The Maryland Insurance Administration has directed victims of the Dundalk water main break on Friday to call 410-468-2340 for insurance assistance and complaints.

They have also provided additional advice from other state agencies, such as the Attorney General's office tips on how to avoid home repair rippoffs as well as how to clean mold and mildew, from the state Department of Health and Mental Hygiene. 

Hit the jump for more MIA tips on recovering from a disaster:

Continue reading "Dundalk water main break victims: insurance and scam alerts" »

Posted by Liz Kay at 9:03 AM | Permalink | Comments (0)
Categories: Consumer protection, Home/Real Estate, Insurance
        

Insurance is what you rely upon in case of disaster. However, with the downward spiral of the economy comes increased claims and diminished investment returns --- and less stable firms might not be able to weather the storm.

I didn't know much about the mechanics of life insurance before reading a column about understanding what happens when your life insurance company fails by the Kathy M. Kristoff in the Los Angeles Times. Don't get caught unawares --- see how much protection is available for your coverage, no matter what calamities might befall your company.

Posted by Liz Kay at 12:48 PM | Permalink | Comments (0)
Categories: Insurance
        

More than half of Maryland's auto insurance companies have had to pay hundreds of thousands in administrative penalties and restitution to their policyholders after mishandling claims when vehicles are declared a total loss, according to the Maryland Insurance Administration.

A year-long review has revealed that ...

Continue reading "Auto insurance companies return fees to Marylanders: Naughty businesses of the Week" »

Posted by Liz Kay at 9:09 AM | Permalink | Comments (0)
Categories: Cars, Insurance, Naughty businesses/NBotW
        

Have you recently received a car insurance renewal? Did you get sticker shock?

We hear grumblings that insurance rates may be rising, thanks in part to poor investment returns with insurers.

We're interested in speaking with consumers that are now renewing their policies and want to hear what changes, if any, they are seeing.

Send your responses to me at eileen.ambrose@baltsun.com.

Posted by Eileen Ambrose at 3:26 PM | Permalink | Comments (0)
Categories: Insurance
        

Eileen's got an excellent column this week with savings tips for recent college graduates, helping them set financial priorities due to poor employment outlook and dismal economic climate.

One important piece of advice when weighing potential jobs: consider positions that might a. help you develop marketable skills that can aid your next employment search and b. benefits. A job that offers lower pay but adds health insurance can be a valuable bonus. 

Also, when talking about health insurance, did you know that in Maryland, uninsured, unmarried dependents up to age 25 ...

Continue reading "Financial advice for the Class of 2009: Consumer Sundays" »

Posted by Liz Kay at 9:07 AM | Permalink | Comments (0)
Categories: Budgeting, Cheap/Frugal, College/Financial aid, Insurance, Student loans, Wages
        

Maryland residents can review their credit reports from each of the three credit reporting bureaus twice a year. But what about the other organizations keeping tabs on your habits, including your insurance claims, your employment record and your rental history?

Under the Fair Credit Reporting Act, you're entitled to not only the credit reports but also other specialty reports, about your check-cashing history, your personal medical history if you have private insurance and other information. Details from these reports can affect whether you're approved for an insurance policy, the premium you're charged, your chances for getting a job or even a new lease on a home or apartment.

To check for errors ... 

Continue reading "Save money on insurance: Consumer Web Site of the Week" »

Posted by Liz Kay at 10:59 AM | Permalink | Comments (0)
Categories: Cheap/Frugal, Consumer Web Site of the Week, Credit reports, How To, Identity theft, Insurance
        

One of my goals for this year seems tedious: I want to keep better records. I want to back up my hard drives and cross-reference my files so that in case of tragedy --- either act of God or at human hands --- all will not be lost. Or, at least, my pictures of my nieces and nephews will remain safe.

Part of this goal will involve creating a home inventory in case of emergency. Simply recording a video of your home, focusing on things of value and quantity, would help with insurance claims should you become a victim of fire or theft.

This Real Simple article about creating a home inventory offers some low-tech means to compile a home inventory, including eight home-inventory worksheets. 

Want something a little more detailed?

Continue reading "CWSotW: inventory your belongings" »

Posted by Liz Kay at 6:04 AM | Permalink | Comments (0)
Categories: Insurance
        

If you're a tenant, renter's insurance is a relatively inexpensive way to make sure your belongings remain safe in the event of a tragedy.

The Baltimore County Fire Department sent out a reminder about renter's insurance after five adults and five children were put out of their homes after a fire in Woodlawn. Most of the families didn't have renter's insurance to cover the losses.

You can get renters' insurance for around $200 a year, and policies can offer valuable benefits such as compensation for thefts of your belongings from your car or yourself if you're the victim of crime.

But as always ...

Continue reading "Renter's Insurance: inexpensive protection for tenants" »

Posted by Liz Kay at 11:01 AM | Permalink | Comments (0)
Categories: Insurance
        

Apparently, the weak economy is making us more fearful.

A survey of more than 1,000 consumers by Chubb Group of Insurance Cos. found that around four out of 10 people worry that they or one of their family members will be a victim of crime because of the poor economy.

Just as many are more suspicious about the trustworthiness of contractors.  And more than one third are concerned about the backgrounds of long-time household help, such as babysitters, nannies and cleaning staff, Chubb says.

Chubb is a property and casualty insurer catering to the affluent.

Has the recession made you queasier about crime? Or are the rich more paranoid than you and I?

Posted by Eileen Ambrose at 1:25 PM | Permalink | Comments (0)
Categories: Insurance
        

Are you convinced the flu shot gives you the flu? Do you think you're not at risk? Do you believe the shot is ineffective? Consumer Reports says stop with your namby-pamby flimsy excuses. Here's why:

1. Excuse: It’s better to build your own natural immunities (67 percent).

Reality: The body’s innate immune response against the flu virus is short-lived, usually just a few months. Moreover, the virus that causes the flu often changes from year to year. So any protection your body develops during one flu season is usually gone by the next. (That also explains why, unlike most other vaccines, you need a fresh flu shot each year.)

Continue reading "Top 12 Flimsy Excuses to NOT get the Flu Shot" »

Posted by Dan Thanh Dang at 1:21 PM | Permalink | Comments (1)
Categories: Consumer protection, Healthcare, Insurance
        

Many consumers are worried about the health of financial companies given that some of the biggest names have needed a bailout from taxpayers.

But don't let an unscrupulous agent or broker prey on those worries and convince you to ditch your insurance policies and annuities, particularly AIG products, and replace them with other products.

That's a warning from the National Association of Insurance Commissioners, which is made up of insurance regulators across the country.

The association says that AIG's troubles involved its non-insurance parent company which isn't regulated by states and doesn't have the "same investment, accounting and capital adequacy standards as its state-regulated insurance subsidiaries."

Continue reading "Don't be pressured to dump AIG policies" »

Posted by Eileen Ambrose at 2:07 PM | Permalink | Comments (0)
Categories: Insurance
        

More than one out of five consumers have reduced their trips to the doctor to save money.

About one out of 10 have either cut back on the number of prescription drugs they take or lowered their dosage to make the drugs last longer, according to a survey by the National Association of Insurance Commissioners.

These strategies are risky. You can end up making your health problems worse — and more costly.

The NAIC says consumers are taking all sorts of steps to save a buck these days, but they haven’t made changes to their insurance. You don’t want to get rid of insurance that you need or might be required by law. But you can make some adjustments to lower your premiums.

Here are some tips from the NAIC on how to do that:

Auto — Install anti-theft devises, such as an alarm or GPS system to locate your stolen car. Your insurance company will likely cut you a break on premiums for installing them. And while you have your insurer on the phone, check out other discounts it might offer, like multi-car discounts, good grade discounts for those under 25 and mature driver discounts for those 50 to 65.

Homeowner’s — Add alarm systems, smoke detectors and deadbolt locks and then tell your insurer. Pay minor repairs yourself instead of filing a claim Raise your deductible. Many insurers look at your credit history to determine how much to charge you, so maintain a good record.

Health — Open a flexible spending account at work if possible so you can set aside pre-tax dollars to pay for medical expenses.

Keep your medical receipts. If you exceed your deductible, you might qualify for a tax deduction for non-reimbursed medical bills.

Life — Maintain healthy habits because insurers might look at whether you smoke or drink too much when setting premiums. Also, be aware, you’re going to pay higher premiums if you have dangerous hobbies like sky diving or hang gliding.

Posted by Eileen Ambrose at 7:52 AM | Permalink | Comments (0)
Categories: Insurance
        

I mentioned this group the other day when I was telling you this is Auto Theft Awareness Month. What is the National Insurance Crime Bureau? It's a nonprofit organization that receives support from approximately 1,000 property/casualty insurance companies and works with law enforcement agencies to help identify, detect and prosecute insurance criminals (sounds sexy, doesn't it? like CSI for insurancegeeks).

The cool thing about this Web site is that you can tap into its database for vehicles that were stolen, but not recovered, or declared totaled by cooperating NICB members. Unlike other companies that charge you for this service, NICB offers it to you for free. We love free stuff here.

Continue reading "How to find out if the car you want was stolen" »

Posted by Dan Thanh Dang at 7:00 AM | Permalink | Comments (0)
Categories: Cars, Consumer Web Site of the Week, Consumer protection, Consumer safety, Insurance
        

Hurricane season approaches. Are you ready?

In other words, do you have the right insurance and the right amount.

Start off by looking at whether you are at risk of flooding in a storm. A homeowner's policy doesn't cover flooding, something many people unhappily find out each year.

Start by plugging your address into the National Flood Insurace Program's Web site to see the likelihood of your neighborhood ending up under water someday. Mortgage companies usually require homeowners in high risk areas to have flood insurance. But even in areas with a low- to moderate-chance of flooding can suffer severe water damage.

The federal government offers flood insurance and you can buy it from a regular insurance agent. The maximum coverage is $250,000 for a house and $100,000 for contents. Renters, too, can buy it.

And if you have a very ritzy house, some private insurers also offer limited coverage that takes over once the federal coverage cuts off.

The Maryland Insurance Administration is also advising residents to make sure they have enough insurance. Make sure you are "insured to value," which means you are covered up to the actual amount it costs to rebuild your house.

Continue reading "When a hurricane comes calling" »

Posted by Dan Thanh Dang at 10:10 AM | Permalink | Comments (0)
Categories: Insurance
        

What’s the top complaint by consumers about their insurance? Delays in handling claims. The No. 2 gripe? A denial of that claim.

Consumers complain most about auto insurance — accounting for more than 38 percent of complaints so far this year. More than 37 percent of complaints this year were over accident and health insurance.

The National Association of Insurance Commissioners compiles this information through its Consumer Information Source. It recently started making the information easily accessible to the public online. The group plans to update the stats each month.

Perhaps the most consumer friendly features of the Web site, though, is that the NAIC makes it easy for consumers to file a complaint with their state insurance administrator. You can click on the state and submit your complaint online.

It also allows you to plug in the name of an insurer and see the number of complaints and the company’s financials. You want to check out an insurer’s health before buying a policy to make sure it has the funds to keep its promise to you.

For instance, Carefirst of Maryland Inc. had a total of 403 complaints in Maryland in 2007. The company also had $1.13 billion in assets and $621.5 million in liabilities. The net premiums earned reached $1.4 billion. More than half of the premiums come from the federal health plan.

Check out your insurer.

Posted by Eileen Ambrose at 1:33 PM | Permalink | Comments (2)
Categories: Insurance