Your home is one of the largest investments you will ever make. Homeowner's Insurance is essential for protecting your investment. It is also important that you have adequate liability coverage to protect all of your other assets as well.
Basic Coverage:
A standard homeowner's policy will cover damage to your home and contents caused by fire and smoke, ice and snow, lightening, theft and frozen pipes. Your policy will also cover you in the event of liability claims if someone is hurt on your property, medical payments to third parties, and legal costs should you be sued. Most people have $100,000 - $300,000 in liability coverage on their homes; however, the very wealthy sometimes carry more as they have more to lose in the event of a lawsuit.
Additional Coverage:
You should read your policy carefully to find out exactly what is covered so you're not caught by surprise when you file a claim and it is denied. Most standard insurance policies do not cover damages caused by floods, earthquakes, war & terrorism and nuclear accidents. You may be able to purchase additional coverage for these items.
Other Valuables:
If you own a lot of valuable jewelry, such as an engagement ring or other valuables like antiques or furs, you will need to have these items appraised and itemized on your insurance policy in order for them to be covered in the event of a fire or theft.
How Much Coverage is Necessary?
Mortgage lenders require a minimum amount of coverage equal to the appraised value or the purchase price of the home; however, this is just for their protection. You may need additional coverage for your home and its contents. You should ask for replacement cost coverage to adequately protect your assets. Otherwise, you may just receive the actual cash value less depreciation for the years you owned the item. Replacement cost coverage provides the amount needed to replace the lost item today, regardless of how long you've owned it.
Discounts on Coverage:
There are several types of discounts you can get on homeowner's insurance premiums. One common discount is if you carry multiple policies with the same company, such as auto insurance, investment property insurance, life and health insurance. Many insurance companies give a discount for having good credit or if you have a home security system. A discount could also be offered if the occupants of your home are non-smokers, or if you live close to a fire department or fire hydrant. Some insurance providers offer discounts if you own a newer home or one that is built out of fire-resistant materials.
Shop Around:
If you are a first time home buyer, you probably have a lot to learn about homeowner's insurance. It's a good idea to shop around and get several quotes so you will have an idea of how much you should be spending. Annual insurance premiums vary from company to company and also from one neighborhood to another. A home located in a high-crime, urban area may cost more to insure than one in a more rural area where there is less crime. Don't necessarily go with the cheapest price; be sure you are getting the coverage you need. Also, check with your state's department of insurance to make sure the company you're dealing with has a good reputation in the industry.
A good insurance agent will interview you, the client, to determine just how much coverage you need. Many will come to your home to evaluate your needs and take photos. Be sure to ask the appropriate questions about coverage and read your policy carefully to be sure you are adequately covered. Do not simply take the word of your agent as mistakes could be made in processing your policy. Your agent should continue to be available to answer any concerns you may have once your policy is written. It is not difficult to upgrade when necessary. Also, be sure to review your coverage from time to time as you accumulate more assets or your home increases in value.
This article was written by Ted Lewicki, a Farmers Insurance agent located in Waterford, Michigan. Ted has been an insurance agent for nearly 50 years. He has been a member of the Better Business Bureau with no reported complaints. Ted interviews his clients to learn just what type of policy they need so that they are adequately covered in the event of an unfortunate accident where they may be sued. http://www.a-oneinsurance.com/ services Oakland County, Michigan with many clients in Waterford, Pontiac, Rochester, Auburn Hills, West Bloomfield, Keego Harbor, Milford, White Lake, Walled Lake, Wixom and neighboring cities and communities.
The cost of health insurance has gone up significantly over the last decade, making it difficult if not impossible for smaller businesses to provide health care plans for employees. There are several types of health plans available, including HMO's, PPO's and POS plans. Some larger companies are able to offer their employees a choice of health plans or insurers where smaller companies are only able to offer one.
Here is an overview of the common types of health care plans:
HMO - Health Maintenance Organization
HMO's are generally the least expensive health care plan, but they are also the least flexible, requiring you to visit only those doctors who are in your HMO network. With these plans, you elect a primary care physician who is a part of the network. The primary care physician is your main health care provider and he has to give you a referral in order for you to see a specialist when necessary. This type of coverage requires a monthly premium and a co-pay of $5 - $10 for each doctor visit.
Prescription coverage varies and the percentage of prescription cost covered by the HMO is decided upon by the employer. The amount paid by the employee can be anywhere from a $5 co-pay on some drugs to a larger co-pay of almost the entire amount for others. It all depends on the plan that is worked out by the employer.
An HMO cannot require referrals for emergency care. They are required by law to cover emergency room visits; this is the only care they will cover without a referral from your primary care physician.
PPO - Preferred Provider Organization
A PPO is a more flexible plan than an HMO, allowing you to choose the doctor your visit. They do not require a referral from your primary care physician to visit a specialist, but the premium is generally higher for this type of plan. If you should visit a physician outside your network, you might have to pay for the treatment and file a claim with the PPO insurance provider for a partial reimbursement, generally up to 80%.
POS - Point of Service Plan
The characteristics of this type of plan are a blend of the HMO and PPO plans. You will be required to choose a primary care provider from the associated network. If you should visit a doctor outside of the network, you may be required to pay for the treatment yourself, unless you are referred by your primary care physician. In this case, the health plan will pay.
The insurance plan offered by an employer depends on the size of the company and the number of employees they have. The cost and flexibility of the plans vary. Usually the most flexible plan comes with a higher premium. If you have recently changed jobs and have new insurance coverage, you may end up having to change doctors if your doctor is not within the network of physicians who can accept your insurance.
This article was written by Ted Lewicki, a Farmers Insurance Agent who represents several insurance companies. Ted has been in the insurance business for nearly 50 years; he has been a member of the Better Business Bureau with no reported complaints. He is always available when his customers have questions or concerns or they need to review their insurance coverage. http://www.a-oneinsurance.com/ services Oakland County, Michigan with many clients in Waterford, Pontiac, Rochester, Auburn Hills, West Bloomfield, Keego Harbor, Milford, White Lake, Walled Lake, Wixom and neighboring cities and communities.
Long-term care, Senior Care Package, Family care package, Financial Planning, home Insurance, auto Insurance, life Insurance, health insurance, Insurance, annuities, liability insurance, motor cycle insurance, boat insurance
The cost of health insurance has gone up significantly over the last decade, making it difficult if not impossible for smaller businesses to provide health care plans for employees. There are several types of health plans available, including HMO's, PPO's and POS plans. Some larger companies are able to offer their employees a choice of health plans or insurers where smaller companies are only able to offer one.
Here is an overview of the common types of health care plans:
HMO - Health Maintenance Organization
HMO's are generally the least expensive health care plan, but they are also the least flexible, requiring you to visit only those doctors who are in your HMO network. With these plans, you elect a primary care physician who is a part of the network. The primary care physician is your main health care provider and he has to give you a referral in order for you to see a specialist when necessary. This type of coverage requires a monthly premium and a co-pay of $5 - $10 for each doctor visit.
Prescription coverage varies and the percentage of prescription cost covered by the HMO is decided upon by the employer. The amount paid by the employee can be anywhere from a $5 co-pay on some drugs to a larger co-pay of almost the entire amount for others. It all depends on the plan that is worked out by the employer.
An HMO cannot require referrals for emergency care. They are required by law to cover emergency room visits; this is the only care they will cover without a referral from your primary care physician.
PPO - Preferred Provider Organization
A PPO is a more flexible plan than an HMO, allowing you to choose the doctor your visit. They do not require a referral from your primary care physician to visit a specialist, but the premium is generally higher for this type of plan. If you should visit a physician outside your network, you might have to pay for the treatment and file a claim with the PPO insurance provider for a partial reimbursement, generally up to 80%.
POS - Point of Service Plan
The characteristics of this type of plan are a blend of the HMO and PPO plans. You will be required to choose a primary care provider from the associated network. If you should visit a doctor outside of the network, you may be required to pay for the treatment yourself, unless you are referred by your primary care physician. In this case, the health plan will pay.
The insurance plan offered by an employer depends on the size of the company and the number of employees they have. The cost and flexibility of the plans vary. Usually the most flexible plan comes with a higher premium. If you have recently changed jobs and have new insurance coverage, you may end up having to change doctors if your doctor is not within the network of physicians who can accept your insurance.
This article was written by Ted Lewicki, a Farmers Insurance Agent who represents several insurance companies. Ted has been in the insurance business for nearly 50 years; he has been a member of the Better Business Bureau with no reported complaints. He is always available when his customers have questions or concerns or they need to review their insurance coverage. http://www.a-oneinsurance.com/ services Oakland County, Michigan with many clients in Waterford, Pontiac, Rochester, Auburn Hills, West Bloomfield, Keego Harbor, Milford, White Lake, Walled Lake, Wixom and neighboring cities and communities.
Long-term care, Senior Care Package, Family care package, Financial Planning, home Insurance, auto Insurance, life Insurance, health insurance, Insurance, annuities, liability insurance, motor cycle insurance, boat insurance
The cost of health insurance has gone up significantly over the last decade, making it difficult if not impossible for smaller businesses to provide health care plans for employees. There are several types of health plans available, including HMO's, PPO's and POS plans. Some larger companies are able to offer their employees a choice of health plans or insurers where smaller companies are only able to offer one.
Here is an overview of the common types of health care plans:
HMO - Health Maintenance Organization
HMO's are generally the least expensive health care plan, but they are also the least flexible, requiring you to visit only those doctors who are in your HMO network. With these plans, you elect a primary care physician who is a part of the network. The primary care physician is your main health care provider and he has to give you a referral in order for you to see a specialist when necessary. This type of coverage requires a monthly premium and a co-pay of $5 - $10 for each doctor visit.
Prescription coverage varies and the percentage of prescription cost covered by the HMO is decided upon by the employer. The amount paid by the employee can be anywhere from a $5 co-pay on some drugs to a larger co-pay of almost the entire amount for others. It all depends on the plan that is worked out by the employer.
An HMO cannot require referrals for emergency care. They are required by law to cover emergency room visits; this is the only care they will cover without a referral from your primary care physician.
PPO - Preferred Provider Organization
A PPO is a more flexible plan than an HMO, allowing you to choose the doctor your visit. They do not require a referral from your primary care physician to visit a specialist, but the premium is generally higher for this type of plan. If you should visit a physician outside your network, you might have to pay for the treatment and file a claim with the PPO insurance provider for a partial reimbursement, generally up to 80%.
POS - Point of Service Plan
The characteristics of this type of plan are a blend of the HMO and PPO plans. You will be required to choose a primary care provider from the associated network. If you should visit a doctor outside of the network, you may be required to pay for the treatment yourself, unless you are referred by your primary care physician. In this case, the health plan will pay.
The insurance plan offered by an employer depends on the size of the company and the number of employees they have. The cost and flexibility of the plans vary. Usually the most flexible plan comes with a higher premium. If you have recently changed jobs and have new insurance coverage, you may end up having to change doctors if your doctor is not within the network of physicians who can accept your insurance.
This article was written by Ted Lewicki, a Farmers Insurance Agent who represents several insurance companies. Ted has been in the insurance business for nearly 50 years; he has been a member of the Better Business Bureau with no reported complaints. He is always available when his customers have questions or concerns or they need to review their insurance coverage. http://www.a-oneinsurance.com/ services Oakland County, Michigan with many clients in Waterford, Pontiac, Rochester, Auburn Hills, West Bloomfield, Keego Harbor, Milford, White Lake, Walled Lake, Wixom and neighboring cities and communities.
Long-term care, Senior Care Package, Family care package, Financial Planning, home Insurance, auto Insurance, life Insurance, health insurance, Insurance, annuities, liability insurance, motor cycle insurance, boat insurance
With the price of health care, insurance is a necessity. The cost of medical care is rising rapidly and few people are able to afford this luxury without insurance.
Types of Health Insurance Coverage:
Two common categories of health plans are indemnity plans and managed care plans such as health maintenance organizations (HMO's) and preferred provider organizations (PPO's) and point of service (POS) plans.
An indemnity plan offers the option of choosing your own doctors. They pay for your medical expenses, in full, in part, or up to a specified amount per day for a certain number of days.
Managed care plan provide broader coverage, but involve an arrangement between the insurer and a selected network of health-care providers. An HMO will require that a primary care physician coordinate all of your care, referring you to other specialists within their network, when necessary.
Whichever type of plan you choose to buy depends on your individual health care needs and your budget.
What costs are covered?
Health insurance plans vary, so you will want to ask questions and discuss your health care needs with your insurance agent. When comparing insurance plans, be sure to find out if they provide additional benefits that you may need, including prescription drugs, preventative care, mental health, maternity care and vision to name a few.
Out-of-Pocket costs:
In addition to the monthly premiums, you may have other associated costs like co-payments, coinsurance and deductibles. A co-payment is the amount you pay each time you visit the doctor or have a prescription filled. This is generally an amount much smaller than what it would be without insurance coverage. The deductible is the amount you pay toward your medical expenses during a one-year time before the insurance company picks up any costs. Coinsurance is the percentage of your medical costs that you pay after you have paid any deductibles.
Obtaining Health Insurance:
Some employers offer a group plan or you may belong to another affiliation such as a school or club. When these options are not available, you must purchase private health care. You can talk to your insurance agent about customizing an individual plan that meets your needs and fits your budget.
You want to look for a plan that offers the flexibility and benefits you need at the lowest cost. Like any major purchase, it is a good idea to shop around and get several quotes. Here are some questions you will want to ask:
Also check with your state's department of insurance for information about the reputation of the insurance company. Regardless of which company or plan you choose, it's no good if your insurance provider is constantly refusing claims.
Cutting the cost of medical bills is a sure way to cut the cost of insurance. A healthy lifestyle is obviously the most effective way of cutting down on medical expenses. Take advantage of programs that offer free or reduced health screenings. Exercise regularly, eat right, have regular check-ups and avoid bad habits like excessive drinking and smoking.
If you take prescription drugs regularly, see if a three-month supply will save you money. Check online resources for ordering prescriptions through the mail instead of going to the pharmacy. Request a generic equivalence of your prescription when possible. Some pharmacists provide generic drugs automatically unless you or your doctor specifies different.
Carefully read your medical statements to be sure you are only paying for the services received. This is important even if your insurance covers the cost. You can help keep your premiums down by making sure your insurance company is not billed for a procedure you did not receive. Call your medical provider if you have any questions about your statement. If you don't get satisfactory answers, have your insurance company review your claim.
Married couples can save by being on the same plan rather than maintaining separate insurance. Most plans allow you to add your spouse within 30 days of getting married. Some will make you wait until the annual open enrollment period to make this change.
Keep track of your medical expenses; many of them are tax deductible if you itemize. Allowable medical expenses include doctor bills, eye care, prescriptions, lab fees, dental costs, hearing aids and other medical supplies.
If your insurance plan is limited or you don't have insurance, check with your medical provider, local clinics and hospitals to see about free health screenings such as cholesterol tests, eye exams, mammograms and cholesterol testing. Many of these are only offered once a year but it can't hurt to ask.
Some insurance companies cover preventative care such as annual check ups to help you stay healthy, therefore, requiring less in expensive procedures and treatments. Ask if they provide for discounts on vitamins or health club memberships. It also doesn't hurt to negotiate with doctors on their fees, especially if you have no insurance. Many doctors offer a courtesy adjustment to people who do not have insurance.
Insurance can be very expensive; so can medical care. Shop around, ask questions and live a healthy lifestyle to prevent health problems and save money on medical costs. Even if you have the best health coverage available, it's a good idea to stay healthy and avoid medical procedures that can be just as miserable physically as they are financially.
This article was written by Ted Lewicki, a Farmers Insurance Agent who represents several insurance companies. Ted has been in the insurance business for nearly 50 years; he has been a member of the Better Business Bureau with no reported complaints. He is always available when his customers have questions or concerns or they need to review their insurance coverage. http://www.a-oneinsurance.com/ services Oakland County, Michigan with many clients in Waterford, Pontiac, Rochester, Auburn Hills, West Bloomfield, Keego Harbor, Milford, White Lake, Walled Lake, Wixom and neighboring cities and communities.
Insurance, home Insurance, auto Insurance, life Insurance, health insurance, annuities, liability insurance, motor cycle insurance, boat insurance
We offer more than mortgages; we also offer financial services, investment and retirement products, and all insurance needs including home, car, life, boat, RV, annuties, liability, business and more.
Hi, my name is Ted Lewicki and I have been an insurance agent since 1961. I have been married 37 years with five children and one son in the U.S. Navy. I have been in the same location for 27 years. I also own Pillar Financial Corporation dba Pillar Mortgage, which specializes in reverse mortgages for seniors.
As an Independent Insurance Agency, A-1 Insurance, located in Waterford Michigan, is able to represent a variety of insurance companies to better serve your Insurance needs. For more information click on a link below or call us at 248-674-0355!
Residential CommercialWe are affiliated with Pillar Financial Corporation, providing all your mortgage financial needs including Conventional, FHA, and Home Equity Loans. Pillar also specializes in Reverse Mortgages for seniors age 62 and older, allowing access to equity in their home without a single payment. See www.pillarmortgage.com for further information.
I am the President of Pillar Financial Corporation and have been in the mortgage business for 17 years. I also have 43 years in the insurance business, starting out on a debit in Detroit for Metropolitan Life Insurance Co. Since then I have been an AAA agent for 12 years and have been working as a Farmers Insurance agent for 25 years. I have been working within the community for all of these years dealing face to face with people of all ages and occupations. I am a family man with a wife and 5 children and I can relate to a multitude of scenarios. I have built my reputation on honesty and trust - backed by sincerity, dedication, and plain old hard work. I would be happy to help you define and achieve your financial goals.
Mr. Hutton is 74 years old and his wife is 72 years old. Their home has been appraised at $300,000 and they own it free and clear of mortgage. They qualify for a reverse mortgage and are eligible for a lump sum of cash in the amount of $138,000 or a guaranteed income of $900 per month for as long as they live in their home. If they purchased an annuity with the cash, they would receive $960 per month for the rest of their lives wherever they live. If they choose to receive the money from their reversed mortgage in the line of credit option, the unused portion would grow at the same rate as their loan balance. They would receive the interest earned on a monthly basis ($675) or on an annual basis ($8,400) and still have the $138,000 available as reserve. They can also mix or match those options to provide them with the most appropriate solutions for their needs. Regardless of which option they choose, the reverse mortgage provides several practical options to fund either their long-term care insurance policies or their long-term care services. The Senior CARE Package provides both of the products in one!
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