Tag Archives: insurance types

3 Types of Insurance You Didn’t Know You Could Get

There are not too many people who can say they aren’t aware of the fact that everyone must have car insurance. Most people are painfully aware that health insurance is also a must, and most homeowners know that having fire insurance and other protections for their home is vital as well. And then there’s life insurance. But did you know your insurance company can offer you some types of insurance coverage that not everyone may know about. We at American Insure-All® would like to tell you a little bit about a few of the less common ones.

Renters Insurance

Renters often think their landlord is responsible for everything. But did you know that all the personal possessions within your rental home can be damaged or stolen, and this becomes the renter’s problem? Renter’s insurance can give you the peace of mind that your valuable personal items and furniture can be protected against calamity.

Recreational Vehicle

Your ATV or snowmobile weren’t exactly free, and when something happens to them, you’ll want to be able to replace them without a great expense. Recreational vehicle insurance can help you enjoy your recreation more just by knowing that no matter how hard you play, you’ll be covered.

Watercraft and Boat

Your boat was a large investment, but the hours spent out on the open water, fishing or basking in the sun, make it all worthwhile. But there are a lot of bad things that can happen to your boat. For example, boating accidents, damage sustained from severe storms, and every other type of crazy accident that might befall your beloved watercraft. We can cover you so that all you’ll need to think about is the warm, soothing sun and the peaceful serenity of the water.

When looking for insurance in Arlington, remember that many of your other personal possessions can be covered too. Why worry about something happening to your personal possessions when you should just be enjoying them?

What Might Insurance Be Like in 100 Years?

Today most consumers undoubtedly think of insurance as a modern phenomenon. In reality, the basic concepts of insurance are thousands of years old. And insurance that closely resembles some of today’s products has been around since the Middle Ages.

As a result, when we speculate about what insurance will be like a century from now, it makes sense to think that in many ways it will still be very similar to the insurance products we have today. Insurance in Everett, Washington, is likely to be just as important to residents in 2115 as it is in 2015.

Early Types of Insurance

The purpose of any insurance is to offset risk. Over time, the types of risk that are most significant can change. For example, some of the earliest forms of property insurance were created in London after a fire in 1666 destroyed more than 13,000 homes. In the 1400s, maritime insurance policies protected ship owners against the loss of vessels and cargo.

It is hard to know what types of risk will most concern people in 100 years. A century ago it would have been virtually impossible for anyone to conceive of computers, air travel, interstate full of cars, etc. In that era, no one had health insurance. Today’s laws now require everyone to have health care protection.

It is possible that 100 years from now improvements in health care and longevity could make health care insurance obsolete. In 2012 in Massachusetts, Partners HealthCare System Inc.–the state’s biggest hospital and physician organization–purchased Neighborhood Health, an insurance provider. Perhaps in the future people will pay health care providers directly and eliminate the need for that type of insurance.

Insurance Needs Can Change

Insurance actuaries are constantly studying different types of risk and making adjustments in insurance coverage and cost to accommodate changing circumstances. For example, life insurance rates are based on the longevity of a population. As the average length of life increases or decreases, policies and their rates are adjusted accordingly.

Insurance is also subject to the whim of government regulators and politicians. Under current law, proceeds of a life insurance policy are exempt from estate and income taxes. That has not always been the case, and there is no assurance that it will be the case in 100 years or even in 5 years.

The only thing that is certain is that 100 years from now, insurance of some form is likely to still be important, just as it has been for many prior centuries.

The History of Insurance

Known risks and unknown risks are 2 factors that had the biggest influence in bringing (or not bringing) insurance to the landscape of the American consumer.

Not surprisingly, it took a well-respected American leader to ascribe to the idea of insuring property and to overcome the obstacle of risk.

Addressing Risk

A risk is the potential of losing something of value, whether that loss is financial, social, physical, or emotional. In the insurance arena, people in America were hesitant due to the known and potentially unknown risks.

Benjamin Franklin

In 1752, Benjamin Franklin delved into the world of insurance by championing the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire, which is the first American mutual fire insurance company. In the first year of service, 143 policies were issued to homeowners; each of the policies lasted for 7 years. Interestingly enough within those 7 years, none of those 143 insured properties caught on fire.

In addition to fire insurance, Benjamin Franklin also was instrumental in the issuance of crop and life insurance, as well as insurance to protect widows and orphans.

Life Insurance

The first life insurance company, Presbyterian Ministers’ Fund, came about in 1759. At the time of the creation of life insurance, people in the religious communities were uncomfortable with the idea of placing a price on the life of a human being. As the practice of life insurance began, and the first payouts were made, the minds of the people were changed as they saw the protection this insurance gave to the surviving widows and orphaned children.

Auto Insurance

In 1897, Gilbert J. Loomis made insurance history by purchasing the first liability insurance policy to cover his automobile and the risk of it damaging property or injuring or killing a person. From that point on, auto insurance slowly became more comprehensive to the point that it is today.

Additional Coverage

As the needs of the American people expanded and progressed, so did the coverage offered by the insurers of the people. There are now hundreds of types of insurance available today, from auto and home to gap and umbrella coverage. Talk to a Kirkland insurance agent today to learn more.

Finding Affordable Commercial Insurance in Kirkland

Owning a business is certainly a stressful affair. Business owners have to worry about all of the same things as home owners plus things like worker’s compensation claims and product liability. Luckily for business owners looking for commercial insurance in Kirkland, WA, there is an insurance company that knows exactly how to protect both big and small business owners alike at affordable rates.

Variety Is Key to Savings

At American Insure-All®, we represent a vast number of great insurance companies which offer comprehensive and affordable coverage for all business types. Whether the business needs to insure a fleet of automobiles or just wants to make sure it meets its legal obligation for worker’s comp insurance, we’re here to help. Some of the insurance companies we carry include Charter Oak, Fidelity, and GMAC Insurance. These and our other carriers do the very best they can to meet all business needs at an affordable price.

Helping Translate Policies

When you come to American Insure-All®, the first thing we are going to do is take a look at the existing policy. By seeing what is covered in a current policy, we can decide the best way to save the business a little money. Interestingly enough, most business owners aren’t entirely sure what their policy covers, and this little oversight could be costing them thousands of dollars. With our expertise and experience, we can make sure that all the money going to an insurance company is protecting the right assets.

It Is Personal

The next thing we’ll do is discuss the specific needs of a business owner. Many times, after examining their existing policy, owners will notice clauses they want to change. When this happens, it is referred to as “tailoring a policy,” and it takes experienced hands to do it correctly. When a properly trained “insurance tailor” gets his or her hands on a policy, business owners can count on a rewrite that is sure to fit the needs of their business much better than the original contract.

Above all, we recommend carefully studying any policy. Rash decisions or decisions made in frustration can end up costing a business thousands of dollars. By taking time to seriously consider all of the options, business owners can save a lot of money and prevent a lot of headaches down the road.

The Different Types of Commercial Insurance You May Need

As a business owner examining options for commercial insurance in Everett, Washington, you may be wondering exactly what types of coverage you need. Although you may feel daunted by these decisions, we can explain the different kinds of commercial insurance and their purposes. This knowledge will enable you to choose the right policy for your unique company.

Some people have a personal umbrella liability policy, but they may not realize that it likely contains a loophole for business-related liability. With lawsuits commonplace in our modern society, you must have adequate coverage for the wide range of possible incidents that could result in legal action against you. For example, bodily injury can occur due to many circumstances that you cannot completely control, yet may still render you liable. Accidents can happen on the premises of your business, or a product that you manufacture could malfunction and cause harm. Property damage could also result by either mode.

Even if you have considered these relatively common circumstances, you may not have given any thought to several other less-obvious possibilities. For example, most business owners probably do not give much thought to lightning and explosion coverage. These insurance needs may be obscure, but they must be met nevertheless.

You must also remember that you need the same categories of coverage on commercial vehicles as you do on personal automobiles. Even if you use the vehicle for both business and personal use, a business-owned vehicle should have the company listed as the “principal insured.” Become informed about your rights in order to avoid difficulty in claim filing.

Finally, an employer must take care to provide workers’ compensation insurance. Many states mandate that companies provide this coverage, but employers in non-mandatory states should also seriously consider this option. Workplace injuries are common and can be extremely costly, and despite your best efforts to provide a safe environment, accidents may still happen.