The Benefits of Insurance to Individuals and Organizations

Insurance is actually an arrangement which a company or a state undertakings to provide the guarantee of a specific amount of compensation to the person or entity for a specified loss, damage, illness or death in return for a specific amount of premium that is paid by the person monthly.

There are basically four types of insurance policies:

• Life Insurance: it is a type of insurance that is done to provide financial security for the entire family in the event of the policy holder's death.

• Health Insurance: it is basically a type of insurance where monetary support is provided for any serious health related issues to the policy holder or his family.

• Property insurance: this type of insurance covers the policyholder in the event of damage to his property by fire or any other means.

• Auto Insurance: your car is too precious to you, so if it is stolen or damaged you will need a huge amount of money. This auto insurance will pay the policy holder's repairing costs.

But before you buy any insurance you must know all the benefits of that insurance. Insurance benefits the individual or any organization in many ways.

Some of them have been discussed below.

• The most important benefit of security is the payment of the losses that one faces. An insurance policy is a contract that is used to minimize the losses faced by the individual.

• It manages the cash flow uncertainty. Insurance provides the payment of for the covered losses. Therefore the problem for paying out of the pocket is resolved.

• Insurance complies with the legal assessments. Insurance meets the contractual requirements and also provides the legal evidence for the organization or the person to claim for the refund or losses.

• A very important benefit of the insurance policies is its measures for promoting risk control activity. Insurance provides all sorts of incentives to implement a loss control program.

• An uncommon benefit of security is the support it provides for the policy holder's credits. Insurance gives loans to individuals and organizations by guaranteeing that the lender will be paid the whole compensation if the loan amount or the property is destroyed.

• Insurance provides all kinds of the source to the investment funds. All the Insurance collect a specific premium from the policyholder and invest them in various schemes and pay the claims if they occur.

• Insurance also helps in reducing the social burden of the victims by giving them compensation.



Source by Achal Mehrotra

Becoming An Insurance Adjuster – How To Go About It

If you are interested in becoming an insurance adjuster there are certain steps you will need to take to get ready for this career path. You do not have to have a college degree but it helps. Claims or loss adjusters are a very necessary part of life today. They review all insurance claims on homes, autos. Boats and even on businesses. If you are claims adjuster you will most likely receive calls to review claims for bodily injury and property damages. In case you were still uncertain that this career path for you read on to find out just what steps are involved in becoming an insurance adjuster.

Becoming an Insurance adjuster is not for a person who does not like people. This is definitely a service-oriented business and you will need good communication skills. You will be seeing people when they are at their worst most of the time. Sometimes even filled with grief and anguish so it is imperative that you have the gift of empathy in this line of work.

Becoming an insurance adjuster also involves tons of forms and calculations so if you are not a detail oriented person who can handle a lot of paperwork then this may not be for you. Paperwork is now done mostly on laptops and notepads but the proper filing of them and making sure all the I's are dotted and the T's are crossed falls on you

When becoming an insurance adjuster you have to be willing to take the appropriate steps to increase you ability to serve your clients and to make yourself more marketable. This is a field that requires that the participants be licensed by the states in which they serve. In the United States the Insurance companies would like all their adjusters to have at least an associates degree. Your major is also important, any of the business programs and economics degrees cross over well into this field. If you majored in finance it will be a plus for you. All of these majors include courses in accounting and economics and business communication. These are the core elements of the job of being a claims adjuster. Becoming an insurance adjuster is not going to happen overnight, but with the right preparation you can become a giant in this industry.

Becoming an insurance adjuster has just been made easier with the introduction of the online Xactimate 27 training courses . You can take classes that will teach you to operate the Xactimate software that literally makes reviewing a claim a "piece of cake". They teach you everything from how to generate the proper formats to how to sketch a room. Knowledge is power and the more you know in this business the better. The instructors are bonafide active adjusters in the state of Texas and they even have monthly live class sessions in the Dallas-Forth Worth area. Even if you do not live in Texas this training program and the software can be adapted to serve your needs for the state you are in.



Source by Brenda Shapplin

Boat Insurance – Is it Really Needed?

When you think of California, surf, sand, and blue oceans come to mind. Water sports are popular pastimes among residents and visitors alike. If you are one of those people who love the water, proper insurance for motorized water craft is a must. Many California car insurance companies that insure your vehicles will also insure your toys. Before taking to the water, call your car insurance company and get rates for your boat or personal watercraft (PWC).

There are many different types of boats and California car insurance companies have different rates depending on what boat you have. It is a good idea to obtain insurance for all motorized watercraft. Personal non-motorized watercraft can be insured, but it is not as important to do so. Insurance typically covers damages that you are liable for when you make a mistake or have a loss due to fire, animals or other non-preventable incidences. If your boat or PWC is not worth a lot and not motorized, insurance is not needed, but if your boat has a high risk of injury or will cost a lot to repair / replace, definitely insure it.

Passenger boats are usually powered by motors and are larger than a canoe. These boats usually can carry three or more passengers comfortably. Serious bodily and property damage can be done with these boats. At the very least, liability insurance should be purchased. If the boat is stored by a company during off months, ask them if your boat is covered if something happens. You may be able to save some money by dropping your insurance coverage during winter months if it is covered by the storage company's liability policy. States differ in their insurance laws and minimums.

Contact your California car insurance carrier for requirements and rates.

Personal watercrafts are used primarily for one or two people and can either have a motor or not. Waverunners and kayaks are good examples of PWCs. Canoes and kayaks normally do not need insurance coverage and many times are covered under homeowners insurance against fire or theft. Some PWCs can be dangerous or are expensive to fix and should be insured to offset these costs. Again, each state has it's own laws so make sure you call your insurance carrier, ask what the requirements are, and get a car insurance rate that reflects boat coverage.

When deciding whether to insure your watercraft, use good common sense. If the boat can do serious harm, it should be insured. Find out and abide by all state laws relating to insurance and usage. Keep in mind when traveling that all states have different regulations. Learn what they are before leaving on vacation.

Separate summary: Boating is relaxing and great fun, but can be dangerous. Abide by all rules and regulations of your state or the state that you are visiting. Be sure to have insurance coverage when needed. Your California car insurance carrier may be able to provide insurance for your boat also. The car insurance company rates could be lower if your other vehicles are transported by them also.



Source by Mary Duares

No Medical Life Insurance: A Solution for the Hard-To-Insure

Life insurance is a critical way to ensure the wellbeing of one's family in the event of a tragedy. Unfortunately, however, traditional life coverage is not an option for many people for a whole host of reasons. Over 30,000 traditional life coverage applications are turned down every single year. People can find themselves rejected by traditional life protection for anything from having a chronic illness to working at a dangerous job. The good news is that there is another option for these people: no medical life insurance. It is a type of life coverage that does not require you to undergo a medical examination for your application to be accepted. There are two kinds of no medical insurance policies: simplified issue life protection and guaranteed issue life insurance.

Simplified Issue Insurance Plan

When you apply for simplified issue insurance policy, you do not need to be examined by a doctor. You may, however, be required to fill out a questionnaire about your health and history, which usually includes somewhere between three and 12 questions. These can include questions about any chronic medical conditions you may suffer from, whether you've been turned down for traditional insurance in the past, if you have any regular activities that put you at risk (such as smoking or a high-risk occupation) , and more. Generally speaking, the higher the number of questions on one of these applications, the lower the premium will be, and vice versa. It's important to keep in mind that the face amount on a simplified issue policy is often limited to $ 150,000 dollars.

Guaranteed Issue Life Insurance

Guaranteed issue insurance plan does not require applicants to submit to a medical examination or fill out a health questionnaire. These policies, as a result, are very popular for people with severe illnesses. That said, the downside to these policies is that they are much more expensive and have much lower coverage amounts for non-accidental deaths – generally around $ 25,000. On top of that, with many guaranteed issue policies, if you die within the first two years, the payout your beneficiary receives will be limited to a return of premium. Despite this, however, guaranteed issue policies are oftentimes the only option for the seriously ill, and as no information about medical condition is required to apply for one of these policies, very few applicants are turned down; the most common reason for a denial is if an applicable is above the maximum age limit, which is usually 75.

Who Should Consider No Medical Life Protection?

This type of life insurance is a great option for a wide variety of people. If you've been turned down for traditional insurance in the past or are likely to be, such as if you suffer from a chronic illness, work a high-risk job, or have previously been convicted for driving under the influence, life insurance policies that exclude medical exams are still an option for you. Furthermore, many people are uncomfortable with undergoing a medical exam, for personal, religious, or any other reasons. These people may find themselves much more comfortable with simplified issue insurance policy.

How You Can Buy No Medical Life Insurance

There are a few ways to purchase this kind of life protection. The first is to buy the insurance from direct agents, who are employed by and work for specific insurance companies. Or you can buy a policy from an insurance broker. Brokers are independent, but unlike agents, they sell the products of multiple insurance companies. These are the main sources from which you can purchase life insurance without a medical exam. Find out more about the policy and get a free medical life insurance quote today.



Source by Jack Tereshkov

How to Drive Down Car Insurance Costs

Shopping for car insurance is probably low on your list of to do's. But even if it's not up for renewal, give your policy a second look – a few changes in your 'life, like those below, could mean you're due for a big break!

Did you have a credit score change? Whether it's gone up or down, you'll want to check with your auto insurer: Many use it to rate you – and adjust your premium accordingly. Your insurer not one of them? If your score has gone up, find an insurer that gives breaks to people with good ratings. On the other hand, if your company does factor in credit scores and yours has gone down, consider a company that ignores the scores.

Did you switch jobs? If you've been laid off or started working from home, ask about low-mileage discounts. Many insurers will take off a percentage if your commute disappears. Note: If you find a job ridiculously close to home, notify your insurer – a super-short drive is often considered the same as no drive at all, which may also qualify you for the rate reduction.

Are your kids getting older? If your child is about to reach driving age, do some comparison-shopping before adding her to your auto insurance. Surprisingly, the company you've been with for years may not give you the best rate! Insurers use different methods for calculating the risk-and cost-of a new driver. In some cases, that loyalty discount may not offset the additional cost. What if you have a young driver who's soon be off to college? Ask about a discount; you could score extra savings.



Source by Robin Boddy

Canada Health Insurance For Newcomers

When arriving in Canada, one of the most important things a newcomer needs to do is acquire health insurance. In most provinces you will receive coverage as soon as you apply, but many immigrants do not realize that national health care is not always available on the first day they arrive. Provinces such as British Columbia, Ontario, Quebec and New Brunswick, require that immigrants wait at least three months before they are eligible to receive health plan benefits. After arriving in Canada it is important to apply for your health insurance card. If you are immigrating to a province that has a three month waiting period, you should purchase private, short-term health-care insurance.

If you stay in a province that does not require a three month waiting period, each member of your family must have their own health card. You can obtain an application form from the provincial health ministry office, hospital, doctor's office, or a pharmacy. To apply for a health card, you will need your passport, Confirmation of Permanent Residence (IMM 5292) or birth certificate. Health care services will only be offered to people who have their own names on the health card that they provide. Immigrant organizations are available to help with filling with out application forms

If you are living in a province that requires a three month waiting period, you can purchase a private, short-term health-care insurance plan. Private health plans provide comprehensive coverage for a variety of health conditions and medical emergencies. There are plans that can be purchased before you arrive in Canada. If you purchase insurance from your originating country, read the policy carefully to make sure you are still covered once you arrive in Canada.

Canada's national health care system does not cover dental care but there are private plans that will cover dental procedures. It is important to make sure your family members are also covered. Some insurance companies have stipulations for buying private health insurance that may include a standard deadline to apply for insurance after arriving in Canada. The cost of health care coverage depends on the insurance provider you choose, health history, the type of insurance package, and your age and your dependent's ages. Some insurers may have specific conditions attached to particular insurance plans.

Most private health insurance plans include extended health care benefits such as prescription drugs, medical supplies, hearing aids, vision care, hospital rooms, and complementary health services such as chiropractic and registered massage therapy. They can also cover dental plans, disability income, critical illness coverage, travel insurance, and accidental death and dismemberment benefits.

For more information about obtaining private health insurance and different health plans private health insurers provide, you can contact the Consumer Assistance Center of the Canadian Life and Health Insurance OmbudService (CLHIO). In Ontario, Settlement.org provides the Guide to Supplementary Health Insurance booklet that helps newcomers understand health insurance. The booklet is also helpful when newcomers are deciding which health plan will meet their needs. Settlement.org also provides a list of companies that provide private health insurance. Insurance brokers are an alternative to insurance companies. Because brokers represent several different health insurance companies and have access to different plans, they are often able to provide more choices and a better price.

Acquiring a health care plan is an essential part of settling in Canada. In case of an emergency, it is important to have the right health insurance plan that meets you and your family's needs. With all of the new experiences waiting for you, having proper health care is one less issue that you and your family will have to worry about.



Source by Amy Nutt

How to Find Cheap Car Insurance

Cheap car insurance is not hard to find. Many car insurance companies offer value for money. The Progressive Insurance Group, established in 2000, is one of the reputed Insurance groups that offer car insurance policies in the Tampa region. Not only Progressive, there are many independent agents operating in Florida who offer cheap car insurance at affordable premium rates, sometimes better than the restructured groups.

Way To Find Cheap vehicle Insurance

The premium rate for cheap vehicle insurance varies significantly from one insurance company to another. So, in order to get the best deal, you need to compare rates from different companies. There are many online comparison websites for the purpose. There you may get quotes from 'A' rated companies and can also obtain advice from insurance agents.

Premium rates

The average premium rate for cheap vehicle insurance in US is $ 1,790. Some of us have the opinion that the premium rates are jointly fixed by the state and the insurance companies. However, this is not the case. You can always shop around for cheaper rates. Insurance companies have several policies at their disposal to segment customers. Your premium rates for a cheap car insurance may significantly differ from someone else's, although the policies are bought from the same insurance company.

Authorities in Florida take car insurance seriously. Every person, irrespective of rank should be able to avail cheap car insurance. The role played by independent agents and online comparison websites is highly important in this matter.

Minimum Auto Insurance Requirements

There are governmental regulations that stipulate the minimum amount of auto insurance coverage that you need to take. You need to go for coverage of at least $ 10,000 for bodily injuries for one person. This is the maximum amount payable when you injure or kill someone in an auto accident. This is also applicable if someone else is driving your car with your permission. This amount is extensible up to $ 20,000 for injury liability coverage for everyone. This applies to everyone you kill or injure in an accident.

The minimum property damage liability coverage is $ 10,000. This is the amount your insurance company will pay when someone else's vehicle is damaged in an auto accident. You need to opt for Personal Injury Protection that pays your medical expenses and your passenger's medical expenses as well in case of an accident.

These are the minimum insurance requirements you need to abide. Beside opting for cheap car insurance, you may also like to climb up the scale to include Collision and Comprehensive Coverage. Collision Coverage pays for the repair cost of your car in case of an accident. The Comprehensive Coverage pays for repairs to your car caused due to multiple factors like theft, fire, riot, vandalism, and nature's fury.



Source by S. Stone

Insurance Appraisal Process – A Policyholder’s Best Chance to Resolve an Insurance Claim Dispute!

Many homeowners and business owners find themselves disagreeing with their insurance company’s analysis of their insurance claim. However, most are unaware that they can dispute the insurance company’s findings via the insurance appraisal process! Even though the policyholder (you) submits a contractor’s estimate, receipts for repairs or materials, or even photos showing damages that the insurance company did not include for repairs… they still won’t budge.

Most policyholders are unaware of how to dispute and resolve their claim with the insurance company. Policyholders have a choice and a voice within their policy for this very purpose. It’s called The Appraisal Clause – also know as The Appraisal Provision. Now, don’t let this scare you. It may seem like a fancy clause that would take a law degree to understand. However, a simple way to understand it is that it’s the insurance industry’s version of arbitration. Although similar, the Appraisal Process is NOT an arbitration or mediation and the umpire is not an arbitrator, mediator, or judge. Insurance Appraisal, Mediation, and Arbitration are separate things.

In short; Arbitration requires attorneys and a legal process, where Insurance Appraisal does not require attorneys or a legal process. Arbitration is a dispute between two parties for any reason, where as, the Insurance Appraisal Process is a dispute between the “value or cost,” to repair or replace property only – bee it an automobile, plane, train, couch, house, commercial building, etc.

Most Policies Have the Appraisal Clause

If you feel you’re at a dead end with your insurance company and want to resolve your claim you’ll need to check your policy for the Appraisal Clause. Most policies will have the provision listed under the “What to do after a loss,” section or the “Conditions” section of the policy. Below, you will find a sample of a typical Insurance Appraisal Clause included in most policies. Keep in mind that policies can be different in each state. Therefore, you should read your own policy to see if this clause exists. It will say something similar to the following ;


“APPRAISAL – If you and we fail to agree on the amount of loss, either one can demand that the amount of the loss be set by appraisal. If either makes a written demand for appraisal, each shall select a competent, independent appraiser. Each shall notify the other of the appraiser’s identity within 20 days of receipt of the written demand. The two appraisers shall then select a competent, impartial umpire. If the two appraisers are unable to agree upon an umpire within 15 days, you or we can ask a judge of a court of record in the state where the residence premises is located to select an umpire. The appraisers shall then set the amount of the loss. If the appraisers fail to agree within a reasonable time, they shall submit their differences to the umpire. Written agreement signed by any two of these three shall set the amount of the loss.”

OK, But How Does the Insurance Appraisal Process Work?

The Appraisal Process allows the policyholder (you) to hire an independent appraiser to determine the value of their damages. In turn, the insurance company will also hire their own independent appraiser. The two appraisers will then get together and select an umpire. The umpire is basically the arbitrator, or what you might call the judge. If a disagreement between the two appraisers arises, they can present their differences to the umpire who will make a ruling.

OK; so far so good, the basics of the insurance appraisal process are beginning to come together. We have an independent appraiser for the policyholder. We have an independent appraiser for the insurance company. Finally, there is an Umpire. These three individuals are known as The Appraisal Panel. The object of the Appraisal Panel is to set or determine The Amount of Loss. The Amount of Loss is the total dollar amount needed to return the damaged property back to its original condition, either by repair or replacement.

Once the Appraisal Panel is set, the policyholder’s chosen appraiser and the insurance company’s chosen appraiser will review the documents, estimates, and differences between them. The two independent appraisers will try to discuss and resolve the differences in damage and in cost. For example; the insurance company may determine that brick on a home does not need to be replaced. Where as, the contractor or appraiser for the policyholder says that it does have to be replaced. The two appraisers will discuss their reasons for their position and try to come to an agreement, first if it should be repaired or replaced, and secondly the cost to return the brick back to it’s original condition prior to the loss.

One benefit of the Insurance Appraisal Process is that the two independent appraisers have not been subject to the bickering and anger between the policyholder and the insurance company. Basically, it’s the hope that cooler heads will prevail. All the appraisers really have is the amount of the damage and the difference between the two estimate numbers. They do not have the previous baggage or anger that led up to the Appraisal. The process was designed so that these two individuals, who have no interest in the outcome, could discuss a settlement based on the facts presented to them.

Sometimes issues arrive where the two independent appraisers can’t agree on certain items. In this event, the two appraisers will submit their differences to the chosen umpire. The three will discuss the issues and try to reach an agreed settlement of the differences. As stated above; the settlement or final number is called The Amount of Loss. The final amount is known as the Appraisal Award. The Award is signed by the individuals who agree on The Amount of Loss. However, only TWO of the three individuals need to agree. (An agreement between the two independent appraisers, or the umpire and either appraiser) Once any TWO of the three individuals on the Appraisal Panel sign the award… the dispute is over! The amount on the Award binding and is paid by the insurance company, to the policyholder.

Can I Use An Insurance Attorney To Dispute My Claim?

The Appraisal Clause was initiated to lower the number of lawsuits filed against insurance companies. The courts found that many lawsuits were entering the legal system where the cost to repair or replaced damaged property was being disputed. In many cases the suites were being resolved when professional engineers and contractors could address the issues. The Appraisal Process was created to get such individuals together and keep these disputes out of the courtroom. Assuming you acquired an estimate of repair to your property for $100,000, from a contractor or insurance claims expert. Your insurance company has created an estimate for $30,000. This would be a clear dispute between the amounts of damage. This type of dispute is exactly what the Appraisal Clause was developed to resolve.

The clause allows parties on both sides of the insurance policy to dispute their differences using this less costly provision. Let’s face it; the courts are filled with lawsuits. The Insurance Appraisal Process allows for the dispute to be settled out of court. Using Insurance Attorneys and lawsuits can have insurance claims tied up in court for years. The Appraisal Provision was designed to keep these disputes out of court for a less costly and timelier resolution.

Insurance Claim Attorneys will usually represent policyholders for bad faith practices. Bad Faith is a whole other issue and sometimes happens after the Appraisal Process has been completed. Bad Faith claims are for much larger suites against insurance companies when it is alleged that they did not act with good faith of the policy they sold to the policyholder. In summary; disputes between the amount of damages and repairs will follow the Appraisal Process before entering into the legal system. Many Insurance Attorneys will also advise the policyholder to engage in the Appraisal Process before any lawsuits will begin.

How Do I know if the Insurance Appraisal Process is a Good Option for My Claim?

If the Appraisal Clause is in your policy then it is always an option. However, it’s wise to point out that Appraisal is usually an option when there is a substantial difference in the amount between the two estimate totals. For example; let’s say a fire completely destroys a house and the homeowner’s personal property within it (Know as the Contents). The differences between what the insurance company wants to pay and what you wish to receive is $5,000. In this situation, the Appraisal Process is not the best idea. After paying the fees involved for the appraisal, you may not end up with much of the $5,000 being disputed.

Now, if we take the same fire that destroys the property and the dispute between the policyholder and the insurance company is $40,000, appraisal should be considered. The policyholder now has a chance to recover substantially more money than originally offered.

Also, the Appraisal Clause is only applicable if a dispute arises from a covered loss. If the insurance company denied the claim as something not covered then this is not a dispute on the amount to repair, but rather a dispute on coverage. For example; homeowners and business policies due not cover floods. Flood policies are purchased separately. So, if there is no coverage for the flood damages then the Appraisal Process is not an option.

Simply put, the Insurance Appraisal Process is to determine the “amount of loss,” to property only. The Appraisal Panel is not to determine coverage, policy provisions, deductibles, how much was previously paid on the claim, etc. Let’s say there was an appraisal for a grand piano that fell off a delivery truck on the highway. The Appraisal Panel’s job is not to determine who’s at fault, the policy coverage limit, if the truck had a registration, or anything other than “How Much is the Piano Worth.”

As with our example earlier, if the insurance company offers a settlement of $10,000 to repair a roof and the policyholder has contractor bids for $15,000, then the Appraisal Process may not be the best option. The Appraisal Process may cost more than the $5,000 that’s being disputed. Unfortunately, the differences in repair/replacement costs are usually much greater. When an insurance company generates an estimate for a claim of $75,000 and the policyholder has acquired professional bids several contractors of $200,000 or more, its time to invoke the appraisal clause.

Beginning The Appraisal Process

Either party associated with the policy can invoke the Appraisal Process. However, such a request must be made in writing. Each policy will have a time limit of when this can take place. Even if a claim has been closed for many years, either party can still dispute the claim and reopen for review. It’s recommended that the request to invoke appraisal be sent via certified mail. Once the request to invoke the Appraisal Clause has been initiated, as explained earlier, each party, the insurance company and policyholder, appoints an Independent Appraiser. (If you wish to invoke the appraisal clause in your policy you need to submit a letter to your insurance company. Find more information at http://www.insurance-appraisal-services.com/invoke-appraisal.html )

Choosing An Independent Appraiser

It’s important to select an Independent Appraiser that has experience with the damages being disputed in the claim. A person with expert knowledge of insurance claims handling and firsthand knowledge of the damaged property and its replacement cost. For example; a person with expert knowledge of insurance claims handling and with expert knowledge of the Appraisal Process, with little experience on the costs to replace an antique grand piano may not be the best choice. In the case of a home or building fire; a good Appraiser is someone who can generate their own line-item detailed estimate to repair or replace the damaged property, can secure multiple bids from reputable contractors to back up their findings, knows building codes, and can articulate unforeseen costs of repairs. If a building has historic features with materials like, solid Adler doors, large detailed moldings, and custom cabinets, a great amount of research with a salvager may be needed. The Appraiser should have experience with building procedures, materials and the cost of such terms to create an accurate “amount of loss,” to return the property to the same condition it was prior to the loss. See, the policy provides coverage to replace the damaged property with those of like kind and quality. An Independent Appraiser that is not familiar with, or that does not have experienced contractors, engineers, and other experts to consult with about mold, demolition, cost associated with contents, and in some cases, additional living expenses, does not sound like a good candidate. You should choose your Independent Appraiser wisely. Look and interview someone with experience of the type of damage you have and with the type of property damaged, as well as a specialist when it comes to the Insurance Appraisal Process and also Insurance Claims Handling.

Many people confuse the words Independent Appraiser with that of a real estate appraiser. As you can see, a real estate appraiser is far from what is needed for an Insurance Appraisal. An Independent “Insurance,” Appraiser is an insurance claims expert on costs and processes to repair or replace damaged property. The next question is, “Who will have such knowledge?” People requesting assistance in the past have asked if the following experts with the following backgrounds are good choices ;

  1. Structural Engineers: This person may be a structural expert and could probably provide a good estimate to replace a building, but what about the contents (furniture, food, etc.) damage? Do they know anything about the insurance policy, the claims process, the software used by insurance companies, the Appraisal Process?  
  2. Construction Attorney: A Construction Attorney most likely has knowledge of construction contracts and issues that building contractors have. Do they know anything about the insurance policy, the claims process, the software used by insurance companies, the Appraisal Process, the contents damaged? (NOTE: If you retain an attorney as Appraiser, remember, there is NO attorney/client privilege because the attorney is being hired as an Appraiser, not as an attorney.)  
  3. Construction Superintendent or General Contractor: Again, excellent choice for generating a structural estimate, but is most likely not familiar with insurance claims… and even more importantly, the Insurance Appraisal Process.  
  4. Insurance Claim Attorney / Lawyer: Keep in mind that the process was designed to keep these types of disputes out of court. You can surely use an attorney as your appraiser; however, the fees can exhaust your reward. Attorney’s fees range between 30% and 40% of the amount collected. This will dig deep into the net amount you receive. An Insurance Attorney will also have expert knowledge of the policy. However, the Appraisal Provision clearly notes that no policy provisions will apply. Has the attorney represented their clients in many appraisals or mostly in court cases? How familiar are they with the Appraisal Process, building costs, construction practices, the contents damaged? Does the attorney know anything about the software used by insurance companies? (NOTE: If you retain an attorney as Appraiser, remember, there is NO attorney/client privilege because the attorney is being hired as an Appraiser, not as an attorney.)  
  5. Independent Insurance Appraiser: Doesn’t it make sense to hire an individual who is an expert of the process in which you are about to engage? You’ve heard the expression, “Would you go to your auto mechanic if you needed brain surgery?” It is highly recommended to use a qualified, professional, Insurance Appraiser. This professional will already know the Insurance Appraisal Process. They will also have qualified professionals (engineers, contractors, inspectors, etc.) at there disposal to back up their analysis.

Regardless of background, an Independent Appraiser will also require good communication skills and agree with the position they are defending. They should know about the insurance policy, the claims process, the software used by insurance companies, the Appraisal Process, contents damage, structural damages, building costs and processes, as well as materials and building codes. Makes sense, right?

Advantages to the Insurance Appraisal Process

There are several advantages to the Insurance Appraisal Process. The most obvious is costs. Insurance Attorney’s will usually charge 30% to 45% of the total award. On a $200,000 claim, the attorney’s fee would be in the range of Sixty to Ninety-thousand dollars ($60,000 to $90,000). That can hurt a policyholder trying to rebuild their life. Remember, the Insurance Appraisal Process was designed to keep these disputes out of the courtroom.

The advantage of invoking appraisal allows for a less formal or non-legal proceeding. An Independent Appraiser usually charges in the range of $125 to $200 per hour. Using the same example above with an award of $200,000; if the dispute took 25 to 50 hours, the cost would be in the range of Five Thousand to Ten Thousand dollars ($5,000 to $10,000). This can be a significant difference.

Another advantage is time. The courtroom can delay an insurance claim dispute for years, where the Appraisal Process usually only takes a few months. Sometimes it can last longer depending on the complexity of the claim. However, the courtroom will most certainly be longer. The result of less time and less cost becomes a less of a burden for both sides of the dispute.

Once an award is signed the insurance company has 30 to 60-days (depending on state) to settle the award.

Should I Invoke the Appraisal Clause For My Claim?

When the dispute is real and the damages are real, the policyholder usually see’s a greater return at the end of the appraisal. If the policyholder’s claim is supported by an Insurance Claims Expert, building or repair contractors, or an engineer – and the amount of money between the two estimates is large, the Appraisal Process is a no-brainer. However, if a contractor or Public Adjuster is trying to beef-up the damages for their own benefit, then it’s the policyholder that pays dearly for it. If you’re considering invoking appraisal on your claim you should consult an insurance claim expert to see if it’s worth your time and effort.

Being that the Appraisal Award is binding the policyholder should be sure before they cost themselves unwanted anguish. If the outcome of your Appraisal Award is not what was to be expected, both parties must live with the result. As stated, the Appraisal Award is binding on “both parties.”

At the end of the day nothing is risk free. There are no promises or guarantees with the outcome of any Appraisal. However, if you have a dispute over $20,000 you’re more than likely to have a result you can live with. Do your homework and remember to choose an Independent Appraiser that is educated and experienced with the type of damages you have, what caused the damage, and the type of property damaged. Keep in mind that this is “YOUR,” property and “YOUR,” insurance policy. Your policy protects you with the Insurance Appraisal Process, so that…

The Playing Field Remains Level, and The Process Works Fairly

For Both Parties… Not Just The Insurance Companies! 



Source by Joe Brennan

Inexpensive Car Insurance – How To Find Out Which Is The Right Insurance For You?

Protection from disasters, diseases, accidents and horrific crimes could have been covered by insurance policies. One of the most important insurance policies is the car insurance since you spend a lot of time on the road driving your car. Having your car insured will make you less worried when you are involved in an accident.

It will not only help you financially but it will also help you get your car repaired properly if you do have an accident.

Surrounded by a lot of insurance companies that will offer you a car insurance policy? which among these do you think is the most ideal? Answering this question, you will have to know first what makes an insurance policy right for car owners.

What makes a car insurance policy ideal?

o If your car is not used that often, an ideal policy for you is the short term coverage policy. Your car will be insured and secured for a short term but the good thing about it is that you will not cost you that much and the maintenance of your car will be covered.

o If you would like your car to be insured or secured in specific dates, the ideal insurance policy for you is the day to day policy. This policy will allow you to insure your car for specific dates wherein you really need to be secured for certain reasons.

o When it comes to long term insurance policies, most of the offered insurance policies are ideal but the only difference with all of these options is that there are several insurance policies that include a lot of freebies and discounts.

This is a very good deal since you will have your car insured, the maintenance of the car will be taken care of, a lot of freebies will be given to improve your car, discount in car shops will be given which is a big help financially and you will not have problems in paying premiums.

Determining which policy is ideal for you will also depend on what you need. If you know a lot about car maintenance then you should look for an insurance policy that does not offer any break cover or help but instead offers a lot of discounts and freebies.

If you are financially secured but have less knowledge in car maintenance, the ideal car insurance policy for you is something that offers free car maintenance or breakdown cover.



Source by Brian Bannon

Does My Car Insurance Policy Cover Me When I'm Out on Two Wheels Instead of Four?

Is there any nicer way to get around in the summer (assuming you're not in the middle of a beautiful summer storm) than to cruise around town on two wheels rather than four? The cool wind in your hair, the sun on your face, and the chance to actually appreciate everything that's going on around you rather than roaring past it in a blur while you try and get where you're going make bike travel an excellent alternative to actually spending more time in the car. But how safe are you when you're out on the highway? And is your car insurance coverage going to back you up if something bad does come along?

Since a bike cruises on wheels and definitely moves faster than the average pedestrian it's easy enough to make the mistake of thinking it bought to be covered under your car insurance policy. And you're not entirely wrong! Most car insurance companies do not consider a bike (the two wheeled, non-motorized variety, that is) to be a vehicle and therefore will not insure them under a vehicular insurance policy. The good news is, most homeowners insurance providers are a little more liberal.

Most people do not think about their homeowners insurance when they're thinking about their bikes, unless they've had to file a claim before. Unfortunately, about the only thing your car insurance policy is going to do for you when you're out on your bike is giving you someplace to turn if someone else hits you, since their liability insurance is going to be responsible. You may also find that your personal injury protection or medical payments portion of your car insurance will help cover your medical expenses if you're in an accident on your bike and other vehicles are involved, although your regular health insurance (if you have it) is likely going to serve just as well.

Your homeowners insurance is going to do a whole lot more if something happens involving your bike, since bicycles are considered to be personal possessions and there are eligible for coverage under the same terms that protect your sun room, personal computer and the eight tons of electronic equipment that your daughter took to college! If your bicycle is stolen your insurer will replace it at its current cash value, and your home's liability insurance may extend to cover you if cause caused an accident while cruising around the city streets.

But that varies from company to company, so you're going to want to check it out first.

The bottom line is that your car insurance is not going to do much to protect you while you're out on your bike. Your homeowners insurance will. Now it's just up to you to make the calls and find out what options are available the next time you decide to take the economic and ecologic high road and leave your car safely parked at home.



Source by Anthony M. Peck