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John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

How to Get the Most from Your Insurance Dollars

November 18, 2014 1:16 am

When it comes to filing an insurance claim, knowledge is power.

“The best time to learn about the claims process is before you have a loss,” notes Jeanne M. Salvatore, the Insurance Information Institute’s (I.I.I.) chief communications officer. “Knowing what to do can make filing a claim less stressful if you have a loss.”

The I.I.I. recommends the following steps when filing an insurance claim:

Contact your insurance agent or company as soon as possible, either by phone or online.
When speaking to your insurer, have your policy number (if you have it), location of the incident, extent of the damage, cell phone number or other contact information. Ask them these specific questions: Is the damage covered? How long do I have to file the claim? Does the claim exceed the deductible? How long will it take to process the claim? Will an estimate be needed?

Document the loss.
Create a file for your claim—the better organized you are the simpler and easier the entire process will be. Take pictures of the loss and write up a summary of exactly what happened. Keep lists of any damage and write down the names and contact information of anyone involved in the claim. This includes the name and title of everyone you speak to at your insurance agency and/or company.

Submit the claim.
Once you have notified your insurance company, you will be told what information you will need to supply to them. If you have any questions, don’t hesitate to ask them. Your claims representative is there to help you. Keep copies of all forms and any information or materials you provide to your insurance company. The company will likely send an adjuster to inspect the damage and help settle the claim. There is no charge for this service.

You may also be contacted by public adjusters who have no relationship with your insurance company. Public adjusters charge a fee for their services—as much as 15 percent of the total value of your claim settlement. Keep in mind that they can’t get more money for you than what is stated in your policy.

Know who to contact if you are not satisfied with your settlement.
Most consumers find that their claim is paid quickly, easily and fairly. If you are not satisfied with how your claim is being settled, talk to your agent or claims representative. Tell them about your problem and ask them to intercede on your behalf. If you are still not happy with the results, contact the head of the claims department or another person in authority at your insurance company. Send them a written note explaining why you are not satisfied and back your complaint up with facts, figures and any pertinent documents.

If you cannot come to an agreement with your insurance company, you may consider contacting your state department of insurance. Explain the reason for the disagreement so that the department can investigate your claim and help resolve any difference you may have with your insurer.

Source: I.I.I.

Published with permission from RISMedia.


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8 Ways to Avoid Debt from Holiday Expenses

November 18, 2014 1:16 am

Many people are entering the largest shopping season of the year financially ill-prepared. For some, the ghosts of Christmases past are still haunting them in the form of unmanageable credit card debt. For others, finding $800, the amount the National Retail Federation estimates that consumers will spend during the holidays this year, is seemingly beyond their reach.

“For the many Americans who struggle to meet daily living expenses, the thought of the holidays approaching brings anxiety instead of joy,” said Gail Cunningham, spokesperson for the National Foundation for Credit Counseling®. “The pressure to purchase can be overwhelming, causing even the most well-intentioned to take on additional debt.”

To help consumers avoid creating debt, the NFCC recommends:
  • Taking advantage of seasonal hiring by finding a second job doing something enjoyable, and earmark each paycheck for holiday spending. Even a 20-hour-per-week job can net hundreds of dollars by year-end. It may not sound appealing to take on a second job, but remember that debt is its own burden.
  • This is the perfect time of the year to sell unwanted items. Scour the house for things that are no longer needed or used. Sell them locally or online and reap the benefits of having rid the house of clutter while generating extra money.
  • Look for free ways to buy. Now may be the time to use any gift cards that have been saved. Check out how many reward points have been earned through credit cards. To maximize the points, evaluate making purchases through the card’s online partners. If using a cash-back card, consider redeeming the money available.
  • Cut back on expenses. This may seem like an odd suggestion during the largest spending season of the year. However, the fact is that there’s a finite amount of money available, thus when spending in some categories increases, it means that spending in others will have to decrease. Make a conscious decision where to temporarily eliminate or reduce spending to make money available for holiday purchases.
  • Consider re-gifting. Re-gifting has an undeserved bad image, but when looking at the facts, it actually makes sense. A perfectly good item that isn’t liked or used benefits no one sitting in a closet gathering dust. It could be just the gift someone else has been hoping for.
  • Instead of purchasing gifts, give the gift of self. Donate your time in another person’s name to a charity and send cards to those on your gift list letting them know of this contribution. It will likely be appreciated and remembered much longer than any store-bought present. As an added bonus, it may inspire them to do the same.
  • To free up money for other expenses, when entertaining have a potluck dinner instead of assuming the cost of the entire meal; when traveling, stay with friends or family instead of a hotel; consider buying a gift for the entire family instead of individual presents.
  • If forced to charge expenses, put all holiday spending on one credit card, and commit to repaying that debt in the first quarter of the New Year. Doing this will not only avoid paying excessive interest on the debt, but will prevent the holiday spending from being co-mingled with existing debt, and allow a more comprehensive picture of the spending.
Source: NFCC

Published with permission from RISMedia.


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