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Insurance Coverage: What You Need and What You Don’t Need
March 7th, 2010 | 
Author:
Each year, your homeowner’s insurance policy renews. Do you review it each year or do you simply sign the premium check and send it off in the mail? Reviewing your coverage each year may be a bit of a chore, but it’s a necessary one. After all, you may be paying for coverage that you don’t need or underinsuring your valuables. Wouldn’t you rather find out now instead of after a catastrophe?
Insurance Coverages You Need:
If you haven’t updated your insurance coverage in some time, your home may be vastly underinsured. For example, if your home is worth $150,000 on the real estate market, how much insurance should you carry? $150,000? $75,000? $300,000? While your mortgage broker may require a specific amount of insurance (usually the value of the mortgage), the real answer depends on how much it would cost to rebuild the home. If it will cost $200,000 to rebuild your home, then you will need at least that much coverage; otherwise, you’ll come up short.
In general, you will need enough insurance to cover: rebuilding your home, replacing your personal property, paying for temporary living expenses during repairs, and covering your liability to others.
When it comes to covering your rebuilding your home, multiply the square footage of your home by local “per square foot” construction costs. Contact the local building association, a realtor, or your insurance agent to obtain the local construction cost figure.
Insuring your possessions is trickier than simply saying, “I’ll take $50,000 in coverage.” First, go room through room and document your belongings. Include dollar figures of how much it would cost to replace each item. Make sure that your policy uses “replacement cost” rather than “actual cash value.” In addition, be aware of the limitations of your policy. For example, fine jewelry, fur, silverware, artwork, coin collections, electronics, cash, and guns (as well as other items) often have maximum limits. If you have valuables exceeding these limits, you will need to obtain an endorsement or rider.
Buy enough liability to cover your assets. For example, if you have $1 million in savings and other assets, yet only have $300,000 in liability insurance and are involved in a liability lawsuit, the plaintiff may pursue your additional assets above and beyond your liability limits.
If you live in an area where the risk of floods or earthquakes is of concern, you may want to consider optional flood or earthquake insurance as these perils are excluded from typical insurance policies. In addition, if you have a swimming pool or a dog, you might need additional coverage addressing these increased risks.
Insurance Coverages You Don’t Need:
Reviewing your policy each year helps ensure that you aren’t paying for coverages you do not need. For example, if you had purchased a rider adding coverage because you owned a pit bull and the dog has since died, you can drop coverage. Likewise, if you’ve sold your jewelry or art collection, why continue to insure it with an expensive rider? Look at your coverages, endorsements, riders, and limits with an eye for whether that coverage is still necessary. In addition, look at the dollar figures. A few years ago, it may have made sense to pay an extra $100 per year to add a rider protecting your computer from household mishaps, but now that you can buy a comparable computer for a few hundred dollars as opposed to thousands, the coverage may no longer be worth the price.
Finally, while examining your insurance policy, schedule a consultation with your insurance company or agent and ask how you can reduce your costs while maintaining adequate coverage. For example, by installing deadbolt locks or a security system, you may reap a large discount.
By: Mr. Mark Decherd
For more information and other articles by Mark Decherd go to:
Dryout® Inc.
1415 Colonial Blvd.
Fort Myers, Fl. 33907
http://www.dryout.net
239-437-7100
<A HREF=”http://www.dryout.net”>Water Damage</A>
Dryout Inc Emergency water damage restoration, drying, deodorization, decontamination, disinfection, mold removal, water damage repair, restoration and reconstruction of commercial and residential properties damaged by fire, water and other disasters by a network of trained specialists, technicians and restoration professionals across the USA and Canada.
Mark Decherd
http://www.articlesbase.com/insurance-articles/insurance-coverage-what-you-need-and-what-you-dont-need-684379.html
Posted in protecting assets
Is anybody on cable news pointing out that you don't need proof of citizenship to receive govt. insurance?
I’ve noticed all the talking heads keep quoting the same line in the bill: (completely ignoring that proof of citizenship is not required)
The bill currently being discussed does state that "Nothing in this subtitle shall allow Federal payments for affordability credits on behalf of individuals who are not lawfully present in the United States". BUT, THERE IS ABSOLUTELY NO WAY TO ENFORCE THIS!!!!!!! (e-verify, etc.)……….kinda like don’t ask, and they won’t tell.
What do you think??
http://www.baltimoresun.com/news/opinion/letters/bal-healthletter0910,0,5949222.story
President Obama is clear: No illegal aliens will be covered by the proposed health care reforms. That is probably not technically a lie. But the president also knows that is not how it will work in practice. It is another application of "Don’t ask, Don’t tell."
If it is absolutely true that illegal aliens are not to be covered, then why did Democrats in a House committee on July 30th vote against an amendment, offered by Rep. Nathan Deal, that would have required health care providers to use a verification program to prevent illegal aliens from receiving government-provided health care services? While all Republicans and five Democrats on the committee voted for it, 29 Democrats voted against it, killing the amendment.
http://factcheck.org/2009/08/seven-falsehoods-about-health-care/
False: Illegal Immigrants Will Be Covered
One Republican congressman issued a press release claiming that "5,600,000 Illegal Aliens May Be Covered Under Obamacare," and we’ve been peppered with queries about similar claims. They’re not true. In fact, the House bill (the only bill to be formally introduced in its entirety) specifically says that no federal money would be spent on giving illegal immigrants health coverage:
H.R. 3200: Sec 246 — NO FEDERAL PAYMENT FOR UNDOCUMENTED ALIENS
Nothing in this subtitle shall allow Federal payments for affordability credits on behalf of individuals who are not lawfully present in the United States.
Also, under current law, those in the country illegally don’t qualify for federal health programs. Of interest: About half of illegal immigrants have health insurance now, according to the nonpartisan Pew Hispanic Center, which says those who lack insurance do so principally because their employers don’t offer it.
http://www.fairus.org/site/DocServer/2009_07_24_Analysis_Section_246_is_Ineffective_vFINAL.pdf?docID=3101
The health care reform
bill does not require the use of any verification database to determine eligibility for affordability credits.
Likewise, this bill does not require any screening or self-attestation by applicants to determine eligibility for
affordability credits. Instead, Section 246 bars illegal aliens from receiving affordability credits but contains no
enforcement method to ensure compliance so as to preclude ineligible individuals from receiving that benefit.
Where enforcement is lacking, we can expect compliance to be similarly lacking. Accordingly, Section 246 will
do nothing to actually preclude benefits from being improperly provided to illegal aliens.
parkerd……………No. I also don’t support this piece of garbage Obama is trying to "sell".
Obama was only technicaly right. In spirit Obama is a liar.
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What ever happened to being concise?
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Gee why don’t you fly there and tell them. There are ways of keeping track to assure that they are citizens SS cards) Yes I know they can be forged all the more reason to throw those that do that in prison or out of the country.
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FOX IS ALL OVER IT.I DOUBT THAT THE REST WILL BE NO ONE WANTS TO UPSET OBUMMER.
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So you support the idea of a National ID card then.
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I’m sure state IDs and maybe even birth certificates would be required and verified.
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Funny on CNN interview he said no to illegals but in the same breath supported giving it to illegal children. No one wants to talk about that either.
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Clearly both sides are spinning the issue here. The right is wrong to claim Obama is a liar and the left is wrong to claim that it’s 100% solid that only legal residents of the US will be able to access the care.
Honestly, one problem for me is that there are many poor people without any form of identification. Identification is NOT a requirement for citiczenship nor is a resdient of the US required to have identification. Generational poverty is real. That said, I do agree that there needs to be SOME kind of system in place to ensure legal access.
Laws will always be broken. Illegal residentls likely WILL access the care just as they work here illegaly currently. However, that doesn’t mean to me that we shouldn’t provide acces to care to legal residents. Yes, it’s a problem that illegal residents may access government health care. Is it a huge problem? Not for me. It’s far less costly than the waste that goes into health care now and health corporations do FAR more damage in the name of profit to the costs of care when compared to illegal residents. It’s mind boggling to me that we ignore what corporations do in the name of profit, yet villify what good and decent humans do for health. Esepescially because the former costs FAR more than the latter. If people are worried about cost, we should first concern ourselves with those things that cost the most. Illegal residents is not one of them.
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Given that the coverage will cost something out of the paychecks of those who opt for this proposed ‘public option’, simply being ‘illegal’ shouldn’t really exclude these people….the more folks paying in the lower the cost for everyone. Of course there’s been a strong push back by the GOP against any laws that would punish employers from hiring illegal aliens. Let’s be real. These illegals wouldn’t have a paycheck to tax for HEALTH INSURANCE if they were denied employment in the first place. Give that a think!
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I don’t want to give coverage to illegals either but you have to realize that this is a little more complicated than just what’s in the bill. My understanding is that Obama is leaving it up to an administrative agency to determine how best to prevent coverage being given to illegals. It’s his prerogative to do this and he’s not wrong for doing so. Many details such as this are left up to agencies. Although I should add I think he’s politically wrong for doing so.
Anyway, it’s entirely possible they’ll promulgate some half ***ed regulations that will allow illegals to get health care. On the other hand, they may promulgate effective ones. If the bill passes, and I think it will, you should educate yourself on the regulatory process and submit comments to the appropriate agencies before they make the rules.
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