The Three Most Common Types of Insurance

There are many insurance plans available to offer coverage for various types of damages or accidents. All families must have at least one of these three.

Types of Owner Policies

The homeowner’s insurance falls under one of six categories. HO-1 and HO-2, as they are more commonly known, only cover the property against specifically listed damages. These policies vary as to what damage is covered, and does not protect belongings on the property. HO-2 forms offer more coverage than an HO-1.

HO-3 protects against all sorts of damage, not just specifically listed damage. It also protects a select list of belongings located within the specific damage structure.

HO-4 and HO-6 cover only belongings. Tenants use these policies as owner or management company that has coverage in the home. Like HO-1 and HO-2, HO-6 offers greater protection than HO-4 and is more expensive.

HO-5 is similar to HO-3 in that it covers property as well as personal belongings. The difference is that HO-5 covers all belongings, not just a set of few. It is also more expensive than some of the others, but worth it.

Types of medical options

Doctor is another common form of insurance, and as with owners, there are different types for you or your employer to choose from.

Health maintenance organization, or HMO, is one of the most commonly used types. This plan allows you to choose from a network of providers, and also includes preventive care. However, you should be referred by your primary care physician to see a specialist. There is also a small copayment that you must pay at each appointment.

The Preferred Provider Organization, or PPO, also has a network of doctors available. Unlike an HMO, you do not have to choose a primary care provider. You can see any doctor, or even a specialist, as long as he is in the network. Also, you do not have to have a referral to switch doctors. As with other plans, each visit requires a copayment.

The Exclusive Provider Organization, or EPO, works very similar to HMOs and PPOs. These cost less and have a network of providers available. However, unlike a PPO, where a network doctor’s visit was covered up to a point, there is no out-of-network coverage for these plans.

The Plan Service Point, or POS, is a hybrid between an HMO and PPO. POS requires a primary care provider assignment, but you can consult doctors outside the network if you are willing to pay a higher copayment.

Different Auto Coverage

Car insurance is also widely used. Depending on the terms of your loan and state requirements, some options may not be available to you.

The liability plans cover damages and medical bills in case the accident was considered your fault. It only covers the damage done to the property of the other person, as well as any of your medical bills. Most states require this as minimum coverage. It is also the cheapest option available.

The collision coverage will pay for repairs to your vehicle in the event of an accident. This type of insurance is worth having in addition to liability coverage even if you have an older vehicle that has no lien. In the event that your vehicle adds up, your plan covers the value of your car. This policy is mandatory for mortgage holders.

Full coverage covers anything unrelated to an accident, such as if your vehicle is stolen or hit a deer. For most creditors, this is a requirement.

Uninsured motorist is something that everyone should consider. While most states require at least liability coverage, some drivers do not keep plans much further than getting their license or tags. This policy protects you in the event that another person causes harm and does not have a plan in place to pay for repairs.

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The Easiest Way To Get Insured

These three methods are used by millions of people to find their insurance, and all use them in different ways. So what is the best way? And how can you get insurance as soon as possible in a great policy?

The fastest way for sure is to use the internet. Instead of spending hours on the phone and walking along the street, you are only a few clicks away from almost any major insurance company in the world. You can search for them based on their reputation, or their prices, or any other criteria you are looking for, and there is no shortage of websites to help you choose a particular insurance company. All this can be done with a minimum of stress, minimal hassle, and can be easily recorded so that you know which insurance companies you have considered, which you have chosen to avoid, and which interests you.

Another great advantage of using the internet is that you can get a quote in minutes. Instead of long phone calls and long interviews, you can simply enter your data into a short form and you will get an accurate quote immediately. Most decent insurance companies offer this capability these days, and you’d be surprised how accurate the quotes might be. Of course, if you have some exceptional circumstances or there is important information that the form does not cover, the quote will not be as accurate as possible, but it will certainly give you a good indication of what you might end up paying. With such a quick way to get a quote, you can easily rule out any insurance company that can be instantly seen too expensive (or even too cheap). You can do this easily, and without the insurance company hassling you like he could do if you talked to them on the phone or in person. You can then move on to the next insurance company if you were not happy with the quote, or start the process if you were.

Once you have found and chosen the insurance company you want to work on, the internet once again comes to your rescue. Instead of filling out long forms, and having to keep calling the insurance company, everything can be handled online. This has many advantages; All the communications you have with the insurance company are tracked, so you know that if there are problems in the future, you have everything recorded. Another advantage is the fact that everything will be kept organized, and you will be able to quickly e-mail the person in charge of your case. Everything about your policy will be presented clearly on the page and you will not have to worry about unpleasant surprises in the future.

Once your policy has started, you will have all the necessary contact information you may need, print the terms of your policy, pay your bill and inform the insurance company of any potential changes in your situation. This gives you complete peace of mind, and ensures that you have a complete understanding of your policy; But it also gives you a much easier way to get in touch with your insurance company, rather than waiting on the phone for hours.

As you can imagine, there are many many things to consider when buying your insurance online. How the company’s reputation is, how much it is paying, the terms of its policy, and many more; However, the Internet takes each of those things and makes them much easier to handle. It gives you full control over the decision making process, which is often not the case when you have a limited selection, or you are spending hours on the phone talking to different companies. In a nutshell, there is no easier way to make sure you do it online, and you probably do not even think about doing it differently once you have done it the first time.

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Never Compare Insurance Based On Price Alone

Insurance comparison websites simplify the insurance buying process and most people now buy insurance through these sites. Once you know the kind of coverage you need, write some details on any of these sites and immediately gain access to several insurance companies with the cheapest quote shown in a few seconds.

While the process of buying insurance, especially car and home insurance appear simplified, the same can not be said for products.

The insured enters into a contract each time he / she buys an insurance policy and as any contract must be carefully examined to determine its suitability for the buyer.

The frequency of advertising in the print and electronic media by the owners of these sites stifles the complaints and the murmur of people who may have had a claim rejected because they based their insurance purchase decision on the price (premium) per se alone.

As a way to illustrate how the use of price only to select an appropriate insurance policy could be problematic, let’s look at how the price of a hamburger is determined.

£ 0.99 could look for a hamburger at a McDonald’s restaurant but that same store will also have a burger made with a similar sized bun for £ 5.99. The difference in the price of the two hamburgers is the topping.

While the cheapest burger can only contain meat, the most expensive offer will probably have better quality meat, possibly bacon plus lettuce, onion, mayonnaise, mushrooms and pickles.

The £ 0.99 hamburger (call this the bare bones burger) may appeal to some, but may not necessarily be what others want.

The burger £ 5.99 (burger ROBUST) although more expensive may be what the other person needs to satisfy their appetite and is willing to pay the supplement to meet their needs provided he is aware of the extras they add to make This other expensive burger.

Bare-bones vs Comprehensive policies

Like the previous example, insurance policies can also be said to bare bones or ROBUST / sympathetic. However, it is not always easy for all insurance buyers to tell the difference between bare-bones policy and the integral, especially when presented in abbreviated versions with the cheapest ranked first.

The risks covered by insurance company ‘A’ could be sold as a complement to company ‘B’.

The premium quoted by ‘A’ may therefore appear to be higher than ‘B’ because the standard ‘B’ policy offers bare coverage. If you then opt for this policy because of the cheaper price without realizing that some of the risks you need are not included, this could lead to a dispute when you report a loss or claim.

Possible Conflict of Interest

Some of the comparison websites are wholly or partly owned by insurance companies and therefore, a conflict of interest may arise. Therefore, the results of the quoted premiums could be biased in favor of the parent company or the associated companies.

The operators of these sites can also be influenced by the high commission rates resulting in the sites promoting certain brands.

Some insurers are not included

As at a time of writing, some of the largest insurance companies in Britain notably Aviva and the direct line are not listed on comparison websites so it is possible that improved terms could be obtained from companies not listed .

Finally, it is noteworthy that these comparison sites only serve as an intermediary, linking the prospective buyer to insurance companies. They only present premiums generated using algorithms provided by insurers and then direct a buyer to the website of the insurer with the chosen quote. In the event that a dispute arises, traceable to a misunderstanding at the point of the appointment, these companies are unlikely to take responsibility.

Ikenna is a licensed insurance professional in London with more than two decades of experience in insurance operations. He has sold insurance policies in the past, and on other occasions has been involved in drafting / writing insurance contracts as well as assisting clients through the insurance claims process.

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