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Renter’s Insurance – A Very Small Price For A HUGE Safety Net!

August 13, 2010 2 comments

When you are renting an apartment, it is important to understand that your landlord’s insurance does not provide coverage for you. If your personal property is stolen, destroyed in a fire, or damaged by other unexpected situations, it would not be covered or replaced by your landlord’s insurance company. You would need your own renter’s insurance policy to provide you with coverage.

Renter’s insurance provides many coverages designed to protect you. First, renter’s insurance provides you with property coverage. Property coverage protects you from damage or loss to your things. For example, if your property is stolen or destroyed, your insurance company would replace or repair these items for you.

Renter’s insurance provides liability coverage. If someone were to injury themselves while on your propertyor if your dog were to bite somebody, your renter’s insurance would provide legal defense if you were put in a position that required it. It also provides for small medical payments for such injuries to others – a “good-will” gesture to avoid a lawsuit.

If you accidentally caused damage to property of others like negligently leaving a curling iron on and causing a fire that spreads through the complex, or allowing your bathtub to overflow and causing water damage to the apartment below and its contents (this would also potentially be covered by the liability protection on your renter’s insurance).

Renter’s insurance protects you against the liabilities regarding damage to the building and the personal property of others.

If something happened to your apartment, smoke damage for example, and the condition of your apartment was considered uninhabitable and you had to relocate for a period of time, this would be considered ‘loss of use’. These costs are also covered by your renter’s insurance.

The average Renter’s Insurance ranges from about $15 to $30 a month. The cost is based on size and location of the apartment and also the policy holder’s possessions.

With all the protection that renter’s insurance offers, your money would be well spent! Make sure you’re protected!

**At Al Bourdeau Insurance Agency, we suggest that you make a list of possessions including purchase prices, model numbers and serial numbers. If you still possess receipts for the scheduled items, then keep those as well. Also, if possible, take pictures or video footage of the items. You want to be able to prove that you possess the items you’re insuring!

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Divorce Insurance – Would you dare to propose that to your spouse?

August 11, 2010 Leave a comment

Safeguard Guaranty Corp. has designed a new insurance plan called ‘WedLock’. Wedlock is considered a form of casualty insurance that is designed to protect you against the financial hardships that come with divorce including legal fees and relocation to a new home.

Wedlock insurance is sold in “units”. Each unit provides $1,250 and costs $15.99 monthly. Suppose you’d like to start with $12,500 dollars of coverage, you’d have to buy 10 units and would then have to pay $159.90 monthly! Each year you successfully remain married, Safeguard Guaranty Corp. will add $250 to your coverage. It almost seems more logical to take $159 and put it in a savings account every month, earn interest, and go on a vacation with your spouse when you never get a divorce!

If you’re not sure whether you should purchase divorce insurance, don’t fret – Safeguard Guaranty Corp. has developed tools, specifically calculators, that can calculate how likely you are to get a divorce and how expensive your divorce will most likely cost. Wow – maybe all couples should use these calculators before they get married – that would probably end the need for divorces!

*Al Bourdeau Insurance Agency does not offer Divorce Insurance.

Source: http://bucks.blogs.nytimes.com/2010/08/06/divorce-insurance-yes-divorce-insurance/?scp=3&sq=insurance&st=cse

Heart Attacks – Attacking Your Wallet!

August 9, 2010 Leave a comment

Your left shoulder aches, your chest tightens, you experience shortness of breath and in no time, you are being rushed through the emergency doors for a stay in the hospital all because of a heart attack. Unfortunately the worst is still to come.

The National Business Group on Health found that the average cost of a major heart attack is roughly $1 million and what would be considered a less severe heart attack is priced at around $760,000! These costs are calculated based on the care that is required during and after a heart attack including hospital stays, exams, surgeries, prescriptions, doctor appointments, work leave, and more.

Of course, health insurance will cover most of the expenses, but even a fraction of $1 million will make a dent in your bank account!

Heart attacks are the leading cause of death in both men and women in the United States but yet people still survive. That is why it is imperative that you have health insurance so that in the event that you had a heart attack and survived, you wouldn’t continue to suffer and struggle with the resulting medical bills!

Health insurance is essential but you should still eat healthy, exercise regularly, and use a little more sunscreen!

We’d the love the chance to assist you further! If you have any questions or comments feel free to post them below or call Al Bourdeau Insurance Agency directly!

Source: http://www.businessgrouphealth.org/healthtopics/womenheartdiseasearticle.cfm

Michigan Supreme Court reverses a key case related to Michigan No-Fault Insurance!!

August 3, 2010 Leave a comment

Michigan Supreme Court reverses a key case related to Michigan No-Fault Insurance

A sometimes misunderstood part of the Michigan auto insurance policy are the bodily injury (BI) liability coverages and the personal injury protection (PIP) coverages. BI is your coverage for injuries caused to someone else while you drive your vehicle. However, under Michigan no-fault law, YOUR insurance policy pays for auto-related injuries to YOU, even when someone else is responsible.

For example, suppose that Joe is driving down the road, stops at a stop sign, looks both ways, and proceeds through an intersection believing it is safe to do so and having properly followed all traffic laws. Suddenly, while in the intersection, Joe spots a car careening towards him. This other car fails to stop at the stop sign, and crashes into Joe damaging his car and causing him injury.  Even though the other driver is probably at fault here, Joe can’t sue the other driver for his injuries unless they are very severe. Instead, the PIP coverage on Joe’s auto policy will pay for the expenses related to Joe’s injuries.

The Michigan Supreme Court issued its opinion on Sunday 8/1/2010 regarding a piece of legislation that may change all this. (http://www.freep.com/article/20100802/NEWS06/100802062/1320/New-standard-set-in-Michigan-injury-lawsuits)  The case that was overturned was Kreiner v Fischer. This is likely to cause an increase in auto insurance rates in the state of Michigan according to the Insurance Institute of Michigan (IIM). In a 2007 press release from the IIM regarding the Kreiner decision (http://www.iiminfo.org/Portals/44/Position/Tort%20Threshold%20Change.pdf). Opponents of the Kreiner decision charge that the Kreiner decision drastically alters the definition of serious impairment of body function and will prohibit persons who suffer serious injuries from pursuing legitimate claims in the court.  However, supporters of the Kreiner decision argue that the case upholds the original intent of the no-fault system to allow lawsuits for non-economic damages only for the most serious of injuries.

It is not hard to imagine that this decision from the Michigan Supreme Court, overturning Kreiner, will probably open the door to more lawsuits related to auto accidents.

Blind Drivers – Who would have seen that coming?

August 2, 2010 Leave a comment

The National Federation of the Blind’s Jernigan Institute issued a challenge in 2004 that was accepted by only the Virginia Tech Blind Driver Challenge Team. The institute issued a $3000 grant to launch the project in 2006 and since then the Virginia Tech team has wasted no time in making great strides towards one common goal – to create an operable vehicle that does not require sight.

Dennis Hong, a mechanical engineering and robotic professor, and nine undergraduate students from Virginia Tech University designed and constructed a special car that caters specifically to the blind!

In order to allow the blind to navigate the car, the Virginia Tech team integrated laser range finders, voice command controls, and other sensory devices.

The multi-sensory interface includes but is not limited to a vest that either vibrates or shakes depending on whether the driver needs to slow down or completely stop, has the ability to measure how far the vehicle is from the side of the road and other objects, and is able to instruct the driver how to operate the steering wheel in response to the outside stimuli; the instructions are delivered to the driver through a verbal command.

This system will not only improve the quality of life for the vision-impaired, it has the ability to improve the quality of life for everyone! It has been proposed that such technology be included in regular cars as warning systems to help encourage safe driving techniques, farm equipment to reduce accidents, and even walkers to increase safety and ease when navigating through traffic.

Although great strides are being made towards designing a car that will allow the blind to operate a vehicle freely, it has not been proposed as to how auto insurance will be handled.

Source: http://abcnews.go.com/Technology/AheadoftheCurve/story?id=8168749&page=1

A Few Tips to Save on Your Teen Driver’s Insurance Premiums!

July 21, 2010 Leave a comment

Insurance companies don’t exactly welcome young drivers with open arms; instead, they tend to greet new drivers with something more unwarranted like a chokehold.

The statistics confirm that young drivers, especially those under the age of twenty, are more likely to be involved in an automotive accident and therefore the insurance companies have deemed them ‘risky’.

As we all know, the term ‘risky’ is accompanied with high premiums, less forgiveness and lower tolerance.

At Al Bourdeau, we work hard to lower premiums and help young drivers to better afford their insurance.

There are a variety of ways that teenage driver cans lower their premiums.

First, most insurance companies will reward young drivers with high academic excellence by decreasing their premium. Students with high academic performance are viewed as responsible, and academically responsible students are assumed to be more conscientious on the road.

Driving a low maintenance car, those with smaller engines, 4 doors, and generally older in age, will help to decrease a premium. The installation of anti-theft and safety systems will also help to lower premiums.

Lastly, the participation in defensive driving courses can also help young drivers receive discounts on their premiums.

For more information contact Al Bourdeau Insurance Agency. Al Bourdeau Insurance Agency – Saving you money one policy at a time!

The top five auto discounts that people forget to request!

July 13, 2010 Leave a comment

The top five auto discounts that people forget to request!

There are many policy discounts that are overlooked but could save you bundles of money! Have you heard about our:

Multi Policy Discount – If you have more than one policy with the same company you may qualify for the multi-policy discount and save as much as 25% on your premium!!

Group Discount – If you are a member of a group such as an alumni association, a federal credit union, teacher’s association, AARP, CPAs, etc., you could be eligible for the group policy discount!

Paid-in-full Discount – With many of our companies, if you pay your policy in full (usually 6 months or a year) you’ll receive a substantial paid-in-full discount!

Loss-Free Discount – Many companies offer a Loss-free discount (up to 15%) that rewards its customers that have not had any losses in the last 3 to 5 years!

Good Student or Distant Student Discount – Some companies reward discounts to students with high academic performance or offer discounts to students that attend school more than 100 miles away from home.

Call Al Bourdeau Insurance Agency today to review your policies and learn if you’re eligible for any of these discounts!

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