(2658,1,'2022-08-12 13:33:07','2022-08-12 13:33:07','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Technology is fascinating and confusing at the same time. It can help keep you organized, handle tedious chores automatically, and connect you globally. It can also cost you a lot of unnecessary dollars if you are not careful.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Here are tips based on the experience of other small business owners who have previously navigated a technology minefield filled with the latest and greatest.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Establish a Budget</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The first step in deciding which types of technology to invest in is putting together a budget. The newest gadgets and software run the gamut in price from a 99 cent app to a high-end scanner that costs thousands.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Set up a budget and stick to it. Base it on how much you can reasonably afford to invest. Having a fixed amount to work with will reduce the temptation of the newest add-on or gizmo.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Be Aware of the Full Cost.</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">New technology is the sum of the sticker price plus the cost of implementing it. Consider these points:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Does it need special installation?</li><li>Do you need a subscription to an online site to keep it updated?</li><li>Does it need ongoing maintenance?</li><li>Does it break down often?</li><li>Do you need to pay for training?</li><li>Are upgrades free or do you pay for them?</li><li>Are there data storage costs involved?</li><li>Do you need to buy additional software?</li><li>What accessories are essential?</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Fit the Technology to Your Needs</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Make sure the electronics you are thinking of investing in match your business lifestyle. If you constantly travel from customer to customer, bulky electronics are a bad investment. Think laptop or tablet, instead of a desktop. Do you really need to upgrade your server? Instead of buying the software yourself, would a Software-As-A-Service, or SaaS offering be more cost effective? Can you rely on the cloud?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Look for Compatibility and Security</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Make sure that new devices you purchase will work with your existing equipment. A great piece of Mac software will not do you any good in a Windows environment unless you buy additional software.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Is it secure? This is a very real hazard for a small business. Make sure that what you buy can be protected with the proper levels of security. Taking shortcuts with the cost of security could come back and severely damage your business.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Small Businesses Use</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A 2013 survey by the Small Business Owners Association listed these four items as essentials:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Desktop (87%)</li><li>Laptop (84%)</li><li>Smartphone (74%)</li><li>Landline (78%)</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Though the landline is something of a surprise, these rates show how important technology is for your small company. Start with the basics when you first invest in electronics and slowly add what you need.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Cloud Computing</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In the survey mentioned, 43% of the owners polled had switched to cloud computing. In the last five years, cloud-based services have grown exponentially. This offers small businesses a number of benefits:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Your content and data can be accessed anywhere there is an internet connection.</li><li>Since you do not have to install software, you do not have to buy updates or worry about getting the latest version.</li><li>Storage problems are solved.</li><li>Apps run on any device.</li><li>Backups are automatic.</li><li>Connections are secure.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Using cloud-based services offers simplicity and peace of mind, since you do not have to worry about storage and updates. You do not have to pay for software, but instead subscribe to it using a SaaS model.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Today, the right technology can help streamline your business and make life easier — if you buy the right type. Do your research when you look at what’s new and exciting on the market. Ask questions before you buy and stick to your budget.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://financialwellnesscenter.northwest.bank/small-business/business-management/article/selecting-the-right-technology-and-tools\">click here.</a></p>\n<!-- /wp:paragraph -->','Selecting the Right Technology and Tools','','inherit','closed','closed','','2657-revision-v1','','','2022-08-12 13:33:07','2022-08-12 13:33:07','',2657,'http://smartinsurance.tips/?p=2658',0,'revision','',0),(2931,1,'2023-01-24 21:40:40','2023-01-24 21:40:40','<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":2932,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/01/Money-1.png\" alt=\"\" class=\"wp-image-2932\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">What does it mean to be financially responsible? It\'s a complex question with a complex answer, but at its core is a simple truth: To be financially responsible, you need to live within your means. And to live within your means, you must spend less than you make.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-2\">Credit Cards and Debt</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-3\">If you\'re really looking to be financially responsible, just being able to make your minimum monthly credit card payment doesn\'t cut it. In fact, the fact that you aren\'t able to pay your balance in full shows that you already spend more than you earn. Responsible use of credit means paying the balance on your account in full each month.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-5\">Also, credit cards should be used for convenience, not to make ends meet. Credit cards are handy because they eliminate the need to carry cash. Plus, you can generate reward points. Credit cards can be very helpful in an emergency. That said, if an emergency does force you to carry a balance on your card, living in a financially responsible manner means curbing your spending until that balance is paid off.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-7\">Consider the Interest</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-8\">The same logic applies to all recurring payments that involve paying interest. Think about it: Paying interest on anything means that you are spending more on that item than the purchase price. Does that sound like the most responsible choice or just the most convenient?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">When the interest payments are factored into the purchase price, you are spending more to obtain the item than even the item\'s manufacturer thought it was worth. As such, avoiding paying interest on anything should be a major objective.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-12\">Of course, when it comes to the cost of housing and personal transportation, avoiding interest is impossible for most of us. In such situations, minimizing the amount you spend in interest each month is the most responsible action.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-14\">Acting in Your Own Best Interest</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-15\">For many people, cutting down on interest and borrowing is easier said than done, but in practice, it really comes down to knowing the difference between necessities and luxuries. For example, you might need a car, but you don\'t need a top-of-the-line model and, unless you can afford to pay for it in cash, you shouldn\'t be driving one.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-17\">Likewise, you might need a place to live, but you don\'t need a mansion. And while most of us must have a mortgage in order to afford a home, purchasing a home in a financially responsible manner means that you should purchase one that won\'t break the bank. In financial terms, this means it shouldn\'t cost more than two or 2.5- times your yearly income. Another healthy estimate is that your monthly mortgage payment should not cost more than 30% of your monthly take-home pay.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\">In addition to avoiding overspending on your home purchase, you should make a down payment that is large enough to eliminate the requirement of having to pay for private mortgage insurance (PMI). If you can\'t afford to meet these purchasing guidelines, rent until you can afford to buy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-21\">Paying Yourself First—Saving</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-22\">Spending every dime that you earn is simply irresponsible unless you have a massive trust fund that is so flush with cash that you will never outlive the earnings. For most people, especially those of us hoping to retire someday, saving is an activity that must be taken seriously. A great way to do this is when you get your paycheck – and before you pay your bills – pay yourself first. A good goal to save is 10%.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-24\">When it comes to saving, investing in the stock market might be the most profitable choice available. Sure, investing involves risk, but taking calculated risks is sometimes a necessity. The responsible way to go about it is to have a plan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-26\">Start by examining asset allocation strategies to learn how to choose the right mix of securities for your investing strategy. From there, contribute to your employer-sponsored savings plan if such a plan is available. Most employers offer to match your contributions up to a certain percentage, so by contributing at least enough to get the match, you earn a guaranteed return on your investment.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-28\">If your finances permit, maximize your tax-deferred savings opportunities by contributing the full amount that the plan allows. After you\'ve started investing, monitor the progress that you are making toward your goals and rebalance your portfolio as necessary to remain on track.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-30\">Emergency Fund</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-31\">Financial responsibility means being prepared for the unexpected. Most experts agree that you need to be able to support yourself financially for at least six months without an income. If you are married and used to living on dual paychecks, this means being able to pay the necessary bills such as the mortgage, food and utilities on one income – or even neither income. If a missed paycheck would ruin you financially, it\'s time to create a financial escape hatch to prevent this.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-33\">Don\'t Keep Up with the Joneses</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-34\">Financial responsibly means doing what you have to do to take care of your needs and the needs of your family. To make this happen, your focus should be internal. The neighbors aren\'t paying your bills, so their spending habits shouldn\'t dictate yours or set the bar for your standard of living.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-36\">Budgeting</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-37\">Having a budget is one of the core pillars of financial responsibility. You should know where your money is going. Business owners know the importance of understanding their cash flows and balance sheets; as a result, no successful business exists without a budget. Neither should you.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-39\">A Very Personal Definition</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-40\">Does being financially responsible mean that you have to scrimp and save? Maybe, but only if that is what it takes to stay out of debt. On the other hand, if you are the Sultan of Brunei, you may easily be able to afford a jet, a mega-yacht, a mansion in the South of France and a few palaces. Although those of us with lesser means might frown on this extravagance, it shouldn\'t be confused with a lack of financial responsibility. After all, there\'s nothing irresponsible about buying things you can afford to pay for.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-42\">Arriving at \"Responsible\"</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-43\">Ultimately, financial responsibility means living within your means, regardless of the level of those means. So take a close look at your financial situation, evaluate your earning and spending habits, and make the necessary adjustments to put yourself on responsible financial footing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/articles/pf/09/financial-responsibility.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','The Basics of Financial Responsibility','','publish','closed','closed','','the-basics-of-financial-responsibility','','','2023-01-24 21:40:40','2023-01-24 21:40:40','',0,'http://smartinsurance.tips/?p=2931',0,'post','',0);
INSERT INTO `smart_posts` VALUES (2660,1,'2022-08-12 13:42:54','2022-08-12 13:42:54','<!-- wp:image {\"id\":2699,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/08/Retirement.png\" alt=\"\" class=\"wp-image-2699\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">When you deposit into your 401(k), you\'re putting that money away for the future. But what happens if you need that cash now?&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The good news: You can access your 401(k) funds before you turn 59 ½, the IRA retirement age, through a process the IRS calls an \"early withdrawal.\" The bad news: An early withdrawal usually triggers a steep penalty in addition to taxes. You will also lose out on years of potential growth for your nest egg.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">However, there are exceptions to the rules — and strategies to avoid such dire consequences.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"401(k)-early-withdrawal-penalty\"><strong>401(k) early withdrawal penalty</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A&nbsp;401(k)&nbsp;is an employer-sponsored retirement plan. You make regular pre-tax contributions to it – that is, straight off the top of your paycheck — and the money within it grows tax-free.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Because these tax-advantaged accounts are meant to help you save for retirement, the IRS imposes strict rules about when and how you can withdraw your money. Primarily, you have to be at least 59 years and six months old.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Technically, anyone can withdraw funds at any time — or take a distribution, in IRS-speak — from their 401(k) before they hit that magic age. It\'s your money, after all.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">But you may not get as much money as you had hoped for. That\'s because the withdrawal will be subject to:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"ordered\":true,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ol class=\"has-black-color has-text-color has-large-font-size\"><li><strong>A mandatory 20% federal tax</strong>: When you take out money, the plan\'s service provider is required to withhold 20% in federal income tax. That means if you withdraw $10,000, you will get $8,000. While you will get this back as a tax refund if the money withheld exceeds your tax liabilities, this will significantly cut into the money that, presumably, you need immediately.&nbsp;</li><li><strong>A 10% tax penalty:&nbsp;</strong>You will owe a 10% penalty when you file your income tax return — or $1,000 on that $10,000 withdrawal.&nbsp;</li></ol>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A 401(k) early withdrawal will cost you more than just 30% off your withdrawal. Something that could be even worse — in the long run, at least — is the missed opportunity for that money to grow in your account.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For example, say you withdraw $20,000 when you\'re 40 years old. Assuming a 7% annual rate of return, the potential future value of that $20,000 today would be nearly $110,000 by the time you\'re 65.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"exceptions-to-the-401(k)-early-withdrawal-tax-penalty-\"><strong>Exceptions to the 401(k) early withdrawal tax penalty&nbsp;</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In most cases, you\'ll just have to take that 10% penalty if you decide to withdraw from a 401(k).&nbsp; But the&nbsp;IRS will waive that 10% penalty&nbsp;in extenuating circumstances:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>You become or are permanently disabled:</strong>&nbsp;If you are or become disabled for life, you won\'t owe the penalty.</li><li><strong>You are dividing assets in a divorce:&nbsp;</strong>Withdrawals made to satisfy a court order to divvy up the 401(k) with a former spouse or dependent are penalty-exempt.</li><li><strong>You are a qualified military reservist:&nbsp;</strong>You can take penalty-free withdrawals during your service period if you\'re called to active duty for at least 180 days.<strong>&nbsp;</strong></li><li><strong>You leave your job at age 55:&nbsp;</strong>Also known as the rule of 55, this provision allows anyone who retires, quits, or is fired at age 55 to withdraw without penalty.&nbsp;</li><li><strong>You enroll in \"substantially equal periodic payments\":&nbsp;</strong>With&nbsp;SEPP, you withdraw a specific amount from your 401(k) every year for five years or until you turn 59 ½, whichever comes later. One catch: This account can\'t be the one you have at your current job — it has to be one you\'ve kept from a previous employer. Also, if you quit the SEPP plan early, you\'ll owe all the penalties, plus interest.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In addition to these events and situations, there are two other main ways to cash out early without a tax penalty: hardship withdrawals and loans.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"how-401(k)-hardship-withdrawals-work\"><strong>How 401(k) hardship withdrawals work</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The IRS allows anyone to take penalty-free withdrawals if they have an \"immediate and heavy financial need.\" You can use the money to cover your needs or those of someone else.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You may qualify for a hardship distribution if the funds go to:&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Pay for certain medical expenses</li><li>Buy a primary residence (excluding mortgage payments)</li><li>Cover college tuition, fees, room, and board</li><li>Prevent eviction or foreclosure</li><li>Pay for burial and funeral expenses</li><li>Make necessary home repairs after a disaster</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The amount you\'re able to withdraw will be limited to the amount necessary to cover the expense.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"how-a-401(k)-loan-works\"><strong>How a 401(k) loan works</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Given all the drawbacks of early withdrawals, you might consider&nbsp;borrowing from your 401(k) instead.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In general, you can borrow up to $50,000 or 50% of your vested account on a tax-free basis if you repay the loan within five years. That said, if you leave your job, you may be expected to pay off the loan in a short period of time. A 401(k) loan can be a better option than an early withdrawal for a couple of reasons:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>You won\'t owe taxes or a penalty on the amount you borrow unless you violate the loan limits and repayment rules.</li><li>If you repay the loan on time, you won\'t miss out on years of growth like you would with a withdrawal.</li><li>The interest you pay on a 401(k) loan can go back into your 401(k).</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">That said, some 401(k) loan plans don\'t let you contribute to retirement while you have an outstanding balance. Additionally, the money you use to pay back the loan is already after-tax income. This money will be taxed again once you take it out after you\'ve retired.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"401(k)-early-withdrawals-during-a-recession\"><strong>401(k) early withdrawals during a recession</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A&nbsp;recession&nbsp;spells out bad times for all.&nbsp;Gross domestic product (GDP)&nbsp;falls and industrial production slows down. Most noticeably of all,&nbsp;unemployment rates&nbsp;rise. You may find yourself on the wrong side of that trend with dwindling savings. You&nbsp;<em>do</em>&nbsp;have a nice amount of money that you set aside for a future version of yourself.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It\'s a tempting idea that many people follow through on. A study from the&nbsp;IRS conducted in 2013&nbsp;found that in 2004, prior to the Great Recession, 13.3% of people with some retirement plan experienced a taxable retirement account distribution — essentially they did an early withdrawal. That percentage rose to 15.4% in 2010.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">An early withdrawal should be a last resort. If you can afford not to withdraw early, do so. However, like many other issues within personal finance, recessions impact income levels differently. The same survey states that lower-income households have a higher propensity for an early withdrawal because they\'re more deeply impacted by the economic shock.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"the-bottom-line\"><strong>The bottom line</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You can access the money in your 401(k) before the traditional withdrawal age of 59 ½, but you should consider alternatives before committing to an early withdrawal. Keep in mind that your take-home will only be about 70% of the withdrawal amount after factoring your 20% tax and&nbsp; 10% penalty.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Also keep in mind the&nbsp;money you could\'ve earned&nbsp;if you had kept that money invested, which you can calculate using one of the many future gains calculators available online.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you see no alternative, take out only what you absolutely need right now, which will minimize how far back you\'re setting your retirement.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.businessinsider.com/personal-finance/401k-early-withdrawal\">click here.</a></p>\n<!-- /wp:paragraph -->','How to withdraw from your traditional 401(k) account early and avoid penalties and fees','','publish','closed','closed','','how-to-withdraw-from-your-traditional-401k-account-early-and-avoid-penalties-and-fees','','','2022-08-15 14:59:21','2022-08-15 14:59:21','',0,'http://smartinsurance.tips/?p=2660',0,'post','',0),(2661,1,'2022-08-12 13:42:54','2022-08-12 13:42:54','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">When you deposit into your 401(k), you\'re putting that money away for the future. But what happens if you need that cash now?&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The good news: You can access your 401(k) funds before you turn 59 ½, the IRA retirement age, through a process the IRS calls an \"early withdrawal.\" The bad news: An early withdrawal usually triggers a steep penalty in addition to taxes. You will also lose out on years of potential growth for your nest egg.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">However, there are exceptions to the rules — and strategies to avoid such dire consequences.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"401(k)-early-withdrawal-penalty\"><strong>401(k) early withdrawal penalty</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A 401(k) is an employer-sponsored retirement plan. You make regular pre-tax contributions to it – that is, straight off the top of your paycheck — and the money within it grows tax-free. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Because these tax-advantaged accounts are meant to help you save for retirement, the IRS imposes strict rules about when and how you can withdraw your money. Primarily, you have to be at least 59 years and six months old.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Technically, anyone can withdraw funds at any time — or take a distribution, in IRS-speak — from their 401(k) before they hit that magic age. It\'s your money, after all.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">But you may not get as much money as you had hoped for. That\'s because the withdrawal will be subject to:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"ordered\":true,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ol class=\"has-black-color has-text-color has-large-font-size\"><li><strong>A mandatory 20% federal tax</strong>: When you take out money, the plan\'s service provider is required to withhold 20% in federal income tax. That means if you withdraw $10,000, you will get $8,000. While you will get this back as a tax refund if the money withheld exceeds your tax liabilities, this will significantly cut into the money that, presumably, you need immediately. </li><li><strong>A 10% tax penalty: </strong>You will owe a 10% penalty when you file your income tax return — or $1,000 on that $10,000 withdrawal. </li></ol>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A 401(k) early withdrawal will cost you more than just 30% off your withdrawal. Something that could be even worse — in the long run, at least — is the missed opportunity for that money to grow in your account.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For example, say you withdraw $20,000 when you\'re 40 years old. Assuming a 7% annual rate of return, the potential future value of that $20,000 today would be nearly $110,000 by the time you\'re 65.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"exceptions-to-the-401(k)-early-withdrawal-tax-penalty-\"><strong>Exceptions to the 401(k) early withdrawal tax penalty&nbsp;</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In most cases, you\'ll just have to take that 10% penalty if you decide to withdraw from a 401(k).  But the IRS will waive that 10% penalty in extenuating circumstances:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>You become or are permanently disabled:</strong> If you are or become disabled for life, you won\'t owe the penalty.</li><li><strong>You are dividing assets in a divorce: </strong>Withdrawals made to satisfy a court order to divvy up the 401(k) with a former spouse or dependent are penalty-exempt.</li><li><strong>You are a qualified military reservist: </strong>You can take penalty-free withdrawals during your service period if you\'re called to active duty for at least 180 days.<strong> </strong></li><li><strong>You leave your job at age 55: </strong>Also known as the rule of 55, this provision allows anyone who retires, quits, or is fired at age 55 to withdraw without penalty. </li><li><strong>You enroll in \"substantially equal periodic payments\": </strong>With SEPP, you withdraw a specific amount from your 401(k) every year for five years or until you turn 59 ½, whichever comes later. One catch: This account can\'t be the one you have at your current job — it has to be one you\'ve kept from a previous employer. Also, if you quit the SEPP plan early, you\'ll owe all the penalties, plus interest.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In addition to these events and situations, there are two other main ways to cash out early without a tax penalty: hardship withdrawals and loans.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"how-401(k)-hardship-withdrawals-work\"><strong>How 401(k) hardship withdrawals work</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The IRS allows anyone to take penalty-free withdrawals if they have an \"immediate and heavy financial need.\" You can use the money to cover your needs or those of someone else. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You may qualify for a hardship distribution if the funds go to:&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Pay for certain medical expenses</li><li>Buy a primary residence (excluding mortgage payments)</li><li>Cover college tuition, fees, room, and board</li><li>Prevent eviction or foreclosure</li><li>Pay for burial and funeral expenses</li><li>Make necessary home repairs after a disaster</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The amount you\'re able to withdraw will be limited to the amount necessary to cover the expense.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"how-a-401(k)-loan-works\"><strong>How a 401(k) loan works</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Given all the drawbacks of early withdrawals, you might consider borrowing from your 401(k) instead.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In general, you can borrow up to $50,000 or 50% of your vested account on a tax-free basis if you repay the loan within five years. That said, if you leave your job, you may be expected to pay off the loan in a short period of time. A 401(k) loan can be a better option than an early withdrawal for a couple of reasons:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>You won\'t owe taxes or a penalty on the amount you borrow unless you violate the loan limits and repayment rules.</li><li>If you repay the loan on time, you won\'t miss out on years of growth like you would with a withdrawal.</li><li>The interest you pay on a 401(k) loan can go back into your 401(k).</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">That said, some 401(k) loan plans don\'t let you contribute to retirement while you have an outstanding balance. Additionally, the money you use to pay back the loan is already after-tax income. This money will be taxed again once you take it out after you\'ve retired. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"401(k)-early-withdrawals-during-a-recession\"><strong>401(k) early withdrawals during a recession</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A recession spells out bad times for all. Gross domestic product (GDP) falls and industrial production slows down. Most noticeably of all, unemployment rates rise. You may find yourself on the wrong side of that trend with dwindling savings. You <em>do</em> have a nice amount of money that you set aside for a future version of yourself.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It\'s a tempting idea that many people follow through on. A study from the IRS conducted in 2013 found that in 2004, prior to the Great Recession, 13.3% of people with some retirement plan experienced a taxable retirement account distribution — essentially they did an early withdrawal. That percentage rose to 15.4% in 2010. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">An early withdrawal should be a last resort. If you can afford not to withdraw early, do so. However, like many other issues within personal finance, recessions impact income levels differently. The same survey states that lower-income households have a higher propensity for an early withdrawal because they\'re more deeply impacted by the economic shock. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"the-bottom-line\"><strong>The bottom line</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You can access the money in your 401(k) before the traditional withdrawal age of 59 ½, but you should consider alternatives before committing to an early withdrawal. Keep in mind that your take-home will only be about 70% of the withdrawal amount after factoring your 20% tax and&nbsp; 10% penalty.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Also keep in mind the money you could\'ve earned if you had kept that money invested, which you can calculate using one of the many future gains calculators available online. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you see no alternative, take out only what you absolutely need right now, which will minimize how far back you\'re setting your retirement.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.businessinsider.com/personal-finance/401k-early-withdrawal\">click here.</a></p>\n<!-- /wp:paragraph -->','How to withdraw from your traditional 401(k) account early and avoid penalties and fees','','inherit','closed','closed','','2660-revision-v1','','','2022-08-12 13:42:54','2022-08-12 13:42:54','',2660,'http://smartinsurance.tips/?p=2661',0,'revision','',0),(2662,1,'2022-08-12 13:51:20','2022-08-12 13:51:20','<!-- wp:image {\"id\":2701,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/08/Leadership.png\" alt=\"\" class=\"wp-image-2701\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid4\">The prospect of advancing to the top of one\'s field is what makes it possible for many people to keep plugging away at their jobs, honing their skills,&nbsp;and taking on new projects. But after a certain point, career development depends on more than technical skills and a willingness to work hard. You also need a few soft skills, not the least of which is the ability to take on a leadership role.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid6\">Some people are natural leaders, but anyone can develop the skill set needed with some practice. If you want to take your career as far as possible, you have to be willing to put in the work. Here are nine strategies to help you&nbsp;develop your leadership skills&nbsp;and advance your career.&nbsp;&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid8\">Find out your ideal leadership style based on your personality here:&nbsp;Which of These Leadership Styles Is Right For You? (Decision Tree)</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">1. Practice discipline</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid10\">A good leader&nbsp;needs&nbsp;discipline.&nbsp;Developing discipline in your professional (and personal) life is a must to be an effective leader and to inspire others&nbsp;to be disciplined as well. People will judge your capacity to lead by the amount of discipline you display at work.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid12\">Demonstrate discipline at work by always meeting deadlines, keeping appointments, and&nbsp;ending meetings on time. If you are naturally disorganized, then you may have your work cut out for you, but you can always start small. Try implementing good habits at home, like&nbsp;waking up early and getting daily exercise, and work your way up from there.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">2. Take on more projects</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid14\">A great way to develop your leadership skills is to take on more responsibility. You don\'t have to take on more than you can handle, but you do need to do more than&nbsp;simply&nbsp;what\'s covered in your job description if you want to grow. Stepping out of your comfort zone is the only way you will learn anything new, and doing so will get you noticed by&nbsp;executives&nbsp;as someone who&nbsp;takes initiative.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">3. Learn to follow</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid16\">A true leader has no problem yielding control to another person when appropriate. You should not feel threatened when someone disagrees with you, questions your thinking, or puts forth their own ideas. Keep an open mind and give merit where merit is due. It won\'t always be easy, but if you learn to value and respect others on your team, they\'ll be more likely to step up to the plate for you.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">4. Develop situational awareness</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid18\">A mark of a good leader is someone who can see the bigger picture and anticipate problems before they occur. This is a valuable skill to have when handling&nbsp;complex&nbsp;projects with tight deadlines. The ability to foresee and provide suggestions for avoiding potential problems is invaluable for a leader. This ability also helps you recognize opportunities that others overlook, which will certainly earn you recognition. This can be especially difficult to develop when&nbsp;leading remote teams&nbsp;but with practice, you can become more attuned to your teams and projects.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">5. Inspire others</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid20\">Being a leader means you are part of a team, and as a leader, you should be able to motivate and inspire those you work with to collaborate as best they can. When a team member needs encouragement or guidance, offer it. Sometimes, all a person needs is someone to listen and be sympathetic.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">6. Keep learning</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid22\">The best path to becoming a good leader is to be open to learning new things. It keeps your mind sharp and your skills fresh. It primes you for new challenges that may come your way, which is always a good thing for a leader.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">7. Empower&nbsp;your teammates</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid24\">No one is the best at everything, and the sooner you realize that the sooner you can learn to be a good leader. Delegating tasks to others not only frees you up for things you do well, but it also empowers other people on your team.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">8. Resolve conflicts</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid26\">Don\'t be a&nbsp;manager from hell! Not everyone will get along all the time.&nbsp;Instead of&nbsp;ignoring&nbsp;interpersonal conflicts and hoping they will go away, address them by talking&nbsp;to those involved privately. Also, be open to reassigning team members if the conflict can\'t be resolved.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">9. Be a discerning listener</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid28\">Becoming a leader doesn\'t mean you always have to be in the spotlight. An important trait of a good leader is someone who listens to suggestions, ideas, and feedback from other people and builds on them. Good listeners know that communication is not only about words, but picking up on non-verbal cues, such as eye contact and body language.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid31\">Good leadership skills&nbsp;are essential to advancing your career, but as you can see, leadership is much more than simply being in charge. As American statesman John Quincy Adams said, \"If your actions inspire others to dream more, learn more, do more, and become more, you are a leader.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How Wrike can help you hone your leadership skills</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Being a good leader is hard enough without dealing with disorganized&nbsp;project management&nbsp;systems. Wrike\'s&nbsp;project&nbsp;management software gives you the tools you need to lead your team to greatness:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Customizable request forms, so you can streamline your work intake and delegate tasks with ease</li><li>Dashboards for 360-degree visibility into projects, tasks, and workloads</li><li>Gantt charts to visualize deadlines and adjust schedules with a click&nbsp;</li><li>Dynamic reports with all the data you need to make key decisions</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Get started today with a&nbsp;free two-week trial of Wrike&nbsp;and watch your leadership skills blossom.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.wrike.com/blog/9-ways-develop-leadership-skills/\">click here.</a></p>\n<!-- /wp:paragraph -->','9 Ways to Develop Your Leadership Skills','','publish','closed','closed','','9-ways-to-develop-your-leadership-skills','','','2022-08-15 15:00:22','2022-08-15 15:00:22','',0,'http://smartinsurance.tips/?p=2662',0,'post','',0),(2663,1,'2022-08-12 13:51:20','2022-08-12 13:51:20','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid4\">The prospect of advancing to the top of one\'s field is what makes it possible for many people to keep plugging away at their jobs, honing their skills,&nbsp;and taking on new projects. But after a certain point, career development depends on more than technical skills and a willingness to work hard. You also need a few soft skills, not the least of which is the ability to take on a leadership role.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid6\">Some people are natural leaders, but anyone can develop the skill set needed with some practice. If you want to take your career as far as possible, you have to be willing to put in the work. Here are nine strategies to help you develop your leadership skills and advance your career.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid8\">Find out your ideal leadership style based on your personality here: Which of These Leadership Styles Is Right For You? (Decision Tree)</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">1. Practice discipline</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid10\">A good leader&nbsp;needs&nbsp;discipline.&nbsp;Developing discipline in your professional (and personal) life is a must to be an effective leader and to inspire others&nbsp;to be disciplined as well. People will judge your capacity to lead by the amount of discipline you display at work.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid12\">Demonstrate discipline at work by always meeting deadlines, keeping appointments, and ending meetings on time. If you are naturally disorganized, then you may have your work cut out for you, but you can always start small. Try implementing good habits at home, like waking up early and getting daily exercise, and work your way up from there. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">2. Take on more projects</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid14\">A great way to develop your leadership skills is to take on more responsibility. You don\'t have to take on more than you can handle, but you do need to do more than&nbsp;simply&nbsp;what\'s covered in your job description if you want to grow. Stepping out of your comfort zone is the only way you will learn anything new, and doing so will get you noticed by&nbsp;executives&nbsp;as someone who&nbsp;takes initiative.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">3. Learn to follow</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid16\">A true leader has no problem yielding control to another person when appropriate. You should not feel threatened when someone disagrees with you, questions your thinking, or puts forth their own ideas. Keep an open mind and give merit where merit is due. It won\'t always be easy, but if you learn to value and respect others on your team, they\'ll be more likely to step up to the plate for you.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">4. Develop situational awareness</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid18\">A mark of a good leader is someone who can see the bigger picture and anticipate problems before they occur. This is a valuable skill to have when handling complex projects with tight deadlines. The ability to foresee and provide suggestions for avoiding potential problems is invaluable for a leader. This ability also helps you recognize opportunities that others overlook, which will certainly earn you recognition. This can be especially difficult to develop when leading remote teams but with practice, you can become more attuned to your teams and projects. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">5. Inspire others</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid20\">Being a leader means you are part of a team, and as a leader, you should be able to motivate and inspire those you work with to collaborate as best they can. When a team member needs encouragement or guidance, offer it. Sometimes, all a person needs is someone to listen and be sympathetic.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">6. Keep learning</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid22\">The best path to becoming a good leader is to be open to learning new things. It keeps your mind sharp and your skills fresh. It primes you for new challenges that may come your way, which is always a good thing for a leader.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">7. Empower&nbsp;your teammates</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid24\">No one is the best at everything, and the sooner you realize that the sooner you can learn to be a good leader. Delegating tasks to others not only frees you up for things you do well, but it also empowers other people on your team.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">8. Resolve conflicts</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid26\">Don\'t be a manager from hell! Not everyone will get along all the time. Instead of ignoring interpersonal conflicts and hoping they will go away, address them by talking to those involved privately. Also, be open to reassigning team members if the conflict can\'t be resolved. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">9. Be a discerning listener</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid28\">Becoming a leader doesn\'t mean you always have to be in the spotlight. An important trait of a good leader is someone who listens to suggestions, ideas, and feedback from other people and builds on them. Good listeners know that communication is not only about words, but picking up on non-verbal cues, such as eye contact and body language.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid31\">Good leadership skills are essential to advancing your career, but as you can see, leadership is much more than simply being in charge. As American statesman John Quincy Adams said, \"If your actions inspire others to dream more, learn more, do more, and become more, you are a leader.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How Wrike can help you hone your leadership skills</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Being a good leader is hard enough without dealing with disorganized project management systems. Wrike\'s project management software gives you the tools you need to lead your team to greatness:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Customizable request forms, so you can streamline your work intake and delegate tasks with ease</li><li>Dashboards for 360-degree visibility into projects, tasks, and workloads</li><li>Gantt charts to visualize deadlines and adjust schedules with a click&nbsp;</li><li>Dynamic reports with all the data you need to make key decisions</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Get started today with a free two-week trial of Wrike and watch your leadership skills blossom.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.wrike.com/blog/9-ways-develop-leadership-skills/\">click here.</a></p>\n<!-- /wp:paragraph -->','9 Ways to Develop Your Leadership Skills','','inherit','closed','closed','','2662-revision-v1','','','2022-08-12 13:51:20','2022-08-12 13:51:20','',2662,'http://smartinsurance.tips/?p=2663',0,'revision','',0),(2664,1,'2022-08-12 14:01:38','2022-08-12 14:01:38','<!-- wp:image {\"id\":2703,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/08/Insurance-1.png\" alt=\"\" class=\"wp-image-2703\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0\">What Is Underwriting?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Underwriting is the process through which an individual or institution takes on&nbsp;financial risk&nbsp;for a fee. This risk most typically involves&nbsp;loans, insurance, or investments. The term underwriter originated from the practice of having each risk-taker write their name under the total amount of risk they were willing to accept for a specified premium.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-3\">Although the mechanics have changed over time, underwriting continues today as a key function in the financial world.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block-callout-heading_1-0\"><strong>KEY TAKEAWAYS</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Underwriting is the process through which an individual or institution takes on financial risk for a fee.&nbsp;</li><li>Underwriters assess the degree of risk of insurers\' business.</li><li>Underwriting helps to set fair borrowing rates for loans, establish appropriate premiums, and create a market for securities by accurately pricing investment risk.</li><li>Underwriting ensures that a company filing for an IPO will raise the capital needed and provide the underwriters with a premium or profit for their services.</li><li>Investors benefit from the vetting process of underwriting grants by helping them make informed investment decisions.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-9\">How Underwriting Works</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">Underwriting involves conducting research and assessing the degree of risk each applicant or entity brings to the table before assuming that risk. This check helps to set fair borrowing rates for loans, establish appropriate premiums to adequately cover the true cost of insuring policyholders, and create a market for&nbsp;securities&nbsp;by accurately pricing investment risk. If the risk is deemed too high, an underwriter may refuse coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-12\">Risk is the underlying factor in all underwriting. In the case of a loan, the risk has to do with whether the borrower will repay the loan as agreed or will default. With insurance, the risk involves the likelihood that too many policyholders will file claims at once. With securities, the risk is that the underwritten investments will not be profitable.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-14\">Underwriters evaluate loans, particularly mortgages, to determine the likelihood that a borrower will pay as promised and that enough&nbsp;collateral&nbsp;is available in the event of&nbsp;default. In the case of insurance, underwriters seek to assess a policyholder\'s health and other factors and spread the potential risk among as many people as possible. Underwriting securities, most often done via&nbsp;initial public offerings&nbsp;(IPOs), helps determine the company\'s underlying value compared to the risk of funding its IPO.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-16\">Types of Underwriting</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-17\">There are basically three different types of underwriting: loans, insurance, and securities.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\"><strong>Loan Underwriting</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-20\">All loans undergo some form of underwriting. In many cases, underwriting is automated and involves appraising an applicant\'s credit history, financial records, and the value of any collateral offered, along with other factors that depend on the size and purpose of the loan. The appraisal process can take a few minutes to a few weeks, depending on whether the appraisal requires a human being to be involved.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-22\">The most common type of loan underwriting that involves a human underwriter is for&nbsp;mortgages. This is also the type of loan underwriting that most people encounter. The underwriter assesses income, liabilities (debt), savings, credit history, credit score, and more depending on an individual\'s financial circumstances. Mortgage underwriting typically has a “turn time” of a week or less.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-24\">Refinancing&nbsp;often takes longer because buyers who face deadlines get preferential treatment. Although loan applications can be approved, denied, or suspended, most are “approved with conditions,” meaning the underwriter wants clarification or additional documentation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-26\">Insurance Underwriting</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-27\">With insurance underwriting, the focus is on the potential policyholder—the person seeking health or life insurance. In the past, medical underwriting for health insurance was used to determine how much to charge an applicant based on their health and even whether to offer coverage at all, often based on the applicant’s pre-existing conditions. Beginning in 2014, under the&nbsp;Affordable Care Act, insurers were no longer allowed to deny coverage or impose limitations based on pre-existing conditions.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-29\">Life insurance underwriting&nbsp;seeks to assess the risk of insuring a potential policyholder based on their age, health, lifestyle, occupation, family medical history, hobbies, and other factors determined by the underwriter. Life insurance underwriting can result in approval—along with a range of coverage amounts, prices, exclusions, and conditions—or outright rejection.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-31\">Securities Underwriting</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-32\">Securities underwriting, which seeks to assess risk and the appropriate price of particular securities—most often related to an IPO—is performed on behalf of a potential investor, often an investment bank. Based on the results of the underwriting process, an&nbsp;investment bank&nbsp;would buy (underwrite) securities issued by the company attempting the IPO and then sell those securities in the market.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-34\">Underwriting ensures that the company\'s IPO will raise the capital needed and provides the underwriters with a premium or profit for their service. Investors benefit from the&nbsp;vetting&nbsp;process that underwriting provides and its ability to make an informed investment decision.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-36\">This type of underwriting can involve individual stocks and debt securities, including government, corporate, or municipal bonds. Underwriters or their employers purchase these securities to resell them for a profit either to investors or dealers (who sell them to other buyers). When more than one underwriter or group of underwriters is involved, this is known as an&nbsp;underwriter syndicate.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-38\">How Long Does Underwriting Take?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-39\">The time frame for underwriting varies among different investment products, as the underwriter will have to spend some time examining the risk profile of each investment. Personal loans and insurance products are generally fairly simple to underwrite.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-41\"><strong>Personal Loans</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-42\">For car loans, the process is managed by an algorithm that compares the applicant to other borrowers with a similar profile. This process takes only a few days at most, and in some cases, it is almost instantaneous.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Home mortgages tend to take longer because the underwriter will need to verify the borrower\'s income, employment, and credit history, which can take some time. Full approval for a home loan can take up to 45 days, although the underwriting process itself accounts for only a small part of this time frame.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-46\">Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-47\">Underwriting insurance is the same as underwriting a loan, except that the insurers weigh the probability and size of the average claim compared to the premiums that they expect to collect. In the case of property and auto insurance policies, this is based on factors like the age of the insured, their geographical location, and their past history of making claims.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-49\">Life insurance policies are more complicated because they also account for the insured\'s medical history. Underwriting life insurance can also take a month or longer, although most decisions are issued in a few days.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-51\">Stocks and Bond Issues</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-52\">Securities are the most complicated products to underwrite. When a company issues a bond or a stock offering, the underwriter (usually an investment bank) examines the company\'s accounts, cash flows, assets, and liabilities, and checks for any discrepancies. This can take anywhere between six and nine months.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-54\">What Information Do Underwriters Look at?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-55\">Whether they are lending money or providing insurance, underwriters examine the financials of each applicant to determine how much risk they are taking on and the likelihood of losing money. This is generally done by comparison to historical data: If applicants with a similar risk profile tend to default X% of the time, then the premiums or interest rate will be priced at a rate that assumes an X% probability of default.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-57\">Underwriters for personal loans and insurance will look at the available data of the applicant. For loans, they might examine the borrower\'s income, employment status, and credit history. They will also assess the value of any assets that are used for collateral. For life insurance, they might also look at their medical history, including risk factors such as smoking or drinking.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-59\">For securities, the underwriters will look at the financial situation of the issuer, such as their income statements, cash flow, debts, and any other potential liabilities, before pricing a bond or stock issue. They will also examine the issuer\'s&nbsp;credit rating, the institutional equivalent of a personal credit score.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-61\">How Underwriting Sets the Market Price</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-62\">Creating a fair and stable market for financial transactions is the chief function of an underwriter. Every&nbsp;debt instrument, insurance policy, or IPO carries a certain risk that the customer will default, file a claim, or fail—a potential loss to the insurer or lender. A big part of the underwriter\'s job is to weigh the known risk factors and investigate an applicant’s truthfulness to determine the minimum price for providing coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-64\">Underwriters help establish the true market price of risk by deciding on a case-by-case basis - which transactions they are willing to cover and what rates they need to charge to make a profit. Underwriters also help expose unacceptably risky applicants—such as unemployed people asking for expensive mortgages, those in poor health who request life insurance, or companies that attempt an IPO before they are ready—by rejecting coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-66\">This vetting function substantially lowers the overall risk of expensive claims or defaults. It allows loan officers, insurance agents, and investment banks to offer more competitive rates to those with less risky propositions.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Where Did the Word Underwriting Come From?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The term \"underwrite\" originates in the 17th century when marine vessels would be underwritten for insurance risk for overseas voyages. The insurance company would sub-scribe (literally to write underneath or under-write) the policy by signing their name at the bottom of the document and acknowledging consent that the policy is in force.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Is the Purpose of Underwriting Today?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Underwriting, whether for an insurance policy or a loan, revaluates the riskiness of a proposed deal or agreement. For an insurer, the underwriter must determine the risk of a policyholder filing a claim that must be paid out before the policy has become profitable. For a lender, the risk is of default or non-payment. Similarly, securities underwriting by investment banks evaluate newly issued shares and bonds to determine their risk-adjusted value.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Can an Underwriter Deny an Insurance Policy or Loan?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Yes, if the riskiness of a borrower or insurance policy applicant is deemed too great, the underwriter can either recommend higher rates or else deny the application entirely - so long as they are not breaking any anti-discrimination laws and are only evaluating objective risk metrics.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How Long Does the Underwriting Process Take?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">With the advent of information technology, the underwriting process for insurers and lenders has shortened from a matter of weeks or months to just a few days or even hours in some cases.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-76\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-77\">Underwriting is the process of examining the financials of a loan or insurance application to determine how much risk they pose to a lender or insurer. This usually means checking the applicant\'s income, assets, and credit history to determine the likelihood that they will end up costing the underwriting institution more than they pay in premiums.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.investopedia.com/terms/u/underwriting.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','Underwriting','','publish','closed','closed','','underwriting','','','2022-08-15 15:01:15','2022-08-15 15:01:15','',0,'http://smartinsurance.tips/?p=2664',0,'post','',0),(2665,1,'2022-08-12 14:01:38','2022-08-12 14:01:38','<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0\">What Is Underwriting?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Underwriting is the process through which an individual or institution takes on financial risk for a fee. This risk most typically involves loans, insurance, or investments. The term underwriter originated from the practice of having each risk-taker write their name under the total amount of risk they were willing to accept for a specified premium.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-3\">Although the mechanics have changed over time, underwriting continues today as a key function in the financial world.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block-callout-heading_1-0\"><strong>KEY TAKEAWAYS</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Underwriting is the process through which an individual or institution takes on financial risk for a fee. </li><li>Underwriters assess the degree of risk of insurers\' business.</li><li>Underwriting helps to set fair borrowing rates for loans, establish appropriate premiums, and create a market for securities by accurately pricing investment risk.</li><li>Underwriting ensures that a company filing for an IPO will raise the capital needed and provide the underwriters with a premium or profit for their services.</li><li>Investors benefit from the vetting process of underwriting grants by helping them make informed investment decisions.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-9\">How Underwriting Works</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">Underwriting involves conducting research and assessing the degree of risk each applicant or entity brings to the table before assuming that risk. This check helps to set fair borrowing rates for loans, establish appropriate premiums to adequately cover the true cost of insuring policyholders, and create a market for securities by accurately pricing investment risk. If the risk is deemed too high, an underwriter may refuse coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-12\">Risk is the underlying factor in all underwriting. In the case of a loan, the risk has to do with whether the borrower will repay the loan as agreed or will default. With insurance, the risk involves the likelihood that too many policyholders will file claims at once. With securities, the risk is that the underwritten investments will not be profitable.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-14\">Underwriters evaluate loans, particularly mortgages, to determine the likelihood that a borrower will pay as promised and that enough collateral is available in the event of default. In the case of insurance, underwriters seek to assess a policyholder\'s health and other factors and spread the potential risk among as many people as possible. Underwriting securities, most often done via initial public offerings (IPOs), helps determine the company\'s underlying value compared to the risk of funding its IPO.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-16\">Types of Underwriting</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-17\">There are basically three different types of underwriting: loans, insurance, and securities.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\"><strong>Loan Underwriting</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-20\">All loans undergo some form of underwriting. In many cases, underwriting is automated and involves appraising an applicant\'s credit history, financial records, and the value of any collateral offered, along with other factors that depend on the size and purpose of the loan. The appraisal process can take a few minutes to a few weeks, depending on whether the appraisal requires a human being to be involved.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-22\">The most common type of loan underwriting that involves a human underwriter is for mortgages. This is also the type of loan underwriting that most people encounter. The underwriter assesses income, liabilities (debt), savings, credit history, credit score, and more depending on an individual\'s financial circumstances. Mortgage underwriting typically has a “turn time” of a week or less.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-24\">Refinancing often takes longer because buyers who face deadlines get preferential treatment. Although loan applications can be approved, denied, or suspended, most are “approved with conditions,” meaning the underwriter wants clarification or additional documentation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-26\">Insurance Underwriting</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-27\">With insurance underwriting, the focus is on the potential policyholder—the person seeking health or life insurance. In the past, medical underwriting for health insurance was used to determine how much to charge an applicant based on their health and even whether to offer coverage at all, often based on the applicant’s pre-existing conditions. Beginning in 2014, under the Affordable Care Act, insurers were no longer allowed to deny coverage or impose limitations based on pre-existing conditions.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-29\">Life insurance underwriting seeks to assess the risk of insuring a potential policyholder based on their age, health, lifestyle, occupation, family medical history, hobbies, and other factors determined by the underwriter. Life insurance underwriting can result in approval—along with a range of coverage amounts, prices, exclusions, and conditions—or outright rejection.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-31\">Securities Underwriting</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-32\">Securities underwriting, which seeks to assess risk and the appropriate price of particular securities—most often related to an IPO—is performed on behalf of a potential investor, often an investment bank. Based on the results of the underwriting process, an investment bank would buy (underwrite) securities issued by the company attempting the IPO and then sell those securities in the market.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-34\">Underwriting ensures that the company\'s IPO will raise the capital needed and provides the underwriters with a premium or profit for their service. Investors benefit from the vetting process that underwriting provides and its ability to make an informed investment decision.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-36\">This type of underwriting can involve individual stocks and debt securities, including government, corporate, or municipal bonds. Underwriters or their employers purchase these securities to resell them for a profit either to investors or dealers (who sell them to other buyers). When more than one underwriter or group of underwriters is involved, this is known as an underwriter syndicate.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-38\">How Long Does Underwriting Take?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-39\">The time frame for underwriting varies among different investment products, as the underwriter will have to spend some time examining the risk profile of each investment. Personal loans and insurance products are generally fairly simple to underwrite.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-41\"><strong>Personal Loans</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-42\">For car loans, the process is managed by an algorithm that compares the applicant to other borrowers with a similar profile. This process takes only a few days at most, and in some cases, it is almost instantaneous.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Home mortgages tend to take longer because the underwriter will need to verify the borrower\'s income, employment, and credit history, which can take some time. Full approval for a home loan can take up to 45 days, although the underwriting process itself accounts for only a small part of this time frame.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-46\">Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-47\">Underwriting insurance is the same as underwriting a loan, except that the insurers weigh the probability and size of the average claim compared to the premiums that they expect to collect. In the case of property and auto insurance policies, this is based on factors like the age of the insured, their geographical location, and their past history of making claims.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-49\">Life insurance policies are more complicated because they also account for the insured\'s medical history. Underwriting life insurance can also take a month or longer, although most decisions are issued in a few days.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-51\">Stocks and Bond Issues</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-52\">Securities are the most complicated products to underwrite. When a company issues a bond or a stock offering, the underwriter (usually an investment bank) examines the company\'s accounts, cash flows, assets, and liabilities, and checks for any discrepancies. This can take anywhere between six and nine months.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-54\">What Information Do Underwriters Look at?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-55\">Whether they are lending money or providing insurance, underwriters examine the financials of each applicant to determine how much risk they are taking on and the likelihood of losing money. This is generally done by comparison to historical data: If applicants with a similar risk profile tend to default X% of the time, then the premiums or interest rate will be priced at a rate that assumes an X% probability of default.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-57\">Underwriters for personal loans and insurance will look at the available data of the applicant. For loans, they might examine the borrower\'s income, employment status, and credit history. They will also assess the value of any assets that are used for collateral. For life insurance, they might also look at their medical history, including risk factors such as smoking or drinking.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-59\">For securities, the underwriters will look at the financial situation of the issuer, such as their income statements, cash flow, debts, and any other potential liabilities, before pricing a bond or stock issue. They will also examine the issuer\'s credit rating, the institutional equivalent of a personal credit score.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-61\">How Underwriting Sets the Market Price</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-62\">Creating a fair and stable market for financial transactions is the chief function of an underwriter. Every debt instrument, insurance policy, or IPO carries a certain risk that the customer will default, file a claim, or fail—a potential loss to the insurer or lender. A big part of the underwriter\'s job is to weigh the known risk factors and investigate an applicant’s truthfulness to determine the minimum price for providing coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-64\">Underwriters help establish the true market price of risk by deciding on a case-by-case basis - which transactions they are willing to cover and what rates they need to charge to make a profit. Underwriters also help expose unacceptably risky applicants—such as unemployed people asking for expensive mortgages, those in poor health who request life insurance, or companies that attempt an IPO before they are ready—by rejecting coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-66\">This vetting function substantially lowers the overall risk of expensive claims or defaults. It allows loan officers, insurance agents, and investment banks to offer more competitive rates to those with less risky propositions.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Where Did the Word Underwriting Come From?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The term \"underwrite\" originates in the 17th century when marine vessels would be underwritten for insurance risk for overseas voyages. The insurance company would sub-scribe (literally to write underneath or under-write) the policy by signing their name at the bottom of the document and acknowledging consent that the policy is in force.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Is the Purpose of Underwriting Today?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Underwriting, whether for an insurance policy or a loan, revaluates the riskiness of a proposed deal or agreement. For an insurer, the underwriter must determine the risk of a policyholder filing a claim that must be paid out before the policy has become profitable. For a lender, the risk is of default or non-payment. Similarly, securities underwriting by investment banks evaluate newly issued shares and bonds to determine their risk-adjusted value.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Can an Underwriter Deny an Insurance Policy or Loan?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Yes, if the riskiness of a borrower or insurance policy applicant is deemed too great, the underwriter can either recommend higher rates or else deny the application entirely - so long as they are not breaking any anti-discrimination laws and are only evaluating objective risk metrics.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How Long Does the Underwriting Process Take?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">With the advent of information technology, the underwriting process for insurers and lenders has shortened from a matter of weeks or months to just a few days or even hours in some cases.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-76\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-77\">Underwriting is the process of examining the financials of a loan or insurance application to determine how much risk they pose to a lender or insurer. This usually means checking the applicant\'s income, assets, and credit history to determine the likelihood that they will end up costing the underwriting institution more than they pay in premiums.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/terms/u/underwriting.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','Underwriting','','inherit','closed','closed','','2664-revision-v1','','','2022-08-12 14:01:38','2022-08-12 14:01:38','',2664,'http://smartinsurance.tips/?p=2665',0,'revision','',0),(2666,1,'2022-08-12 14:11:15','2022-08-12 14:11:15','<!-- wp:image {\"id\":2705,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/08/Insurance-2.png\" alt=\"\" class=\"wp-image-2705\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0\">What Is Directors and Officers (D&amp;O) Liability Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Directors and officers (D&amp;O) liability insurance is insurance coverage intended to protect individuals from personal losses if they are sued as a result of serving as a director or an officer of a business or other type of organization. It can also cover the legal fees and other costs the organization may incur as a result of such a suit.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block-callout-heading_1-0\"><strong>KEY TAKEAWAYS</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Directors and officers (D&amp;O) liability insurance covers directors and officers or their company or organization if sued (most policies exclude fraud and criminal offenses).</li><li>D&amp;O insurance claims are paid to cover losses associated with the lawsuit, including legal defense fees.</li><li>Side A coverage covers directors and officers for claims where the company refuses to or is financially unable to pay for indemnification.</li><li>Side B coverage covers the losses of directors and officers when the company does grant indemnification.</li><li>Side C coverage, also called \"entity coverage,\" extends coverage for the corporate entity itself.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-7\">Understanding Directors and Officers (D&amp;O) Liability Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-8\">D&amp;O insurance applies to anyone who serves as a director or an officer of a for-profit business or nonprofit organization. A D&amp;O insurance policy&nbsp;insures&nbsp;against personal losses, and it&nbsp;can also help reimburse a&nbsp;business or nonprofit for the legal fees or other costs incurred in defending such individuals against lawsuits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">D&amp;O insurance claims are paid to directors and officers of a company or organization for losses or&nbsp;reimbursement of&nbsp;defense costs if&nbsp;legal action is brought against them. Such coverage can also&nbsp;extend to&nbsp;criminal and regulatory investigations or trial defense costs. Civil and criminal actions are often brought against directors and&nbsp;officers simultaneously.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-12\">D&amp;O insurance is akin to&nbsp;corporate governance,&nbsp;corporate law, and the&nbsp;fiduciary&nbsp;duty owed to stakeholders, such as shareholders and beneficiaries. US federal law grants&nbsp;directors and officers broad discretion in their business activities. Corporate law is typically handled at the state level. Publicly traded companies are subject to more federal regulation than privately held companies, particularly due to the&nbsp;Securities Act of 1933&nbsp;and the&nbsp;Securities Exchange Act of 1934.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-14\">Types of Directors and Officers Liability Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-15\">The typical D&amp;O insurance policy contains three types of insuring agreements. They\'re commonly referred to as Side A, Side B, and Side C.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-17\">Side A coverage covers directors and officers for claims where the company refuses to or is financially unable to pay for indemnification. This can occur, for example, if the company has declared bankruptcy. Under Side A coverage, the individual officer is the one who\'s insured and it\'s their personal assets that are at risk.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\">Side B coverage covers the losses of directors and officers when the company does grant indemnification. In this case, the policy will reimburse the company for legal costs. Under Side B coverage, it is the company that is insured while its corporate assets are at risk.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-21\">Side C coverage, also called \"entity coverage,\" extends coverage for the corporate entity itself. Under Side C coverage, the company is insured and its corporate assets are at risk.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-23\">The exact coverage that a company goes with ultimately depends on its unique business model characteristics, needs, history, and financial picture.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-25\">Directors and Officers Liability Insurance Process</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-26\">The process of D&amp;O insurance in real life is straightforward. It all starts when a manager allegedly fails to perform his or her role. Some common risk scenarios include employment malpractice, reporting errors, inaccurate disclosures, insolvencies, and regulation violations. As a result, several claimants decide to sue the manager.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-28\">Once the manager and the legal/risk management departments are informed of the claim, they then provide a description of the claim to their broker/insurer. If the claim is covered, the insurer covers the defense costs. If the claim is covered and the case is lost, the insurer pays for the defense costs&nbsp;<em>and&nbsp;</em>the financial losses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-30\">Of course, that example heavily depends on the terms and conditions of the specific policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Important: D&amp;O insurance&nbsp;has become closely associated with broader management liability insurance, which covers&nbsp;liabilities&nbsp;of the corporation, as well as the personal liabilities for the directors and officers of the corporation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-34\">Special Considerations</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-35\">D&amp;O policies can take different forms, depending on the nature of the organization and the risks it faces. It’s best to seek out an insurance company with deep experience in this specialized field. The policies are generally purchased by the organization to cover a group of individuals rather than by the individuals themselves.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-37\">If a&nbsp;company fails to disclose material information or willfully provides inaccurate information, the insurer may avoid payment due to&nbsp;misrepresentation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-39\">The \"severability clause\" in the policy conditions may be intended to protect against this by preventing misconduct by one insured from affecting insurance for other insureds; however, in certain jurisdictions, it may be ineffective.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-41\">Policies can be written to insure against a variety of hazards, but they generally make exclusions for fraud, criminal activity, and illegal profits. Also, most policies contain \"insured vs. insured\" clauses, whereby no claim is paid when current or former directors and officers sue the company. This prevents the company from profiting from deceit or conspiracy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Do I Need D&amp;O Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It depends on the size and nature of your business. But generally speaking, D&amp;O insurance should seriously be considered. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Do Small Businesses Need D&amp;O Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Small businesses aren\'t immune to costly lawsuits. It might be easy to assume that lawsuits and fines are only triggered by disgruntled shareholders. That\'s definitely the case with high-profile suits against large public companies. However, for private companies, the most damaging suits are brought by customers, vendors, and other third parties. Small companies might be uniquely vulnerable to a potentially damaging lawsuit because they don\'t have the financial muscle that larger companies may have.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How Much Does D&amp;O Insurance Cost?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The cost of D&amp;O insurance can vary widely depending on factors like company size, industry, risk appetite, financial position, revenue, and claims history. All else equal, businesses that have a long operating history will likely pay less than younger organizations. Insurance marketplace Insureon found that the median cost of D&amp;O insurers for its customers was $1,240 annually.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Type of D&amp;O Insurance Should I Buy?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The type of D&amp;O insurance you choose depends on what your company needs and what it can afford. Here are a few main things to consider—should the policy just cover managers (Side A) or the company as a whole (Side B and Side C)? How much coverage is enough? What are the biggest D&amp;O risks your company, in particular, faces?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Does D&amp;O Insurance Cover?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">D&amp;O insurance typically covers legal fees, settlements, and financial losses when the insured is held liable. Common allegations covered include breaches of fiduciary duty, failure to comply with regulations, lack of corporate governance, creditor claims, and reporting errors.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Outright fraud, criminal activity, and lawsuits between managers within the same company are usually not covered.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.investopedia.com/terms/d/directors-and-officers-liability-insurance.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','Directors and Officers (D&O) Liability Insurance','','publish','closed','closed','','directors-and-officers-do-liability-insurance','','','2022-08-15 15:02:04','2022-08-15 15:02:04','',0,'http://smartinsurance.tips/?p=2666',0,'post','',0),(2683,1,'2022-08-13 01:14:45','2022-08-13 01:14:45','<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0\">What Is Directors and Officers (D&amp;O) Liability Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Directors and officers (D&amp;O) liability insurance is insurance coverage intended to protect individuals from personal losses if they are sued as a result of serving as a director or an officer of a business or other type of organization. It can also cover the legal fees and other costs the organization may incur as a result of such a suit.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block-callout-heading_1-0\"><strong>KEY TAKEAWAYS</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Directors and officers (D&amp;O) liability insurance covers directors and officers or their company or organization if sued (most policies exclude fraud and criminal offenses).</li><li>D&amp;O insurance claims are paid to cover losses associated with the lawsuit, including legal defense fees.</li><li>Side A coverage covers directors and officers for claims where the company refuses to or is financially unable to pay for indemnification.</li><li>Side B coverage covers the losses of directors and officers when the company does grant indemnification.</li><li>Side C coverage, also called \"entity coverage,\" extends coverage for the corporate entity itself.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-7\">Understanding Directors and Officers (D&amp;O) Liability Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-8\">D&amp;O insurance applies to anyone who serves as a director or an officer of a for-profit business or nonprofit organization. A D&amp;O insurance policy&nbsp;insures&nbsp;against personal losses, and it&nbsp;can also help reimburse a&nbsp;business or nonprofit for the legal fees or other costs incurred in defending such individuals against lawsuits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">D&amp;O insurance claims are paid to directors and officers of a company or organization for losses or&nbsp;reimbursement of&nbsp;defense costs if&nbsp;legal action is brought against them. Such coverage can also&nbsp;extend to&nbsp;criminal and regulatory investigations or trial defense costs. Civil and criminal actions are often brought against directors and&nbsp;officers simultaneously.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-12\">D&amp;O insurance is akin to&nbsp;corporate governance,&nbsp;corporate law, and the&nbsp;fiduciary&nbsp;duty owed to stakeholders, such as shareholders and beneficiaries. US federal law grants&nbsp;directors and officers broad discretion in their business activities. Corporate law is typically handled at the state level. Publicly traded companies are subject to more federal regulation than privately held companies, particularly due to the&nbsp;Securities Act of 1933&nbsp;and the&nbsp;Securities Exchange Act of 1934.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-14\">Types of Directors and Officers Liability Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-15\">The typical D&amp;O insurance policy contains three types of insuring agreements. They\'re commonly referred to as Side A, Side B, and Side C.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-17\">Side A coverage covers directors and officers for claims where the company refuses to or is financially unable to pay for indemnification. This can occur, for example, if the company has declared bankruptcy. Under Side A coverage, the individual officer is the one who\'s insured and it\'s their personal assets that are at risk.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\">Side B coverage covers the losses of directors and officers when the company does grant indemnification. In this case, the policy will reimburse the company for legal costs. Under Side B coverage, it is the company that is insured while its corporate assets are at risk.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-21\">Side C coverage, also called \"entity coverage,\" extends coverage for the corporate entity itself. Under Side C coverage, the company is insured and its corporate assets are at risk.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-23\">The exact coverage that a company goes with ultimately depends on its unique business model characteristics, needs, history, and financial picture.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-25\">Directors and Officers Liability Insurance Process</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-26\">The process of D&amp;O insurance in real life is straightforward. It all starts when a manager allegedly fails to perform his or her role. Some common risk scenarios include employment malpractice, reporting errors, inaccurate disclosures, insolvencies, and regulation violations. As a result, several claimants decide to sue the manager.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-28\">Once the manager and the legal/risk management departments are informed of the claim, they then provide a description of the claim to their broker/insurer. If the claim is covered, the insurer covers the defense costs. If the claim is covered and the case is lost, the insurer pays for the defense costs&nbsp;<em>and&nbsp;</em>the financial losses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-30\">Of course, that example heavily depends on the terms and conditions of the specific policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Important: D&amp;O insurance&nbsp;has become closely associated with broader management liability insurance, which covers&nbsp;liabilities&nbsp;of the corporation, as well as the personal liabilities for the directors and officers of the corporation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-34\">Special Considerations</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-35\">D&amp;O policies can take different forms, depending on the nature of the organization and the risks it faces. It’s best to seek out an insurance company with deep experience in this specialized field. The policies are generally purchased by the organization to cover a group of individuals rather than by the individuals themselves.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-37\">If a&nbsp;company fails to disclose material information or willfully provides inaccurate information, the insurer may avoid payment due to&nbsp;misrepresentation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-39\">The \"severability clause\" in the policy conditions may be intended to protect against this by preventing misconduct by one insured from affecting insurance for other insureds; however, in certain jurisdictions, it may be ineffective.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-41\">Policies can be written to insure against a variety of hazards, but they generally make exclusions for fraud, criminal activity, and illegal profits. Also, most policies contain \"insured vs. insured\" clauses, whereby no claim is paid when current or former directors and officers sue the company. This prevents the company from profiting from deceit or conspiracy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Do I Need D&amp;O Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It depends on the size and nature of your business. But generally speaking, D&amp;O insurance should seriously be considered. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Do Small Businesses Need D&amp;O Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Small businesses aren\'t immune to costly lawsuits. It might be easy to assume that lawsuits and fines are only triggered by disgruntled shareholders. That\'s definitely the case with high-profile suits against large public companies. However, for private companies, the most damaging suits are brought by customers, vendors, and other third parties. Small companies might be uniquely vulnerable to a potentially damaging lawsuit because they don\'t have the financial muscle that larger companies may have.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How Much Does D&amp;O Insurance Cost?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The cost of D&amp;O insurance can vary widely depending on factors like company size, industry, risk appetite, financial position, revenue, and claims history. All else equal, businesses that have a long operating history will likely pay less than younger organizations. Insurance marketplace Insureon found that the median cost of D&amp;O insurers for its customers was $1,240 annually.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Type of D&amp;O Insurance Should I Buy?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The type of D&amp;O insurance you choose depends on what your company needs and what it can afford. Here are a few main things to consider—should the policy just cover managers (Side A) or the company as a whole (Side B and Side C)? How much coverage is enough? What are the biggest D&amp;O risks your company, in particular, faces?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Does D&amp;O Insurance Cover?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">D&amp;O insurance typically covers legal fees, settlements, and financial losses when the insured is held liable. Common allegations covered include breaches of fiduciary duty, failure to comply with regulations, lack of corporate governance, creditor claims, and reporting errors.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Outright fraud, criminal activity, and lawsuits between managers within the same company are usually not covered.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.investopedia.com/terms/d/directors-and-officers-liability-insurance.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','Directors and Officers (D&O) Liability Insurance','','inherit','closed','closed','','2666-revision-v1','','','2022-08-13 01:14:45','2022-08-13 01:14:45','',2666,'http://smartinsurance.tips/?p=2683',0,'revision','',0),(2667,1,'2022-08-12 14:11:15','2022-08-12 14:11:15','<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0\">What Is Directors and Officers (D&amp;O) Liability Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Directors and officers (D&amp;O) liability insurance is insurance coverage intended to protect individuals from personal losses if they are sued as a result of serving as a director or an officer of a business or other type of organization. It can also cover the legal fees and other costs the organization may incur as a result of such a suit.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block-callout-heading_1-0\"><strong>KEY TAKEAWAYS</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Directors and officers (D&amp;O) liability insurance covers directors and officers or their company or organization if sued (most policies exclude fraud and criminal offenses).</li><li>D&amp;O insurance claims are paid to cover losses associated with the lawsuit, including legal defense fees.</li><li>Side A coverage covers directors and officers for claims where the company refuses to or is financially unable to pay for indemnification.</li><li>Side B coverage covers the losses of directors and officers when the company does grant indemnification.</li><li>Side C coverage, also called \"entity coverage,\" extends coverage for the corporate entity itself.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-7\">Understanding Directors and Officers (D&amp;O) Liability Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-8\">D&amp;O insurance applies to anyone who serves as a director or an officer of a for-profit business or nonprofit organization. A D&amp;O insurance policy insures against personal losses, and it can also help reimburse a business or nonprofit for the legal fees or other costs incurred in defending such individuals against lawsuits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">D&amp;O insurance claims are paid to directors and officers of a company or organization for losses or reimbursement of defense costs if legal action is brought against them. Such coverage can also extend to criminal and regulatory investigations or trial defense costs. Civil and criminal actions are often brought against directors and officers simultaneously.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-12\">D&amp;O insurance is akin to corporate governance, corporate law, and the fiduciary duty owed to stakeholders, such as shareholders and beneficiaries. US federal law grants directors and officers broad discretion in their business activities. Corporate law is typically handled at the state level. Publicly traded companies are subject to more federal regulation than privately held companies, particularly due to the Securities Act of 1933 and the Securities Exchange Act of 1934.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-14\">Types of Directors and Officers Liability Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-15\">The typical D&amp;O insurance policy contains three types of insuring agreements. They\'re commonly referred to as Side A, Side B, and Side C.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-17\">Side A coverage covers directors and officers for claims where the company refuses to or is financially unable to pay for indemnification. This can occur, for example, if the company has declared bankruptcy. Under Side A coverage, the individual officer is the one who\'s insured and it\'s their personal assets that are at risk.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\">Side B coverage covers the losses of directors and officers when the company does grant indemnification. In this case, the policy will reimburse the company for legal costs. Under Side B coverage, it is the company that is insured while its corporate assets are at risk.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-21\">Side C coverage, also called \"entity coverage,\" extends coverage for the corporate entity itself. Under Side C coverage, the company is insured and its corporate assets are at risk.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-23\">The exact coverage that a company goes with ultimately depends on its unique business model characteristics, needs, history, and financial picture.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-25\">Directors and Officers Liability Insurance Process</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-26\">The process of D&amp;O insurance in real life is straightforward. It all starts when a manager allegedly fails to perform his or her role. Some common risk scenarios include employment malpractice, reporting errors, inaccurate disclosures, insolvencies, and regulation violations. As a result, several claimants decide to sue the manager.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-28\">Once the manager and the legal/risk management departments are informed of the claim, they then provide a description of the claim to their broker/insurer. If the claim is covered, the insurer covers the defense costs. If the claim is covered and the case is lost, the insurer pays for the defense costs&nbsp;<em>and&nbsp;</em>the financial losses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-30\">Of course, that example heavily depends on the terms and conditions of the specific policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Important: D&amp;O insurance has become closely associated with broader management liability insurance, which covers liabilities of the corporation, as well as the personal liabilities for the directors and officers of the corporation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-34\">Special Considerations</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-35\">D&amp;O policies can take different forms, depending on the nature of the organization and the risks it faces. It’s best to seek out an insurance company with deep experience in this specialized field. The policies are generally purchased by the organization to cover a group of individuals rather than by the individuals themselves.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-37\">If a&nbsp;company fails to disclose material information or willfully provides inaccurate information, the insurer may avoid payment due to&nbsp;misrepresentation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-39\">The \"severability clause\" in the policy conditions may be intended to protect against this by preventing misconduct by one insured from affecting insurance for other insureds; however, in certain jurisdictions, it may be ineffective.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-41\">Policies can be written to insure against a variety of hazards, but they generally make exclusions for fraud, criminal activity, and illegal profits. Also, most policies contain \"insured vs. insured\" clauses, whereby no claim is paid when current or former directors and officers sue the company. This prevents the company from profiting from deceit or conspiracy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Do I Need D&amp;O Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It depends on the size and nature of your business. But generally speaking, D&amp;O insurance should seriously be considered. A Chubb study showed that more than 25% of private companies reported a D&amp;O loss over the span of three years, with 96% being negatively impacted financially. So while D&amp;O insurance isn\'t necessary for every single business, in every situation, it\'s fair to say that any company with a board of directors would be wise to consider D&amp;O insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Do Small Businesses Need D&amp;O Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Small businesses aren\'t immune to costly lawsuits. It might be easy to assume that lawsuits and fines are only triggered by disgruntled shareholders. That\'s definitely the case with high-profile suits against large public companies. However, for private companies, the most damaging suits are brought by customers, vendors, and other third parties. Small companies might be uniquely vulnerable to a potentially damaging lawsuit because they don\'t have the financial muscle that larger companies may have.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How Much Does D&amp;O Insurance Cost?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The cost of D&amp;O insurance can vary widely depending on factors like company size, industry, risk appetite, financial position, revenue, and claims history. All else equal, businesses that have a long operating history will likely pay less than younger organizations. Insurance marketplace Insureon found that the median cost of D&amp;O insurers for its customers was $1,240 annually.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Type of D&amp;O Insurance Should I Buy?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The type of D&amp;O insurance you choose depends on what your company needs and what it can afford. Here are a few main things to consider—should the policy just cover managers (Side A) or the company as a whole (Side B and Side C)? How much coverage is enough? What are the biggest D&amp;O risks your company, in particular, faces?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Does D&amp;O Insurance Cover?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">D&amp;O insurance typically covers legal fees, settlements, and financial losses when the insured is held liable. Common allegations covered include breaches of fiduciary duty, failure to comply with regulations, lack of corporate governance, creditor claims, and reporting errors.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Outright fraud, criminal activity, and lawsuits between managers within the same company are usually not covered.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/terms/d/directors-and-officers-liability-insurance.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','Directors and Officers (D&O) Liability Insurance','','inherit','closed','closed','','2666-revision-v1','','','2022-08-12 14:11:15','2022-08-12 14:11:15','',2666,'http://smartinsurance.tips/?p=2667',0,'revision','',0),(2668,1,'2022-08-12 14:16:20','2022-08-12 14:16:20','<!-- wp:image {\"id\":2707,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/08/Insurance-3.png\" alt=\"\" class=\"wp-image-2707\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you’re thinking of your big day, it’s perfectly normal to dream about all of the good things that are going to happen. However, you should be realistic about it. We live in the real world, and things can often go wrong when planning such a major event.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In this sense, you should hope for the best but prepare for the worst. Now don’t worry; that doesn’t mean that bad things will definitely happen. However, it’s better to play it safe than to end up losing a lot of money over mismanagement.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Is Wedding Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Although optional,&nbsp;wedding insurance<strong>&nbsp;</strong>covers a plethora of things that could go wrong all the way from your first day of planning up to the day of your dreams. While it won’t get your sweetheart back in case they change their mind or get cold feet on the big day, this type of insurance can save you a lot of pain financial-wise.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Things That Wedding Insurance Can Cover</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Of course, now you’re probably wondering what exactly can wedding insurance cover. Here is a list of the most common things that come under the policy’s coverage plan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Wedding Event Cancelation or Postponement</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If the venue cancels your wedding or makes you postpone your event, the insurance policy should have you covered and reimbursed in cash for such troubles.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">A Supplier Can’t Respect the Deal</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It’s not uncommon for suppliers (photographers, decorators, catering services, etc.) to bust out on what you have arranged due to all sorts of technical issues. In such cases, the wedding insurance policy can cover any cost that you’ve paid to the supplier up to that point as well as any additional costs that might pop up thanks to having to get a new supplier.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Key People Can’t Make It</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If one of the couple or one of the most important guests can’t attend the wedding due to illness, injury, jury service, accident, or death, then most wedding insurance policies can cover the related costs. Similarly, some insurance policies can also cover the costs if most of your attendees can’t make it due to severe&nbsp;unforeseen weather conditions.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Damaged, Lost, or Stolen Wedding-Related Goods</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Hopefully, no one should have to go through such a horrible scenario. However, if you do happen to be a part of the unlucky ones, then you’ll be glad to have chosen a policy that can cover this type of ordeal.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Such a policy can cover wedding rings, gifts, outfits, flowers, and so forth. It’s not uncommon for a wedding cake to get at least slightly damaged due to poor packaging. And we all know that ordering a replacement fast will never be as spectacular as your original design, so getting yourself covered in case of such a happening is important.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Liquor Liability Coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Any event that has alcohol involved has a high risk of ending up with some&nbsp;booze-related drama. Whether someone starts a fight, fumbles over and breaks one of their body parts, or whether they cause property damage, this type of coverage should get you out of the legal and financial storm that can otherwise follow after such an event. Make sure that the coverage you choose can cover you, the organizers, and the event venue as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Planning your big day? Then get yourself covered with a good wedding insurance policy. Think about all the aspects of your wedding and what you risk of going wrong, then negotiate either with the insurer or with an insurance broker about what things you would like to have covered.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The extra price might seem a bit scary at first, but it’s a much cheaper ordeal than what you would have to pay in case something goes wrong and you aren’t covered by insurance. So, bottom line, do yourself and your loved one a favor and get insurance for your big day as soon as possible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://qrius.com/why-you-should-get-wedding-insurance/\">click here.</a></p>\n<!-- /wp:paragraph -->','Why You Should Get Wedding Insurance','','publish','closed','closed','','why-you-should-get-wedding-insurance','','','2022-08-15 15:03:07','2022-08-15 15:03:07','',0,'http://smartinsurance.tips/?p=2668',0,'post','',0),(2669,1,'2022-08-12 14:16:20','2022-08-12 14:16:20','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you’re thinking of your big day, it’s perfectly normal to dream about all of the good things that are going to happen. However, you should be realistic about it. We live in the real world, and things can often go wrong when planning such a major event.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In this sense, you should hope for the best but prepare for the worst. Now don’t worry; that doesn’t mean that bad things will definitely happen. However, it’s better to play it safe than to end up losing a lot of money over mismanagement.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Is Wedding Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Although optional, wedding insurance<strong> </strong>covers a plethora of things that could go wrong all the way from your first day of planning up to the day of your dreams. While it won’t get your sweetheart back in case they change their mind or get cold feet on the big day, this type of insurance can save you a lot of pain financial-wise.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Things That Wedding Insurance Can Cover</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Of course, now you’re probably wondering what exactly can wedding insurance cover. Here is a list of the most common things that come under the policy’s coverage plan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Wedding Event Cancelation or Postponement</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If the venue cancels your wedding or makes you postpone your event, the insurance policy should have you covered and reimbursed in cash for such troubles.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">A Supplier Can’t Respect the Deal</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It’s not uncommon for suppliers (photographers, decorators, catering services, etc.) to bust out on what you have arranged due to all sorts of technical issues. In such cases, the wedding insurance policy can cover any cost that you’ve paid to the supplier up to that point as well as any additional costs that might pop up thanks to having to get a new supplier.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Key People Can’t Make It</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If one of the couple or one of the most important guests can’t attend the wedding due to illness, injury, jury service, accident, or death, then most wedding insurance policies can cover the related costs. Similarly, some insurance policies can also cover the costs if most of your attendees can’t make it due to severe unforeseen weather conditions.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Damaged, Lost, or Stolen Wedding-Related Goods</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Hopefully, no one should have to go through such a horrible scenario. However, if you do happen to be a part of the unlucky ones, then you’ll be glad to have chosen a policy that can cover this type of ordeal.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Such a policy can cover wedding rings, gifts, outfits, flowers, and so forth. It’s not uncommon for a wedding cake to get at least slightly damaged due to poor packaging. And we all know that ordering a replacement fast will never be as spectacular as your original design, so getting yourself covered in case of such a happening is important.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Liquor Liability Coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Any event that has alcohol involved has a high risk of ending up with some booze-related drama. Whether someone starts a fight, fumbles over and breaks one of their body parts, or whether they cause property damage, this type of coverage should get you out of the legal and financial storm that can otherwise follow after such an event. Make sure that the coverage you choose can cover you, the organizers, and the event venue as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Planning your big day? Then get yourself covered with a good wedding insurance policy. Think about all the aspects of your wedding and what you risk of going wrong, then negotiate either with the insurer or with an insurance broker about what things you would like to have covered.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The extra price might seem a bit scary at first, but it’s a much cheaper ordeal than what you would have to pay in case something goes wrong and you aren’t covered by insurance. So, bottom line, do yourself and your loved one a favor and get insurance for your big day as soon as possible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://qrius.com/why-you-should-get-wedding-insurance/\">click here.</a></p>\n<!-- /wp:paragraph -->','Why You Should Get Wedding Insurance','','inherit','closed','closed','','2668-revision-v1','','','2022-08-12 14:16:20','2022-08-12 14:16:20','',2668,'http://smartinsurance.tips/?p=2669',0,'revision','',0),(2670,1,'2022-08-12 14:24:39','2022-08-12 14:24:39','<!-- wp:image {\"id\":2709,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/08/Insurance-4.png\" alt=\"\" class=\"wp-image-2709\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<p class=\"has-black-color has-text-color has-extra-large-font-size\">Why E-Bike Insurance Is a Good Idea</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Whether you’re using an electric bike to zip to work, run errands, or explore your community, you’re likely seeing more people around you on similar rides. The popularity of e-bikes is growing, but since they’re relatively new, laws governing their use are like a patchwork quilt across the nation. E-bikes don’t have the same powerful engines as motorcycles, but some states have drafted laws requiring that riders have a driver’s license, helmet, and vehicle registration.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-4\">But do you need insurance for an e-bike? Like the requirements above, the answer depends on where you live. However, even if e-bike insurance isn’t required in your state, you may want to consider it anyway. Your home and car insurance policies might provide some protection for an e-bike, but they can’t beat the specialized coverage of an electric bike insurance policy.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-6\">Will Homeowners or Auto Insurance Cover Electric Bikes?&nbsp;</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-8\">An auto, condo, homeowners, or renters insurance policy may provide some protection for your e-bike.&nbsp;Standard home insurance policies&nbsp;include personal property coverage, which may help pay to repair or replace your e-bike if it’s damaged in a covered loss or stolen from either your home or a public location. A condo, homeowners, or renters policy may also provide some protection if your e-bike sustains damage while you’re transporting it in your vehicle.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">However,&nbsp;home insurance policies set limits&nbsp;on payouts for certain types of personal property. And most standard condo, homeowners, and renters policies only pay a depreciated value, known as actual cash value, for personal property. If your e-bike is worth more than that limit, your home insurance policy may not provide adequate protection.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Tip: Your provider may allow you to add your e-bike to a condo, homeowners, or renters policy as scheduled personal property, which allows you to increase your coverage for a specific item.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Home insurance policies probably won’t cover collision damage to an e-bike unless you’ve added it to your coverage as scheduled property. If you’re injured while biking, your health insurance will likely cover medical costs. The medical payments coverage of your car insurance may pay some hospital bills and lost wages if you collide with an automobile, but you should check with your insurer.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\">If you’re at fault for an accident while riding your e-bike, and cause someone else’s injuries or property damage, the personal liability coverage of your condo, homeowners, or renters policy might cover some costs. But it also might not, depending on the type of e-bike you have and other factors. Again, check with your insurer to know exactly how much coverage you might already have.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-22\">And keep in mind that home insurance claims are subject to deductibles and limits, so read your policy carefully before&nbsp;filing a claim.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-24\">What Is Electric Bike Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-26\">If your bike is expensive, like many e-bikes, you should consider buying an insurance policy for it. These standalone policies are designed for bike owners and go beyond the protections offered by a condo, home, or renters insurance policy. A comprehensive electric bike insurance policy may offer coverage for:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-29\" class=\"has-black-color has-text-color has-large-font-size\"><li>Accidental damage</li><li>Collisions with uninsured motorists</li><li>Crash damage</li><li>Cycling apparel damage or theft</li><li>In-transit losses</li><li>Liability</li><li>Medical payments</li><li>Racing-related damages or losses</li><li>Rental bike reimbursement following a covered loss</li><li>Roadside assistance</li><li>Spare parts losses</li><li>Theft and vandalism</li><li>Vehicle contact</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-32\">Your home insurance policy may have a deductible of $1,000 or more. But with a&nbsp;bike insurance policy, you can choose a deductible as low as $200. And if you own more than one bike, some insurers will allow you to purchase a single policy that covers your entire collection.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-34\">Do You Need E-Bike Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-36\">Electric bike laws vary by state. Many states have established classification systems for e-bikes to differentiate between similar types of vehicles, like electric scooters and mopeds. According to the National Conference of State Legislators, 26 states have adopted a three-tier electric bike classification system:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-39\" class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Class 1</strong>: E-bikes with motors that provide pedaling assistance up to 20 miles per hour.</li><li><strong>Class 2</strong>: E-bikes with motors that can provide pedaling assistance or propel the bike without pedaling up to 20 miles per hour.</li><li><strong>Class 3</strong>: E-bikes equipped with motors that provide pedaling assistance up to 28 miles per hour and with speedometers.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">States use these classifications to establish laws that govern many aspects of electric bike ownership, including driver age limits and requirements for helmets, licenses, and registration. Some states have also used e-bike classification to clarify insurance requirements. For example, in New Jersey, e-bike owners aren’t required to carry insurance, have a license, or register class 1 or 2 electric bicycles—but riders or passengers aged 17 or younger must wear helmets. If you’re unsure about your state’s e-bike insurance requirements, check with your&nbsp;state department of insurance&nbsp;or your insurance agent.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-44\">How to Buy E-Bike Insurance&nbsp;</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-46\">The cost of electric bike insurance can depend on aspects such as the type and value of your e-bike, the coverages you choose, and your deductible. However, it’s relatively affordable, typically starting at around $100 per year.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-49\">When shopping for electric bike insurance, look for a policy that includes a comprehensive set of coverages, such as:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-52\" class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Liability</strong>: As with auto insurance, liability coverage should include injuries to another person and damage to property when you’re at fault for an accident while riding your bike. Some carriers offer liability coverage up to $100,000.</li><li><strong>Uninsured motorist</strong>: If an uninsured driver hits you, you could face astronomical medical expenses, so it’s important to find an electric bike policy that includes uninsured motorist coverage. Some companies offer uninsured motorist coverage with limits as high as $500,000.</li><li><strong>Physical damage</strong>: A policy should cover damage to your bike caused by contact with another vehicle. It should also cover losses resulting from collisions with an object, such as a curb or tree. Also, look for a policy that covers your bike while in transit to protect yourself when traveling to a trailhead, a race, or a biking vacation.</li><li><strong>Theft and vandalism</strong>: Look for a policy that offers replacement cost coverage that will pay to replace your e-bike if it is stolen or destroyed by vandals. Comprehensive coverage should also include accidental damage caused by you or someone else.</li><li><strong>Medical payments</strong>: E-bike medical payments coverage helps pay your medical costs when you’re involved in a covered bike-related accident. Look for a policy that provides flexible limits up to the amount of coverage you need.</li><li><strong>Other coverages</strong>: Coverage needs are subjective. If you plan to take your bike abroad, you’ll need a policy that provides worldwide damage coverage. Likewise, if you’re a competitive cyclist, you’ll need a policy that covers racing, cycling apparel, spare parts, and event fee reimbursement. If you commute to work on your e-bike, you might need a policy that offers rental bike reimbursement and roadside assistance.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-60\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-62\">If you spend several thousand dollars on an e-bike, protecting it with a standalone electric bike insurance policy makes sense. A condo, home, or renters policy might provide some protection if your e-bike is stolen from your garage or destroyed in a house fire, but it probably won’t provide enough coverage to replace it. Policies designed for e-bikes offer a wide range of coverages that cyclists need to protect their gear at home, on the road, and abroad. E-bike insurance is affordable and a good idea for recreational riders and commuters alike.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.thebalance.com/electric-bike-insurance-5181607\">click here.</a></p>\n<!-- /wp:paragraph -->','What Is Electric Bike Insurance and Do You Need It?','','publish','closed','closed','','what-is-electric-bike-insurance-and-do-you-need-it-2','','','2022-08-15 15:03:47','2022-08-15 15:03:47','',0,'http://smartinsurance.tips/?p=2670',0,'post','',0),(2684,1,'2022-08-13 01:23:26','2022-08-13 01:23:26','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<p class=\"has-black-color has-text-color has-extra-large-font-size\">Why E-Bike Insurance Is a Good Idea</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Whether you’re using an electric bike to zip to work, run errands, or explore your community, you’re likely seeing more people around you on similar rides. The popularity of e-bikes is growing, but since they’re relatively new, laws governing their use are like a patchwork quilt across the nation. E-bikes don’t have the same powerful engines as motorcycles, but some states have drafted laws requiring that riders have a driver’s license, helmet, and vehicle registration.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-4\">But do you need insurance for an e-bike? Like the requirements above, the answer depends on where you live. However, even if e-bike insurance isn’t required in your state, you may want to consider it anyway. Your home and car insurance policies might provide some protection for an e-bike, but they can’t beat the specialized coverage of an electric bike insurance policy.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-6\">Will Homeowners or Auto Insurance Cover Electric Bikes?&nbsp;</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-8\">An auto, condo, homeowners, or renters insurance policy may provide some protection for your e-bike.&nbsp;Standard home insurance policies&nbsp;include personal property coverage, which may help pay to repair or replace your e-bike if it’s damaged in a covered loss or stolen from either your home or a public location. A condo, homeowners, or renters policy may also provide some protection if your e-bike sustains damage while you’re transporting it in your vehicle.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">However,&nbsp;home insurance policies set limits&nbsp;on payouts for certain types of personal property. And most standard condo, homeowners, and renters policies only pay a depreciated value, known as actual cash value, for personal property. If your e-bike is worth more than that limit, your home insurance policy may not provide adequate protection.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Tip: Your provider may allow you to add your e-bike to a condo, homeowners, or renters policy as scheduled personal property, which allows you to increase your coverage for a specific item.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Home insurance policies probably won’t cover collision damage to an e-bike unless you’ve added it to your coverage as scheduled property. If you’re injured while biking, your health insurance will likely cover medical costs. The medical payments coverage of your car insurance may pay some hospital bills and lost wages if you collide with an automobile, but you should check with your insurer.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\">If you’re at fault for an accident while riding your e-bike, and cause someone else’s injuries or property damage, the personal liability coverage of your condo, homeowners, or renters policy might cover some costs. But it also might not, depending on the type of e-bike you have and other factors. Again, check with your insurer to know exactly how much coverage you might already have.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-22\">And keep in mind that home insurance claims are subject to deductibles and limits, so read your policy carefully before&nbsp;filing a claim.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-24\">What Is Electric Bike Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-26\">If your bike is expensive, like many e-bikes, you should consider buying an insurance policy for it. These standalone policies are designed for bike owners and go beyond the protections offered by a condo, home, or renters insurance policy. A comprehensive electric bike insurance policy may offer coverage for:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-29\" class=\"has-black-color has-text-color has-large-font-size\"><li>Accidental damage</li><li>Collisions with uninsured motorists</li><li>Crash damage</li><li>Cycling apparel damage or theft</li><li>In-transit losses</li><li>Liability</li><li>Medical payments</li><li>Racing-related damages or losses</li><li>Rental bike reimbursement following a covered loss</li><li>Roadside assistance</li><li>Spare parts losses</li><li>Theft and vandalism</li><li>Vehicle contact</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-32\">Your home insurance policy may have a deductible of $1,000 or more. But with a&nbsp;bike insurance policy, you can choose a deductible as low as $200. And if you own more than one bike, some insurers will allow you to purchase a single policy that covers your entire collection.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-34\">Do You Need E-Bike Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-36\">Electric bike laws vary by state. Many states have established classification systems for e-bikes to differentiate between similar types of vehicles, like electric scooters and mopeds. According to the National Conference of State Legislators, 26 states have adopted a three-tier electric bike classification system:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-39\" class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Class 1</strong>: E-bikes with motors that provide pedaling assistance up to 20 miles per hour.</li><li><strong>Class 2</strong>: E-bikes with motors that can provide pedaling assistance or propel the bike without pedaling up to 20 miles per hour.</li><li><strong>Class 3</strong>: E-bikes equipped with motors that provide pedaling assistance up to 28 miles per hour and with speedometers.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">States use these classifications to establish laws that govern many aspects of electric bike ownership, including driver age limits and requirements for helmets, licenses, and registration. Some states have also used e-bike classification to clarify insurance requirements. For example, in New Jersey, e-bike owners aren’t required to carry insurance, have a license, or register class 1 or 2 electric bicycles—but riders or passengers aged 17 or younger must wear helmets. If you’re unsure about your state’s e-bike insurance requirements, check with your&nbsp;state department of insurance&nbsp;or your insurance agent.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-44\">How to Buy E-Bike Insurance&nbsp;</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-46\">The cost of electric bike insurance can depend on aspects such as the type and value of your e-bike, the coverages you choose, and your deductible. However, it’s relatively affordable, typically starting at around $100 per year.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-49\">When shopping for electric bike insurance, look for a policy that includes a comprehensive set of coverages, such as:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-52\" class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Liability</strong>: As with auto insurance, liability coverage should include injuries to another person and damage to property when you’re at fault for an accident while riding your bike. Some carriers offer liability coverage up to $100,000.</li><li><strong>Uninsured motorist</strong>: If an uninsured driver hits you, you could face astronomical medical expenses, so it’s important to find an electric bike policy that includes uninsured motorist coverage. Some companies offer uninsured motorist coverage with limits as high as $500,000.</li><li><strong>Physical damage</strong>: A policy should cover damage to your bike caused by contact with another vehicle. It should also cover losses resulting from collisions with an object, such as a curb or tree. Also, look for a policy that covers your bike while in transit to protect yourself when traveling to a trailhead, a race, or a biking vacation.</li><li><strong>Theft and vandalism</strong>: Look for a policy that offers replacement cost coverage that will pay to replace your e-bike if it is stolen or destroyed by vandals. Comprehensive coverage should also include accidental damage caused by you or someone else.</li><li><strong>Medical payments</strong>: E-bike medical payments coverage helps pay your medical costs when you’re involved in a covered bike-related accident. Look for a policy that provides flexible limits up to the amount of coverage you need.</li><li><strong>Other coverages</strong>: Coverage needs are subjective. If you plan to take your bike abroad, you’ll need a policy that provides worldwide damage coverage. Likewise, if you’re a competitive cyclist, you’ll need a policy that covers racing, cycling apparel, spare parts, and event fee reimbursement. If you commute to work on your e-bike, you might need a policy that offers rental bike reimbursement and roadside assistance.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-60\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-62\">If you spend several thousand dollars on an e-bike, protecting it with a standalone electric bike insurance policy makes sense. A condo, home, or renters policy might provide some protection if your e-bike is stolen from your garage or destroyed in a house fire, but it probably won’t provide enough coverage to replace it. Policies designed for e-bikes offer a wide range of coverages that cyclists need to protect their gear at home, on the road, and abroad. E-bike insurance is affordable and a good idea for recreational riders and commuters alike.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.thebalance.com/electric-bike-insurance-5181607\">click here.</a></p>\n<!-- /wp:paragraph -->','What Is Electric Bike Insurance and Do You Need It?','','inherit','closed','closed','','2670-revision-v1','','','2022-08-13 01:23:26','2022-08-13 01:23:26','',2670,'http://smartinsurance.tips/?p=2684',0,'revision','',0),(2671,1,'2022-08-12 14:24:39','2022-08-12 14:24:39','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<p class=\"has-black-color has-text-color has-extra-large-font-size\">Why E-Bike Insurance Is a Good Idea</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Whether you’re using an electric bike to zip to work, run errands, or explore your community, you’re likely seeing more people around you on similar rides. The popularity of e-bikes is growing, but since they’re relatively new, laws governing their use are like a patchwork quilt across the nation. E-bikes don’t have the same powerful engines as motorcycles, but some states have drafted laws requiring that riders have a driver’s license, helmet, and vehicle registration.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-4\">But do you need insurance for an e-bike? Like the requirements above, the answer depends on where you live. However, even if e-bike insurance isn’t required in your state, you may want to consider it anyway. Your home and car insurance policies might provide some protection for an e-bike, but they can’t beat the specialized coverage of an electric bike insurance policy.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-6\">Will Homeowners or Auto Insurance Cover Electric Bikes?&nbsp;</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-8\">An auto, condo, homeowners, or renters insurance policy may provide some protection for your e-bike. Standard home insurance policies include personal property coverage, which may help pay to repair or replace your e-bike if it’s damaged in a covered loss or stolen from either your home or a public location. A condo, homeowners, or renters policy may also provide some protection if your e-bike sustains damage while you’re transporting it in your vehicle.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">However, home insurance policies set limits on payouts for certain types of personal property. And most standard condo, homeowners, and renters policies only pay a depreciated value, known as actual cash value, for personal property. If your e-bike is worth more than that limit, your home insurance policy may not provide adequate protection. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Tip: Your provider may allow you to add your e-bike to a condo, homeowners, or renters policy as scheduled personal property, which allows you to increase your coverage for a specific item.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Home insurance policies probably won’t cover collision damage to an e-bike unless you’ve added it to your coverage as scheduled property. If you’re injured while biking, your health insurance will likely cover medical costs. The medical payments coverage of your car insurance may pay some hospital bills and lost wages if you collide with an automobile, but you should check with your insurer.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\">If you’re at fault for an accident while riding your e-bike, and cause someone else’s injuries or property damage, the personal liability coverage of your condo, homeowners, or renters policy might cover some costs. But it also might not, depending on the type of e-bike you have and other factors. Again, check with your insurer to know exactly how much coverage you might already have.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-22\">And keep in mind that home insurance claims are subject to deductibles and limits, so read your policy carefully before filing a claim.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-24\">What Is Electric Bike Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-26\">If your bike is expensive, like many e-bikes, you should consider buying an insurance policy for it. These standalone policies are designed for bike owners and go beyond the protections offered by a condo, home, or renters insurance policy. A comprehensive electric bike insurance policy may offer coverage for:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-29\" class=\"has-black-color has-text-color has-large-font-size\"><li>Accidental damage</li><li>Collisions with uninsured motorists</li><li>Crash damage</li><li>Cycling apparel damage or theft</li><li>In-transit losses</li><li>Liability</li><li>Medical payments</li><li>Racing-related damages or losses</li><li>Rental bike reimbursement following a covered loss</li><li>Roadside assistance</li><li>Spare parts losses</li><li>Theft and vandalism</li><li>Vehicle contact</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-32\">Your home insurance policy may have a deductible of $1,000 or more. But with a bike insurance policy, you can choose a deductible as low as $200. And if you own more than one bike, some insurers will allow you to purchase a single policy that covers your entire collection. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-34\">Do You Need E-Bike Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-36\">Electric bike laws vary by state. Many states have established classification systems for e-bikes to differentiate between similar types of vehicles, like electric scooters and mopeds. According to the National Conference of State Legislators, 26 states have adopted a three-tier electric bike classification system:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-39\" class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Class 1</strong>: E-bikes with motors that provide pedaling assistance up to 20 miles per hour.</li><li><strong>Class 2</strong>: E-bikes with motors that can provide pedaling assistance or propel the bike without pedaling up to 20 miles per hour.</li><li><strong>Class 3</strong>: E-bikes equipped with motors that provide pedaling assistance up to 28 miles per hour and with speedometers.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">States use these classifications to establish laws that govern many aspects of electric bike ownership, including driver age limits and requirements for helmets, licenses, and registration. Some states have also used e-bike classification to clarify insurance requirements. For example, in New Jersey, e-bike owners aren’t required to carry insurance, have a license, or register class 1 or 2 electric bicycles—but riders or passengers aged 17 or younger must wear helmets. If you’re unsure about your state’s e-bike insurance requirements, check with your state department of insurance or your insurance agent.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-44\">How to Buy E-Bike Insurance&nbsp;</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-46\">The cost of electric bike insurance can depend on aspects such as the type and value of your e-bike, the coverages you choose, and your deductible. However, it’s relatively affordable, typically starting at around $100 per year.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-49\">When shopping for electric bike insurance, look for a policy that includes a comprehensive set of coverages, such as:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-52\" class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Liability</strong>: As with auto insurance, liability coverage should include injuries to another person and damage to property when you’re at fault for an accident while riding your bike. Some carriers offer liability coverage up to $100,000.</li><li><strong>Uninsured motorist</strong>: If an uninsured driver hits you, you could face astronomical medical expenses, so it’s important to find an electric bike policy that includes uninsured motorist coverage. Some companies offer uninsured motorist coverage with limits as high as $500,000.</li><li><strong>Physical damage</strong>: A policy should cover damage to your bike caused by contact with another vehicle. It should also cover losses resulting from collisions with an object, such as a curb or tree. Also, look for a policy that covers your bike while in transit to protect yourself when traveling to a trailhead, a race, or a biking vacation.</li><li><strong>Theft and vandalism</strong>: Look for a policy that offers replacement cost coverage that will pay to replace your e-bike if it is stolen or destroyed by vandals. Comprehensive coverage should also include accidental damage caused by you or someone else.</li><li><strong>Medical payments</strong>: E-bike medical payments coverage helps pay your medical costs when you’re involved in a covered bike-related accident. Look for a policy that provides flexible limits up to the amount of coverage you need.</li><li><strong>Other coverages</strong>: Coverage needs are subjective. If you plan to take your bike abroad, you’ll need a policy that provides worldwide damage coverage. Likewise, if you’re a competitive cyclist, you’ll need a policy that covers racing, cycling apparel, spare parts, and event fee reimbursement. If you commute to work on your e-bike, you might need a policy that offers rental bike reimbursement and roadside assistance.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-55\">Some mainstream insurers offer e-bike insurance policies, and you could qualify for a multi-policy discount if you have other coverage with them. Providers that specialize in electric bike insurance include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-58\" class=\"has-black-color has-text-color has-large-font-size\"><li>Markel Insurance</li><li>Simple Bike Insurance</li><li>Spoke Insurance</li><li>Sundays Insurance</li><li>Velosurance</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-60\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-62\">If you spend several thousand dollars on an e-bike, protecting it with a standalone electric bike insurance policy makes sense. A condo, home, or renters policy might provide some protection if your e-bike is stolen from your garage or destroyed in a house fire, but it probably won’t provide enough coverage to replace it. Policies designed for e-bikes offer a wide range of coverages that cyclists need to protect their gear at home, on the road, and abroad. E-bike insurance is affordable and a good idea for recreational riders and commuters alike.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/electric-bike-insurance-5181607\">click here.</a></p>\n<!-- /wp:paragraph -->','What Is Electric Bike Insurance and Do You Need It?','','inherit','closed','closed','','2670-revision-v1','','','2022-08-12 14:24:39','2022-08-12 14:24:39','',2670,'http://smartinsurance.tips/?p=2671',0,'revision','',0),(2672,1,'2022-08-12 14:29:13','2022-08-12 14:29:13','<!-- wp:image {\"id\":2711,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/08/Insurance-5.png\" alt=\"\" class=\"wp-image-2711\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0\">What Is Runoff Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Runoff insurance is an insurance policy provision that covers claims made against companies that have been acquired, merged, or have ceased operations.&nbsp;Runoff insurance, also known as closeout insurance, is purchased by the company being acquired and&nbsp;indemnifies—exempts from liability—the acquiring company from lawsuits against the directors and officers of the acquired company.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block-callout-heading_1-0\"><strong>KEY TAKEAWAYS</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Runoff insurance protects an acquiring company from legal claims made against a company being acquired or a company that has merged or ceased operations.</li><li>A runoff policy applies for a certain period after the policy is active acting as a claims-made policy rather than an occurrence policy.</li><li>Runoff policies are similar to extended reporting period provisions except they apply to multi-year periods, not just one year.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-5\">Understanding Runoff Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-6\">Acquiring a company means taking possession&nbsp;of its assets, but also its liabilities, including those&nbsp;only be discovered in the future. Obligations arise for many reasons. Third&nbsp;parties may feel that they were not treated fairly in contracts.&nbsp;Investors may feel upset with how the previous directors and officers ran the business. Competitors may claim infringement of intellectual property rights. An acquiring company might demand that the company being acquired purchase runoff insurance to protect itself from these liabilities.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-8\">A runoff policy is a type of&nbsp;claims-made policy&nbsp;rather than an occurrence policy. The difference in policy type is because the claim may be made several years after the incident that caused damage or loss, and occurrence policies provide coverage only during the period that the policy was active. The length of the runoff policy, referred to simply as the “runoff,”&nbsp;is typically set for several years after the policy becomes active. The provision is purchased by the acquiring company, and the purchase funds are often included in the acquisition price.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">Professionals may also purchase runoff insurance to cover professional liabilities that occur after a business has closed. For example, a physician who closes their private practice may purchase runoff insurance to protect themselves from claims filed by previous patients. This type of policy is typically renewed until the statute of limitations on filing a claim has passed. If the business continues to offer services, its policies typically extend indemnification making the purchase of a runoff provision unnecessary.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Important: The following insurance policies should have a runoff provision: directors and officers (D&amp;O) insurance, fiduciary liability insurance, professional liability (E&amp;O) insurance, and employment practices liability (EPL) insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-14\">Runoff Insurance Example</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-15\">Consider a hypothetical runoff&nbsp;policy written for a term between&nbsp;Jan.&nbsp;1, 2017, and Jan.&nbsp;1,&nbsp;2018. In this situation, coverage will apply&nbsp;to all claims caused by wrongful acts committed between Jan.&nbsp;1, 2017, and&nbsp;Jan.&nbsp;1,&nbsp;2018, that are&nbsp;reported to the insurer from Jan. 1, 2018, to Jan. 1, 2023. That is, the five years immediately following the end of the policy term.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-19\">Special Considerations</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-20\">Although runoff insurance provisions function similarly to&nbsp;extended reporting period&nbsp;(ERP) provisions, there are several differences. First, ERPs are typically only for one-year terms, whereas runoff provisions normally encompass multi-year periods. Second, ERPs are frequently&nbsp;purchased when the insured individual switches from one claims-made insurer to another, whereas runoff provisions are used when one insured is acquired by or merges with another.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.investopedia.com/terms/r/runoff-insurance.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','Runoff Insurance','','publish','closed','closed','','runoff-insurance','','','2022-08-15 15:04:24','2022-08-15 15:04:24','',0,'http://smartinsurance.tips/?p=2672',0,'post','',0),(2673,1,'2022-08-12 14:29:13','2022-08-12 14:29:13','<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0\">What Is Runoff Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Runoff insurance is an insurance policy provision that covers claims made against companies that have been acquired, merged, or have ceased operations. Runoff insurance, also known as closeout insurance, is purchased by the company being acquired and indemnifies—exempts from liability—the acquiring company from lawsuits against the directors and officers of the acquired company.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block-callout-heading_1-0\"><strong>KEY TAKEAWAYS</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Runoff insurance protects an acquiring company from legal claims made against a company being acquired or a company that has merged or ceased operations.</li><li>A runoff policy applies for a certain period after the policy is active acting as a claims-made policy rather than an occurrence policy.</li><li>Runoff policies are similar to extended reporting period provisions except they apply to multi-year periods, not just one year.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-5\">Understanding Runoff Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-6\">Acquiring a company means taking possession&nbsp;of its assets, but also its liabilities, including those&nbsp;only be discovered in the future. Obligations arise for many reasons. Third&nbsp;parties may feel that they were not treated fairly in contracts.&nbsp;Investors may feel upset with how the previous directors and officers ran the business. Competitors may claim infringement of intellectual property rights. An acquiring company might demand that the company being acquired purchase runoff insurance to protect itself from these liabilities.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-8\">A runoff policy is a type of claims-made policy rather than an occurrence policy. The difference in policy type is because the claim may be made several years after the incident that caused damage or loss, and occurrence policies provide coverage only during the period that the policy was active. The length of the runoff policy, referred to simply as the “runoff,” is typically set for several years after the policy becomes active. The provision is purchased by the acquiring company, and the purchase funds are often included in the acquisition price.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">Professionals may also purchase runoff insurance to cover professional liabilities that occur after a business has closed. For example, a physician who closes their private practice may purchase runoff insurance to protect themselves from claims filed by previous patients. This type of policy is typically renewed until the statute of limitations on filing a claim has passed. If the business continues to offer services, its policies typically extend indemnification making the purchase of a runoff provision unnecessary.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Important: The following insurance policies should have a runoff provision: directors and officers (D&amp;O) insurance, fiduciary liability insurance, professional liability (E&amp;O) insurance, and employment practices liability (EPL) insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-14\">Runoff Insurance Example</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-15\">Consider a hypothetical runoff policy written for a term between Jan. 1, 2017, and Jan. 1, 2018. In this situation, coverage will apply to all claims caused by wrongful acts committed between Jan. 1, 2017, and Jan. 1, 2018, that are reported to the insurer from Jan. 1, 2018, to Jan. 1, 2023. That is, the five years immediately following the end of the policy term.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-19\">Special Considerations</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-20\">Although runoff insurance provisions function similarly to extended reporting period (ERP) provisions, there are several differences. First, ERPs are typically only for one-year terms, whereas runoff provisions normally encompass multi-year periods. Second, ERPs are frequently purchased when the insured individual switches from one claims-made insurer to another, whereas runoff provisions are used when one insured is acquired by or merges with another.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/terms/r/runoff-insurance.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','Runoff Insurance','','inherit','closed','closed','','2672-revision-v1','','','2022-08-12 14:29:13','2022-08-12 14:29:13','',2672,'http://smartinsurance.tips/?p=2673',0,'revision','',0),(2674,1,'2022-08-12 14:33:45','2022-08-12 14:33:45','<!-- wp:image {\"id\":2713,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/08/Insurance-6-1.png\" alt=\"\" class=\"wp-image-2713\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Loan protection insurance can be an ideal solution to protect yourself, and your finances, against economic emergencies. While no one wants to contemplate a future in which they are unable to take care of their monthly bills, loan protection insurance promises to help with specific loan repayments if you are unable to work due to disability or periods of unemployment. However, it is essential to understand the details of what loan protection insurance provides before deciding as to whether it is right for you.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Is Loan Protection Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Most people make major purchases with the full expectation that they will be able to continue working and producing at their current or better income level for many years to come. Then the unexpected happens, and they are unable to work and earn income.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It could be an illness that requires a lengthy recovery and rehabilitation period. It could be a financial windstorm that leaves you, along with thousands, if not hundreds of thousands, of people out of work with no job prospects in sight. Loan protection insurance is designed to help you by providing financial support to help you repay your loans in these instanced.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This type of protection is usually an optional coverage you can purchase when obtaining personal, auto or home loans.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How Does It Work?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In the case of mortgage protection, the insurance works by making your monthly mortgage payment on your behalf if you should become disabled through an illness or injury that renders you unable to work or if you are laid off from your job. Most plans have strict limits about how long you must have the policy in place before it will begin making payments for you as well as limits on how long the mortgage payments will continue.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The standard for most policies is that the plan needs to be in effect for 60 days before the protection goes into effect, with a limit of 24 total months of protection for the duration of the coverage. Most people can get back on their feet from a temporary setback or make other arrangements to pay their mortgages within a 24-month frame of time. However, one consideration, in deciding whether a loan protection plan is right for you, is whether the 24-month window would provide the necessary payment coverage in the event of a deep and extended recession or lengthy illness.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How You Can Benefit: The Pros</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The main benefit of loan protection insurance is the peace of mind it provides. The time-window for protection allows you to focus on treatment and recovery (or a job search if you are unemployed) rather than how you are going to keep a roof over your head in the coming months. That is the point of insurance, after all, to provide peace of mind to the insured and allow them the breathing room they need to focus on recovering from disasters without the added worry of potential financial devastation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Not only can it help you keep making your mortgage, auto or personal loan payment while experiencing a significant illness, loan protection insurance also protects your credit score while you go through these devastating experiences as well. That can help you with negotiating power when you attempt to obtain favorable loan terms for other loans or credit cards. Had you not been able to continue making loan payments, you might receive less than optimal rates on new loans or suffer penalizing higher interest rates on outstanding credit card balances.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Finally, acceptance rates for this type of insurance protection are incredibly high, so most people don’t have to worry about being turned down because of your age, occupation, marital status, or other financial issues.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What to Look Out For: The Cons</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It is not all sunshine and roses though. Not only do you need to stick with reputable insurers for this type of insurance protection, but you also need to make sure you read and understand the fine print of your policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Common causes for refusals to pay out, for instance, include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Working only part-time</li><li>Self-employment</li><li>Pre-existing medical conditions rendering you unable to work</li><li>Employment based on short-term contracts</li><li>You are unable to work any job other than your current job</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Some people find employer-sponsored long-term disability plans are better solutions to help them cover their costs and expenses during periods of unemployment due to illness or injury, though those aren’t effective for unemployment concerns.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You will need to compare policies, investigate companies offering coverage (and their records for denying claims), and choose your loan protection insurance policy wisely if this is the route you decide to go. There are no absolutes. Even companies with the best reputations may have policy shifts that err on the side of the company rather than the insured.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The Takeaway: Loan protection insurance fills a unique role with potentially substantial benefits, but there are downsides too. The key is to investigate thoroughly, understand your risks, and make informed decisions about the value of the coverage, should you have a prolonged health problem or period of unemployment.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://financialwellnesscenter.northwest.bank/credit-and-debt/debt/article/the-pros-and-cons-of-loan-protection-insurance\">click here.</a></p>\n<!-- /wp:paragraph -->','The Pros and Cons of Loan Protection Insurance','','publish','closed','closed','','the-pros-and-cons-of-loan-protection-insurance','','','2022-08-15 15:05:16','2022-08-15 15:05:16','',0,'http://smartinsurance.tips/?p=2674',0,'post','',0),(2675,1,'2022-08-12 14:33:45','2022-08-12 14:33:45','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Loan protection insurance can be an ideal solution to protect yourself, and your finances, against economic emergencies. While no one wants to contemplate a future in which they are unable to take care of their monthly bills, loan protection insurance promises to help with specific loan repayments if you are unable to work due to disability or periods of unemployment. However, it is essential to understand the details of what loan protection insurance provides before deciding as to whether it is right for you.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Is Loan Protection Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Most people make major purchases with the full expectation that they will be able to continue working and producing at their current or better income level for many years to come. Then the unexpected happens, and they are unable to work and earn income.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It could be an illness that requires a lengthy recovery and rehabilitation period. It could be a financial windstorm that leaves you, along with thousands, if not hundreds of thousands, of people out of work with no job prospects in sight. Loan protection insurance is designed to help you by providing financial support to help you repay your loans in these instanced.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This type of protection is usually an optional coverage you can purchase when obtaining personal, auto or home loans.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How Does It Work?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In the case of mortgage protection, the insurance works by making your monthly mortgage payment on your behalf if you should become disabled through an illness or injury that renders you unable to work or if you are laid off from your job. Most plans have strict limits about how long you must have the policy in place before it will begin making payments for you as well as limits on how long the mortgage payments will continue.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The standard for most policies is that the plan needs to be in effect for 60 days before the protection goes into effect, with a limit of 24 total months of protection for the duration of the coverage. Most people can get back on their feet from a temporary setback or make other arrangements to pay their mortgages within a 24-month frame of time. However, one consideration, in deciding whether a loan protection plan is right for you, is whether the 24-month window would provide the necessary payment coverage in the event of a deep and extended recession or lengthy illness.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How You Can Benefit: The Pros</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The main benefit of loan protection insurance is the peace of mind it provides. The time-window for protection allows you to focus on treatment and recovery (or a job search if you are unemployed) rather than how you are going to keep a roof over your head in the coming months. That is the point of insurance, after all, to provide peace of mind to the insured and allow them the breathing room they need to focus on recovering from disasters without the added worry of potential financial devastation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Not only can it help you keep making your mortgage, auto or personal loan payment while experiencing a significant illness, loan protection insurance also protects your credit score while you go through these devastating experiences as well. That can help you with negotiating power when you attempt to obtain favorable loan terms for other loans or credit cards. Had you not been able to continue making loan payments, you might receive less than optimal rates on new loans or suffer penalizing higher interest rates on outstanding credit card balances.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Finally, acceptance rates for this type of insurance protection are incredibly high, so most people don’t have to worry about being turned down because of your age, occupation, marital status, or other financial issues.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What to Look Out For: The Cons</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It is not all sunshine and roses though. Not only do you need to stick with reputable insurers for this type of insurance protection, but you also need to make sure you read and understand the fine print of your policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Common causes for refusals to pay out, for instance, include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Working only part-time</li><li>Self-employment</li><li>Pre-existing medical conditions rendering you unable to work</li><li>Employment based on short-term contracts</li><li>You are unable to work any job other than your current job</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Some people find employer-sponsored long-term disability plans are better solutions to help them cover their costs and expenses during periods of unemployment due to illness or injury, though those aren’t effective for unemployment concerns.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You will need to compare policies, investigate companies offering coverage (and their records for denying claims), and choose your loan protection insurance policy wisely if this is the route you decide to go. There are no absolutes. Even companies with the best reputations may have policy shifts that err on the side of the company rather than the insured.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The Takeaway: Loan protection insurance fills a unique role with potentially substantial benefits, but there are downsides too. The key is to investigate thoroughly, understand your risks, and make informed decisions about the value of the coverage, should you have a prolonged health problem or period of unemployment.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://financialwellnesscenter.northwest.bank/credit-and-debt/debt/article/the-pros-and-cons-of-loan-protection-insurance\">click here.</a></p>\n<!-- /wp:paragraph -->','The Pros and Cons of Loan Protection Insurance','','inherit','closed','closed','','2674-revision-v1','','','2022-08-12 14:33:45','2022-08-12 14:33:45','',2674,'http://smartinsurance.tips/?p=2675',0,'revision','',0),(2676,1,'2022-08-12 14:42:20','2022-08-12 14:42:20','<!-- wp:image {\"id\":2717,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/08/Insurance-8.png\" alt=\"\" class=\"wp-image-2717\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Accidents can result in thousands of dollars in medical bills and repairs. Fortunately, insurance is available so you can recoup the costs. If you\'re hurt or your car is damaged in an accident that\'s someone else\'s fault, you can often&nbsp;file a claim&nbsp;with that person\'s insurance company.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While getting someone\'s insurance information at the scene is ideal, it may not always be possible. If you\'re involved in a hit-and-run, or the at-fault party refuses to cooperate, there are ways you can protect yourself.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"how-to-get-someone\'s-car-or-homeowners-insurance-information\">How to get someone\'s car insurance information</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While frustrating, there are some actions you can take if someone you\'re involved in an accident with is uncooperative. You can request help from the police, contact the DMV, or work with your provider to find out who the at-fault party\'s insurer is, says Anastasia Allmon, a personal injury attorney at&nbsp;Farris, Riley and Pitt.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"get-the-police-involved\">Get the police involved</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Requesting help from the police should be your first move if you were involved in a two-party accident.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The officers at the scene will usually create a report including details of the incident such as the date, time, weather conditions, vehicle damage, and who\'s at fault. You\'ll need to obtain that police report number to file a claim, says Allmon.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you\'ve been involved in a hit-and-run and got the vehicle\'s license plate number, give it to the police. If you didn\'t get a license plate number, try to remember as much as you can about the other vehicle such as its color, make, and model, and provide them as many details as possible, says Allmon.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"obtain-insurance-information-from-the-dmv\">Obtain insurance information from the DMV</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Suppose the at-fault party refuses to exchange car insurance information.&nbsp;In that case, you can also visit your local DMV to find the at-fault driver\'s insurance information. You must provide the DMV with the reason for your request and the at-fault party driver\'s license, according to&nbsp;Insurantly, an auto-insurance quote comparison company.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">After finding out who their insurer is, contact the provider and report the details of the incident.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"report-the-accident-to-your-insurer\">Report the accident to your insurer</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Hit-and-run drivers often flee because they don\'t have insurance. Many states require drivers to carry a&nbsp;&nbsp;minimum amount of liability insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you were in an accident and the other driver fled the scene or doesn\'t have insurance, report it to your insurance company. You may get reimbursed for the damage through your insurance company if you have&nbsp;collision coverage, or your insurance company can help you find the at-fault party\'s insurance information.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">\"Even if you don\'t end up making a claim, you need to update your insurance provider as soon as possible, otherwise you could risk invalidating your policy,\" says Allmon.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Here are the steps to take to file a claim against someone else\'s auto insurance:&nbsp;</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Step 1: Gather as much information as possible</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Gathering as much information about the incident is crucial. Doing so will expedite the process and ensure you get a fair settlement.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you\'re involved in a car accident, here is some information you should gather at the scene, according to Allstate:&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Location, date, and time of the accident</li><li>Name, address, phone number, and insurance policy number for all involved in the accident</li><li>Weather conditions</li><li>Photos of damage</li><li>Copies of police and accident reports, if applicable</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Step 2: Contact your insurance company&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you file a car insurance claim, report the accident to your insurance company promptly to avoid delays in your claim. From there, your provider will work with the at-fault party\'s insurance to obtain reimbursement for your loss.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Step 3: Prepare to meet an adjuster</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Once you\'ve filed the claim, the at-fault party\'s insurance company will typically send an adjuster to inspect the damage. Prepare for the visit by creating a list of the damaged items.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Be sure to have any pertinent information on hand, such as details of the accident, the contact information of anyone involved, and any photos or videos related to the incident.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"when-you-should-and-shouldn\'t-file-a-third-party-claim\">When you should and shouldn\'t file a third-party claim</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In some cases, you may not be able to file a claim against someone else\'s insurance, even if you\'re not at fault. You might decide to have the problem fixed yourself if you find that the process is taking too long.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">No-fault states</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">\"No-fault\" states require drivers to have personal injury protection (PIP). No-fault insurance covers accident-related medical bills at a specific limit, regardless of who is at fault.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In this case, you will not be able to file a claim against another person\'s insurance for your medical expenses because you are required to have your own coverage. Personal injury protection will cover you and your passengers\' medical expenses, regardless if you have health insurance. You can usually pair your PIP coverage with medical payment coverage, or&nbsp;MedPay, for more protection.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Uninsured/underinsured motorist&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">An&nbsp;underinsured or uninsured motorist&nbsp;is someone who has little to no liability insurance.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In most states, drivers must carry a minimum amount of liability car insurance. However, you can\'t file a claim with the at-fault party\'s insurance company if they don\'t have coverage. If you have uninsured/underinsured motorist coverage, you can file a claim on your own insurance to get reimbursed.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Otherwise, you must pay out of pocket for repairs or sue the at-fault party, which could be a long and costly process.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Using your own coverage&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If another car hits you, your collision coverage is an option to pay for the damage. Collision coverage is not required by law. However, it can be helpful if an underinsured or uninsured driver hits your car. Additionally, filing a claim with collision coverage could expedite the process.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.businessinsider.com/personal-finance/how-to-find-someones-insurance-info\">click here.</a></p>\n<!-- /wp:paragraph -->','How to get someone\'s car insurance information if they\'re uncooperative after an accident','','publish','closed','closed','','how-to-get-someones-car-insurance-information-if-theyre-uncooperative-after-an-accident','','','2022-08-15 15:07:07','2022-08-15 15:07:07','',0,'http://smartinsurance.tips/?p=2676',0,'post','',0),(2686,1,'2022-08-13 01:41:31','2022-08-13 01:41:31','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Accidents can result in thousands of dollars in medical bills and repairs. Fortunately, insurance is available so you can recoup the costs. If you\'re hurt or your car is damaged in an accident that\'s someone else\'s fault, you can often&nbsp;file a claim&nbsp;with that person\'s insurance company.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While getting someone\'s insurance information at the scene is ideal, it may not always be possible. If you\'re involved in a hit-and-run, or the at-fault party refuses to cooperate, there are ways you can protect yourself.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"how-to-get-someone\'s-car-or-homeowners-insurance-information\">How to get someone\'s car insurance information</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While frustrating, there are some actions you can take if someone you\'re involved in an accident with is uncooperative. You can request help from the police, contact the DMV, or work with your provider to find out who the at-fault party\'s insurer is, says Anastasia Allmon, a personal injury attorney at&nbsp;Farris, Riley and Pitt.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"get-the-police-involved\">Get the police involved</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Requesting help from the police should be your first move if you were involved in a two-party accident.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The officers at the scene will usually create a report including details of the incident such as the date, time, weather conditions, vehicle damage, and who\'s at fault. You\'ll need to obtain that police report number to file a claim, says Allmon.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you\'ve been involved in a hit-and-run and got the vehicle\'s license plate number, give it to the police. If you didn\'t get a license plate number, try to remember as much as you can about the other vehicle such as its color, make, and model, and provide them as many details as possible, says Allmon.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"obtain-insurance-information-from-the-dmv\">Obtain insurance information from the DMV</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Suppose the at-fault party refuses to exchange car insurance information.&nbsp;In that case, you can also visit your local DMV to find the at-fault driver\'s insurance information. You must provide the DMV with the reason for your request and the at-fault party driver\'s license, according to&nbsp;Insurantly, an auto-insurance quote comparison company.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">After finding out who their insurer is, contact the provider and report the details of the incident.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"report-the-accident-to-your-insurer\">Report the accident to your insurer</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Hit-and-run drivers often flee because they don\'t have insurance. Many states require drivers to carry a&nbsp;&nbsp;minimum amount of liability insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you were in an accident and the other driver fled the scene or doesn\'t have insurance, report it to your insurance company. You may get reimbursed for the damage through your insurance company if you have&nbsp;collision coverage, or your insurance company can help you find the at-fault party\'s insurance information.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">\"Even if you don\'t end up making a claim, you need to update your insurance provider as soon as possible, otherwise you could risk invalidating your policy,\" says Allmon.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Here are the steps to take to file a claim against someone else\'s auto insurance: </strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Step 1: Gather as much information as possible</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Gathering as much information about the incident is crucial. Doing so will expedite the process and ensure you get a fair settlement.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you\'re involved in a car accident, here is some information you should gather at the scene, according to Allstate:&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Location, date, and time of the accident</li><li>Name, address, phone number, and insurance policy number for all involved in the accident</li><li>Weather conditions</li><li>Photos of damage</li><li>Copies of police and accident reports, if applicable</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Step 2: Contact your insurance company&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you file a car insurance claim, report the accident to your insurance company promptly to avoid delays in your claim. From there, your provider will work with the at-fault party\'s insurance to obtain reimbursement for your loss.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Step 3: Prepare to meet an adjuster</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Once you\'ve filed the claim, the at-fault party\'s insurance company will typically send an adjuster to inspect the damage. Prepare for the visit by creating a list of the damaged items.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Be sure to have any pertinent information on hand, such as details of the accident, the contact information of anyone involved, and any photos or videos related to the incident.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"when-you-should-and-shouldn\'t-file-a-third-party-claim\">When you should and shouldn\'t file a third-party claim</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In some cases, you may not be able to file a claim against someone else\'s insurance, even if you\'re not at fault. You might decide to have the problem fixed yourself if you find that the process is taking too long.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">No-fault states</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">\"No-fault\" states require drivers to have personal injury protection (PIP). No-fault insurance covers accident-related medical bills at a specific limit, regardless of who is at fault.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In this case, you will not be able to file a claim against another person\'s insurance for your medical expenses because you are required to have your own coverage. Personal injury protection will cover you and your passengers\' medical expenses, regardless if you have health insurance. You can usually pair your PIP coverage with medical payment coverage, or&nbsp;MedPay, for more protection.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Uninsured/underinsured motorist&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">An&nbsp;underinsured or uninsured motorist&nbsp;is someone who has little to no liability insurance.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In most states, drivers must carry a minimum amount of liability car insurance. However, you can\'t file a claim with the at-fault party\'s insurance company if they don\'t have coverage. If you have uninsured/underinsured motorist coverage, you can file a claim on your own insurance to get reimbursed.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Otherwise, you must pay out of pocket for repairs or sue the at-fault party, which could be a long and costly process.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Using your own coverage&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If another car hits you, your collision coverage is an option to pay for the damage. Collision coverage is not required by law. However, it can be helpful if an underinsured or uninsured driver hits your car. Additionally, filing a claim with collision coverage could expedite the process.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.businessinsider.com/personal-finance/how-to-find-someones-insurance-info\">click here.</a></p>\n<!-- /wp:paragraph -->','How to get someone\'s car insurance information if they\'re uncooperative after an accident','','inherit','closed','closed','','2676-revision-v1','','','2022-08-13 01:41:31','2022-08-13 01:41:31','',2676,'http://smartinsurance.tips/?p=2686',0,'revision','',0),(2677,1,'2022-08-12 14:42:20','2022-08-12 14:42:20','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Accidents can result in thousands of dollars in medical bills and repairs. Fortunately, insurance is available so you can recoup the costs. If you\'re hurt or your car is damaged in an accident that\'s someone else\'s fault, you can often file a claim with that person\'s insurance company. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While getting someone\'s insurance information at the scene is ideal, it may not always be possible. If you\'re involved in a hit-and-run, or the at-fault party refuses to cooperate, there are ways you can protect yourself.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"how-to-get-someone\'s-car-or-homeowners-insurance-information\">How to get someone\'s car insurance information</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While frustrating, there are some actions you can take if someone you\'re involved in an accident with is uncooperative. You can request help from the police, contact the DMV, or work with your provider to find out who the at-fault party\'s insurer is, says Anastasia Allmon, a personal injury attorney at Farris, Riley and Pitt. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"get-the-police-involved\">Get the police involved</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Requesting help from the police should be your first move if you were involved in a two-party accident. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The officers at the scene will usually create a report including details of the incident such as the date, time, weather conditions, vehicle damage, and who\'s at fault. You\'ll need to obtain that police report number to file a claim, says Allmon.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you\'ve been involved in a hit-and-run and got the vehicle\'s license plate number, give it to the police. If you didn\'t get a license plate number, try to remember as much as you can about the other vehicle such as its color, make, and model, and provide them as many details as possible, says Allmon.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"obtain-insurance-information-from-the-dmv\">Obtain insurance information from the DMV</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Suppose the at-fault party refuses to exchange car insurance information. In that case, you can also visit your local DMV to find the at-fault driver\'s insurance information. You must provide the DMV with the reason for your request and the at-fault party driver\'s license, according to Insurantly, an auto-insurance quote comparison company. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">After finding out who their insurer is, contact the provider and report the details of the incident.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"report-the-accident-to-your-insurer\">Report the accident to your insurer</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Hit-and-run drivers often flee because they don\'t have insurance. Many states require drivers to carry a  minimum amount of liability insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you were in an accident and the other driver fled the scene or doesn\'t have insurance, report it to your insurance company. You may get reimbursed for the damage through your insurance company if you have collision coverage, or your insurance company can help you find the at-fault party\'s insurance information. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">\"Even if you don\'t end up making a claim, you need to update your insurance provider as soon as possible, otherwise you could risk invalidating your policy,\" says Allmon.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"3-steps-to-file-a-claim-against-someone-else\'s-insurance-\">3 steps to file a claim against someone else\'s insurance </h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A third-party claim is when you file a claim for with the at-fault party\'s insurance company, according to Allstate.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">There are two types of automobile third-party claims: bodily injury liability and property damage liability. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Here are the steps to take to file a claim against someone else\'s auto insurance:&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Step 1: Gather as much information as possible</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Gathering as much information about the incident is crucial. Doing so will expedite the process and ensure you get a fair settlement.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you\'re involved in a car accident, here is some information you should gather at the scene, according to Allstate: </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Location, date, and time of the accident</li><li>Name, address, phone number, and insurance policy number for all involved in the accident</li><li>Weather conditions</li><li>Photos of damage</li><li>Copies of police and accident reports, if applicable</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Step 2: Contact your insurance company </h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you file a car insurance claim, report the accident to your insurance company promptly to avoid delays in your claim. From there, your provider will work with the at-fault party\'s insurance to obtain reimbursement for your loss.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Step 3: Prepare to meet an adjuster</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Once you\'ve filed the claim, the at-fault party\'s insurance company will typically send an adjuster to inspect the damage. Prepare for the visit by creating a list of the damaged items.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Be sure to have any pertinent information on hand, such as details of the accident, the contact information of anyone involved, and any photos or videos related to the incident. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"when-you-should-and-shouldn\'t-file-a-third-party-claim\">When you should and shouldn\'t file a third-party claim</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In some cases, you may not be able to file a claim against someone else\'s insurance, even if you\'re not at fault. You might decide to have the problem fixed yourself if you find that the process is taking too long.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">No-fault states</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">\"No-fault\" states require drivers to have personal injury protection (PIP). No-fault insurance covers accident-related medical bills at a specific limit, regardless of who is at fault.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In this case, you will not be able to file a claim against another person\'s insurance for your medical expenses because you are required to have your own coverage. Personal injury protection will cover you and your passengers\' medical expenses, regardless if you have health insurance. You can usually pair your PIP coverage with medical payment coverage, or MedPay, for more protection.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Uninsured/underinsured motorist </h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">An underinsured or uninsured motorist is someone who has little to no liability insurance. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In most states, drivers must carry a minimum amount of liability car insurance. However, you can\'t file a claim with the at-fault party\'s insurance company if they don\'t have coverage. If you have uninsured/underinsured motorist coverage, you can file a claim on your own insurance to get reimbursed.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Otherwise, you must pay out of pocket for repairs or sue the at-fault party, which could be a long and costly process.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Using your own coverage </h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If another car hits you, your collision coverage is an option to pay for the damage. Collision coverage is not required by law. However, it can be helpful if an underinsured or uninsured driver hits your car. Additionally, filing a claim with collision coverage could expedite the process. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.businessinsider.com/personal-finance/how-to-find-someones-insurance-info\">click here.</a></p>\n<!-- /wp:paragraph -->','How to get someone\'s car insurance information if they\'re uncooperative after an accident','','inherit','closed','closed','','2676-revision-v1','','','2022-08-12 14:42:20','2022-08-12 14:42:20','',2676,'http://smartinsurance.tips/?p=2677',0,'revision','',0),(2678,1,'2022-08-12 14:47:08','2022-08-12 14:47:08','<!-- wp:image {\"id\":2719,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/08/Insurance-9.png\" alt=\"\" class=\"wp-image-2719\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Bicycling is increasingly popular, both as a sport and as a means of transportation. Whether you spent a few hundred or a few thousand dollars on your bike, whether you use it to commute to work or to cycle around the block with your kids, it\'s important to understand the rules of the bike lane and protect your financial investment with the proper insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Properly insure your bicycle—and your assets</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Bicycling is increasingly popular, both as a sport and as a means of transportation. And bicycles can cost anywhere from several hundred dollars for a basic bike to thousands of dollars for specialized racing bikes.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Bicycles are covered under the personal property section of&nbsp;standard homeowners&nbsp;and&nbsp;renters insurance policies. This coverage will reimburse you, minus your deductible, if your bike is stolen or damaged in a fire, hurricane or other disaster listed in your policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you are purchasing a new bicycle, keep the receipt and add the bike to your home inventory list. If you own a particularly expensive model, call your insurance professional to review your options. He or she may recommend an&nbsp;endorsement that will provide additional coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Homeowners and renters policies also provide protection for harm you may cause to someone else or to their property. In the event you injure someone while riding your bike, your policy includes no-fault medical coverage, usually ranging from $1,000 to $5,000. If the injured party decides to sue, you will be covered up to the liability limits of your policy so, as always, make sure you have adequate coverage to protect your assets.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><a></a>Keep your bicycle locked and secure</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Whenever you\'re not riding it, prevent bike theft by taking these precautions:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Always lock up your bike</strong>, even if it is in your garage, an apartment stairwell, or a college dormitory. Make sure it\'s in a visible, well-lit area.</li><li><strong>Lock your bicycle to a fixed, immovable object</strong>&nbsp;like a parking meter or permanent bike rack. Be careful not to lock it to items that can be easily cut, broken or removed, and make sure that the bike cannot be lifted over the top of the object to which it\'s locked.</li><li><strong>Use a U-lock.</strong>&nbsp;For maximum security, position the bike frame and wheels so that they take up as much of the open space within the U-portion of the lock as possible. The tighter the lock-up, the harder it is for a thief to use tools to attack the lock. Always position a U-lock so that the keyhole is facing down towards the ground. Do not position the lock close to the ground as this makes it easier for a thief to break it.</li><li><strong>Change your bike lock-up locations.</strong>&nbsp;If you secure it in the same location all the time, a thief may notice the pattern and target you.</li><li><strong>Consider registering your bike</strong>&nbsp;with the&nbsp;National Bike Registry, so if a bike is stolen it can potentially be traced.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><a></a>Just in case—take steps to make insurance claims easier</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Minimize the pain of theft or damage by being prepared in the case of an insurance claim for your bike and related items.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Add your bicycle to your home inventory, as well as any related items, such as a helmet, patch kits, pumps, extra inner tubes and other essentials—not to mention that fancy new bike jersey. If your bike and related items are stolen or destroyed, having an inventory can help speed the claims process.</li><li><strong>Save your receipts</strong>. Make sure to save your receipts for your bicycle as well as any of the aforementioned nifty equipment and accessories you purchase for use with it. The cost of these can add up quickly and, again, proof of what you paid will greatly speed the claims process. Keep these with your home inventory, above.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><a></a>Keep yourself safe while riding</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Your safety is, of course, of utmost importance. The National Highway Traffic Safety Administration suggests that cyclists follow these seven rules:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Protect your head</strong>. Never ride a bike without a properly fitted helmet.</li><li><strong>Assure bicycle readiness.&nbsp;</strong>Ride a bike that fits you and check all parts of the bicycle to make sure they are secure and working well.</li><li><strong>Learn and follow the rules of the road.&nbsp;</strong>Bicycles are considered vehicles on the road; therefore riders must follow the same traffic laws as drivers of motor vehicles.</li><li><strong>Act like a driver of a motor vehicle.&nbsp;</strong>Always ride with the flow of traffic, on the right side of the road, and as far to the right of the road as is practicable and safe.</li><li><strong>Be visible.&nbsp;</strong>Always assume you are not seen by others and take responsibility for making yourself visible to motorists, pedestrians and other cyclists.</li><li><strong>“Drive with care.”&nbsp;</strong>When you ride, consider yourself the driver of a vehicle and always keep safety in mind. Ride in the bike lane, if available. Take extra care when riding on a roadway. Courtesy and predictability are key to safe cycling.</li><li><strong>Stay focused. Stay alert.&nbsp;</strong>Never wear headphones as they hinder your ability to hear traffic. Be aware of your surroundings and ride defensively.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.iii.org/article/bicycle-safety-and-insurance\">click here.</a></p>\n<!-- /wp:paragraph -->','Bicycle safety and insurance','','publish','closed','closed','','bicycle-safety-and-insurance','','','2022-08-15 15:08:07','2022-08-15 15:08:07','',0,'http://smartinsurance.tips/?p=2678',0,'post','',0),(2679,1,'2022-08-12 14:47:08','2022-08-12 14:47:08','<!-- wp:paragraph -->\n<p>Bicycling is increasingly popular, both as a sport and as a means of transportation. Whether you spent a few hundred or a few thousand dollars on your bike, whether you use it to commute to work or to cycle around the block with your kids, it\'s important to understand the rules of the bike lane and protect your financial investment with the proper insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Properly insure your bicycle—and your assets</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Bicycling is increasingly popular, both as a sport and as a means of transportation. And bicycles can cost anywhere from several hundred dollars for a basic bike to thousands of dollars for specialized racing bikes.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Bicycles are covered under the personal property section of standard homeowners and renters insurance policies. This coverage will reimburse you, minus your deductible, if your bike is stolen or damaged in a fire, hurricane or other disaster listed in your policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you are purchasing a new bicycle, keep the receipt and add the bike to your home inventory list. If you own a particularly expensive model, call your insurance professional to review your options. He or she may recommend an endorsement that will provide additional coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Homeowners and renters policies also provide protection for harm you may cause to someone else or to their property. In the event you injure someone while riding your bike, your policy includes no-fault medical coverage, usually ranging from $1,000 to $5,000. If the injured party decides to sue, you will be covered up to the liability limits of your policy so, as always, make sure you have adequate coverage to protect your assets.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><a></a>Keep your bicycle locked and secure</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Whenever you\'re not riding it, prevent bike theft by taking these precautions:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Always lock up your bike</strong>, even if it is in your garage, an apartment stairwell, or a college dormitory. Make sure it\'s in a visible, well-lit area.</li><li><strong>Lock your bicycle to a fixed, immovable object</strong>&nbsp;like a parking meter or permanent bike rack. Be careful not to lock it to items that can be easily cut, broken or removed, and make sure that the bike cannot be lifted over the top of the object to which it\'s locked.</li><li><strong>Use a U-lock.</strong>&nbsp;For maximum security, position the bike frame and wheels so that they take up as much of the open space within the U-portion of the lock as possible. The tighter the lock-up, the harder it is for a thief to use tools to attack the lock. Always position a U-lock so that the keyhole is facing down towards the ground. Do not position the lock close to the ground as this makes it easier for a thief to break it.</li><li><strong>Change your bike lock-up locations.</strong>&nbsp;If you secure it in the same location all the time, a thief may notice the pattern and target you.</li><li><strong>Consider registering your bike</strong>&nbsp;with the&nbsp;National Bike Registry, so if a bike is stolen it can potentially be traced.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><a></a>Just in case—take steps to make insurance claims easier</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Minimize the pain of theft or damage by being prepared in the case of an insurance claim for your bike and related items.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Add your bicycle to your home inventory, as well as any related items, such as a helmet, patch kits, pumps, extra inner tubes and other essentials—not to mention that fancy new bike jersey. If your bike and related items are stolen or destroyed, having an inventory can help speed the claims process.</li><li><strong>Save your receipts</strong>. Make sure to save your receipts for your bicycle as well as any of the aforementioned nifty equipment and accessories you purchase for use with it. The cost of these can add up quickly and, again, proof of what you paid will greatly speed the claims process. Keep these with your home inventory, above.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><a></a>Keep yourself safe while riding</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Your safety is, of course, of utmost importance. The National Highway Traffic Safety Administration suggests that cyclists follow these seven rules:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Protect your head</strong>. Never ride a bike without a properly fitted helmet.</li><li><strong>Assure bicycle readiness. </strong>Ride a bike that fits you and check all parts of the bicycle to make sure they are secure and working well.</li><li><strong>Learn and follow the rules of the road. </strong>Bicycles are considered vehicles on the road; therefore riders must follow the same traffic laws as drivers of motor vehicles.</li><li><strong>Act like a driver of a motor vehicle. </strong>Always ride with the flow of traffic, on the right side of the road, and as far to the right of the road as is practicable and safe.</li><li><strong>Be visible. </strong>Always assume you are not seen by others and take responsibility for making yourself visible to motorists, pedestrians and other cyclists.</li><li><strong>“Drive with care.” </strong>When you ride, consider yourself the driver of a vehicle and always keep safety in mind. Ride in the bike lane, if available. Take extra care when riding on a roadway. Courtesy and predictability are key to safe cycling.</li><li><strong>Stay focused. Stay alert. </strong>Never wear headphones as they hinder your ability to hear traffic. Be aware of your surroundings and ride defensively.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.iii.org/article/bicycle-safety-and-insurance\">click here.</a></p>\n<!-- /wp:paragraph -->','Bicycle safety and insurance','','inherit','closed','closed','','2678-revision-v1','','','2022-08-12 14:47:08','2022-08-12 14:47:08','',2678,'http://smartinsurance.tips/?p=2679',0,'revision','',0),(2680,1,'2022-08-12 14:47:55','2022-08-12 14:47:55','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Bicycling is increasingly popular, both as a sport and as a means of transportation. Whether you spent a few hundred or a few thousand dollars on your bike, whether you use it to commute to work or to cycle around the block with your kids, it\'s important to understand the rules of the bike lane and protect your financial investment with the proper insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Properly insure your bicycle—and your assets</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Bicycling is increasingly popular, both as a sport and as a means of transportation. And bicycles can cost anywhere from several hundred dollars for a basic bike to thousands of dollars for specialized racing bikes.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Bicycles are covered under the personal property section of&nbsp;standard homeowners&nbsp;and&nbsp;renters insurance policies. This coverage will reimburse you, minus your deductible, if your bike is stolen or damaged in a fire, hurricane or other disaster listed in your policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you are purchasing a new bicycle, keep the receipt and add the bike to your home inventory list. If you own a particularly expensive model, call your insurance professional to review your options. He or she may recommend an&nbsp;endorsement that will provide additional coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Homeowners and renters policies also provide protection for harm you may cause to someone else or to their property. In the event you injure someone while riding your bike, your policy includes no-fault medical coverage, usually ranging from $1,000 to $5,000. If the injured party decides to sue, you will be covered up to the liability limits of your policy so, as always, make sure you have adequate coverage to protect your assets.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><a></a>Keep your bicycle locked and secure</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Whenever you\'re not riding it, prevent bike theft by taking these precautions:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Always lock up your bike</strong>, even if it is in your garage, an apartment stairwell, or a college dormitory. Make sure it\'s in a visible, well-lit area.</li><li><strong>Lock your bicycle to a fixed, immovable object</strong>&nbsp;like a parking meter or permanent bike rack. Be careful not to lock it to items that can be easily cut, broken or removed, and make sure that the bike cannot be lifted over the top of the object to which it\'s locked.</li><li><strong>Use a U-lock.</strong>&nbsp;For maximum security, position the bike frame and wheels so that they take up as much of the open space within the U-portion of the lock as possible. The tighter the lock-up, the harder it is for a thief to use tools to attack the lock. Always position a U-lock so that the keyhole is facing down towards the ground. Do not position the lock close to the ground as this makes it easier for a thief to break it.</li><li><strong>Change your bike lock-up locations.</strong>&nbsp;If you secure it in the same location all the time, a thief may notice the pattern and target you.</li><li><strong>Consider registering your bike</strong>&nbsp;with the&nbsp;National Bike Registry, so if a bike is stolen it can potentially be traced.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><a></a>Just in case—take steps to make insurance claims easier</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Minimize the pain of theft or damage by being prepared in the case of an insurance claim for your bike and related items.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Add your bicycle to your home inventory, as well as any related items, such as a helmet, patch kits, pumps, extra inner tubes and other essentials—not to mention that fancy new bike jersey. If your bike and related items are stolen or destroyed, having an inventory can help speed the claims process.</li><li><strong>Save your receipts</strong>. Make sure to save your receipts for your bicycle as well as any of the aforementioned nifty equipment and accessories you purchase for use with it. The cost of these can add up quickly and, again, proof of what you paid will greatly speed the claims process. Keep these with your home inventory, above.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><a></a>Keep yourself safe while riding</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Your safety is, of course, of utmost importance. The National Highway Traffic Safety Administration suggests that cyclists follow these seven rules:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Protect your head</strong>. Never ride a bike without a properly fitted helmet.</li><li><strong>Assure bicycle readiness.&nbsp;</strong>Ride a bike that fits you and check all parts of the bicycle to make sure they are secure and working well.</li><li><strong>Learn and follow the rules of the road.&nbsp;</strong>Bicycles are considered vehicles on the road; therefore riders must follow the same traffic laws as drivers of motor vehicles.</li><li><strong>Act like a driver of a motor vehicle.&nbsp;</strong>Always ride with the flow of traffic, on the right side of the road, and as far to the right of the road as is practicable and safe.</li><li><strong>Be visible.&nbsp;</strong>Always assume you are not seen by others and take responsibility for making yourself visible to motorists, pedestrians and other cyclists.</li><li><strong>“Drive with care.”&nbsp;</strong>When you ride, consider yourself the driver of a vehicle and always keep safety in mind. Ride in the bike lane, if available. Take extra care when riding on a roadway. Courtesy and predictability are key to safe cycling.</li><li><strong>Stay focused. Stay alert.&nbsp;</strong>Never wear headphones as they hinder your ability to hear traffic. Be aware of your surroundings and ride defensively.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.iii.org/article/bicycle-safety-and-insurance\">click here.</a></p>\n<!-- /wp:paragraph -->','Bicycle safety and insurance','','inherit','closed','closed','','2678-revision-v1','','','2022-08-12 14:47:55','2022-08-12 14:47:55','',2678,'http://smartinsurance.tips/?p=2680',0,'revision','',0),(2681,1,'2022-08-12 15:14:44','2022-08-12 15:14:44','<!-- wp:image {\"id\":2721,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/08/Insurance-10.png\" alt=\"\" class=\"wp-image-2721\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Standard homeowners policies cover a wide range of potential disasters, from tornadoes to lightning strikes to winter storm damage. Policies do vary, though, so for your own peace of mind, check yours for the specific perils covered. Learn what\'s generally covered by each homeowners insurance policy type—and what\'s not.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<p class=\"has-black-color has-text-color has-extra-large-font-size\">What type of disasters are covered?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table {\"className\":\"is-style-regular\",\"fontSize\":\"extra-small\"} -->\n<figure class=\"wp-block-table is-style-regular has-extra-small-font-size\"><table><thead><tr><th>&nbsp;</th><th>Dwelling &amp; personal property</th><th>Dwelling</th><th>Personal property</th><th>&nbsp;Dwelling &amp; personal property</th></tr><tr><th>Perils</th><th>Basic HO-1*+</th><th>Broad HO-2*</th><th>Special HO-3*</th><th>Special HO-3</th><th>Renters HO-4</th><th>Condo/Co-op HO-6</th><th>Modified Coverage HO-8</th></tr></thead><tbody><tr><td>1. Fire or lightning</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td></tr><tr><td>2. Windstorm or hail</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td></tr><tr><td>3. Explosion</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td></tr><tr><td>4. Riot or civil commotion</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td></tr><tr><td>5. Damage caused by aircraft</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td></tr><tr><td>6. Damage caused by vehicles</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td></tr><tr><td>7. Smoke</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td></tr><tr><td>8. Vandalism or malicious mischief</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td></tr><tr><td>9. Theft</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td></tr><tr><td>10. Volcanic eruption</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td></tr><tr><td>11. Falling object</td><td>&nbsp;</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>&nbsp;</td></tr><tr><td>12. Weight of ice, snow or sleet</td><td>&nbsp;</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>&nbsp;</td></tr><tr><td>13.&nbsp; Accidental discharge or overflow of<br>water or steam from within a plumbing,<br>heating, air conditioning, or automatic<br>fire-protective sprinkler system, or from<br>a household appliance.</td><td>&nbsp;</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>&nbsp;</td></tr><tr><td>14. Sudden and accidental tearing apart,<br>cracking, burning, or bulging of a steam<br>or hot water heating system, an air<br>conditioning or automatic fire-protective<br>system.</td><td>&nbsp;</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>&nbsp;</td></tr><tr><td>15. Freezing of a plumbing, heating, air<br>conditioning or automatic, fire-protective<br>sprinkler system, or of a household appliance.</td><td>&nbsp;</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>&nbsp;</td></tr><tr><td>16. Sudden and accidental damage from<br>artificially generated electrical current<br>(does not include loss&nbsp; to a tube, transistor<br>or similar electronic component)</td><td>&nbsp;</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>&nbsp;</td></tr><tr><td>17. All perils except flood, earthquake, war,<br>nuclear accident, landslide, mudslide,<br>sinkhole and others specified in your<br>policy. Check your policy for a complete<br>list of perils excluded.</td><td>&nbsp;</td><td>&nbsp;</td><td>x</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Disasters that are not covered</h2>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"ordered\":true,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ol class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Floods.</strong>&nbsp;Flood damage is excluded under standard homeowners and renters insurance policies. Separate flood insurance coverage, however, is available for both homeowners and renters as a separate policy both from the&nbsp;National Flood Insurance Program&nbsp;(NFIP) and from a few private insurers. Learn more&nbsp;about flood insurance—whether you need it, how to get it, and more.</li><li><strong>Earthquakes.</strong>&nbsp;Earthquake coverage is available from most insurance companies as a separate policy or an endorsement to your homeowners or renters policy. Learn more&nbsp;about earthquake insurance.</li><li><strong>Maintenance damage.</strong>&nbsp;It is your responsibility to maintain your home and take reasonable precautions to protect your home from damage. Your insurance policy will not cover damage due to lack of maintenance,&nbsp;mold&nbsp;or infestation from termites or other pests.</li><li><strong>Sewer Backup.</strong>&nbsp;Sewer backups are not covered under a typical homeowners insurance policy, nor are they covered by flood insurance. This type of coverage must be purchased either as a separate product or as an endorsement to a homeowners policy, usually at a nominal cost. Learn more&nbsp;about sewers and sewer backup insurance.</li></ol>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.iii.org/article/which-disasters-are-covered-by-homeowners-insurance\">click here.</a></p>\n<!-- /wp:paragraph -->','Which disasters are covered by homeowners insurance?','','publish','closed','closed','','which-disasters-are-covered-by-homeowners-insurance','','','2022-08-15 15:08:45','2022-08-15 15:08:45','',0,'http://smartinsurance.tips/?p=2681',0,'post','',0),(2682,1,'2022-08-12 15:14:44','2022-08-12 15:14:44','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Standard homeowners policies cover a wide range of potential disasters, from tornadoes to lightning strikes to winter storm damage. Policies do vary, though, so for your own peace of mind, check yours for the specific perils covered. Learn what\'s generally covered by each homeowners insurance policy type—and what\'s not.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<p class=\"has-black-color has-text-color has-extra-large-font-size\">What type of disasters are covered?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table {\"className\":\"is-style-regular\",\"fontSize\":\"extra-small\"} -->\n<figure class=\"wp-block-table is-style-regular has-extra-small-font-size\"><table><thead><tr><th>&nbsp;</th><th>Dwelling &amp; personal property</th><th>Dwelling</th><th>Personal property</th><th>&nbsp;Dwelling &amp; personal property</th></tr><tr><th>Perils</th><th>Basic HO-1*+</th><th>Broad HO-2*</th><th>Special HO-3*</th><th>Special HO-3</th><th>Renters HO-4</th><th>Condo/Co-op HO-6</th><th>Modified Coverage HO-8</th></tr></thead><tbody><tr><td>1. Fire or lightning</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td></tr><tr><td>2. Windstorm or hail</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td></tr><tr><td>3. Explosion</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td></tr><tr><td>4. Riot or civil commotion</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td></tr><tr><td>5. Damage caused by aircraft</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td></tr><tr><td>6. Damage caused by vehicles</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td></tr><tr><td>7. Smoke</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td></tr><tr><td>8. Vandalism or malicious mischief</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td></tr><tr><td>9. Theft</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td></tr><tr><td>10. Volcanic eruption</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td></tr><tr><td>11. Falling object</td><td>&nbsp;</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>&nbsp;</td></tr><tr><td>12. Weight of ice, snow or sleet</td><td>&nbsp;</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>&nbsp;</td></tr><tr><td>13.&nbsp; Accidental discharge or overflow of<br>water or steam from within a plumbing,<br>heating, air conditioning, or automatic<br>fire-protective sprinkler system, or from<br>a household appliance.</td><td>&nbsp;</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>&nbsp;</td></tr><tr><td>14. Sudden and accidental tearing apart,<br>cracking, burning, or bulging of a steam<br>or hot water heating system, an air<br>conditioning or automatic fire-protective<br>system.</td><td>&nbsp;</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>&nbsp;</td></tr><tr><td>15. Freezing of a plumbing, heating, air<br>conditioning or automatic, fire-protective<br>sprinkler system, or of a household appliance.</td><td>&nbsp;</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>&nbsp;</td></tr><tr><td>16. Sudden and accidental damage from<br>artificially generated electrical current<br>(does not include loss&nbsp; to a tube, transistor<br>or similar electronic component)</td><td>&nbsp;</td><td>x</td><td>x</td><td>x</td><td>x</td><td>x</td><td>&nbsp;</td></tr><tr><td>17. All perils except flood, earthquake, war,<br>nuclear accident, landslide, mudslide,<br>sinkhole and others specified in your<br>policy. Check your policy for a complete<br>list of perils excluded.</td><td>&nbsp;</td><td>&nbsp;</td><td>x</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Disasters that are not covered</h2>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"ordered\":true,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ol class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Floods.</strong> Flood damage is excluded under standard homeowners and renters insurance policies. Separate flood insurance coverage, however, is available for both homeowners and renters as a separate policy both from the National Flood Insurance Program (NFIP) and from a few private insurers. Learn more about flood insurance—whether you need it, how to get it, and more.</li><li><strong>Earthquakes.</strong> Earthquake coverage is available from most insurance companies as a separate policy or an endorsement to your homeowners or renters policy. Learn more about earthquake insurance.</li><li><strong>Maintenance damage.</strong> It is your responsibility to maintain your home and take reasonable precautions to protect your home from damage. Your insurance policy will not cover damage due to lack of maintenance, mold or infestation from termites or other pests.</li><li><strong>Sewer Backup.</strong> Sewer backups are not covered under a typical homeowners insurance policy, nor are they covered by flood insurance. This type of coverage must be purchased either as a separate product or as an endorsement to a homeowners policy, usually at a nominal cost. Learn more about sewers and sewer backup insurance.</li></ol>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.iii.org/article/which-disasters-are-covered-by-homeowners-insurance\">click here.</a></p>\n<!-- /wp:paragraph -->','Which disasters are covered by homeowners insurance?','','inherit','closed','closed','','2681-revision-v1','','','2022-08-12 15:14:44','2022-08-12 15:14:44','',2681,'http://smartinsurance.tips/?p=2682',0,'revision','',0),(2717,1,'2022-08-15 15:07:03','2022-08-15 15:07:03','','Insurance-8','','inherit','closed','closed','','insurance-8-5','','','2022-08-15 15:07:03','2022-08-15 15:07:03','',2676,'http://smartinsurance.tips/wp-content/uploads/2022/08/Insurance-8.png',0,'attachment','image/png',0),(2718,1,'2022-08-15 15:07:07','2022-08-15 15:07:07','<!-- wp:image {\"id\":2717,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/08/Insurance-8.png\" alt=\"\" class=\"wp-image-2717\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Accidents can result in thousands of dollars in medical bills and repairs. Fortunately, insurance is available so you can recoup the costs. If you\'re hurt or your car is damaged in an accident that\'s someone else\'s fault, you can often&nbsp;file a claim&nbsp;with that person\'s insurance company.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While getting someone\'s insurance information at the scene is ideal, it may not always be possible. If you\'re involved in a hit-and-run, or the at-fault party refuses to cooperate, there are ways you can protect yourself.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"how-to-get-someone\'s-car-or-homeowners-insurance-information\">How to get someone\'s car insurance information</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While frustrating, there are some actions you can take if someone you\'re involved in an accident with is uncooperative. You can request help from the police, contact the DMV, or work with your provider to find out who the at-fault party\'s insurer is, says Anastasia Allmon, a personal injury attorney at&nbsp;Farris, Riley and Pitt.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"get-the-police-involved\">Get the police involved</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Requesting help from the police should be your first move if you were involved in a two-party accident.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The officers at the scene will usually create a report including details of the incident such as the date, time, weather conditions, vehicle damage, and who\'s at fault. You\'ll need to obtain that police report number to file a claim, says Allmon.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you\'ve been involved in a hit-and-run and got the vehicle\'s license plate number, give it to the police. If you didn\'t get a license plate number, try to remember as much as you can about the other vehicle such as its color, make, and model, and provide them as many details as possible, says Allmon.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"obtain-insurance-information-from-the-dmv\">Obtain insurance information from the DMV</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Suppose the at-fault party refuses to exchange car insurance information.&nbsp;In that case, you can also visit your local DMV to find the at-fault driver\'s insurance information. You must provide the DMV with the reason for your request and the at-fault party driver\'s license, according to&nbsp;Insurantly, an auto-insurance quote comparison company.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">After finding out who their insurer is, contact the provider and report the details of the incident.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"report-the-accident-to-your-insurer\">Report the accident to your insurer</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Hit-and-run drivers often flee because they don\'t have insurance. Many states require drivers to carry a&nbsp;&nbsp;minimum amount of liability insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you were in an accident and the other driver fled the scene or doesn\'t have insurance, report it to your insurance company. You may get reimbursed for the damage through your insurance company if you have&nbsp;collision coverage, or your insurance company can help you find the at-fault party\'s insurance information.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">\"Even if you don\'t end up making a claim, you need to update your insurance provider as soon as possible, otherwise you could risk invalidating your policy,\" says Allmon.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Here are the steps to take to file a claim against someone else\'s auto insurance:&nbsp;</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Step 1: Gather as much information as possible</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Gathering as much information about the incident is crucial. Doing so will expedite the process and ensure you get a fair settlement.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you\'re involved in a car accident, here is some information you should gather at the scene, according to Allstate:&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Location, date, and time of the accident</li><li>Name, address, phone number, and insurance policy number for all involved in the accident</li><li>Weather conditions</li><li>Photos of damage</li><li>Copies of police and accident reports, if applicable</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Step 2: Contact your insurance company&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you file a car insurance claim, report the accident to your insurance company promptly to avoid delays in your claim. From there, your provider will work with the at-fault party\'s insurance to obtain reimbursement for your loss.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Step 3: Prepare to meet an adjuster</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Once you\'ve filed the claim, the at-fault party\'s insurance company will typically send an adjuster to inspect the damage. Prepare for the visit by creating a list of the damaged items.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Be sure to have any pertinent information on hand, such as details of the accident, the contact information of anyone involved, and any photos or videos related to the incident.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"when-you-should-and-shouldn\'t-file-a-third-party-claim\">When you should and shouldn\'t file a third-party claim</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In some cases, you may not be able to file a claim against someone else\'s insurance, even if you\'re not at fault. You might decide to have the problem fixed yourself if you find that the process is taking too long.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">No-fault states</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">\"No-fault\" states require drivers to have personal injury protection (PIP). No-fault insurance covers accident-related medical bills at a specific limit, regardless of who is at fault.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In this case, you will not be able to file a claim against another person\'s insurance for your medical expenses because you are required to have your own coverage. Personal injury protection will cover you and your passengers\' medical expenses, regardless if you have health insurance. You can usually pair your PIP coverage with medical payment coverage, or&nbsp;MedPay, for more protection.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Uninsured/underinsured motorist&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">An&nbsp;underinsured or uninsured motorist&nbsp;is someone who has little to no liability insurance.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In most states, drivers must carry a minimum amount of liability car insurance. However, you can\'t file a claim with the at-fault party\'s insurance company if they don\'t have coverage. If you have uninsured/underinsured motorist coverage, you can file a claim on your own insurance to get reimbursed.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Otherwise, you must pay out of pocket for repairs or sue the at-fault party, which could be a long and costly process.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Using your own coverage&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If another car hits you, your collision coverage is an option to pay for the damage. Collision coverage is not required by law. However, it can be helpful if an underinsured or uninsured driver hits your car. Additionally, filing a claim with collision coverage could expedite the process.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.businessinsider.com/personal-finance/how-to-find-someones-insurance-info\">click here.</a></p>\n<!-- /wp:paragraph -->','How to get someone\'s car insurance information if they\'re uncooperative after an accident','','inherit','closed','closed','','2676-revision-v1','','','2022-08-15 15:07:07','2022-08-15 15:07:07','',2676,'http://smartinsurance.tips/?p=2718',0,'revision','',0),(2687,1,'2022-08-13 01:42:24','2022-08-13 01:42:24','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Accidents can result in thousands of dollars in medical bills and repairs. Fortunately, insurance is available so you can recoup the costs. If you\'re hurt or your car is damaged in an accident that\'s someone else\'s fault, you can often&nbsp;file a claim&nbsp;with that person\'s insurance company.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While getting someone\'s insurance information at the scene is ideal, it may not always be possible. If you\'re involved in a hit-and-run, or the at-fault party refuses to cooperate, there are ways you can protect yourself.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"how-to-get-someone\'s-car-or-homeowners-insurance-information\">How to get someone\'s car insurance information</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While frustrating, there are some actions you can take if someone you\'re involved in an accident with is uncooperative. You can request help from the police, contact the DMV, or work with your provider to find out who the at-fault party\'s insurer is, says Anastasia Allmon, a personal injury attorney at&nbsp;Farris, Riley and Pitt.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"get-the-police-involved\">Get the police involved</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Requesting help from the police should be your first move if you were involved in a two-party accident.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The officers at the scene will usually create a report including details of the incident such as the date, time, weather conditions, vehicle damage, and who\'s at fault. You\'ll need to obtain that police report number to file a claim, says Allmon.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you\'ve been involved in a hit-and-run and got the vehicle\'s license plate number, give it to the police. If you didn\'t get a license plate number, try to remember as much as you can about the other vehicle such as its color, make, and model, and provide them as many details as possible, says Allmon.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"obtain-insurance-information-from-the-dmv\">Obtain insurance information from the DMV</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Suppose the at-fault party refuses to exchange car insurance information.&nbsp;In that case, you can also visit your local DMV to find the at-fault driver\'s insurance information. You must provide the DMV with the reason for your request and the at-fault party driver\'s license, according to&nbsp;Insurantly, an auto-insurance quote comparison company.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">After finding out who their insurer is, contact the provider and report the details of the incident.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"report-the-accident-to-your-insurer\">Report the accident to your insurer</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Hit-and-run drivers often flee because they don\'t have insurance. Many states require drivers to carry a&nbsp;&nbsp;minimum amount of liability insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you were in an accident and the other driver fled the scene or doesn\'t have insurance, report it to your insurance company. You may get reimbursed for the damage through your insurance company if you have&nbsp;collision coverage, or your insurance company can help you find the at-fault party\'s insurance information.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">\"Even if you don\'t end up making a claim, you need to update your insurance provider as soon as possible, otherwise you could risk invalidating your policy,\" says Allmon.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Here are the steps to take to file a claim against someone else\'s auto insurance: </strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Step 1: Gather as much information as possible</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Gathering as much information about the incident is crucial. Doing so will expedite the process and ensure you get a fair settlement.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you\'re involved in a car accident, here is some information you should gather at the scene, according to Allstate:&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Location, date, and time of the accident</li><li>Name, address, phone number, and insurance policy number for all involved in the accident</li><li>Weather conditions</li><li>Photos of damage</li><li>Copies of police and accident reports, if applicable</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Step 2: Contact your insurance company&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you file a car insurance claim, report the accident to your insurance company promptly to avoid delays in your claim. From there, your provider will work with the at-fault party\'s insurance to obtain reimbursement for your loss.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Step 3: Prepare to meet an adjuster</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Once you\'ve filed the claim, the at-fault party\'s insurance company will typically send an adjuster to inspect the damage. Prepare for the visit by creating a list of the damaged items.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Be sure to have any pertinent information on hand, such as details of the accident, the contact information of anyone involved, and any photos or videos related to the incident.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"when-you-should-and-shouldn\'t-file-a-third-party-claim\">When you should and shouldn\'t file a third-party claim</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In some cases, you may not be able to file a claim against someone else\'s insurance, even if you\'re not at fault. You might decide to have the problem fixed yourself if you find that the process is taking too long.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">No-fault states</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">\"No-fault\" states require drivers to have personal injury protection (PIP). No-fault insurance covers accident-related medical bills at a specific limit, regardless of who is at fault.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In this case, you will not be able to file a claim against another person\'s insurance for your medical expenses because you are required to have your own coverage. Personal injury protection will cover you and your passengers\' medical expenses, regardless if you have health insurance. You can usually pair your PIP coverage with medical payment coverage, or&nbsp;MedPay, for more protection.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Uninsured/underinsured motorist&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">An&nbsp;underinsured or uninsured motorist&nbsp;is someone who has little to no liability insurance.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In most states, drivers must carry a minimum amount of liability car insurance. However, you can\'t file a claim with the at-fault party\'s insurance company if they don\'t have coverage. If you have uninsured/underinsured motorist coverage, you can file a claim on your own insurance to get reimbursed.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Otherwise, you must pay out of pocket for repairs or sue the at-fault party, which could be a long and costly process.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Using your own coverage&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If another car hits you, your collision coverage is an option to pay for the damage. Collision coverage is not required by law. However, it can be helpful if an underinsured or uninsured driver hits your car. Additionally, filing a claim with collision coverage could expedite the process.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.businessinsider.com/personal-finance/how-to-find-someones-insurance-info\">click here.</a></p>\n<!-- /wp:paragraph -->','How to get someone\'s car insurance information if they\'re uncooperative after an accident','','inherit','closed','closed','','2676-revision-v1','','','2022-08-13 01:42:24','2022-08-13 01:42:24','',2676,'http://smartinsurance.tips/?p=2687',0,'revision','',0),(2688,1,'2022-08-15 14:49:22','2022-08-15 14:49:22','<!-- wp:image {\"id\":2715,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/08/Insurance-7.png\" alt=\"\" class=\"wp-image-2715\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Homeowners insurance offers protection for your&nbsp;dwelling&nbsp;and&nbsp;personal belongings. It also offers&nbsp;personal liability coverage&nbsp;and additional living expense coverage if your home becomes inhabitable. There are&nbsp;eight types of homeowners insurance&nbsp;based on the dwelling type. Mobile home insurance is known as an HO-7 homeowners policy.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Unlike&nbsp;car insurance, you aren\'t legally required to have homeowners insurance. However, your lender may require homeowners insurance if you have a mortgage. Similarly, mobile home communities may require owners to have mobile home insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"what-is-mobile-home-insurance?\"><strong>What is mobile home insurance?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A mobile home — also referred to as a manufactured home — can be relocated by the owner. It is usually built on a chassis while allowing the home to move. A modular home is not the same as a mobile home. Modular homes, like traditional homes, are permanently built on a foundation.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Due to foundational risks, mobile homes tend to cost more to insure than modular homes. You&nbsp;must purchase a standard HO-3 policy if you have a modular home. If you own a mobile home, you must purchase an HO-7 policy.&nbsp;&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Modular home</strong></td><td><strong>Mobile home</strong></td></tr><tr><td>Usually insured on a standard homeowners policyConstructed according to local, state, and regional building codes (may overlap with federal codes)Built on a permanent foundation (slab or a basement)</td><td>Insured with policies that account for the increased risk of damage from wind and other hazardsMade according to construction codes administered by HUDBuilt on a chassis, similar to a motor vehicle</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"what-does-mobile-home-insurance-cover?\"><strong>What does mobile home insurance cover?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Several types of coverages come with your mobile home coverage:&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Dwelling coverage:&nbsp;</strong>Covers the cost to repair or rebuild your home. Mobile homes have open peril coverage for the home and other structures under&nbsp;dwelling coverage. An open peril policy covers damages to your home, even if not explicitly stated in the policy.&nbsp;</li><li><strong>Personal property coverage:</strong>&nbsp;This protects your personal belongings and home furnishings. It covers damage and loss due to theft, fire, lightning,&nbsp;hail, and vandalism.&nbsp;</li><li><strong>Liability protection:</strong>&nbsp;This type of coverage will protect you if someone gets injured on your property or sues you for damage to their property.</li><li><strong>Loss of use coverage:</strong>&nbsp;This coverage will help you with expenses if your house becomes temporarily uninhabitable.&nbsp;</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">There are some limits to your mobile home insurance coverage. It usually doesn\'t cover flooding, earthquakes, or wear and tear damage. However, you can get additional coverage to protect your modular home further.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"how-much-does-mobile-homeowners-insurance-cost?\"><strong>How much does mobile homeowners insurance cost?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Mobile home insurance can cost as little as $300 to $1,000 annually. Your property\'s location, age, and condition will affect your premium, according to&nbsp;Insure.com. Mobile homes located in coastal areas will have higher premiums.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Mobile homes located in weather zones or&nbsp;disaster-prone areas&nbsp;will increase premiums because these events need add-on riders.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.businessinsider.com/personal-finance/mobile-home-insurance\">click here.</a></p>\n<!-- /wp:paragraph -->','Mobile home insurance will cover homes built on wheeled structures','','publish','closed','closed','','mobile-home-insurance-will-cover-homes-built-on-wheeled-structures','','','2022-08-15 15:05:57','2022-08-15 15:05:57','',0,'http://smartinsurance.tips/?p=2688',0,'post','',0),(2689,1,'2022-08-15 14:45:37','2022-08-15 14:45:37','','Insurance-6','','inherit','closed','closed','','insurance-6-6','','','2022-08-15 14:45:37','2022-08-15 14:45:37','',2688,'http://smartinsurance.tips/wp-content/uploads/2022/08/Insurance-6.png',0,'attachment','image/png',0),(2690,1,'2022-08-15 14:49:22','2022-08-15 14:49:22','<!-- wp:image {\"id\":2689,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/08/Insurance-6.png\" alt=\"\" class=\"wp-image-2689\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Homeowners insurance offers protection for your dwelling and personal belongings. It also offers personal liability coverage and additional living expense coverage if your home becomes inhabitable. There are eight types of homeowners insurance based on the dwelling type. Mobile home insurance is known as an HO-7 homeowners policy. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Unlike car insurance, you aren\'t legally required to have homeowners insurance. However, your lender may require homeowners insurance if you have a mortgage. Similarly, mobile home communities may require owners to have mobile home insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"what-is-mobile-home-insurance?\"><strong>What is mobile home insurance?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A mobile home — also referred to as a manufactured home — can be relocated by the owner. It is usually built on a chassis while allowing the home to move. A modular home is not the same as a mobile home. Modular homes, like traditional homes, are permanently built on a foundation.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Due to foundational risks, mobile homes tend to cost more to insure than modular homes. You&nbsp;must purchase a standard HO-3 policy if you have a modular home. If you own a mobile home, you must purchase an HO-7 policy.&nbsp;&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Modular home</strong></td><td><strong>Mobile home</strong></td></tr><tr><td>Usually insured on a standard homeowners policyConstructed according to local, state, and regional building codes (may overlap with federal codes)Built on a permanent foundation (slab or a basement)</td><td>Insured with policies that account for the increased risk of damage from wind and other hazardsMade according to construction codes administered by HUDBuilt on a chassis, similar to a motor vehicle</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"what-does-mobile-home-insurance-cover?\"><strong>What does mobile home insurance cover?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Several types of coverages come with your mobile home coverage:&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Dwelling coverage: </strong>Covers the cost to repair or rebuild your home. Mobile homes have open peril coverage for the home and other structures under dwelling coverage. An open peril policy covers damages to your home, even if not explicitly stated in the policy. </li><li><strong>Personal property coverage:</strong> This protects your personal belongings and home furnishings. It covers damage and loss due to theft, fire, lightning, hail, and vandalism. </li><li><strong>Liability protection:</strong> This type of coverage will protect you if someone gets injured on your property or sues you for damage to their property.</li><li><strong>Loss of use coverage:</strong> This coverage will help you with expenses if your house becomes temporarily uninhabitable. </li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">There are some limits to your mobile home insurance coverage. It usually doesn\'t cover flooding, earthquakes, or wear and tear damage. However, you can get additional coverage to protect your modular home further.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"how-much-does-mobile-homeowners-insurance-cost?\"><strong>How much does mobile homeowners insurance cost?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Mobile home insurance can cost as little as $300 to $1,000 annually. Your property\'s location, age, and condition will affect your premium, according to Insure.com. Mobile homes located in coastal areas will have higher premiums.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Mobile homes located in weather zones or disaster-prone areas will increase premiums because these events need add-on riders. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.businessinsider.com/personal-finance/mobile-home-insurance\">click here.</a></p>\n<!-- /wp:paragraph -->','Mobile home insurance will cover homes built on wheeled structures','','inherit','closed','closed','','2688-revision-v1','','','2022-08-15 14:49:22','2022-08-15 14:49:22','',2688,'http://smartinsurance.tips/?p=2690',0,'revision','',0),(2691,1,'2022-08-15 14:50:53','2022-08-15 14:50:53','','Money-1','','inherit','closed','closed','','money-1-6','','','2022-08-15 14:50:53','2022-08-15 14:50:53','',2649,'http://smartinsurance.tips/wp-content/uploads/2022/08/Money-1.png',0,'attachment','image/png',0),(2692,1,'2022-08-15 14:50:56','2022-08-15 14:50:56','<!-- wp:image {\"id\":2691,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/08/Money-1.png\" alt=\"\" class=\"wp-image-2691\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">We love Halloween. What other night can you dress like a hot dog and eat all your favorite childhood sweets without having someone judge you? The problem is that we may love it a little&nbsp;<em>too&nbsp;</em>much.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">According to a the National Retail Federation, Americans plan to spend somewhere in the neighborhood of $10.14&nbsp;billion—that’s “billion” with a “b”—on Halloween this year.<sup>&nbsp;</sup>That means the average American will drop about $102&nbsp;on the holiday.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you’re tight on cash, that amount might sound scary. But the good news is: It doesn’t have to be. You don’t have to spend a zombie arm and a leg to have a memorable time. Try these seven tricks to&nbsp;stick like Laffy Taffy to your Halloween budget.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>1. Costumes</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The best part of Halloween (other than candy) is the costumes, hands down—from adorable babies dressed as koalas to the entire family decked out as the Addams Family. Costumes are all fun and games . . . until you realize what a money suck they are. Instead of buying a $40 Ninja Turtles costume for each of your four boys or sewing some rough-looking versions from scratch, turn hunting for your costume into a family game.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Here’s how it works: Head to the consignment shop or thrift store with your brood and&nbsp;give each child an envelope with five or 10 bucks inside<strong>.</strong>&nbsp;Split into teams to pick out a costume or find materials to make a custom creation. When time’s up and purchases are made, head home and have the kids dig into their closets for the rest of their getups. There’s nothing like a happy homemade Halloween!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Don’t forget, just like kids grow out of clothes, they also grow out of their Halloween costumes. Check with your friends and neighbors to see if they’ll let you borrow a costume this year. Don’t drop big money for a brand-new Hulk outfit when little Timmy down the street has one your kid can wear for the night.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>2. Decorations</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For some people, Halloween is a&nbsp;<em>really</em>&nbsp;big deal (you know who you are). And for those guys, a single pumpkin on the front stoop just isn’t going to cut it. But if you’re not careful, buying Halloween décor year after year can really take a bite out of your budget. Pro tip: If you need your buck to stretch further, hit up your local&nbsp;dollar store&nbsp;for decorations.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">And if you really do go all out for Halloween, start saving and reusing your decorations. Since Halloween is almost as big of a deal as Christmas at your house, then prep for it the same way. Instead of trashing your decorations at the end of the season, start collecting items to reuse each year. Store all your ghouls and goblins in a reusable tub once the season is over. Now figuring out where to keep the giant headless horseman—that’s on you.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>3. Candy</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Just because you live in a neighborhood that gets carloads of kids every year doesn’t mean you have to buy barrels of candy. It’s no secret that candy is pricey stuff. If you already know you’ll be visited by 50–100 princesses and superheroes, skip the gourmet chocolate bars and&nbsp;grab a bulk bag of assorted candy instead. Be on the lookout for coupons and any two-for-one deals, but don’t feel like you have to get the brand-name stuff either. Just buy what you can afford (even if that’s knock-offs of Dum Dums and Smarties).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">And when the candy is gone, it’s gone. You know those kids are getting&nbsp;<em>a lot</em>&nbsp;of sugar, so you’re not really cheating the latecomers. They’ll be fine, really. Early birds get the gummy worms! Oh, and once you run out of candy, turn the lights off. There’s no need to get egged!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">One last tip when it comes to candy—keep track of how many trick-or-treaters actually visit your house so you can plan for next year. There’s no need to overbuy and get stuck eating all the leftovers (unless that’s what you were hoping for).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>4. Pumpkins</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For something that turns into a pile of moldy mush a few weeks after you buy it, a pumpkin sure costs a pretty penny. And it’s kind of like potato chips: You can’t have just one. Oh, no. Because of Instagram and Pinterest, we now think we need no less than a variety of twenty pumpkins spread across our porches, decks and tables.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Don’t get us wrong—pumpkins are fun. But it’s way too easy to overspend on these soon-to-be rotting gourds. So, what’s a pumpkin lover to do? Easy. Give yourself a pumpkin budget. We’re serious. Let the kids each pick one or cap yourself at $15—whatever you need to do to keep the spending in check.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Going to the pumpkin patch is a blast, but don’t buy your pumpkins there if you’re looking to save some money. Instead, just go get pumpkins from the grocery store and be on the lookout for two-for-one deals that pop up. Because when it all boils down to it, a pumpkin is a pumpkin.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>5. Greeting Cards</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Wait. Does anyone really send out Halloween greeting cards? When was the last time&nbsp;<em>you&nbsp;</em>got a “Have a Batty Halloween” card in your mailbox? Nearly 45% of those surveyed by NRF this year said they planned on buying Halloween greeting cards, so there—somebody’s doing it.<a href=\"https://nrf.com/topics/holiday-and-seasonal-trends/halloween/halloween-data-center\" target=\"_blank\" rel=\"noreferrer noopener\"><sup>2</sup></a></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It goes without saying that you can make a boo-tiful greeting card without having to drop $6 on a glitter-bomb skeleton card for your favorite niece. Use some cardstock and get creative by drawing all kinds of spooky characters. Don’t forget to tape on a little something sweet too! If you have your heart set on a store-bought card, stroll the aisle looking for the two-for-a-dollar kind. But remember, you don’t&nbsp;<em>have&nbsp;</em>to send a card either.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>6. Fall Activities</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">There are heaps of harvest and Halloween festivals this time of year—and they’re usually free!&nbsp;Plus, there are plenty of other budget-friendly activities sure to please everyone in the family. Spend the day walking around a farm or enjoying a hayride. Take a drive out of town to look at the changing colors of the leaves. Go apple picking or enjoy a fall festival. Take advantage of what’s already going on in your church or community, and budget a little extra for any special food or rides. Festive fall food can really add up if you’re not careful, so save some cash by packing a picnic and a comfy quilt.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>7. Family Traditions</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Carve out a weekend or two for some quality time together this fall—you don’t even have to leave your house! If you’re tired of carving pumpkins or dressing up, why not start some new, budget-friendly traditions?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">How about a fall-themed cooking day?&nbsp;Try caramel apples, pumpkin pie and jack-o’-lantern pizzas (use the pepperonis and veggies to make the face). Or have everyone vote for their favorite fall movies, then hunker down on the couch to get cozy and eat all those tasty treats you cooked up. And if you’d rather be outside enjoying the leaves, head over to the park for a scavenger hunt and enjoy the scenery while you search.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.ramseysolutions.com/budgeting/5-money-saving-tricks-for-happier-halloween\">click here.</a></p>\n<!-- /wp:paragraph -->','Have a Happy Halloween Without Scaring Your Budget','','inherit','closed','closed','','2649-revision-v1','','','2022-08-15 14:50:56','2022-08-15 14:50:56','',2649,'http://smartinsurance.tips/?p=2692',0,'revision','',0),(2693,1,'2022-08-15 14:51:40','2022-08-15 14:51:40','','Money-2','','inherit','closed','closed','','money-2-6','','','2022-08-15 14:51:40','2022-08-15 14:51:40','',2651,'http://smartinsurance.tips/wp-content/uploads/2022/08/Money-2.png',0,'attachment','image/png',0),(2694,1,'2022-08-15 14:51:45','2022-08-15 14:51:45','<!-- wp:image {\"id\":2693,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/08/Money-2.png\" alt=\"\" class=\"wp-image-2693\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Start right now. The younger you are, the more time your money has to grow.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A class titled “Finance for Young Adults” usually isn’t part of a high school curriculum—an unfortunate oversight that leaves many young people clueless about how to manage their money, apply for credit, and stay out of debt. Although some progress has been made—23 U.S. states required a personal finance course and 25 required an economics course for high school graduation in 2022—there are still large knowledge gaps in this age group.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-2\">Basic economic and financial education&nbsp;in high schools should help at least a segment of the next generation, but young adults in the crucial post-high school years also need to master core lessons about money. Let’s take a look at eight of the most important rules to get your finances on the best possible track. Never forget that the younger you are, the more time your savings and investments have to grow—so the sooner, the better.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block-callout-heading_1-0\"><strong>KEY TAKEAWAYS</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Taking the time to learn a few basic financial rules can help you build a healthy financial future.</li><li>Learning to prepare your annual tax return yourself could save you money.</li><li>Start an emergency fund and pay into it every month, even if it is a small amount.</li><li>Saving for retirement is an integral&nbsp;part of any financial plan, and starting young gives you the maximum time to grow your nest egg.&nbsp;</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-6\">8 Essential Financial Rules for Young Adults</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-7\"><strong>1. Practice Self-Control: Pay With Cash, Not Credit</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-8\">If you’re lucky, your parents taught you self-control when you were a kid. If not, keep in mind that the sooner you learn the essential life skill of delaying gratification, the sooner you’ll keep your&nbsp;personal finances&nbsp;in order as a matter of habit.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">One of the most important ways to exercise self-control with your finances is also very simple. If you wait until you’ve saved the money for whatever it is you need, then you can put all everyday purchases on a&nbsp;debit card&nbsp;instead of a&nbsp;credit card. A debit card deducts the money from your checking account immediately (with no additional fees), but a credit card—unless you can afford to pay off the balance in full every month—is actually a high-interest loan. If you get into the dangerous habit of putting all your purchases on credit cards, then not only will you be paying interest on a pair of jeans or a box of cereal, but you could also still be paying for those items in 10 years.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-12\">Credit cards are certainly useful; some offer great rewards; paying them off on time helps you&nbsp;build a good credit score. However, it is essential to use them to your advantage—not to the advantage of the lender who profits from your bad habit of racking up interest-bearing balances. Keep credit cards for emergencies only—and always pay your balance in full when the bill arrives. Also, don’t apply for every credit offer you receive—and never carry more cards than you can keep track of.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-14\"><strong>2. Beware of Bad Advice: Educate Yourself</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-15\">If you don’t learn to manage your money, then other people will find ways to mismanage it for you. Some of these people could have bad intentions, like unscrupulous financial planners. Others may be well-meaning, but not fully informed about your circumstances, like relatives who make blanket recommendations about the importance of owning your own house—even though the only way you could afford to buy right now would be taking on a risky&nbsp;adjustable-rate mortgage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-17\">Instead of relying on random advice from unqualified people, take charge of your own financial future and read a few&nbsp;basic books on personal finance. Once you’re armed with knowledge, don’t let anyone get you off track—whether it’s a significant other who siphons off your bank account or friends who want you to go out and blow tons of money with them every weekend.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\"><strong>3. Learn to Budget: Know Where Your Money Goes</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-20\">Once you’ve read a few&nbsp;personal finance books, you will understand the importance of two rules that every personal finance advisor keeps repeating. Never let your expenses exceed your income, and always keep your eye on where your money goes. The best way to do this is by&nbsp;budgeting&nbsp;and creating a&nbsp;personal spending plan&nbsp;to track the money you have coming in and the money you have going out.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-22\">Once you actually start tracking how you spend your money, it can be a valuable wake-up call to realize how the cost of buying coffee from a barista every morning adds up over the course of a month. Unlike a salary increase, which is in the hands of your boss to a large extent, small changes in your everyday expenses, like making coffee at home, are completely under your control—and they can have as big an impact on your financial situation as getting a raise.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-24\">Keeping your larger monthly expenses—like rent—as low as possible can save you even more money over time. Even if you can swing an amenity-packed apartment right now, choosing a simpler place—and banking the cash you save—could put you in a position to own a condominium or a house much sooner than your friends who are paying high rent.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Tip: Understanding how money works is the first step toward making your money work for you.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-28\"><strong>4. Pay Yourself First: Start an Emergency Fund</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-29\">One of the most-repeated mantras in personal finance is “pay yourself first,” which means saving money for emergencies and for your future. This simple practice not only keeps you out of trouble financially, but it can also help you sleep better at night. Even on the&nbsp;tightest budget—no matter how much you owe in student loans or credit card debt, no matter how low your salary is—there are ways to put at least some of your money into an&nbsp;emergency fund&nbsp;every month.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-31\">An added benefit is that, if you get into the habit of&nbsp;socking away money into savings&nbsp;automatically, then you will stop treating savings as optional—and start treating it as a required monthly expense. Before long, you’ll have more than just emergency money saved up—you’ll have retirement money, vacation money, or even money for a down payment on a home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-33\">If you put your cash into a standard savings account, it will be secure and available whenever you need it. However, that kind of account will earn almost no interest—which means that inflation will erode the value of your savings over time. Instead, you can put your fund in a&nbsp;high-yield savings account, short-term&nbsp;certificate of deposit&nbsp;(CD), or&nbsp;money market account. Just make sure the rules of your savings vehicle permit you to get to your money quickly in an emergency.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-35\"><strong>5. Start Saving for Retirement Now</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-36\">Just as your parents sent you off to kindergarten to prepare you for success in a world that seemed eons away, you need to&nbsp;plan for your retirement&nbsp;well in advance—that is, right now.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-38\">An excellent way to get started on the right path is to educate yourself about the power (some say magic) of compound interest. Once you do, the wisdom of starting your retirement fund as soon as possible will be undeniable. The simplest way to think of&nbsp;compound interest&nbsp;is as “interest on interest,” which means that you will earn interest not only on the&nbsp;principal&nbsp;(the money you put in), but also on the&nbsp;interest&nbsp;(the money the bank pays you for holding your principal). By making your money grow at a much faster rate than&nbsp;simple interest, which is calculated only on the principal, compound interest super-charges your savings—especially over time.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-40\">Why start saving for your retirement&nbsp;in your 20s?&nbsp;Again, because of the way compound interest works, the sooner you start saving, the less principal you have to invest to end up with the amount that you need to retire. Here’s an example: You start investing in the market at $100 a month, averaging a positive return of 1% a month (which is 12% a year), compounded monthly over 40 years. Your friend, who is the same age, doesn’t begin investing until 30 years later and invests $1,000 a month for 10 years, also averaging 1% a month (12% a year), compounded monthly. After 10 years, your friend will have saved around $230,000. Your retirement account will be a bit over $1.17 million.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-42\">Company-sponsored retirement plans are a particularly great choice. Not only do you get to put in&nbsp;pretax dollars&nbsp;(which lowers the income tax you pay), but many companies will also match part of your contribution, which is like getting free money. Contribution limits tend to be higher for&nbsp;401(k)s&nbsp;than for&nbsp;individual retirement accounts&nbsp;(IRAs), but any employer-sponsored plan that you’re fortunate enough to be offered is a step closer to financial health.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-44\">If you don’t have access to a company plan, don’t despair. Those who are self-employed have a range of options for&nbsp;setting up retirement plans. Others can open their own IRAs, allowing for a set amount of money each month to be withdrawn from their savings account and contributed directly into their IRA. Even if it’s only a small sum, it will eventually add up to something substantial.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-46\"><strong>6. Get a Grip on Taxes</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-47\">Before you even get your first paycheck, it’s important to understand how income tax works. When a company offers you a starting salary, you need to calculate whether that salary will give you enough money after taxes to meet your financial obligations—and, with smart planning, meet your savings and retirement goals as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-49\">Fortunately, there are plenty of online calculators that take the grunt work out of determining what your after-tax salary will be, such as PaycheckCity.com.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-49\">These calculators will chart your&nbsp;gross pay&nbsp;(total earnings), how much goes to taxes, and your&nbsp;net pay&nbsp;(earnings after taxes and other deductions, also known as take-home pay). For example, in 2022, an annual salary of $35,000 in New York City would leave you with around $28,270 after federal and state taxes (without exemptions)—about $2,356 a month. (Then you need to consider city taxes as well.)</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-51\">In another scenario, perhaps you’re considering leaving one job for another to get a salary increase. Before you do this, you’ll need to understand how your&nbsp;marginal tax rate—the tax rate you pay on additional income—will affect your raise. In the U.S., low-income earners are taxed at a lower rate than higher-income earners—the higher your salary, the higher the tax rate. For example, a salary increase from $35,000 a year to $41,000 a year looks like an extra $6,000 per year ($500 per month)—but the tax rate will be higher, so it will only give you an extra $4,227 (around $352 per month). (The amount will vary depending on taxes in your state of residence.) If you’re considering a move, keep that in mind.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-53\">Finally, take the time to learn to do your own taxes. Unless you have a complicated financial situation, it’s not that hard to do, and you won’t have to pay a tax professional.&nbsp;Tax software&nbsp;has made doing your own taxes much easier than it used to be—and software also ensures that you can file online.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-55\"><strong>7. Guard Your Health</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-56\">If paying monthly health insurance premiums seems impossible, what will you do if you have to go to the emergency room—where a single visit for a minor injury like a broken bone can cost thousands of dollars? If you’re uninsured, don’t wait another day to apply for&nbsp;health insurance. It’s easier than you think to wind up in a car accident or trip and fall down a flight of stairs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-58\">If you’re employed, then your employer may offer health insurance, including&nbsp;high-deductible health plans&nbsp;that save on premiums and qualify you for a&nbsp;Health Savings Account&nbsp;(HSA). If you need to buy insurance on your own, investigate the federal and state plans offered by the&nbsp;Health Insurance Marketplace&nbsp;of the&nbsp;Affordable Care Act&nbsp;(ACA). Look at quotes from different insurance providers to find the lowest rates. Research all your options to see if you qualify for a subsidy based on your income. If you have health issues, know that a more expensive plan could be the most cost-effective in the end.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-60\">If you’re under age 26, then your best choice may be to stay on your parents’ health insurance—an option that has been allowed since the 2010 passage of the ACA. If you can manage it, offer to reimburse your parents for the cost of keeping you on their plan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-62\">It also makes excellent financial sense to build staying healthy into your daily routine as soon as possible. Common-sense health maintenance is very straightforward, and you\'ve heard it all before. Eat fruits and vegetables, maintain a healthy weight, exercise, don\'t smoke, avoid excessive alcohol consumption, and drive defensively. Not only will you feel better physically right now, but these behaviors can also save you on medical bills down the road.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Important: Since the 2020 COVID-19 pandemic exposed critical gaps in U.S. health care and health insurance, the U.S government has been leveraging the&nbsp;American Rescue Plan&nbsp;(ARP), a $1.9-trillion stimulus package signed into law in March 2021, to expand health care coverage and reduce costs. The plan also includes incentives for states that have not participated in the Affordable Care Act (ACA) expansion to do so, potentially extending healthcare coverage to over 3 million uninsured people.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-66\"><strong>8. Protect Your Wealth</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-67\">To ensure that your hard-earned money doesn’t vanish in an emergency, you should take steps right now to protect it. Here are some smart moves to think about, even if you can’t afford them all right away:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-69\">If you rent, get&nbsp;renter\'s insurance&nbsp;to protect the contents of your home from loss due to burglary or fire. Read the policy carefully to see what’s covered and what isn’t.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-71\">Disability insurance&nbsp;protects your greatest financial asset—the ability to earn an income—by providing you with a steady income if you ever become unable to work for an extended period of time due to illness or injury.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-73\">If you want&nbsp;help managing your money, find a fee-only financial planner to provide unbiased advice. Unlike a commission-based financial advisor, who earns money when you sign up with the investments that their company backs, a fee-only planner has no personal incentive to give you financial advice that might not be in your best interest. (Even if a commission-based advisor gives you solid advice, they still always have a divided loyalty—to their company’s bottom line and to you.)</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-75\">You should also protect your money from taxes—which is easy to do with a retirement account—and from inflation—which you can do by making sure that your money is earning interest. As you decide how to protect your savings, learn everything you can about relevant&nbsp;investment vehicles, because they all bring both different degrees of risk and different potential for growth. For example, high-interest savings accounts, money market funds, and CDs are relatively free of risk; your money is safe, but it will grow slowly. On the other hand, stocks, bonds, and mutual funds are much riskier; the value of your portfolio could fall, but the potential for growth is much greater as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How Do I Choose a Financial Advisor?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">An excellent choice for a young adult is a fee-only financial planner. Unlike a commission-based advisor, who earns a commission if they sign you up with their company\'s investment plans, a fee-only planner has no personal incentive beyond your best interest, so they have no reason not to give you unbiased advice.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Why Is Compound Interest So Powerful?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Compound interest is one of the most powerful forces in finance because it grows your money exponentially, which means it can super-charge your savings, especially over time. The magic of compound interest for your retirement account is that it is interest on interest—literally. You earn interest not only on the principal (the money you put in), but also on the interest (the money the bank pays you for holding your principal).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Why Did My Paycheck Shrink After My Raise?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The higher your salary, the higher your tax rate. If you just got a raise or took a new job at a higher salary, the change in the marginal tax rate on the additional income will definitely affect your paycheck. For example, if a salary increase of $6,000 per year bumps you up into a higher tax bracket, the percentage of your income that goes to taxes bumps up as well—which will make your paycheck smaller than expected. If you’re considering a move to a more expensive area to accept a higher salary, keep that in mind.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-83\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-84\">Remember, you don’t need an MBA in finance or even specialized training to become an expert at&nbsp;managing your finances. Following these eight basic rules can put you on the path to financial security, which is the foundation that will allow you to build the rest of your dreams.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.investopedia.com/articles/younginvestors/08/eight-tips.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','8 Financial Tips for Young Adults','','inherit','closed','closed','','2651-revision-v1','','','2022-08-15 14:51:45','2022-08-15 14:51:45','',2651,'http://smartinsurance.tips/?p=2694',0,'revision','',0),(2695,1,'2022-08-15 14:57:21','2022-08-15 14:57:21','','Money-3','','inherit','closed','closed','','money-3-4','','','2022-08-15 14:57:21','2022-08-15 14:57:21','',2653,'http://smartinsurance.tips/wp-content/uploads/2022/08/Money-3.png',0,'attachment','image/png',0),(2696,1,'2022-08-15 14:57:26','2022-08-15 14:57:26','<!-- wp:image {\"id\":2695,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/08/Money-3.png\" alt=\"\" class=\"wp-image-2695\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Fixed-Rate vs. Adjustable-Rate Mortgages: An Overview</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Fixed-rate mortgages and&nbsp;adjustable-rate mortgages&nbsp;(ARMs) are the two primary&nbsp;mortgage&nbsp;types. While the marketplace offers numerous varieties within these two categories, the first step when&nbsp;shopping for a mortgage&nbsp;is determining which of the two main&nbsp;loan&nbsp;types best suits your needs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block-callout-heading_1-0\"><strong>KEY TAKEAWAYS</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>A&nbsp;fixed-rate&nbsp;mortgage charges a set&nbsp;rate of interest&nbsp;that does not change throughout the life of the loan.</li><li>The&nbsp;initial interest rate&nbsp;on an adjustable-rate mortgage (ARM) is set&nbsp;below the market&nbsp;rate on a comparable fixed-rate loan, and then the rate rises (or possibly lowers) as time goes on.</li><li>ARMs are typically more complicated than fixed-rate mortgages.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-6\">Fixed-Rate Mortgages</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-7\">A&nbsp;fixed-rate&nbsp;mortgage&nbsp;charges a set&nbsp;rate of interest&nbsp;that remains unchanged throughout the life of the loan. Although the amount of&nbsp;principal&nbsp;and&nbsp;interest&nbsp;paid each month varies from payment to payment, the total payment remains the same, which makes budgeting easy for homeowners.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The partial&nbsp;amortization&nbsp;schedule below demonstrates the way in which the amounts put toward principal and interest alter over the life of the mortgage. In this example, the mortgage term is 30 years, the principal is $100,000, and the interest rate is 6%.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2655,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/08/image-1.png\" alt=\"\" class=\"wp-image-2655\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-13\">As you can see, the payments made during the initial years of a mortgage consist primarily of interest payments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-15\">The main advantage of a&nbsp;fixed-rate loan&nbsp;is that the borrower is protected from sudden and potentially significant increases in monthly mortgage payments if interest rates rise. Fixed-rate mortgages are easy to understand and vary little from&nbsp;lender&nbsp;to lender. The downside to fixed-rate mortgages is that when interest rates are high, qualifying for a loan is more difficult&nbsp;because the payments are less affordable. A&nbsp;mortgage calculator&nbsp;can show you the impact of different rates on your monthly payment.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\">Although the rate of interest is fixed, the total amount of interest you’ll pay depends on the mortgage term. Traditional lending institutions offer fixed-rate mortgages for a variety of terms, the most common of which are 30, 20, and 15 years.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-21\">The 30-year mortgage is the most popular choice because it offers the lowest monthly payment. However, the trade-off for that low payment is a significantly&nbsp;higher overall cost, because the extra decade, or more, in the term is devoted primarily to paying interest. The monthly payments for shorter-term mortgages are higher so that the principal is repaid in a shorter time frame. Also, shorter-term mortgages offer a lower interest rate, which allows for a larger amount of principal repaid with each mortgage payment. Thus, shorter term mortgages cost significantly less overall.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-25\">Adjustable-Rate Mortgages</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-26\">The interest rate for an&nbsp;adjustable-rate mortgage&nbsp;is a&nbsp;variable one. The&nbsp;initial interest rate&nbsp;on an ARM is set&nbsp;below the market&nbsp;rate on a comparable fixed-rate loan, and then the rate rises as time goes on. If the ARM is held long enough, the interest rate will surpass the going rate for fixed-rate loans.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-28\">ARMs&nbsp;have a fixed period of time during which the initial interest rate remains constant, after which the interest rate adjusts at a pre-arranged frequency. The fixed-rate period can vary significantly—anywhere from one month to 10 years; shorter adjustment periods generally carry lower initial interest rates. After the initial term, the loan resets, meaning there is a new interest rate based on current market rates. This is then the rate until the next reset, which may be the following year.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-30\">ARM Terminology</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-31\">ARMs are significantly more complicated than fixed-rate loans, so exploring the pros and cons requires an understanding of some basic terminology. Here are some concepts borrowers need to know before selecting an ARM:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-33\" class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Adjustment Frequency:&nbsp;</strong>This refers to the amount of time between interest-rate adjustments (e.g. monthly, yearly, etc.).</li><li><strong>Adjustment Indexes:&nbsp;</strong>Interest-rate adjustments are tied to a&nbsp;benchmark. Sometimes this is the interest rate on a type of asset, such as&nbsp;certificates of deposit&nbsp;or&nbsp;Treasury bills. It could also be a specific index, such as the&nbsp;Secured Overnight Financing Rate&nbsp;(SOFR), the&nbsp;Cost of Funds Index&nbsp;or the&nbsp;London Interbank Offered Rate (LIBOR).</li><li><strong>Margin:&nbsp;</strong>When you sign your loan, you agree to pay a rate that is a certain percentage higher than the adjustment index. For example, your adjustable rate may be the rate of the one-year T-bill plus 2%. That extra 2% is called the margin.</li><li><strong>Caps:&nbsp;</strong>This refers to the limit on the amount the interest rate can increase each adjustment period. Some&nbsp;ARMs&nbsp;also offer caps on the total monthly payment. These loans, also known as&nbsp;negative amortization&nbsp;loans, keep payments low; however, these payments may cover only a portion of the&nbsp;interest due. Unpaid interest becomes part of the principal. After years of paying the mortgage, your principal owed may be greater than the amount you initially borrowed.</li><li><strong>Ceiling:&nbsp;</strong>This is the highest that the adjustable interest rate is permitted to reach during the life of the loan.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-35\">The biggest advantage of an ARM is that it is considerably cheaper than a&nbsp;fixed-rate mortgage, at least for the first three, five, or seven years.&nbsp;ARMs&nbsp;are also attractive because their low initial payments often enable the borrower to qualify for a larger loan and, in a falling-interest-rate environment, allow the borrower to enjoy lower interest rates (and lower payments) without the need to&nbsp;refinance&nbsp;the mortgage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-37\">A borrower who chooses an ARM may save several hundred dollars a month for up to seven years, after which their costs are likely to rise. The new rate will be based on market rates, not the initial below-market rate. If you\'re very lucky, it may be lower depending on what the market rates are like at the time of the rate reset.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-39\">The ARM, however, can pose some significant downsides. With an ARM, your monthly payment may change frequently over the life of the loan. And if you take on a large loan, you could be in trouble when interest rates rise: Some&nbsp;ARMs&nbsp;are structured so that interest rates can nearly double in just a few years.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Indeed, adjustable-rate mortgages went out of&nbsp;favor&nbsp;with many financial planners after the&nbsp;subprime mortgage meltdown&nbsp;of 2008, which ushered in an era of&nbsp;foreclosures&nbsp;and&nbsp;short sales. Borrowers faced sticker shock when their&nbsp;ARMs&nbsp;adjusted, and their payments skyrocketed. Fortunately, since then government regulations and&nbsp;legislation&nbsp;have been instituted to&nbsp;increase&nbsp;the&nbsp;oversight that transformed a housing bubble into a global financial crisis. The&nbsp;Consumer Financial Protection Bureau&nbsp;(CFPB) has been preventing predatory mortgage practices that hurt the consumer. Lenders are lending to borrowers who are likely to repay their loans.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Important: ARMs are considerably cheaper than&nbsp;fixed-rate mortgages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-45\">Which Loan Is Right for You?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-46\">When choosing a mortgage, you need to consider a wide range of personal factors and balance them with the economic realities of an ever-changing marketplace. Individuals’&nbsp;personal finances&nbsp;often experience periods of advance and decline, interest rates rise and fall, and the strength of the&nbsp;economy&nbsp;waxes and wanes. To put your loan selection into the context of these factors, consider the following questions:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-48\" class=\"has-black-color has-text-color has-large-font-size\"><li>How large a mortgage payment can you afford today?</li><li>Could you still afford an ARM if interest rates rise?</li><li>How long do you intend to live on the&nbsp;property?</li><li>In what direction are interest rates heading, and do you anticipate that trend to continue?</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-50\">If you are considering an ARM, you should run the numbers to determine the worst-case scenario. If you can still afford it if the mortgage resets to the maximum cap in the future, an ARM will save you money every month. Ideally, you should use the savings compared to a fixed-rate mortgage to make extra principal payments each month, so that the total loan is smaller when the reset occurs, further lowering costs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-52\">If interest rates are high and expected to fall, an ARM will ensure that you get to take advantage of the drop, as you’re not locked into a particular rate. If interest rates are climbing or a steady, predictable payment is important to you, a fixed-rate mortgage may be the way to go.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-54\">Candidates for&nbsp;ARMs</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-55\"><strong>The Short-Term Homeowner</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-56\">An ARM may be an excellent choice if low payments in the&nbsp;near term&nbsp;are your primary requirement, or if you don’t plan to live in the property long enough for the rates to rise. As mentioned earlier, the fixed-rate period of an ARM varies, typically from one year to seven years, which is why an ARM might not make sense for people who plan to keep their home for more than that. However, if you know you are going to move within a short period, or you don’t plan to hold on to the house for decades to come, then an ARM is going to make a lot of sense.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-58\">Let’s say the interest-rate environment means you can take out a five-year ARM with an interest rate&nbsp;of 3.5%. A 30-year fixed-rate mortgage, in comparison, would give you an interest rate of 4.25%. If you plan to move before the five-year ARM resets, you are going to save a lot of money on interest.&nbsp;If, on the other hand,&nbsp;you ultimately decide to stay in the house longer, especially if rates are higher when your loan adjusts, then the mortgage is going to cost more than the fixed-rate loan would have. If, though, you are purchasing a home with an eye toward upgrading to a bigger home once you start a family—or you think you’ll be relocating for work—then an ARM may be right for you.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-60\"><strong>The Bump-Up-in-Income Earner</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-61\">For people who have a stable income but don’t expect it to increase dramatically, a fixed-rate mortgage makes more sense. However, if you expect to see an increase in your income, going with an ARM could save you from paying a lot of interest over the long haul.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-63\">Let’s say you are looking for your first home and just graduated from medical or law school or earned an&nbsp;MBA. The chances are high that you are going to earn more in the coming years and will be able to afford the increased payments when your loan adjusts to a higher rate. In that case, an ARM will work for you. In another scenario, if you expect to start receiving money from a&nbsp;trust&nbsp;at a certain age, you could get an ARM that resets in the same year.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-65\"><strong>The Pay-It-Off Type</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-66\">Taking out an adjustable-rate mortgage is very attractive to&nbsp;mortgage borrowers who have, or will have, the&nbsp;cash&nbsp;to pay off the loan before the new interest rate kicks in. While that&nbsp;doesn’t include the vast majority of Americans, there are situations in which it may be possible to pull it off.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-68\">Take a borrower who is buying one house and selling another one at the same time. That person may be forced to purchase the new home while the old one is in contract and, as a result, will take out a one- or two-year ARM. Once the borrower has the proceeds from the sale, they can turn around to pay off the ARM with the proceeds from the home sale.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-70\">Another situation in which an ARM would make sense is if you can afford to accelerate the payments each month by enough to pay it off before it resets. Employing this strategy can be risky because life is unpredictable. While you may be able to afford to make accelerated payments now, if you get sick, lose your job, or the boiler goes, that may no longer be an option.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-72\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-73\">Regardless of the loan type you select, choosing carefully will help you avoid costly mistakes. One thing is for sure: Don’t go with the ARM because you think the lower monthly payment is the&nbsp;only&nbsp;way to afford that dream house. You may get a similar rate at the time of reset, but it is a serious gamble. It’s more prudent to search for a house with a smaller price tag instead.<br></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.investopedia.com/mortgage/mortgage-rates/fixed-versus-adjustable-rate/\">click here.</a></p>\n<!-- /wp:paragraph -->','Fixed-Rate vs. Adjustable-Rate Mortgages: What\'s the Difference?','','inherit','closed','closed','','2653-revision-v1','','','2022-08-15 14:57:26','2022-08-15 14:57:26','',2653,'http://smartinsurance.tips/?p=2696',0,'revision','',0),(2697,1,'2022-08-15 14:58:12','2022-08-15 14:58:12','','Tech-tips','','inherit','closed','closed','','tech-tips-3','','','2022-08-15 14:58:12','2022-08-15 14:58:12','',2657,'http://smartinsurance.tips/wp-content/uploads/2022/08/Tech-tips.jpg',0,'attachment','image/jpeg',0),(2698,1,'2022-08-15 14:58:29','2022-08-15 14:58:29','<!-- wp:image {\"id\":2697,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/08/Tech-tips.jpg\" alt=\"\" class=\"wp-image-2697\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Technology is fascinating and confusing at the same time. It can help keep you organized, handle tedious chores automatically, and connect you globally. It can also cost you a lot of unnecessary dollars if you are not careful.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Here are tips based on the experience of other small business owners who have previously navigated a technology minefield filled with the latest and greatest.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Establish a Budget</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The first step in deciding which types of technology to invest in is putting together a budget. The newest gadgets and software run the gamut in price from a 99 cent app to a high-end scanner that costs thousands.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Set up a budget and stick to it. Base it on how much you can reasonably afford to invest. Having a fixed amount to work with will reduce the temptation of the newest add-on or gizmo.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Be Aware of the Full Cost.</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">New technology is the sum of the sticker price plus the cost of implementing it. Consider these points:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Does it need special installation?</li><li>Do you need a subscription to an online site to keep it updated?</li><li>Does it need ongoing maintenance?</li><li>Does it break down often?</li><li>Do you need to pay for training?</li><li>Are upgrades free or do you pay for them?</li><li>Are there data storage costs involved?</li><li>Do you need to buy additional software?</li><li>What accessories are essential?</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Fit the Technology to Your Needs</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Make sure the electronics you are thinking of investing in match your business lifestyle. If you constantly travel from customer to customer, bulky electronics are a bad investment. Think laptop or tablet, instead of a desktop. Do you really need to upgrade your server? Instead of buying the software yourself, would a Software-As-A-Service, or SaaS offering be more cost effective? Can you rely on the cloud?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Look for Compatibility and Security</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Make sure that new devices you purchase will work with your existing equipment. A great piece of Mac software will not do you any good in a Windows environment unless you buy additional software.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Is it secure? This is a very real hazard for a small business. Make sure that what you buy can be protected with the proper levels of security. Taking shortcuts with the cost of security could come back and severely damage your business.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Small Businesses Use</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A 2013 survey by the Small Business Owners Association listed these four items as essentials:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Desktop (87%)</li><li>Laptop (84%)</li><li>Smartphone (74%)</li><li>Landline (78%)</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Though the landline is something of a surprise, these rates show how important technology is for your small company. Start with the basics when you first invest in electronics and slowly add what you need.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Cloud Computing</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In the survey mentioned, 43% of the owners polled had switched to cloud computing. In the last five years, cloud-based services have grown exponentially. This offers small businesses a number of benefits:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Your content and data can be accessed anywhere there is an internet connection.</li><li>Since you do not have to install software, you do not have to buy updates or worry about getting the latest version.</li><li>Storage problems are solved.</li><li>Apps run on any device.</li><li>Backups are automatic.</li><li>Connections are secure.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Using cloud-based services offers simplicity and peace of mind, since you do not have to worry about storage and updates. You do not have to pay for software, but instead subscribe to it using a SaaS model.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Today, the right technology can help streamline your business and make life easier — if you buy the right type. Do your research when you look at what’s new and exciting on the market. Ask questions before you buy and stick to your budget.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://financialwellnesscenter.northwest.bank/small-business/business-management/article/selecting-the-right-technology-and-tools\">click here.</a></p>\n<!-- /wp:paragraph -->','Selecting the Right Technology and Tools','','inherit','closed','closed','','2657-revision-v1','','','2022-08-15 14:58:29','2022-08-15 14:58:29','',2657,'http://smartinsurance.tips/?p=2698',0,'revision','',0),(2699,1,'2022-08-15 14:59:18','2022-08-15 14:59:18','','Retirement','','inherit','closed','closed','','retirement-2','','','2022-08-15 14:59:18','2022-08-15 14:59:18','',2660,'http://smartinsurance.tips/wp-content/uploads/2022/08/Retirement.png',0,'attachment','image/png',0),(2700,1,'2022-08-15 14:59:21','2022-08-15 14:59:21','<!-- wp:image {\"id\":2699,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/08/Retirement.png\" alt=\"\" class=\"wp-image-2699\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">When you deposit into your 401(k), you\'re putting that money away for the future. But what happens if you need that cash now?&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The good news: You can access your 401(k) funds before you turn 59 ½, the IRA retirement age, through a process the IRS calls an \"early withdrawal.\" The bad news: An early withdrawal usually triggers a steep penalty in addition to taxes. You will also lose out on years of potential growth for your nest egg.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">However, there are exceptions to the rules — and strategies to avoid such dire consequences.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"401(k)-early-withdrawal-penalty\"><strong>401(k) early withdrawal penalty</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A&nbsp;401(k)&nbsp;is an employer-sponsored retirement plan. You make regular pre-tax contributions to it – that is, straight off the top of your paycheck — and the money within it grows tax-free.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Because these tax-advantaged accounts are meant to help you save for retirement, the IRS imposes strict rules about when and how you can withdraw your money. Primarily, you have to be at least 59 years and six months old.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Technically, anyone can withdraw funds at any time — or take a distribution, in IRS-speak — from their 401(k) before they hit that magic age. It\'s your money, after all.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">But you may not get as much money as you had hoped for. That\'s because the withdrawal will be subject to:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"ordered\":true,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ol class=\"has-black-color has-text-color has-large-font-size\"><li><strong>A mandatory 20% federal tax</strong>: When you take out money, the plan\'s service provider is required to withhold 20% in federal income tax. That means if you withdraw $10,000, you will get $8,000. While you will get this back as a tax refund if the money withheld exceeds your tax liabilities, this will significantly cut into the money that, presumably, you need immediately.&nbsp;</li><li><strong>A 10% tax penalty:&nbsp;</strong>You will owe a 10% penalty when you file your income tax return — or $1,000 on that $10,000 withdrawal.&nbsp;</li></ol>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A 401(k) early withdrawal will cost you more than just 30% off your withdrawal. Something that could be even worse — in the long run, at least — is the missed opportunity for that money to grow in your account.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For example, say you withdraw $20,000 when you\'re 40 years old. Assuming a 7% annual rate of return, the potential future value of that $20,000 today would be nearly $110,000 by the time you\'re 65.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"exceptions-to-the-401(k)-early-withdrawal-tax-penalty-\"><strong>Exceptions to the 401(k) early withdrawal tax penalty&nbsp;</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In most cases, you\'ll just have to take that 10% penalty if you decide to withdraw from a 401(k).&nbsp; But the&nbsp;IRS will waive that 10% penalty&nbsp;in extenuating circumstances:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>You become or are permanently disabled:</strong>&nbsp;If you are or become disabled for life, you won\'t owe the penalty.</li><li><strong>You are dividing assets in a divorce:&nbsp;</strong>Withdrawals made to satisfy a court order to divvy up the 401(k) with a former spouse or dependent are penalty-exempt.</li><li><strong>You are a qualified military reservist:&nbsp;</strong>You can take penalty-free withdrawals during your service period if you\'re called to active duty for at least 180 days.<strong>&nbsp;</strong></li><li><strong>You leave your job at age 55:&nbsp;</strong>Also known as the rule of 55, this provision allows anyone who retires, quits, or is fired at age 55 to withdraw without penalty.&nbsp;</li><li><strong>You enroll in \"substantially equal periodic payments\":&nbsp;</strong>With&nbsp;SEPP, you withdraw a specific amount from your 401(k) every year for five years or until you turn 59 ½, whichever comes later. One catch: This account can\'t be the one you have at your current job — it has to be one you\'ve kept from a previous employer. Also, if you quit the SEPP plan early, you\'ll owe all the penalties, plus interest.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In addition to these events and situations, there are two other main ways to cash out early without a tax penalty: hardship withdrawals and loans.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"how-401(k)-hardship-withdrawals-work\"><strong>How 401(k) hardship withdrawals work</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The IRS allows anyone to take penalty-free withdrawals if they have an \"immediate and heavy financial need.\" You can use the money to cover your needs or those of someone else.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You may qualify for a hardship distribution if the funds go to:&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Pay for certain medical expenses</li><li>Buy a primary residence (excluding mortgage payments)</li><li>Cover college tuition, fees, room, and board</li><li>Prevent eviction or foreclosure</li><li>Pay for burial and funeral expenses</li><li>Make necessary home repairs after a disaster</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The amount you\'re able to withdraw will be limited to the amount necessary to cover the expense.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"how-a-401(k)-loan-works\"><strong>How a 401(k) loan works</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Given all the drawbacks of early withdrawals, you might consider&nbsp;borrowing from your 401(k) instead.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In general, you can borrow up to $50,000 or 50% of your vested account on a tax-free basis if you repay the loan within five years. That said, if you leave your job, you may be expected to pay off the loan in a short period of time. A 401(k) loan can be a better option than an early withdrawal for a couple of reasons:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>You won\'t owe taxes or a penalty on the amount you borrow unless you violate the loan limits and repayment rules.</li><li>If you repay the loan on time, you won\'t miss out on years of growth like you would with a withdrawal.</li><li>The interest you pay on a 401(k) loan can go back into your 401(k).</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">That said, some 401(k) loan plans don\'t let you contribute to retirement while you have an outstanding balance. Additionally, the money you use to pay back the loan is already after-tax income. This money will be taxed again once you take it out after you\'ve retired.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"401(k)-early-withdrawals-during-a-recession\"><strong>401(k) early withdrawals during a recession</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A&nbsp;recession&nbsp;spells out bad times for all.&nbsp;Gross domestic product (GDP)&nbsp;falls and industrial production slows down. Most noticeably of all,&nbsp;unemployment rates&nbsp;rise. You may find yourself on the wrong side of that trend with dwindling savings. You&nbsp;<em>do</em>&nbsp;have a nice amount of money that you set aside for a future version of yourself.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It\'s a tempting idea that many people follow through on. A study from the&nbsp;IRS conducted in 2013&nbsp;found that in 2004, prior to the Great Recession, 13.3% of people with some retirement plan experienced a taxable retirement account distribution — essentially they did an early withdrawal. That percentage rose to 15.4% in 2010.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">An early withdrawal should be a last resort. If you can afford not to withdraw early, do so. However, like many other issues within personal finance, recessions impact income levels differently. The same survey states that lower-income households have a higher propensity for an early withdrawal because they\'re more deeply impacted by the economic shock.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"the-bottom-line\"><strong>The bottom line</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You can access the money in your 401(k) before the traditional withdrawal age of 59 ½, but you should consider alternatives before committing to an early withdrawal. Keep in mind that your take-home will only be about 70% of the withdrawal amount after factoring your 20% tax and&nbsp; 10% penalty.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Also keep in mind the&nbsp;money you could\'ve earned&nbsp;if you had kept that money invested, which you can calculate using one of the many future gains calculators available online.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you see no alternative, take out only what you absolutely need right now, which will minimize how far back you\'re setting your retirement.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.businessinsider.com/personal-finance/401k-early-withdrawal\">click here.</a></p>\n<!-- /wp:paragraph -->','How to withdraw from your traditional 401(k) account early and avoid penalties and fees','','inherit','closed','closed','','2660-revision-v1','','','2022-08-15 14:59:21','2022-08-15 14:59:21','',2660,'http://smartinsurance.tips/?p=2700',0,'revision','',0),(2701,1,'2022-08-15 15:00:10','2022-08-15 15:00:10','','Leadership','','inherit','closed','closed','','leadership-2','','','2022-08-15 15:00:10','2022-08-15 15:00:10','',2662,'http://smartinsurance.tips/wp-content/uploads/2022/08/Leadership.png',0,'attachment','image/png',0),(2702,1,'2022-08-15 15:00:22','2022-08-15 15:00:22','<!-- wp:image {\"id\":2701,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/08/Leadership.png\" alt=\"\" class=\"wp-image-2701\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid4\">The prospect of advancing to the top of one\'s field is what makes it possible for many people to keep plugging away at their jobs, honing their skills,&nbsp;and taking on new projects. But after a certain point, career development depends on more than technical skills and a willingness to work hard. You also need a few soft skills, not the least of which is the ability to take on a leadership role.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid6\">Some people are natural leaders, but anyone can develop the skill set needed with some practice. If you want to take your career as far as possible, you have to be willing to put in the work. Here are nine strategies to help you&nbsp;develop your leadership skills&nbsp;and advance your career.&nbsp;&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid8\">Find out your ideal leadership style based on your personality here:&nbsp;Which of These Leadership Styles Is Right For You? (Decision Tree)</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">1. Practice discipline</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid10\">A good leader&nbsp;needs&nbsp;discipline.&nbsp;Developing discipline in your professional (and personal) life is a must to be an effective leader and to inspire others&nbsp;to be disciplined as well. People will judge your capacity to lead by the amount of discipline you display at work.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid12\">Demonstrate discipline at work by always meeting deadlines, keeping appointments, and&nbsp;ending meetings on time. If you are naturally disorganized, then you may have your work cut out for you, but you can always start small. Try implementing good habits at home, like&nbsp;waking up early and getting daily exercise, and work your way up from there.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">2. Take on more projects</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid14\">A great way to develop your leadership skills is to take on more responsibility. You don\'t have to take on more than you can handle, but you do need to do more than&nbsp;simply&nbsp;what\'s covered in your job description if you want to grow. Stepping out of your comfort zone is the only way you will learn anything new, and doing so will get you noticed by&nbsp;executives&nbsp;as someone who&nbsp;takes initiative.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">3. Learn to follow</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid16\">A true leader has no problem yielding control to another person when appropriate. You should not feel threatened when someone disagrees with you, questions your thinking, or puts forth their own ideas. Keep an open mind and give merit where merit is due. It won\'t always be easy, but if you learn to value and respect others on your team, they\'ll be more likely to step up to the plate for you.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">4. Develop situational awareness</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid18\">A mark of a good leader is someone who can see the bigger picture and anticipate problems before they occur. This is a valuable skill to have when handling&nbsp;complex&nbsp;projects with tight deadlines. The ability to foresee and provide suggestions for avoiding potential problems is invaluable for a leader. This ability also helps you recognize opportunities that others overlook, which will certainly earn you recognition. This can be especially difficult to develop when&nbsp;leading remote teams&nbsp;but with practice, you can become more attuned to your teams and projects.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">5. Inspire others</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid20\">Being a leader means you are part of a team, and as a leader, you should be able to motivate and inspire those you work with to collaborate as best they can. When a team member needs encouragement or guidance, offer it. Sometimes, all a person needs is someone to listen and be sympathetic.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">6. Keep learning</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid22\">The best path to becoming a good leader is to be open to learning new things. It keeps your mind sharp and your skills fresh. It primes you for new challenges that may come your way, which is always a good thing for a leader.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">7. Empower&nbsp;your teammates</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid24\">No one is the best at everything, and the sooner you realize that the sooner you can learn to be a good leader. Delegating tasks to others not only frees you up for things you do well, but it also empowers other people on your team.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">8. Resolve conflicts</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid26\">Don\'t be a&nbsp;manager from hell! Not everyone will get along all the time.&nbsp;Instead of&nbsp;ignoring&nbsp;interpersonal conflicts and hoping they will go away, address them by talking&nbsp;to those involved privately. Also, be open to reassigning team members if the conflict can\'t be resolved.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">9. Be a discerning listener</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid28\">Becoming a leader doesn\'t mean you always have to be in the spotlight. An important trait of a good leader is someone who listens to suggestions, ideas, and feedback from other people and builds on them. Good listeners know that communication is not only about words, but picking up on non-verbal cues, such as eye contact and body language.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"magicdomid31\">Good leadership skills&nbsp;are essential to advancing your career, but as you can see, leadership is much more than simply being in charge. As American statesman John Quincy Adams said, \"If your actions inspire others to dream more, learn more, do more, and become more, you are a leader.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How Wrike can help you hone your leadership skills</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Being a good leader is hard enough without dealing with disorganized&nbsp;project management&nbsp;systems. Wrike\'s&nbsp;project&nbsp;management software gives you the tools you need to lead your team to greatness:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Customizable request forms, so you can streamline your work intake and delegate tasks with ease</li><li>Dashboards for 360-degree visibility into projects, tasks, and workloads</li><li>Gantt charts to visualize deadlines and adjust schedules with a click&nbsp;</li><li>Dynamic reports with all the data you need to make key decisions</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Get started today with a&nbsp;free two-week trial of Wrike&nbsp;and watch your leadership skills blossom.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.wrike.com/blog/9-ways-develop-leadership-skills/\">click here.</a></p>\n<!-- /wp:paragraph -->','9 Ways to Develop Your Leadership Skills','','inherit','closed','closed','','2662-revision-v1','','','2022-08-15 15:00:22','2022-08-15 15:00:22','',2662,'http://smartinsurance.tips/?p=2702',0,'revision','',0),(2703,1,'2022-08-15 15:01:12','2022-08-15 15:01:12','','Insurance-1','','inherit','closed','closed','','insurance-1-6','','','2022-08-15 15:01:12','2022-08-15 15:01:12','',2664,'http://smartinsurance.tips/wp-content/uploads/2022/08/Insurance-1.png',0,'attachment','image/png',0),(2704,1,'2022-08-15 15:01:15','2022-08-15 15:01:15','<!-- wp:image {\"id\":2703,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/08/Insurance-1.png\" alt=\"\" class=\"wp-image-2703\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0\">What Is Underwriting?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Underwriting is the process through which an individual or institution takes on&nbsp;financial risk&nbsp;for a fee. This risk most typically involves&nbsp;loans, insurance, or investments. The term underwriter originated from the practice of having each risk-taker write their name under the total amount of risk they were willing to accept for a specified premium.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-3\">Although the mechanics have changed over time, underwriting continues today as a key function in the financial world.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block-callout-heading_1-0\"><strong>KEY TAKEAWAYS</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Underwriting is the process through which an individual or institution takes on financial risk for a fee.&nbsp;</li><li>Underwriters assess the degree of risk of insurers\' business.</li><li>Underwriting helps to set fair borrowing rates for loans, establish appropriate premiums, and create a market for securities by accurately pricing investment risk.</li><li>Underwriting ensures that a company filing for an IPO will raise the capital needed and provide the underwriters with a premium or profit for their services.</li><li>Investors benefit from the vetting process of underwriting grants by helping them make informed investment decisions.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-9\">How Underwriting Works</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">Underwriting involves conducting research and assessing the degree of risk each applicant or entity brings to the table before assuming that risk. This check helps to set fair borrowing rates for loans, establish appropriate premiums to adequately cover the true cost of insuring policyholders, and create a market for&nbsp;securities&nbsp;by accurately pricing investment risk. If the risk is deemed too high, an underwriter may refuse coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-12\">Risk is the underlying factor in all underwriting. In the case of a loan, the risk has to do with whether the borrower will repay the loan as agreed or will default. With insurance, the risk involves the likelihood that too many policyholders will file claims at once. With securities, the risk is that the underwritten investments will not be profitable.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-14\">Underwriters evaluate loans, particularly mortgages, to determine the likelihood that a borrower will pay as promised and that enough&nbsp;collateral&nbsp;is available in the event of&nbsp;default. In the case of insurance, underwriters seek to assess a policyholder\'s health and other factors and spread the potential risk among as many people as possible. Underwriting securities, most often done via&nbsp;initial public offerings&nbsp;(IPOs), helps determine the company\'s underlying value compared to the risk of funding its IPO.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-16\">Types of Underwriting</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-17\">There are basically three different types of underwriting: loans, insurance, and securities.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\"><strong>Loan Underwriting</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-20\">All loans undergo some form of underwriting. In many cases, underwriting is automated and involves appraising an applicant\'s credit history, financial records, and the value of any collateral offered, along with other factors that depend on the size and purpose of the loan. The appraisal process can take a few minutes to a few weeks, depending on whether the appraisal requires a human being to be involved.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-22\">The most common type of loan underwriting that involves a human underwriter is for&nbsp;mortgages. This is also the type of loan underwriting that most people encounter. The underwriter assesses income, liabilities (debt), savings, credit history, credit score, and more depending on an individual\'s financial circumstances. Mortgage underwriting typically has a “turn time” of a week or less.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-24\">Refinancing&nbsp;often takes longer because buyers who face deadlines get preferential treatment. Although loan applications can be approved, denied, or suspended, most are “approved with conditions,” meaning the underwriter wants clarification or additional documentation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-26\">Insurance Underwriting</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-27\">With insurance underwriting, the focus is on the potential policyholder—the person seeking health or life insurance. In the past, medical underwriting for health insurance was used to determine how much to charge an applicant based on their health and even whether to offer coverage at all, often based on the applicant’s pre-existing conditions. Beginning in 2014, under the&nbsp;Affordable Care Act, insurers were no longer allowed to deny coverage or impose limitations based on pre-existing conditions.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-29\">Life insurance underwriting&nbsp;seeks to assess the risk of insuring a potential policyholder based on their age, health, lifestyle, occupation, family medical history, hobbies, and other factors determined by the underwriter. Life insurance underwriting can result in approval—along with a range of coverage amounts, prices, exclusions, and conditions—or outright rejection.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-31\">Securities Underwriting</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-32\">Securities underwriting, which seeks to assess risk and the appropriate price of particular securities—most often related to an IPO—is performed on behalf of a potential investor, often an investment bank. Based on the results of the underwriting process, an&nbsp;investment bank&nbsp;would buy (underwrite) securities issued by the company attempting the IPO and then sell those securities in the market.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-34\">Underwriting ensures that the company\'s IPO will raise the capital needed and provides the underwriters with a premium or profit for their service. Investors benefit from the&nbsp;vetting&nbsp;process that underwriting provides and its ability to make an informed investment decision.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-36\">This type of underwriting can involve individual stocks and debt securities, including government, corporate, or municipal bonds. Underwriters or their employers purchase these securities to resell them for a profit either to investors or dealers (who sell them to other buyers). When more than one underwriter or group of underwriters is involved, this is known as an&nbsp;underwriter syndicate.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-38\">How Long Does Underwriting Take?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-39\">The time frame for underwriting varies among different investment products, as the underwriter will have to spend some time examining the risk profile of each investment. Personal loans and insurance products are generally fairly simple to underwrite.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-41\"><strong>Personal Loans</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-42\">For car loans, the process is managed by an algorithm that compares the applicant to other borrowers with a similar profile. This process takes only a few days at most, and in some cases, it is almost instantaneous.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Home mortgages tend to take longer because the underwriter will need to verify the borrower\'s income, employment, and credit history, which can take some time. Full approval for a home loan can take up to 45 days, although the underwriting process itself accounts for only a small part of this time frame.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-46\">Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-47\">Underwriting insurance is the same as underwriting a loan, except that the insurers weigh the probability and size of the average claim compared to the premiums that they expect to collect. In the case of property and auto insurance policies, this is based on factors like the age of the insured, their geographical location, and their past history of making claims.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-49\">Life insurance policies are more complicated because they also account for the insured\'s medical history. Underwriting life insurance can also take a month or longer, although most decisions are issued in a few days.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-51\">Stocks and Bond Issues</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-52\">Securities are the most complicated products to underwrite. When a company issues a bond or a stock offering, the underwriter (usually an investment bank) examines the company\'s accounts, cash flows, assets, and liabilities, and checks for any discrepancies. This can take anywhere between six and nine months.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-54\">What Information Do Underwriters Look at?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-55\">Whether they are lending money or providing insurance, underwriters examine the financials of each applicant to determine how much risk they are taking on and the likelihood of losing money. This is generally done by comparison to historical data: If applicants with a similar risk profile tend to default X% of the time, then the premiums or interest rate will be priced at a rate that assumes an X% probability of default.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-57\">Underwriters for personal loans and insurance will look at the available data of the applicant. For loans, they might examine the borrower\'s income, employment status, and credit history. They will also assess the value of any assets that are used for collateral. For life insurance, they might also look at their medical history, including risk factors such as smoking or drinking.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-59\">For securities, the underwriters will look at the financial situation of the issuer, such as their income statements, cash flow, debts, and any other potential liabilities, before pricing a bond or stock issue. They will also examine the issuer\'s&nbsp;credit rating, the institutional equivalent of a personal credit score.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-61\">How Underwriting Sets the Market Price</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-62\">Creating a fair and stable market for financial transactions is the chief function of an underwriter. Every&nbsp;debt instrument, insurance policy, or IPO carries a certain risk that the customer will default, file a claim, or fail—a potential loss to the insurer or lender. A big part of the underwriter\'s job is to weigh the known risk factors and investigate an applicant’s truthfulness to determine the minimum price for providing coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-64\">Underwriters help establish the true market price of risk by deciding on a case-by-case basis - which transactions they are willing to cover and what rates they need to charge to make a profit. Underwriters also help expose unacceptably risky applicants—such as unemployed people asking for expensive mortgages, those in poor health who request life insurance, or companies that attempt an IPO before they are ready—by rejecting coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-66\">This vetting function substantially lowers the overall risk of expensive claims or defaults. It allows loan officers, insurance agents, and investment banks to offer more competitive rates to those with less risky propositions.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Where Did the Word Underwriting Come From?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The term \"underwrite\" originates in the 17th century when marine vessels would be underwritten for insurance risk for overseas voyages. The insurance company would sub-scribe (literally to write underneath or under-write) the policy by signing their name at the bottom of the document and acknowledging consent that the policy is in force.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Is the Purpose of Underwriting Today?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Underwriting, whether for an insurance policy or a loan, revaluates the riskiness of a proposed deal or agreement. For an insurer, the underwriter must determine the risk of a policyholder filing a claim that must be paid out before the policy has become profitable. For a lender, the risk is of default or non-payment. Similarly, securities underwriting by investment banks evaluate newly issued shares and bonds to determine their risk-adjusted value.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Can an Underwriter Deny an Insurance Policy or Loan?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Yes, if the riskiness of a borrower or insurance policy applicant is deemed too great, the underwriter can either recommend higher rates or else deny the application entirely - so long as they are not breaking any anti-discrimination laws and are only evaluating objective risk metrics.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How Long Does the Underwriting Process Take?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">With the advent of information technology, the underwriting process for insurers and lenders has shortened from a matter of weeks or months to just a few days or even hours in some cases.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-76\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-77\">Underwriting is the process of examining the financials of a loan or insurance application to determine how much risk they pose to a lender or insurer. This usually means checking the applicant\'s income, assets, and credit history to determine the likelihood that they will end up costing the underwriting institution more than they pay in premiums.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.investopedia.com/terms/u/underwriting.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','Underwriting','','inherit','closed','closed','','2664-revision-v1','','','2022-08-15 15:01:15','2022-08-15 15:01:15','',2664,'http://smartinsurance.tips/?p=2704',0,'revision','',0),(2705,1,'2022-08-15 15:02:01','2022-08-15 15:02:01','','Insurance-2','','inherit','closed','closed','','insurance-2-6','','','2022-08-15 15:02:01','2022-08-15 15:02:01','',2666,'http://smartinsurance.tips/wp-content/uploads/2022/08/Insurance-2.png',0,'attachment','image/png',0),(2706,1,'2022-08-15 15:02:04','2022-08-15 15:02:04','<!-- wp:image {\"id\":2705,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/08/Insurance-2.png\" alt=\"\" class=\"wp-image-2705\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0\">What Is Directors and Officers (D&amp;O) Liability Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Directors and officers (D&amp;O) liability insurance is insurance coverage intended to protect individuals from personal losses if they are sued as a result of serving as a director or an officer of a business or other type of organization. It can also cover the legal fees and other costs the organization may incur as a result of such a suit.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block-callout-heading_1-0\"><strong>KEY TAKEAWAYS</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Directors and officers (D&amp;O) liability insurance covers directors and officers or their company or organization if sued (most policies exclude fraud and criminal offenses).</li><li>D&amp;O insurance claims are paid to cover losses associated with the lawsuit, including legal defense fees.</li><li>Side A coverage covers directors and officers for claims where the company refuses to or is financially unable to pay for indemnification.</li><li>Side B coverage covers the losses of directors and officers when the company does grant indemnification.</li><li>Side C coverage, also called \"entity coverage,\" extends coverage for the corporate entity itself.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-7\">Understanding Directors and Officers (D&amp;O) Liability Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-8\">D&amp;O insurance applies to anyone who serves as a director or an officer of a for-profit business or nonprofit organization. A D&amp;O insurance policy&nbsp;insures&nbsp;against personal losses, and it&nbsp;can also help reimburse a&nbsp;business or nonprofit for the legal fees or other costs incurred in defending such individuals against lawsuits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">D&amp;O insurance claims are paid to directors and officers of a company or organization for losses or&nbsp;reimbursement of&nbsp;defense costs if&nbsp;legal action is brought against them. Such coverage can also&nbsp;extend to&nbsp;criminal and regulatory investigations or trial defense costs. Civil and criminal actions are often brought against directors and&nbsp;officers simultaneously.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-12\">D&amp;O insurance is akin to&nbsp;corporate governance,&nbsp;corporate law, and the&nbsp;fiduciary&nbsp;duty owed to stakeholders, such as shareholders and beneficiaries. US federal law grants&nbsp;directors and officers broad discretion in their business activities. Corporate law is typically handled at the state level. Publicly traded companies are subject to more federal regulation than privately held companies, particularly due to the&nbsp;Securities Act of 1933&nbsp;and the&nbsp;Securities Exchange Act of 1934.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-14\">Types of Directors and Officers Liability Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-15\">The typical D&amp;O insurance policy contains three types of insuring agreements. They\'re commonly referred to as Side A, Side B, and Side C.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-17\">Side A coverage covers directors and officers for claims where the company refuses to or is financially unable to pay for indemnification. This can occur, for example, if the company has declared bankruptcy. Under Side A coverage, the individual officer is the one who\'s insured and it\'s their personal assets that are at risk.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\">Side B coverage covers the losses of directors and officers when the company does grant indemnification. In this case, the policy will reimburse the company for legal costs. Under Side B coverage, it is the company that is insured while its corporate assets are at risk.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-21\">Side C coverage, also called \"entity coverage,\" extends coverage for the corporate entity itself. Under Side C coverage, the company is insured and its corporate assets are at risk.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-23\">The exact coverage that a company goes with ultimately depends on its unique business model characteristics, needs, history, and financial picture.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-25\">Directors and Officers Liability Insurance Process</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-26\">The process of D&amp;O insurance in real life is straightforward. It all starts when a manager allegedly fails to perform his or her role. Some common risk scenarios include employment malpractice, reporting errors, inaccurate disclosures, insolvencies, and regulation violations. As a result, several claimants decide to sue the manager.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-28\">Once the manager and the legal/risk management departments are informed of the claim, they then provide a description of the claim to their broker/insurer. If the claim is covered, the insurer covers the defense costs. If the claim is covered and the case is lost, the insurer pays for the defense costs&nbsp;<em>and&nbsp;</em>the financial losses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-30\">Of course, that example heavily depends on the terms and conditions of the specific policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Important: D&amp;O insurance&nbsp;has become closely associated with broader management liability insurance, which covers&nbsp;liabilities&nbsp;of the corporation, as well as the personal liabilities for the directors and officers of the corporation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-34\">Special Considerations</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-35\">D&amp;O policies can take different forms, depending on the nature of the organization and the risks it faces. It’s best to seek out an insurance company with deep experience in this specialized field. The policies are generally purchased by the organization to cover a group of individuals rather than by the individuals themselves.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-37\">If a&nbsp;company fails to disclose material information or willfully provides inaccurate information, the insurer may avoid payment due to&nbsp;misrepresentation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-39\">The \"severability clause\" in the policy conditions may be intended to protect against this by preventing misconduct by one insured from affecting insurance for other insureds; however, in certain jurisdictions, it may be ineffective.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-41\">Policies can be written to insure against a variety of hazards, but they generally make exclusions for fraud, criminal activity, and illegal profits. Also, most policies contain \"insured vs. insured\" clauses, whereby no claim is paid when current or former directors and officers sue the company. This prevents the company from profiting from deceit or conspiracy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Do I Need D&amp;O Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It depends on the size and nature of your business. But generally speaking, D&amp;O insurance should seriously be considered. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Do Small Businesses Need D&amp;O Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Small businesses aren\'t immune to costly lawsuits. It might be easy to assume that lawsuits and fines are only triggered by disgruntled shareholders. That\'s definitely the case with high-profile suits against large public companies. However, for private companies, the most damaging suits are brought by customers, vendors, and other third parties. Small companies might be uniquely vulnerable to a potentially damaging lawsuit because they don\'t have the financial muscle that larger companies may have.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How Much Does D&amp;O Insurance Cost?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The cost of D&amp;O insurance can vary widely depending on factors like company size, industry, risk appetite, financial position, revenue, and claims history. All else equal, businesses that have a long operating history will likely pay less than younger organizations. Insurance marketplace Insureon found that the median cost of D&amp;O insurers for its customers was $1,240 annually.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Type of D&amp;O Insurance Should I Buy?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The type of D&amp;O insurance you choose depends on what your company needs and what it can afford. Here are a few main things to consider—should the policy just cover managers (Side A) or the company as a whole (Side B and Side C)? How much coverage is enough? What are the biggest D&amp;O risks your company, in particular, faces?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Does D&amp;O Insurance Cover?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">D&amp;O insurance typically covers legal fees, settlements, and financial losses when the insured is held liable. Common allegations covered include breaches of fiduciary duty, failure to comply with regulations, lack of corporate governance, creditor claims, and reporting errors.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Outright fraud, criminal activity, and lawsuits between managers within the same company are usually not covered.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.investopedia.com/terms/d/directors-and-officers-liability-insurance.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','Directors and Officers (D&O) Liability Insurance','','inherit','closed','closed','','2666-revision-v1','','','2022-08-15 15:02:04','2022-08-15 15:02:04','',2666,'http://smartinsurance.tips/?p=2706',0,'revision','',0),(2707,1,'2022-08-15 15:02:56','2022-08-15 15:02:56','','Insurance-3','','inherit','closed','closed','','insurance-3-3','','','2022-08-15 15:02:56','2022-08-15 15:02:56','',2668,'http://smartinsurance.tips/wp-content/uploads/2022/08/Insurance-3.png',0,'attachment','image/png',0),(2708,1,'2022-08-15 15:03:07','2022-08-15 15:03:07','<!-- wp:image {\"id\":2707,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/08/Insurance-3.png\" alt=\"\" class=\"wp-image-2707\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you’re thinking of your big day, it’s perfectly normal to dream about all of the good things that are going to happen. However, you should be realistic about it. We live in the real world, and things can often go wrong when planning such a major event.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In this sense, you should hope for the best but prepare for the worst. Now don’t worry; that doesn’t mean that bad things will definitely happen. However, it’s better to play it safe than to end up losing a lot of money over mismanagement.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Is Wedding Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Although optional,&nbsp;wedding insurance<strong>&nbsp;</strong>covers a plethora of things that could go wrong all the way from your first day of planning up to the day of your dreams. While it won’t get your sweetheart back in case they change their mind or get cold feet on the big day, this type of insurance can save you a lot of pain financial-wise.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Things That Wedding Insurance Can Cover</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Of course, now you’re probably wondering what exactly can wedding insurance cover. Here is a list of the most common things that come under the policy’s coverage plan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Wedding Event Cancelation or Postponement</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If the venue cancels your wedding or makes you postpone your event, the insurance policy should have you covered and reimbursed in cash for such troubles.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">A Supplier Can’t Respect the Deal</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It’s not uncommon for suppliers (photographers, decorators, catering services, etc.) to bust out on what you have arranged due to all sorts of technical issues. In such cases, the wedding insurance policy can cover any cost that you’ve paid to the supplier up to that point as well as any additional costs that might pop up thanks to having to get a new supplier.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Key People Can’t Make It</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If one of the couple or one of the most important guests can’t attend the wedding due to illness, injury, jury service, accident, or death, then most wedding insurance policies can cover the related costs. Similarly, some insurance policies can also cover the costs if most of your attendees can’t make it due to severe&nbsp;unforeseen weather conditions.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Damaged, Lost, or Stolen Wedding-Related Goods</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Hopefully, no one should have to go through such a horrible scenario. However, if you do happen to be a part of the unlucky ones, then you’ll be glad to have chosen a policy that can cover this type of ordeal.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Such a policy can cover wedding rings, gifts, outfits, flowers, and so forth. It’s not uncommon for a wedding cake to get at least slightly damaged due to poor packaging. And we all know that ordering a replacement fast will never be as spectacular as your original design, so getting yourself covered in case of such a happening is important.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Liquor Liability Coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Any event that has alcohol involved has a high risk of ending up with some&nbsp;booze-related drama. Whether someone starts a fight, fumbles over and breaks one of their body parts, or whether they cause property damage, this type of coverage should get you out of the legal and financial storm that can otherwise follow after such an event. Make sure that the coverage you choose can cover you, the organizers, and the event venue as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Planning your big day? Then get yourself covered with a good wedding insurance policy. Think about all the aspects of your wedding and what you risk of going wrong, then negotiate either with the insurer or with an insurance broker about what things you would like to have covered.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The extra price might seem a bit scary at first, but it’s a much cheaper ordeal than what you would have to pay in case something goes wrong and you aren’t covered by insurance. So, bottom line, do yourself and your loved one a favor and get insurance for your big day as soon as possible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://qrius.com/why-you-should-get-wedding-insurance/\">click here.</a></p>\n<!-- /wp:paragraph -->','Why You Should Get Wedding Insurance','','inherit','closed','closed','','2668-revision-v1','','','2022-08-15 15:03:07','2022-08-15 15:03:07','',2668,'http://smartinsurance.tips/?p=2708',0,'revision','',0),(2709,1,'2022-08-15 15:03:43','2022-08-15 15:03:43','','Insurance-4','','inherit','closed','closed','','insurance-4-4','','','2022-08-15 15:03:43','2022-08-15 15:03:43','',2670,'http://smartinsurance.tips/wp-content/uploads/2022/08/Insurance-4.png',0,'attachment','image/png',0),(2710,1,'2022-08-15 15:03:47','2022-08-15 15:03:47','<!-- wp:image {\"id\":2709,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/08/Insurance-4.png\" alt=\"\" class=\"wp-image-2709\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<p class=\"has-black-color has-text-color has-extra-large-font-size\">Why E-Bike Insurance Is a Good Idea</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Whether you’re using an electric bike to zip to work, run errands, or explore your community, you’re likely seeing more people around you on similar rides. The popularity of e-bikes is growing, but since they’re relatively new, laws governing their use are like a patchwork quilt across the nation. E-bikes don’t have the same powerful engines as motorcycles, but some states have drafted laws requiring that riders have a driver’s license, helmet, and vehicle registration.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-4\">But do you need insurance for an e-bike? Like the requirements above, the answer depends on where you live. However, even if e-bike insurance isn’t required in your state, you may want to consider it anyway. Your home and car insurance policies might provide some protection for an e-bike, but they can’t beat the specialized coverage of an electric bike insurance policy.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-6\">Will Homeowners or Auto Insurance Cover Electric Bikes?&nbsp;</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-8\">An auto, condo, homeowners, or renters insurance policy may provide some protection for your e-bike.&nbsp;Standard home insurance policies&nbsp;include personal property coverage, which may help pay to repair or replace your e-bike if it’s damaged in a covered loss or stolen from either your home or a public location. A condo, homeowners, or renters policy may also provide some protection if your e-bike sustains damage while you’re transporting it in your vehicle.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">However,&nbsp;home insurance policies set limits&nbsp;on payouts for certain types of personal property. And most standard condo, homeowners, and renters policies only pay a depreciated value, known as actual cash value, for personal property. If your e-bike is worth more than that limit, your home insurance policy may not provide adequate protection.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Tip: Your provider may allow you to add your e-bike to a condo, homeowners, or renters policy as scheduled personal property, which allows you to increase your coverage for a specific item.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Home insurance policies probably won’t cover collision damage to an e-bike unless you’ve added it to your coverage as scheduled property. If you’re injured while biking, your health insurance will likely cover medical costs. The medical payments coverage of your car insurance may pay some hospital bills and lost wages if you collide with an automobile, but you should check with your insurer.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\">If you’re at fault for an accident while riding your e-bike, and cause someone else’s injuries or property damage, the personal liability coverage of your condo, homeowners, or renters policy might cover some costs. But it also might not, depending on the type of e-bike you have and other factors. Again, check with your insurer to know exactly how much coverage you might already have.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-22\">And keep in mind that home insurance claims are subject to deductibles and limits, so read your policy carefully before&nbsp;filing a claim.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-24\">What Is Electric Bike Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-26\">If your bike is expensive, like many e-bikes, you should consider buying an insurance policy for it. These standalone policies are designed for bike owners and go beyond the protections offered by a condo, home, or renters insurance policy. A comprehensive electric bike insurance policy may offer coverage for:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-29\" class=\"has-black-color has-text-color has-large-font-size\"><li>Accidental damage</li><li>Collisions with uninsured motorists</li><li>Crash damage</li><li>Cycling apparel damage or theft</li><li>In-transit losses</li><li>Liability</li><li>Medical payments</li><li>Racing-related damages or losses</li><li>Rental bike reimbursement following a covered loss</li><li>Roadside assistance</li><li>Spare parts losses</li><li>Theft and vandalism</li><li>Vehicle contact</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-32\">Your home insurance policy may have a deductible of $1,000 or more. But with a&nbsp;bike insurance policy, you can choose a deductible as low as $200. And if you own more than one bike, some insurers will allow you to purchase a single policy that covers your entire collection.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-34\">Do You Need E-Bike Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-36\">Electric bike laws vary by state. Many states have established classification systems for e-bikes to differentiate between similar types of vehicles, like electric scooters and mopeds. According to the National Conference of State Legislators, 26 states have adopted a three-tier electric bike classification system:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-39\" class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Class 1</strong>: E-bikes with motors that provide pedaling assistance up to 20 miles per hour.</li><li><strong>Class 2</strong>: E-bikes with motors that can provide pedaling assistance or propel the bike without pedaling up to 20 miles per hour.</li><li><strong>Class 3</strong>: E-bikes equipped with motors that provide pedaling assistance up to 28 miles per hour and with speedometers.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">States use these classifications to establish laws that govern many aspects of electric bike ownership, including driver age limits and requirements for helmets, licenses, and registration. Some states have also used e-bike classification to clarify insurance requirements. For example, in New Jersey, e-bike owners aren’t required to carry insurance, have a license, or register class 1 or 2 electric bicycles—but riders or passengers aged 17 or younger must wear helmets. If you’re unsure about your state’s e-bike insurance requirements, check with your&nbsp;state department of insurance&nbsp;or your insurance agent.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-44\">How to Buy E-Bike Insurance&nbsp;</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-46\">The cost of electric bike insurance can depend on aspects such as the type and value of your e-bike, the coverages you choose, and your deductible. However, it’s relatively affordable, typically starting at around $100 per year.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-49\">When shopping for electric bike insurance, look for a policy that includes a comprehensive set of coverages, such as:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-52\" class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Liability</strong>: As with auto insurance, liability coverage should include injuries to another person and damage to property when you’re at fault for an accident while riding your bike. Some carriers offer liability coverage up to $100,000.</li><li><strong>Uninsured motorist</strong>: If an uninsured driver hits you, you could face astronomical medical expenses, so it’s important to find an electric bike policy that includes uninsured motorist coverage. Some companies offer uninsured motorist coverage with limits as high as $500,000.</li><li><strong>Physical damage</strong>: A policy should cover damage to your bike caused by contact with another vehicle. It should also cover losses resulting from collisions with an object, such as a curb or tree. Also, look for a policy that covers your bike while in transit to protect yourself when traveling to a trailhead, a race, or a biking vacation.</li><li><strong>Theft and vandalism</strong>: Look for a policy that offers replacement cost coverage that will pay to replace your e-bike if it is stolen or destroyed by vandals. Comprehensive coverage should also include accidental damage caused by you or someone else.</li><li><strong>Medical payments</strong>: E-bike medical payments coverage helps pay your medical costs when you’re involved in a covered bike-related accident. Look for a policy that provides flexible limits up to the amount of coverage you need.</li><li><strong>Other coverages</strong>: Coverage needs are subjective. If you plan to take your bike abroad, you’ll need a policy that provides worldwide damage coverage. Likewise, if you’re a competitive cyclist, you’ll need a policy that covers racing, cycling apparel, spare parts, and event fee reimbursement. If you commute to work on your e-bike, you might need a policy that offers rental bike reimbursement and roadside assistance.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-60\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-62\">If you spend several thousand dollars on an e-bike, protecting it with a standalone electric bike insurance policy makes sense. A condo, home, or renters policy might provide some protection if your e-bike is stolen from your garage or destroyed in a house fire, but it probably won’t provide enough coverage to replace it. Policies designed for e-bikes offer a wide range of coverages that cyclists need to protect their gear at home, on the road, and abroad. E-bike insurance is affordable and a good idea for recreational riders and commuters alike.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.thebalance.com/electric-bike-insurance-5181607\">click here.</a></p>\n<!-- /wp:paragraph -->','What Is Electric Bike Insurance and Do You Need It?','','inherit','closed','closed','','2670-revision-v1','','','2022-08-15 15:03:47','2022-08-15 15:03:47','',2670,'http://smartinsurance.tips/?p=2710',0,'revision','',0),(2711,1,'2022-08-15 15:04:20','2022-08-15 15:04:20','','Insurance-5','','inherit','closed','closed','','insurance-5-6','','','2022-08-15 15:04:20','2022-08-15 15:04:20','',2672,'http://smartinsurance.tips/wp-content/uploads/2022/08/Insurance-5.png',0,'attachment','image/png',0),