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Lower premiums
Topic:
Other Key Topics
Inc Prem:
Decrease
You have 2 policies (Other-101 Rue-12 months/Other-David-12 months) that renew on 2/13 and 8/13. The fewer and better aligned the dates, the easier it is to manage your insurance - getting to one or two very close dates greatly simplifies the process. For this purpose, life policies are treated as annual policies and only included if the policy expiration is no more than two years in the future, and non-life policies renewing on the last day of a month are assumed to always renew on the last day of the month.
Topic:
Property
Inc Prem:
Decrease
If there was a fire at 101 Rue De Leon (FL) causing 200,000 of loss of your building/building fixtures, with your current deductible of 250, you would incur an out of pocket expense of 250. A loss appears affordable, representing 0 % of your future household annual income and 0 % of your household net worth. If you increased your deductible to 5,000, you'd reduce your annual premium and in the same loss scenario your out of pocket expense would be 5,000. A loss may be manageable, representing 5 % of your future household annual income and 3 % of your household net worth.
Topic:
Property
Inc Prem:
Decrease
If there was a fire at 101 Rue De Leon (FL) causing 65,000 of loss of your possessions, with your current deductible you would incur an out of pocket expense of 250. A loss appears affordable, representing 0 % of your future household annual income and 0 % of your household net worth. If you increased your deductible to 5,000, you'd reduce your annual premium and in the same loss scenario your out of pocket expense would be 5,000. A loss may be manageable, representing 5 % of your future household annual income and 3 % of your household net worth.
Topic:
Auto
Inc Prem:
Decrease
It appears that Valentina should be excluded from coverage for your auto(s) since she does not have a license. If she does in fact drive, she should not be excluded and legally she needs to get a drivers license, but having insurance without a license is preferable to no insurance and no license. Some insurers surcharge for excluded drivers.
More coverage
Topic:
Liability and Limits
Inc Prem:
Increase
If there was a slip and fall accident at 101 Rue causing 1,000,000 of medical injuries and other damages, the insurer would pay 100,000 and you would pay 900,000. A loss may be very difficult to absorb, representing 900 % of your future household annual income and 450 % of your household net worth. In this scenario, if you had an umbrella policy with a limit of 500,000, you would have a loss of 400,000 and with a smaller underlying loss, you might have no retained loss at all.
Topic:
Life
Inc Prem:
Increase
Term life may make sense for you. On the death of Lucy, your future household income would fall from 100,000 to 40,000. If the latter is insufficient or if your household would incur additional expenses, a term life policy could help.
Topic:
Auto
Inc Prem:
Increase
You are legally required to have auto insurance for Ford-2014 in FL.
Topic:
Property
Inc Prem:
Increase
You have no coverage in the event of earthquake damage to your personal property at 101 Rue De Leon (FL). Let's say there was a catastrophic earthquake causing 65,000 of losses. A loss may be a challenge to absorb, representing 65 % of your future household annual income and 33 % of your household net worth.
Other ideas
Topic:
Other Key Topics
Inc Prem:
Mostly neutral
You spend 1,250 each year on your various insurance policies. Your total annual premium is significant enough for you to spend some time trying to ensure you are not overpaying. It represents 1.3 % of your future household annual income and 0.6 % of your household net worth. Bear in mind that if anything changed on a non-life policy, you only pay for the portion of the policy term for which the endorsement was effective. To correctly compute annual premium, the cost of the endorsement for the full policy term must be included in the premium.
Topic:
Life
Inc Prem:
Mostly neutral
Your existing term life may make sense for you, is it the right amount? On the death of David, your future household income would fall from 100,000 to 60,000. Your life insurance provides a benefit of 100,000 on the death of David. The death benefit represents 250 % of the annual decline in future household income.
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