6 percent range and average premium increases were in the single digits. For more details on the study, visit Health Care Consumers: Passive or Active?

Employers whose group healthcare insurance experience is limited to traditional insurance plans may be reluctant to move directly into a consumer-driven insurance plan. As part of our commitment to meeting employers where they are, Humana also provides insurance coverage with Health Maintenance Organization (HMO) or Participating Provider Organization (PPO) plans, as well as several "first-step" consumerism approaches. Even with gradual modifications, employers can manage costs and help employees take charge of their health, care, insurance plan selection, and more. Find more details about Humana's group health insurance plans.

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Life Insurance Comparison

Comparing life insurance - where do you start? There are a multitude of big name and niche life insurance companies out there, complex policy types and it's not as though life insurance is an everyday purchase. It's no wonder so many people are confused when it comes to their life insurance comparison. That's why we've built an independent online life insurance comparison tool and compiled tons of helpful guides to help you find the best deal in minutes.

Life insurance comparison tip,

Life insurance can be a difficult insurance purchase to get right. It's not something that you renew each year and it's possibly not something you've bought before. This heightens the importance of comparing life insurance companies and not simply selecting the big brand name. A good life insurance comparison will be able to match yourself and your circumstances to the best life insurers best set up for you.

Before you dive head first into your life insurance comparison, put some thought into exactly what you want to cover. Are you protecting a partner from the burden of a mortgage? Perhaps you're considering the educational needs of your children? Knowing the reasons why you want compare life insurance cover in the first place will help you to carry out a much better life insurance comparison.

car insurance quote

According to a leading insurer, drivers looking to buy a new vehicle should secure a car insurance quote before signing any contracts.

esure has said that doing this will help to prevent people paying more for insurance than they had originally intended to. It will also allow drivers to judge if they can afford the premiums, if, for example, they opt to buy a higher-performance vehicle or upgrade on their previous model.

The advice was issued after the car insurance company said now is an ideal time to purchase a new vehicle, due to the fact many dealerships are cutting prices in a bid to increase new car sales.

esure, s head of risk and underwriting, Mike Pickard commented: "With a recent fall in demand for new cars crippling the car manufacturing industry and a slide in the value of the used car market, now could be one of the best times to buy a car."

He also underlined the importance of comparing the market to find the best price, both in terms of car finance and insurance.

" … whether it's bargaining on the forecourt or shopping around for the right finance and insurance deal, spending an hour or two researching the options available could make a real difference to your wallet - particularly in such a strong buyers' market. "