If you are considering getting disability insurance, you are on the right track. It is a good idea for most people to get this type of insurance. It will help to keep you from getting over your head in debt if something unexpected should happen to you. The basic policy will go a long way, but there are some optional insurance riders that might make the policy even more useful to you, especially if you are young.

One of the most useful riders for anyone to have is the residual disability rider. A lot of times when people are sick or injured they don’t just get sick or recover all at once. It is a gradual process, and they might be able to work part time or perform part of their job duties when they are in the process of recovery. Without this rider, their disability would cut off if they went back to work part time. The rider makes it so that they can work a part time schedule and get a portion of their salary from the insurance company to help make up for the decrease in salary that this would entail. (more…)

There are so many “rainy days” that people can experience – a sick child, a broken-down car or a late mortgage payment. But what about a lawsuit? These days lawsuits are being filed , not just against big corporations, but also against people like you and me. In the blink of any eye, you could be involved in a car or boating accident, or have someone become injured on your property that could result in litigation against you seeking thousands or even millions of dollars. Even though your primary insurance policies, such as Auto, Homeowners, or Boat owner, may provide substantial liability insurance coverage, it may not be enough. A Personal Liability Umbrella Policy provided additional amount of liability coverage at an affordable price.

What is an umbrella policy? A Personal Liability Umbrella Policy provides additional layers of liability coverage over the liability coverage of your underlying policies. Personal umbrella coverage amounts typically begin at one million dollars and can be increase in increment of one million dollars. Here’s an example of how an umbrella policy could work: Let’s say your car is insured for liability with limits of $250,000 per person. You pull into an intersection, strike another vehicle and severely injure the other driver. This insured person sues you and the judgement against you totals $800,000. Your auto policy will pay the first $250,000 but an umbrella policy would respond for the next $550,000. Also an umbrella policy often insures against some types of losses for which there is no coverage in the underlying policy. Examples of such loss include liable, slander, and defamation of character. (more…)

Auto insurance is one industry which always remains full of activity due to several various reasons. Most of the potential auto insurance buyers do not get correct and timely information about the suitable coverage they need, the extent of risk that must be covered by them, cost of coverages, claim processing, customer service, etc. For this very reason, the internet has provided a way to help consumers complete a car insurance comparison to ensure that they are receiving reliable protection from a reputable company at an affordable price. Individual’s need to also take the time to understand the limits which are required by their particular state in order to be properly protected and abide by the state’s laws. Like any other state, Michigan requires that each owner and driver of an automobile must carry the proper liability coverage and it must be maintained at all times while their vehicle is being operated.

Minimum Liability:

Michigan auto insurance laws require No-fault insurance and it is against state law to operate a car without no-fault insurance. The minimum limits of a satisfactory policy issued has three parts:

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To further complicate matters, even if a loss is covered, the policy most likely includes a deductible as well as coverage limits. Depending on the nature of the loss, multiple insurance companies may be involved. For example, if a storm strikes and you have both wind and flood damage, you may have to file a claim with your homeowners insurance for the wind damage and another with the national flood insurance program (if you have flood insurance) for the water damage.

Depending on where you live, your deductible may be higher under certain circumstances. For example, in Florida, your deductible for hurricane damage is much higher than if your home was burglarized. So, will your insurance company pay or won’t they? Look at it this way, insurance companies DON’T want to pay. They are in business to generate profits and will need to be convinced BY YOU that the claim should be paid. The burden of proof lies on you, the homeowner. This means that you will need to prove your case and do it well. The better prepared and more organized you are, the better.

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To break the declarations page down further, we’ll discuss each aspect presented on the page, and this is done in no particular order, meaning your declarations page may or may not have the same information in the same order listed here. First we’ll mention the auto insurance company’s information on the page. The declarations page will have the name of the insurance company, as well as their contact information including a phone number and address. If you need to contact the company, the information is readily available here and also on the insurance card that you should have somewhere in your car in case it is immediately needed.

Next, you should find your policy number. Your policy number is a way the auto insurance company can identify you without using your name. This lessens confusion as there is typically more than one client sharing the same first and last names. A policy number can include numbers and letters together, or just numbers. You will need to know your policy number any time you want to contact the insurance company. You can also find your policy number on the insurance card.

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