A deductible is an amount of money which, in the event of a covered loss, you are required to pay prior to the insurer being liable for any damages. The purpose of a deductible is to eliminate the expense of processing small claims.

Is it better to have a higher or a lower deductible?  This is a question that is often asked, and the answer can be different for everyone.  The answer boils down to the amount that you are willing to pay for your auto insurance policy, and the amount you are willing to pay out of pocket to repair your vehicle. 

Often, those that carry a low deductible live in a more congested area where the probability of an accident is much higher. Carrying a lower deductible can mean that you will have a higher premium for the overall plan.   You may want to elect to have a lower deductible if you have been in many accidents or live in an area where you are more likely to be involved in an accident, such as a large city. 

Carrying a higher deductible will result in having a lower premium for your policy.  Drivers may want to have a higher deductible if they have not been in an accident, or live in an area where being in an accident is less likely.  People who drive or live in rural areas may carry a higher deductible to reduce the overall cost of the premium.

When it comes to choosing which scenario to consider, you should review your past driving record and consult with an insurance professional.  For more information or to receive a free quote, please contact a PoliSeek Insurance specialist or call 866-540-7335.

It’s in the news.  It may have occurred to a friend or a family member.  Odds are, it can also happen to you.  Identity theft has affected the lives of over eight million Americans according to the 2007 Identity Fraud Survey Report from the Javelin strategy and research firm.  How can you protect yourself against identity theft?The first place you can look is to your existing homeowner’s insurance policy.  Depending on your insurance provider and your policy, you may have an identity theft clause.  This protection typically comes at no additional cost you and usually provides a fraud specialist.  This specialist can help you to restore and protect your identity in the event of theft.

If your current policy doesn’t have an identity theft clause, your insurance company may offer an identity theft rider or endorsement policy.  For an additional cost this rider can be added to a homeowner’s insurance policy.  An identity theft rider will cover any expenses accrued during the process of restoring your credit.

Another area of coverage can come from your credit cards.  In addition to checking your homeowner’s insurance for identify theft coverage, be sure to check what coverage your credit card companies can offer in case you have your identity stolen.  By knowing what coverage you already have under your homeowner’s insurance or credit card agreements, as well as your options if you need to add an identify theft rider, you will be better able to protect yourself in the event your identity is stolen.

NOTE: The purpose of this article is to provide general information on the law, which is subject to change.  If you have a specific legal problem, you may want to consult your lawyer.  For any auto insurance related questions, you may wish to consult your insurance company or insurance agent.

This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein.  No warranty or appropriateness for a specific purpose is expressed or implied.

While a condominium doesn’t need as much insurance as a house, if you own a condo you will need to have more insurance than a renter.  Some of the insurance coverage you need includes personal property and liability. But how do you know if your current condo insurance policy covers enough?  You can check by asking your insurance agent and condo association the following questions:

* What are your ownership and insurance responsibilities in the condo association’s master deed?

* Which areas of the structure are you responsible for?

* Does the policy you are considering include broad water damage coverage for problems such as sewer and drain back-ups?

* What are your condo’s interior features and which parts of the structure do you own?

* Are there any discounts available if you carry multiple policies, or have a security system and fire resistance?

* Does your condo association provide comprehensive or blanket coverage to protect you against other condo owners who may not have adequate coverage?

* Do you have expensive personal items such as jewelry or furs that you may need additional personal property coverage for?

Typically, your condo association buys insurance for the building itself and for the common areas.  As a condominium owner, you need to insure not only your personal possessions that are kept in the condo, but also any built in units such as cabinets, fixtures, appliances, and shelves, as well as coverage for injures or damage to people or property that you would be liable for.  By checking with both your condominium association and your insurance company, you can determine if your condo insurance covers your needs.

NOTE: The purpose of this article is to provide general information on the law, which is subject to change.  If you have a specific legal problem, you may want to consult your lawyer.  For any auto insurance related questions, you may wish to consult your insurance company or insurance agent.

This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein.  No warranty or appropriateness for a specific purpose is expressed or implied.

When renting a house or apartment it is important to carry renter’s insurance. Although your landlord is required to insure the unit you are renting; that does not cover your personal belongings. All it covers is the building, structure, roof, etc. You’ll need to take out an additional policy to cover your personal items.

Most landlords or leasing companies will require you to show proof of renter’s insurance before they let you move in. In addition to covering your personal belongings, it will also protect you from liability arising from an accident on the premises. If a guest in your home slips on your floor and gets injured, you may be liable. Renter’s insurance gives you this extra protection so you don’t have to worry about losing many of things you have worked hard for.

Getting a renter’s insurance policy is easy. There are many companies that offer this coverage. Spend the extra time and speak to an agent to clearly identify your insurance needs and make sure you and your personal belongings are fully protected. PoliSeek is a great place to look for renter’s insurance. They have access to many providers and will do all the searching for you to make sure you are receiving the best rate and coverage.

This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein.  No warranty or appropriateness for a specific purpose is expressed or implied.