Insurance is not always straightforward. Even for the experienced, navigating the world of insurance is a tricky affair which is where insurance company reviews can help.
Where do you get started? Do you browse the multitude of insurance company reviews on the web until you find what suits you or do you ask for references from close acquaintances? This site is designed to provide insurance company reviews from people that are already customers!
As you know, from time to time life decides to throw us some eventuality that can erode years of hard work in an instant. That’s why it’s not only wise but also necessary to have the right type of insurance coverage to safeguard against potential eventualities.
When you buy insurance, you’re essentially buying a promise; an assurance that you’ll be compensated in case of an eventuality. It’s an intangible product that’s typically characterized by a plethora of legalese, rules, and conditions.
As such, a lot of people often question the value of buying an intangible product that only those in the industry seem to understand clearly.
The fact is that insurance matters and there are more than 10 valid reasons why you absolutely need insurance.
To help you navigate the often-murky waters of insurance, we’ve put together this simple insurance buying guide to help you understand what types of insurance are available to you and how you can get started buying a policy that protects yours and your family’s future.
Before anything, it’s a good idea to get acquainted with insurance terminology and insurance in general. Unlike other fields, insurance terminology is utterly important and it’s crucial that you know what you’re getting into before signing on any documents.
Insurance coverage on the whole is a good way to protect against potential risk from eventualities but if you don’t read and understand the fine print on your agreements, your policy may in fact be unfavorable for your circumstances.
Luckily, when you choose a provider, they’ll typically assign an agent to help you with the application process – alternatively you could work with an independent agent who helps to identify the best products from a variety of insurance companies.
The agent’s job is to assess your needs and present the best coverage for your circumstances.
Generally, during your initial meeting with the assigned agent, it’s advisable to present a general outline of your needs. The agent will then provide a range of coverage options based on your needs.
As we’ll see shortly, insurance companies provide coverage for a range of things, including homes, businesses, cars, health, life, and just about anything of value worth protecting.
Another big hurdle to jump when mulling over buying insurance is the insurance provider to choose. With hundreds of providers in the US alone and thousands of insurance company reviews online, choosing the right provider can be a real nightmare.
Sure, you can use insurance company ratings in your search for a credible company but working with a knowledgeable agent makes things a lot easier. Most providers offer a broad range of insurance coverage but some companies are highly specialized in their offerings and target clientele.
For instance, many US local insurance companies specialize in life insurance for children and adults while others focus on business protection.
Generally speaking, most US insurance companies are currently in good financial health. Even though some people are still skeptical of insurance companies – considering the effects of the 2008-2009 financial crisis – there isn’t cause for worry as your claims will be settled (up to a certain limit) by state guaranty funds in the event that your company goes bust.
There are many types of policies you can purchase, from home and auto to life and health, but the first step is finding the right insurance agent to help you identify the best coverage for your insurance needs. Within each type of coverage, there might be multiple coverage options to choose from.
In this section, we take a look at the most common types of insurance coverage that you’ll most likely be looking to buy individually, for business or family.
Under business or commercial insurance, there are plenty of coverage options that help protect your business against uncertainty. It’s worth noting that names for various coverage options may differ from place to place and different states have different requirements for business insurance.
Here are the most basic business insurance types in most states:
Liability insurance is one of the most basic business insurance coverage options. It protects your business from potential financial loss resulting from damage claims – due to accidents, negligence, or injury – by a third-party inflicted either by you or your employees.
Workers compensation is another basic type of business insurance that’s mandatory for SMBs as well as big corporations in many states. Workers compensation insurance (sometimes called workman’s compensation) covers an employee’s medical expenses and financial losses from not working due to injury sustained at work.
In some cases, this coverage may compensate a permanently disabled worker until they reach retirement age. Rates are dictated by hours worked and specific industry.
If you run your business out of a standard commercial building, then you should have some form of commercial property insurance.
This coverage offers protection from loss resulting from damage to your business property. In addition to protecting your business infrastructure, this coverage also protects your business furniture, stationery, inventory, office electronics, and other operational material you use to run business operations.
This covers cars used in your business operations, which are not typically covered under your personal auto insurance.
This policy covers claims from bodily injury or damage to property inflicted upon third parties by vehicles in your business operation. Obviously you’ll be covered up to your paying limits. Insurance companies can allow you to customize your policy to meet specific needs of your business.
When searching for a business insurance product, it’s wise to look at several business insurance reviews to gauge how different companies and products fair.
Most health insurance coverage in the US is privately purchased through employment health programmes. Some people, however, are covered through government programs such as Medicaid and Medicare.
Each of these categories has specific insurance formats that meet unique healthcare needs. Depending on insurance company and state, there may also be other customized plans for unique health coverage needs.
Under the ACA (Obamacare), every American is required to have health insurance and there are tax penalties for not having coverage.
If you want to purchase an individual healthcare plan, there’s a lot to consider and the process can be tough. Moreover, in most states your application may be declined due to a preexisting condition.
If you’re going into the individual marketplace, consider using an agent – or several agents you can also browse websites such as this to understand the basics of health insurance.
You’ll also want to scan through health insurance reviews on credible sites to get a feel of what product might be best suited to your circumstances.
Unlike health insurance, income insurance is neither complicated nor politically contentious. It’s basically protection for your income – it replaces your income if you become too incapacitated to work.
It’s obvious to see why income insurance is extremely important – it protects your source of livelihood. The best part is that income insurance is very affordable since income insurance premiums are tax deductible.
Browsing through income insurance reviews from reliable sources can give you a good understanding of where to look when the time comes to purchase your own. Looking at the right hand side bar you will find all of our Insurance company reviews.
If you own a motorbike then you should certainly have motorcycle insurance. Not only does it protect your motorbike but also protects your life.
The best news is that motorbike insurance is not as complicated as some other forms of insurance. In most cases purchasing motorcycle insurance is pretty straightforward and you can apply for it directly online. It’s also good to peruse a series of motorbike insurance reviews to understand how different insurance products are packaged and targeted to unique markets.
There are a few things to keep in mind when shopping for motorbike insurance quotes online:
Landlord insurance provides coverage to property owners for damage from things such as theft, weather conditions (such as wind), ice damage, and fire.
Landlord insurance offers protection for the house itself, the landlord’s possessions, other structures on the property such as a porch, limited liability to the landlord in case of a lawsuit by a tenant, and losses due to an uninhabitable property. However, tenant’s possessions are not usually covered under this policy.
Fire policies covered in landlord insurance plans are grouped in levels, including DP-1, DP-2, and DP-3. You get better coverage with a higher level. For instance, a policy at DP-3 level may offer replacement for contents of your property after theft but you won’t get the same with a DP-1 level policy.
Compared to homeowners’ coverage, landlord coverage is 15% to 20% more expensive. And if you rent out your property on short-term basis, expect to pay even more.
The nitty-gritty of a particular landlord policy will vary with every contract. The best thing is always to read the fine print carefully before you put pen to paper.You can also review a variety of landlord insurance reviews to an understanding of what policies have worked best for most landlords. Our insurance company reviews are designed to be unbiased and open for comment.
Life insurance is unique in that it doesn't protect the buyer directly but instead offers protection for his family or beneficiaries upon his death. In a typical scenario of a life insurance contact, the buyer pays periodic premium payments to the insurance company in exchange for a lump sum payment when the insured passes on.
Life insurance comes in many types. The type you chose depends on your needs and goals. Here are some of the most common types:
Term life: Term life insurance is probably the most basic and affordable type. Essentially, with this type of insurance, you choose a set term (say 10 or 20 years) and pay a fixed premium for that period. The benefits are paid in a lump sum as this primarily provides death benefit protection.
Permanent: Permanent insurance works in some ways as term life but with the added benefit of cash value buildups.
Whole life insurance: This is the most basic type of permanent life insurance. The premium is fixed throughout the policy’s lifetime. It’s perfect if you want to stick to a budget throughout your life.
Also, since the cash value component of this policy is tax-deferred, it grows exponentially, thus making it ideal if you want to transfer wealth to your children or beneficiaries later in life.
Universal life insurance: This is a type of permanent life insurance that provides coverage for a lifetime. It also provides a cash build up in addition to a death benefit.
Universal life insurance allows the policyholder the flexibility to choose how much of the premium payments is allocated to the death benefit and how much goes to the cash value.
Other types of life insurance include variable, variable universal, increasing and decreasing term, final expense, survivorship, and no medical exam life insurance. If you need to read insurance company reviews to assist your search, please visit our Life Insurance Reviews pages from the right hand side bar.
Travel insurance provides coverage for damages or losses that you might incur due to travel cancellations, delays, medical emergencies during travel, and 24/7 assistance by phone. Obviously travel insurance makes much sense if you’re a frequent traveller and there’s a lot at stake when you get travel cancellations, for instance.
The good thing is that travel insurance is not so complicated to understand. If you’re looking to purchase a package to safeguard your travels, start by going over travel insurance reviews and weigh your option from there. Our insurance company reviews can be accessed via the right hand side bar.
Auto insurance is one of the most common and best known partly because it is mandatory in almost all states in America. That explains why almost every insurance company offers car insurance of some sort.
Contrary to what you might think, auto insurance is not mandated by the federal government but rather by individual state laws. Every state has its unique auto insurance laws but liability auto insurance is almost universally mandatory in all states as it aims to protect other road users.
The way mandatory auto insurance is applied is unique to every state but in almost all of them, you’re basically required to have a minimum amount of coverage before you’re allowed to put your car on the road.
A good place to start when buying auto insurance is https://www.carinsurancecomparison.com/states-that-dont-require-car-insurance/
To wrap up, insurance is such a wide and complex field but very important in the risky world we live. Certainly you cannot buy (and don't need) every type of insurance under the sun. The thing is to find what part of your life needs coverage without doubt and which parts are less risky when not covered. We hope that our endeavour to provide unbiased insurance company reviews has been helpful. Please feel free to provide feedback.