Category: Types of Insurance

The History of Insurance

History of InsuranceThe roots of insurance go way back to Babylonia, where traders were encouraged to assume the risks of the caravan trade with funds to be paid only after the goods had arrived safely.  The Phoenicians and the Greeks soon hopped onto that bandwagon and utilized a similar system for their seaborne commerce.  The Romans were innovative as well and used “burial clubs” as a form of life insurance, by providing funeral expenses for members and later making payments to their survivors.

As towns grew and trade spurted up around Europe, many medieval guilds undertook measures to protect their members from loss by fire and shipwreck, or provide ransom from captivity by pirates, and to provide decent burial and support in times of sickness and poverty.  The earliest known insurance contract was in Genoa, Italy in 1347 and soon marine insurance became practically universal among the maritime nations of Europe.
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How Does an Insurance Deductible Work?

Insurance DeductibleThe beginning of the New Year is not just a time to state your New Year’s resolutions (most of which will probably be broken with a few weeks), but, it is a time to begin your new yearly healthcare insurance deductible.  Your healthcare deductible, as you know, is the amount you owe for covered healthcare services before your health insurance plan kicks in and begins to pay. As an example, if your healthcare insurance deductible is $1,000.00, your plan won’t pay for anything until you’ve paid $1,000.00 out of your own pocket for covered services.  There are exceptions to the rule in that some plans pay for certain health care services before you have met your yearly deductible.  For those blessed with good health, they may never reach their yearly deductible, especially if the deductible is high, where others may have racked up doctor visits, laboratory or prescription charges and will have met their deductible early on in the calendar year.

Deductibles for health insurance are much different than that for car insurance and home insurance… sure, you must inevitably pay out of your own pocket until your deductible is met, but, the biggest difference is that the deductible does not begin anew each calendar year.  Deductibles for property damage works differently than a typical health insurance policy with its single annual deductible for the policy.  With an auto or homeowners insurance policy, the deductible applies each time you file a claim. The one major exception to this is in Florida, where hurricane deductibles specifically are applied per season rather than for each storm.

Since, most people have a basic understanding how health insurance deductibles work, let’s look at this topic as it applies specifically to car and home insurance.
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Types of Useless Insurance

Types of Useless Insurance
A prudent person ensures that their health, vehicle, home and life is insured.  The first of these four items, health insurance, is the most-important type of insurance you can have, because, after all, what is more precious than ensuring that you and your loved ones are covered for any catastrophic illness that may befall you and them?

If you do not have insurance coverage at the present time for any of the above-listed items, you really should consider seeking an insurance broker, like John Savadjian, located right here in the New Jersey area.  He will assist you in tailoring the right insurance to match your needs.
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What Type of Insurance Do I Need?

Types of Insurance

When you were a kid, your mom probably told you never to leave home without some Kleenex and enough change to make a phone call in case you got into trouble.  Back in the day, two dimes would do it, and maybe carrying an extra two dimes in case you fumbled and dropped the first pair and couldn’t find them.  Now most people carry a cell phone so carrying spare change is not a necessity, but the Kleenex…. well, that still makes sense today.

Just like being prepared with tissues or spare change for those daily little issues, having insurance policies in place will thwart most of life’s calamities and you will emerge from those times better for your preparedness.

“Fortune favors the prepared mind” -Louis Pasteur
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What Are The Types of Health Insurance?

Types of Health Insurance
If you are a worker bee, like the majority of Americans who have health insurance, your workplace picks a plan and you just basically go with the flow; if you’re lucky, the plan includes dental and optical as well, and, if you really lucked out, there is a disability policy in place for you too.

If, however, you are a single subscriber because you are in business for yourself, or have lost your job and must obtain health insurance, there are wide range of options out there to choose from.  In the past, if you couldn’t afford it, you might have gone without health insurance, but, since the advent of the Affordable Care Act (“ACA”) or “ObamaCare”, it is the law that you must have health insurance in place or pay a fine.

Below are some salient points to help you muddle through understanding the various types of insurance – remember that you can always make it easy on yourself, by consulting with someone whose skill and expertise in the insurance field will make the choices easy for you to understand – such a person would be John Savadjian, an insurance broker in New Jersey.  A top insurance broker like John Savadjian can go over all of your insurance needs with you and can help you choose the best plan for the best price.
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What Are The Types of Homeowners Insurance?

Types of Homeowners InsuranceInsurance premiums may sometimes seem to be the bane of your existence, but, think of the alternatives, if you had no insurance for your vehicle or/or home and there was catastrophic damage to either one?  Your home is probably your largest asset, and, without adequate insurance in place, quite possibly, your finances could be wiped out in a matter of moments.  You often hear stories of devastating tornadoes, and, in their aftermath, you view the shocking photos of a home with only the foundation remaining and a family gathered together looking at the devastation, but thankful that their lives were spared.  When you see devastation from a tornado, a fire – or even a robbery, having good insurance in place, will help to make you and your family whole.
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What Are The Types of Car Insurance?

Car Insurance
Nothing compares to your “first set of wheels”, no matter how many years that you are a vehicle owner.  Everyone remembers their first car, whether it was a hand-me-down from Dad, or an old clunker you got dirt cheap that ran.

The biggest downer about owning your first car, or your current car for that matter, is not the amount of money you must pay for maintenance and gas for the vehicle, but the funds you expend to insure it.

But today’s cars are not your Dad’s car from back in the day.  He may have just buffed out a mark where someone keyed the car or nicked the bumper.  Today, just a wayward grocery store cart that slammed into a tail light or a minor or major collision may not only mess up the exterior of the car, but the electrical system may also be in peril too, thus repair costs will skyrocket.  That is why you should be wise about what type of coverage you need for your vehicle.
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