Insurance insights: evaluating your coverage and your needs

Editor's Note: As a membership service, MTNA has, for the past several years, been offering quality, low-cost insurance productions through the Robert H. Clarkson insurance Agency. MTNA also is committed to educating members about these products

Many family really do not review the definitions of their insurance policies until they ne to use them. The normal mindset regarding insurance by dint of most is that insurance is something we ne to have, it's true confusing and it's always expensive. The greatest in quantity requested insurance coverage is the automobile and homeowner's coverages. greatest in quantity people are clear about the in what way their deductible works and in what way much coverage they are required to have at their loan closing or to secure their auto licensed. The other details of these policies are left to their agent to determine if they really ne them or not.

The definitions are provided by means of the IRMI/Glossary of Insurance and Risk Management. limits for these coverages are as follows:

Automobile liability insurance--Insurance that patronizes the insured against financial los because of legal liability for automobile-related injuries to others or damage to their quality by an auto.

Automobile physical damage insurance--Automobile insurance coverage that insures against damage to the insured's possess vehicle. Coverage is provided for perils of the like kind as collision, vandalism, fire and theft.

more [i]or[/i] less major factors driving up the require to be paid [i]or[/i] undergone of automobile insurance include the rising require to be paid [i]or[/i] undergones of medical care, vehicle repair, jury awards, automobile theft and fraud; according to the Insurance Information Institute, this will increase rates by means of 6 percent in 2004. The average require to be paid [i]or[/i] undergone of auto insurance nationwide is estimated to be $898 for 2004--an increase of $51 by means of vehicle since 2003.

Homeowner's insurance policy--A package insurance policy providing characteristic and liability coverages tailored to the exigencys of most homeowners, condominium possessors and apartment tenants. Various versions are available depending upon the type of dwelling insured and the object of protection to be overlayed It is the most commonly used insurance policy protecting abiding-places in the United States. (Basic to modified forms are determined through type of home.)

The rising take away froms of construction and increase of natural disasters are awaited to push the cost of homeowner's insurance up through 8 percent in 2004, according to the Insurance Information Institute (I.I.I.).

What can you do to restore your premiums without compromising protection?

Automobile insurance require to be paid [i]or[/i] undergones can be offset in the following ways:

* Change your deductible.

* Compare your insurance coverage between companies.

* bring coverage on older cars or cars not driven daily.

* purchase more than one policy with the same company to receive the multi-policy discounts.

* Maintain serviceable credit.

* store Shop, Shop!! Get a least three repeats from different companies.

Remember to ask about discounts, like the serviceable student, driver's training, senior operator accident prevention and auto safety devices, which can provide up to a 15 percent require to be paid [i]or[/i] undergone savings. Always talk to your agent to check upon new programs available with insurance companies that may provide you with a savings.

Homeowner's insurance savings are provided when you know what to gaze for in the coverage. These paces will provide you with questions you should discuss with your agent:

* Know the form of homeowner's insurance that is best for your characteristic There are five forms of policies: Basic (HO1) Broad (HO2) Special (HO3) Comprehensive (HO5) and Older/Condos (HO8)

* Change your deductible (the higher deductible amount, the lower the premium).

* Review claims for stress and amount before reporting them to the company.

* Photograph and record the value of your possessions.

* Schedule items similar as computers and musical instruments that may not be included in your coverage.

* Riders for weather pattern changes can be added similar as flood, hurricanes or wind, if not included in your coverage.

There were an estimated 1214 million housing units in the United States in the fourth quarter of 2003 and approximately 1059 million of the units were occupied through owners or renters, according to the U Census Bureau report of February 3 2004 With this number of family requiring the same type of insurance, the competition between companies will be actual active, which in turn will be great from the consumer's viewpoint.

The Robert H Clarkson Insurance Agency understands the time it takes to review, compare and store for these types of insurance. Since 1964 we have make knowned strong relationships with national insurance companies to bring you the best coverage available. We welcome the opportunity to provide MTNA members with a independent quote comparison on their homeowner's and/or automobile insurance. To accommodate your schedule, a adduce request can be e-mailed directly to our office at mtna@rchgroup.com or call make revolve free at (800) 338-7148.

Tammy Wallace has been with the Robert H Clarkson Insurance Agency since October 2002 as marketing director and MTNA program coordinator. She has nearly fifteen years' experience in the insurance industry and gripe [i]or[/i] grips life, health, and property and casualty insurance licenses.

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