Finantage

Insurance

by Edwin Ivanauskas | Tags: Personal Finance, Insurance

If you are wanting all around coverage then you should be speaking to an agent for life, auto and home insurance together as one package. The advantages of having all of them together would be one payment and numerous discounts for having them all in one policy. It is easier to decipher in case you need it, and you tend to deal with the same agent on all issues that you may have.

Auto insurance

If you have more than one vehicle and have a good driving record, you will be eligible for discounts. You can get liability which covers another vehicle in case of an accident as well as full coverage which will cover both vehicles. Check with your agent on the premiums as well as the deductibles that you will have to pay out of pocket for expenses. Make sure that you are positive that you can come up with the deductible of a thousand dollars if that is what you choose. Your insurance won't pay for anything if you don't pay your deductible first.

Homeowner Insurance

When choosing your home insurance, make sure that you keep a log of your personal effects. Your insurance should cover your house and your possessions inside. If something were to happen to your house then you want your house to be rebuilt. Also, make sure that you have an umbrella policy to cover construction of the house and inflation costs. You should make sure that your policy tells you if it is paying for the worth of your possessions or the cost after depreciation. A video tape of your belongings as well as serial numbers helps. When it comes to jewelry most insurance companies only insure up to two thousand dollars, so if it is worth more than that, you will want to have a separate policy drawn up for that. Look closely and see if your policy will cover you if you have to live somewhere else temporarily. It should include rent, food, and such for you to live on.

Life Insurance

Term Life Insurance is commonly the most bought insurance. If you are young and healthy and just want to know that your funeral costs are taken care of then term life insurance is what you need. If you are not quite sure what type of life insurance that you want it is the right choice. The premiums are low and the policy is usually based on a year at a time. Once that policy is up, it is done unless you choose to reapply again.

Whole life Insurance is more expensive but is more feasible for someone with a family. If you are the head of house and want to make sure that your family is taken care of long after you pass, then whole life insurance is what you need. With whole life insurance you can have it for the length of your lifetime as long as your premiums have been paid. You can take a loan out on it and you can make sure that your children will be able to have their college paid for even after you're gone. Whole Life Insurance can make sure that the mortgage is handled and the estate taxes are handled.