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November 27, 2021

Here Are Some Key Reasons to Select a Comprehensive Car Insurance

Nov 26, 2021

If you are a car owner, you would be well aware that having a car insurance is mandatory to drive in India. But if you are someone that has done a bit of research about traffic regulations in the country, you will know that only a certain amount of insurance coverage is mandatory.

According to the Motor Vehicles Act, 1988, any vehicle that drives on Indian roads should be covered under at least a third-party car insurance policy. This is because the policy is aimed to cover you against any legal or financial liabilities in the case of an accident. More precisely, if your car ends up causing physical harm or property damage to a third-party, they are entitled to compensation that can be too much to bear for you. Hence, the insurance provider will cover you for it. However, a third-party policy is a minimum requirement. This means there is always more coverage that you can go for.

The other option you have is to go for is a standalone policy. It is the opposite of a third-party policy. Where a third-party policy only covers liabilities, a standalone policy only covers own damages. Hence, if you buy a standalone policy, you will have to cover the liabilities of an accident. Moreover, you might be fined for not having liability coverage by traffic authorities. Hence, what you need is a holistic coverage option. One such option is a comprehensive car insurance policy. Here is why you should select comprehensive car insurance:

Highest form of coverage

Out of all the car insurance coverage options, a comprehensive policy offers the highest degree of protection. It gets its name for the 360-degree coverage that it offers. Firstly, it offers the coverage of a third-party policy. This means that coverage for legal financial liabilities is included. Adding to that, the policy covers own damages. This means it offers compensation to you in the case your vehicle suffers any damages or loss due to an accident or any other mishap. You can either claim reimbursement of all the money you spend on repairing your car or you can make a cashless claim and have your insurance provider cover the repairs. The latter out of the two is often preferred. If you want holistic coverage for your car, you should immediately use a car insurance calculator to get an idea of how much a comprehensive policy will cost you. * Standard T&C Apply

Compensation for death or disability

A comprehensive car insurance policy provides coverage for physical injuries and/or death of the driver /owner of the car. In case, the policyholder suffers from a partial disability, permanent disability, or death, there will be a fixed amount that will be paid out to the parties concerned. In the case of a disability, the policyholder will receive the amount. In the case of death, the amount will be given to a nominee of the policy. * Standard T&C Apply

Protection from natural calamities

Usually, at the time of car insurance claims, the damage to be repaired is due to a road accident or vandalism. However, that is not the only way your car can get damaged. Sometimes, you could have simply parked your car and an earthquake, or a flood could do major damage to your car. A comprehensive policy covers your car against damages caused by natural calamities. In the case that your car gets damaged beyond repair, you will receive a pay-out as compensation for the car. * Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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Do You Need to Update Your Family Health Insurance Periodically?

Nov 26, 2021

Health insurance is critical, especially after a global virus which brought the world to a standstill. The importance of having a health insurance coverage cannot be emphasized. Any minor medical treatment in 2021 can not only mean deep expenses, but also can result in a debt trap. Since health is something that you do not wish to compromise upon, so why hold back when selecting a health insurance cover.

To ensure the safety of your entire family, a family floater health insurance comes handy. Here, a common sum assured is shared among all the beneficiaries and thus you need not worry about availing multiple insurance covers for each member. However, as age increases, the health needs of different family members change. This is when reassessing your coverage is required. Revised insurance coverage helps to update your family floater policy as well as stay prepared for future medical treatments.

Do you need to update family floater health insurance periodically?

  • With soaring medical inflation, healthcare has become highly expensive. A single case of hospitalisation can burn a hole in your wallet. Moreover, a policy with smaller sum assured can easily get exhausted for a minor medical procedure thereby leaving no coverage for future treatments.
  • Upgrading your health insurance policy can often be a lengthy process, not in terms of documentation, but for the research that is required. With myriad insurance plans available in the market, it becomes difficult pick one. Hence comparing them thoroughly is essential.
  • The estimated cost of treatment in the future needs to be assessed only after which the sum assured must be selected. Thus, you need to keep revaluating whether your health insurance policy covers for the same or not. The existing cost of medical treatment will help you decide if the coverage is adequate or not. If not, it is best to upgrade your insurance coverage.

So, for being ready to tackle unexpected medical exigencies, it is best to keep updating your family health cover periodically.

What are the benefits of health insurance that an upgrade offers?

Here are some benefits of health insurance that you can avail by updating your health insurance cover:

  1. Higher sum assured

With increasing cost of treatment, a revision in your sum assured helps you stay abreast with the expected medical cost. Such higher coverage helps provide a comprehensive treatment without having to worry about financial stress.

  1. Modification of beneficiaries

If your family is celebrating the arrival of a baby, updating your health insurance policy can help to add insurance coverage for the newborn too. Generally, family health insurance policies offer coverage as early as 90 days thereby ensuring protection for your newborn right from the start. * Standard T&C Apply

  1. Adjusting the deductible component

Health insurance plans have a deductible clause wherein a specified amount of claim needs to be borne by the policyholder. Since it is an out-of-pocket expense, it directly impacts the premium. So higher the deductible, lower is the premium and vice versa. You can adjust such deductible component based on your present finances. * Standard T&C Apply

With these different benefits, make sure your family health insurance coverage is always updated and look for any updated requirements in coverage. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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Real Estate Trends to Watch in 2022

Nov 23, 2021

2021 is about to come to close and so is this year’s crazy real estate market. We saw a year filled with skyrocketing home prices and the return of bidding wars over the last couple of years, as well as the lowest mortgage rates we may ever see in our lifetime. There was a continued super low number of homes for sale and moratoriums that made things a bit complicated to navigate.

It has been a year for the books to say the very least, but what does the year 2022 expect to bring us? What are experts predicting is around the corner for the real estate market? Will 2022 offer more of the same ups and downs, or can home buyers and investors expect challenges to begin to settle?

Here’s a look at projected real estate expectations for the coming year

Foreclosures may increase

“Despite some struggles that many have faced during the pandemic, there has been a relatively low number of foreclosures over the last 18 months and this is partly due to a nationwide foreclosure ban. This moratorium expired in July 2021 and foreclosure rates have begun to grow.” – Scott Startsman, Honolulu Realtor®

Home price increases will slow down

One of the largest and most obvious changes within the real estate market over the past year was the high inflation of home cost across the country. According to the latest federal housing finance agency numbers, results showed that home prices jumped 18.5% as compared to the same month in 2020. But there is some good news in sight for homebuyers as the days of ginormous price hikes are going to begin to slow over the next coming year. Many financial analysts expect prices to appreciate at a slower pace than they have over this last year.

Additional: Should you offer over asking price? – David Hornick, Cedar City Utah

Mortgage interest rates will increase

Mortgage rates got much lower than anybody ever expected them to get as the pandemic began and then they became even lower. With the federal reserve tapering its mortgage backed securities purchases because of rising inflation many are expecting that mortgage rates will definitely rise over the next year. Some mortgage rates have already shown signs of increase with the average 30-year fixed rate loan increasing just recently by a few percentage points. Some mortgage analyst experts predict that interest rates could increase to an average of somewhere between 3.3% to 4% over the next year.

Additional: The Best Way to Take Advantage of Your Home’s Equity – Steelman Mortgages

Inventory should increase

“One of the largest hurdles to finding and purchasing a home over the last year and a half has been a very low number of homes for sale. Inventory had its lowest ever record number at one point with just a 3.5 month’s supply of homes for sale. Next year is not expected to see a huge uptick in the amount of inventory but it is expected to increase just a little as time rolls on.”  – Guy Amato, Marco Island Real Estate

Though 2022 is not expected to show a huge turnaround in the inventory marking significant high relief to buyers, it is showing promise and a rebound in several areas. Things are happening to show the real estate market is coming back to more of a normal status but it will be a slow and steady rate of getting back.

More Related Info for Real Estate Buyers and Sellers:

How to Tell if a Home is Overpriced

Are Sellers Scared to Sell Because They Have to Buy?

7 Things to Look for When Buying a Home

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