History of USA insurance

The first insurance company in the United States underwrote fire insurance and was formed in Charleston, South Carolina, in 1735. In 1752, Benjamin Franklin helped form a mutual insurance company called the Philadelphia Contribution-ship, which is the nation's oldest insurance carrier still in operation. Franklin's company was the first to make contributions toward fire prevention. Not only did his company warn against certain fire hazards, it refused to insure certain buildings where the risk of fire was too great, such as all wooden houses.

The first stock insurance company formed in the United States was the Insurance Company of North America in 1792. Massachusetts enacted the first state law requiring insurance companies to maintain adequate reserves in 1837. Formal regulation of the insurance industry began in earnest when the first state commissioner of insurance was appointed in New Hampshire in 1851. In 1869, the State of New York appointed its own commissioner of insurance and created a state insurance department to move towards more comprehensive regulation of insurance at the state level.

Insurance and the insurance industry has grown, diversified and developed significantly ever since. Insurance companies were, in large part, prohibited from writing more than one line of insurance until laws began to permit multi-line charters in the 1950s. From an industry dominated by small, local, single-line mutual companies and member societies, the business of insurance has grown increasingly towards multi-line, multi-state and even multi-national insurance conglomerates and holding companies.

Insurance in the United States

Insurance in the United States refers to the market for risk in the United States of America, the world's largest insurance market by premium volume. Of the $4.640 trillion of gross premiums written worldwide in 2013, $1.274 trillion (27%) were written in the United States.

Insurance, generally, is a contract in which the insurer (stock insurance company, mutual insurance company, reciprocal, or Lloyd's syndicate, for example), agrees to compensate or indemnify another party (the insured, the policyholder or a beneficiary) for specified loss or damage to a specified thing (e.g., an item, property or life) from certain perils or risks in exchange for a fee (the insurance premium). For example, a property insurance company may agree to bear the risk that a particular piece of property (e.g., a car or a house) may suffer a specific type or types of damage or loss during a certain period of time in exchange for a fee from the policyholder who would otherwise be responsible for that damage or loss. That agreement takes the form of an insurance policy.

"Insurance provides indemnification against loss or liability from specified events and circumstances that may occur or be discovered during a specified period."

About Insurance USA

Insurance USA was first launched in 1998. Our site provides an insurance learning center and marketplace where visitors can learn about insurance products and services and compare competitive offerings.

We strive to offer useful information on auto, life, health, home owner’s and other insurance products and have been working to do so for more than ten years now.

However, Insurance USA is not a licensed insurance agent and does not sell insurance itself, nor does Insurance USA recommend or endorse any specific insurer or insurance products.

Finding the right insurance products can often be a difficult, confusing and time consumning process.

Truck Insurance

Many business owners rely on their trucks as a means to their livelihood and it’s critical they have the best possible commercial truck insurance they can afford.

Whether delivering furniture or flowers, trucks are very often a crucial lifeline to financial stability and personal freedom. Insurance can help keep businesses moving by connecting them to commercial truck insurance policies designed to protect their investments while not breaking budgets.

We feature quotes from the most well-established and experienced A-rated commercial truck insurance carriers so businesses can rest assured they’re covered by a competent company who understands a trucker’s unique needs. Truckers can find policies that cover a whole variety of things such as auto, bobtail and general liability; motor truck cargo, property damage, workers compensation and more.

Best of all, it doesn’t matter whether you’re a seasoned veteran or a new rookie, we can point you to companies that require no minimum truck driving or business experience to obtain coverage while offering steep discounts to more experienced truckers. You will also have the guesswork taken out of state and federal filing with automated processes that can take less than 24 hours.

Van Insurance

Many businesses, including florists, couriers, caterers, electricians, plumbers, and many more, use vans as their means to their livelihood. That’s why it is so important to have proper van insurance coverage.

Van insurance protects you against financial calamity should you or one of your employees cause bodily or property damage to another person. You might also consider physical damage to protect your van in case it is damaged in an accident. Just make sure you carry enough coverage so repairs and replacement costs don’t erode your bottom line.

If you are an independent contractor and you use your van for deliveries or service calls, your employer’s insurance might cover the cargo you transport. In addition they may be able to cover you with liability insurance under their commercial policy, especially if they have an Any Auto policy.

You should check with your employer and verify what is and isn’t covered. Consider your own van insurance policy if you are only covered by your employer when you are making deliveries or performing service calls. Most van policies cover all types such as cargo, delivery, company/fleet, minivans, passenger, wheelchair, and step vans as well as Sprinter trucks.

SUV Insurance

SUVs and pickup trucks are typically the go-to vehicle for many small business enterprises. Whether you are a landscaper, contractor, or other skilled laborer, if you depend on an SUV for your business needs, having decent SUV insurance coverage is the best way to protect you and your business against financial loss.

At the very minimum you should ensure you have enough liability insurance to cover bodily injuries and property damage in case you are found at fault in an accident. Not having proper liability insurance means you are putting your business at risk. If you carry comprehensive and/or collision damage coverage your SUV will be completely protected from virtually all forms of physical damage, as well vandalism, fire, theft, and many more.

You should also seriously consider uninsured or under insured motorist coverage to offer protection in case you are in an accident with someone who isn’t covered with insurance. This type of coverage mitigates a large amount of risk that results from spending so much time on the road. Rules regarding uninsured/under insured coverage vary from state to state but carrying it is an excellent idea regardless of where you live.

Commercial Insurance

For small business owners who use a vehicle to transport products or people, haul equipment, or similar needs, a high-liability commercial insurance policy is likely the best option for protecting their investment.

Whether it is theft, vandalism, property damage, liability, or you need to cover employees or protect yourself against business interruptions, commercial car insurance is a valuable resource to have. If you own and operate a business and you don’t have commercial car insurance, you are putting your enterprise at great risk of losing money and even assets if you are sued due to an accident where in you or one of your employees is found at-fault.

Saving Money on Health Insurance

There are so many types of health insurance to choose from, it’s no wonder people often feel helpless about it.

There are several ways you can save money on health insurance and control rising healthcare costs including purchasing low cost health insurance or taking advantage of the many affordable health insurance options already available. Finally, you can mitigate a lot of healthcare costs by knowing how to save on medical bills.

Types of Car Insurance Policies

Car Insurance

By supplying some basic information such as your vehicle’s specifics, driving history, desired coverage, and more, we can easily and conveniently provide you with a number of quotes specifically tailored for you.

Motorcycle Insurance

While motorcycles remain less expensive than cars, the one crucial expense you don’t want to overlook is motorcycle insurance.

Commercial Car Insurance

For small business owners who use a vehicle to transport products or people, haul equipment, or similar needs, a high-liability commercial insurance policy is likely the best option for protecting their investment.

Van Insurance

Many businesses, including florists, couriers, caterers, electricians, plumbers, and many more, use vans as their means to their livelihood. That’s why it is so important to have proper van insurance coverage.

SUV Insurance

Whether you are a landscaper, contractor, or other skilled laborer, if you depend on an SUV for your business needs, having decent SUV insurance coverage is the best way to protect you and your business against financial loss.

Business Insurance

When it’s business insurance that you need, we’ll connect you to the insurance agents who can give you the best deal. There are so many different types of business insurance and it can be hard to understand the differences between general liability, workers compensation, commercial auto, and business owners policies. 

It’s important that every business owner has business insurance. Your business is a big investment, and you need to make sure you are covered just in case. No matter how big or small your business, or if you’ve been established for years or just opened your doors for business, business insurance is a must! We have compiled information for you to read through so that you can better understand all the ins and outs of business insurance. We are here to help you find the best business insurance at the best price.

Having business insurance is not just good business sense, in many states it is also the law. To properly insure your business, customers and employees, you need liability insurance, property insurance as well as worker’s compensation insurance. However, even though you need all these different types of business insurance plans, you don’t have to break the bank in order to have all the business insurance you need in order to be properly covered.

How to Get the Best Rates for Your Company.
It really does pay to shop around. The first step is to take a look at just what type of business insurance you need for your company. One type of business insurance that many companies find to be the best fit for their needs and is very affordable is a Business Owner’s Policy (BOP). However, if you need more business insurance than a BOP offers, you really do need to get quotes from several business insurance providers. It’s important to look at what each policy offers in the way of business insurance coverage. You need to check what the deductible amounts are on each business insurance policy. And, be sure to ask the business insurance agent if they have any discounts that you can take advantage of. Since there are so many business insurance options available, if you look around and compare quotes and benefits, you will be able to find the best coverage without breaking the bank. Contact us today and let us help you find the right business insurance designed to fit your needs and budget.

Life Insurance

People don’t generally look forward to getting life insurance but it doesn’t have to be a terrible or excruciating process.

Unfortunately, while death is the most unpleasant of subjects, it is also the one certainty we all face. We all hope we can leave this life on our own terms but should the unimaginable happen, life insurance can help cushion death’s blow and ease the burden left on surviving loved ones. In this way, you can rest assured with peace-of-mind that your family members will be provided for after you’re gone.

That is the essential function of life insurance: protecting your family’s financial well-being in the event of your untimely demise.

When shopping for a life insurance policy, you will quickly find there are many different policies from which to choose. Different insurance companies often offer rates that differ greatly and it pays to shop carefully for the lowest premiums, excellent customer service, and a strong financial reputation.

You will want to take your family and personal situation in account. For example, if you have children who are grown and independent, you will not need to purchase as much coverage as if you have children who are still young and rely upon you. Also, if your spouse has a job and is generally financially strong, this could also mean you need less coverage.

You will want to carefully consider policy details and if possible you should purchase coverage for a 12-month period rather than month-to-month. Doing so allows you avoid fees.

Make sure you look into a cash-value policy which gives you opportunities to invest or borrow money. This can be a good alternative but more expensive to term-life, which simply pays out to your survivors when you die.

Health Insurance

As health insurance costs continue to soar it is becoming harder to find an affordable policy. 

Health insurance can cost a lot, especially if you have a family but it can be even more devastating if you don’t have insurance. Almost half of all bankruptcies result from catastrophic medical expenses.

One possible solution is to obtain coverage through your employer’s group plan if they offer one. If that is not an option, there are a few things you should know when you’re shopping for your own policy.

First, even if you have coverage with your employer, it may not be enough so you may want to consider a supplemental plan to cover you in every situation. If you don’t have a group plan option, you can sometimes find coverage through an alumni association or even with your credit card company.

Be sure to find as much coverage as you can afford. It is especially beneficial if you can find a plan that covers preventative care and prescription drugs.

Finally, and perhaps most importantly, if and when you do find an affordable health insurance policy, make sure you know which healthcare providers you can use. Health insurance providers should have a provider directory that you can browse to see if the doctor you want to use is in their network.

Home Insurance

Home insurance is a requirement by mortgage lenders but it is also vital to homeowners in a number of ways.

For one, it protects all the structures on your property against damage and gives you the assurance that you will have enough money to repair your home or if it is damaged and deemed unlivable, home insurance companies will pay for you to rent a place or stay in a hotel room until repairs are finished.

Also, if any of your belongings are damaged or stolen, homeowners insurance will pay their replacement cost. Finally, it covers claims lobbied against you for injuries that happen on your property.

When searching for home insurance, there are a few things you should keep in mind.

Your policy should cover the cost of your home and a little more in case you’re displaced by some catastrophe and need to relocate to a new location. Figure the actual cost, which takes into account your home’s purchase price and any depreciation versus replacement cost, which is how much it is to replace or fix your home at current levels.

Find out what kind of exclusions your policy contains. That way you know in which cases it will and will not pay for damages to your property. Always check exactly what is and isn’t covered by your policy. While it may cover things such as theft and fire, it most likely doesn’t protect you against damage from landslides or flood waters.

Lastly, be aware of your deductible and whether repairs are going to be affordable should the unthinkable happen.

Home insurance can be tailored to meet your specific situation and you can often save money by seeking out discounts as high as 15% for things such as simply bundling several insurance products from the same company or having a home security system.

By supplying some basic information such as your home’s specifics, location, desired coverage, and a few other important pieces of information, we can easily and conveniently match you to a number of quotes specifically tailored for you.

Renters Insurance

Millions of people live in rented space, whether they are renting a home or an apartment. Most renters do not believe they need to carry insurance. They assume it is the responsibility of the landlord. Renters insurance is available to protect the renter and their possessions. While the structure you are residing in may be insured, your personal property is not covered by the insurance held by the landlord.

Renters insurance can offer protection in the event of a fire. This insurance will cover all of your material possessions within the structure. It is advised that all renters obtain some kind of additional insurance to protect themselves from losses. Consider the amount of money you have spent to obtain your personal property. This will allow you to determine if renters insurance is beneficial. In addition, the renters insurance will cover your items if they are stolen. It may also offer coverage if someone is personally injured while visiting. While the landlord’s insurance covers this as well, you want to make sure you do not end up being responsible for legal fees for any liability lawsuit. Renters insurance is the best way to completely protect yourself and your belongings.

It is important to understand that the landlord’s insurance only covers damage done to the property or the building. There are two different types of renters insurance available. One is actual cash value: this is where renters can be reimbursed for appliances at actual cost value, minus depreciation. Replacement cost insurance will reimburse the renter the entire amount without depreciation being taken into consideration.

Renters are not required to carry liability insurance. It is best to talk with the landlord and find out if their insurance policy includes liability coverage. If it does not, you would be better off obtaining your own policy. This will protect you if any damage is done to the property. Legal fees can quickly add up during a lawsuit. The liability coverage will ensure that your legal fees will be covered. Renters can also obtain medical liability, which will cover any medical costs that are incurred due to personal injury on the property. It is best to compare different quotes and find the coverage that will best protect you and your possessions. There are many different types of insurance available. You will need to decide what type of coverage you want as a renter and go from there.

Many people think that they need to carry individual policies. This is a common concern when living with roommates. Many insurance companies offer policies that cover the rented space. This means that one policy will cover everything and it is not necessary for each individual to obtain coverage. If this is your situation, make sure you let the insurance agency know you are looking for coverage that covers the rented space. Some tenets will require renters to carry insurance. Make sure you are aware of this when you are renting. There are policies available for each individual renter if you do not want the entire policy under one renter’s name.

To lower your premium cost, there are a few simple things you can do. Insurance companies consider safety risks. If you have deadbolt locks on the doors, you may be able to find a lower premium. In addition, non-smoking renters find that their premiums are lower because the chance of fire is reduced. Smoke alarms, carbon monoxide detectors, and fire extinguishers will also play a role in lowering a premium.

Many renters make the mistake of assuming they do not need to carry insurance. It is a good idea to determine what the landlord has for coverage and then figure out if you want or need additional renters insurance. Take the precautions necessary to protect yourself and your belongings.

Motorcycle Insurance

While motorcycles remain less expensive than cars, the one crucial expense you don’t want to overlook is motorcycle insurance.

Motorcycle insurance can be found for almost all types of bikes such as scooters, moped, touring bikes, ATVs, snowmobiles, golf carts, motocross, trikes or other factory-built two and three-wheeled vehicles.

Motorcycles are cheaper to maintain than cars and they are more fuel efficient but motorcycle insurance can be tricky and you should be able to make informed decisions about your policy.

Motorcycle insurance typically has many options for riders and their bikes. Policies can usually be customized with varying levels and types of coverage including liability, total loss coverage, uninsured/underinsured bodily injury, trip interruption, medical payments, roadside assistance, comprehensive and collision, and more.

Auto Insurance USA

One of the most important responsibilities of owning a vehicle is car insurance. All states require you have some way of proving you are financially responsible should you be found at fault in an accident. More than likely, you will required by law to at least carry your state’s minimum requirement of liability coverage.

You might think that with most states mandating minimum liability coverage that everyone would be insured, but many drivers don’t have any proof of financial responsibility. Suffice to say, without car insurance, you leave yourself open to lawsuits and possible financial ruin. Moreover, not having any or enough liability coverage is a huge legal risk that can bring about hefty fines and even jail time.

If you need to insure your vehicle or are looking to change insurance providers for some reason, you may feel intimidated by the maze of insurance choices out there. 

When shopping for insurance quotes, knowing exactly what kind of coverage you need is perhaps the most difficult part of the process. 

We lay out everything you need to know about what kind of coverage you absolutely need and how much. We also explain other types of coverage you can purchase comprehensive, collision, uninsured/underinsured, and more. There’s also useful information on discounts you can obtain to lower your premiums and save you money.

By supplying some basic information such as your vehicle’s specifics, driving history, desired coverage, and more, we can easily and conveniently provide you with a number of quotes specifically tailored for you.