Insurance 101: Securing the Right Amount of Coverage
Do you know your options when it comes to insuring pricey items like jewelry? With most homeowners and renter’s insurance policies, jewelry is often included as a type of personal property you can insure. However, the coverage might not be enough. Even if your policy allows you to insure jewelry, many policies set a limit on the amount of coverage and might not protect against all incidents. Given the sentimental value of certain jewelry, consumers need to be covered in all situations.
- Homeowners and renter’s insurance policies have a maximum coverage limit for the combined value of all of your jewelry, and this limit might be only a fraction of the value of your item(s).
- Most policies will protect against theft; however, you also might be able to protect against damage or loss.
Review your policy or check with your insurance agent to find out the scope of your current coverage. If it is insufficient, purchase a separate policy for the item or add an endorsement onto your existing policy. You should also talk with your insurance agent or company about how a jewelry loss would affect your existing insurance premium. If it would increase your premium, it might make sense to purchase a separate policy.
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Understanding Your Insurance Options
The start of planning your dream wedding may begin with Valentine’s Day. But before you say “I do” consider your insurance options.
Homeowners and Renters Insurance. Remember the location, size of the home and construction type are all factors that determine your insurance premium.
Auto Insurance. If you combine your auto policies or buy auto coverage from the same company that carries your homeowners or renter's policies, you may be eligible for additional discounts.
Life Insurance. To calculate your needs, consider future income, the cost of raising children and any large outstanding debts such as school loans or mortgage payments.
Louisiana Department of Insurance encourages consumers to compare automobile and homeowners insurance rates among companies. Click here to begin.
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Quick Facts: Long-Term Care Insurance
Long –term care insurance is different from medical care, because it generally helps you to live as you live now instead of improving or correcting medical problems. People often think of long-term care as strictly nursing home care. Long-term care services actually may include help with activities of daily living, home care, respite care, hospice care, or adult day care. This care maybe given in your own home, a day care facility, assisted living facility, nursing home, or in a hospice facility.It's hard to know if and when you'll need long-term care, but the statistics that follow may help.
- Life expectancy after age 65 is now 19.4 years (20.6 years for females and 18 years for males). The longer people live, the greater the chance they'll need help due to chronic conditions.
- About 11 million Americans of all ages require long-term care, but only 1.4 million live in nursing homes.
- About 70% of people who reach age 65 are expected to need some form of long-term care at least once in their lifetime.
- About 35% of people who reach age 65 are expected to enter a nursing home at least once in their lifetime. Of those who are in a nursing home, the average stay is a year.
- From 2015 to 2055, the number of people aged 85 and older will almost triple from over six million to over 18 million. This growth is certain to lead to an increase in the number of people who need long-term care.
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