Insurance Information - Insurance Owl
What is insurance?
A promise of compensation for specific potential future losses in exchange for a periodic payment
The world of insurance can sometime be confusing, what is the best insurance? How to claim for cover?
But more importantly how do you choose the best insurance.
Insurance owl answers some of those questions for you.
Everything you've ever wanted to know about Insurance.
And much more...
We also have the lattest insurance news from around the world as well as some great articles on insurance.
Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of potential financial loss.
Ideally, insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a reasonable fee. In practice, however, the business of providing insurance protection often ends up in litigation between the parties involved, while the responsibilities of regulating insurance markets routinely winds up as a political football for government agencies.
Adequate property insurance is vital
2005 - 12 - 11
Property insurance can be a tricky subject. For homeowners, it can be especially vexing because of the variety of coverage you may need, from structural insurance to insuring contents.
And, in a lot of cases, you may think you have enough coverage to replace your home when, in fact, you have insured only a basic house that may have less value. This is an important difference. While the market value of a home may depend largely on where it is located, replacement costs vary with the style and quality of the home.
A big problem can occur in neighborhoods that are being rediscovered or gentrified. Often it is in these areas that you will find beautiful construction from the last century, which today is very expensive to reproduce. The heavy wood and details of a Victorian house, for example, may cost several times its market value. If the home is lost, you may discover that you do not have the funds to replace it properly.
To avoid this trap, contact your insurance agent and ask for an estimate for how much it will cost to replace your home. This should be available for free and should be done annually. If you live in a spiking real estate market, or if your area is regularly threatened by natural disasters like wildfires or hurricanes, get estimates twice a year. Make note of any additions or renovations, including new windows or expensive landscaping.
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Drivers have earned double-digit insurance rate cut
2005 - 12 - 11
Massachusetts drivers deserve a double-digit cut in their insurance rates. Insurance Commissioner Julianne Bowler should deliver one when she sets rates for 2006 next week.
Attorney General Thomas F. Reilly has been campaigning for an 18 percent rate cut for drivers. In a meeting with Eagle-Tribune Publishing Co. editors Thursday, Reilly said the insurance industry's own data back up that figure. Reilly says insurers' losses on claims are down — thanks in part to anti-fraud efforts begun in Lawrence — while their income from investments and overall profits are up.
"They're entitled to a fair rate of return but not an excessive rate of return," Reilly said. "Anything less than a double-digit reduction in rates would be less than fair to consumers."
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Chambers start program to help small businesses offer health insurance
2005 - 12 - 11
Health insurance access will become the latest benefit for small businesses joining the Fayetteville Chamber of Commerce.
The local organization has joined the Chamber Alliance Program, a creation of its counterpart in North Little Rock, to provide health insurance opportunities to member businesses with fewer than 200 employees. "It’s probably not for everybody, but it’s hopefully an option for folks who don’t have or in some cases currently can’t get insurance" chamber President Bill Ramsey said. "An awful, awful lot of small businesses and their people can’t even get insurance."
Staff with the North Little Rock chamber began exploring the idea of an alliance health care program as early as 2001 when the state Legislature approved the Health Insurance Purchasing Group Act.
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Disclaimer
Please note that this website is for information only. Whilst every care has been taken to provide accurate information the complex nature of insurance, cover and compensation mean that you are responsible for the final decision on what action should be taken.
You need to take special care to ensure that the advice given applies to you country, state or jurisdiction.
