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06/23/2023

Paying too much for your Home and Car Insurance? We will find the best deal from over a 100 Insurance companies. Most of our clients save 20-30% on their Insurance costs. Call us today at 817-283-7955 or visit us online at www.ZInsuranceOnline.com

11/01/2022

2023 Health Insurance Open Enrollment Starts November 1st, 2022. Contact us today.
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09/23/2022

About Medicare:

What is Medicare and who is eligible for Medicare coverage? Medicare is a Federal Health Insurance program for Seniors who are 65 years of age or older, certain young people with disabilities and people with end stage renal disease (ESRD). End Stage Renal Disease or ESRD is permanent kidney

07/24/2022

Health Insurance

What is a Deductible: The amount you must pay for covered health care services each plan year before your insurance plan starts to pay. With a $2,000 deductible, you pay the first $2,000 of covered services yourself. After you pay your deductible, you usually pay only a copayment or coinsurance

07/15/2022

Business Insurance

Businesses and Organizations buy Insurance to protect themselves against the adverse financial effects of Property and Liability Losses. Business insurance is purchased both by for-profit and nonprofit Organizations, including Religious, Educational or Government entities.

07/12/2022

Aircraft Insurance

Aircraft Insurance is purchased by a broad spectrum of insureds, ranging from the individuals who own and operate small planes for pleasure to the major airline companies that own and operate large fleets of aircraft. Following are the purpose of use categories that the Insurance Companies use to

07/12/2022

Condo Insurance

What is a Condo Insurance Policy? As an individual unit owner, you will need to insure your own personal property and ownership interest in your own unit by purchasing a condo owner’s policy. A condo owner’s policy provides coverage similar to that described under the personal property, loss of

07/12/2022

Boat Insurance

Accidents on the water are more common than you might think. In 2018, the U.S. Coast Guard counted 4,145 accidents, involving 633 deaths, 2,511 injuries and approximately $46 million dollars of damage to property as a result of recreational boating accidents. You can’t always see an accident

07/04/2022

Home Insurance
What types of coverage does a typical Home Inurance Policy provide and what does it cover?

A typical Home Insurance Policy is provides the following six types of coverages.

(1) Dwelling coverage

It provides coverage for the repair or replacemnt of a home.

Most homeowners policies offer dwelling coverage for all perils. An all perils policy does not list the types of losses insured against, but will cover all losses or all physical damage not otherwise excluded by the policy.

Common exclusions are for flood, earthquake, and maintenance-related losses.

(2) Other Structures coverage

It provides for the repair or replacement of other permanent buildings on your property. It will protect your detached garage or personal workshop, but usually won’t provide coverage for tenant-occupied buildings or buildings used for business.

Your policy will usually include coverage for other structures in an amount equal to 10% of the dwelling coverage. If you have several outbuildings on your property or an unusually large detached garage, you may want to purchase additional coverage. Other Structures coverage usually provides protection against the same perils as those under the Dwelling coverage of your policy.

(3) Personal Property coverage

It provides for repair or replacement of your furnishings and personal effects. Your policy will usually include coverage in an amount equal to 50% of the Dwelling coverage.

(a) Away From Home

This coverage extends worldwide but will usually only provide up to 10% of the coverage limit for personal property while it is away from your home. Your child’s personal property in their dorm room is covered without this restriction.

(b) Home Inventory

Increased limits on personal property may be available at an additional cost. You may use a current inventory of your property, including photographs and receipts, to help you determine if you need more coverage than your policy automatically provides. Repair or replacement under this coverage is usually made on an actual cash value basis, which is equal to the replacement cost less depreciation.

(c) Named Perils

Personal property coverage is usually on a named perils basis. A list of perils that the company insures these items against will be included in your policy. The named perils will usually include fire, lightning, windstorm, hail, explosion, riot or civil commotion, aircraft, vehicles, smoke, vandalism and malicious mischief, theft, and falling objects.

There may be limits to the amount available for recovery under some of these perils. For example, your policy may provide up $50,000 in personal property coverage, but your policy may have a limit of $200 for theft of money.

(d) Exclusions

As with dwelling coverage, there are exclusions to be aware of. Personal property coverage will not cover the property of roommates or boarders. There is no auto coverage. A small boat or kayak may be covered under this section of your policy, but coverage is usually restricted by the length of the boat and the presence of, or horsepower of, a motor.

Property used for a business will not be covered, but you may be able to purchase additional coverage for some types of business property or inventory.

(e) Additional Coverage for Valuables

You may be able to purchase replacement cost coverage on your personal property or buy increased limits for certain types of personal property. Companies often offer increased limits on jewelry, sports equipment, cameras, stamp or coin collections, or computers.

Items that are unique or of significant value should be protected by purchasing scheduled personal property coverage or by buying a separate floater for these items. Scheduled personal property, an itemized list of property with detailed descriptions, may provide broader coverage than the personal property coverage in your homeowners policy.

Any items to be scheduled will need to have documentation of their value, such as an appraisal or receipt. Consider periodically having these items evaluated so that you have enough coverage to reflect their current values. Not all your personal property may be insurable and your policy should list these exceptions.

(4) Loss of use or additional living expenses

It provides for the increase in your housing expenses when you are displaced because of a covered loss. For example, if a fire damages your home and you need to relocate until the damage is repaired, this coverage will pay reasonable costs to temporarily live at another location.

Your policy will usually include loss of use or additional living expenses coverage at 20% of the dwelling coverage limit without additional cost. There may be restrictions regarding the amount payable per month or a time limit that applies to this coverage.

If you rent out part of your home and it is uninhabitable after a covered loss, this coverage can provide payment for the rental value of the unit.

(5) Medical Payments

It provides for the medical expenses of others when they are injured on your property. Most policies include at least $1,000 of coverage, but higher limits may be available.

Payment under this coverage is made without a determination of negligence. Any non-resident on your property with your permission is eligible for coverage under this section.

(6) Personal liability

It provides for expenses of others for which you are determined to be responsible. Most policies include at least $100,000 of coverage, but higher limits may be available. When deciding how much coverage to purchase, consider the value of your total assets and how much you might lose if another person sued you and you lost the case.

Personal liability coverage extends beyond your property limits. In addition to providing coverage against negligence that occurs on your property, this coverage can provide coverage if your child damages a neighbor’s property. If an incident occurs involving family members, as defined in your policy, at other locations, the liability of your family members will also be covered by the policy.

What are Additional Coverage Options on a Homeowners Policy?

Extended Replacement Cost:

This provides for an additional amount of coverage beyond the policy limits purchased, frequently 20% or 25% more coverage. This provides an extra cushion in the event that repairing or replacing your home costs more than anticipated when the policy was purchased. Ask your agent or insurer what options are available.

Home Daycare:

Home daycare coverage provides liability coverage for daycare facilities in your home where you care for a limited number of children.

In order to qualify for this coverage, you may have to provide a copy of your daycare license and show that your property is fenced or meets other safety requirements.

Home Business:

Home daycare coverage provides liability coverage for daycare facilities in your home where you care for a limited number of children.

In order to qualify for this coverage, you may have to provide a copy of your daycare license and show that your property is fenced or meets other safety requirements.

Identity Theft Insurance:

Identity Theft is a relatively new coverage, offered in response to a growing area of concern to the public. This coverage typically provides reimbursement of expenses you incur while repairing the damage caused by an identity theft incident.

Your policy will outline the reimbursable services or free assistance available to you under this coverage.

This coverage may also be available to you through your credit card company or other providers of financial services.

What types of coverage does a typical Home Inurance Policy provide and what does it cover? A typical Home Insurance Policy is provides the following six types of coverages. (1) Dwelling coverage It provides coverage for the repair or replacemnt of a home. Most homeowners policies offer dwelling

06/21/2022

The History of the Insurance Industry

Insurance During The Ancient and Medieval Era:
Insurance, in some form dates back to prehistory. Initially, people sold goods in their own village or gathering places and slowly started selling in nearby villages. In non monetary economies (economies with no standardized and set financial instruments), the risk was mitigated through mutual risk agreements. The risk was distributed through Guilds, Co-operative societies and proto-states-institutions to provide protection and encouraged mutual survival in adverse circumstances. The payoff for losses did not involve any financial transaction. For example, if someone's house burnt down or was destroyed, the neighbors committed to rebuild it. Public Granaries (a storehouse built above ground to protect grain or animal food against mice) is another example of ancient Insurance to indemnify against famines. During the 2nd and 3rd Millennia BC, the Chinese, Indian and Babylonian merchants practiced the transfer of Risk in a monetary Economy (with markets, currency, financial instruments) by various methods. The Chinese, for example distributed the loss to a single vessel of a shipment by distributing it over the merchandise in multiple vessels of a shipment. The Babylonians practiced a system recorded in the famous Code of Hammurabi, where if a merchant received a loan and the cargo was destroyed or stolen during transportation, the loan would be written off by the lender. The Rhodean Sea Law, in reference to merchants and seafarers, includes that a seafarer would be reimbursed by his collegues if the shipment was thrown into the sea to save the vessel. During Medieval Era, credit and Insurance were provided at the same time to a traveling merchant before the emergence of traditional maritime Insurance. The merchant would be liable to pay it back if the ship returned safely. Merchants paid a higher Interest Rate instead of sharing the profit for the shipment. Interest rate was based upon the risk involved with higher Interest rate for sea shipments compared to ground shipments.

Emergence of the Modern Insurance Concepts

A number of fires in Hamburg during the 17th century, as well as the Great Fire of London in 1666, contributed to the search for a more comprehensive solution that would distribute the costs among a larger number of people. Historically, most people were unaware of the dangers of fire as they are today. Timber structures, construction material and lack of understanding of the dangers of fire made the building vulnerable to fires. There was no Organized Fire Brigade with little to no skill of Fire Fighting.

1666-
On September 2nd, 1666, a fire started in a Baker's shop in London on Pudding Lane belonging to Thomas Farynor (Farriner). The fire spread rapidly and destroyed the entire city. The Great Fire of London completely destroys close to 13200 homes and 87 churches including the St. Paul Cathedral, Guildhall and the Royal Exchange.

1667-
From a matter of convenience to urgency, Sir Christopher Wren designates a place for "The Office of Insurance" in his new plan for London after the Great Fire of London.

1676-
On November 30th, 1676, The General-Feuer-Cassa, later named Hamburger Feuercasse was establishes as the first Fire Insurance Company in Berlin. All the private contracts of existing and new towns were combined in this Insurance company under public law. A number of other localized Fire Insurance companies started emerging. In 1765, Assecuranz-Compagnie für See-Risico und Feuers-Schaden emerged as the first ever Stock Insurance company and stayed in existance till 1815.

1680-
London's growing popularity as a center for Trade and Business was growing with an increased demand for Maritime Insurance. Edward Lloyd opens a coffee shop on Tower Street in London. Lloyd's clients are mostly merchants, ship owners and ship captains making it a source of the latest shipping news including loss of cargo, ship sinking etc. The coffee shop became a place of business for the Insurers and the Prospective Insureds for Cargo Insurance. The informal set up later becomes "Lloyd's of London" and several related shipping and Insurance businesses.

1681-
After the The Great Fire of London, a man named Nicholas Barbon, an Economist along with his eleven associates start a Building Insurance Business and later introduce the City's first Property Insurance Company in the name of "Insurance Office for Houses".
1693-
The First Life Table for Life Insurance is written by Edmund Halley, however it lacks the necessary mathematical and statistical tools.
1696-

Many companies emerge as Fire prevention and Safety companies, displaying signs on Insured Homes doors and providing firefighting services. One company "Hand in Hand Fire and Life Insurance Society", structured as a Mutual Society stayed in existence for 135 years while running its own Fire Department. It played a vital role in designing the modern fire fighting system and mechanism.

1706-
The first life Insurance company named "Amicable Society for a Perpetual Assurance Office" is established in London by William Talbot and Sir Thomas Allen.

1710-
The Sun Fire Office, an Insurance company in England, that still exists today, was established

1719-
London Assurance Act of 1719 is passed.

1720-
Royal Exchange Assurance Corporation receives its Royal Charter under the London Assurance Act of 1719. The Act establishes the corporation as the exclusive corporate insurer of marine property, however allows individuals in and outside of the Lloyd's consortium to underwrite insurance if unincorporated. The corporation is headed by multinational merchant, attorney, and author Nicolas Magens from 1741 to 1750.

1732-
The first Fire Insurance company emerges in Charlestown, South Carolina. Benjamin Franklin helps popularize Fire Insurance in Colonial America to help property owners minimize the risk to their properties. The Insurance Company starts issuing Insurance policies in the form of perpetual Insurance.

1750-
James Dodson, a Mathematician and Actuary, builds a mortality table and tool to correctly charge for life Insurance premiums in London. Due to his advanced age, he is denied admission to the Amicable Life Assurance Society. He is unsuccessful in his attempts to obtain a charter from the government till his death in 1757.

1752-
"The Philadelphia Contributionship for the Insurance of Houses from Loss by Fire" is founded by Banjamin Franklin. The company warned against fire hazards and refused to Insure certain buildings due to high exposure. This laid the foundation of Modern Risk Management techniques and Underwriting in 1752.

1760's-
The "Corporation for Relief of Poor and Distressed Widows and Children of Presbyterian Ministers" is founded by the Presbyterian synods in New York and Philadelphia. This marks the beginning of the Life Insurance in United States. The Episcopal church creates a comparable arrangement in 1769.

1762-
Edward Rowe Morris establishes the Society for Equitable Assurances on lives and Survivorship. The world's first mutual insurer lays the foundation of Aged Based Life Insurance Premium calculations taking into account the mortality rate. Mores introduces the term "Actuary" to the Insurance business specifying that the Chief Officer to be called an "Actuary". The term "Acturial Sciences" takes it origin from Morris.

1787-1837-
Dozens of Life Insurance companies emerge in the United States, however less than a few survive.

1848-
To insure against the rising number of fatalities on Railways, the "Railway Passengers Assurance Company" is formed in England. The Universal Casualty Compensation Company grants assurance on the lives of persons traveling by railway. Additionally, in case of an accident not resulting in fatality, compensation for injuries received under certain conditions.

1880-
An old age pension, accident insurance and medical care plan is introduced in Germany by Otto Von Bissmark forming the basis for Germany's welfare State. The program wins wide support of German Industry as it gives an Incentive to German Workers not to leave towards United States due to higher wages but the system lacks a welfare program.

1911-
The 1911 National Insurance Act is passed in England. It gives the British working class the first contributory system of insurance against illness and unemployment.

1933-
The Banking Act of 1933 in the United States further assisted in creating the Federal Deposit Insurance Corporation (FDIC) to Insure deposits and to protect consumers against bank default. In addition, FDIC allowed banks to continue to have a source of funds to make more home loans.

1934-
The National Housing Act is signed by President Franklin D Roosevelt on June 27th, 1934. The Federal Housing Administration (FHA) is created by the Act. The (FHA) is created to help the housing Industry recover from the Great Depression. Originally, FHA was not intended to fund loans but to provide mortgage insurance to banks to protect banks against losses incurred by home loans. As a result, FHA allowed lenders to commit more funds to home mortgage loans. Today, FHA is the largest insurer of mortgages in the world.

1935-
The Social Security Act is passed by Congress in the United States. The Federal Government mandates it to achieve the individual financial security that might not otherwise be available to its Nationals.

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