Cheapest Full Coverage Auto Insurance Policy

If you go for this type of insurance, the company pays for the claims made, besides the legal fees which you will need to pay in case another person has been injured or killed in the accident. Not only that, it also pays for the damages which may have been caused to someone else's property. Moreover, if you have opted for a comprehensive or collision insurance, then you can think of dropping them and instead opt for full coverage auto insurance. That's because the amount which you would pay for a full coverage auto insurance, would be considerably lower than both these insurance taken together.

To find out cheap full coverage auto car insurance policies, you need to search for it. There are several factors which insurance companies consider while giving you an insurance cover and according to which the premium and the period varies. Your gender and age will also be taken into consideration. One of the most important things which the insurance company takes into consideration is how old your vehicle is. In case your vehicle is quite old, then you will need to pay a higher premium, which may be considerably higher than the market value of the car. On the other hand, if your car is new, it's a better idea to go for auto insurance that offers full coverage.

Once you have got an idea of the benefits of cheap full coverage auto insurance and the things which an insurance company considers, you need to do your homework well before buying the policy. You need to get quotes for auto insurance offering full coverage from several service providers so that you get an idea of what is on offer. Search for things like premiums which you have to pay, the kind of injuries covered, coverage for your vehicle, whether it covers lawsuit expenses, etc. You need to ensure that in case of a major accident you will have enough money to pay for all the expenses.

For the best deal, you need to go through all the quotes and see which suits you best. There are several insurance companies who are happy to provide you details of what they offer. After all, they too need more customers to increase their revenue. Make sure all the policies have same amount of coverage, so that you get a clear picture of what all of them are offering.

How to Select the Best Individual Health Insurance Plan

Considering the exorbitant bills medical practitioners and hospitals charge for treatment, it's essential that one has an individual health insurance plan that can effectively cover for a substantial part of these expenses. There are a range of individual health insurance products varying in the facilities and degree of coverage they offer. Here are some tips on how choosing individual health insurance plans, tailor made to your own requirements.

Assess Your Health Risk
Firstly, you need to assess your own health risk. What are the individual health care expenses that you normally pay for? What are the kind of health risks that you are prone to, in the near future? Analyzing your own health risk can give you an idea about what kind of health insurance will be well suited for you.

Choosing the Right Type of Plan - HMO, PPO or HDHP?
There are many types of individual health insurance plans that you can choose from. Two of the prime types, which fall under the title of 'Managed Care Plans' are HMOs (Health Maintenance Organizations) and PPOs (Preferred Provider Organizations). HMOs offer health care through a closed network of medical practitioners and hospitals. More flexible than HMOs, PPOs also offer their own network of specialists, with the additional facility of consulting doctors outside the preferred network.

The prime difference lies in the fact that PPOs, unlike HMOs, do not require that you have a primary physician from their network. You can choose any doctor to be your primary physician. PPOs tend to cost more than HMOs, but offer a wider range of consulting medical faculty, compared to HMOs.

A third option is to go for a high deductible health plan (HDHP) and qualify for an HSA (Health Savings Account). HDHPs offer comparatively low monthly premiums, compared to other health insurance plans and enable individuals pay for their own medical expenses through tax deferred savings in health savings accounts. Consider all the details and the pros and cons of HDHPs, PPOs and HMOs, before choosing one.

What is the Monthly Premium?
Though health insurance plans differ in the nature of managed care offered, they all have some common features as insurance products, according to which you can compare them. The most important feature is the health insurance monthly premium charged to the insured. Depending on the amount of coverage offered, the monthly premium will vary. PPOs have a high premium compared to HMOs and HDHPs.

What is the Deductible Amount?
There is a minimum amount of medical expense that you must pay for, before the insurance company starts covering your expenses. It's known as the deductible. The deductible for various types of treatments, varies according to the managed care plan you opt for. Check out the minimum deductible offered by the health insurance plan that you are thinking of buying. Generally, lower the deductible, higher is the premium amount that you must pay for.

Copayment and Coinsurance Details
There is a minimum amount of fees that you must pay for every treatment, while the insurance plan covers the rest. This is known as 'Copayment'. Check out the copayment amounts charged by HMOs or PPOs for different treatments. Coinsurance is the percentage of medical expenses that are paid for by the insurer. For example, an insurance company may have an 80/20 deal in its agreement, whereby it pays for 80% of the cost of every procedure.

Self Sponsored or Employer Sponsored
It's mandatory for employers to provide a health insurance plan and most of them will enroll you for a group insurance, that provides limited coverage, which may not be enough for most. It's better to go for a self sponsored individual health insurance plan, that provides adequate coverage according to your personal health risk.

Selecting the Right Provider & Researching Plan Details
There are hundreds of insurance providers in USA. Ask around among your friends and family, as well as your financial advisor for recommendations. Make a list of the best insurance providers offering HMO, PPO and HDHP plans. Compare them with respect to the features that I talked about before and select the one which best suits your requirements. Research the coverage details thoroughly.

Popular Homeowners Insurance

The most basic policy insures the property against damage due to 11 factors or perils of nature. Some of these factors are: fire, lightning, smoke, vandalism, theft, ice, snow, windstorm hail, riot, and volcano eruption. The popularity of this policy, better known as HO-1, has diminished over the years, since the policy does not protect against loss or damage to property on account of plumbing issues as a result of freezing. Loss on account of heating system malfunction is, again, not covered by this policy. HO-2 is also a basic policy, but with a wider scope of coverage. HO-2 protects the property from damage on account of 17 factors, and hence, it is a marginal improvement over HO-1.

It's evident that both HO-1 and HO-2 provide only minimal coverage. For people who live in areas that are not prone to floods or earthquakes, HO-3 is a good policy, since it provides peace of mind to the homeowner on many fronts. For instance, this policy provides protection to the homeowner who may get sued by people who meet with an accident on his/her turf. Damage to the residence and personal property are also covered by this policy. As far as damage to the home is concerned, the insurance company agrees to pay the price that is equal to the cost of replacing the property (replacement cost). In case of personal property, the homeowner is entitled to receive the actual cash value of the property. For people living in flood prone areas, flood insurance should be purchased in addition to HO-3.

Actual Cash Value = Cost of Replacing the Property - Depreciation of the Property

Most Comprehensive Policy
The HO-5 policy or Comprehensive Form Policy, is equivalent to purchasing an HO-3 policy with a 'Special Personal Property' endorsement. This would help protect unscheduled personal property from all possible risks, except those that are specifically excluded. It's no wonder that the cost of this policy is 15% more than the cost of the most popular coverage provided by HO-3.

Insurance Policy for Older Homes: In case of older homes, the cost of replacing the property is usually more than the market value of the property. This is on account of depreciation. Hence, for older homes, insurance will not cover more than the actual cash value of the property. This is where the HO-8 policy, which is a modified version of the HO-1, assumes importance.