Wednesday, April 22, 2015

5 Types of Homes Which Are Hard To Insure

We know there are still people out there who are still wondering what home insurance is and are planning to get one. However, before you get one, Axis Capital with a group of insurance and reinsurance companies all over the world provides you this check list to review and consider about the mutual relationship of your home and insurance.

First off, the home of your dreams may be a nightmare to insure if it's built in a disaster-prone area, is above a certain age or has a checkered claims history. It doesn't necessarily mean you can't find homeowners insurance anywhere, but you may end up paying a steep price for it.

1. Homes in disaster-prone areas
We have thousands of disasters every year. From tsunamis in Sumatra affecting lives to almost all islands in Indonesia including Jakarta in 2004 to earthquakes in Japan losing millions of dollars and hundreds of lives in 2011 to typhoon Katrina which devastated not only America but other countries as well, insurance companies have the reason to insure their own business. Take precautions, listen to warnings and make preparations.

2. Older homes
You love the charm of your 1920s bungalow or Victorian-era home, but the age and style make them harder to insure. Insurers also are likely to shy away from insuring your home if the electrical system and plumbing haven't been updated or the roof hasn't been replaced.

3. Vacation homes
Your vacation home may be your own personal retreat, but because it's unoccupied much of the year; it can be a challenge to insure. Installing a burglar or fire alarms will help you decrease your risks and may give you a little leverage in your insurance.

4. Homes with a trampoline or pool
Having a swimming pool or trampoline might make for good summertime fun, but your homeowner’s insurance company may see them as an "attractive nuisance" that can tempt children to come into your yard when you're not home.

Putting a locked fence around your pool and having a net around your trampoline could help reduce risks.

5. Homes with certain pets
You may find your insurer will set limits on the amount it will pay for a dog-bite liability claim, with you having to pay the rest out of pocket, or even deny you coverage if you own certain breeds, such as a pit bull. In some cases you can only get coverage if you take your dog to obedience classes or make sure he's restrained.

Monday, April 20, 2015

Really Bad Excuses to not Have Life Insurance

We know a lot of you already recognize the importance of insurance, especially life insurance. However though, in the years of Axis Capital, with our group of insurance and reinsurance companies scattered from our main base in Bahamas to Singapore, America and United Kingdom, we have encountered a lot of people who has a lot of reason not to purchase one. Here are some of their points:  
1. I’m Young, Healthy, Won’t Die Anytime Soon and Just Don’t Need It 
Life insurance’s main importance is to have SOMETHING TO LEAVE BEHIND FOR YOUR LOVED ONES WHEN YOU PASS AWAY. Often time’s people put off the things that they need for the things that they want. Regardless, the fact of the matter is that 99% of the families with dependent children in this country, NEED life insurance. No one buys life insurance with the hope or expectation of using it. Just like everyone has to buy car insurance without the expectation of needing it either. You purchase it with the hope that you won’t need it but can sleep sound at night knowing that if something happened to you, your family would be taken care of financially. 

2. I’ll Purchase It Sometime Soon or I Don’t Have Time For It 
Procrastination is one of our biggest problems in society. Life insurance, though, is not one of those things that should be put aside till later. Despite the fact that we all believe we’ll live long lives, well into our senior years, the devastating effect that not having life insurance could have on your family is immeasurable. 

3. I Have Plenty Of Assets, I Don’t Need Life Insurance 
Life insurance is meant to conserve an individual’s estate for their survivors, as well as replace lost income. Although expecting your surviving family members to review and liquidate their assets to make ends meet is not a horrible thing, or unheard of; it’s usually recommended that some types of assets are left whole for future income needs such as retirement accounts and other investment accounts. 

4. I Have Life Insurance Through Work 
This is hard for developing countries which offer insurance not enough to cover even the tiniest expenses for their employees. In Jakarta, Indonesia some companies even offer ward for their medical needs. Solely depending on the life insurance provided through your employer to financially protect your family in the event of your death is a huge mistake. The life insurance you have through your job is typically only one to two times your salary. This is HARDLY enough to provide any adequate income protection for your spouse and dependents. A simple rule of thumb as to how much life insurance an income earner should have is seven to ten times their annual salary. 

5. It’s Going To Be Expensive 
It is if you purchase yours from scams and fraud agents. Fact of the matter is you have to do your research a little and make sure you only get involved with legit companies which can provide quotes for you and agents who can adjust your premiums with your income.