Many often file their insurance policies among life’s “set-and-forget” items. We rarely give them much thought after obtaining the policies and coverage we think we need. Over time, however, life and insurance industry changes can affect insurance coverage in ways we might not even realize. That’s why it’s important to do a regular review of all your policies to ensure your records are up-to-date, your coverage is still what you believe it to be, and you aren’t spending more on premiums than you need to. Here are some simple steps for a thorough yet hassle-free annual insurance review.
When you think of insurance, the obvious might come to mind: health insurance, car insurance, life insurance, and homeowners or renters insurance. But life is full of many other important things and defining moments. Should you insure those, too? Here’s a look at some lesser-known policies that offer important coverage to those who invest in them.
Have you ever rented a car and felt awkward confusion when the representative asked you to accept or decline rental car insurance? Could you have made a big mistake if you’d declined? Would you have wasted money if you’d accepted? Understanding your regular insurance policies and what they cover when you’re behind the wheel of a rental car can help you make an educated choice next time you’re at the rental counter.
Vacations: We dream of them, save for them, and plan their every detail months in advance. They’re our escapes from everyday doldrums, monotonous routines, and nagging responsibilities. Unfortunately, life’s unforeseeable twists and turns don’t take breaks just because we do. Accidents, illnesses, theft, lost luggage, and weather disasters can upend vacations before they even start. But when is it necessary to invest in travel insurance — and when is it best to skip unnecessary added expenses?
It’s a new year, a clean slate, and a fresh beginning: Although we’re nearly two months into 2018, it’s not too late to define your goals for the year and make a plan to accomplish them. While health-related goals like losing weight and eating better seem to top the list of Americans’ most popular New Year’s resolutions, financial fitness is a top goal for many, too. A YouGov survey of 1.2. million Americans revealed 37% of respondents said they want to “spend less money” in 2018, while making better financial decisions was the third-most popular response in survey data compiled by analysts at Statistic Brain.
The most sweeping U.S. tax reform in 30 years became official when the federal tax overhaul passed both houses of Congress and was signed into law by President Donald Trump Dec. 22, 2017. The new law includes several major changes to the Internal Revenue Code and also repeals former President Barack Obama’s health care law, which included an individual mandate for health insurance coverage. Under “Obamacare,” nearly all Americans were required by law to have health insurance or pay a penalty. In 2017, the penalty was $695 per adult and $347.50 per child or 2.5% of one’s household income, whichever was greater.
The ability to handle business transactions via the internet has opened countless doors for owners of small to medium-sized businesses — even those who don’t have a single door for customers to walk through! Yesterday’s brick-and-mortar stores are today’s digital marketplaces, and consumer demand for online commerce is only bolstering the shift.
Businesses are a bit like snowflakes: No two are exactly alike. This means there is no quick and easy formula for assessing potential business insurance risk. A commercial insurance underwriter’s job is to assess the risk of providing insurance to a business owner based on that owner’s type of business, business activities, and claims history. It’s a tedious analytic process, and many business owners don’t understand what underwriters are looking at when their businesses are subject to review.
Life can be complicated. The older we get, the more complex it can become: more assets, more dependents, more decisions to be made in the event our own lives are unexpectedly cut short. If you were suddenly gone tomorrow, would your family be financially secure without your income? The answer may depend on two simple words: life insurance.
It’s the most wonderful time of the year, or so the song goes. It promises “parties for hosting, marshmallows for toasting, and caroling out in the snow.” But in the midst of such seasonal jubilation, don’t fall victim to hidden household dangers that lurk beyond the twinkling lights and perfectly wrapped packages. Filing insurance claims due to preventable property damage or theft is sure to put a damper on holiday cheer. Instead, be aware of common seasonal hazards and take proper measures to keep your home safe and your celebration merry, bright, and insurance-claim-free!
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