Things You Should Know About Postal Insurance

Things You Need to Know Before Buying Car,House, Health & Life Insurance online.

Insurance Buying Tips #1: Shop smart
When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.
Insurance Buying Tips #2: Look for discounts
Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.
Insurance Buying Tips #3: Fill in the gaps
An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.

With different birthdays and holidays always around the next corner, packages with fragile gifts, cards, and clothing can start to build up in your home. When the packages begin to grow in your home, they build up in the post office as well. By itself, UPS ships approximately 527 million packages just between Thanksgiving and Christmas each year. FedEx on the other hand ships about 280 million packages during that same time. The United States Postal Service had roughly 17 billion cards shipped during the months leading up to Christmas. With all of these cards and packages being shipped all around the world, it's likely that several of them will get lost, misplaced, or shipped to the wrong place. When you're shipping an expensive or heart-felt item to a family member, you want to make sure it gets there. Postal insurance gives you the ability to help prevent the loss of an item, or at least replace the monetary value of the item if it does get lost. Here are a few things you should know about postal insurance.

1. Some Packages Are Automatically Covered

Insurance Buying Tips #4: Purchase life insurance—you aren’t too young
Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.
Insurance Buying Tips #5: Talk to an independent agent
An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.
Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living
You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.

Depending on what you are shipping or what company you are shipping it through, some packages are automatically covered with a standard insurance. Most of the time a good rule of thumb is, if the contents of your package are worth $100 or less, you are covered with insurance. Although United States Postal Service will only offer the insurance on items shipped through express mail. If you ship them regularly, you will not be provided with insurance. Although it is good to keep in mind that all carriers provide a declared value coverage, which is commonly mistaken for insurance. Declared value coverage and postal insurance are not one and the same.

2. There Are Exceptions in the Fine Print

Your probably remember your parents always telling you to read the fine print on things before you sign them. Even if you don't sign something, it's always important to read the fine print on instructions or packaging. Postal insurance has some fine print as well. There are shipping insurance caveats that you might want to know about. Most postal insurance will not cover the loss of any money, coins, or precious stones. Some shipping companies will only cover you with insurance for so far. If you are shipping an item overseas, you might want to check and make sure the postal insurance is still covering you for the place you are shipping your item.

3. Expect to Wait

When you are shipping a large item across the country, it usually takes a while to get there. When you throw postal insurance into the mix, the process can take even longer. Unless you upgrade your package to ship through first class or express mail, you can expect to wait for the package to arrive. If you place postal insurance on a package, certain companies put these packages on a separate truck, causing more sorting than the package would have originally had. This is one of the many causes that can create the shipping process to elongate.

Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover
Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.
Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier
here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.
Insurance Buying Tips #9: Review your insurance needs on a yearly basis
As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.
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