Insurance

Insurance is pretty much a part of our lives. Since most states require people to own auto insurance for their vehicles, you would already know what it is. In fact, you also have an idea of how it should work. But things can get foggy when you have to claim car insurance after an accident or a collision. 

We’ll explain the types of claims and how to claim auto insurance in case of an accident. Do note that the actual steps and processes may slightly vary depending on the state. 

First Things First 

What do you do when there’s been a traffic accident or a collision that damaged your vehicle in some way? The prime step is to check for injuries and call 911. Neither you nor others involved in the accident should have to end up at risk due to the lack of timely treatment. 

You need to call the police to file an official report. Calling 911 should take care of medical and police assistance unless there’s another specific number to dial for the police. 

The next step is to consider the extent of damage to the car. Will it work on its own, or should the vehicle be towed to the nearest garage? If your car needs towing, you can either call the towing company on your own or ask the police to take care of the issue. Save the receipts to submit when you file a claim for reimbursement. 

Of course, if you have roadside assistance cover, you can directly contact the insurer to send someone to handle it. Remember that invoking roadside assistance doesn’t mean you don’t have to file a claim. They are two different aspects. 

Filing a Claim 

You can file a claim when you or another person has been injured by the accident. Bodily injury and property damage are both acceptable claims. What if there is no other party involved in the car accident? 

Some accidents can happen by the sudden fall of a tree, landslide, rocks rolling down the hills, or even in a garage. Theft is also a valid reason to file a claim on your car insurance. Since the focus of our post is about claims after an accident, we’ll stick to it. 

First-Party Claim or Third-Party Claim 

The auto insurance claim you file after an accident is of two types. A first-party claim is when you contact your insurance company to reimburse or pay for the expenses. A third party claim is when you contact the driver/another person/ business’ insurer as they are responsible for the accident. 

The insurance companies will carry out their own investigation when processing the claim. So, it is always better, to be honest at this stage and file the right claim. If you have caused the accident and inadvertently harmed the other person, you file the first party claim. If you have been injured by another vehicle or person and are the injured member, you file a third-party claim.

For a first-party claim, it’s recommended to open the claim so that your insurance company can investigate and find the truth (especially if the other party declares that you are at fault). This won’t matter if you live in a no-fault state. The insurance companies will get involved no matter who is the cause of the accident. 

However, what if the other party was responsible for the accident? In that case, your insurance company will settle the dues after you pay the deductible. Then, it will directly deal with the other party’s insurer to settle the amount and get reimbursement for paying the bills.  

When dealing with a third-party claim, you have two options. You can either accept the money they offer or file a fresh claim with your insurer and let the companies work the money matters. This option is for when the third-party insurance company offers very little to settle the claim. 

Steps to Follow to File a Claim for Auto Insurance 

• Call the insurer on the given toll-free number, send an email to customer care, or use the mobile app of the insurance company. 
• Provide your policy number, date of birth, identification information, and zip code.
• Present your version of the events (preferably with a witness on your side).
• Collect the necessary documents, receipts, bills, contact information, etc., and share the photocopies with the insurer. Make multiple copies and save the originals carefully.
• Meet the insurance adjuster and be courteous. 
• Don’t go for repairs until the inspections are over. 
• Keep track of every conversation and update. 

Don’t forget that you can always Find a Better Deal on Car Insurance by talking to insurance agents and other agencies. Find the best affordable auto insurance to suit your budget and stay protected on the roads. 

Older individuals are more susceptible to chronic diseases and require extensive treatment to recover. After their retirement, meeting such treatment costs becomes quite challenging for them with a limited source of income. Keeping this in mind, investing in a senior citizen health insurance policy should be an integral part of one’s retirement planning.

However, before availing, individuals must be aware of its intricacies and how to choose the most suited option.

Key benefits of Health Insurance Plans for Senior Citizens

As mentioned earlier, after retirement, handling the medical expenses and treatment costs of critical illnesses become difficult for elderly persons. This is mainly because they barely have a proper source of income after that stage of their lives. Considering that, it is essential to avail of a health insurance plan that is dedicated to this group of individuals.

Following is a list of advantages policyholders possessing a senior citizen health insurance plan will be getting:

Cashless claim facility

With such policies, individuals get the convenience of cashless claim features at the network hospitals of that particular insurer. In case of medical emergencies, the family members do not have to arrange funds to finance the hospital expenses. Once the patient is admitted to one of those network hospitals, they will be able to avail of a cashless claim, and the insurer will be covering the entire costs.

Lifetime renewability

Unlike traditional health insurance plans, such policies applicable to senior citizens usually offer a lifetime renewability feature. With this facility, the policyholders can avoid the complications that come with policy renewal at an older age.

Less waiting period

The waiting period is the time limit during which policyholders are not able to claim health insurance benefits. This period is comparatively lesser for health insurance policies for senior citizens than the traditional policies. Since chances of developing critical ailments get increased after a certain age, the scope for urgent medical emergencies also increases with that.

Because of this particular feature, individuals do not have to wait for years to claim the treatment cost.

Tax benefits

The availability of income tax benefits is another major reason why health care insurance policy can be a part of one’s retirement armory. Here is an explanation of the tax deduction available on such policies –

• Individual and parents below 60 years of age: Up to Rs.50,000
• Individuals and family members below 60 but parents above 60: Up toRs.75,000
• Everyone in a family is above 60: Up to Rs.1,00,000

Apart from these, no claim bonus, hospitalization expense cover, and pre-medical screenings are additional advantages that one gets from such policies. However, individuals must keep certain aspects in mind before availing them to make the most of these benefits.

Points to consider before choosing senior citizens’ Health Insurance Policies

Efficacy of Medical Insurance claims

Before investing in such a policy, individuals must check both the claim settlement ratio and the time the insurers generally take to settle the claim. It is advisable to pick an insurer offering high CSR.

Availability of free look period

The free look period is the time during which policyholders have the freedom to have a free look at the insurance plan. With this particular feature, you get to understand its clauses properly and cancel them in case the terms do not match your requirements.

Furthermore, one should also check if an insurance provider has access to a wide network of affiliated hospitals, pre-existing illnesses cover, etc., before availing senior citizens of health insurance policies.

When it comes to starting a family, it’s always best to keep one eye on the future ahead. Family life insurance offers financial protection to your loved ones if you die, supporting them during this difficult time. But before you purchase cover, you need to know what options are available to you.

What is Family Life Insurance?

Family life insurance is not a specific type of policy but refers to any type of cover used to protect your family. With most types of life insurance, your insurer pays out a lump sum amount to your loved ones when you die.

Who needs Family Life Insurance?

A family life insurance policy is best suited for:

• Families – Whether you have a young family or older, life insurance can protect your loved ones from any financial burdens left on them. The pay-out can help with child support as well as future expenses like university costs.
• Single parents – If you were to die, the payout can be used to provide support for your children’s future.
• Couples – If you and your partner share an income or mortgage, you may need cover. With life insurance, you can leave your partner with enough to clear the outstanding balance if you die before it has been paid off. 

Types of Family Life Insurance

There are two main types of life insurance best suited for families – whole and term life insurance. These policies have several differences in terms of cover length and cost, so how do they work?

Whole Life Insurance

Known to insurers as ‘life assurance’, whole life insurance provides coverage throughout the insured’s lifetime. This policy pays out a lump sum no matter when the policyholder dies, however, premiums tend to be more expensive than term life insurance.

The main benefit of whole life cover is that your family is guaranteed a pay-out when you die – so long as you keep paying for premiums.

There are two main types of whole life insurance cover – balanced (also known as standard) and maximum cover.

With balanced cover, your monthly premiums and pay-out value are fixed throughout the policy length. This is especially beneficial as even when you get older or develop health conditions, your policy will still cost the same as before.

The maximum cover works much differently, in which your policy is linked to an investment fund. Each month your insurer invests the money from your premiums to fund the eventual pay-out amount.

This type of cover can be risky as if the investment fails, your insurance provider can raise your premiums to cover the cost.

Term Life Insurance

Although typically cheaper than whole life cover, term life insurance doesn’t provide permanent cover. Instead, your policy lasts for a set period, e.g 20 years or so. Your policy only pays out if you die within this time, if not your policy simply expires.

Term life cover has 3 levels of cover:

• Level term – Your policy premiums and pay-out value are fixed throughout your cover term. This prevents your premiums from being raised as you get older or develop health conditions.
• Increasing term – The payout amount increases over time to protect the eventual value from inflation. Because of this, your premiums also increase as well.
• Decreasing term – Usually taken out alongside large payments like a mortgage. As you make repayments on your mortgage, the payout value of your policy decreases. This way if you die before it has been paid off, your family can use the payout to cover the cost.

Joint Life Insurance

If you and your partner share an income, you might want to consider getting joint life insurance. A joint policy protects two people under a single policy. Popular with couples, these policies can often work out cheaper and easier to manage than individual policies.

How much cover do I need?

Nobody wants their family to struggle when they die, making life cover is a great way of providing peace of mind. Life insurance can be used to help your family with future costs such as:

• Living expenses
• Household bills
• Funeral costs
• Mortgage repayments
• Debts/loans

Before you apply for cover, it’s best to assess the financial situation of your family if you were to die. That way you can choose the right amount of cover, instead of having too much or too little than your family needs.

How much is Life Insurance?

Several factors can affect the cost of your premiums for life insurance. These are things such as age or if you have pre-existing health conditions or being a smoker. When you apply for life insurance, your provider will ask you a few questions regarding:

• Your age
• Health
• Occupation
• The type of policy you want
• The amount of cover you need

To get the cheapest life insurance premiums it’s best to take out cover when you are younger, at your healthiest. That being said, even as you get older there are other forms of life cover such as over 50s life insurance.

If you are ready to protect your loved ones with family life insurance, head online to get a quote today!

When you make the decision to become self-employed, you may feel like you are about to undertake a mammoth task. Opening your own business can be extremely difficult, but ultimately it is very rewarding. You may be faced with a lot of stress when it comes to maintaining your business, but if it is successful, you will feel extremely proud of yourself. Whilst you move forward with your self-employment, don’t forget that life insurance is still important to own. Here is why!

Protection for you and your family

Whether you work for a company or are self-employed, employee insurance will make sure you are protected when you are working. It does not matter if you are working at a computer or have more manual work to undertake, life insurance can protect you when disaster strikes. You may suffer from a life-changing injury or illness that makes it difficult to get back to work. You and your family need a safety net just in case the worst does happen to you. Make sure to protect them as well as yourself.

Make up for lack of benefits

Now that you are a self-employed person, you will experience a range of benefits, including when you have holidays, choosing when you want to work, and deciding who you want to work with. However, there are other times where you may struggle because you do not have the same benefits as those who are employed by someone else. This includes having certain types of insurance policies that will protect them should the worst happen. Employers may have “death-in-service” benefits. However, you won’t have these as your own employee. This means that if you should die at work, your family won’t be able to receive multiple payments of your salary. That’s why it is crucial that you invest in your own life insurance.

Different types of life insurance

As a self-employed person, you will have a range of life insurance policies to choose from. It’s important to choose a policy that will suit you, your business, and the type of work that you do. The most popular type of life insurance is “term-life insurance.” This is a policy that can last between five and thirty years.

The premiums for this type of insurance tend to be below if you get it whilst you are young, however, you will have to renew it if you continue to use it. If you want to go for a longer policy, you can get “permanent life insurance.” This type of insurance will not expire; however, you may find that it is a bit more expensive or the premiums may be higher.

Ongoing Debt

It can be expensive to open your own business. Therefore, it is quite likely that you may have accumulated debt whilst opening your company. This debt will pass on to your loved ones if you pass away at work. By having life insurance, the debt will be paid off. So, make sure you are fully covered.

And there you have it – everything you need to know about why life insurance is important even when you are self-employed. 

Does every month’s salary give you a feeling that your expenses are higher and the earnings are less? Do you want to earn more or save more? Is your current lifestyle and loan liability too much for you to pay?

Thoughts of having less money and higher expenditures can leave you irked. It can shake you from within if there are hardly any assets that offer security. 

When you realize that the current demands are essential, you ought to take a loan for it. But the constant pressure of paying the loan gives you enough worries. If this is the case with you, often thoughts of saving money and building securities would strike your mind.

For ages, the traditional way of creating financial security for dependents in the family is through a life insurance policy. The reason for insurance being a primary choice to pick is because it offers life security, options of savings, and tax benefits.

There’s no rocket science behind this. It is simply that a life insurance policy provides multiple benefits.

At times, tax savings is the prime intent when buying a life insurance policy. In this case, a common mindset would be to avoid spending money. This is where the alternative of a term insurance policy plays.

Let us explore more about term insurance.

What is Term Insurance?

A term insurance policy is a life insurance policy that offers financial security to the dependents of the life insured. The policy pays the death benefit to the nominee only after the life insured passes away during the policy period.

The premium for the term insurance is low but the limit of the life cover is high.

For example, Rohit, age 21 years, wants to purchase a term insurance policy for his family. He found the options and bought a term insurance policy for Rs.1 crore at just Rs.477/- per month.

• Term insurance attracts individuals because it is an affordable life insurance policy with a high life cover.
• People have shown interest in the term life insurance policy because it now covers Covid-19 life claims also.
• Buying a term insurance early in life is helpful because the premium is less when you are young. Also the premium under the term insurance policy remains the same for the entire policy term.

Term insurance plans provide you with several benefits.

Do term insurance plans provide tax benefits under Section 80C?

Yes, term insurance provides tax benefits under Section 80C of the Income Tax Act, 1961. The total amount of Rs.1.5 lakhs is allowed under the life insurance policy for the deduction. Apart from this, the total death benefit that the nominee receives is also tax exempted under Section 10(10D).

If the life insured outlives the total policy term, the life insurance policy will give you maturity benefits. The amount is to help the family gain stability after the life insured has died. This is why the total maturity amount is tax-exempted.

Other than the tax savings, there are other benefits that the term insurance policy offers.

Benefits of Term Insurance Policy:

Who buys anything without considering the benefits of it. Before you buy term insurance, these are the benefits that you can consider:

• High Life Cover at Affordable Premiums: The term insurance policy provides a large amount of life cover at an affordable premium. You can get a cover as high as Rs.1 crore for just Rs.477/month.
• Long Life Cover: The term plan gives you a long life cover up to age 100. For example Rohit, age 21 years, purchased a term insurance policy. Now he can get cover under the term insurance policy for next 79 years.
• Help Manage Loan Liabilities: The term plan helps your family pay-off the loan liabilities when you are not around. The claim amount can be used to pay financial burden liabilities like home loan, car loan, education loan, etc.
• Flexible Pay-Out Benefit: A term life insurance policy provides financial stability to the nominee after the life insured passes away. The policy provides an opportunity to the life insured to choose the payout but at the inception.

The life insured can choose the payout the nominee will receive after the death, depending on their lifestyle or financial requirements. The payout can be either in the form of a lump sum or as monthly income. This will help families manage regular expenses and other financial needs.

• Inbuilt-Terminal Illness Cover: A term insurance policy comes with an inbuilt-terminal illness cover. Terminal illness is the state that leads to death within 6 months after detection. The illness can wipe away your savings and this is where a term insurance policy will pay.
• Option to enhance cover with riders: Term insurance policy allows you to provide you with the choice to increase the scope of cover with the riders. You can pay an extra premium and get the additional cover. For example: Rohit owns a term plan of Rs.1 crore and took an accidental death benefit rider cover for Rs.50 lakhs. After 5 years of the policy, Rahul died in an accident. The policy paid him an additional benefit. His nominee will get a total of Rs.1.5 crores for the claim.

Some insurance companies provide a return of premium option. Under this, the entire premium paid will be returned if the life insured survives the policy term.

After reading the benefits of the term insurance plan, you can read about the different types of term insurance plans.

Types of Term Insurance Policies.

There are six different types of term insurance policies that you can consider as a feature before buying the plan.

1. Level Term Plans: This is the most simple and the basic type of term insurance plan under which the sum assured remains the same throughout the policy tenure. The benefits will be paid to the nominee after the death of the life insured.
2. Increasing Term Plans: Another plan option is increasing term plans in which the life insured has the option to increase the sum assured annually. The premium amount will remain the same.
3. Decreasing Term Plans: Under the decreasing term plans, the sum assured will decrease to meet the requirements accordingly. A decreasing term plan helps when the policyholder has to pay the loan or other EMIs.
4. Return of Premium Plans: The plan comes with a maturity benefit in which the life insured will receive all the premiums paid. The benefit applies only when the life insured survives the policy term.
5. Term Plan with Riders: It is a term plan which is easily expanded with rider covers. Riders are additional covers that can be included after paying extra premiums. Some of the riders that you can think of buying include accidental death rider, accidental death and disability rider, critical illness rider, hospital care rider, surgical care rider, and waiver of premium rider.
6. Convertible Term Plan: This term insurance allows policyholders to convert the existing plan into other types. For example, Rohit can convert his term insurance policy into an endowment plan after a few years.

Conclusion:

Amongst all life insurance policies, the most suitable and affordable option is to look for the best tax saver term insurance plans. The term insurance applies for a specific period through which you can expect the tax savings. All the premium you pay for a term insurance policy is eligible for a tax deduction. When it comes to tax planning, many individuals opt for deductions under Section 80C of the Income Tax Act, 1961. For more details on term insurance and tax benefits.

It’s hard to believe that we’re already well into 2022, but with each new day comes a new set of challenges and opportunities. Among the many things you’ll need to keep an eye on this year is your car insurance policy.

As you consider your options for 2022, here are key factors to look for in an insurance provider.

1. Competitive Rates

Firstly, the best car insurance companies typically offer competitive rates as well as flexible payment plans. You’ll want to make sure you’re getting the best value for your money, and a good company should be able to offer you just that.

2. Reputation for Superior Customer Service 

Secondly, a great insurance provider should offer reliable customer service. You’ll want to keep an eye out for providers with a positive reputation in the industry. Online reviews can come in handy in this aspect, so do some research to find out what other customers and industry experts think of the providers in your area.

When reading reviews, look for the following:

• The provider’s claims and payment processes
• The quality of their service and assistance.
• The company’s transparency.

3. Solid Coverage Options 

Next, you’ll want to make sure your car insurance company provides the right coverage for your needs. Make sure their coverage options align with your needs and budget and look for optional coverage items that may be important to you as well. These items may include such as roadside assistance or auto rental reimbursement.

Some of the best car insurance companies also have free bonus benefits, such as:

• Free roadside assistance
• Low deductible
• Courtesy car program
• 24/7 claims reporting

Make sure you know what you’re getting, and make your decision accordingly.

4. A Range of Discounts

Reputable auto insurers are usually happy to help you out if you want to save money on insurance premiums. So, keep an eye out for providers with a range of discounts that could help you save money on your car insurance policy.

Look for providers with the following discounts:

• Multi-policy discounts. Usually, insurers offer discounts to customers who insure more than one car or bundle their home and car insurance policies together. You may also be eligible for a multi-policy discount if you have your auto and renters’ or homeowners’ policies with the same company.
• Good driving discounts. The best car insurance companies offer safe drivers discounts, such as one that would lower your premium if you’ve been accident-free for a certain number of years.
• Student discount. If you’re a student with good grades, keep an eye out for companies that offer discounts to students who are pursuing higher education.
• Low-mileage discounts. If you’re a low-mileage driver, you may be eligible for a low-mileage discount that could lower your premium.

5. Convenient Payment Options

Now, you’ll also want to find a company that offers convenient payment options. You may be able to pay your premium in installments, pay online, or even roll the cost of your premium into your car loan.

Another great way to save money is through a usage-based program. Generally, usage-based programs track your driving habits and offer safe drivers’ discounts that could lower your rate. This program could also provide you with excellent discounts if you use telematics devices to monitor driving habits.

6. Innovative Technology

Then, look for a company that’s using state-of-the-art technology to bring you benefits and savings. Technology is constantly improving. Some recent innovative technology to keep an eye out for includes:

• Real-time ratings, which help you set premiums based on your actual driving.
• Usage-based programs and telematics devices, which let you monitor and improve your driving and get safe driver discounts.
• Mobile apps, so you can handle all your insurance needs on the go.
• Concierge-bot messengers, so you can learn about new car features or request quotes on different cars.

7. Stable Financial Standing

Finally, stay away from an insurer that’s gone bankrupt in the past or has a history of financial problems. Generally, when the insurance company doesn’t have enough money to pay all its customers in case of a catastrophe, you could lose your whole premium payment. You can usually research a company’s financial standing by checking the Better Business Bureau.

Takeaway: Finding the Right Car Insurance

These are just a few things to bear in mind as you shop around for car insurance. Nonetheless, by keeping an eye out for reputable companies and looking at their claims process, payment options, benefits and discounts, and technology, you can be sure that you’re choosing the best company for your needs.

Accidental overflows and water discharges are two typical circumstances that might result in water damage if you’re a renter. Your renter’s insurance coverage, on the other hand, is unlikely to compensate for damage caused by sewage backups or flooding.

Aside from that, your personal belongings are not covered by renters insurance. Your tenant is responsible for keeping the building, while you are responsible for keeping your living area and personal possessions. This implies that if your plumbing ever breaks, you won’t have to repair any pipes; however, you will be liable for replacing any damaged property that results from the plumbing failure.

Is Water Damage from Ceiling Leaks Covered by Renters Insurance?

Your items are covered by your renter’s insurance if your ceiling leaks. You might, for example, file a claim through your insurer if water dripped onto your leather sofa or television from yet another apartment or the roof and wrecked it.

To maintain the structural integrity of your building, your tenant is responsible for both preventing and addressing leaks. You must notify the building’s owner of any potential problem that might lead to a future loss.

Most rental agreements provide that you are not responsible for damage caused by structural problems if you notify your landlord in writing as soon as you become aware of them. Assuming you weren’t involved in generating the leaks, this includes the ceiling.

Is Water Damage from a Flooded Toilet Covered by my Renter’s Insurance?

Your renter’s insurance policy covers damage to your home caused by a toilet overflow or discharge. However, if you kept the toilet blocked until it spilled and destroyed the floor, your insurer may not pay your charges. Assume that your bathroom unexpectedly becomes clogged, resulting in water damage to some of your possessions. If you file a claim with your renter’s insurance, you can get your damaged possessions replaced.

Even though your renter’s insurance does not cover your personal property, you may still need to submit a liability claim. Your landlord may sue you for the expense of restoring the damage to the floor of your unit if the overflow results in such harm. Even if you lose, your legal fees would be covered by your renter’s insurance in this circumstance. If you were found accountable, it would also cover the costs of any damage you made to the rental property.

Water that backs through sewage or drains is likely to be excluded from your renter’s insurance as well. If your toilet overflows and contaminates your belongings with outside sewage, you’ll have to pay to repair them yourself unless your insurance covers it as an optional extra. On the other hand, seepage from subsurface water is not likely to be covered by your insurance.

Does Renters Insurance Cover Flood Damage?

Personal property damaged by floods is not covered by renters insurance. Renters insurance or your tenant’s policy does not cover significant flooding damage to your personal belongings, or any damage caused by a flood is only covered by a flood addendum or a different flood insurance policy.

Fortunately, your insurance coverage does cover your property against rain & storms under specific situations. Your renter’s insurance may cover you if you suffer water damage from a storm window breaking due to high winds or falling debris.

You’ll be covered for temporary housing costs if a storm destroys your house and you have renters insurance. Even in a massive city around The World or USA, lodging at a hotel might be prohibitively expensive if you do not have insurance. The hotel expenses might be avoided by purchasing renters insurance.

Final Thoughts

Depending on the nature of the loss, specific water damage may be covered by renters insurance.

In most cases, a renter’s insurance policy does not cover flood damage.

If you want to prevent expensive or confusing insurance claims, it’s a good idea to take precautions.

Insurance claims involving water damage to rental properties are subject to considerable uncertainty. Check your insurance to see what risks are specifically included. It’s advisable to tell your landlords as quickly as you detect any problems with the water supply in your rental unit. Waiting too long increases the risk of further harm and the possibility of losing insurance coverage due to carelessness.

If you own farming land and cultivate it for a living, getting insurance coverage is advisable. Farm insurance safeguards you in the event of loss or damage to your farming operations. These policies are generally customizable to offer maximum protection, considering your unique farm needs.

Farm owner’s insurance is designed to cover your property, machinery, livestock, and crops. The equipment you use on your farm often includes plows, tractors, threshing machines, and rakers. Replacing such expensive gear should an unforeseen eventuality strike be an expensive affair. 

Liability coverage is included in this insurance should your farming operations or products inadvertently harm someone else’s property or health. Your farming animals may escape and injure passersby or the helpers who assist you on the farm accidentally damage a neighbor’s assets. In such cases, you are responsible for bearing the expenses. 

Benefits of Taking Insurance for Your Farm

Given the amount of effort, time, and expense farming involves, buying farm insurance is even more critical. Listed below are six benefits you enjoy on taking the insurance route.

Protects Your Land from Nature’s Fury

Your farming land is exposed to Mother Nature’s whims and fury. Fierce windstorms, lightning, heavy hail, or a sudden fire could burden you with major accidental losses. An unforeseen eventuality of great magnitude when beyond your control causes immense loss to your farm assets.

Adequately Shields Your Farm Equipment

As a farmer, you are heavily dependent on specialized equipment, machinery, and tools that aid in your farming operations. Farm owner’s insurance makes good the damage, if any, caused to your expensive implements, combines, tractors, hay balers, windmills, and other mobile machinery. 

Compensates for Accidental Damage to Others

Should a farm visitor suffer losses while on your property because of a mishap attributed to your staff, livestock, or machinery, you have to compensate them. Whether it is a personal injury or damage to another’s assets, generating the necessary compensation can become daunting without insurance cover.

Serves as a Protective Shield for Your Livestock

When you tend to livestock on your farm, you are responsible for their safety. Precious farm animals like cattle, pigs, sheep, emu, goats, and chickens are vulnerable to wild animal attacks and theft. Even natural disasters and vandalism on your property put your livestock in danger, and without necessary insurance, you stand to lose.

Guards Your Farm Building

You may be using a structure for farming purposes like a barn, shed, or stable. Any damage to the building itself because of fire, theft, or a natural calamity is covered under the farm owner’s insurance. Even the equipment used for the upkeep of your farm structure, like water pumps and motors, is safeguarded under such a policy. 

Ensures Your Farm’s Longevity

Taking insurance for your farm gives you the financial security needed to continue farming. With insurance, you have a solid backup should some mishap occur on your farmland or because of your farming operations. Otherwise, the expenses you will incur while compensating others, replacing damaged machinery, or rebuilding your lost farmland places an immense financial burden.

Depend on an insurance safety net by proactively catering for the worst eventuality that directly impacts your farming business.

In 2020, Texas witnessed 1.50 deaths per hundred million miles due to road fatalities. This was a noticeable increase from 2019, where the number stood at 1.26.

Texas is an at-fault state, which means that the financial responsibility of the damages falls upon you if you are responsible. Suppose an accident involves personal injury or death due to your fault. In that case, Texas law requires you to stop your vehicle and return to the scene immediately.

In case of car accidents, you have to show that you can pay for any damage. Therefore, having auto insurance with minimum coverage is a necessity. If you are looking to buy car insurance in Texas, it is advisable to do some research beforehand. It will ensure that you find the best coverage that offers maximum protection during emergencies.

What are the insurance requirements in Texas?

The law of Texas requires you to have a minimum coverage of at least 30,000 USD per injured person and a total of 60,000 USD per accident.

The primary coverage usually covers the medical bills and property damage costs in an accident. For property damage, the amount is 25,000 USD.

Types of Coverage

There are eight different types of car insurance coverages in the state of Texas:

1. Liability coverage – it pays for the other driver’s car. It also covers their medical bills and expenses.
2. Collision coverage – it covers the cost of repairs or replacement of your vehicle after an accident.
3. Underinsured Motorist coverage – it is helpful if you are hit by someone who does not have insurance.
4. Towing coverage – If your car is towed and is severely damaged, the towing coverage will take care of that.
5. Medical payments coverage – it will pay your medical bills, even if you were driving someone else’s vehicle.
6. PIP coverage – it covers medical bills along with lost wages and related costs.
7. Rental reimbursement – it comes into play when you need a rental car after yours has been stolen.
8. Comprehensive coverage – takes care of all costs if your vehicle is vandalized or damaged by natural causes like floods or fire.

Things to check before buying an insurance

• Take the liability factor into consideration

It is better to go with coverage that allows you to utilize more than the official minimum amount. Cars can be costly, and so is the healthcare treatment that is often necessary after a crash.

If the other car driver sues you for all the additional costs incurred by them, you can rely on your coverage to pay the extra money.

• Always compare the policies

Comparing the prices and policies will give some idea about your insurer in Texas. You should check the policy period, premium, financial rating, consumer complaint index, available discounts, and coverage limits. You could also ask them to provide you with a policy disclosure, which they are bound to do by the laws of Texas.

• Pay attention to the deductibles

In insurance terms, the deductible is the amount of money you have to pay before the insurance company starts paying. It could either be a percentage or a specific dollar amount.

If your deductibles are higher, your premiums will be higher too. One way of deciding the right deductible is determining how much you can pay after an accident.

• Check if the insurer has a license

Auto insurance companies in Texas must obtain a license from the Texas Department of Insurance. Therefore, ask your company whether they are licensed and whether or not it is updated. 

Being well-informed about car insurance policies and providers beforehand can help you buy the best car insurance in Texas.

You never know when you might need one. Therefore, having proper and comprehensive coverage will ensure that you are financially secure if a mishap occurs.