(2547,1,'2022-05-05 20:49:51','2022-05-05 20:49:51','<!-- wp:image {\"id\":2508,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-1-1024x536.png\" alt=\"\" class=\"wp-image-2508\"/></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\">Like it or not, auto insurance is a fact of life. The average American&nbsp;pays $1,674 a year or about $140 a month on auto insurance. Nearly 215 million drivers carry car insurance in the U.S, and the industry as a whole is worth about $311 billion as of 2019, according to IBISWorld.</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=\"stats\">Key auto insurance statistics</h2>\n<!-- /wp:heading -->\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\">How much is auto insurance?</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><strong>The average auto insurance premium is&nbsp;$1,674&nbsp;a year</strong>&nbsp;or about $140 a month.</li><li><strong>About&nbsp;2.44% of the average household income&nbsp;is spent on auto insurance.</strong></li><li><strong>Auto insurance rates are on the rise.</strong>&nbsp;According to the NAIC,&nbsp;a 5% increase&nbsp;was observed between 2017 and 2018.</li><li><strong>Nearly 215 million drivers carry car insurance</strong>&nbsp;in the U.S., according to Review42.</li><li><strong>12.6% of drivers on the road are uninsured,</strong>&nbsp;according to the Insurance Research Council.</li><li>The auto insurance industry is worth about $311 billion, as of 2019 data from IBISWorld.</li><li><strong>Motor vehicle crashes cost almost $1 trillion in losses a year,</strong>&nbsp;according to&nbsp;NHTSA 2010 data.</li><li><strong>10 million or more crashes go unreported each year,</strong>&nbsp;according to the NHTSA.</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=\"impact\">What impacts auto insurance rates?</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\">Bankrate’s study of the&nbsp;average annual cost of auto insurance&nbsp;in the U.S. shows a rate of $1,674 per year for full coverage, accounting for about 2.44% of the average U.S. annual household income. Based on the report:</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>If your credit score decreases, your premium can increase by $1,351 for an average annual premium of $3,025.</li><li>A speeding ticket can increase your premium by $355 for a total average premium of $2,029 per year.</li><li>If you are involved in a car crash, your insurance premium can increase by $731 for a total of $2,405 per year.</li><li>A lapse in coverage can cost you $187 for an average annual premium of $1,861.</li><li>A DUI conviction can increase your policy premium by $1,662 for a total of $3,336 per year.</li><li>If you add a teen driver to your policy, you add an average of $1,883 to your policy rate for a total annual premium of $3,557.</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=\"types\">What types of auto insurance claims are filed?</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 four categories of auto insurance claims are&nbsp;bodily injury,&nbsp;property damage,&nbsp;collision, and&nbsp;comprehensive. Bodily injury and property damage claims are about liability or the policyholder’s responsibility to others for property damage or bodily injury. Collision and comprehensive cover damage and theft to the policyholder’s car.</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\">Which auto insurance claims are most expensive?</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\">Unsurprisingly, bodily injury claims are the most expensive, at an average of $15,862 per loss, followed by property damage at $3,630, collision at $3,247, and comprehensive at least expensive at $1,659.</p>\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>Cost of auto insurance claims by type</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Year</td><td>Bodily injury</td><td>Property damage</td><td>Collision</td><td>Comprehensive</td></tr><tr><td>2010</td><td>$14,406</td><td>$2,881</td><td>$2,778</td><td>$1,476</td></tr><tr><td>2011</td><td>$14,848</td><td>$2,958</td><td>$2,861</td><td>$1,490</td></tr><tr><td>2012</td><td>$14,690</td><td>$3,073</td><td>$2,950</td><td>$1,585</td></tr><tr><td>2013</td><td>$15,441</td><td>$3,231</td><td>$3,144</td><td>$1,621</td></tr><tr><td>2014</td><td>$15,384</td><td>$3,516</td><td>$3,169</td><td>$1,572</td></tr><tr><td>2015</td><td>$16,046</td><td>$3,791</td><td>$3,377</td><td>$1,679</td></tr><tr><td>2016</td><td>$16,149</td><td>$3,969</td><td>$3,442</td><td>$1,747</td></tr><tr><td>2017</td><td>$16,075</td><td>$4,064</td><td>$3,423</td><td>$1,811</td></tr><tr><td>2018</td><td>$17,164</td><td>$4,295</td><td>$3,578</td><td>$1,832</td></tr><tr><td>2019</td><td>$18,417</td><td>$4,525</td><td>$3,750</td><td>$1,780</td></tr><tr><td>Average</td><td>$15,862</td><td>$3,630</td><td>$3,247</td><td>$1,659</td></tr></tbody></table></figure>\n<!-- /wp:table -->\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\">Which auto insurance claims are most common?</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\">From a frequency standpoint, collision claims are most commonly filed at an average of 5.9 claims per 100 year of insured coverage on a vehicle. The second most frequent claims are property damage at 3.4, comprehensive at 2.8, and, least frequent, bodily injury at 1 claim per 100 car 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\"><strong>Frequency of auto insurance claims by type</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Year</td><td>Bodily injury</td><td>Property damage</td><td>Collision</td><td>Comprehensive</td></tr><tr><td>2010</td><td>0.91</td><td>3.53</td><td>5.69</td><td>2.62</td></tr><tr><td>2011</td><td>0.92</td><td>3.56</td><td>5.75</td><td>2.79</td></tr><tr><td>2012</td><td>0.95</td><td>3.50</td><td>5.57</td><td>2.62</td></tr><tr><td>2013</td><td>0.95</td><td>3.55</td><td>5.71</td><td>2.57</td></tr><tr><td>2014</td><td>0.97</td><td>3.41</td><td>5.93</td><td>2.79</td></tr><tr><td>2015</td><td>1.00</td><td>3.41</td><td>6.01</td><td>2.72</td></tr><tr><td>2016</td><td>1.05</td><td>3.44</td><td>6.13</td><td>2.76</td></tr><tr><td>2017</td><td>1.11</td><td>3.46</td><td>6.14</td><td>2.86</td></tr><tr><td>2018</td><td>1.10</td><td>3.32</td><td>6.13</td><td>3.02</td></tr><tr><td>2019</td><td>1.07</td><td>3.18</td><td>6.13</td><td>3.25</td></tr><tr><td>Average</td><td>1.00</td><td>3.44</td><td>5.92</td><td>2.80</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\">Why do people get in collisions?</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\">Car insurance claims are commonly the result of several factors, as indicated by the iii:</p>\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>Risk factors in 2018 fatal crashes&nbsp;| Insurance Information Institute</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Risk factor</th><th>Number of fatal crashes</th><th>Percentage of fatal crashes</th></tr><tr><td>Speeding or racing</td><td>8,596</td><td>16.7%</td></tr><tr><td>Influence of alcohol, drugs, or medication</td><td>5,175</td><td>10.1%</td></tr><tr><td>Distracted driving</td><td>2,688</td><td>5.2%</td></tr><tr><td>Drowsy, asleep, fatigued, ill or blacked out</td><td>1,221</td><td>2.4%</td></tr><tr><td>No reason reported</td><td>16,012</td><td>31.1%</td></tr><tr><td>Unknown</td><td>9.167</td><td>17.8%</td></tr></tbody></table></figure>\n<!-- /wp:table -->\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\">How common are collisions?</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\">Furthermore, the Insurance Research Council (IRC) reports that 79% of all claimed economic losses in auto claims in 2017 covered a multitude of medical expenses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">On the bright side, data indicates the number of injuries is gradually declining over time.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th></th><th>Total Crashes</th><th>Fatal Crashes</th><th>Injury Crashes</th><th>Property Damage Only Crashes</th></tr><tr><td><strong>2017</strong></td><td>6,452,000</td><td>34,247</td><td>1,889,000</td><td>4,530,000</td></tr><tr><td><strong>2018</strong></td><td>6,735,000</td><td>33,919</td><td>1,894,000</td><td>4,807,000</td></tr><tr><td><strong>2019</strong></td><td>6,756,000</td><td>33,224</td><td>1,916,000</td><td>4,806,000</td></tr></tbody></table></figure>\n<!-- /wp:table -->\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\">Who pays for insurance claims?</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\">Numbers like these raise the question of who is paying for these losses, especially when considering the issue from an insurance perspective. Data from the NHTSA suggests that it is not an even split.</p>\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>Who pays for insurance claims?&nbsp;| NHTSA</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Responsible Party</th><th>Percentage of all motor vehicle crash costs</th></tr><tr><td>Private insurers</td><td>50%</td></tr><tr><td>Individual crash victims</td><td>26%</td></tr><tr><td>Third parties, charities, and health care providers</td><td>14%</td></tr><tr><td>Federal revenues</td><td>6%</td></tr><tr><td>State and local municipalities</td><td>3%</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">With insurance providers covering the bulk of these expenses, U.S. drivers have seen insurance premiums slowly creep up in keeping with the ongoing costs associated with these accidents. This is evident with historical data from the iii below and a glimpse at rates from this 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\"><strong>Average annual cost of auto insurance&nbsp;| Insurance Information Institute</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Year</th><th>Percent change, year-to-year</th></tr><tr><td>2009</td><td>-0.5%</td></tr><tr><td>2010</td><td>0.3%</td></tr><tr><td>2011</td><td>0.7%</td></tr><tr><td>2012</td><td>2.2%</td></tr><tr><td>2013</td><td>3.5%</td></tr><tr><td>2014</td><td>3.4%</td></tr><tr><td>2015</td><td>3.1%</td></tr><tr><td>2016</td><td>5.4%</td></tr><tr><td>2017</td><td>6.5%</td></tr><tr><td>2018</td><td>5.0%</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">According to rate data from Quadrant Information Services, today, in 2022, the&nbsp;average cost of car insurance is $1,674&nbsp;per year for full coverage.</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=\"percentage\">Percentage of uninsured drivers by state</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\">Insurance premiums can vary from state to state for several reasons, but one major factor that often contributes to auto insurance costs is&nbsp;uninsured drivers. The IRC credits the&nbsp;economic downturn&nbsp;as a leading reason for uninsured drivers. The Financial Responsibility and Insurance Committee of the American Association of Motor Vehicle Administrators reports that&nbsp;82% of uninsured drivers&nbsp;either cannot afford insurance or do not have a vehicle that is operable or in use.</p>\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 accident with an uninsured driver can be especially detrimental because of the potential unaffordability of out-of-pocket costs for repairs, injuries or damages. Yet, uninsured drivers are prevalent throughout the U.S.</p>\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 the IRC, about one in eight drivers were uninsured in 2014. About 27% of&nbsp;Florida drivers&nbsp;were uninsured in 2015,&nbsp;according to the iii, although the highest percentage is observed in Mississippi — nearly 30% of drivers in this state are uninsured.</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=\"costs\">Auto insurance costs by state</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\">Auto insurance is required for drivers in 49 states and Washington, D.C. New Hampshire is the only state without a compulsory insurance liability law. If a driver meets the&nbsp;minimum financial obligations&nbsp;in New Hampshire, they may drive without an active auto insurance 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\">Where you live has a significant impact on what you will pay for car insurance. The table below shows average annual car insurance rates by state for full 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\">Based on average annual rates, Maine and Ohio fall well below the national average. Comparatively, Florida, New York and Louisiana tend to see the highest rates.</p>\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>Average annual full coverage rates by state&nbsp;| Bankrate.com</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th>State</th><th>Average annual cost</th></tr><tr><td>Alabama</td><td>$1,623</td></tr><tr><td>Alaska</td><td>$1,559</td></tr><tr><td>Arizona</td><td>$1,547</td></tr><tr><td>Arkansas</td><td>$1,914</td></tr><tr><td>California</td><td>$2,065</td></tr><tr><td>Colorado</td><td>$2,016</td></tr><tr><td>Connecticut</td><td>$1,845</td></tr><tr><td>Delaware</td><td>$1,775</td></tr><tr><td><strong>Florida</strong></td><td><strong>$2,364</strong></td></tr><tr><td>Georgia</td><td>$1,982</td></tr><tr><td><strong>Hawaii</strong></td><td><strong>$1,127</strong></td></tr><tr><td><strong>Idaho</strong></td><td><strong>$1,045</strong></td></tr><tr><td>Illinois</td><td>$1,485</td></tr><tr><td>Indiana</td><td>$1,254</td></tr><tr><td>Iowa</td><td>$1,260</td></tr><tr><td>Kansas</td><td>$1,698</td></tr><tr><td>Kentucky</td><td>$2,128</td></tr><tr><td><strong>Louisiana</strong></td><td><strong>$2,724</strong></td></tr><tr><td><strong>Maine</strong></td><td><strong>$965</strong></td></tr><tr><td>Maryland</td><td>$1,877</td></tr><tr><td>Massachusetts</td><td>$1,223</td></tr><tr><td><strong>Michigan</strong></td><td><strong>$2,309</strong></td></tr><tr><td>Minnesota</td><td>$1,643</td></tr><tr><td>Mississippi</td><td>$1,782</td></tr><tr><td>Missouri</td><td>$1,661</td></tr><tr><td>Montana</td><td>$1,737</td></tr><tr><td>Nebraska</td><td>$1,531</td></tr><tr><td><strong>Nevada</strong></td><td><strong>$2,245</strong></td></tr><tr><td>New Hampshire</td><td>$1,275</td></tr><tr><td>New Jersey</td><td>$1,757</td></tr><tr><td>New Mexico</td><td>$1,419</td></tr><tr><td><strong>New York</strong></td><td><strong>$2,321</strong></td></tr><tr><td>North Carolina</td><td>$1,325</td></tr><tr><td>North Dakota</td><td>$1,264</td></tr><tr><td><strong>Ohio</strong></td><td><strong>$1,034</strong></td></tr><tr><td>Oklahoma</td><td>$1,873</td></tr><tr><td>Oregon</td><td>$1,346</td></tr><tr><td>Pennsylvania</td><td>$1,476</td></tr><tr><td>Rhode Island</td><td>$2,018</td></tr><tr><td>South Carolina</td><td>$1,512</td></tr><tr><td>South Dakota</td><td>$1,642</td></tr><tr><td>Tennessee</td><td>$1,338</td></tr><tr><td>Texas</td><td>$1,823</td></tr><tr><td>Utah</td><td>$1,306</td></tr><tr><td>Vermont</td><td>$1,207</td></tr><tr><td>Virginia</td><td>$1,304</td></tr><tr><td><strong>Washington</strong></td><td><strong>$1,176</strong></td></tr><tr><td>Washington, D.C.</td><td>$1,855</td></tr><tr><td>West Virginia</td><td>$1,499</td></tr><tr><td>Wisconsin</td><td>$1,186</td></tr><tr><td>Wyoming</td><td>$1,495</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=\"most\">Most expensive states for auto 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\">Our&nbsp;2022 Bankrate annual report&nbsp;shows that some regions of the country continue to face much more expensive premiums than other regions.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Louisiana has the highest premiums of the costliest states, with an average annual cost of $2,724 per year. The New Orleans metropolitan area is even higher, with an average premium of $4,234 per year.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Rank</th><th>State</th><th>Average annual premium</th></tr><tr><td>1.</td><td>Louisiana</td><td>$2,724</td></tr><tr><td>2.</td><td>Florida</td><td>$2,364</td></tr><tr><td>3.</td><td>New York</td><td>$2,321</td></tr><tr><td>4.</td><td>Michigan</td><td>$2,309</td></tr><tr><td>5.</td><td>Nevada</td><td>$2,245</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=\"least\">Least expensive states for auto 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\">Some cities are more affordable for the average cost of car insurance. Maine has the cheapest quote premium at $965 per year, followed closely by Ohio, Idaho, Hawaii and Washington.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Rank</th><th>State</th><th>Average annual premium</th></tr><tr><td>50.</td><td>Maine</td><td>$965</td></tr><tr><td>49.</td><td>Ohio</td><td>$1,034</td></tr><tr><td>48.</td><td>Idaho</td><td>$1,045</td></tr><tr><td>47.</td><td>Hawaii</td><td>$1,127</td></tr><tr><td>46.</td><td>Washington</td><td>$1,176</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=\"industry\">Auto insurance industry statistics</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\">Given various risk factors and average annual claim costs, you might wonder what the impact is to auto insurance providers. These statistics reflect the state of the auto insurance industry:</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>The CDC reports that 2010 costs for medical care and productivity losses accounted for almost $100 billion (nearly $500 for every licensed driver in the country).</li><li>Between 2008 and 2017,&nbsp;insurance payments increased&nbsp;by 31% for bodily injury claims and 26% for personal injury protection (PIP) no-fault claims.</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\"><strong>Insurance market trends (millions)&nbsp;| NAIC</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th></th><th>2017</th><th>2018</th><th>2019</th></tr><tr><td>Direct property and casualty insurers</td><td>467,724</td><td>460,038</td><td>466,170</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=\"age\">Auto insurance statistics by age</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\">Age has historically been one of the most significant&nbsp;factors&nbsp;that car insurance providers use to determine insurance costs. Research continues to show that age is a driving factor in many fatalities, losses and damages associated with motor vehicle accidents. Below are common statistics associated with&nbsp;younger, less-experienced drivers:</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>Teen drivers are three times more likely than older drivers to get into a fatal car accident.</strong>&nbsp;Factors include inexperience behind the wheel, distracted driving, lack of seatbelt use and risky behaviors behind the wheel.</li><li><strong>Handheld cell phone use is highest</strong>&nbsp;among drivers aged 16 to 24.</li><li><strong>Teen drivers typically face more expensive premiums</strong>&nbsp;to offset the higher risk.</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=\"gender\">Auto insurance statistics by gender</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\">Auto insurance premiums can also be affected by gender. Not all states can use your gender when calculating insurance rates, however. In states like California and Michigan, it is illegal for auto insurance companies to use your gender as a factor when determining your insurance rates.</p>\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, research shows that gender can be a predictor of driver behavior.</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>Men tend to engage in riskier behaviors behind the wheel</strong>&nbsp;than women, according to&nbsp;IIHS research.</li><li><strong>Men are typically involved in more motor accidents</strong>&nbsp;than women.</li><li><strong>Accidents involving male drivers tend to be more serious</strong>&nbsp;than accidents with female drivers.</li><li><strong>Speeding is a factor in&nbsp;35% of all fatal accidents</strong>&nbsp;involving male drivers between 15 and 25.</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\">Car insurance for teen drivers&nbsp;can be costly, but it is even more so for male 16-year-old drivers, who pay about $500 more than their female counterparts. Even as male drivers get older, they still have marginally higher car insurance premiums than women, on average, as shown below.</p>\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>Average annual full coverage premium by gender and age&nbsp;| Bankrate.com</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Age</th><th>Males</th><th>Females</th></tr><tr><td>16-year old</td><td>$2,783</td><td>$2,280</td></tr><tr><td>17-year old</td><td>$2,485</td><td>$2,015</td></tr><tr><td>18-year old</td><td>$5,727</td><td>$4,983</td></tr><tr><td>19-year old</td><td>$4,434</td><td>$3,831</td></tr><tr><td>21-year old</td><td>$3,149</td><td>$2,787</td></tr><tr><td>22-year old</td><td>$2,828</td><td>$2,495</td></tr><tr><td>23-year old</td><td>$2,675</td><td>$2,394</td></tr><tr><td>24-year old</td><td>$2,535</td><td>$2,282</td></tr><tr><td>25-year old</td><td>$2,181</td><td>$2,036</td></tr><tr><td>30-year old</td><td>$1,869</td><td>$1,832</td></tr><tr><td>35-year old</td><td>$1,813</td><td>$1,790</td></tr><tr><td>40-year old</td><td>$1,648</td><td>$1,701</td></tr><tr><td>50-year old</td><td>$1,463</td><td>$1,439</td></tr><tr><td>60-year old</td><td>$1,421</td><td>$1,389</td></tr><tr><td>70-year old</td><td>$1,564</td><td>$1,505</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.bankrate.com/insurance/car/auto-insurance-statistics/\">click here.</a></p>\n<!-- /wp:paragraph -->','Auto insurance statistics and facts','','inherit','closed','closed','','2507-revision-v1','','','2022-05-05 20:49:51','2022-05-05 20:49:51','',2507,'http://smartinsurance.tips/?p=2547',0,'revision','',0),(2546,1,'2022-05-05 20:48:10','2022-05-05 20:48:10','<!-- wp:image {\"id\":2508,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-1-1024x536.png\" alt=\"\" class=\"wp-image-2508\"/></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\">Like it or not, auto insurance is a fact of life. The average American&nbsp;pays $1,674 a year or about $140 a month on auto insurance. Nearly 215 million drivers carry car insurance in the U.S, and the industry as a whole is worth about $311 billion as of 2019, according to IBISWorld.</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=\"stats\">Key auto insurance statistics</h2>\n<!-- /wp:heading -->\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\">How much is auto insurance?</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><strong>The average auto insurance premium is&nbsp;$1,674&nbsp;a year</strong>&nbsp;or about $140 a month.</li><li><strong>About&nbsp;2.44% of the average household income&nbsp;is spent on auto insurance.</strong></li><li><strong>Auto insurance rates are on the rise.</strong>&nbsp;According to the NAIC,&nbsp;a 5% increase&nbsp;was observed between 2017 and 2018.</li><li><strong>Nearly 215 million drivers carry car insurance</strong>&nbsp;in the U.S., according to Review42.</li><li><strong>12.6% of drivers on the road are uninsured,</strong>&nbsp;according to the Insurance Research Council.</li><li>The auto insurance industry is worth about $311 billion, as of 2019 data from IBISWorld.</li><li><strong>Motor vehicle crashes cost almost $1 trillion in losses a year,</strong>&nbsp;according to&nbsp;NHTSA 2010 data.</li><li><strong>10 million or more crashes go unreported each year,</strong>&nbsp;according to the NHTSA.</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=\"impact\">What impacts auto insurance rates?</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\">Bankrate’s study of the&nbsp;average annual cost of auto insurance&nbsp;in the U.S. shows a rate of $1,674 per year for full coverage, accounting for about 2.44% of the average U.S. annual household income. Based on the report:</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>If your credit score decreases, your premium can increase by $1,351 for an average annual premium of $3,025.</li><li>A speeding ticket can increase your premium by $355 for a total average premium of $2,029 per year.</li><li>If you are involved in a car crash, your insurance premium can increase by $731 for a total of $2,405 per year.</li><li>A lapse in coverage can cost you $187 for an average annual premium of $1,861.</li><li>A DUI conviction can increase your policy premium by $1,662 for a total of $3,336 per year.</li><li>If you add a teen driver to your policy, you add an average of $1,883 to your policy rate for a total annual premium of $3,557.</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=\"types\">What types of auto insurance claims are filed?</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 four categories of auto insurance claims are&nbsp;bodily injury,&nbsp;property damage,&nbsp;collision, and&nbsp;comprehensive. Bodily injury and property damage claims are about liability or the policyholder’s responsibility to others for property damage or bodily injury. Collision and comprehensive cover damage and theft to the policyholder’s car.</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\">Which auto insurance claims are most expensive?</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\">Unsurprisingly, bodily injury claims are the most expensive, at an average of $15,862 per loss, followed by property damage at $3,630, collision at $3,247, and comprehensive at least expensive at $1,659.</p>\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>Cost of auto insurance claims by type</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Year</td><td>Bodily injury</td><td>Property damage</td><td>Collision</td><td>Comprehensive</td></tr><tr><td>2010</td><td>$14,406</td><td>$2,881</td><td>$2,778</td><td>$1,476</td></tr><tr><td>2011</td><td>$14,848</td><td>$2,958</td><td>$2,861</td><td>$1,490</td></tr><tr><td>2012</td><td>$14,690</td><td>$3,073</td><td>$2,950</td><td>$1,585</td></tr><tr><td>2013</td><td>$15,441</td><td>$3,231</td><td>$3,144</td><td>$1,621</td></tr><tr><td>2014</td><td>$15,384</td><td>$3,516</td><td>$3,169</td><td>$1,572</td></tr><tr><td>2015</td><td>$16,046</td><td>$3,791</td><td>$3,377</td><td>$1,679</td></tr><tr><td>2016</td><td>$16,149</td><td>$3,969</td><td>$3,442</td><td>$1,747</td></tr><tr><td>2017</td><td>$16,075</td><td>$4,064</td><td>$3,423</td><td>$1,811</td></tr><tr><td>2018</td><td>$17,164</td><td>$4,295</td><td>$3,578</td><td>$1,832</td></tr><tr><td>2019</td><td>$18,417</td><td>$4,525</td><td>$3,750</td><td>$1,780</td></tr><tr><td>Average</td><td>$15,862</td><td>$3,630</td><td>$3,247</td><td>$1,659</td></tr></tbody></table></figure>\n<!-- /wp:table -->\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\">Which auto insurance claims are most common?</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\">From a frequency standpoint, collision claims are most commonly filed at an average of 5.9 claims per 100 year of insured coverage on a vehicle. The second most frequent claims are property damage at 3.4, comprehensive at 2.8, and, least frequent, bodily injury at 1 claim per 100 car 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\"><strong>Frequency of auto insurance claims by type</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Year</td><td>Bodily injury</td><td>Property damage</td><td>Collision</td><td>Comprehensive</td></tr><tr><td>2010</td><td>0.91</td><td>3.53</td><td>5.69</td><td>2.62</td></tr><tr><td>2011</td><td>0.92</td><td>3.56</td><td>5.75</td><td>2.79</td></tr><tr><td>2012</td><td>0.95</td><td>3.50</td><td>5.57</td><td>2.62</td></tr><tr><td>2013</td><td>0.95</td><td>3.55</td><td>5.71</td><td>2.57</td></tr><tr><td>2014</td><td>0.97</td><td>3.41</td><td>5.93</td><td>2.79</td></tr><tr><td>2015</td><td>1.00</td><td>3.41</td><td>6.01</td><td>2.72</td></tr><tr><td>2016</td><td>1.05</td><td>3.44</td><td>6.13</td><td>2.76</td></tr><tr><td>2017</td><td>1.11</td><td>3.46</td><td>6.14</td><td>2.86</td></tr><tr><td>2018</td><td>1.10</td><td>3.32</td><td>6.13</td><td>3.02</td></tr><tr><td>2019</td><td>1.07</td><td>3.18</td><td>6.13</td><td>3.25</td></tr><tr><td>Average</td><td>1.00</td><td>3.44</td><td>5.92</td><td>2.80</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\">Why do people get in collisions?</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\">Car insurance claims are commonly the result of several factors, as indicated by the iii:</p>\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>Risk factors in 2018 fatal crashes&nbsp;| Insurance Information Institute</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Risk factor</th><th>Number of fatal crashes</th><th>Percentage of fatal crashes</th></tr><tr><td>Speeding or racing</td><td>8,596</td><td>16.7%</td></tr><tr><td>Influence of alcohol, drugs, or medication</td><td>5,175</td><td>10.1%</td></tr><tr><td>Distracted driving</td><td>2,688</td><td>5.2%</td></tr><tr><td>Drowsy, asleep, fatigued, ill or blacked out</td><td>1,221</td><td>2.4%</td></tr><tr><td>No reason reported</td><td>16,012</td><td>31.1%</td></tr><tr><td>Unknown</td><td>9.167</td><td>17.8%</td></tr></tbody></table></figure>\n<!-- /wp:table -->\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\">How common are collisions?</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\">Furthermore, the Insurance Research Council (IRC) reports that 79% of all claimed economic losses in auto claims in 2017 covered a multitude of medical expenses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">On the bright side, data indicates the number of injuries is gradually declining over time.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th></th><th>Total Crashes</th><th>Fatal Crashes</th><th>Injury Crashes</th><th>Property Damage Only Crashes</th></tr><tr><td><strong>2017</strong></td><td>6,452,000</td><td>34,247</td><td>1,889,000</td><td>4,530,000</td></tr><tr><td><strong>2018</strong></td><td>6,735,000</td><td>33,919</td><td>1,894,000</td><td>4,807,000</td></tr><tr><td><strong>2019</strong></td><td>6,756,000</td><td>33,224</td><td>1,916,000</td><td>4,806,000</td></tr></tbody></table></figure>\n<!-- /wp:table -->\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\">Who pays for insurance claims?</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\">Numbers like these raise the question of who is paying for these losses, especially when considering the issue from an insurance perspective. Data from the NHTSA suggests that it is not an even split.</p>\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>Who pays for insurance claims?&nbsp;| NHTSA</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Responsible Party</th><th>Percentage of all motor vehicle crash costs</th></tr><tr><td>Private insurers</td><td>50%</td></tr><tr><td>Individual crash victims</td><td>26%</td></tr><tr><td>Third parties, charities, and health care providers</td><td>14%</td></tr><tr><td>Federal revenues</td><td>6%</td></tr><tr><td>State and local municipalities</td><td>3%</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">With insurance providers covering the bulk of these expenses, U.S. drivers have seen insurance premiums slowly creep up in keeping with the ongoing costs associated with these accidents. This is evident with historical data from the iii below and a glimpse at rates from this 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\"><strong>Average annual cost of auto insurance&nbsp;| Insurance Information Institute</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Year</th><th>Percent change, year-to-year</th></tr><tr><td>2009</td><td>-0.5%</td></tr><tr><td>2010</td><td>0.3%</td></tr><tr><td>2011</td><td>0.7%</td></tr><tr><td>2012</td><td>2.2%</td></tr><tr><td>2013</td><td>3.5%</td></tr><tr><td>2014</td><td>3.4%</td></tr><tr><td>2015</td><td>3.1%</td></tr><tr><td>2016</td><td>5.4%</td></tr><tr><td>2017</td><td>6.5%</td></tr><tr><td>2018</td><td>5.0%</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">According to rate data from Quadrant Information Services, today, in 2022, the&nbsp;average cost of car insurance is $1,674&nbsp;per year for full coverage.</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=\"percentage\">Percentage of uninsured drivers by state</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\">Insurance premiums can vary from state to state for several reasons, but one major factor that often contributes to auto insurance costs is&nbsp;uninsured drivers. The IRC credits the&nbsp;economic downturn&nbsp;as a leading reason for uninsured drivers. The Financial Responsibility and Insurance Committee of the American Association of Motor Vehicle Administrators reports that&nbsp;82% of uninsured drivers&nbsp;either cannot afford insurance or do not have a vehicle that is operable or in use.</p>\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 accident with an uninsured driver can be especially detrimental because of the potential unaffordability of out-of-pocket costs for repairs, injuries or damages. Yet, uninsured drivers are prevalent throughout the U.S.</p>\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 the IRC, about one in eight drivers were uninsured in 2014. About 27% of&nbsp;Florida drivers&nbsp;were uninsured in 2015,&nbsp;according to the iii, although the highest percentage is observed in Mississippi — nearly 30% of drivers in this state are uninsured.</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=\"costs\">Auto insurance costs by state</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\">Auto insurance is required for drivers in 49 states and Washington, D.C. New Hampshire is the only state without a compulsory insurance liability law. If a driver meets the&nbsp;minimum financial obligations&nbsp;in New Hampshire, they may drive without an active auto insurance 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\">Where you live has a significant impact on what you will pay for car insurance. The table below shows average annual car insurance rates by state for full 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\">Based on average annual rates, Maine and Ohio fall well below the national average. Comparatively, Florida, New York and Louisiana tend to see the highest rates.</p>\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>Average annual full coverage rates by state&nbsp;| Bankrate.com</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th>State</th><th>Average annual cost</th></tr><tr><td>Alabama</td><td>$1,623</td></tr><tr><td>Alaska</td><td>$1,559</td></tr><tr><td>Arizona</td><td>$1,547</td></tr><tr><td>Arkansas</td><td>$1,914</td></tr><tr><td>California</td><td>$2,065</td></tr><tr><td>Colorado</td><td>$2,016</td></tr><tr><td>Connecticut</td><td>$1,845</td></tr><tr><td>Delaware</td><td>$1,775</td></tr><tr><td><strong>Florida</strong></td><td><strong>$2,364</strong></td></tr><tr><td>Georgia</td><td>$1,982</td></tr><tr><td><strong>Hawaii</strong></td><td><strong>$1,127</strong></td></tr><tr><td><strong>Idaho</strong></td><td><strong>$1,045</strong></td></tr><tr><td>Illinois</td><td>$1,485</td></tr><tr><td>Indiana</td><td>$1,254</td></tr><tr><td>Iowa</td><td>$1,260</td></tr><tr><td>Kansas</td><td>$1,698</td></tr><tr><td>Kentucky</td><td>$2,128</td></tr><tr><td><strong>Louisiana</strong></td><td><strong>$2,724</strong></td></tr><tr><td><strong>Maine</strong></td><td><strong>$965</strong></td></tr><tr><td>Maryland</td><td>$1,877</td></tr><tr><td>Massachusetts</td><td>$1,223</td></tr><tr><td><strong>Michigan</strong></td><td><strong>$2,309</strong></td></tr><tr><td>Minnesota</td><td>$1,643</td></tr><tr><td>Mississippi</td><td>$1,782</td></tr><tr><td>Missouri</td><td>$1,661</td></tr><tr><td>Montana</td><td>$1,737</td></tr><tr><td>Nebraska</td><td>$1,531</td></tr><tr><td><strong>Nevada</strong></td><td><strong>$2,245</strong></td></tr><tr><td>New Hampshire</td><td>$1,275</td></tr><tr><td>New Jersey</td><td>$1,757</td></tr><tr><td>New Mexico</td><td>$1,419</td></tr><tr><td><strong>New York</strong></td><td><strong>$2,321</strong></td></tr><tr><td>North Carolina</td><td>$1,325</td></tr><tr><td>North Dakota</td><td>$1,264</td></tr><tr><td><strong>Ohio</strong></td><td><strong>$1,034</strong></td></tr><tr><td>Oklahoma</td><td>$1,873</td></tr><tr><td>Oregon</td><td>$1,346</td></tr><tr><td>Pennsylvania</td><td>$1,476</td></tr><tr><td>Rhode Island</td><td>$2,018</td></tr><tr><td>South Carolina</td><td>$1,512</td></tr><tr><td>South Dakota</td><td>$1,642</td></tr><tr><td>Tennessee</td><td>$1,338</td></tr><tr><td>Texas</td><td>$1,823</td></tr><tr><td>Utah</td><td>$1,306</td></tr><tr><td>Vermont</td><td>$1,207</td></tr><tr><td>Virginia</td><td>$1,304</td></tr><tr><td><strong>Washington</strong></td><td><strong>$1,176</strong></td></tr><tr><td>Washington, D.C.</td><td>$1,855</td></tr><tr><td>West Virginia</td><td>$1,499</td></tr><tr><td>Wisconsin</td><td>$1,186</td></tr><tr><td>Wyoming</td><td>$1,495</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=\"most\">Most expensive states for auto 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\">Our&nbsp;2022 Bankrate annual report&nbsp;shows that some regions of the country continue to face much more expensive premiums than other regions.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Louisiana has the highest premiums of the costliest states, with an average annual cost of $2,724 per year. The New Orleans metropolitan area is even higher, with an average premium of $4,234 per year.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Rank</th><th>State</th><th>Average annual premium</th></tr><tr><td>1.</td><td>Louisiana</td><td>$2,724</td></tr><tr><td>2.</td><td>Florida</td><td>$2,364</td></tr><tr><td>3.</td><td>New York</td><td>$2,321</td></tr><tr><td>4.</td><td>Michigan</td><td>$2,309</td></tr><tr><td>5.</td><td>Nevada</td><td>$2,245</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=\"least\">Least expensive states for auto 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\">Some cities are more affordable for the average cost of car insurance. Maine has the cheapest quote premium at $965 per year, followed closely by Ohio, Idaho, Hawaii and Washington.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Rank</th><th>State</th><th>Average annual premium</th></tr><tr><td>50.</td><td>Maine</td><td>$965</td></tr><tr><td>49.</td><td>Ohio</td><td>$1,034</td></tr><tr><td>48.</td><td>Idaho</td><td>$1,045</td></tr><tr><td>47.</td><td>Hawaii</td><td>$1,127</td></tr><tr><td>46.</td><td>Washington</td><td>$1,176</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=\"industry\">Auto insurance industry statistics</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\">Given various risk factors and average annual claim costs, you might wonder what the impact is to auto insurance providers. These statistics reflect the state of the auto insurance industry:</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>The CDC reports that 2010 costs for medical care and productivity losses accounted for almost $100 billion (nearly $500 for every licensed driver in the country).</li><li>Between 2008 and 2017,&nbsp;insurance payments increased&nbsp;by 31% for bodily injury claims and 26% for personal injury protection (PIP) no-fault claims.</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\"><strong>Insurance market trends (millions)&nbsp;| NAIC</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th></th><th>2017</th><th>2018</th><th>2019</th></tr><tr><td>Direct property and casualty insurers</td><td>467,724</td><td>460,038</td><td>466,170</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Rank</th><th>Company</th><th>Direct premiums written</th><th>Market share</th></tr><tr><td>1.</td><td>State Farm Mutual Automobile Insurance</td><td>$40,878,781</td><td>16.1%</td></tr><tr><td>2.</td><td>Berkshire Hathaway Inc.</td><td>$34,892,004</td><td>13.8%</td></tr><tr><td>3.</td><td>Progressive Corporation</td><td>$31,025,772</td><td>12.2%</td></tr><tr><td>4.</td><td>Allstate Corporation</td><td>$23,626,743</td><td>9.3%</td></tr><tr><td>5.</td><td>USAA Insurance Group</td><td>$15,231,169</td><td>6.0%</td></tr><tr><td>6.</td><td>Liberty Mutual</td><td>$11,701,811</td><td>4.6%</td></tr><tr><td>7.</td><td>Farmers Insurance Group of Companies</td><td>$10,533,343</td><td>4.2%</td></tr><tr><td>8.</td><td>Nationwide Mutual Group</td><td>$6,245,588</td><td>2.5%</td></tr><tr><td>9.</td><td>American Family Insurance Group</td><td>$5,776,711</td><td>2.3%</td></tr><tr><td>10.</td><td>Travelers Companies Inc.</td><td>$4,903,033</td><td>1.9%</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=\"age\">Auto insurance statistics by age</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\">Age has historically been one of the most significant&nbsp;factors&nbsp;that car insurance providers use to determine insurance costs. Research continues to show that age is a driving factor in many fatalities, losses and damages associated with motor vehicle accidents. Below are common statistics associated with&nbsp;younger, less-experienced drivers:</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>Teen drivers are three times more likely than older drivers to get into a fatal car accident.</strong>&nbsp;Factors include inexperience behind the wheel, distracted driving, lack of seatbelt use and risky behaviors behind the wheel.</li><li><strong>Handheld cell phone use is highest</strong>&nbsp;among drivers aged 16 to 24.</li><li><strong>Teen drivers typically face more expensive premiums</strong>&nbsp;to offset the higher risk.</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=\"gender\">Auto insurance statistics by gender</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\">Auto insurance premiums can also be affected by gender. Not all states can use your gender when calculating insurance rates, however. In states like California and Michigan, it is illegal for auto insurance companies to use your gender as a factor when determining your insurance rates.</p>\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, research shows that gender can be a predictor of driver behavior.</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>Men tend to engage in riskier behaviors behind the wheel</strong>&nbsp;than women, according to&nbsp;IIHS research.</li><li><strong>Men are typically involved in more motor accidents</strong>&nbsp;than women.</li><li><strong>Accidents involving male drivers tend to be more serious</strong>&nbsp;than accidents with female drivers.</li><li><strong>Speeding is a factor in&nbsp;35% of all fatal accidents</strong>&nbsp;involving male drivers between 15 and 25.</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\">Car insurance for teen drivers&nbsp;can be costly, but it is even more so for male 16-year-old drivers, who pay about $500 more than their female counterparts. Even as male drivers get older, they still have marginally higher car insurance premiums than women, on average, as shown below.</p>\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>Average annual full coverage premium by gender and age&nbsp;| Bankrate.com</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Age</th><th>Males</th><th>Females</th></tr><tr><td>16-year old</td><td>$2,783</td><td>$2,280</td></tr><tr><td>17-year old</td><td>$2,485</td><td>$2,015</td></tr><tr><td>18-year old</td><td>$5,727</td><td>$4,983</td></tr><tr><td>19-year old</td><td>$4,434</td><td>$3,831</td></tr><tr><td>21-year old</td><td>$3,149</td><td>$2,787</td></tr><tr><td>22-year old</td><td>$2,828</td><td>$2,495</td></tr><tr><td>23-year old</td><td>$2,675</td><td>$2,394</td></tr><tr><td>24-year old</td><td>$2,535</td><td>$2,282</td></tr><tr><td>25-year old</td><td>$2,181</td><td>$2,036</td></tr><tr><td>30-year old</td><td>$1,869</td><td>$1,832</td></tr><tr><td>35-year old</td><td>$1,813</td><td>$1,790</td></tr><tr><td>40-year old</td><td>$1,648</td><td>$1,701</td></tr><tr><td>50-year old</td><td>$1,463</td><td>$1,439</td></tr><tr><td>60-year old</td><td>$1,421</td><td>$1,389</td></tr><tr><td>70-year old</td><td>$1,564</td><td>$1,505</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Experts suggest that the best thing you can do is&nbsp;shop and compare quotes&nbsp;to obtain affordable car insurance. Each car insurance company may have different coverage and discounts options for your policy that can save you quite a bit on your premium each month.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.bankrate.com/insurance/car/auto-insurance-statistics/\">click here.</a></p>\n<!-- /wp:paragraph -->','Auto insurance statistics and facts','','inherit','closed','closed','','2507-revision-v1','','','2022-05-05 20:48:10','2022-05-05 20:48:10','',2507,'http://smartinsurance.tips/?p=2546',0,'revision','',0),(2509,1,'2022-05-02 01:13:33','2022-05-02 01:13:33','<!-- wp:image {\"id\":2508,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-1-1024x536.png\" alt=\"\" class=\"wp-image-2508\"/></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\">Like it or not, auto insurance is a fact of life. The average American pays $1,674 a year or about $140 a month on auto insurance. Nearly 215 million drivers carry car insurance in the U.S, and the industry as a whole is worth about $311 billion as of 2019, according to IBISWorld.</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=\"stats\">Key auto insurance statistics</h2>\n<!-- /wp:heading -->\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\">How much is auto insurance?</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><strong>The average auto insurance premium is $1,674 a year</strong> or about $140 a month.</li><li><strong>About 2.44% of the average household income is spent on auto insurance.</strong></li><li><strong>Auto insurance rates are on the rise.</strong> According to the NAIC, a 5% increase was observed between 2017 and 2018.</li><li><strong>Nearly 215 million drivers carry car insurance</strong> in the U.S., according to Review42.</li><li><strong>12.6% of drivers on the road are uninsured,</strong> according to the Insurance Research Council.</li><li>The auto insurance industry is worth about $311 billion, as of 2019 data from IBISWorld.</li><li><strong>Motor vehicle crashes cost almost $1 trillion in losses a year,</strong> according to NHTSA 2010 data.</li><li><strong>10 million or more crashes go unreported each year,</strong> according to the NHTSA.</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=\"impact\">What impacts auto insurance rates?</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\">Bankrate’s study of the average annual cost of auto insurance in the U.S. shows a rate of $1,674 per year for full coverage, accounting for about 2.44% of the average U.S. annual household income. Based on the report:</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>If your credit score decreases, your premium can increase by $1,351 for an average annual premium of $3,025.</li><li>A speeding ticket can increase your premium by $355 for a total average premium of $2,029 per year.</li><li>If you are involved in a car crash, your insurance premium can increase by $731 for a total of $2,405 per year.</li><li>A lapse in coverage can cost you $187 for an average annual premium of $1,861.</li><li>A DUI conviction can increase your policy premium by $1,662 for a total of $3,336 per year.</li><li>If you add a teen driver to your policy, you add an average of $1,883 to your policy rate for a total annual premium of $3,557.</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=\"types\">What types of auto insurance claims are filed?</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 four categories of auto insurance claims are bodily injury, property damage, collision, and comprehensive. Bodily injury and property damage claims are about liability or the policyholder’s responsibility to others for property damage or bodily injury. Collision and comprehensive cover damage and theft to the policyholder’s car.</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\">Which auto insurance claims are most expensive?</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\">Unsurprisingly, bodily injury claims are the most expensive, at an average of $15,862 per loss, followed by property damage at $3,630, collision at $3,247, and comprehensive at least expensive at $1,659.</p>\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>Cost of auto insurance claims by type</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Year</td><td>Bodily injury</td><td>Property damage</td><td>Collision</td><td>Comprehensive</td></tr><tr><td>2010</td><td>$14,406</td><td>$2,881</td><td>$2,778</td><td>$1,476</td></tr><tr><td>2011</td><td>$14,848</td><td>$2,958</td><td>$2,861</td><td>$1,490</td></tr><tr><td>2012</td><td>$14,690</td><td>$3,073</td><td>$2,950</td><td>$1,585</td></tr><tr><td>2013</td><td>$15,441</td><td>$3,231</td><td>$3,144</td><td>$1,621</td></tr><tr><td>2014</td><td>$15,384</td><td>$3,516</td><td>$3,169</td><td>$1,572</td></tr><tr><td>2015</td><td>$16,046</td><td>$3,791</td><td>$3,377</td><td>$1,679</td></tr><tr><td>2016</td><td>$16,149</td><td>$3,969</td><td>$3,442</td><td>$1,747</td></tr><tr><td>2017</td><td>$16,075</td><td>$4,064</td><td>$3,423</td><td>$1,811</td></tr><tr><td>2018</td><td>$17,164</td><td>$4,295</td><td>$3,578</td><td>$1,832</td></tr><tr><td>2019</td><td>$18,417</td><td>$4,525</td><td>$3,750</td><td>$1,780</td></tr><tr><td>Average</td><td>$15,862</td><td>$3,630</td><td>$3,247</td><td>$1,659</td></tr></tbody></table></figure>\n<!-- /wp:table -->\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\">Which auto insurance claims are most common?</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\">From a frequency standpoint, collision claims are most commonly filed at an average of 5.9 claims per 100 year of insured coverage on a vehicle. The second most frequent claims are property damage at 3.4, comprehensive at 2.8, and, least frequent, bodily injury at 1 claim per 100 car 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\"><strong>Frequency of auto insurance claims by type</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Year</td><td>Bodily injury</td><td>Property damage</td><td>Collision</td><td>Comprehensive</td></tr><tr><td>2010</td><td>0.91</td><td>3.53</td><td>5.69</td><td>2.62</td></tr><tr><td>2011</td><td>0.92</td><td>3.56</td><td>5.75</td><td>2.79</td></tr><tr><td>2012</td><td>0.95</td><td>3.50</td><td>5.57</td><td>2.62</td></tr><tr><td>2013</td><td>0.95</td><td>3.55</td><td>5.71</td><td>2.57</td></tr><tr><td>2014</td><td>0.97</td><td>3.41</td><td>5.93</td><td>2.79</td></tr><tr><td>2015</td><td>1.00</td><td>3.41</td><td>6.01</td><td>2.72</td></tr><tr><td>2016</td><td>1.05</td><td>3.44</td><td>6.13</td><td>2.76</td></tr><tr><td>2017</td><td>1.11</td><td>3.46</td><td>6.14</td><td>2.86</td></tr><tr><td>2018</td><td>1.10</td><td>3.32</td><td>6.13</td><td>3.02</td></tr><tr><td>2019</td><td>1.07</td><td>3.18</td><td>6.13</td><td>3.25</td></tr><tr><td>Average</td><td>1.00</td><td>3.44</td><td>5.92</td><td>2.80</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\">Why do people get in collisions?</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\">Car insurance claims are commonly the result of several factors, as indicated by the iii:</p>\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>Risk factors in 2018 fatal crashes | Insurance Information Institute</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Risk factor</th><th>Number of fatal crashes</th><th>Percentage of fatal crashes</th></tr><tr><td>Speeding or racing</td><td>8,596</td><td>16.7%</td></tr><tr><td>Influence of alcohol, drugs, or medication</td><td>5,175</td><td>10.1%</td></tr><tr><td>Distracted driving</td><td>2,688</td><td>5.2%</td></tr><tr><td>Drowsy, asleep, fatigued, ill or blacked out</td><td>1,221</td><td>2.4%</td></tr><tr><td>No reason reported</td><td>16,012</td><td>31.1%</td></tr><tr><td>Unknown</td><td>9.167</td><td>17.8%</td></tr></tbody></table></figure>\n<!-- /wp:table -->\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\">How common are collisions?</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\">Furthermore, the Insurance Research Council (IRC) reports that 79% of all claimed economic losses in auto claims in 2017 covered a multitude of medical expenses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">On the bright side, data indicates the number of injuries is gradually declining over time.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th></th><th>Total Crashes</th><th>Fatal Crashes</th><th>Injury Crashes</th><th>Property Damage Only Crashes</th></tr><tr><td><strong>2017</strong></td><td>6,452,000</td><td>34,247</td><td>1,889,000</td><td>4,530,000</td></tr><tr><td><strong>2018</strong></td><td>6,735,000</td><td>33,919</td><td>1,894,000</td><td>4,807,000</td></tr><tr><td><strong>2019</strong></td><td>6,756,000</td><td>33,224</td><td>1,916,000</td><td>4,806,000</td></tr></tbody></table></figure>\n<!-- /wp:table -->\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\">Who pays for insurance claims?</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\">Numbers like these raise the question of who is paying for these losses, especially when considering the issue from an insurance perspective. Data from the NHTSA suggests that it is not an even split.</p>\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>Who pays for insurance claims? | NHTSA</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Responsible Party</th><th>Percentage of all motor vehicle crash costs</th></tr><tr><td>Private insurers</td><td>50%</td></tr><tr><td>Individual crash victims</td><td>26%</td></tr><tr><td>Third parties, charities, and health care providers</td><td>14%</td></tr><tr><td>Federal revenues</td><td>6%</td></tr><tr><td>State and local municipalities</td><td>3%</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">With insurance providers covering the bulk of these expenses, U.S. drivers have seen insurance premiums slowly creep up in keeping with the ongoing costs associated with these accidents. This is evident with historical data from the iii below and a glimpse at rates from this 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\"><strong>Average annual cost of auto insurance | Insurance Information Institute</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Year</th><th>Percent change, year-to-year</th></tr><tr><td>2009</td><td>-0.5%</td></tr><tr><td>2010</td><td>0.3%</td></tr><tr><td>2011</td><td>0.7%</td></tr><tr><td>2012</td><td>2.2%</td></tr><tr><td>2013</td><td>3.5%</td></tr><tr><td>2014</td><td>3.4%</td></tr><tr><td>2015</td><td>3.1%</td></tr><tr><td>2016</td><td>5.4%</td></tr><tr><td>2017</td><td>6.5%</td></tr><tr><td>2018</td><td>5.0%</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">According to rate data from Quadrant Information Services, today, in 2022, the average cost of car insurance is $1,674 per year for full coverage.</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=\"percentage\">Percentage of uninsured drivers by state</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\">Insurance premiums can vary from state to state for several reasons, but one major factor that often contributes to auto insurance costs is uninsured drivers. The IRC credits the economic downturn as a leading reason for uninsured drivers. The Financial Responsibility and Insurance Committee of the American Association of Motor Vehicle Administrators reports that 82% of uninsured drivers either cannot afford insurance or do not have a vehicle that is operable or in use.</p>\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 accident with an uninsured driver can be especially detrimental because of the potential unaffordability of out-of-pocket costs for repairs, injuries or damages. Yet, uninsured drivers are prevalent throughout the U.S.</p>\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 the IRC, about one in eight drivers were uninsured in 2014. About 27% of Florida drivers were uninsured in 2015, according to the iii, although the highest percentage is observed in Mississippi — nearly 30% of drivers in this state are uninsured.</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=\"costs\">Auto insurance costs by state</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\">Auto insurance is required for drivers in 49 states and Washington, D.C. New Hampshire is the only state without a compulsory insurance liability law. If a driver meets the minimum financial obligations in New Hampshire, they may drive without an active auto insurance 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\">Where you live has a significant impact on what you will pay for car insurance. The table below shows average annual car insurance rates by state for full 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\">Based on average annual rates, Maine and Ohio fall well below the national average. Comparatively, Florida, New York and Louisiana tend to see the highest rates.</p>\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>Average annual full coverage rates by state | Bankrate.com</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th>State</th><th>Average annual cost</th></tr><tr><td>Alabama</td><td>$1,623</td></tr><tr><td>Alaska</td><td>$1,559</td></tr><tr><td>Arizona</td><td>$1,547</td></tr><tr><td>Arkansas</td><td>$1,914</td></tr><tr><td>California</td><td>$2,065</td></tr><tr><td>Colorado</td><td>$2,016</td></tr><tr><td>Connecticut</td><td>$1,845</td></tr><tr><td>Delaware</td><td>$1,775</td></tr><tr><td><strong>Florida</strong></td><td><strong>$2,364</strong></td></tr><tr><td>Georgia</td><td>$1,982</td></tr><tr><td><strong>Hawaii</strong></td><td><strong>$1,127</strong></td></tr><tr><td><strong>Idaho</strong></td><td><strong>$1,045</strong></td></tr><tr><td>Illinois</td><td>$1,485</td></tr><tr><td>Indiana</td><td>$1,254</td></tr><tr><td>Iowa</td><td>$1,260</td></tr><tr><td>Kansas</td><td>$1,698</td></tr><tr><td>Kentucky</td><td>$2,128</td></tr><tr><td><strong>Louisiana</strong></td><td><strong>$2,724</strong></td></tr><tr><td><strong>Maine</strong></td><td><strong>$965</strong></td></tr><tr><td>Maryland</td><td>$1,877</td></tr><tr><td>Massachusetts</td><td>$1,223</td></tr><tr><td><strong>Michigan</strong></td><td><strong>$2,309</strong></td></tr><tr><td>Minnesota</td><td>$1,643</td></tr><tr><td>Mississippi</td><td>$1,782</td></tr><tr><td>Missouri</td><td>$1,661</td></tr><tr><td>Montana</td><td>$1,737</td></tr><tr><td>Nebraska</td><td>$1,531</td></tr><tr><td><strong>Nevada</strong></td><td><strong>$2,245</strong></td></tr><tr><td>New Hampshire</td><td>$1,275</td></tr><tr><td>New Jersey</td><td>$1,757</td></tr><tr><td>New Mexico</td><td>$1,419</td></tr><tr><td><strong>New York</strong></td><td><strong>$2,321</strong></td></tr><tr><td>North Carolina</td><td>$1,325</td></tr><tr><td>North Dakota</td><td>$1,264</td></tr><tr><td><strong>Ohio</strong></td><td><strong>$1,034</strong></td></tr><tr><td>Oklahoma</td><td>$1,873</td></tr><tr><td>Oregon</td><td>$1,346</td></tr><tr><td>Pennsylvania</td><td>$1,476</td></tr><tr><td>Rhode Island</td><td>$2,018</td></tr><tr><td>South Carolina</td><td>$1,512</td></tr><tr><td>South Dakota</td><td>$1,642</td></tr><tr><td>Tennessee</td><td>$1,338</td></tr><tr><td>Texas</td><td>$1,823</td></tr><tr><td>Utah</td><td>$1,306</td></tr><tr><td>Vermont</td><td>$1,207</td></tr><tr><td>Virginia</td><td>$1,304</td></tr><tr><td><strong>Washington</strong></td><td><strong>$1,176</strong></td></tr><tr><td>Washington, D.C.</td><td>$1,855</td></tr><tr><td>West Virginia</td><td>$1,499</td></tr><tr><td>Wisconsin</td><td>$1,186</td></tr><tr><td>Wyoming</td><td>$1,495</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=\"most\">Most expensive states for auto 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\">Our 2022 Bankrate annual report shows that some regions of the country continue to face much more expensive premiums than other regions.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Louisiana has the highest premiums of the costliest states, with an average annual cost of $2,724 per year. The New Orleans metropolitan area is even higher, with an average premium of $4,234 per year.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Rank</th><th>State</th><th>Average annual premium</th></tr><tr><td>1.</td><td>Louisiana</td><td>$2,724</td></tr><tr><td>2.</td><td>Florida</td><td>$2,364</td></tr><tr><td>3.</td><td>New York</td><td>$2,321</td></tr><tr><td>4.</td><td>Michigan</td><td>$2,309</td></tr><tr><td>5.</td><td>Nevada</td><td>$2,245</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=\"least\">Least expensive states for auto 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\">Some cities are more affordable for the average cost of car insurance. Maine has the cheapest quote premium at $965 per year, followed closely by Ohio, Idaho, Hawaii and Washington.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Rank</th><th>State</th><th>Average annual premium</th></tr><tr><td>50.</td><td>Maine</td><td>$965</td></tr><tr><td>49.</td><td>Ohio</td><td>$1,034</td></tr><tr><td>48.</td><td>Idaho</td><td>$1,045</td></tr><tr><td>47.</td><td>Hawaii</td><td>$1,127</td></tr><tr><td>46.</td><td>Washington</td><td>$1,176</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=\"industry\">Auto insurance industry statistics</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\">Given various risk factors and average annual claim costs, you might wonder what the impact is to auto insurance providers. These statistics reflect the state of the auto insurance industry:</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>The CDC reports that 2010 costs for medical care and productivity losses accounted for almost $100 billion (nearly $500 for every licensed driver in the country).</li><li>Between 2008 and 2017, insurance payments increased by 31% for bodily injury claims and 26% for personal injury protection (PIP) no-fault claims.</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\"><strong>Insurance market trends (millions) | NAIC</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th></th><th>2017</th><th>2018</th><th>2019</th></tr><tr><td>Direct property and casualty insurers</td><td>467,724</td><td>460,038</td><td>466,170</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Some car insurance companies are more popular than others due to market share and availability, competitive rates or higher customer satisfaction. According to the iii, companies like State Farm, Berkshire Hathaway (parent company of Geico and others), and Progressive all represent the most significant market share, with Allstate and USAA in close pursuit, according to the iii.</p>\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>Largest auto insurance providers, by market share | Insurance Information Institute</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Rank</th><th>Company</th><th>Direct premiums written</th><th>Market share</th></tr><tr><td>1.</td><td>State Farm Mutual Automobile Insurance</td><td>$40,878,781</td><td>16.1%</td></tr><tr><td>2.</td><td>Berkshire Hathaway Inc.</td><td>$34,892,004</td><td>13.8%</td></tr><tr><td>3.</td><td>Progressive Corporation</td><td>$31,025,772</td><td>12.2%</td></tr><tr><td>4.</td><td>Allstate Corporation</td><td>$23,626,743</td><td>9.3%</td></tr><tr><td>5.</td><td>USAA Insurance Group</td><td>$15,231,169</td><td>6.0%</td></tr><tr><td>6.</td><td>Liberty Mutual</td><td>$11,701,811</td><td>4.6%</td></tr><tr><td>7.</td><td>Farmers Insurance Group of Companies</td><td>$10,533,343</td><td>4.2%</td></tr><tr><td>8.</td><td>Nationwide Mutual Group</td><td>$6,245,588</td><td>2.5%</td></tr><tr><td>9.</td><td>American Family Insurance Group</td><td>$5,776,711</td><td>2.3%</td></tr><tr><td>10.</td><td>Travelers Companies Inc.</td><td>$4,903,033</td><td>1.9%</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=\"age\">Auto insurance statistics by age</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\">Age has historically been one of the most significant factors that car insurance providers use to determine insurance costs. Research continues to show that age is a driving factor in many fatalities, losses and damages associated with motor vehicle accidents. Below are common statistics associated with younger, less-experienced drivers:</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>Teen drivers are three times more likely than older drivers to get into a fatal car accident.</strong>&nbsp;Factors include inexperience behind the wheel, distracted driving, lack of seatbelt use and risky behaviors behind the wheel.</li><li><strong>Handheld cell phone use is highest</strong>&nbsp;among drivers aged 16 to 24.</li><li><strong>Teen drivers typically face more expensive premiums</strong>&nbsp;to offset the higher risk.</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=\"gender\">Auto insurance statistics by gender</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\">Auto insurance premiums can also be affected by gender. Not all states can use your gender when calculating insurance rates, however. In states like California and Michigan, it is illegal for auto insurance companies to use your gender as a factor when determining your insurance rates.</p>\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, research shows that gender can be a predictor of driver behavior.</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>Men tend to engage in riskier behaviors behind the wheel</strong> than women, according to IIHS research.</li><li><strong>Men are typically involved in more motor accidents</strong> than women.</li><li><strong>Accidents involving male drivers tend to be more serious</strong> than accidents with female drivers.</li><li><strong>Speeding is a factor in 35% of all fatal accidents</strong> involving male drivers between 15 and 25.</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\">Car insurance for teen drivers can be costly, but it is even more so for male 16-year-old drivers, who pay about $500 more than their female counterparts. Even as male drivers get older, they still have marginally higher car insurance premiums than women, on average, as shown below.</p>\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>Average annual full coverage premium by gender and age | Bankrate.com</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Age</th><th>Males</th><th>Females</th></tr><tr><td>16-year old</td><td>$2,783</td><td>$2,280</td></tr><tr><td>17-year old</td><td>$2,485</td><td>$2,015</td></tr><tr><td>18-year old</td><td>$5,727</td><td>$4,983</td></tr><tr><td>19-year old</td><td>$4,434</td><td>$3,831</td></tr><tr><td>21-year old</td><td>$3,149</td><td>$2,787</td></tr><tr><td>22-year old</td><td>$2,828</td><td>$2,495</td></tr><tr><td>23-year old</td><td>$2,675</td><td>$2,394</td></tr><tr><td>24-year old</td><td>$2,535</td><td>$2,282</td></tr><tr><td>25-year old</td><td>$2,181</td><td>$2,036</td></tr><tr><td>30-year old</td><td>$1,869</td><td>$1,832</td></tr><tr><td>35-year old</td><td>$1,813</td><td>$1,790</td></tr><tr><td>40-year old</td><td>$1,648</td><td>$1,701</td></tr><tr><td>50-year old</td><td>$1,463</td><td>$1,439</td></tr><tr><td>60-year old</td><td>$1,421</td><td>$1,389</td></tr><tr><td>70-year old</td><td>$1,564</td><td>$1,505</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Experts suggest that the best thing you can do is shop and compare quotes to obtain affordable car insurance. Each car insurance company may have different coverage and discounts options for your policy that can save you quite a bit on your premium each month.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.bankrate.com/insurance/car/auto-insurance-statistics/\">click here.</a></p>\n<!-- /wp:paragraph -->','Auto insurance statistics and facts','','inherit','closed','closed','','2507-revision-v1','','','2022-05-02 01:13:33','2022-05-02 01:13:33','',2507,'http://smartinsurance.tips/?p=2509',0,'revision','',0),(2510,1,'2022-05-02 01:22:08','2022-05-02 01:22:08','<!-- wp:image {\"id\":2511,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-2-1024x536.png\" alt=\"\" class=\"wp-image-2511\"/></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\">Replacing the roof is probably the house renovation project that homeowners most dread. And with good reason: It’s one of the most expensive, typically ranging between $5,601 and $11,729,&nbsp; according to HomeAdvisor, the online contractor resource and search service. The average U.S.homeowner spends about $8,600 on a new roof.</p>\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 the reality is, roof replacement is often not a discretionary project but a vital one, commanding top&nbsp;priority. Ignoring the need for a new roof will not only cause additional damage to your home but will decrease your home’s value.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Though replacing a roof is not a small expense — and not the sort of project you should skimp on — there are ways to make it more affordable.</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 are the costs of replacing a roof?</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 $8,600 is the national average, roof replacement costs can soar has high as $45,000. A “reroofing” project — as the pros call it — typically involves removing the roof’s existing shingles, making spot repairs to the underlying deck or structure (if necessary), and installing new shingles.</p>\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 often you’ll need to replace your roof and how much you spend depends on a variety of factors, ranging from the geographic location of your house to the type of shingles you select. Basically though, the price tag for replacing a roof breaks down into two parts: 40 percent materials and 60 percent labor.</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\">Roof replacement materials</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 most common elements among the materials that will cost you in replacing a roof:</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>Underlayment: the water-resistant or waterproof barrier that’s installed onto the decking of your roof before shingles are installed.</li><li>Shingles: the material covering the roof that you can see.</li><li>Soffits: an integral barrier that covers the eaves of your home. Damages to soffits can make rafters susceptible to moisture, and impact the ventilation in the attic.</li><li>Drip edge: a strip of material (usually aluminum) installed at the edge of the roof that directs water off the roof and into the gutters.</li><li>Flashing: installed in areas where a drip edge isn’t feasible and redirects water.</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\">Roof replacement labor costs</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\">You often need skilled professionals to replace an entire roof. Their work involves:</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>Removal (“tear-off” in roofers’ lingo) and disposal of the old roof and its materials.</li><li>Installation of new roof.</li><li>Cleanup.</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\">Factors such as the pitch (the angle) of your roof, features like chimneys and skylights, and the roof size all affect the time and effort — and so the cost — of the replacement.</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 you know you need to replace your roof?</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\">There are some telltale signs that roof replacement time is imminent:</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>Loss of shingles.</li><li>Cracked shingles.</li><li>Curling of shingle edges.</li><li>Water leaks.</li><li>Pooling water on the roof.</li><li>Damage to roof deck.</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\">If you suspect problems — or even if you don’t — it’s often a good idea to pay for a professional roof inspection. Hiring a roof inspector costs&nbsp;$125 to $325, according to HomeAdvisor, but it can help you pinpoint problems and determine whether an entire roof replacement, versus some roof repairs, is necessary.</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\">How often should you replace a roof?</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\">Maybe you haven’t noticed any signs of damage — yet. Even so, most roofs have a natural lifespan. The recommended replacement time of your roof largely depends on the material it’s made of.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">RoofAdvisor.com estimates the typical life of the most common roofs as:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><thead><tr><th>Roof Material</th><th>Years</th></tr></thead><tbody><tr><td>Composition shingles</td><td>12-20</td></tr><tr><td>Asphalt shingles</td><td>15-30</td></tr><tr><td>Wood shingles</td><td>20-25</td></tr><tr><td>Rubber roofs</td><td>30-50</td></tr><tr><td>Metal roofs</td><td>50-75</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\">How to reduce the roof replacement costs?</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\"><strong>1.&nbsp;Know your roof replacement materials</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\">When it comes to roof replacement, shingle selection is critical — it’s usually the single biggest material cost. Shingle cost is quoted on a per-square basis or often a roofing-square basis (100 square feet is considered a roofing square).</p>\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 many material types you can choose, ranging from rubber to galvanized steel, along with asphalt, slate, or copper. Asphalt tends to be the contemporary go-to roofing option: It offers many benefits in that it’s cost-effective (prices average around $2,500 for a roof of 17 squares — coverage for a 2,200 sq.-ft. house, the average U.S. home size), easy to install and can last for a generation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Composition shingles, made of a fiberglass or cellulose base, coated with asphalt and topped with mineral granules, run less, but they wear out faster.&nbsp;At the other end of the scale is a metal like copper: durable but among the most expensive options available, with prices start from $25,000 for 17 squares.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Considering which materials you use can help you receive the best combo of savings and durability when calculating your replacement roof cost.</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\"><strong>2. Aim for offseason discounts</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\">If you’re able to plan your roof replacement in advance, wait until the roofer’ slower season. The busiest season for roofers is summer and fall, so consider scheduling your replacement for early/late winter or early/late spring.</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\"><strong>3. Insurance claim</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\">Depending on your homeowners insurance policy and the reason for the re-do, your roof replacement cost may be&nbsp;covered by insurance. It’s a good idea to speak with a roofer first — even commission an inspection — to determine the extent and cause of the roof damage and their opinion on whether or not it may be a valid insurance claim. Then, speak with your insurance agent and initiate the claim if possible.</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\"><strong>4. Research roofers</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\">Ask for recommendations from local friends or neighbors who have had recent roof replacements and ask for referrals. Ask potential roofers for customer referrals and pictures of their comparable work. Always require proof of bonding, licensing and insurance and then validate those claims through your local government before any work commences or any payment is issued.</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 to pay for replacing your roof?</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\"><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\">Personal loans&nbsp;are a good option for large projects like roof replacements. Loan terms are pretty flexible on personal loans and allow you to select a very short term or a longer one if necessary. Personal loans provide you with a lump sum payment and typically have fixed interest rates. This type of “unsecured” loan means you won’t have to put up collateral, like your home. There also may be origination or closing fees associated with this loan from your bank or lending institution.</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\"><strong>Home equity 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\">A home equity loan uses the equity in your home to borrow from while using the home as collateral. This is also referred to as a second mortgage and is often used for large expenditures, like replacing a roof. Payments and terms on a&nbsp;home equity loan&nbsp;are similar to that of any standard loan with a fixed interest rate, but the interest may be tax-deductible.</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\"><strong>Home equity line of 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\">A&nbsp;home equity line of credit, or HELOC, allows you to borrow against the equity in your home while using the home as collateral. The biggest difference is the line of credit is open, or revolving, and is usually accompanied by a variable interest rate. You can borrow against it and pay it back, but the line of credit will remain open so that you can borrow against it again.</p>\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 home equity line of credit can be a nice solution for a large project like replacing a roof. However, since the full cost of a roof replacement is usually specified in advance, a personal loan or home equity loan with a fixed interest rate might be a more prudent 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\">Is replacing a roof a good investment?</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\">Doing a roof replacement is an expensive financial endeavor, and it doesn’t offer the greatest ROI:&nbsp;It recoups around 56% (for metal) to nearly 61% (for asphalt) of its cost, according to&nbsp;<em>Remodeling</em>’s 2021&nbsp;Cost vs Value Report.</p>\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, it also has many long-term benefits. Installed properly, a new roof can last for decades. And, while it does require a large, four-to-five-figure outlay, ongoing repairs and patch-ups to a damaged or weakening roof can easily mount much higher over the years — not to mention the expense of problems that might ensue from holes and leaks.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Most of all, a roof replacement gives you peace of mind that your home is ready to withstand the elements, and able to maintain its value. Replacing your roof when the time comes is a crucial aspect of homeownership.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.bankrate.com/homeownership/cost-to-replace-roof/?itm_source=parsely-api\">click here.</a></p>\n<!-- /wp:paragraph -->','How much does it cost to replace a roof?','','publish','open','open','','how-much-does-it-cost-to-replace-a-roof','','','2022-05-04 22:40:42','2022-05-04 22:40:42','',0,'http://smartinsurance.tips/?p=2510',0,'post','',0),(2511,1,'2022-05-02 01:14:56','2022-05-02 01:14:56','','Insurance-2','','inherit','open','closed','','insurance-2-3','','','2022-05-02 01:14:56','2022-05-02 01:14:56','',2510,'http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-2.png',0,'attachment','image/png',0),(2543,1,'2022-05-04 22:40:12','2022-05-04 22:40:12','<!-- wp:image {\"id\":2511,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-2-1024x536.png\" alt=\"\" class=\"wp-image-2511\"/></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\">Replacing the roof is probably the house renovation project that homeowners most dread. And with good reason: It’s one of the most expensive, typically ranging between $5,601 and $11,729,&nbsp; according to HomeAdvisor, the online contractor resource and search service. The average U.S.homeowner spends about $8,600 on a new roof.</p>\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 the reality is, roof replacement is often not a discretionary project but a vital one, commanding top&nbsp;priority. Ignoring the need for a new roof will not only cause additional damage to your home but will decrease your home’s value.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Though replacing a roof is not a small expense — and not the sort of project you should skimp on — there are ways to make it more affordable.</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 are the costs of replacing a roof?</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 $8,600 is the national average, roof replacement costs can soar has high as $45,000. A “reroofing” project — as the pros call it — typically involves removing the roof’s existing shingles, making spot repairs to the underlying deck or structure (if necessary), and installing new shingles.</p>\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 often you’ll need to replace your roof and how much you spend depends on a variety of factors, ranging from the geographic location of your house to the type of shingles you select. Basically though, the price tag for replacing a roof breaks down into two parts: 40 percent materials and 60 percent labor.</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\">Roof replacement materials</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 most common elements among the materials that will cost you in replacing a roof:</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>Underlayment: the water-resistant or waterproof barrier that’s installed onto the decking of your roof before shingles are installed.</li><li>Shingles: the material covering the roof that you can see.</li><li>Soffits: an integral barrier that covers the eaves of your home. Damages to soffits can make rafters susceptible to moisture, and impact the ventilation in the attic.</li><li>Drip edge: a strip of material (usually aluminum) installed at the edge of the roof that directs water off the roof and into the gutters.</li><li>Flashing: installed in areas where a drip edge isn’t feasible and redirects water.</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\">Roof replacement labor costs</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\">You often need skilled professionals to replace an entire roof. Their work involves:</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>Removal (“tear-off” in roofers’ lingo) and disposal of the old roof and its materials.</li><li>Installation of new roof.</li><li>Cleanup.</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\">Factors such as the pitch (the angle) of your roof, features like chimneys and skylights, and the roof size all affect the time and effort — and so the cost — of the replacement.</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 you know you need to replace your roof?</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\">There are some telltale signs that roof replacement time is imminent:</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>Loss of shingles.</li><li>Cracked shingles.</li><li>Curling of shingle edges.</li><li>Water leaks.</li><li>Pooling water on the roof.</li><li>Damage to roof deck.</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\">If you suspect problems — or even if you don’t — it’s often a good idea to pay for a professional roof inspection. Hiring a roof inspector costs&nbsp;$125 to $325, according to HomeAdvisor, but it can help you pinpoint problems and determine whether an entire roof replacement, versus some roof repairs, is necessary.</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\">How often should you replace a roof?</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\">Maybe you haven’t noticed any signs of damage — yet. Even so, most roofs have a natural lifespan. The recommended replacement time of your roof largely depends on the material it’s made of.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">RoofAdvisor.com estimates the typical life of the most common roofs as:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><thead><tr><th>Roof Material</th><th>Years</th></tr></thead><tbody><tr><td>Composition shingles</td><td>12-20</td></tr><tr><td>Asphalt shingles</td><td>15-30</td></tr><tr><td>Wood shingles</td><td>20-25</td></tr><tr><td>Rubber roofs</td><td>30-50</td></tr><tr><td>Metal roofs</td><td>50-75</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\">How to reduce the roof replacement costs?</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\"><strong>1.&nbsp;Know your roof replacement materials</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\">When it comes to roof replacement, shingle selection is critical — it’s usually the single biggest material cost. Shingle cost is quoted on a per-square basis or often a roofing-square basis (100 square feet is considered a roofing square).</p>\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 many material types you can choose, ranging from rubber to galvanized steel, along with asphalt, slate, or copper. Asphalt tends to be the contemporary go-to roofing option: It offers many benefits in that it’s cost-effective (prices average around $2,500 for a roof of 17 squares — coverage for a 2,200 sq.-ft. house, the average U.S. home size), easy to install and can last for a generation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Composition shingles, made of a fiberglass or cellulose base, coated with asphalt and topped with mineral granules, run less, but they wear out faster.&nbsp;At the other end of the scale is a metal like copper: durable but among the most expensive options available, with prices start from $25,000 for 17 squares.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Considering which materials you use can help you receive the best combo of savings and durability when calculating your replacement roof cost.</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\"><strong>2. Aim for offseason discounts</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\">If you’re able to plan your roof replacement in advance, wait until the roofer’ slower season. The busiest season for roofers is summer and fall, so consider scheduling your replacement for early/late winter or early/late spring.</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\"><strong>3. Insurance claim</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\">Depending on your homeowners insurance policy and the reason for the re-do, your roof replacement cost may be&nbsp;covered by insurance. It’s a good idea to speak with a roofer first — even commission an inspection — to determine the extent and cause of the roof damage and their opinion on whether or not it may be a valid insurance claim. Then, speak with your insurance agent and initiate the claim if possible.</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\"><strong>4. Research roofers</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\">Ask for recommendations from local friends or neighbors who have had recent roof replacements and ask for referrals. Ask potential roofers for customer referrals and pictures of their comparable work. Always require proof of bonding, licensing and insurance and then validate those claims through your local government before any work commences or any payment is issued.</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 to pay for replacing your roof?</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\"><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\">Personal loans&nbsp;are a good option for large projects like roof replacements. Loan terms are pretty flexible on personal loans and allow you to select a very short term or a longer one if necessary. Personal loans provide you with a lump sum payment and typically have fixed interest rates. This type of “unsecured” loan means you won’t have to put up collateral, like your home. There also may be origination or closing fees associated with this loan from your bank or lending institution.</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\"><strong>Home equity 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\">A home equity loan uses the equity in your home to borrow from while using the home as collateral. This is also referred to as a second mortgage and is often used for large expenditures, like replacing a roof. Payments and terms on a&nbsp;home equity loan&nbsp;are similar to that of any standard loan with a fixed interest rate, but the interest may be tax-deductible.</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\"><strong>Home equity line of 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\">A&nbsp;home equity line of credit, or HELOC, allows you to borrow against the equity in your home while using the home as collateral. The biggest difference is the line of credit is open, or revolving, and is usually accompanied by a variable interest rate. You can borrow against it and pay it back, but the line of credit will remain open so that you can borrow against it again.</p>\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 home equity line of credit can be a nice solution for a large project like replacing a roof. However, since the full cost of a roof replacement is usually specified in advance, a personal loan or home equity loan with a fixed interest rate might be a more prudent 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\">Is replacing a roof a good investment?</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\">Doing a roof replacement is an expensive financial endeavor, and it doesn’t offer the greatest ROI:&nbsp;It recoups around 56% (for metal) to nearly 61% (for asphalt) of its cost, according to&nbsp;<em>Remodeling</em>’s 2021&nbsp;Cost vs Value Report.</p>\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, it also has many long-term benefits. Installed properly, a new roof can last for decades. And, while it does require a large, four-to-five-figure outlay, ongoing repairs and patch-ups to a damaged or weakening roof can easily mount much higher over the years — not to mention the expense of problems that might ensue from holes and leaks.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Most of all, a roof replacement gives you peace of mind that your home is ready to withstand the elements, and able to maintain its value. Replacing your roof when the time comes is a crucial aspect of homeownership.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.bankrate.com/homeownership/cost-to-replace-roof/?itm_source=parsely-api\">click here.</a></p>\n<!-- /wp:paragraph -->','How much does it cost to replace a roof?','','inherit','closed','closed','','2510-revision-v1','','','2022-05-04 22:40:12','2022-05-04 22:40:12','',2510,'http://smartinsurance.tips/?p=2543',0,'revision','',0),(2512,1,'2022-05-02 01:22:08','2022-05-02 01:22:08','<!-- wp:image {\"id\":2511,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-2-1024x536.png\" alt=\"\" class=\"wp-image-2511\"/></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\">Replacing the roof is probably the house renovation project that homeowners most dread. And with good reason: It’s one of the most expensive, typically ranging between $5,601 and $11,729,&nbsp; according to HomeAdvisor, the online contractor resource and search service. The average U.S.homeowner spends about $8,600 on a new roof.</p>\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 the reality is, roof replacement is often not a discretionary project but a vital one, commanding top priority. Ignoring the need for a new roof will not only cause additional damage to your home but will decrease your home’s value.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Though replacing a roof is not a small expense — and not the sort of project you should skimp on — there are ways to make it more affordable.</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 are the costs of replacing a roof?</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 $8,600 is the national average, roof replacement costs can soar has high as $45,000. A “reroofing” project — as the pros call it — typically involves removing the roof’s existing shingles, making spot repairs to the underlying deck or structure (if necessary), and installing new shingles.</p>\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 often you’ll need to replace your roof and how much you spend depends on a variety of factors, ranging from the geographic location of your house to the type of shingles you select. Basically though, the price tag for replacing a roof breaks down into two parts: 40 percent materials and 60 percent labor.</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\">Roof replacement materials</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 most common elements among the materials that will cost you in replacing a roof:</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>Underlayment: the water-resistant or waterproof barrier that’s installed onto the decking of your roof before shingles are installed.</li><li>Shingles: the material covering the roof that you can see.</li><li>Soffits: an integral barrier that covers the eaves of your home. Damages to soffits can make rafters susceptible to moisture, and impact the ventilation in the attic.</li><li>Drip edge: a strip of material (usually aluminum) installed at the edge of the roof that directs water off the roof and into the gutters.</li><li>Flashing: installed in areas where a drip edge isn’t feasible and redirects water.</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\">Roof replacement labor costs</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\">You often need skilled professionals to replace an entire roof. Their work involves:</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>Removal (“tear-off” in roofers’ lingo) and disposal of the old roof and its materials.</li><li>Installation of new roof.</li><li>Cleanup.</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\">Factors such as the pitch (the angle) of your roof, features like chimneys and skylights, and the roof size all affect the time and effort — and so the cost — of the replacement.</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 you know you need to replace your roof?</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\">There are some telltale signs that roof replacement time is imminent:</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>Loss of shingles.</li><li>Cracked shingles.</li><li>Curling of shingle edges.</li><li>Water leaks.</li><li>Pooling water on the roof.</li><li>Damage to roof deck.</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\">If you suspect problems — or even if you don’t — it’s often a good idea to pay for a professional roof inspection. Hiring a roof inspector costs&nbsp;$125 to $325, according to HomeAdvisor, but it can help you pinpoint problems and determine whether an entire roof replacement, versus some roof repairs, is necessary.</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\">How often should you replace a roof?</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\">Maybe you haven’t noticed any signs of damage — yet. Even so, most roofs have a natural lifespan. The recommended replacement time of your roof largely depends on the material it’s made of.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">RoofAdvisor.com estimates the typical life of the most common roofs as:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><thead><tr><th>Roof Material</th><th>Years</th></tr></thead><tbody><tr><td>Composition shingles</td><td>12-20</td></tr><tr><td>Asphalt shingles</td><td>15-30</td></tr><tr><td>Wood shingles</td><td>20-25</td></tr><tr><td>Rubber roofs</td><td>30-50</td></tr><tr><td>Metal roofs</td><td>50-75</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\">How to reduce the roof replacement costs?</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\"><strong>1. Know your roof replacement materials</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\">When it comes to roof replacement, shingle selection is critical — it’s usually the single biggest material cost. Shingle cost is quoted on a per-square basis or often a roofing-square basis (100 square feet is considered a roofing square).</p>\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 many material types you can choose, ranging from rubber to galvanized steel, along with asphalt, slate, or copper. Asphalt tends to be the contemporary go-to roofing option: It offers many benefits in that it’s cost-effective (prices average around $2,500 for a roof of 17 squares — coverage for a 2,200 sq.-ft. house, the average U.S. home size), easy to install and can last for a generation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Composition shingles, made of a fiberglass or cellulose base, coated with asphalt and topped with mineral granules, run less, but they wear out faster.&nbsp;At the other end of the scale is a metal like copper: durable but among the most expensive options available, with prices start from $25,000 for 17 squares.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Considering which materials you use can help you receive the best combo of savings and durability when calculating your replacement roof cost.</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\"><strong>2. Aim for offseason discounts</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\">If you’re able to plan your roof replacement in advance, wait until the roofer’ slower season. The busiest season for roofers is summer and fall, so consider scheduling your replacement for early/late winter or early/late spring.</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\"><strong>3. Insurance claim</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\">Depending on your homeowners insurance policy and the reason for the re-do, your roof replacement cost may be covered by insurance. It’s a good idea to speak with a roofer first — even commission an inspection — to determine the extent and cause of the roof damage and their opinion on whether or not it may be a valid insurance claim. Then, speak with your insurance agent and initiate the claim if possible.</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\"><strong>4. Get multiple quotes</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\">Seek comparable quotes from at least three reputable roofers. Watch for things like unusually low bids. If two bidders quote $10,000 and one bidder quotes $5,000, this should raise a red flag. It may indicate that the roofer is low-balling to get the job and then will do sub-par work. Watch out for bidders who list among their terms “payment required in advance.”</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\"><strong>5. Research roofers</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\">Ask for recommendations from local friends or neighbors who have had recent roof replacements and ask for referrals. Ask potential roofers for customer referrals and pictures of their comparable work. Always require proof of bonding, licensing and insurance and then validate those claims through your local government before any work commences or any payment is issued.</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 to pay for replacing your roof?</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\"><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\">Personal loans are a good option for large projects like roof replacements. Loan terms are pretty flexible on personal loans and allow you to select a very short term or a longer one if necessary. Personal loans provide you with a lump sum payment and typically have fixed interest rates. This type of “unsecured” loan means you won’t have to put up collateral, like your home. There also may be origination or closing fees associated with this loan from your bank or lending institution.</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\"><strong>Home equity 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\">A home equity loan uses the equity in your home to borrow from while using the home as collateral. This is also referred to as a second mortgage and is often used for large expenditures, like replacing a roof. Payments and terms on a home equity loan are similar to that of any standard loan with a fixed interest rate, but the interest may be tax-deductible.</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\"><strong>Home equity line of 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\">A home equity line of credit, or HELOC, allows you to borrow against the equity in your home while using the home as collateral. The biggest difference is the line of credit is open, or revolving, and is usually accompanied by a variable interest rate. You can borrow against it and pay it back, but the line of credit will remain open so that you can borrow against it again.</p>\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 home equity line of credit can be a nice solution for a large project like replacing a roof. However, since the full cost of a roof replacement is usually specified in advance, a personal loan or home equity loan with a fixed interest rate might be a more prudent 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\">Is replacing a roof a good investment?</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\">Doing a roof replacement is an expensive financial endeavor, and it doesn’t offer the greatest ROI: It recoups around 56% (for metal) to nearly 61% (for asphalt) of its cost, according to <em>Remodeling</em>’s 2021 Cost vs Value Report.</p>\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, it also has many long-term benefits. Installed properly, a new roof can last for decades. And, while it does require a large, four-to-five-figure outlay, ongoing repairs and patch-ups to a damaged or weakening roof can easily mount much higher over the years — not to mention the expense of problems that might ensue from holes and leaks.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Most of all, a roof replacement gives you peace of mind that your home is ready to withstand the elements, and able to maintain its value. Replacing your roof when the time comes is a crucial aspect of homeownership.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.bankrate.com/homeownership/cost-to-replace-roof/?itm_source=parsely-api\">click here.</a></p>\n<!-- /wp:paragraph -->','How much does it cost to replace a roof?','','inherit','closed','closed','','2510-revision-v1','','','2022-05-02 01:22:08','2022-05-02 01:22:08','',2510,'http://smartinsurance.tips/?p=2512',0,'revision','',0),(2513,1,'2022-05-02 01:31:57','2022-05-02 01:31:57','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">When to report scratches to your car insurance company or the police?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2514,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-3-1024x536.png\" alt=\"\" class=\"wp-image-2514\"/></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_1-0-1\">There’s nothing worse than hearing the ear-splitting sound of something scraping down the side of your car—or worse, coming back to your parked car and finding that it is all scratched up.</p>\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\">Car scratches are not all handled the same when it comes to car insurance; a lot of variables come into play. How your car was scratched also impacts whether you need to report the incident to the police.</p>\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_1-0-7\">Learn what kind of car insurance claim are you looking at if you have a scratch on your vehicle and whether your should report scratches to your insurance.</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>Comprehensive insurance covers scratches caused by vandalism, falling tree branches, or a runaway shopping cart.</li><li>Collision insurance covers scratches from driving, such as scraping a mailbox or being sideswiped by another vehicle.</li><li>You\'ll have to contact your insurance company if you don\'t know what caused the scratch.</li><li>You may be better off fixing minor scratches on your own if the damages are less than your deductible.</li><li>You do not need a police report to file an insurance claim unless your car was vandalized, but it can be helpful to have one.</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_1-0-11\">Should I Worry About Scratches On My Car?</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_1-0-13\">In some cases, scratches are merely cosmetic damage to your car. If you have very light scratches from a tree branch or from your car brushing up against a wall, they won\'t cause a problem with how your car functions.</p>\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_1-0-16\">Deeper scratches are more of a problem. They will likely need some kind of repair if you don\'t want them to rust. And if you suspect that the scratches were caused by vandalism, then you should take them seriously. Vandalism is a crime, and it is rarely an isolated 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=\"mntl-sc-block_1-0-18\">Should I Call the Police If Someone Scratches My Car?</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\">It can be helpful to have an incident report from the police if:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-23\" class=\"has-black-color has-text-color has-large-font-size\"><li>There was another vehicle involved in the collision.</li><li>Your parked car was significantly damaged, and you don\'t know what happened.</li><li>You suspect your car was scratched as an act of vandalism.</li><li>You plan to file an insurance claim for the damages.</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_1-0-26\">If you aren\'t in danger, call the non-emergency number for the local police. Many police departments will also allow you to file an incident report yourself using an online form.</p>\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>Tip:</strong> If your car was damaged while parked in a lot or garage, or on a busy street, there may be security cameras around that caught the incident. You may be able to ask to see the footage if the damage was significant or the police suspect vandalism.</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\">Are Scratches Covered By Car 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_1-0-32\">Insurance will often cover scratches, but you may decide you don\'t want to file an insurance claim. If there was no chance that you were injured, and the cost of repairing the scratches is less than your deductible, it may make more sense to handle any repairs out of pocket.</p>\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_1-0-35\">If you do want to file an insurance claim, the cause of the scratch makes a difference when it comes to whether your car insurance carrier will cover the damages. Scratches caused by different factors are covered by different types of coverage. If you don\'t have the right type of insurance for the cause of the scratch, you’re just plain out of luck.</p>\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\">Some types of scratches are covered by comprehensive coverage, while others are covered by collision coverage. Knowing what caused the damage is the first step to filing an insurance 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_1-0-40\">Scratches Covered by&nbsp;Comprehensive&nbsp;Coverage</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_1-0-42\">Comprehensive coverage is for damage that isn\'t caused by a collision or your car rolling. The types of scratches covered by comprehensive auto insurance are usually:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-45\" class=\"has-black-color has-text-color has-large-font-size\"><li>An act of vandalism, such as having your car keyed</li><li>A branch falling on your car</li><li>A shopping cart pushed by the wind colliding with your car</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_1-0-48\">If you want your insurance to cover these types of damages, you need to have comprehensive coverage for the damaged vehicle. If you don\'t, your insurance company won\'t pay for repairing the damage.&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_1-0-51\">In most cases, you will have a deductible on your comprehensive coverage. You must cover the amount of the deductible before insurance coverage kicks in. Insurance will kick in and cover the cost of repairs over the amount of your deductible.</p>\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>Important: </strong>A car insurance claim for vandalism usually requires a police report.</p>\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_1-0-56\">For example, say you return to your parked car and find that it has deep scratches all along the driver\'s side. It was clearly intentionally scratched based on the irregular markings and the severity of the scratches. If you have comprehensive coverage, you would need to file a police report, then a claim with your insurance carrier.</p>\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\">If repairs cost $1,000 and your deductible is $100, you will be responsible for paying only $100. Your car insurance policy will cover the remaining $900.</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\">Scratches Covered by&nbsp;Collision&nbsp;Coverage</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_1-0-63\">Collision coverage is for damage to your car that is caused by hitting another object. This could be another car. It might also be an inanimate object such as a parking garage wall or a mailbox.</p>\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\">A collision-related scratch is usually going to come with a deductible. Whether or not you must pay that deductible depends on several factors. These include who is at fault for causing the damage and the type of policy coverage you have 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_1-0-69\">The types of scratches that could be covered by your collision coverage include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-72\" class=\"has-black-color has-text-color has-large-font-size\"><li>Scraping an inanimate object, such as a mailbox or pole</li><li>Car door hitting your car in a parking lot</li><li>Sideswiping another vehicle</li><li>Scratches from a car wash</li><li>Scraping tree branches while driving</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_1-0-75\">For example, you might be driving on a highway when another vehicle merges into your lane and sideswipes the passenger side of your vehicle. You and the other driver would both need to pull over and exchange insurance information. You could then be able to file a claim against the at-fault driver\'s insurance 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\"><strong>Note:</strong> Some states, including Michigan, have no-fault auto insurance laws.</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_1-0-79\">If You Don\'t Know How Your Car Got Scratched</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_1-0-81\">Not knowing how your vehicle was scratched could be a problem. You can still file the claim and discuss the situation with the claim adjuster. Claim adjusters see so much damage that they may have a good idea of what caused the damage, just by looking at the scratches.</p>\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_1-0-84\">If you do file a claim, it will be up to the adjuster to decide how to proceed.</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_1-0-86\">Will My Insurance Go Up If My Car Was Scratched?</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_1-0-88\">Whether your car insurance will go up will depend on your insurance company and your previous driving record. Some insurers will only raise your rates if you were the at-fault driver in a collision. Others will increase the cost of your insurance if you file any sort of claim, especially if you have filed many insurance claims in the past or have a poor driving record.</p>\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_1-0-91\">Scratches can range in severity and cost to repair. Get estimates from a body shop to determine how much repairs will cost. Keep your deductible, as well as the risk of your monthly premiums increasing, in mind when deciding whether the scratch warrants a car insurance claim.</p>\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_1-0-94\">Sometimes you are better off repairing the damage and not filing a claim at all.</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_1-0-96\">Frequently Asked Questions (FAQs)</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What should I do if I was in my car when it was scratched?</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\">If you\'re in your car when it was hit, you should get the other driver\'s insurance information immediately and file a claim, even if you feel fine afterward. Some types of injuries, such as whiplash, may not show up for a while, but they can still require expensive medical care down the road. You may also need to file an incident report with the police.</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 will it cost to fix a scratch on my car?</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 repairs will depend on what part of your car was scratched and how deep the scratches are. You can call around to multiple auto body shops to get quotes. If another driver scratched your car, you could even ask them to cover the cost of repairs out of pocket so neither of you has to file a police report.</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 should I do if my rental car gets scratched?</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\">If you are driving a rental car and it gets scratched, you will need to file some kind of report. Depending on where your rental car insurance comes from, this likely will be with either your own car insurance company or with the rental company. Be sure to take pictures of the scratches so you do not end up paying for damage to the rental car that isn\'t your responsibility.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/car-scratches-and-car-insurance-527084\">click here.</a></p>\n<!-- /wp:paragraph -->','What To Do When Someone Scratches Your Car?','','publish','open','open','','what-to-do-when-someone-scratches-your-car','','','2022-05-02 01:31:57','2022-05-02 01:31:57','',0,'http://smartinsurance.tips/?p=2513',0,'post','',0),(2514,1,'2022-05-02 01:23:26','2022-05-02 01:23:26','','Insurance-3','','inherit','open','closed','','insurance-3','','','2022-05-02 01:23:26','2022-05-02 01:23:26','',2513,'http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-3.png',0,'attachment','image/png',0),(2515,1,'2022-05-02 01:31:57','2022-05-02 01:31:57','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">When to report scratches to your car insurance company or the police?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2514,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-3-1024x536.png\" alt=\"\" class=\"wp-image-2514\"/></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_1-0-1\">There’s nothing worse than hearing the ear-splitting sound of something scraping down the side of your car—or worse, coming back to your parked car and finding that it is all scratched up.</p>\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\">Car scratches are not all handled the same when it comes to car insurance; a lot of variables come into play. How your car was scratched also impacts whether you need to report the incident to the police.</p>\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_1-0-7\">Learn what kind of car insurance claim are you looking at if you have a scratch on your vehicle and whether your should report scratches to your insurance.</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>Comprehensive insurance covers scratches caused by vandalism, falling tree branches, or a runaway shopping cart.</li><li>Collision insurance covers scratches from driving, such as scraping a mailbox or being sideswiped by another vehicle.</li><li>You\'ll have to contact your insurance company if you don\'t know what caused the scratch.</li><li>You may be better off fixing minor scratches on your own if the damages are less than your deductible.</li><li>You do not need a police report to file an insurance claim unless your car was vandalized, but it can be helpful to have one.</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_1-0-11\">Should I Worry About Scratches On My Car?</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_1-0-13\">In some cases, scratches are merely cosmetic damage to your car. If you have very light scratches from a tree branch or from your car brushing up against a wall, they won\'t cause a problem with how your car functions.</p>\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_1-0-16\">Deeper scratches are more of a problem. They will likely need some kind of repair if you don\'t want them to rust. And if you suspect that the scratches were caused by vandalism, then you should take them seriously. Vandalism is a crime, and it is rarely an isolated 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=\"mntl-sc-block_1-0-18\">Should I Call the Police If Someone Scratches My Car?</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\">It can be helpful to have an incident report from the police if:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-23\" class=\"has-black-color has-text-color has-large-font-size\"><li>There was another vehicle involved in the collision.</li><li>Your parked car was significantly damaged, and you don\'t know what happened.</li><li>You suspect your car was scratched as an act of vandalism.</li><li>You plan to file an insurance claim for the damages.</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_1-0-26\">If you aren\'t in danger, call the non-emergency number for the local police. Many police departments will also allow you to file an incident report yourself using an online form.</p>\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>Tip:</strong> If your car was damaged while parked in a lot or garage, or on a busy street, there may be security cameras around that caught the incident. You may be able to ask to see the footage if the damage was significant or the police suspect vandalism.</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\">Are Scratches Covered By Car 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_1-0-32\">Insurance will often cover scratches, but you may decide you don\'t want to file an insurance claim. If there was no chance that you were injured, and the cost of repairing the scratches is less than your deductible, it may make more sense to handle any repairs out of pocket.</p>\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_1-0-35\">If you do want to file an insurance claim, the cause of the scratch makes a difference when it comes to whether your car insurance carrier will cover the damages. Scratches caused by different factors are covered by different types of coverage. If you don\'t have the right type of insurance for the cause of the scratch, you’re just plain out of luck.</p>\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\">Some types of scratches are covered by comprehensive coverage, while others are covered by collision coverage. Knowing what caused the damage is the first step to filing an insurance 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_1-0-40\">Scratches Covered by&nbsp;Comprehensive&nbsp;Coverage</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_1-0-42\">Comprehensive coverage is for damage that isn\'t caused by a collision or your car rolling. The types of scratches covered by comprehensive auto insurance are usually:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-45\" class=\"has-black-color has-text-color has-large-font-size\"><li>An act of vandalism, such as having your car keyed</li><li>A branch falling on your car</li><li>A shopping cart pushed by the wind colliding with your car</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_1-0-48\">If you want your insurance to cover these types of damages, you need to have comprehensive coverage for the damaged vehicle. If you don\'t, your insurance company won\'t pay for repairing the damage.&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_1-0-51\">In most cases, you will have a deductible on your comprehensive coverage. You must cover the amount of the deductible before insurance coverage kicks in. Insurance will kick in and cover the cost of repairs over the amount of your deductible.</p>\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>Important: </strong>A car insurance claim for vandalism usually requires a police report.</p>\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_1-0-56\">For example, say you return to your parked car and find that it has deep scratches all along the driver\'s side. It was clearly intentionally scratched based on the irregular markings and the severity of the scratches. If you have comprehensive coverage, you would need to file a police report, then a claim with your insurance carrier.</p>\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\">If repairs cost $1,000 and your deductible is $100, you will be responsible for paying only $100. Your car insurance policy will cover the remaining $900.</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\">Scratches Covered by&nbsp;Collision&nbsp;Coverage</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_1-0-63\">Collision coverage is for damage to your car that is caused by hitting another object. This could be another car. It might also be an inanimate object such as a parking garage wall or a mailbox.</p>\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\">A collision-related scratch is usually going to come with a deductible. Whether or not you must pay that deductible depends on several factors. These include who is at fault for causing the damage and the type of policy coverage you have 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_1-0-69\">The types of scratches that could be covered by your collision coverage include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-72\" class=\"has-black-color has-text-color has-large-font-size\"><li>Scraping an inanimate object, such as a mailbox or pole</li><li>Car door hitting your car in a parking lot</li><li>Sideswiping another vehicle</li><li>Scratches from a car wash</li><li>Scraping tree branches while driving</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_1-0-75\">For example, you might be driving on a highway when another vehicle merges into your lane and sideswipes the passenger side of your vehicle. You and the other driver would both need to pull over and exchange insurance information. You could then be able to file a claim against the at-fault driver\'s insurance 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\"><strong>Note:</strong> Some states, including Michigan, have no-fault auto insurance laws.</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_1-0-79\">If You Don\'t Know How Your Car Got Scratched</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_1-0-81\">Not knowing how your vehicle was scratched could be a problem. You can still file the claim and discuss the situation with the claim adjuster. Claim adjusters see so much damage that they may have a good idea of what caused the damage, just by looking at the scratches.</p>\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_1-0-84\">If you do file a claim, it will be up to the adjuster to decide how to proceed.</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_1-0-86\">Will My Insurance Go Up If My Car Was Scratched?</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_1-0-88\">Whether your car insurance will go up will depend on your insurance company and your previous driving record. Some insurers will only raise your rates if you were the at-fault driver in a collision. Others will increase the cost of your insurance if you file any sort of claim, especially if you have filed many insurance claims in the past or have a poor driving record.</p>\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_1-0-91\">Scratches can range in severity and cost to repair. Get estimates from a body shop to determine how much repairs will cost. Keep your deductible, as well as the risk of your monthly premiums increasing, in mind when deciding whether the scratch warrants a car insurance claim.</p>\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_1-0-94\">Sometimes you are better off repairing the damage and not filing a claim at all.</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_1-0-96\">Frequently Asked Questions (FAQs)</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What should I do if I was in my car when it was scratched?</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\">If you\'re in your car when it was hit, you should get the other driver\'s insurance information immediately and file a claim, even if you feel fine afterward. Some types of injuries, such as whiplash, may not show up for a while, but they can still require expensive medical care down the road. You may also need to file an incident report with the police.</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 will it cost to fix a scratch on my car?</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 repairs will depend on what part of your car was scratched and how deep the scratches are. You can call around to multiple auto body shops to get quotes. If another driver scratched your car, you could even ask them to cover the cost of repairs out of pocket so neither of you has to file a police report.</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 should I do if my rental car gets scratched?</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\">If you are driving a rental car and it gets scratched, you will need to file some kind of report. Depending on where your rental car insurance comes from, this likely will be with either your own car insurance company or with the rental company. Be sure to take pictures of the scratches so you do not end up paying for damage to the rental car that isn\'t your responsibility.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/car-scratches-and-car-insurance-527084\">click here.</a></p>\n<!-- /wp:paragraph -->','What To Do When Someone Scratches Your Car?','','inherit','closed','closed','','2513-revision-v1','','','2022-05-02 01:31:57','2022-05-02 01:31:57','',2513,'http://smartinsurance.tips/?p=2515',0,'revision','',0),(2516,1,'2022-05-02 01:40:57','2022-05-02 01:40:57','<!-- wp:image {\"id\":2517,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-4-1024x536.png\" alt=\"\" class=\"wp-image-2517\"/></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_1-0-1\">While we might not like to think about death, it’s a reality for everybody. And sometimes, it comes too early, causing financial hardship in addition to emotional pain. Life insurance can help with the financial impact of death, but people often don’t understand how it works and how much it 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_1-0-4\">In many cases, life insurance is relatively inexpensive and provides crucial protection for loved ones.</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\">How Life Insurance 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_1-0-8\">Life insurance provides a large payment to beneficiaries when an insured person dies. The payout might be hundreds of thousands of dollars (or more), and that money is often free from federal income taxes. To get coverage, you submit an application, which typically involves answering health questions and may include a brief medical examination. Then, if approved, you pay premiums to a life insurance company in exchange for 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\"><strong>Note:</strong> Some forms of life insurance, such as guaranteed issue life insurance, do not require a medical exam or health questions.</p>\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_1-0-13\">Life insurance comes in several forms; you can categorize them broadly as term insurance and permanent, or cash value, insurance. Term insurance is the simplest and least expensive form of life insurance, and it’s an excellent choice for most families protecting themselves from the untimely death of a family member. With term insurance, you select a term (20 or 30 years, for example), and insurance coverage ends after that time.</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_1-0-15\">Why Life Insurance Is Important?</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\">Life insurance provides much-needed funding when tragedy strikes, and being underinsured can be extremely risky. Some of the most common reasons to have life insurance include the following.</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_1-0-20\"><strong>To Protect Dependents</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_1-0-22\">If a spouse, children, or other loved ones depend on you, there’s a good chance you need life insurance. If you’re a wage-earner in the family, your death would leave dependents without a vital source of income. The result could be a domino effect of financial hardships that last for years. This is because lost income makes it hard to save for goals like education, which can mean children enter the workforce with heavy student debt. It’s also much more difficult to save for retirement if a spouse or partner has to support a family on their own.</p>\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>Important:</strong> Even if a family member does not earn an income, their death can have significant financial consequences. For example, the loss of a caregiving parent might require that the surviving parent hire others for caregiving, spend more time on household duties, or quit working altogether.</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_1-0-27\"><strong>To Pay for Funeral Costs</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\">When somebody dies, there may be several expenses related to their death. In addition to any medical bills, you may incur final expenses, such as paying for a funeral, memorial, cremation, and more.</p>\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_1-0-32\">The national median cost of a funeral with burial is $7,640. If you choose cremation instead of burial, the cost is roughly $5,150.<sup>1</sup>﻿ That may be a substantial and unexpected bill for anybody coping with the loss of a loved one. Life insurance can help cover those costs and ensure that survivors arrange a memorial that’s meaningful for them.</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>To Pay Off Debts</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_1-0-37\">Life insurance proceeds can pay off debts that might otherwise leave your loved ones in a difficult position. Being debt-free provides significant relief if the household income drops or expenses rise from caregiving needs. Even if you don’t have family members depending on you, anyone who co-signed a loan for you will be responsible for your debts. Life insurance can prevent their good deed from becoming a burden.</p>\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\">Paying off debt after death is complicated. Depending on state law and how you borrow, a surviving spouse might be responsible for your debt. Check with an attorney licensed in your state to learn what to expect after death and how to best prepare for it.</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_1-0-43\"><strong>To Protect Your Business </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_1-0-45\">The death of a key employee or business owner can cause financial problems for your business, which is why many organizations use life insurance to manage risk. If the person who dies is responsible for business development, sales may fall sharply after their death. Or if you need to hire help quickly to fill a crucial role, you might need cash to pay recruiters, a signing bonus, and the first several months of salary.</p>\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>Warning:</strong> Although key person life insurance is an expense for your business, it might not be deductible. Speak with your CPA before making any decisions or counting on a deduction.</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_1-0-49\">Why Buy Life Insurance if You’re Young and Healthy?</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_1-0-51\">If you’re not worried about dying—and nobody depends on you financially—it could still make sense to buy life insurance. The cost of insurance rises as you get older, so locking in a low rate can be beneficial.</p>\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_1-0-54\">The table below shows sample monthly premiums for a 20-year term insurance policy (assuming a nonsmoker with average health). As you can see, the older you get, the more you pay for insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Gender</strong></td><td><strong>Age</strong></td><td><strong>Death Benefit</strong></td><td><strong>Monthly Premium</strong></td></tr><tr><td>Female</td><td>25</td><td>$500,000</td><td>$29.66</td></tr><tr><td>Female</td><td>40</td><td>$500,000</td><td>$44.86</td></tr><tr><td>Male</td><td>25</td><td>$500,000</td><td>$36.04</td></tr><tr><td>Male</td><td>40</td><td>$500,000</td><td>$57.50</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp: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\">Waiting can also be problematic if you develop health problems (or discover previously unknown issues) as you age. Insurance companies charge higher rates or deny coverage if you have certain conditions, so buying when you’re young and healthy can help you avoid those 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\" id=\"mntl-sc-block_1-0-62\">How Much Life Insurance Do You Need?</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_1-0-64\">There’s no way to know exactly how much money survivors will need. One way to arrive at a reasonable estimate, is to determine which expenses your dependents will need to pay, and for how long.</p>\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_1-0-67\">Survivors need to pay for housing and food, among other expenses, and it’s nice to include a budget for “wants” as well as those needs. Ideally, the funds should also help loved ones save for financial goals like retirement or education costs. And it may be helpful to pay off debts (such as a home mortgage, auto loans, and student debt) or provide enough money to fund monthly payments for an extended period.</p>\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\">A simplified approach is to use a multiple of your salary. For example, you might buy a death benefit equal to 10 times your annual salary—and add $100,000 for each child’s education expenses. That method may ignore important issues, but it’s a popular way to estimate insurance needs, and it’s probably better than doing nothing.</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\">When You Don’t Need Life 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_1-0-74\">Some people don’t need life insurance. If your death would not cause any level of financial hardship for anyone, you might not need coverage. For example, this could be the case if your children are grown and self-sufficient, and you have accumulated more than enough assets to provide for a surviving spouse and anyone else who depends on 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_1-0-77\">Most people are not financially independent, however. If you have a family—especially a young or growing family—it’s smart to explore your options before ruling out life insurance. The risk of leaving anybody in a bind is too great, and the results can be devastating.</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>Life insurance can provide a large payout when an insured person dies.</li><li>Proceeds from life insurance are tax-free and can pay off debts, replace income, and cover final expenses.</li><li>Life insurance costs are at their lowest when you’re young and healthy.</li><li>It’s wise to consider who might suffer financially (and what resources might help them) after death.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/why-life-insurance-is-important-5097140\">click here.</a></p>\n<!-- /wp:paragraph -->','Why Life Insurance Is Important?','','publish','open','open','','why-life-insurance-is-important','','','2022-05-02 01:40:57','2022-05-02 01:40:57','',0,'http://smartinsurance.tips/?p=2516',0,'post','',0),(2517,1,'2022-05-02 01:33:33','2022-05-02 01:33:33','','Insurance-4','','inherit','open','closed','','insurance-4-3','','','2022-05-02 01:33:33','2022-05-02 01:33:33','',2516,'http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-4.png',0,'attachment','image/png',0),(2518,1,'2022-05-02 01:40:57','2022-05-02 01:40:57','<!-- wp:image {\"id\":2517,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-4-1024x536.png\" alt=\"\" class=\"wp-image-2517\"/></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_1-0-1\">While we might not like to think about death, it’s a reality for everybody. And sometimes, it comes too early, causing financial hardship in addition to emotional pain. Life insurance can help with the financial impact of death, but people often don’t understand how it works and how much it 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_1-0-4\">In many cases, life insurance is relatively inexpensive and provides crucial protection for loved ones.</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\">How Life Insurance 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_1-0-8\">Life insurance provides a large payment to beneficiaries when an insured person dies. The payout might be hundreds of thousands of dollars (or more), and that money is often free from federal income taxes. To get coverage, you submit an application, which typically involves answering health questions and may include a brief medical examination. Then, if approved, you pay premiums to a life insurance company in exchange for 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\"><strong>Note:</strong> Some forms of life insurance, such as guaranteed issue life insurance, do not require a medical exam or health questions.</p>\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_1-0-13\">Life insurance comes in several forms; you can categorize them broadly as term insurance and permanent, or cash value, insurance. Term insurance is the simplest and least expensive form of life insurance, and it’s an excellent choice for most families protecting themselves from the untimely death of a family member. With term insurance, you select a term (20 or 30 years, for example), and insurance coverage ends after that time.</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_1-0-15\">Why Life Insurance Is Important?</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\">Life insurance provides much-needed funding when tragedy strikes, and being underinsured can be extremely risky. Some of the most common reasons to have life insurance include the following.</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_1-0-20\"><strong>To Protect Dependents</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_1-0-22\">If a spouse, children, or other loved ones depend on you, there’s a good chance you need life insurance. If you’re a wage-earner in the family, your death would leave dependents without a vital source of income. The result could be a domino effect of financial hardships that last for years. This is because lost income makes it hard to save for goals like education, which can mean children enter the workforce with heavy student debt. It’s also much more difficult to save for retirement if a spouse or partner has to support a family on their own.</p>\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>Important:</strong> Even if a family member does not earn an income, their death can have significant financial consequences. For example, the loss of a caregiving parent might require that the surviving parent hire others for caregiving, spend more time on household duties, or quit working altogether.</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_1-0-27\"><strong>To Pay for Funeral Costs</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\">When somebody dies, there may be several expenses related to their death. In addition to any medical bills, you may incur final expenses, such as paying for a funeral, memorial, cremation, and more.</p>\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_1-0-32\">The national median cost of a funeral with burial is $7,640. If you choose cremation instead of burial, the cost is roughly $5,150.<sup>1</sup>﻿ That may be a substantial and unexpected bill for anybody coping with the loss of a loved one. Life insurance can help cover those costs and ensure that survivors arrange a memorial that’s meaningful for them.</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>To Pay Off Debts</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_1-0-37\">Life insurance proceeds can pay off debts that might otherwise leave your loved ones in a difficult position. Being debt-free provides significant relief if the household income drops or expenses rise from caregiving needs. Even if you don’t have family members depending on you, anyone who co-signed a loan for you will be responsible for your debts. Life insurance can prevent their good deed from becoming a burden.</p>\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\">Paying off debt after death is complicated. Depending on state law and how you borrow, a surviving spouse might be responsible for your debt. Check with an attorney licensed in your state to learn what to expect after death and how to best prepare for it.</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_1-0-43\"><strong>To Protect Your Business </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_1-0-45\">The death of a key employee or business owner can cause financial problems for your business, which is why many organizations use life insurance to manage risk. If the person who dies is responsible for business development, sales may fall sharply after their death. Or if you need to hire help quickly to fill a crucial role, you might need cash to pay recruiters, a signing bonus, and the first several months of salary.</p>\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>Warning:</strong> Although key person life insurance is an expense for your business, it might not be deductible. Speak with your CPA before making any decisions or counting on a deduction.</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_1-0-49\">Why Buy Life Insurance if You’re Young and Healthy?</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_1-0-51\">If you’re not worried about dying—and nobody depends on you financially—it could still make sense to buy life insurance. The cost of insurance rises as you get older, so locking in a low rate can be beneficial.</p>\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_1-0-54\">The table below shows sample monthly premiums for a 20-year term insurance policy (assuming a nonsmoker with average health). As you can see, the older you get, the more you pay for insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Gender</strong></td><td><strong>Age</strong></td><td><strong>Death Benefit</strong></td><td><strong>Monthly Premium</strong></td></tr><tr><td>Female</td><td>25</td><td>$500,000</td><td>$29.66</td></tr><tr><td>Female</td><td>40</td><td>$500,000</td><td>$44.86</td></tr><tr><td>Male</td><td>25</td><td>$500,000</td><td>$36.04</td></tr><tr><td>Male</td><td>40</td><td>$500,000</td><td>$57.50</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp: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\">Waiting can also be problematic if you develop health problems (or discover previously unknown issues) as you age. Insurance companies charge higher rates or deny coverage if you have certain conditions, so buying when you’re young and healthy can help you avoid those 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\" id=\"mntl-sc-block_1-0-62\">How Much Life Insurance Do You Need?</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_1-0-64\">There’s no way to know exactly how much money survivors will need. One way to arrive at a reasonable estimate, is to determine which expenses your dependents will need to pay, and for how long.</p>\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_1-0-67\">Survivors need to pay for housing and food, among other expenses, and it’s nice to include a budget for “wants” as well as those needs. Ideally, the funds should also help loved ones save for financial goals like retirement or education costs. And it may be helpful to pay off debts (such as a home mortgage, auto loans, and student debt) or provide enough money to fund monthly payments for an extended period.</p>\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\">A simplified approach is to use a multiple of your salary. For example, you might buy a death benefit equal to 10 times your annual salary—and add $100,000 for each child’s education expenses. That method may ignore important issues, but it’s a popular way to estimate insurance needs, and it’s probably better than doing nothing.</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\">When You Don’t Need Life 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_1-0-74\">Some people don’t need life insurance. If your death would not cause any level of financial hardship for anyone, you might not need coverage. For example, this could be the case if your children are grown and self-sufficient, and you have accumulated more than enough assets to provide for a surviving spouse and anyone else who depends on 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_1-0-77\">Most people are not financially independent, however. If you have a family—especially a young or growing family—it’s smart to explore your options before ruling out life insurance. The risk of leaving anybody in a bind is too great, and the results can be devastating.</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>Life insurance can provide a large payout when an insured person dies.</li><li>Proceeds from life insurance are tax-free and can pay off debts, replace income, and cover final expenses.</li><li>Life insurance costs are at their lowest when you’re young and healthy.</li><li>It’s wise to consider who might suffer financially (and what resources might help them) after death.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/why-life-insurance-is-important-5097140\">click here.</a></p>\n<!-- /wp:paragraph -->','Why Life Insurance Is Important?','','inherit','closed','closed','','2516-revision-v1','','','2022-05-02 01:40:57','2022-05-02 01:40:57','',2516,'http://smartinsurance.tips/?p=2518',0,'revision','',0),(2519,1,'2022-05-02 01:44:11','2022-05-02 01:44:11','<!-- wp:image {\"id\":2520,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-5-1024x536.png\" alt=\"\" class=\"wp-image-2520\"/></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\">Maybe. But you don\'t want to—and here\'s why.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Legally, you can own a home without homeowners insurance. However, in most cases, those who have a financial interest in your home—such as a mortgage or home equity loan holder—will require that it be insured. And, for your own ongoing financial protection, you\'ll want your home to have adequate homeowners coverage, 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\">Your mortgage lender will require homeowners 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\">Home buyers looking to finance their purchase will quickly learn what those who have a mortgage already know—your bank or mortgage company will most likely require you to get homeowners insurance coverage. That’s because lenders need to protect their investment. In the unfortunate event your house burns down or is badly damaged by a hurricane, tornado or other disaster, homeowners insurance safeguards them (as well as you) against financial loss.</p>\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 live in an area that is likely to flood, the bank or mortgage company will also require you to purchase flood insurance. Some financial institutions may also require earthquake coverage if you live in a region vulnerable to seismic activity.</p>\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 buy a co-op or condominium, you are buying a financial stake in a larger entity. Therefore, your co-op or condo board will probably require you to buy homeowners insurance to help financially protect the entire complex in the event of a catastrophe or accident.</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>Homeowners insurance will offer ongoing financial protection</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\">After the mortgage on your house is paid off, no one will force you to buy homeowners insurance. But your home may well be your largest asset and a standard homeowners policy not only insures the structure; it also covers your belongings in case of a disaster and offers liability protection in the event of an injury or property damage lawsuit.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Will all the money and care you\'ve invested in your home—and life—it\'s advisable to guard against financial risk and always keep a homeowners policy in force.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.iii.org/article/can-i-own-home-without-homeowners-insurance\">click here.</a></p>\n<!-- /wp:paragraph -->','Can I own a home without homeowners insurance?','','publish','open','open','','can-i-own-a-home-without-homeowners-insurance','','','2022-05-02 01:44:11','2022-05-02 01:44:11','',0,'http://smartinsurance.tips/?p=2519',0,'post','',0),(2520,1,'2022-05-02 01:42:04','2022-05-02 01:42:04','','Insurance-5','','inherit','open','closed','','insurance-5-3','','','2022-05-02 01:42:04','2022-05-02 01:42:04','',2519,'http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-5.png',0,'attachment','image/png',0),(2521,1,'2022-05-02 01:44:11','2022-05-02 01:44:11','<!-- wp:image {\"id\":2520,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-5-1024x536.png\" alt=\"\" class=\"wp-image-2520\"/></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\">Maybe. But you don\'t want to—and here\'s why.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Legally, you can own a home without homeowners insurance. However, in most cases, those who have a financial interest in your home—such as a mortgage or home equity loan holder—will require that it be insured. And, for your own ongoing financial protection, you\'ll want your home to have adequate homeowners coverage, 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\">Your mortgage lender will require homeowners 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\">Home buyers looking to finance their purchase will quickly learn what those who have a mortgage already know—your bank or mortgage company will most likely require you to get homeowners insurance coverage. That’s because lenders need to protect their investment. In the unfortunate event your house burns down or is badly damaged by a hurricane, tornado or other disaster, homeowners insurance safeguards them (as well as you) against financial loss.</p>\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 live in an area that is likely to flood, the bank or mortgage company will also require you to purchase flood insurance. Some financial institutions may also require earthquake coverage if you live in a region vulnerable to seismic activity.</p>\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 buy a co-op or condominium, you are buying a financial stake in a larger entity. Therefore, your co-op or condo board will probably require you to buy homeowners insurance to help financially protect the entire complex in the event of a catastrophe or accident.</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>Homeowners insurance will offer ongoing financial protection</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\">After the mortgage on your house is paid off, no one will force you to buy homeowners insurance. But your home may well be your largest asset and a standard homeowners policy not only insures the structure; it also covers your belongings in case of a disaster and offers liability protection in the event of an injury or property damage lawsuit.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Will all the money and care you\'ve invested in your home—and life—it\'s advisable to guard against financial risk and always keep a homeowners policy in force.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.iii.org/article/can-i-own-home-without-homeowners-insurance\">click here.</a></p>\n<!-- /wp:paragraph -->','Can I own a home without homeowners insurance?','','inherit','closed','closed','','2519-revision-v1','','','2022-05-02 01:44:11','2022-05-02 01:44:11','',2519,'http://smartinsurance.tips/?p=2521',0,'revision','',0),(2522,1,'2022-05-02 01:54:29','2022-05-02 01:54:29','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Both Coverages and Limits Are Important</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2523,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-6-1024x536.png\" alt=\"\" class=\"wp-image-2523\"/></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_1-0-1\">Whether you\'re starting a new venture or running a long-established company, you have a myriad of responsibilities as a business owner. One of these is to ensure your company has adequate&nbsp;business 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\" id=\"mntl-sc-block_1-0-3\">Like many small business owners, you may be an expert in your industry but know little about insurance.&nbsp;Buying the right coverage requires some skill, and mistakes are easy to make. Some errors may be minor, but others can have serious consequences. Here are some pitfalls to avoid when&nbsp;buying insurance for your company.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>1. Always Choosing the Cheapest Policy</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\" id=\"mntl-sc-block_1-0-5\">When buying business insurance, it makes sense to shop around since some insurers provide better value than others. This does&nbsp;<em>not&nbsp;</em>mean you should always choose the cheapest policy. The policy that costs the least won\'t be a bargain if it leaves you vulnerable to costly 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_1-0-6\"></p>\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>Warning: </strong>Before you buy a policy, be sure you know what&nbsp;exclusions&nbsp;it contains.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>2. Buying Too Little Liability Insurance</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\">Virtually any small business can be hit with a lawsuit, which can cost anywhere between $3,000 and $150,000. A legal action can threaten your company\'s financial stability and harm its reputation. One large claim can even put your company out of business. To protect your business against lawsuits, don\'t skimp on limits when buying&nbsp;general liability&nbsp;or&nbsp;auto 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\" id=\"mntl-sc-block_1-0-10\">Does your company perform work or services for other businesses under a contract? Those businesses may prohibit you from starting work until you provide proof of liability insurance. The amount of insurance you must purchase is typically stated in the contract. Similarly, a landlord may refuse to lease property to you unless your business has purchased liability insurance.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>3. Automatically Choosing a Low Deductible</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\" id=\"mntl-sc-block_1-0-12\">A&nbsp;deductible&nbsp;can help you save money on insurance premiums as it enables you to pay for small losses out of pocket. It\'s a form of&nbsp;self-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\" id=\"mntl-sc-block_1-0-13\">When buying commercial property or&nbsp;auto physical damage insurance, don\'t automatically select the lowest deductible. Instead, consider how much premium you will save by raising the deductible from, say, $100 to $250, or from $250 to $500. As a general rule, you should choose the largest deductible your firm can comfortably absorb.</p>\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>Note:</strong> In addition to reducing your premium, a larger deductible will give you an incentive to practice some risk management and protect your property from damage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>4. Failure to Adjust Your Coverage as Your Business Changes</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\" id=\"mntl-sc-block_1-0-16\">Most businesses change over time. Small companies may grow, adding locations and hiring additional employees. Some businesses may change the mix of products or services they offer. When businesses change, their insurance needs change 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_1-0-17\">If you have made a major change to your business, like acquiring a new company or location, notify your agent or insurer right away. All other changes should be reported before your policies renew. Try to communicate with your&nbsp;agent or broker&nbsp;several weeks or months in advance so he or she has time to gather information and forward it to your insurers. Your agent can help you decide whether your insurance coverages or limits should be adjusted.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>5. Failing to Read Your Policies</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\" id=\"mntl-sc-block_1-0-19\">Reading your insurance&nbsp;policies&nbsp;may not be enjoyable but it\'s an essential task. It\'s the only way to know what risks are covered and which are excluded. Don\'t wait until a loss occurs to look at your policies. You can\'t buy coverage for a loss that has already taken place.</p>\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_1-0-20\">While many insurance policies are written in simplified language, they still contain some \"legalese.\" If you have trouble comprehending the wording, ask your insurance agent or attorney to explain it to you in layman\'s terms.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>6. Buying Too Little Property Insurance</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\" id=\"mntl-sc-block_1-0-22\">If you are insuring your buildings and personal property under a&nbsp;commercial property policy,&nbsp;make sure you buy adequate limits. This is essential even if your policy includes replacement cost coverage. While the latter will automatically cover the cost to repair or replace your damaged property, it won\'t pay more than the limit of insurance. If the cost to repair or replace your property exceeds the limit, your policy won\'t cover the entire loss.</p>\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\">Watch out for&nbsp;coinsurance clauses&nbsp;and&nbsp;agreed value provisions,&nbsp;which are often found in property policies. Both impose a penalty for underinsuring your property. If a loss occurs and you have failed to maintain a minimum amount of insurance, your insurer will not pay the full amount of the loss. Deliberately underinsuring your property is&nbsp;<em>not&nbsp;</em>a good way to save money on property premiums.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>7. Failing to Insure Potential Income Losses</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\" id=\"mntl-sc-block_1-0-25\">Many business owners are careful to insure their company\'s physical assets but fail to consider a common consequence of physical losses, namely a loss of income. A company will lose income if its premises suffer a physical loss and the business cannot operate until the damage is repaired.</p>\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\">You can help ensure your company survives an interruption by purchasing&nbsp;business income coverage. Also called business interruption insurance, this coverage reimburses your company for the income it would have earned if the loss had not occurred. It also covers expenses you must continue to pay (like rent or electricity) whether or not your business is operating.</p>\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>Tip:</strong> Your business may also need&nbsp;extra expense insurance,&nbsp;which covers expenses you incur to avoid or minimize a shutdown when property has been damaged by a covered peril.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>8. Failing to Accurately List Entities or Locations</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\">Under most liability policies, only the people or entities shown in the declarations qualify as&nbsp;named insureds. Those not listed on the policy generally aren\'t covered. Failing to list a business entity on a general liability,&nbsp;commercial auto,&nbsp;umbrella,&nbsp;or other liability policy can have disastrous consequences.</p>\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\">For example, suppose you own a company called ABC Inc. For tax reasons, you transfer ownership of all your business property to a newly-created subsidiary called XYZ Inc. Your liability policy that lists only ABC as the named insured. An accident occurs on your property, and XYZ Inc. is sued. Because XYZ is not listed on your policy, your insurer refuses to cover the claim.</p>\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\">Similar problems can occur if business locations are omitted from a commercial property policy. Most property policies cover physical loss or damage to covered property&nbsp;<em>at the premises described in the declarations</em>. If damaged property is situated at premises not shown on the policy, the damage may not be 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.thebalancesmb.com/pitfalls-to-avoid-when-buying-business-insurance-4155164\">click here.</a></p>\n<!-- /wp:paragraph -->','Pitfalls to Avoid When Buying Business Insurance','','publish','open','open','','pitfalls-to-avoid-when-buying-business-insurance','','','2022-05-04 22:44:43','2022-05-04 22:44:43','',0,'http://smartinsurance.tips/?p=2522',0,'post','',0),(2523,1,'2022-05-02 01:45:20','2022-05-02 01:45:20','','Insurance-6','','inherit','open','closed','','insurance-6-3','','','2022-05-02 01:45:20','2022-05-02 01:45:20','',2522,'http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-6.png',0,'attachment','image/png',0),(2545,1,'2022-05-04 22:44:43','2022-05-04 22:44:43','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Both Coverages and Limits Are Important</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2523,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-6-1024x536.png\" alt=\"\" class=\"wp-image-2523\"/></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_1-0-1\">Whether you\'re starting a new venture or running a long-established company, you have a myriad of responsibilities as a business owner. One of these is to ensure your company has adequate&nbsp;business 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\" id=\"mntl-sc-block_1-0-3\">Like many small business owners, you may be an expert in your industry but know little about insurance.&nbsp;Buying the right coverage requires some skill, and mistakes are easy to make. Some errors may be minor, but others can have serious consequences. Here are some pitfalls to avoid when&nbsp;buying insurance for your company.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>1. Always Choosing the Cheapest Policy</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\" id=\"mntl-sc-block_1-0-5\">When buying business insurance, it makes sense to shop around since some insurers provide better value than others. This does&nbsp;<em>not&nbsp;</em>mean you should always choose the cheapest policy. The policy that costs the least won\'t be a bargain if it leaves you vulnerable to costly 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_1-0-6\"></p>\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>Warning: </strong>Before you buy a policy, be sure you know what&nbsp;exclusions&nbsp;it contains.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>2. Buying Too Little Liability Insurance</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\">Virtually any small business can be hit with a lawsuit, which can cost anywhere between $3,000 and $150,000. A legal action can threaten your company\'s financial stability and harm its reputation. One large claim can even put your company out of business. To protect your business against lawsuits, don\'t skimp on limits when buying&nbsp;general liability&nbsp;or&nbsp;auto 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\" id=\"mntl-sc-block_1-0-10\">Does your company perform work or services for other businesses under a contract? Those businesses may prohibit you from starting work until you provide proof of liability insurance. The amount of insurance you must purchase is typically stated in the contract. Similarly, a landlord may refuse to lease property to you unless your business has purchased liability insurance.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>3. Automatically Choosing a Low Deductible</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\" id=\"mntl-sc-block_1-0-12\">A&nbsp;deductible&nbsp;can help you save money on insurance premiums as it enables you to pay for small losses out of pocket. It\'s a form of&nbsp;self-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\" id=\"mntl-sc-block_1-0-13\">When buying commercial property or&nbsp;auto physical damage insurance, don\'t automatically select the lowest deductible. Instead, consider how much premium you will save by raising the deductible from, say, $100 to $250, or from $250 to $500. As a general rule, you should choose the largest deductible your firm can comfortably absorb.</p>\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>Note:</strong> In addition to reducing your premium, a larger deductible will give you an incentive to practice some risk management and protect your property from damage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>4. Failure to Adjust Your Coverage as Your Business Changes</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\" id=\"mntl-sc-block_1-0-16\">Most businesses change over time. Small companies may grow, adding locations and hiring additional employees. Some businesses may change the mix of products or services they offer. When businesses change, their insurance needs change 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_1-0-17\">If you have made a major change to your business, like acquiring a new company or location, notify your agent or insurer right away. All other changes should be reported before your policies renew. Try to communicate with your&nbsp;agent or broker&nbsp;several weeks or months in advance so he or she has time to gather information and forward it to your insurers. Your agent can help you decide whether your insurance coverages or limits should be adjusted.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>5. Failing to Read Your Policies</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\" id=\"mntl-sc-block_1-0-19\">Reading your insurance&nbsp;policies&nbsp;may not be enjoyable but it\'s an essential task. It\'s the only way to know what risks are covered and which are excluded. Don\'t wait until a loss occurs to look at your policies. You can\'t buy coverage for a loss that has already taken place.</p>\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_1-0-20\">While many insurance policies are written in simplified language, they still contain some \"legalese.\" If you have trouble comprehending the wording, ask your insurance agent or attorney to explain it to you in layman\'s terms.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>6. Buying Too Little Property Insurance</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\" id=\"mntl-sc-block_1-0-22\">If you are insuring your buildings and personal property under a&nbsp;commercial property policy,&nbsp;make sure you buy adequate limits. This is essential even if your policy includes replacement cost coverage. While the latter will automatically cover the cost to repair or replace your damaged property, it won\'t pay more than the limit of insurance. If the cost to repair or replace your property exceeds the limit, your policy won\'t cover the entire loss.</p>\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\">Watch out for&nbsp;coinsurance clauses&nbsp;and&nbsp;agreed value provisions,&nbsp;which are often found in property policies. Both impose a penalty for underinsuring your property. If a loss occurs and you have failed to maintain a minimum amount of insurance, your insurer will not pay the full amount of the loss. Deliberately underinsuring your property is&nbsp;<em>not&nbsp;</em>a good way to save money on property premiums.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>7. Failing to Insure Potential Income Losses</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\" id=\"mntl-sc-block_1-0-25\">Many business owners are careful to insure their company\'s physical assets but fail to consider a common consequence of physical losses, namely a loss of income. A company will lose income if its premises suffer a physical loss and the business cannot operate until the damage is repaired.</p>\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\">You can help ensure your company survives an interruption by purchasing&nbsp;business income coverage. Also called business interruption insurance, this coverage reimburses your company for the income it would have earned if the loss had not occurred. It also covers expenses you must continue to pay (like rent or electricity) whether or not your business is operating.</p>\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>Tip:</strong> Your business may also need&nbsp;extra expense insurance,&nbsp;which covers expenses you incur to avoid or minimize a shutdown when property has been damaged by a covered peril.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>8. Failing to Accurately List Entities or Locations</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\">Under most liability policies, only the people or entities shown in the declarations qualify as&nbsp;named insureds. Those not listed on the policy generally aren\'t covered. Failing to list a business entity on a general liability,&nbsp;commercial auto,&nbsp;umbrella,&nbsp;or other liability policy can have disastrous consequences.</p>\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\">For example, suppose you own a company called ABC Inc. For tax reasons, you transfer ownership of all your business property to a newly-created subsidiary called XYZ Inc. Your liability policy that lists only ABC as the named insured. An accident occurs on your property, and XYZ Inc. is sued. Because XYZ is not listed on your policy, your insurer refuses to cover the claim.</p>\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\">Similar problems can occur if business locations are omitted from a commercial property policy. Most property policies cover physical loss or damage to covered property&nbsp;<em>at the premises described in the declarations</em>. If damaged property is situated at premises not shown on the policy, the damage may not be 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.thebalancesmb.com/pitfalls-to-avoid-when-buying-business-insurance-4155164\">click here.</a></p>\n<!-- /wp:paragraph -->','Pitfalls to Avoid When Buying Business Insurance','','inherit','closed','closed','','2522-revision-v1','','','2022-05-04 22:44:43','2022-05-04 22:44:43','',2522,'http://smartinsurance.tips/?p=2545',0,'revision','',0),(2524,1,'2022-05-02 01:54:29','2022-05-02 01:54:29','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Both Coverages and Limits Are Important</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2523,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-6-1024x536.png\" alt=\"\" class=\"wp-image-2523\"/></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_1-0-1\">Whether you\'re starting a new venture or running a long-established company, you have a myriad of responsibilities as a business owner. One of these is to ensure your company has adequate business 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\" id=\"mntl-sc-block_1-0-3\">Like many small business owners, you may be an expert in your industry but know little about insurance. Buying the right coverage requires some skill, and mistakes are easy to make. Some errors may be minor, but others can have serious consequences. Here are some pitfalls to avoid when buying insurance for your company.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>1. Always Choosing the Cheapest Policy</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\" id=\"mntl-sc-block_1-0-5\">When buying business insurance, it makes sense to shop around since some insurers provide better value than others. This does&nbsp;<em>not&nbsp;</em>mean you should always choose the cheapest policy. The policy that costs the least won\'t be a bargain if it leaves you vulnerable to costly 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_1-0-6\">When looking for insurance, it\'s a good idea to obtain quotes from multiple insurers and then compare the proposals in detail. Be sure you consider the types and amounts of coverage each insurer has listed in its quote. If you need help comparing quotes, ask your agent or broker for assistance.</p>\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>Warning: </strong>Before you buy a policy, be sure you know what exclusions it contains.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>2. Buying Too Little Liability Insurance</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\">Virtually any small business can be hit with a lawsuit, which can cost anywhere between $3,000 and $150,000. A legal action can threaten your company\'s financial stability and harm its reputation. One large claim can even put your company out of business. To protect your business against lawsuits, don\'t skimp on limits when buying general liability or auto 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\" id=\"mntl-sc-block_1-0-10\">Does your company perform work or services for other businesses under a contract? Those businesses may prohibit you from starting work until you provide proof of liability insurance. The amount of insurance you must purchase is typically stated in the contract. Similarly, a landlord may refuse to lease property to you unless your business has purchased liability insurance. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>3. Automatically Choosing a Low Deductible</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\" id=\"mntl-sc-block_1-0-12\">A deductible can help you save money on insurance premiums as it enables you to pay for small losses out of pocket. It\'s a form of self-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\" id=\"mntl-sc-block_1-0-13\">When buying commercial property or auto physical damage insurance, don\'t automatically select the lowest deductible. Instead, consider how much premium you will save by raising the deductible from, say, $100 to $250, or from $250 to $500. As a general rule, you should choose the largest deductible your firm can comfortably absorb.</p>\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>Note:</strong> In addition to reducing your premium, a larger deductible will give you an incentive to practice some risk management and protect your property from damage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>4. Failure to Adjust Your Coverage as Your Business Changes</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\" id=\"mntl-sc-block_1-0-16\">Most businesses change over time. Small companies may grow, adding locations and hiring additional employees. Some businesses may change the mix of products or services they offer. When businesses change, their insurance needs change 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_1-0-17\">If you have made a major change to your business, like acquiring a new company or location, notify your agent or insurer right away. All other changes should be reported before your policies renew. Try to communicate with your agent or broker several weeks or months in advance so he or she has time to gather information and forward it to your insurers. Your agent can help you decide whether your insurance coverages or limits should be adjusted.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>5. Failing to Read Your Policies</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\" id=\"mntl-sc-block_1-0-19\">Reading your insurance policies may not be enjoyable but it\'s an essential task. It\'s the only way to know what risks are covered and which are excluded. Don\'t wait until a loss occurs to look at your policies. You can\'t buy coverage for a loss that has already taken place.</p>\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_1-0-20\">While many insurance policies are written in simplified language, they still contain some \"legalese.\" If you have trouble comprehending the wording, ask your insurance agent or attorney to explain it to you in layman\'s terms.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>6. Buying Too Little Property Insurance</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\" id=\"mntl-sc-block_1-0-22\">If you are insuring your buildings and personal property under a commercial property policy, make sure you buy adequate limits. This is essential even if your policy includes replacement cost coverage. While the latter will automatically cover the cost to repair or replace your damaged property, it won\'t pay more than the limit of insurance. If the cost to repair or replace your property exceeds the limit, your policy won\'t cover the entire loss.</p>\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\">Watch out for coinsurance clauses and agreed value provisions, which are often found in property policies. Both impose a penalty for underinsuring your property. If a loss occurs and you have failed to maintain a minimum amount of insurance, your insurer will not pay the full amount of the loss. Deliberately underinsuring your property is <em>not </em>a good way to save money on property premiums.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>7. Failing to Insure Potential Income Losses</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\" id=\"mntl-sc-block_1-0-25\">Many business owners are careful to insure their company\'s physical assets but fail to consider a common consequence of physical losses, namely a loss of income. A company will lose income if its premises suffer a physical loss and the business cannot operate until the damage is repaired.</p>\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\">You can help ensure your company survives an interruption by purchasing business income coverage. Also called business interruption insurance, this coverage reimburses your company for the income it would have earned if the loss had not occurred. It also covers expenses you must continue to pay (like rent or electricity) whether or not your business is operating.</p>\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>Tip:</strong> Your business may also need extra expense insurance, which covers expenses you incur to avoid or minimize a shutdown when property has been damaged by a covered peril.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>8. Failing to Accurately List Entities or Locations</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\">Under most liability policies, only the people or entities shown in the declarations qualify as named insureds. Those not listed on the policy generally aren\'t covered. Failing to list a business entity on a general liability, commercial auto, umbrella, or other liability policy can have disastrous consequences.</p>\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\">For example, suppose you own a company called ABC Inc. For tax reasons, you transfer ownership of all your business property to a newly-created subsidiary called XYZ Inc. Your liability policy that lists only ABC as the named insured. An accident occurs on your property, and XYZ Inc. is sued. Because XYZ is not listed on your policy, your insurer refuses to cover the claim.</p>\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\">Similar problems can occur if business locations are omitted from a commercial property policy. Most property policies cover physical loss or damage to covered property <em>at the premises described in the declarations</em>. If damaged property is situated at premises not shown on the policy, the damage may not be covered.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>9. Sticking With the Same Insurer or Policy for Too Long</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\" id=\"mntl-sc-block_1-0-33\">While a long-term relationship with an insurer can be a valuable asset, you shouldn\'t stick with an insurance company that\'s no longer meeting your needs. An insurer (or insurance policy) that was suitable for your business in the past may no longer be appropriate.</p>\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\">Insurers can change over time. Some grow and expand their product offerings while others retreat. Some improve the quality of their service while others allow theirs to decline. You can determine whether your insurer is still competitive in the marketplace by shopping around every few years. You can ask your agent or broker to obtain quotes from other insurers or try shopping for insurance online.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalancesmb.com/pitfalls-to-avoid-when-buying-business-insurance-4155164\">click here.</a></p>\n<!-- /wp:paragraph -->','Pitfalls to Avoid When Buying Business Insurance','','inherit','closed','closed','','2522-revision-v1','','','2022-05-02 01:54:29','2022-05-02 01:54:29','',2522,'http://smartinsurance.tips/?p=2524',0,'revision','',0),(2525,1,'2022-05-02 02:03:20','2022-05-02 02:03:20','<!-- wp:image {\"id\":2526,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-7-1024x536.png\" alt=\"\" class=\"wp-image-2526\"/></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 in an accident, and&nbsp;it is your fault, your&nbsp;insurance rate&nbsp;will increase. But even if the accident was not your fault, your insurance rate may still increase. Your insurance premium could increase, depending on the situation of an accident, your history of making claims, and the type of insurance coverage you have.</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>If you are in a car accident, your car insurance rates may rise—even if the accident wasn\'t your fault.</li><li>In most states, the at-fault driver\'s insurance will be expected to cover the cost, but your rates may still rise.</li><li>If you file a not-at-fault claim, and your insurance carrier raises your rate, it might be time to shop around for a new insurance company.</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\">Hypothetical 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_1-0-7\">Suppose you’re driving home from work one day, paying close attention to the road ahead, and the drivers around you when suddenly another driver runs a stop sign and rams into the side of 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\" id=\"mntl-sc-block_1-0-10\">Thankfully, no one is hurt, but your vehicle certainly is. You have good car insurance and know that you’re not at fault, so you carefully document the damage, exchange information with the other driver, and file a police report.</p>\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_1-0-13\">Then, you tell a friend about the accident, and that friend cautions you to think twice about filing a claim with your car insurance company because the company could jack up your insurance rate. Yes, it is true, even though the other driver\'s insurance should cover the costs of repairing your vehicle. Some insurers will not increase your rate in that type of scenario.</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\">The Good News About Not-at-Fault Claims</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_1-0-23\">In almost all U.S. states, not-at-fault claims are filed against the at-fault vehicle owner\'s insurance policy. If you are able to file against the at-fault party, you are less likely to see an increase in your insurance bill.</p>\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 do need to file against your own policy, some insurance carriers still will not raise your rate for a not-at-fault 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_1-0-28\">The Bad News About Not-at-Fault Claims</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_1-0-30\">Suppose that in the above scenario, the other driver fled the scene instead of calmly exchanging information with you. Unfortunately, some insurance carriers will raise your rates if you file a not-at-fault claim.</p>\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\">At least a not-at-fault claim might come with a smaller surcharge than an at-fault claim.</p>\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\">You might be amazed at the number of factors that can&nbsp;affect your car insurance rate. Filing an at-fault claim is all but a surefire way to raise your rates, though you might be able to avoid that through your insurance company\'s accident-forgiveness program if it offers one. However, filing a not-at-fault claim can, in some scenarios, be used to raise your rate as well. This is one of them.</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\">What You Can Do About It?</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\">If you file a not-at-fault claim, and your insurance carrier raises your rate, it would probably be in your best interest to start shopping for a new carrier. New charges are applied on your insurance renewal date, so you should have some time between filing and actually paying for the surcharge.</p>\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_1-0-43\">Asking a prospective insurance company whether they surcharge for a not-at-fault accident is a great question when you’re calling around for quotes. It might even make you choose a slightly higher quote over a cheaper one from a company that could slap a surcharge on you 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\" id=\"mntl-sc-block_1-0-46\">Think about it. Otherwise, if you have an accident and it’s not your fault, your first question will still be “How much&nbsp;is my insurance going to go up?”</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 Types of Cars Have the Lowest Insurance Rates?</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\">Some of the&nbsp;cheapest cars to insure&nbsp;include the Mazda CX-3 Sport, Honda CR-V LX, and Jeep Wrangler Sport S.</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 Accidents Will Raise My Insurance Rates?</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\">If you’re found to be at fault for an accident, your insurer will likely raise your premiums, especially if it\'s not your first accident. An insurer may also deem you a high-risk driver if you also make several claims for which you were not at fault. Tickets for infractions such as speeding that earn you points on your license can also often increase your insurance costs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.thebalance.com/can-a-not-at-fault-claim-raise-my-insurance-rates-527469\">click here.</a></p>\n<!-- /wp:paragraph -->','When a Not-at-Fault Claim Can Raise Your Insurance Costs?','','publish','open','open','','when-a-not-at-fault-claim-can-raise-your-insurance-costs','','','2022-05-05 20:57:00','2022-05-05 20:57:00','',0,'http://smartinsurance.tips/?p=2525',0,'post','',0),(2526,1,'2022-05-02 01:55:42','2022-05-02 01:55:42','','Insurance-7','','inherit','open','closed','','insurance-7-3','','','2022-05-02 01:55:42','2022-05-02 01:55:42','',2525,'http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-7.png',0,'attachment','image/png',0),(2527,1,'2022-05-02 01:58:56','2022-05-02 01:58:56','','image-4','','inherit','open','closed','','image-4-2','','','2022-05-02 01:58:56','2022-05-02 01:58:56','',2525,'http://smartinsurance.tips/wp-content/uploads/2022/05/image-4.png',0,'attachment','image/png',0),(2549,1,'2022-05-05 20:57:00','2022-05-05 20:57:00','<!-- wp:image {\"id\":2526,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-7-1024x536.png\" alt=\"\" class=\"wp-image-2526\"/></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 in an accident, and&nbsp;it is your fault, your&nbsp;insurance rate&nbsp;will increase. But even if the accident was not your fault, your insurance rate may still increase. Your insurance premium could increase, depending on the situation of an accident, your history of making claims, and the type of insurance coverage you have.</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>If you are in a car accident, your car insurance rates may rise—even if the accident wasn\'t your fault.</li><li>In most states, the at-fault driver\'s insurance will be expected to cover the cost, but your rates may still rise.</li><li>If you file a not-at-fault claim, and your insurance carrier raises your rate, it might be time to shop around for a new insurance company.</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\">Hypothetical 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_1-0-7\">Suppose you’re driving home from work one day, paying close attention to the road ahead, and the drivers around you when suddenly another driver runs a stop sign and rams into the side of 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\" id=\"mntl-sc-block_1-0-10\">Thankfully, no one is hurt, but your vehicle certainly is. You have good car insurance and know that you’re not at fault, so you carefully document the damage, exchange information with the other driver, and file a police report.</p>\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_1-0-13\">Then, you tell a friend about the accident, and that friend cautions you to think twice about filing a claim with your car insurance company because the company could jack up your insurance rate. Yes, it is true, even though the other driver\'s insurance should cover the costs of repairing your vehicle. Some insurers will not increase your rate in that type of scenario.</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\">The Good News About Not-at-Fault Claims</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_1-0-23\">In almost all U.S. states, not-at-fault claims are filed against the at-fault vehicle owner\'s insurance policy. If you are able to file against the at-fault party, you are less likely to see an increase in your insurance bill.</p>\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 do need to file against your own policy, some insurance carriers still will not raise your rate for a not-at-fault 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_1-0-28\">The Bad News About Not-at-Fault Claims</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_1-0-30\">Suppose that in the above scenario, the other driver fled the scene instead of calmly exchanging information with you. Unfortunately, some insurance carriers will raise your rates if you file a not-at-fault claim.</p>\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\">At least a not-at-fault claim might come with a smaller surcharge than an at-fault claim.</p>\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\">You might be amazed at the number of factors that can&nbsp;affect your car insurance rate. Filing an at-fault claim is all but a surefire way to raise your rates, though you might be able to avoid that through your insurance company\'s accident-forgiveness program if it offers one. However, filing a not-at-fault claim can, in some scenarios, be used to raise your rate as well. This is one of them.</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\">What You Can Do About It?</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\">If you file a not-at-fault claim, and your insurance carrier raises your rate, it would probably be in your best interest to start shopping for a new carrier. New charges are applied on your insurance renewal date, so you should have some time between filing and actually paying for the surcharge.</p>\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_1-0-43\">Asking a prospective insurance company whether they surcharge for a not-at-fault accident is a great question when you’re calling around for quotes. It might even make you choose a slightly higher quote over a cheaper one from a company that could slap a surcharge on you 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\" id=\"mntl-sc-block_1-0-46\">Think about it. Otherwise, if you have an accident and it’s not your fault, your first question will still be “How much&nbsp;is my insurance going to go up?”</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 Types of Cars Have the Lowest Insurance Rates?</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\">Some of the&nbsp;cheapest cars to insure&nbsp;include the Mazda CX-3 Sport, Honda CR-V LX, and Jeep Wrangler Sport S.</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 Accidents Will Raise My Insurance Rates?</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\">If you’re found to be at fault for an accident, your insurer will likely raise your premiums, especially if it\'s not your first accident. An insurer may also deem you a high-risk driver if you also make several claims for which you were not at fault. Tickets for infractions such as speeding that earn you points on your license can also often increase your insurance costs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.thebalance.com/can-a-not-at-fault-claim-raise-my-insurance-rates-527469\">click here.</a></p>\n<!-- /wp:paragraph -->','When a Not-at-Fault Claim Can Raise Your Insurance Costs?','','inherit','closed','closed','','2525-revision-v1','','','2022-05-05 20:57:00','2022-05-05 20:57:00','',2525,'http://smartinsurance.tips/?p=2549',0,'revision','',0),(2528,1,'2022-05-02 02:03:20','2022-05-02 02:03:20','<!-- wp:image {\"id\":2526,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-7-1024x536.png\" alt=\"\" class=\"wp-image-2526\"/></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 in an accident, and it is your fault, your insurance rate will increase. But even if the accident was not your fault, your insurance rate may still increase. Your insurance premium could increase, depending on the situation of an accident, your history of making claims, and the type of insurance coverage you have.</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>If you are in a car accident, your car insurance rates may rise—even if the accident wasn\'t your fault.</li><li>In most states, the at-fault driver\'s insurance will be expected to cover the cost, but your rates may still rise.</li><li>If you file a not-at-fault claim, and your insurance carrier raises your rate, it might be time to shop around for a new insurance company.</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\">Hypothetical 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_1-0-7\">Suppose you’re driving home from work one day, paying close attention to the road ahead, and the drivers around you when suddenly another driver runs a stop sign and rams into the side of 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\" id=\"mntl-sc-block_1-0-10\">Thankfully, no one is hurt, but your vehicle certainly is. You have good car insurance and know that you’re not at fault, so you carefully document the damage, exchange information with the other driver, and file a police report.</p>\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_1-0-13\">Then, you tell a friend about the accident, and that friend cautions you to think twice about filing a claim with your car insurance company because the company could jack up your insurance rate. Yes, it is true, even though the other driver\'s insurance should cover the costs of repairing your vehicle. Some insurers will not increase your rate in that type of scenario. If yours does, it may be time to shop around for a new 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\">The chart below shows the results of a study by the Consumer Federation of America (CFA) determining which auto insurance companies punish their customers for not-at-fault accidents.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2527,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/image-4.png\" alt=\"\" class=\"wp-image-2527\"/></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_1-0-21\">The Good News About Not-at-Fault Claims</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_1-0-23\">In almost all U.S. states, not-at-fault claims are filed against the at-fault vehicle owner\'s insurance policy. If you are able to file against the at-fault party, you are less likely to see an increase in your insurance bill.</p>\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 do need to file against your own policy, some insurance carriers still will not raise your rate for a not-at-fault 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_1-0-28\">The Bad News About Not-at-Fault Claims</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_1-0-30\">Suppose that in the above scenario, the other driver fled the scene instead of calmly exchanging information with you. Unfortunately, some insurance carriers will raise your rates if you file a not-at-fault claim.</p>\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\">At least a not-at-fault claim might come with a smaller surcharge than an at-fault claim.</p>\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\">You might be amazed at the number of factors that can affect your car insurance rate. Filing an at-fault claim is all but a surefire way to raise your rates, though you might be able to avoid that through your insurance company\'s accident-forgiveness program if it offers one. However, filing a not-at-fault claim can, in some scenarios, be used to raise your rate as well. This is one of them.</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\">What You Can Do About It?</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\">If you file a not-at-fault claim, and your insurance carrier raises your rate, it would probably be in your best interest to start shopping for a new carrier. New charges are applied on your insurance renewal date, so you should have some time between filing and actually paying for the surcharge.</p>\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_1-0-43\">Asking a prospective insurance company whether they surcharge for a not-at-fault accident is a great question when you’re calling around for quotes. It might even make you choose a slightly higher quote over a cheaper one from a company that could slap a surcharge on you 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\" id=\"mntl-sc-block_1-0-46\">Think about it. Otherwise, if you have an accident and it’s not your fault, your first question will still be “How much is my insurance going to go up?”</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 Types of Cars Have the Lowest Insurance Rates?</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\">Some of the cheapest cars to insure include the Mazda CX-3 Sport, Honda CR-V LX, and Jeep Wrangler Sport S.</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\">Who Has the Cheapest Auto Insurance Rates?</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\">USAA, State Farm, and Geico are among the cheapest auto insurance companies. However, rates will vary based on the details of your situation, so you must compare rates from as many companies as possible to learn which is truly the cheapest 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 Type of Accidents Will Raise My Insurance Rates?</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\">If you’re found to be at fault for an accident, your insurer will likely raise your premiums, especially if it\'s not your first accident. An insurer may also deem you a high-risk driver if you also make several claims for which you were not at fault. Tickets for infractions such as speeding that earn you points on your license can also often increase your insurance costs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/can-a-not-at-fault-claim-raise-my-insurance-rates-527469\">click here.</a></p>\n<!-- /wp:paragraph -->','When a Not-at-Fault Claim Can Raise Your Insurance Costs?','','inherit','closed','closed','','2525-revision-v1','','','2022-05-02 02:03:20','2022-05-02 02:03:20','',2525,'http://smartinsurance.tips/?p=2528',0,'revision','',0),(2529,1,'2022-05-02 02:10:45','2022-05-02 02:10:45','<!-- wp:image {\"id\":2541,\"width\":609,\"height\":319,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large is-resized\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/My-project-2022-05-05T062656.144-1024x536.png\" alt=\"\" class=\"wp-image-2541\" width=\"609\" height=\"319\"/></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 are planning on purchasing a powerboat or a sailboat in the coming months, there’s a good chance that you are looking into boat insurance as well. If this is the case, you likely have some questions about boat insurance companies and whether you need additional coverage. Well, you came to the right place! In this article, you will find answers the top 9 most frequently asked questions about boat 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\"><strong>Do I Need Boat 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\">Legally, only two states require some type of boat insurance coverage (and for one of these states, only boats with engines that produce more than 50 horsepower). There are additional insurance requirements in some states for boaters that meet specific criteria; ensure that you verify boat insurance requirements with your individual state marine board or other governing body.</p>\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 is more commonplace that your bank or marina will place insurance requirements on your boat. If you have a boat loan that uses the boat as collateral, then the bank will almost certainly require boat insurance coverage. According to the&nbsp;Global Marine Insurance Agency, some lenders may even “force place” a marine insurance policy onto your boat if proof of insurance is not furnished. Many marinas will also require that you maintain current boat insurance in order to keep the boat at their facility.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Past any binding contracts or legislation, your tolerance for risk may be the determining factor in whether you decide to insure your boat. As with any potentially hazardous activity, having an insurance policy can help offset the risks associated with operating a boat on the water. Typically, boats are a serious investment and can be a significant cost in the event of an unexpected repair or accident. Ensure that you are educated and aware of the risks at play before deciding either way.</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\"><strong>What states require boat 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\">As of right now, only two states have boat insurance laws—Arkansas and Utah. In Arkansas, all motorboats powered by engines of more than 50 horsepower, and all PWC, must be covered by a liability insurance policy. The policy must provide at least $50,000 of liability coverage, and it is illegal to operate the PWC without the required 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 Utah, all motorboats and PWC are required to carry owner’s or operator’s liability insurance when operated on Utah waters. Motorboats equipped with engines less than 50 horsepower and airboats are exempt. It is illegal to operate a PWC on Utah waters without the required 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\">Utah’s boat insurance policy requires the following minimum coverage limits per occurrence:</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>$25,000 for bodily injury per person.</li><li>$50,000 for total bodily injury if multiple people are hurt in the accident.</li><li>$15,000 for property damage.</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 instances of states requiring insurance for boats used in some state parks or kept in some state-operated marinas—check with your state marine board or alternative governing agency to see if you are impacted.</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\"><strong>What kind of boat insurance do I need?</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\">Like many other insurance policies, boat insurance can typically be separated into a few types: liability, uninsured motorist, and collision/comprehensive coverages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image -->\n<figure class=\"wp-block-image\"><img src=\"https://www.boat-ed.com/blog/media/posts/50/boat-close-smiles.jpg\" alt=\"Boating on the lake with family and friends\"/></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\">Liability insurance is the minimum standard required by most states, banks, and marinas. The boat insurance professionals at&nbsp;trustedchoice.com&nbsp;recommend buying at least $1,000,000 in liability insurance. The recommended amount of liability coverage can be even higher if you have a fast, powerful boat that is both riskier and can cause more damage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">With uninsured/underinsured motorist coverage, the standard minimum is $10,000. Ensure that you take into account any potential injuries and damages you may need to cover if you or one of your passengers is injured or your vessel is badly damaged.</p>\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 last type of boat insurance we will cover is collision coverage and comprehensive coverage. These types of coverages should be based specifically on the value of your boat. Check with your lender (if you lease or finance your boat) or your marina (if you rent a boat slip) to see if there are insurance policies in place.</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\"><strong>How much boat insurance do I need?</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\">Beyond any state legislation or binding agreements with your lender or marina, the answer to this question may come down to your individual tolerance for risk. As discussed in earlier questions, some states do have minimum requirements for liability insurance coverage. Check with your state government to see whether you are required to meet a coverage threshold. The amount of boat insurance you may need depends on a number of factors, including the boat’s value, motor size, and age. Like other vehicles, high-performance boats will likely command a higher level of coverage to compensate for the amount of damage they are able to inflict.</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\"><strong>What does boat 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\">Common boat insurance coverages 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><strong>Property damage liability</strong>—Property damage liability insurance covers the cost of damages to someone else\'s property after an accident you cause. In most cases, your property damage will pay out when you are at fault for an accident that causes damage to someone else\'s boat or PWC.</li><li><strong>Collision damage</strong>—When your boat or PWC is damaged in an accident, collision insurance is an optional coverage that pays the cost of repairing or replacing it, minus the amount of your deductible.</li><li><strong>Bodily injury liability</strong>—Bodily injury liability coverage is the part of your insurance policy that pays for the costs associated with injuries to other people involved, if you are found legally responsible for a boating accident.</li><li><strong>Hull coverage</strong>—Hull insurance covers any physical damages that occur to your boat and generally includes trailers, equipment, motors, and accessories. Typical claims include fire and windstorm damage.</li><li><strong>Fuel spill liability</strong>—A separate policy that separates out fuel spill liability and provides coverage for any fines that may occur from an accident involving a fuel spill.</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\"><strong>What is the best type of boat insurance?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:image -->\n<figure class=\"wp-block-image\"><img src=\"https://www.boat-ed.com/blog/media/posts/50/boaters-relaxed-side-closeup-300x200.jpg\" alt=\"Relaxed Boaters\"/></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\">The best type of boat insurance is insurance coverage that adequately meets your legal and contractual obligations and allows you to feel comfortable about your exposure to risk. Because each individual situation is different, it is important that you determine what coverage factors matter most to you and your family. </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\"><strong>Is boat insurance expensive?</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\">As is the case with almost anything you purchase, the more research and price comparison you do—the higher likelihood that you will find the boat insurance quote that is right for you. Here are some tips to ensure that you are getting your money’s worth and keeping your costs down:</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>Only buy what you need</strong>: There are lots of options out there for marine insurance and many of these policies are custom-written. Ensure that you know what you need so you can avoid paying for features that you don’t require.</li><li><strong>Agreed value vs. Cash value</strong>: In an agreed value policy, you are paid a pre-determined value for the vessel in the event of a total covered loss. With agreed value, the insured and insurer agree on the value of the boat upfront. Most agents would recommend this option for a new or late-model boat. As the boat continues to age, look to potentially switch to a cash value option to save on premiums.</li><li><strong>Take a boater safety course</strong>: Almost all insurers offer a discount for boaters that have recently completed an approved boater safety course. Take an in-person class or&nbsp;get your boat safety certification online.&nbsp;Check with your insurance agent to see if a discount is offered for your specific policy.</li><li><strong>Spend on safety gear:</strong>&nbsp;Insurance companies may cut you an additional discount for having extra safety features onboard your vessel. Check with your insurance agent to see if you qualify for any additional savings.</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\"><strong>How much does boat 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\">According to&nbsp;trustedchoice.com, the cost of boat insurance generally ranges from $300 to $500 per year, on average. Depending on the type of boat and your personal profile, your insurance costs may be significantly higher. “The type of boat, its length, and the expected use of the boat will largely dictate your boat insurance rates. Whether you have a speed boat, a small fishing boat, or a yacht will make a big difference in what you pay.”&nbsp;Another insurance comparison resource&nbsp;tells us that a good approximation for your annual premiums is 1.5% the current market value of your boat.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.boat-ed.com/blog/do-i-need-boat-insurance-answers-to-the-top-9-questions/\">click here.</a></p>\n<!-- /wp:paragraph -->','Do I Need Boat Insurance?','','publish','open','open','','do-i-need-boat-insurance-answers-to-the-top-9-questions','','','2022-05-04 22:30:30','2022-05-04 22:30:30','',0,'http://smartinsurance.tips/?p=2529',0,'post','',0),(2530,1,'2022-05-02 02:04:24','2022-05-02 02:04:24','','Insurance-8','','inherit','open','closed','','insurance-8-3','','','2022-05-02 02:04:24','2022-05-02 02:04:24','',2529,'http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-8.png',0,'attachment','image/png',0),(2540,1,'2022-05-04 22:27:01','2022-05-04 22:27:01','<!-- wp:image {\"id\":2530,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-8-1024x536.png\" alt=\"\" class=\"wp-image-2530\"/></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 are planning on purchasing a powerboat or a sailboat in the coming months, there’s a good chance that you are looking into boat insurance as well. If this is the case, you likely have some questions about boat insurance companies and whether you need additional coverage. Well, you came to the right place! In this article, you will find answers the top 9 most frequently asked questions about boat 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\"><strong>Do I Need Boat 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\">Legally, only two states require some type of boat insurance coverage (and for one of these states, only boats with engines that produce more than 50 horsepower). There are additional insurance requirements in some states for boaters that meet specific criteria; ensure that you verify boat insurance requirements with your individual state marine board or other governing body.</p>\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 is more commonplace that your bank or marina will place insurance requirements on your boat. If you have a boat loan that uses the boat as collateral, then the bank will almost certainly require boat insurance coverage. According to the&nbsp;Global Marine Insurance Agency, some lenders may even “force place” a marine insurance policy onto your boat if proof of insurance is not furnished. Many marinas will also require that you maintain current boat insurance in order to keep the boat at their facility.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Past any binding contracts or legislation, your tolerance for risk may be the determining factor in whether you decide to insure your boat. As with any potentially hazardous activity, having an insurance policy can help offset the risks associated with operating a boat on the water. Typically, boats are a serious investment and can be a significant cost in the event of an unexpected repair or accident. Ensure that you are educated and aware of the risks at play before deciding either way.</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\"><strong>What states require boat 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\">As of right now, only two states have boat insurance laws—Arkansas and Utah. In Arkansas, all motorboats powered by engines of more than 50 horsepower, and all PWC, must be covered by a liability insurance policy. The policy must provide at least $50,000 of liability coverage, and it is illegal to operate the PWC without the required 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 Utah, all motorboats and PWC are required to carry owner’s or operator’s liability insurance when operated on Utah waters. Motorboats equipped with engines less than 50 horsepower and airboats are exempt. It is illegal to operate a PWC on Utah waters without the required 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\">Utah’s boat insurance policy requires the following minimum coverage limits per occurrence:</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>$25,000 for bodily injury per person.</li><li>$50,000 for total bodily injury if multiple people are hurt in the accident.</li><li>$15,000 for property damage.</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 instances of states requiring insurance for boats used in some state parks or kept in some state-operated marinas—check with your state marine board or alternative governing agency to see if you are impacted.</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\"><strong>What kind of boat insurance do I need?</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\">Like many other insurance policies, boat insurance can typically be separated into a few types: liability, uninsured motorist, and collision/comprehensive coverages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image -->\n<figure class=\"wp-block-image\"><img src=\"https://www.boat-ed.com/blog/media/posts/50/boat-close-smiles.jpg\" alt=\"Boating on the lake with family and friends\"/></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\">Liability insurance is the minimum standard required by most states, banks, and marinas. The boat insurance professionals at&nbsp;trustedchoice.com&nbsp;recommend buying at least $1,000,000 in liability insurance. The recommended amount of liability coverage can be even higher if you have a fast, powerful boat that is both riskier and can cause more damage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">With uninsured/underinsured motorist coverage, the standard minimum is $10,000. Ensure that you take into account any potential injuries and damages you may need to cover if you or one of your passengers is injured or your vessel is badly damaged.</p>\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 last type of boat insurance we will cover is collision coverage and comprehensive coverage. These types of coverages should be based specifically on the value of your boat. Check with your lender (if you lease or finance your boat) or your marina (if you rent a boat slip) to see if there are insurance policies in place.</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\"><strong>How much boat insurance do I need?</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\">Beyond any state legislation or binding agreements with your lender or marina, the answer to this question may come down to your individual tolerance for risk. As discussed in earlier questions, some states do have minimum requirements for liability insurance coverage. Check with your state government to see whether you are required to meet a coverage threshold. The amount of boat insurance you may need depends on a number of factors, including the boat’s value, motor size, and age. Like other vehicles, high-performance boats will likely command a higher level of coverage to compensate for the amount of damage they are able to inflict.</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\"><strong>What does boat 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\">Common boat insurance coverages 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><strong>Property damage liability</strong>—Property damage liability insurance covers the cost of damages to someone else\'s property after an accident you cause. In most cases, your property damage will pay out when you are at fault for an accident that causes damage to someone else\'s boat or PWC.</li><li><strong>Collision damage</strong>—When your boat or PWC is damaged in an accident, collision insurance is an optional coverage that pays the cost of repairing or replacing it, minus the amount of your deductible.</li><li><strong>Bodily injury liability</strong>—Bodily injury liability coverage is the part of your insurance policy that pays for the costs associated with injuries to other people involved, if you are found legally responsible for a boating accident.</li><li><strong>Hull coverage</strong>—Hull insurance covers any physical damages that occur to your boat and generally includes trailers, equipment, motors, and accessories. Typical claims include fire and windstorm damage.</li><li><strong>Fuel spill liability</strong>—A separate policy that separates out fuel spill liability and provides coverage for any fines that may occur from an accident involving a fuel spill.</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\"><strong>What is the best type of boat insurance?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:image -->\n<figure class=\"wp-block-image\"><img src=\"https://www.boat-ed.com/blog/media/posts/50/boaters-relaxed-side-closeup-300x200.jpg\" alt=\"Relaxed Boaters\"/></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\">The best type of boat insurance is insurance coverage that adequately meets your legal and contractual obligations and allows you to feel comfortable about your exposure to risk. Because each individual situation is different, it is important that you determine what coverage factors matter most to you and your family. </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\"><strong>Is boat insurance expensive?</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\">As is the case with almost anything you purchase, the more research and price comparison you do—the higher likelihood that you will find the boat insurance quote that is right for you. Here are some tips to ensure that you are getting your money’s worth and keeping your costs down:</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>Only buy what you need</strong>: There are lots of options out there for marine insurance and many of these policies are custom-written. Ensure that you know what you need so you can avoid paying for features that you don’t require.</li><li><strong>Agreed value vs. Cash value</strong>: In an agreed value policy, you are paid a pre-determined value for the vessel in the event of a total covered loss. With agreed value, the insured and insurer agree on the value of the boat upfront. Most agents would recommend this option for a new or late-model boat. As the boat continues to age, look to potentially switch to a cash value option to save on premiums.</li><li><strong>Take a boater safety course</strong>: Almost all insurers offer a discount for boaters that have recently completed an approved boater safety course. Take an in-person class or&nbsp;get your boat safety certification online.&nbsp;Check with your insurance agent to see if a discount is offered for your specific policy.</li><li><strong>Spend on safety gear:</strong>&nbsp;Insurance companies may cut you an additional discount for having extra safety features onboard your vessel. Check with your insurance agent to see if you qualify for any additional savings.</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\"><strong>How much does boat 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\">According to&nbsp;trustedchoice.com, the cost of boat insurance generally ranges from $300 to $500 per year, on average. Depending on the type of boat and your personal profile, your insurance costs may be significantly higher. “The type of boat, its length, and the expected use of the boat will largely dictate your boat insurance rates. Whether you have a speed boat, a small fishing boat, or a yacht will make a big difference in what you pay.”&nbsp;Another insurance comparison resource&nbsp;tells us that a good approximation for your annual premiums is 1.5% the current market value of your boat.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.boat-ed.com/blog/do-i-need-boat-insurance-answers-to-the-top-9-questions/\">click here.</a></p>\n<!-- /wp:paragraph -->','Do I Need Boat Insurance?','','inherit','closed','closed','','2529-revision-v1','','','2022-05-04 22:27:01','2022-05-04 22:27:01','',2529,'http://smartinsurance.tips/?p=2540',0,'revision','',0),(2539,1,'2022-05-04 22:26:09','2022-05-04 22:26:09','<!-- wp:image {\"id\":2530,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-8-1024x536.png\" alt=\"\" class=\"wp-image-2530\"/></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 are planning on purchasing a powerboat or a sailboat in the coming months, there’s a good chance that you are looking into boat insurance as well. If this is the case, you likely have some questions about boat insurance companies and whether you need additional coverage. Well, you came to the right place! In this article, you will find answers the top 9 most frequently asked questions about boat 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\"><strong>Do I Need Boat 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\">Legally, only two states require some type of boat insurance coverage (and for one of these states, only boats with engines that produce more than 50 horsepower). There are additional insurance requirements in some states for boaters that meet specific criteria; ensure that you verify boat insurance requirements with your individual state marine board or other governing body.</p>\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 is more commonplace that your bank or marina will place insurance requirements on your boat. If you have a boat loan that uses the boat as collateral, then the bank will almost certainly require boat insurance coverage. According to the&nbsp;Global Marine Insurance Agency, some lenders may even “force place” a marine insurance policy onto your boat if proof of insurance is not furnished. Many marinas will also require that you maintain current boat insurance in order to keep the boat at their facility.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Past any binding contracts or legislation, your tolerance for risk may be the determining factor in whether you decide to insure your boat. As with any potentially hazardous activity, having an insurance policy can help offset the risks associated with operating a boat on the water. Typically, boats are a serious investment and can be a significant cost in the event of an unexpected repair or accident. Ensure that you are educated and aware of the risks at play before deciding either way.</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\"><strong>What states require boat 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\">As of right now, only two states have boat insurance laws—Arkansas and Utah. In Arkansas, all motorboats powered by engines of more than 50 horsepower, and all PWC, must be covered by a liability insurance policy. The policy must provide at least $50,000 of liability coverage, and it is illegal to operate the PWC without the required 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 Utah, all motorboats and PWC are required to carry owner’s or operator’s liability insurance when operated on Utah waters. Motorboats equipped with engines less than 50 horsepower and airboats are exempt. It is illegal to operate a PWC on Utah waters without the required 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\">Utah’s boat insurance policy requires the following minimum coverage limits per occurrence:</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>$25,000 for bodily injury per person.</li><li>$50,000 for total bodily injury if multiple people are hurt in the accident.</li><li>$15,000 for property damage.</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 instances of states requiring insurance for boats used in some state parks or kept in some state-operated marinas—check with your state marine board or alternative governing agency to see if you are impacted.</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\"><strong>What kind of boat insurance do I need?</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\">Like many other insurance policies, boat insurance can typically be separated into a few types: liability, uninsured motorist, and collision/comprehensive coverages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image -->\n<figure class=\"wp-block-image\"><img src=\"https://www.boat-ed.com/blog/media/posts/50/boat-close-smiles.jpg\" alt=\"Boating on the lake with family and friends\"/></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\">Liability insurance is the minimum standard required by most states, banks, and marinas. The boat insurance professionals at&nbsp;trustedchoice.com&nbsp;recommend buying at least $1,000,000 in liability insurance. The recommended amount of liability coverage can be even higher if you have a fast, powerful boat that is both riskier and can cause more damage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">With uninsured/underinsured motorist coverage, the standard minimum is $10,000. Ensure that you take into account any potential injuries and damages you may need to cover if you or one of your passengers is injured or your vessel is badly damaged.</p>\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 last type of boat insurance we will cover is collision coverage and comprehensive coverage. These types of coverages should be based specifically on the value of your boat. Check with your lender (if you lease or finance your boat) or your marina (if you rent a boat slip) to see if there are insurance policies in place.</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\"><strong>How much boat insurance do I need?</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\">Beyond any state legislation or binding agreements with your lender or marina, the answer to this question may come down to your individual tolerance for risk. As discussed in earlier questions, some states do have minimum requirements for liability insurance coverage. Check with your state government to see whether you are required to meet a coverage threshold. The amount of boat insurance you may need depends on a number of factors, including the boat’s value, motor size, and age. Like other vehicles, high-performance boats will likely command a higher level of coverage to compensate for the amount of damage they are able to inflict.</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\"><strong>What does boat 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\">Common boat insurance coverages 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><strong>Property damage liability</strong>—Property damage liability insurance covers the cost of damages to someone else\'s property after an accident you cause. In most cases, your property damage will pay out when you are at fault for an accident that causes damage to someone else\'s boat or PWC.</li><li><strong>Collision damage</strong>—When your boat or PWC is damaged in an accident, collision insurance is an optional coverage that pays the cost of repairing or replacing it, minus the amount of your deductible.</li><li><strong>Bodily injury liability</strong>—Bodily injury liability coverage is the part of your insurance policy that pays for the costs associated with injuries to other people involved, if you are found legally responsible for a boating accident.</li><li><strong>Hull coverage</strong>—Hull insurance covers any physical damages that occur to your boat and generally includes trailers, equipment, motors, and accessories. Typical claims include fire and windstorm damage.</li><li><strong>Fuel spill liability</strong>—A separate policy that separates out fuel spill liability and provides coverage for any fines that may occur from an accident involving a fuel spill.</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\"><strong>What is the best type of boat insurance?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:image -->\n<figure class=\"wp-block-image\"><img src=\"https://www.boat-ed.com/blog/media/posts/50/boaters-relaxed-side-closeup-300x200.jpg\" alt=\"Relaxed Boaters\"/></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\">The best type of boat insurance is insurance coverage that adequately meets your legal and contractual obligations and allows you to feel comfortable about your exposure to risk. Because each individual situation is different, it is important that you determine what coverage factors matter most to you and your family. </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\"><strong>Is boat insurance expensive?</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\">As is the case with almost anything you purchase, the more research and price comparison you do—the higher likelihood that you will find the boat insurance quote that is right for you. Here are some tips to ensure that you are getting your money’s worth and keeping your costs down:</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>Only buy what you need</strong>: There are lots of options out there for marine insurance and many of these policies are custom-written. Ensure that you know what you need so you can avoid paying for features that you don’t require.</li><li><strong>Agreed value vs. Cash value</strong>: In an agreed value policy, you are paid a pre-determined value for the vessel in the event of a total covered loss. With agreed value, the insured and insurer agree on the value of the boat upfront. Most agents would recommend this option for a new or late-model boat. As the boat continues to age, look to potentially switch to a cash value option to save on premiums.</li><li><strong>Take a boater safety course</strong>: Almost all insurers offer a discount for boaters that have recently completed an approved boater safety course. Take an in-person class or&nbsp;get your boat safety certification online.&nbsp;Check with your insurance agent to see if a discount is offered for your specific policy.</li><li><strong>Spend on safety gear:</strong>&nbsp;Insurance companies may cut you an additional discount for having extra safety features onboard your vessel. Check with your insurance agent to see if you qualify for any additional savings.</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\"><strong>How much does boat 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\">According to&nbsp;trustedchoice.com, the cost of boat insurance generally ranges from $300 to $500 per year, on average. Depending on the type of boat and your personal profile, your insurance costs may be significantly higher. “The type of boat, its length, and the expected use of the boat will largely dictate your boat insurance rates. Whether you have a speed boat, a small fishing boat, or a yacht will make a big difference in what you pay.”&nbsp;Another insurance comparison resource&nbsp;tells us that a good approximation for your annual premiums is 1.5% the current market value of your boat.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.boat-ed.com/blog/do-i-need-boat-insurance-answers-to-the-top-9-questions/\">click here.</a></p>\n<!-- /wp:paragraph -->','Do I Need Boat Insurance? (Answers to the Top 9 Questions)','','inherit','closed','closed','','2529-revision-v1','','','2022-05-04 22:26:09','2022-05-04 22:26:09','',2529,'http://smartinsurance.tips/?p=2539',0,'revision','',0),(2531,1,'2022-05-02 02:10:45','2022-05-02 02:10:45','<!-- wp:image {\"id\":2530,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-8-1024x536.png\" alt=\"\" class=\"wp-image-2530\"/></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 are planning on purchasing a powerboat or a sailboat in the coming months, there’s a good chance that you are looking into boat insurance as well. If this is the case, you likely have some questions about boat insurance companies and whether you need additional coverage. Well, you came to the right place! In this article, you will find answers the top 9 most frequently asked questions about boat 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\"><strong>Do I Need Boat 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\">Legally, only two states require some type of boat insurance coverage (and for one of these states, only boats with engines that produce more than 50 horsepower). There are additional insurance requirements in some states for boaters that meet specific criteria; ensure that you verify boat insurance requirements with your individual state marine board or other governing body.</p>\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 is more commonplace that your bank or marina will place insurance requirements on your boat. If you have a boat loan that uses the boat as collateral, then the bank will almost certainly require boat insurance coverage. According to the Global Marine Insurance Agency, some lenders may even “force place” a marine insurance policy onto your boat if proof of insurance is not furnished. Many marinas will also require that you maintain current boat insurance in order to keep the boat at their facility.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Past any binding contracts or legislation, your tolerance for risk may be the determining factor in whether you decide to insure your boat. As with any potentially hazardous activity, having an insurance policy can help offset the risks associated with operating a boat on the water. Typically, boats are a serious investment and can be a significant cost in the event of an unexpected repair or accident. Ensure that you are educated and aware of the risks at play before deciding either way.</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\"><strong>What states require boat 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\">As of right now, only two states have boat insurance laws—Arkansas and Utah. In Arkansas, all motorboats powered by engines of more than 50 horsepower, and all PWC, must be covered by a liability insurance policy. The policy must provide at least $50,000 of liability coverage, and it is illegal to operate the PWC without the required 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 Utah, all motorboats and PWC are required to carry owner’s or operator’s liability insurance when operated on Utah waters. Motorboats equipped with engines less than 50 horsepower and airboats are exempt. It is illegal to operate a PWC on Utah waters without the required 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\">Utah’s boat insurance policy requires the following minimum coverage limits per occurrence:</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>$25,000 for bodily injury per person.</li><li>$50,000 for total bodily injury if multiple people are hurt in the accident.</li><li>$15,000 for property damage.</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 instances of states requiring insurance for boats used in some state parks or kept in some state-operated marinas—check with your state marine board or alternative governing agency to see if you are impacted.</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\"><strong>What kind of boat insurance do I need?</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\">Like many other insurance policies, boat insurance can typically be separated into a few types: liability, uninsured motorist, and collision/comprehensive coverages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image -->\n<figure class=\"wp-block-image\"><img src=\"https://www.boat-ed.com/blog/media/posts/50/boat-close-smiles.jpg\" alt=\"Boating on the lake with family and friends\"/></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\">Liability insurance is the minimum standard required by most states, banks, and marinas. The boat insurance professionals at trustedchoice.com recommend buying at least $1,000,000 in liability insurance. The recommended amount of liability coverage can be even higher if you have a fast, powerful boat that is both riskier and can cause more damage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">With uninsured/underinsured motorist coverage, the standard minimum is $10,000. Ensure that you take into account any potential injuries and damages you may need to cover if you or one of your passengers is injured or your vessel is badly damaged.</p>\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 last type of boat insurance we will cover is collision coverage and comprehensive coverage. These types of coverages should be based specifically on the value of your boat. Check with your lender (if you lease or finance your boat) or your marina (if you rent a boat slip) to see if there are insurance policies in place.</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\"><strong>How much boat insurance do I need?</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\">Beyond any state legislation or binding agreements with your lender or marina, the answer to this question may come down to your individual tolerance for risk. As discussed in earlier questions, some states do have minimum requirements for liability insurance coverage. Check with your state government to see whether you are required to meet a coverage threshold. The amount of boat insurance you may need depends on a number of factors, including the boat’s value, motor size, and age. Like other vehicles, high-performance boats will likely command a higher level of coverage to compensate for the amount of damage they are able to inflict.</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\"><strong>What does boat 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\">Common boat insurance coverages 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><strong>Property damage liability</strong>—Property damage liability insurance covers the cost of damages to someone else\'s property after an accident you cause. In most cases, your property damage will pay out when you are at fault for an accident that causes damage to someone else\'s boat or PWC.</li><li><strong>Collision damage</strong>—When your boat or PWC is damaged in an accident, collision insurance is an optional coverage that pays the cost of repairing or replacing it, minus the amount of your deductible.</li><li><strong>Bodily injury liability</strong>—Bodily injury liability coverage is the part of your insurance policy that pays for the costs associated with injuries to other people involved, if you are found legally responsible for a boating accident.</li><li><strong>Hull coverage</strong>—Hull insurance covers any physical damages that occur to your boat and generally includes trailers, equipment, motors, and accessories. Typical claims include fire and windstorm damage.</li><li><strong>Fuel spill liability</strong>—A separate policy that separates out fuel spill liability and provides coverage for any fines that may occur from an accident involving a fuel spill.</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\"><strong>What is the best type of boat insurance?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:image -->\n<figure class=\"wp-block-image\"><img src=\"https://www.boat-ed.com/blog/media/posts/50/boaters-relaxed-side-closeup-300x200.jpg\" alt=\"Relaxed Boaters\"/></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\">The best type of boat insurance is insurance coverage that adequately meets your legal and contractual obligations and allows you to feel comfortable about your exposure to risk. Because each individual situation is different, it is important that you determine what coverage factors matter most to you and your family. Spend time researching your options and speak with multiple insurance brokers or agencies. Allthingsboat.com has an excellent review of boat insurance providers.</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\"><strong>Is boat insurance expensive?</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\">As is the case with almost anything you purchase, the more research and price comparison you do—the higher likelihood that you will find the boat insurance quote that is right for you. Here are some tips to ensure that you are getting your money’s worth and keeping your costs down:</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>Only buy what you need</strong>: There are lots of options out there for marine insurance and many of these policies are custom-written. Ensure that you know what you need so you can avoid paying for features that you don’t require.</li><li><strong>Agreed value vs. Cash value</strong>: In an agreed value policy, you are paid a pre-determined value for the vessel in the event of a total covered loss. With agreed value, the insured and insurer agree on the value of the boat upfront. Most agents would recommend this option for a new or late-model boat. As the boat continues to age, look to potentially switch to a cash value option to save on premiums.</li><li><strong>Take a boater safety course</strong>: Almost all insurers offer a discount for boaters that have recently completed an approved boater safety course. Take an in-person class or get your boat safety certification online. Check with your insurance agent to see if a discount is offered for your specific policy.</li><li><strong>Spend on safety gear:</strong> Insurance companies may cut you an additional discount for having extra safety features onboard your vessel. Check with your insurance agent to see if you qualify for any additional savings.</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\"><strong>How much does boat 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\">According to trustedchoice.com, the cost of boat insurance generally ranges from $300 to $500 per year, on average. Depending on the type of boat and your personal profile, your insurance costs may be significantly higher. “The type of boat, its length, and the expected use of the boat will largely dictate your boat insurance rates. Whether you have a speed boat, a small fishing boat, or a yacht will make a big difference in what you pay.” Another insurance comparison resource tells us that a good approximation for your annual premiums is 1.5% the current market value of your boat.</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>Who offers the best boat insurance rates?</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"linkDestination\":\"custom\"} -->\n<figure class=\"wp-block-image\"><a href=\"https://www.boat-ed.com/blog/wp-content/uploads/2015/05/big-kalkomey.jpg\"><img src=\"https://www.boat-ed.com/blog/media/posts/50/big-kalkomey-300x169.jpg\" alt=\"Kids Jumping in Water on Family Boat\"/></a></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\">Many insurance companies offer competitive boat insurance rates. Shop around to make sure you are getting the information you need to make an informed 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\">Sites like allthingsboat.com and consumeraffairs.com provide reviews for many different insurance companies and are great places to begin your research. Speak with other boaters; find out what features are important to them and why. Do your homework by researching different companies’ offerings and you will be prepared to make the best decision for your needs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.boat-ed.com/blog/do-i-need-boat-insurance-answers-to-the-top-9-questions/\">click here.</a></p>\n<!-- /wp:paragraph -->','Do I Need Boat Insurance? (Answers to the Top 9 Questions)','','inherit','closed','closed','','2529-revision-v1','','','2022-05-02 02:10:45','2022-05-02 02:10:45','',2529,'http://smartinsurance.tips/?p=2531',0,'revision','',0),(2532,1,'2022-05-02 02:18:23','2022-05-02 02:18:23','<!-- wp:image {\"id\":2533,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-9-1024x536.png\" alt=\"\" class=\"wp-image-2533\"/></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\">A swimming pool is considered a staple part of summer by many American families. When the sun is beating down upon you, nothing seems more fun or comforting than the poolside, whether you are hosting a barbecue or an evening soiree. According to the U.S. Consumer Product Safety Commission, an average of 390 deaths a year are attributed to swimming pool accidents.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Regardless of the type of pool you own, there is a risk of accidents resulting in injuries or damage to your property. Whether you already have a pool on your premises or are considering adding one, you should learn in advance if your home insurance will cover these risks.</p>\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>Bankrate Insight</strong></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>Not all property insurers will insure a home with a pool.</li><li>The type of pool determines how it’s covered, whether through personal property coverage or other structures coverage.</li><li>Your liability coverage may not be enough to cover pool-related injuries.</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\">Will your homeowners insurance cover damage to your pool?</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\">Whether your homeowners insurance policy will cover your pool largely depends on your property insurance company. Some insurers will not issue a policy if there is a pool on the property. Other insurers may have specific criteria that must be met before your policy goes into effect.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Once you have homeowners coverage secured, liability coverage would extend to your pool, and damage to the pool itself would be protected under a different coverage type on 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 it is an above-ground pool, your insurance company will most likely consider it part of your personal property if there are no permanent structures, like decks, attached to it. This is because, if you wanted, you could take it with you when you move. However, personal property coverage may have both a policy limit and a category limit for your pool. Even though you may have $125,000 in personal property coverage, you may not get the entire amount for your pool if it is damaged or destroyed. Talk with your insurer about any coverage limitations your homeowners policy has toward an above-ground pool.</p>\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 the pool is below ground, covered claims will most likely apply under your other structures coverage on your homeowners policy. This coverage is usually set at 10% of your dwelling coverage. However, you may be able to purchase extra coverage to increase your level of protection.</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\">Will your homeowners insurance cover pool-related injuries?</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\">Pools are what insurance companies call an ‘attractive nuisance’— meaning both children and strangers may be tempted to get in your pool whether they have your permission or not. Even if they are uninvited, and they hurt themselves, you could still be held liable.</p>\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 someone were injured while using your pool, generally, the personal liability coverage on your homeowners policy would cover the associated costs. However, it is imperative that you implement safety features to reduce the risk of injuries. Many property insurers will ask if you have a fence around your pool with a locking gate or if you are able to remove the pool’s ladder to help restrict access.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Choosing the right liability coverage is important to protect your financial well-being. Even if your liability coverage extends to pool-related injuries, speak with an insurance agent to understand the right coverage limit 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\">Do you need a personal umbrella policy?</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\">Getting a personal umbrella policy is not required but is worth considering if you have a swimming pool on your property as it provides you with much more financial protection than a standard 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\">An umbrella policy adds additional liability protection beyond your existing homeowners insurance policy and generally applies once your homeowners liability limits have been exhausted.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">With an umbrella policy, homeowners typically have $1 million or more in additional liability protection. Should someone die or become seriously injured while using your pool, an umbrella policy would help pay for their funeral or medical costs, as well as any of your legal fees from the incident. These costs could easily exceed even the highest liability limit coverage option on your standard homeowners policy. If you do not have an umbrella policy and your standard homeowners policy is maxed out, any additional costs would have to be paid by 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\">Are there other pool requirements to consider?</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\">Though your swimming pool will most likely be covered under personal property or other structures, you should consider following these additional steps to reduce the risk of injury or damage to your pool. They will not only protect you, but protect others as well:</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>Install a fence around your pool with a lockable gate.</strong><br>Pools are alluring to everyone and a sturdy fence is a great first line of defense to prevent trespassers or young ones from getting hurt. Make sure the gate is lockable to help keep people away from your pool. Many insurers will ask if your gate locks, and some insurers may ask for the height of your fence and require that it is a minimum of 6 feet tall.</li><li><strong>Install an alarm on your gate.</strong><br>Any door that leads to your pool should have an alarm that sounds whenever it is opened. The alarm should be loud enough that you can hear it anywhere in your house and should ring long enough that you clearly notice it. This way you’ll be alerted if someone is near your pool without your permission or knowledge.</li><li><strong>Never swim alone.</strong><br>Perhaps the best thing you can do for both yourself and others is to mandate that no one ever swims alone. Doing this is absolutely essential if you have children, but it is also a great rule for adults. Accidents happen, and you do not want to be alone when they do.</li><li><strong>Get CPR training.</strong><br>CPR takes very little time to learn and you can likely find free classes in your area. No matter how close you are to a rescue squad, CPR training is imperative if you have a swimming pool.</li><li><strong>Keep the area around the pool free of obstacles.</strong><br>Whether you have lounge chairs or toys, everything should be moved back to help protect both you and your guests from falls.</li><li><strong>Remove or raise ladders if possible.</strong><br>If your pool is above ground, consider removing or raising the ladder when your pool is not in use. This will help prevent people from getting into the pool without your permission.</li></ol>\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\">Frequently asked questions</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\"><strong>What type of swimming pool requires insurance?</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\">All swimming pools should be insured to help cover the costs of pool-related injuries or damage to the pool. Both above-ground and built-in pools call for adequate property insurance coverage for financial security.</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\"><strong>Where can I purchase insurance for swimming pools?</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\">Many standard homeowners policies have an option to insure your swimming pool as an endorsement to your policy. Accidents and injuries to people that happen at the pool fall under your home insurance’s liability coverage. Damage to an above-ground pool is typically covered by personal property coverage, while an in-ground pool is generally covered under other structures coverage. Consult your insurance agent to understand if your insurer offers homeowners coverage for pool owners and for more information on how to insure your pool.</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\"><strong>Is insuring a swimming pool expensive?</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\">Insuring a swimming pool can increase your homeowners premiums due to the risk they create, but most home insurers offer discounts to help offset the cost of premiums. Consider bundling your auto and homeowners policies with the same insurance company or asking about safety feature discounts like door alarms and dead-bolt locks that may earn you a premium discount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.bankrate.com/insurance/homeowners-insurance/pools-insurance/\">click here.</a></p>\n<!-- /wp:paragraph -->','Does homeowners insurance cover your swimming pool?','','publish','open','open','','does-homeowners-insurance-cover-your-swimming-pool','','','2022-05-02 02:18:23','2022-05-02 02:18:23','',0,'http://smartinsurance.tips/?p=2532',0,'post','',0),(2533,1,'2022-05-02 02:12:05','2022-05-02 02:12:05','','Insurance-9','','inherit','open','closed','','insurance-9','','','2022-05-02 02:12:05','2022-05-02 02:12:05','',2532,'http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-9.png',0,'attachment','image/png',0),(2534,1,'2022-05-02 02:18:23','2022-05-02 02:18:23','<!-- wp:image {\"id\":2533,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-9-1024x536.png\" alt=\"\" class=\"wp-image-2533\"/></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\">A swimming pool is considered a staple part of summer by many American families. When the sun is beating down upon you, nothing seems more fun or comforting than the poolside, whether you are hosting a barbecue or an evening soiree. According to the U.S. Consumer Product Safety Commission, an average of 390 deaths a year are attributed to swimming pool accidents.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Regardless of the type of pool you own, there is a risk of accidents resulting in injuries or damage to your property. Whether you already have a pool on your premises or are considering adding one, you should learn in advance if your home insurance will cover these risks.</p>\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>Bankrate Insight</strong></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>Not all property insurers will insure a home with a pool.</li><li>The type of pool determines how it’s covered, whether through personal property coverage or other structures coverage.</li><li>Your liability coverage may not be enough to cover pool-related injuries.</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\">Will your homeowners insurance cover damage to your pool?</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\">Whether your homeowners insurance policy will cover your pool largely depends on your property insurance company. Some insurers will not issue a policy if there is a pool on the property. Other insurers may have specific criteria that must be met before your policy goes into effect.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Once you have homeowners coverage secured, liability coverage would extend to your pool, and damage to the pool itself would be protected under a different coverage type on 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 it is an above-ground pool, your insurance company will most likely consider it part of your personal property if there are no permanent structures, like decks, attached to it. This is because, if you wanted, you could take it with you when you move. However, personal property coverage may have both a policy limit and a category limit for your pool. Even though you may have $125,000 in personal property coverage, you may not get the entire amount for your pool if it is damaged or destroyed. Talk with your insurer about any coverage limitations your homeowners policy has toward an above-ground pool.</p>\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 the pool is below ground, covered claims will most likely apply under your other structures coverage on your homeowners policy. This coverage is usually set at 10% of your dwelling coverage. However, you may be able to purchase extra coverage to increase your level of protection.</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\">Will your homeowners insurance cover pool-related injuries?</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\">Pools are what insurance companies call an ‘attractive nuisance’— meaning both children and strangers may be tempted to get in your pool whether they have your permission or not. Even if they are uninvited, and they hurt themselves, you could still be held liable.</p>\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 someone were injured while using your pool, generally, the personal liability coverage on your homeowners policy would cover the associated costs. However, it is imperative that you implement safety features to reduce the risk of injuries. Many property insurers will ask if you have a fence around your pool with a locking gate or if you are able to remove the pool’s ladder to help restrict access.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Choosing the right liability coverage is important to protect your financial well-being. Even if your liability coverage extends to pool-related injuries, speak with an insurance agent to understand the right coverage limit 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\">Do you need a personal umbrella policy?</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\">Getting a personal umbrella policy is not required but is worth considering if you have a swimming pool on your property as it provides you with much more financial protection than a standard 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\">An umbrella policy adds additional liability protection beyond your existing homeowners insurance policy and generally applies once your homeowners liability limits have been exhausted.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">With an umbrella policy, homeowners typically have $1 million or more in additional liability protection. Should someone die or become seriously injured while using your pool, an umbrella policy would help pay for their funeral or medical costs, as well as any of your legal fees from the incident. These costs could easily exceed even the highest liability limit coverage option on your standard homeowners policy. If you do not have an umbrella policy and your standard homeowners policy is maxed out, any additional costs would have to be paid by 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\">Are there other pool requirements to consider?</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\">Though your swimming pool will most likely be covered under personal property or other structures, you should consider following these additional steps to reduce the risk of injury or damage to your pool. They will not only protect you, but protect others as well:</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>Install a fence around your pool with a lockable gate.</strong><br>Pools are alluring to everyone and a sturdy fence is a great first line of defense to prevent trespassers or young ones from getting hurt. Make sure the gate is lockable to help keep people away from your pool. Many insurers will ask if your gate locks, and some insurers may ask for the height of your fence and require that it is a minimum of 6 feet tall.</li><li><strong>Install an alarm on your gate.</strong><br>Any door that leads to your pool should have an alarm that sounds whenever it is opened. The alarm should be loud enough that you can hear it anywhere in your house and should ring long enough that you clearly notice it. This way you’ll be alerted if someone is near your pool without your permission or knowledge.</li><li><strong>Never swim alone.</strong><br>Perhaps the best thing you can do for both yourself and others is to mandate that no one ever swims alone. Doing this is absolutely essential if you have children, but it is also a great rule for adults. Accidents happen, and you do not want to be alone when they do.</li><li><strong>Get CPR training.</strong><br>CPR takes very little time to learn and you can likely find free classes in your area. No matter how close you are to a rescue squad, CPR training is imperative if you have a swimming pool.</li><li><strong>Keep the area around the pool free of obstacles.</strong><br>Whether you have lounge chairs or toys, everything should be moved back to help protect both you and your guests from falls.</li><li><strong>Remove or raise ladders if possible.</strong><br>If your pool is above ground, consider removing or raising the ladder when your pool is not in use. This will help prevent people from getting into the pool without your permission.</li></ol>\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\">Frequently asked questions</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\"><strong>What type of swimming pool requires insurance?</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\">All swimming pools should be insured to help cover the costs of pool-related injuries or damage to the pool. Both above-ground and built-in pools call for adequate property insurance coverage for financial security.</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\"><strong>Where can I purchase insurance for swimming pools?</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\">Many standard homeowners policies have an option to insure your swimming pool as an endorsement to your policy. Accidents and injuries to people that happen at the pool fall under your home insurance’s liability coverage. Damage to an above-ground pool is typically covered by personal property coverage, while an in-ground pool is generally covered under other structures coverage. Consult your insurance agent to understand if your insurer offers homeowners coverage for pool owners and for more information on how to insure your pool.</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\"><strong>Is insuring a swimming pool expensive?</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\">Insuring a swimming pool can increase your homeowners premiums due to the risk they create, but most home insurers offer discounts to help offset the cost of premiums. Consider bundling your auto and homeowners policies with the same insurance company or asking about safety feature discounts like door alarms and dead-bolt locks that may earn you a premium discount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.bankrate.com/insurance/homeowners-insurance/pools-insurance/\">click here.</a></p>\n<!-- /wp:paragraph -->','Does homeowners insurance cover your swimming pool?','','inherit','closed','closed','','2532-revision-v1','','','2022-05-02 02:18:23','2022-05-02 02:18:23','',2532,'http://smartinsurance.tips/?p=2534',0,'revision','',0),(2535,1,'2022-05-02 02:26:22','2022-05-02 02:26:22','<!-- wp:image {\"id\":2536,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-10-1024x536.png\" alt=\"\" class=\"wp-image-2536\"/></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\">Homeowners insurance and mortgage insurance are both types of insurance that can add to the cost of owning property, and you’re likely to encounter both during the mortgage process. However, that’s where the similarity between them ends.</p>\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\">Here’s the basic difference.&nbsp;Homeowners insurance&nbsp;protects your home and its contents. Mortgage insurance (also called&nbsp;private mortgage insurance&nbsp;or PMI for short), protects your mortgage lender in case you can’t meet your mortgage payments.</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>Homeowners insurance and mortgage insurance are very different types of insurance.</li><li>Homeowners insurance protects your home, its contents, and you in the case of lawsuits.</li><li>Mortgage insurance, also called PMI, protects your lender (the bank, for instance) in the event that you can’t meet your mortgage payments.</li><li>Most homeowners have homeowners insurance because it can make good financial sense to protect yourself from unexpected costs.&nbsp;</li><li>You will be required to purchase PMI on top of your mortgage if your down payment is less than 20%, or if you take out an FHA mortgage.</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\">Homeowners Insurance vs. Mortgage 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_1-0-7\">Though homeowners insurance and mortgage insurance sound similar, in reality they are very different. Here’s a brief description of each.</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_1-0-9\">What Is Homeowners 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_1-0-10\">Homeowners insurance is a form of&nbsp;property insurance&nbsp;designed to protect your home and its contents from damage caused by unforeseen events. In addition, most homeowners insurance shields you from lawsuits if someone gets hurt on your property. It also insures your home and property from damage- or loss-related expenses. This insurance is best for someone wanting to protect their house and belongings.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-12\" class=\"has-black-color has-text-color has-large-font-size\"><li>A homeowners insurance policy may include coverage for your:</li><li>Home’s structure</li><li>Personal belongings</li><li>Liability in lawsuits for injuries that you, your family members, and pets cause to other people</li><li>Medical expenses if someone is hurt in your home</li><li>Extra living expenses while your home is 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\" id=\"mntl-sc-block_1-0-14\">There are limits, though. Standard homeowners insurance policies&nbsp;typically exclude damage&nbsp;caused by natural events like floods, mold, earth movements such as earthquakes and landslides, and sewer or drain backups or overflow.</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_1-0-16\">What Is Mortgage 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_1-0-17\">Mortgage insurance (also known as PMI) is very different. This is an insurance policy designed to protect the lender—a bank, for instance—in case you can’t meet your mortgage 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_1-0-19\">With PMI, the homeowner normally pays a percentage of their total mortgage cost each year. Then, if they are unable to make mortgage payments, the insurance company will pay the lender on their behalf. Adding PMI to your monthly bills can raise the cost of owning a house.</p>\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>Important:</strong> Mortgage insurance provides protection for the lender, not the homeowner.</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_1-0-23\">Key Differences</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_1-0-24\">The key differences between these two types of insurance can be summarized as follows:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><td>&nbsp;</td><td>&nbsp;Homeowners Insurance</td><td>Mortgage Insurance</td></tr><tr><td>Covers</td><td>Homeowner directly and mortgage lender indirectly</td><td>Mortgage lender</td></tr><tr><td>Does not cover</td><td>A standard homeowners insurance policy typically excludes coverage for property damage caused by losses such as arson, flooding, sinkholes, mudslides and earthquakes</td><td>&nbsp;Mortgage Lender</td></tr><tr><td>Required for</td><td>A borrower financing their home purchase</td><td>A borrower making a lower down payment, usually less than 20% of the home’s purchase price</td></tr><tr><td>Payment form</td><td>Generally, the policyholder pays the premium directly to the insurance company or to the mortgage company, which then pays the homeowners insurance from the escrow account managed by the lender</td><td>Borrower pays monthly payments and/or a portion of closing costs of a home purchase to the mortgage insurer set by the lender</td></tr><tr><td>Average annual cost</td><td>Average of $1,251 per year</td><td>The cost depends on three factors: the loan amount, your credit score, and your loan-to-value (LTV) ratio. For property worth $250,000, the cost ranges from $1,091 to $1,747 per month</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=\"mntl-sc-block_1-0-28\">Do I Need Homeowners Insurance or Mortgage 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_1-0-29\">Which type of insurance you need depends on what kind of mortgage you have, the size of your down payment, and how close you are to paying off your mortgage.</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\">Do I Need Homeowners 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_1-0-32\">Most homeowners have some kind of homeowners insurance. That’s partially because lenders often require them to take out homeowners insurance in order to get a mortgage. Plenty of people have homeowners insurance for its own benefits, however, and continue to pay for it even after their mortgage finishes.&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_1-0-34\">Homeowners insurance can make good financial sense because of the high replacement cost of homes and costly lawsuits. Monthly premiums can be much less than what you would ever have to pay to rebuild your home or replace all your possessions in the event of a covered disaster, or if you’re sued because a visitor got hurt.</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_1-0-36\">Do I Need Mortgage 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_1-0-37\">The answer depends on your lender.</p>\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\">Borrowers are normally required to take out mortgage insurance when they supply a&nbsp;down payment of less than 20%&nbsp;of the home’s purchase price. This applies if you are taking out a conventional loan, or if you’re refinancing your home and the equity is less than 20% of its value. For&nbsp;Federal Housing Association&nbsp;(FHA) mortgage loans, a&nbsp;mortgage insurance premium&nbsp;(MIP)—the equivalent of PMI—is always required.&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_1-0-41\">This is because lenders regard mortgages backed by less than a 20% down payment as risky, and want protection in case you can’t meet your payments.&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_1-0-43\">You can, however, cancel your PMI once you’ve paid off a good percentage of your mortgage. The rules in this regard vary, so check with your lender about their rules. In general, the earliest you can cancel your PMI is when your principal balance falls to 80% of your home’s original value. This is defined by its contract sales price or&nbsp;appraised value&nbsp;at purchase (whichever is lower). You must have a history of on-time payments and be up-to-date with your bill when requesting cancellation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">FHA loans have their own rules. Depending on your&nbsp;loan-to-value ratio&nbsp;(LTV) when you took out your FHA loan, your loan terms may require you to maintain your MIP for 11 years, or the length of your mortgage.</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\">Are Mortgage and Homeowners Insurance Interchangeable?</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\">No. Homeowners insurance protects your home and its contents. Mortgage insurance (also called private mortgage insurance or PMI for short), protects your mortgage lender in case you can’t meet your mortgage payments.</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 You Always Need Mortgage 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\">Typically, borrowers making a down payment of less than 20% of the purchase price of the home will need to pay for mortgage insurance. Mortgage insurance also is typically required on FHA and USDA 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 can I avoid PMI?</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\">One way to avoid paying PMI is to make a down payment that is equal to 20% of the purchase price of the home. Don’t try and avoid buying PMI if you are obligated to. In that case, your lender can buy it for you and then charge you, which may be more expensive than getting it yourself.</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_1-0-53\">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_1-0-54\">You will encounter both homeowners insurance and mortgage insurance as you work through the mortgage process, but they are very different types of 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\" id=\"mntl-sc-block_1-0-56\">Homeowners insurance protects your home, its contents, and you, in case of lawsuits. Mortgage insurance, also called PMI, protects your lender (the bank, for instance) in the event that you can’t meet your mortgage 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_1-0-58\">Most homeowners have homeowners insurance, because it can make good financial sense to protect yourself from unexpected costs. You will be required to purchase PMI—on top of your mortgage—if your down payment is less than 20%, or if you take out an FHA mortgage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.investopedia.com/homeowners-insurance-vs-mortgage-insurance-5221665\">click here.</a></p>\n<!-- /wp:paragraph -->','Homeowners Insurance vs. Mortgage Insurance - What\'s the difference?','','publish','open','open','','homeowners-insurance-vs-mortgage-insurance-whats-the-difference','','','2022-05-05 21:01:39','2022-05-05 21:01:39','',0,'http://smartinsurance.tips/?p=2535',0,'post','',0),(2536,1,'2022-05-02 02:19:56','2022-05-02 02:19:56','','Insurance-10','','inherit','open','closed','','insurance-10-2','','','2022-05-02 02:19:56','2022-05-02 02:19:56','',2535,'http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-10.png',0,'attachment','image/png',0),(2537,1,'2022-05-02 02:26:22','2022-05-02 02:26:22','<!-- wp:image {\"id\":2536,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-10-1024x536.png\" alt=\"\" class=\"wp-image-2536\"/></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\">Homeowners insurance and mortgage insurance are both types of insurance that can add to the cost of owning property, and you’re likely to encounter both during the mortgage process. However, that’s where the similarity between them ends.</p>\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\">Here’s the basic difference. Homeowners insurance protects your home and its contents. Mortgage insurance (also called private mortgage insurance or PMI for short), protects your mortgage lender in case you can’t meet your mortgage payments.</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>Homeowners insurance and mortgage insurance are very different types of insurance.</li><li>Homeowners insurance protects your home, its contents, and you in the case of lawsuits.</li><li>Mortgage insurance, also called PMI, protects your lender (the bank, for instance) in the event that you can’t meet your mortgage payments.</li><li>Most homeowners have homeowners insurance because it can make good financial sense to protect yourself from unexpected costs.&nbsp;</li><li>You will be required to purchase PMI on top of your mortgage if your down payment is less than 20%, or if you take out an FHA mortgage.</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\">Homeowners Insurance vs. Mortgage 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_1-0-7\">Though homeowners insurance and mortgage insurance sound similar, in reality they are very different. Here’s a brief description of each.</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_1-0-9\">What Is Homeowners 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_1-0-10\">Homeowners insurance is a form of property insurance designed to protect your home and its contents from damage caused by unforeseen events. In addition, most homeowners insurance shields you from lawsuits if someone gets hurt on your property. It also insures your home and property from damage- or loss-related expenses. This insurance is best for someone wanting to protect their house and belongings. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-12\" class=\"has-black-color has-text-color has-large-font-size\"><li>A homeowners insurance policy may include coverage for your:</li><li>Home’s structure</li><li>Personal belongings</li><li>Liability in lawsuits for injuries that you, your family members, and pets cause to other people</li><li>Medical expenses if someone is hurt in your home</li><li>Extra living expenses while your home is 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\" id=\"mntl-sc-block_1-0-14\">There are limits, though. Standard homeowners insurance policies typically exclude damage caused by natural events like floods, mold, earth movements such as earthquakes and landslides, and sewer or drain backups or overflow.</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_1-0-16\">What Is Mortgage 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_1-0-17\">Mortgage insurance (also known as PMI) is very different. This is an insurance policy designed to protect the lender—a bank, for instance—in case you can’t meet your mortgage 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_1-0-19\">With PMI, the homeowner normally pays a percentage of their total mortgage cost each year. Then, if they are unable to make mortgage payments, the insurance company will pay the lender on their behalf. Adding PMI to your monthly bills can raise the cost of owning a house.</p>\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>Important:</strong> Mortgage insurance provides protection for the lender, not the homeowner.</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_1-0-23\">Key Differences</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_1-0-24\">The key differences between these two types of insurance can be summarized as follows:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><td>&nbsp;</td><td>&nbsp;Homeowners Insurance</td><td>Mortgage Insurance</td></tr><tr><td>Covers</td><td>Homeowner directly and mortgage lender indirectly</td><td>Mortgage lender</td></tr><tr><td>Does not cover</td><td>A standard homeowners insurance policy typically excludes coverage for property damage caused by losses such as arson, flooding, sinkholes, mudslides and earthquakes</td><td>&nbsp;Mortgage Lender</td></tr><tr><td>Required for</td><td>A borrower financing their home purchase</td><td>A borrower making a lower down payment, usually less than 20% of the home’s purchase price</td></tr><tr><td>Payment form</td><td>Generally, the policyholder pays the premium directly to the insurance company or to the mortgage company, which then pays the homeowners insurance from the escrow account managed by the lender</td><td>Borrower pays monthly payments and/or a portion of closing costs of a home purchase to the mortgage insurer set by the lender</td></tr><tr><td>Average annual cost</td><td>Nationwide average of $1,251 per year</td><td>The cost depends on three factors: the loan amount, your credit score, and your loan-to-value (LTV) ratio. For property worth $250,000, the cost ranges from $1,091 to $1,747 per month</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=\"mntl-sc-block_1-0-28\">Do I Need Homeowners Insurance or Mortgage 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_1-0-29\">Which type of insurance you need depends on what kind of mortgage you have, the size of your down payment, and how close you are to paying off your mortgage.</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\">Do I Need Homeowners 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_1-0-32\">Most homeowners have some kind of homeowners insurance. That’s partially because lenders often require them to take out homeowners insurance in order to get a mortgage. Plenty of people have homeowners insurance for its own benefits, however, and continue to pay for it even after their mortgage finishes.&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_1-0-34\">Homeowners insurance can make good financial sense because of the high replacement cost of homes and costly lawsuits. Monthly premiums can be much less than what you would ever have to pay to rebuild your home or replace all your possessions in the event of a covered disaster, or if you’re sued because a visitor got hurt.</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_1-0-36\">Do I Need Mortgage 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_1-0-37\">The answer depends on your lender.</p>\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\">Borrowers are normally required to take out mortgage insurance when they supply a down payment of less than 20% of the home’s purchase price. This applies if you are taking out a conventional loan, or if you’re refinancing your home and the equity is less than 20% of its value. For Federal Housing Association (FHA) mortgage loans, a mortgage insurance premium (MIP)—the equivalent of PMI—is always required. </p>\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\">This is because lenders regard mortgages backed by less than a 20% down payment as risky, and want protection in case you can’t meet your payments.&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_1-0-43\">You can, however, cancel your PMI once you’ve paid off a good percentage of your mortgage. The rules in this regard vary, so check with your lender about their rules. In general, the earliest you can cancel your PMI is when your principal balance falls to 80% of your home’s original value. This is defined by its contract sales price or appraised value at purchase (whichever is lower). You must have a history of on-time payments and be up-to-date with your bill when requesting cancellation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">FHA loans have their own rules. Depending on your loan-to-value ratio (LTV) when you took out your FHA loan, your loan terms may require you to maintain your MIP for 11 years, or the length of your mortgage.</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\">Are Mortgage and Homeowners Insurance Interchangeable?</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\">No. Homeowners insurance protects your home and its contents. Mortgage insurance (also called private mortgage insurance or PMI for short), protects your mortgage lender in case you can’t meet your mortgage payments.</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 You Always Need Mortgage 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\">Typically, borrowers making a down payment of less than 20% of the purchase price of the home will need to pay for mortgage insurance. Mortgage insurance also is typically required on FHA and USDA 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 can I avoid PMI?</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\">One way to avoid paying PMI is to make a down payment that is equal to 20% of the purchase price of the home. Don’t try and avoid buying PMI if you are obligated to. In that case, your lender can buy it for you and then charge you, which may be more expensive than getting it yourself.</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_1-0-53\">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_1-0-54\">You will encounter both homeowners insurance and mortgage insurance as you work through the mortgage process, but they are very different types of 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\" id=\"mntl-sc-block_1-0-56\">Homeowners insurance protects your home, its contents, and you, in case of lawsuits. Mortgage insurance, also called PMI, protects your lender (the bank, for instance) in the event that you can’t meet your mortgage 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_1-0-58\">Most homeowners have homeowners insurance, because it can make good financial sense to protect yourself from unexpected costs. You will be required to purchase PMI—on top of your mortgage—if your down payment is less than 20%, or if you take out an FHA mortgage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/homeowners-insurance-vs-mortgage-insurance-5221665\">click here.</a></p>\n<!-- /wp:paragraph -->','Homeowners Insurance vs. Mortgage Insurance - What\'s the difference?','','inherit','closed','closed','','2535-revision-v1','','','2022-05-02 02:26:22','2022-05-02 02:26:22','',2535,'http://smartinsurance.tips/?p=2537',0,'revision','',0),(2541,1,'2022-05-04 22:30:18','2022-05-04 22:30:18','','My-project-2022-05-05T062656.144','','inherit','open','closed','','my-project-2022-05-05t062656-144','','','2022-05-04 22:30:18','2022-05-04 22:30:18','',2529,'http://smartinsurance.tips/wp-content/uploads/2022/05/My-project-2022-05-05T062656.144.png',0,'attachment','image/png',0),(2542,1,'2022-05-04 22:30:30','2022-05-04 22:30:30','<!-- wp:image {\"id\":2541,\"width\":609,\"height\":319,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large is-resized\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/My-project-2022-05-05T062656.144-1024x536.png\" alt=\"\" class=\"wp-image-2541\" width=\"609\" height=\"319\"/></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 are planning on purchasing a powerboat or a sailboat in the coming months, there’s a good chance that you are looking into boat insurance as well. If this is the case, you likely have some questions about boat insurance companies and whether you need additional coverage. Well, you came to the right place! In this article, you will find answers the top 9 most frequently asked questions about boat 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\"><strong>Do I Need Boat 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\">Legally, only two states require some type of boat insurance coverage (and for one of these states, only boats with engines that produce more than 50 horsepower). There are additional insurance requirements in some states for boaters that meet specific criteria; ensure that you verify boat insurance requirements with your individual state marine board or other governing body.</p>\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 is more commonplace that your bank or marina will place insurance requirements on your boat. If you have a boat loan that uses the boat as collateral, then the bank will almost certainly require boat insurance coverage. According to the&nbsp;Global Marine Insurance Agency, some lenders may even “force place” a marine insurance policy onto your boat if proof of insurance is not furnished. Many marinas will also require that you maintain current boat insurance in order to keep the boat at their facility.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Past any binding contracts or legislation, your tolerance for risk may be the determining factor in whether you decide to insure your boat. As with any potentially hazardous activity, having an insurance policy can help offset the risks associated with operating a boat on the water. Typically, boats are a serious investment and can be a significant cost in the event of an unexpected repair or accident. Ensure that you are educated and aware of the risks at play before deciding either way.</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\"><strong>What states require boat 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\">As of right now, only two states have boat insurance laws—Arkansas and Utah. In Arkansas, all motorboats powered by engines of more than 50 horsepower, and all PWC, must be covered by a liability insurance policy. The policy must provide at least $50,000 of liability coverage, and it is illegal to operate the PWC without the required 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 Utah, all motorboats and PWC are required to carry owner’s or operator’s liability insurance when operated on Utah waters. Motorboats equipped with engines less than 50 horsepower and airboats are exempt. It is illegal to operate a PWC on Utah waters without the required 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\">Utah’s boat insurance policy requires the following minimum coverage limits per occurrence:</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>$25,000 for bodily injury per person.</li><li>$50,000 for total bodily injury if multiple people are hurt in the accident.</li><li>$15,000 for property damage.</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 instances of states requiring insurance for boats used in some state parks or kept in some state-operated marinas—check with your state marine board or alternative governing agency to see if you are impacted.</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\"><strong>What kind of boat insurance do I need?</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\">Like many other insurance policies, boat insurance can typically be separated into a few types: liability, uninsured motorist, and collision/comprehensive coverages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image -->\n<figure class=\"wp-block-image\"><img src=\"https://www.boat-ed.com/blog/media/posts/50/boat-close-smiles.jpg\" alt=\"Boating on the lake with family and friends\"/></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\">Liability insurance is the minimum standard required by most states, banks, and marinas. The boat insurance professionals at&nbsp;trustedchoice.com&nbsp;recommend buying at least $1,000,000 in liability insurance. The recommended amount of liability coverage can be even higher if you have a fast, powerful boat that is both riskier and can cause more damage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">With uninsured/underinsured motorist coverage, the standard minimum is $10,000. Ensure that you take into account any potential injuries and damages you may need to cover if you or one of your passengers is injured or your vessel is badly damaged.</p>\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 last type of boat insurance we will cover is collision coverage and comprehensive coverage. These types of coverages should be based specifically on the value of your boat. Check with your lender (if you lease or finance your boat) or your marina (if you rent a boat slip) to see if there are insurance policies in place.</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\"><strong>How much boat insurance do I need?</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\">Beyond any state legislation or binding agreements with your lender or marina, the answer to this question may come down to your individual tolerance for risk. As discussed in earlier questions, some states do have minimum requirements for liability insurance coverage. Check with your state government to see whether you are required to meet a coverage threshold. The amount of boat insurance you may need depends on a number of factors, including the boat’s value, motor size, and age. Like other vehicles, high-performance boats will likely command a higher level of coverage to compensate for the amount of damage they are able to inflict.</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\"><strong>What does boat 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\">Common boat insurance coverages 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><strong>Property damage liability</strong>—Property damage liability insurance covers the cost of damages to someone else\'s property after an accident you cause. In most cases, your property damage will pay out when you are at fault for an accident that causes damage to someone else\'s boat or PWC.</li><li><strong>Collision damage</strong>—When your boat or PWC is damaged in an accident, collision insurance is an optional coverage that pays the cost of repairing or replacing it, minus the amount of your deductible.</li><li><strong>Bodily injury liability</strong>—Bodily injury liability coverage is the part of your insurance policy that pays for the costs associated with injuries to other people involved, if you are found legally responsible for a boating accident.</li><li><strong>Hull coverage</strong>—Hull insurance covers any physical damages that occur to your boat and generally includes trailers, equipment, motors, and accessories. Typical claims include fire and windstorm damage.</li><li><strong>Fuel spill liability</strong>—A separate policy that separates out fuel spill liability and provides coverage for any fines that may occur from an accident involving a fuel spill.</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\"><strong>What is the best type of boat insurance?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:image -->\n<figure class=\"wp-block-image\"><img src=\"https://www.boat-ed.com/blog/media/posts/50/boaters-relaxed-side-closeup-300x200.jpg\" alt=\"Relaxed Boaters\"/></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\">The best type of boat insurance is insurance coverage that adequately meets your legal and contractual obligations and allows you to feel comfortable about your exposure to risk. Because each individual situation is different, it is important that you determine what coverage factors matter most to you and your family. </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\"><strong>Is boat insurance expensive?</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\">As is the case with almost anything you purchase, the more research and price comparison you do—the higher likelihood that you will find the boat insurance quote that is right for you. Here are some tips to ensure that you are getting your money’s worth and keeping your costs down:</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>Only buy what you need</strong>: There are lots of options out there for marine insurance and many of these policies are custom-written. Ensure that you know what you need so you can avoid paying for features that you don’t require.</li><li><strong>Agreed value vs. Cash value</strong>: In an agreed value policy, you are paid a pre-determined value for the vessel in the event of a total covered loss. With agreed value, the insured and insurer agree on the value of the boat upfront. Most agents would recommend this option for a new or late-model boat. As the boat continues to age, look to potentially switch to a cash value option to save on premiums.</li><li><strong>Take a boater safety course</strong>: Almost all insurers offer a discount for boaters that have recently completed an approved boater safety course. Take an in-person class or&nbsp;get your boat safety certification online.&nbsp;Check with your insurance agent to see if a discount is offered for your specific policy.</li><li><strong>Spend on safety gear:</strong>&nbsp;Insurance companies may cut you an additional discount for having extra safety features onboard your vessel. Check with your insurance agent to see if you qualify for any additional savings.</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\"><strong>How much does boat 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\">According to&nbsp;trustedchoice.com, the cost of boat insurance generally ranges from $300 to $500 per year, on average. Depending on the type of boat and your personal profile, your insurance costs may be significantly higher. “The type of boat, its length, and the expected use of the boat will largely dictate your boat insurance rates. Whether you have a speed boat, a small fishing boat, or a yacht will make a big difference in what you pay.”&nbsp;Another insurance comparison resource&nbsp;tells us that a good approximation for your annual premiums is 1.5% the current market value of your boat.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.boat-ed.com/blog/do-i-need-boat-insurance-answers-to-the-top-9-questions/\">click here.</a></p>\n<!-- /wp:paragraph -->','Do I Need Boat Insurance?','','inherit','closed','closed','','2529-revision-v1','','','2022-05-04 22:30:30','2022-05-04 22:30:30','',2529,'http://smartinsurance.tips/?p=2542',0,'revision','',0),(2544,1,'2022-05-04 22:44:21','2022-05-04 22:44:21','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Both Coverages and Limits Are Important</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2523,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-6-1024x536.png\" alt=\"\" class=\"wp-image-2523\"/></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_1-0-1\">Whether you\'re starting a new venture or running a long-established company, you have a myriad of responsibilities as a business owner. One of these is to ensure your company has adequate&nbsp;business 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\" id=\"mntl-sc-block_1-0-3\">Like many small business owners, you may be an expert in your industry but know little about insurance.&nbsp;Buying the right coverage requires some skill, and mistakes are easy to make. Some errors may be minor, but others can have serious consequences. Here are some pitfalls to avoid when&nbsp;buying insurance for your company.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>1. Always Choosing the Cheapest Policy</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\" id=\"mntl-sc-block_1-0-5\">When buying business insurance, it makes sense to shop around since some insurers provide better value than others. This does&nbsp;<em>not&nbsp;</em>mean you should always choose the cheapest policy. The policy that costs the least won\'t be a bargain if it leaves you vulnerable to costly 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_1-0-6\"></p>\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>Warning: </strong>Before you buy a policy, be sure you know what&nbsp;exclusions&nbsp;it contains.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>2. Buying Too Little Liability Insurance</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\">Virtually any small business can be hit with a lawsuit, which can cost anywhere between $3,000 and $150,000. A legal action can threaten your company\'s financial stability and harm its reputation. One large claim can even put your company out of business. To protect your business against lawsuits, don\'t skimp on limits when buying&nbsp;general liability&nbsp;or&nbsp;auto 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\" id=\"mntl-sc-block_1-0-10\">Does your company perform work or services for other businesses under a contract? Those businesses may prohibit you from starting work until you provide proof of liability insurance. The amount of insurance you must purchase is typically stated in the contract. Similarly, a landlord may refuse to lease property to you unless your business has purchased liability insurance.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>3. Automatically Choosing a Low Deductible</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\" id=\"mntl-sc-block_1-0-12\">A&nbsp;deductible&nbsp;can help you save money on insurance premiums as it enables you to pay for small losses out of pocket. It\'s a form of&nbsp;self-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\" id=\"mntl-sc-block_1-0-13\">When buying commercial property or&nbsp;auto physical damage insurance, don\'t automatically select the lowest deductible. Instead, consider how much premium you will save by raising the deductible from, say, $100 to $250, or from $250 to $500. As a general rule, you should choose the largest deductible your firm can comfortably absorb.</p>\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>Note:</strong> In addition to reducing your premium, a larger deductible will give you an incentive to practice some risk management and protect your property from damage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>4. Failure to Adjust Your Coverage as Your Business Changes</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\" id=\"mntl-sc-block_1-0-16\">Most businesses change over time. Small companies may grow, adding locations and hiring additional employees. Some businesses may change the mix of products or services they offer. When businesses change, their insurance needs change 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_1-0-17\">If you have made a major change to your business, like acquiring a new company or location, notify your agent or insurer right away. All other changes should be reported before your policies renew. Try to communicate with your&nbsp;agent or broker&nbsp;several weeks or months in advance so he or she has time to gather information and forward it to your insurers. Your agent can help you decide whether your insurance coverages or limits should be adjusted.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>5. Failing to Read Your Policies</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\" id=\"mntl-sc-block_1-0-19\">Reading your insurance&nbsp;policies&nbsp;may not be enjoyable but it\'s an essential task. It\'s the only way to know what risks are covered and which are excluded. Don\'t wait until a loss occurs to look at your policies. You can\'t buy coverage for a loss that has already taken place.</p>\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_1-0-20\">While many insurance policies are written in simplified language, they still contain some \"legalese.\" If you have trouble comprehending the wording, ask your insurance agent or attorney to explain it to you in layman\'s terms.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>6. Buying Too Little Property Insurance</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\" id=\"mntl-sc-block_1-0-22\">If you are insuring your buildings and personal property under a&nbsp;commercial property policy,&nbsp;make sure you buy adequate limits. This is essential even if your policy includes replacement cost coverage. While the latter will automatically cover the cost to repair or replace your damaged property, it won\'t pay more than the limit of insurance. If the cost to repair or replace your property exceeds the limit, your policy won\'t cover the entire loss.</p>\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\">Watch out for&nbsp;coinsurance clauses&nbsp;and&nbsp;agreed value provisions,&nbsp;which are often found in property policies. Both impose a penalty for underinsuring your property. If a loss occurs and you have failed to maintain a minimum amount of insurance, your insurer will not pay the full amount of the loss. Deliberately underinsuring your property is&nbsp;<em>not&nbsp;</em>a good way to save money on property premiums.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>7. Failing to Insure Potential Income Losses</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\" id=\"mntl-sc-block_1-0-25\">Many business owners are careful to insure their company\'s physical assets but fail to consider a common consequence of physical losses, namely a loss of income. A company will lose income if its premises suffer a physical loss and the business cannot operate until the damage is repaired.</p>\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\">You can help ensure your company survives an interruption by purchasing&nbsp;business income coverage. Also called business interruption insurance, this coverage reimburses your company for the income it would have earned if the loss had not occurred. It also covers expenses you must continue to pay (like rent or electricity) whether or not your business is operating.</p>\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>Tip:</strong> Your business may also need&nbsp;extra expense insurance,&nbsp;which covers expenses you incur to avoid or minimize a shutdown when property has been damaged by a covered peril.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>8. Failing to Accurately List Entities or Locations</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\">Under most liability policies, only the people or entities shown in the declarations qualify as&nbsp;named insureds. Those not listed on the policy generally aren\'t covered. Failing to list a business entity on a general liability,&nbsp;commercial auto,&nbsp;umbrella,&nbsp;or other liability policy can have disastrous consequences.</p>\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\">For example, suppose you own a company called ABC Inc. For tax reasons, you transfer ownership of all your business property to a newly-created subsidiary called XYZ Inc. Your liability policy that lists only ABC as the named insured. An accident occurs on your property, and XYZ Inc. is sued. Because XYZ is not listed on your policy, your insurer refuses to cover the claim.</p>\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\">Similar problems can occur if business locations are omitted from a commercial property policy. Most property policies cover physical loss or damage to covered property&nbsp;<em>at the premises described in the declarations</em>. If damaged property is situated at premises not shown on the policy, the damage may not be covered.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\"><strong>9. Sticking With the Same Insurer or Policy for Too Long</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\" id=\"mntl-sc-block_1-0-33\">While a long-term relationship with an insurer can be a valuable asset, you shouldn\'t stick with an insurance company that\'s no longer meeting your needs. An insurer (or insurance policy) that was suitable for your business in the past may no longer be appropriate.</p>\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\">Insurers can change over time. Some grow and expand their product offerings while others retreat. Some improve the quality of their service while others allow theirs to decline. You can determine whether your insurer is still competitive in the marketplace by shopping around every few years. You can ask your agent or broker to obtain quotes from other insurers or try&nbsp;shopping for insurance online.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.thebalancesmb.com/pitfalls-to-avoid-when-buying-business-insurance-4155164\">click here.</a></p>\n<!-- /wp:paragraph -->','Pitfalls to Avoid When Buying Business Insurance','','inherit','closed','closed','','2522-autosave-v1','','','2022-05-04 22:44:21','2022-05-04 22:44:21','',2522,'http://smartinsurance.tips/?p=2544',0,'revision','',0),(2548,1,'2022-05-05 20:56:27','2022-05-05 20:56:27','<!-- wp:image {\"id\":2526,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-7-1024x536.png\" alt=\"\" class=\"wp-image-2526\"/></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 in an accident, and&nbsp;it is your fault, your&nbsp;insurance rate&nbsp;will increase. But even if the accident was not your fault, your insurance rate may still increase. Your insurance premium could increase, depending on the situation of an accident, your history of making claims, and the type of insurance coverage you have.</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>If you are in a car accident, your car insurance rates may rise—even if the accident wasn\'t your fault.</li><li>In most states, the at-fault driver\'s insurance will be expected to cover the cost, but your rates may still rise.</li><li>If you file a not-at-fault claim, and your insurance carrier raises your rate, it might be time to shop around for a new insurance company.</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\">Hypothetical 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_1-0-7\">Suppose you’re driving home from work one day, paying close attention to the road ahead, and the drivers around you when suddenly another driver runs a stop sign and rams into the side of 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\" id=\"mntl-sc-block_1-0-10\">Thankfully, no one is hurt, but your vehicle certainly is. You have good car insurance and know that you’re not at fault, so you carefully document the damage, exchange information with the other driver, and file a police report.</p>\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_1-0-13\">Then, you tell a friend about the accident, and that friend cautions you to think twice about filing a claim with your car insurance company because the company could jack up your insurance rate. Yes, it is true, even though the other driver\'s insurance should cover the costs of repairing your vehicle. Some insurers will not increase your rate in that type of scenario.</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\">The Good News About Not-at-Fault Claims</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_1-0-23\">In almost all U.S. states, not-at-fault claims are filed against the at-fault vehicle owner\'s insurance policy. If you are able to file against the at-fault party, you are less likely to see an increase in your insurance bill.</p>\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 do need to file against your own policy, some insurance carriers still will not raise your rate for a not-at-fault 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_1-0-28\">The Bad News About Not-at-Fault Claims</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_1-0-30\">Suppose that in the above scenario, the other driver fled the scene instead of calmly exchanging information with you. Unfortunately, some insurance carriers will raise your rates if you file a not-at-fault claim.</p>\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\">At least a not-at-fault claim might come with a smaller surcharge than an at-fault claim.</p>\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\">You might be amazed at the number of factors that can&nbsp;affect your car insurance rate. Filing an at-fault claim is all but a surefire way to raise your rates, though you might be able to avoid that through your insurance company\'s accident-forgiveness program if it offers one. However, filing a not-at-fault claim can, in some scenarios, be used to raise your rate as well. This is one of them.</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\">What You Can Do About It?</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\">If you file a not-at-fault claim, and your insurance carrier raises your rate, it would probably be in your best interest to start shopping for a new carrier. New charges are applied on your insurance renewal date, so you should have some time between filing and actually paying for the surcharge.</p>\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_1-0-43\">Asking a prospective insurance company whether they surcharge for a not-at-fault accident is a great question when you’re calling around for quotes. It might even make you choose a slightly higher quote over a cheaper one from a company that could slap a surcharge on you 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\" id=\"mntl-sc-block_1-0-46\">Think about it. Otherwise, if you have an accident and it’s not your fault, your first question will still be “How much&nbsp;is my insurance going to go up?”</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 Types of Cars Have the Lowest Insurance Rates?</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\">Some of the&nbsp;cheapest cars to insure&nbsp;include the Mazda CX-3 Sport, Honda CR-V LX, and Jeep Wrangler Sport S.</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\">Who Has the Cheapest Auto Insurance Rates?</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\">USAA, State Farm, and Geico are among the cheapest auto insurance companies. However, rates will vary based on the details of your situation, so you must compare rates from as many companies as possible to learn which is truly the cheapest 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 Type of Accidents Will Raise My Insurance Rates?</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\">If you’re found to be at fault for an accident, your insurer will likely raise your premiums, especially if it\'s not your first accident. An insurer may also deem you a high-risk driver if you also make several claims for which you were not at fault. Tickets for infractions such as speeding that earn you points on your license can also often increase your insurance costs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.thebalance.com/can-a-not-at-fault-claim-raise-my-insurance-rates-527469\">click here.</a></p>\n<!-- /wp:paragraph -->','When a Not-at-Fault Claim Can Raise Your Insurance Costs?','','inherit','closed','closed','','2525-autosave-v1','','','2022-05-05 20:56:27','2022-05-05 20:56:27','',2525,'http://smartinsurance.tips/?p=2548',0,'revision','',0),(2550,1,'2022-05-05 21:01:39','2022-05-05 21:01:39','<!-- wp:image {\"id\":2536,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-10-1024x536.png\" alt=\"\" class=\"wp-image-2536\"/></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\">Homeowners insurance and mortgage insurance are both types of insurance that can add to the cost of owning property, and you’re likely to encounter both during the mortgage process. However, that’s where the similarity between them ends.</p>\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\">Here’s the basic difference.&nbsp;Homeowners insurance&nbsp;protects your home and its contents. Mortgage insurance (also called&nbsp;private mortgage insurance&nbsp;or PMI for short), protects your mortgage lender in case you can’t meet your mortgage payments.</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>Homeowners insurance and mortgage insurance are very different types of insurance.</li><li>Homeowners insurance protects your home, its contents, and you in the case of lawsuits.</li><li>Mortgage insurance, also called PMI, protects your lender (the bank, for instance) in the event that you can’t meet your mortgage payments.</li><li>Most homeowners have homeowners insurance because it can make good financial sense to protect yourself from unexpected costs.&nbsp;</li><li>You will be required to purchase PMI on top of your mortgage if your down payment is less than 20%, or if you take out an FHA mortgage.</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\">Homeowners Insurance vs. Mortgage 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_1-0-7\">Though homeowners insurance and mortgage insurance sound similar, in reality they are very different. Here’s a brief description of each.</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_1-0-9\">What Is Homeowners 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_1-0-10\">Homeowners insurance is a form of&nbsp;property insurance&nbsp;designed to protect your home and its contents from damage caused by unforeseen events. In addition, most homeowners insurance shields you from lawsuits if someone gets hurt on your property. It also insures your home and property from damage- or loss-related expenses. This insurance is best for someone wanting to protect their house and belongings.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-12\" class=\"has-black-color has-text-color has-large-font-size\"><li>A homeowners insurance policy may include coverage for your:</li><li>Home’s structure</li><li>Personal belongings</li><li>Liability in lawsuits for injuries that you, your family members, and pets cause to other people</li><li>Medical expenses if someone is hurt in your home</li><li>Extra living expenses while your home is 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\" id=\"mntl-sc-block_1-0-14\">There are limits, though. Standard homeowners insurance policies&nbsp;typically exclude damage&nbsp;caused by natural events like floods, mold, earth movements such as earthquakes and landslides, and sewer or drain backups or overflow.</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_1-0-16\">What Is Mortgage 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_1-0-17\">Mortgage insurance (also known as PMI) is very different. This is an insurance policy designed to protect the lender—a bank, for instance—in case you can’t meet your mortgage 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_1-0-19\">With PMI, the homeowner normally pays a percentage of their total mortgage cost each year. Then, if they are unable to make mortgage payments, the insurance company will pay the lender on their behalf. Adding PMI to your monthly bills can raise the cost of owning a house.</p>\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>Important:</strong> Mortgage insurance provides protection for the lender, not the homeowner.</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_1-0-23\">Key Differences</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_1-0-24\">The key differences between these two types of insurance can be summarized as follows:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><td>&nbsp;</td><td>&nbsp;Homeowners Insurance</td><td>Mortgage Insurance</td></tr><tr><td>Covers</td><td>Homeowner directly and mortgage lender indirectly</td><td>Mortgage lender</td></tr><tr><td>Does not cover</td><td>A standard homeowners insurance policy typically excludes coverage for property damage caused by losses such as arson, flooding, sinkholes, mudslides and earthquakes</td><td>&nbsp;Mortgage Lender</td></tr><tr><td>Required for</td><td>A borrower financing their home purchase</td><td>A borrower making a lower down payment, usually less than 20% of the home’s purchase price</td></tr><tr><td>Payment form</td><td>Generally, the policyholder pays the premium directly to the insurance company or to the mortgage company, which then pays the homeowners insurance from the escrow account managed by the lender</td><td>Borrower pays monthly payments and/or a portion of closing costs of a home purchase to the mortgage insurer set by the lender</td></tr><tr><td>Average annual cost</td><td>Average of $1,251 per year</td><td>The cost depends on three factors: the loan amount, your credit score, and your loan-to-value (LTV) ratio. For property worth $250,000, the cost ranges from $1,091 to $1,747 per month</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=\"mntl-sc-block_1-0-28\">Do I Need Homeowners Insurance or Mortgage 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_1-0-29\">Which type of insurance you need depends on what kind of mortgage you have, the size of your down payment, and how close you are to paying off your mortgage.</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\">Do I Need Homeowners 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_1-0-32\">Most homeowners have some kind of homeowners insurance. That’s partially because lenders often require them to take out homeowners insurance in order to get a mortgage. Plenty of people have homeowners insurance for its own benefits, however, and continue to pay for it even after their mortgage finishes.&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_1-0-34\">Homeowners insurance can make good financial sense because of the high replacement cost of homes and costly lawsuits. Monthly premiums can be much less than what you would ever have to pay to rebuild your home or replace all your possessions in the event of a covered disaster, or if you’re sued because a visitor got hurt.</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_1-0-36\">Do I Need Mortgage 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_1-0-37\">The answer depends on your lender.</p>\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\">Borrowers are normally required to take out mortgage insurance when they supply a&nbsp;down payment of less than 20%&nbsp;of the home’s purchase price. This applies if you are taking out a conventional loan, or if you’re refinancing your home and the equity is less than 20% of its value. For&nbsp;Federal Housing Association&nbsp;(FHA) mortgage loans, a&nbsp;mortgage insurance premium&nbsp;(MIP)—the equivalent of PMI—is always required.&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_1-0-41\">This is because lenders regard mortgages backed by less than a 20% down payment as risky, and want protection in case you can’t meet your payments.&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_1-0-43\">You can, however, cancel your PMI once you’ve paid off a good percentage of your mortgage. The rules in this regard vary, so check with your lender about their rules. In general, the earliest you can cancel your PMI is when your principal balance falls to 80% of your home’s original value. This is defined by its contract sales price or&nbsp;appraised value&nbsp;at purchase (whichever is lower). You must have a history of on-time payments and be up-to-date with your bill when requesting cancellation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">FHA loans have their own rules. Depending on your&nbsp;loan-to-value ratio&nbsp;(LTV) when you took out your FHA loan, your loan terms may require you to maintain your MIP for 11 years, or the length of your mortgage.</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\">Are Mortgage and Homeowners Insurance Interchangeable?</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\">No. Homeowners insurance protects your home and its contents. Mortgage insurance (also called private mortgage insurance or PMI for short), protects your mortgage lender in case you can’t meet your mortgage payments.</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 You Always Need Mortgage 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\">Typically, borrowers making a down payment of less than 20% of the purchase price of the home will need to pay for mortgage insurance. Mortgage insurance also is typically required on FHA and USDA 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 can I avoid PMI?</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\">One way to avoid paying PMI is to make a down payment that is equal to 20% of the purchase price of the home. Don’t try and avoid buying PMI if you are obligated to. In that case, your lender can buy it for you and then charge you, which may be more expensive than getting it yourself.</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_1-0-53\">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_1-0-54\">You will encounter both homeowners insurance and mortgage insurance as you work through the mortgage process, but they are very different types of 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\" id=\"mntl-sc-block_1-0-56\">Homeowners insurance protects your home, its contents, and you, in case of lawsuits. Mortgage insurance, also called PMI, protects your lender (the bank, for instance) in the event that you can’t meet your mortgage 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_1-0-58\">Most homeowners have homeowners insurance, because it can make good financial sense to protect yourself from unexpected costs. You will be required to purchase PMI—on top of your mortgage—if your down payment is less than 20%, or if you take out an FHA mortgage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.investopedia.com/homeowners-insurance-vs-mortgage-insurance-5221665\">click here.</a></p>\n<!-- /wp:paragraph -->','Homeowners Insurance vs. Mortgage Insurance - What\'s the difference?','','inherit','closed','closed','','2535-revision-v1','','','2022-05-05 21:01:39','2022-05-05 21:01:39','',2535,'http://smartinsurance.tips/?p=2550',0,'revision','',0),(2554,1,'2022-06-18 14:47:29','2022-06-18 14:47:29','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">CR offers ways to pay less for fuel</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":2553,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/Money-1-1024x536.png\" alt=\"\" class=\"wp-image-2553\"/></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\"><strong>Update, June 17, 2022: </strong>The national average price for a gallon of regular gasoline is now $5.00, a decrease of 1 cent from the $5.01 cited below.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">At $5.01 for a gallon of regular unleaded, the national average price for regular gasoline is at an all-time high and has climbed $1.94 per gallon from a year ago. Prices at the pump vary by region, trending higher in the West and Northeast, and lower in the Midwest and Southeast. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Patrick De Haan, senior petroleum analyst at GasBuddy, a website and smartphone app that helps drivers find the best deals, said in early March 2022 that the No. 1 cause of the current spike is the Russian invasion of Ukraine, and the economic sanctions many countries have levied against Russia. Russia, he says, produces about 10 percent of the 10 million barrels of crude oil the world uses every day, making it a significant player in the oil supply 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\">“This is when Americans need to band together to cut our fuel consumption,” De Haan said in a Facebook Live post on March 7, 2022. “That is really the only thing we can do at this moment.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">De Haan cautioned that fuel price forecasting tends to be less precise longer than a few weeks out, and that decisions made by OPEC are the big wild card in figuring out which way prices will swing.</p>\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 never know when OPEC is going to cut production and raise prices,” he says.&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 amount you’ll pay depends, of course, on the gas station where you fill up. The highest average price is in California, at $6.44 per gallon, and the lowest is in Georgia, at $4.50 per gallon.</p>\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 there can also be significant price disparities among prices at filling stations in the same town. For example, according to GasBuddy’s gas price map, the Speedway Express station at 4069 State Street in Santa Barbara, Calif., is charging $6.09 per gallon for regular right now, while only a few miles away, the Chevron station at 1085 Coast Village Road is charging $6.79 per gallon.&nbsp;(Prices as of June 15, 2022.)</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">That means that choosing where you buy gasoline can make a big difference in how much you’re spending to fuel your vehicle. Putting 15&nbsp;gallons of regular gasoline into a small SUV would cost $10.50 more at the Chevron than at the Speedway Express. That difference can really pile up—to the tune of $546 a year with a weekly fill-up.</p>\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 also drivers who buy higher-cost premium gasoline unnecessarily for cars designed for regular fuel, according to a study by AAA. Based on current national average gasoline prices, midgrade gasoline ($5.40) costs 39 cents per gallon more than what you’d pay for regular, and premium gas ($5.69) costs 68 cents more than regular on average. For a 15-gallon fill-up, that’s $5.85 more for midgrade and $10.20 more for premium.</p>\n<!-- /wp:paragraph -->\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\">How to Spend Less on Gas?</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\">“If you’re just looking at the price from the street, you’re leaving money on the table,” De Haan says. There are things you can do to keep your gas expenses down. Among them:</p>\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>Use a gas station app or website.</strong> Smartphone apps, such as those from GasBuddy, and Gas Guru, are particularly convenient when you’re traveling and away from your computer. They’re available for Apple and Android devices. Many are free. You can filter results by fuel grade and sort by distance and price, as well as get GPS-guided directions to the station you choose.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">GasBuddy and Fuel Finder also let you check stations for amenities such as ATMs, restaurants, and car washes. GasBuddy has station reviews, which might tell you, for instance, which restrooms to avoid. And Gas Guru lets you save your favorite stations, so you can remember where to stop on your way back.</p>\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 Google Maps and Waze apps, which many people use for real-time traffic alerts and driving directions, also offer gas-price info.</p>\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’re likely to find that you may be able to get a better deal at stations that are not located on major highways, says Michael Calkins. Of course, making a big detour to pay less might not make 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\">Calkins also says to make sure that when you compare prices you consider buying only Top-Tier detergent gasoline, which is better for your car. </p>\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>Check the prices in the different states you’ll visit.&nbsp;</strong>Prices can vary significantly among states, often because of differences in state gas taxes. On Interstate 90, for example, De Haan found gas prices to be around significantly cheaper on the Ohio side of the border with Pennsylvania.</p>\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>Think about how best to pay.&nbsp;</strong>Some stations offer a lower price if you pay with cash instead of a credit card. The difference between the cash and credit price usually ranges from around 10&nbsp;to 15&nbsp;cents per gallon, De Haan says, though he adds that it can be as much as a dollar.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Another option is to pay with a cash-back credit card. While the credit card price may be higher than the cash price, the reward you receive could make using the credit card a better deal.</p>\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 worth noting that a rewards credit card could even provide greater savings than a gas credit card from a big oil company (such as Texaco or Chevron), De Haan says. Some cards offer introductory cash or points bonuses for signing up, and others offer discounts at the pump. The Bank of America Customized Cash Rewards credit card, for example, offers a $200 bonus to people who spend $1,000 on purchases during the first nine days of card ownership. The ExxonMobile Smart Card, by contrast, gives a 6-cent discount per gallon of fuel purchased.</p>\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 plan to pay by debit card, don’t assume that you are getting the cash price. Some stations could charge you the credit card rate instead. Check the posted prices at the pump. Selecting the debit option and entering a pin when you pump your gas is often a good indication that your transaction will be handled as cash, says Lyle Beckwith, senior vice president of the National Association of Convenience Stores, based in Alexandria, Va.</p>\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>Slow down.</strong>&nbsp;De Haan says it may sound silly, but with prices being as high as they are, it’s a good idea to keep your foot out of the accelerator pedal. Around town, that means reducing your rate of acceleration, and on the highway, keeping your speed below 75 mph, above which he says wind resistance eats into your fuel economy. “Reducing your speed to 65 on the highway can increase fuel economy by as much as 15 to 20 percent,” he says.</p>\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>Check your tire pressure.</strong>&nbsp;Making sure your car’s tires are properly inflated to the pressure indicated on the sticker inside the driver’s door will make it run more efficiently.</p>\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>Reduce the number of car trips.</strong> If you can avoid traveling by car, either by walking, taking public transportation, or staying home, you’ll save money at the pump. If you do have to drive somewhere, try to bundle errands and appointments so you don’t have to make multiple trips and use more fuel.</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.consumerreports.org/saving-money/how-to-save-money-at-the-gas-pump-a8520505361/\">click here.</a></p>\n<!-- /wp:paragraph -->','How to Save Money at the Gas Pump?','','inherit','closed','closed','','2552-revision-v1','','','2022-06-18 14:47:29','2022-06-18 14:47:29','',2552,'http://smartinsurance.tips/?p=2554',0,'revision','',0),(2555,1,'2022-06-18 15:07:34','2022-06-18 15:07:34','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">How First-Time Homebuyer Loans Work</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2556,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/Money-2-1024x536.png\" alt=\"\" class=\"wp-image-2556\"/></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_1-0-1\">Buying your first home can be exhilarating and a tad intimidating. You\'re likely somewhat familiar with the steps in the homebuying process—shopping, negotiating, mortgage-underwriting evaluation, closing. However, before you can make it to the closing table, you\'ll have to get financing. Many first-time homebuyers aren\'t flush with cash, so any assistance is welcome.</p>\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\">Fortunately, there are several first-time home buyer loans that can get you one step closer to unlocking the door on your first home. Many loan options for first-time homebuyers have lenient down payment requirements, and some are aimed at low-income borrowers.</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>Many first-time homebuyers may find the best loan options—some even offering 100% financing—through government-backed loan programs like the Federal Housing Administration (FHA), Department of Veterans Affairs (VA), or the U.S. Department of Agriculture (USDA).</li><li>A down payment as low as 3% may be enough to qualify for many first-time homebuyer loans.</li><li>While Fannie Mae and Freddie Mac back most conventional loans, their special homebuyer loans and those for first-timers may not be available with all lenders.</li><li>Some loan options are tailored specifically for low-income borrowers.</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_1-0-8\">What Is a First-Time Homebuyer 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\" id=\"mntl-sc-block_1-0-10\">With the help of a first-time homebuyer loan, the dream of owning a home can become a reality. These loans make homebuying accessible for borrowers who may struggle with the process due to low credit scores, limited income, or little savings for a down payment. Some loans aren\'t specifically geared toward first-time homebuyers but still can offer an entry to homeownership all the same.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"></p>\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>Note:</strong> While first-time homebuyer grants exist and are worth exploring, here we\'ll go in-depth on loans.</p>\n<!-- /wp:paragraph -->\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\" id=\"mntl-sc-block_1-0-14\">How To Qualify for First-Time Homebuyer Loans?</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_1-0-16\">The exact definition of a first-time homebuyer can vary depending on the program, but generally speaking, if you\'ve never owned a home in any capacity, you probably classify as a first-time homebuyer. As such:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-19\" class=\"has-black-color has-text-color has-large-font-size\"><li>You must not have had any interest in any primary residence in the three years before purchasing a new property.</li><li>You\'re a single parent and only owned a home with your former spouse.</li><li>You\'re a displaced homemaker and only owned with a spouse.</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_1-0-21\">FHA Loans</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_1-0-23\">FHA loans, one of the most popular options for first-time homebuyers, are partially guaranteed by that agency. This guarantee gives lenders more flexibility to relax their criteria and offer better terms to first-time homebuyers.</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\">How the Loan Works?</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_1-0-28\">FHA loans are available for one- to four-unit properties and require a down payment as low as 3.5% of the purchase price. Loan limits differ depending on where you\'re shopping for a home, so proactively checking them may be helpful.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"></p>\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>Tip:</strong> FHA loans entail paying for FHA mortgage insurance, which adds 1.75% to the upfront costs plus annual premiums.<a rel=\"noreferrer noopener\" href=\"https://www.rocketmortgage.com/learn/fha-mortgage-insurance-premium\" target=\"_blank\"></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\" id=\"mntl-sc-block_1-0-33\">An FHA-approved lender can provide more information on loan terms and qualification requirements, which include a minimum credit score, debt-to-income (DTI) ratio guidelines, and time elapsed after any previous bankruptcy and foreclosure events.</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_1-0-36\">How To Apply?</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_1-0-38\">To apply for an FHA loan, you must find an FHA-approved lender, which may include banks, credit unions, and online lenders. A mortgage broker can also help you locate an FHA-approved lender that works with financial and credit profiles similar to yours.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\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>Warning:</strong> FHA loans aren\'t ideal for every type of homebuyer. Borrowers with good credit and a 10% to 15% down payment may save money by opting for conventional 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=\"mntl-sc-block_1-0-43\">Other HUD Loans</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_1-0-45\">Beyond the standard FHA loans it oversees, the U.S. Department of Housing and Urban Development (HUD) offers some other options. Find out more below.</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_1-0-48\">FHA Energy Efficient Mortgage</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_1-0-50\">FHA\'s Energy Efficient Mortgage program (EEM) allows first-time homebuyers to borrow extra funds to make their homes more efficient without having to qualify for the additional money. You only have to qualify for the loan for purchasing the home.</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_1-0-53\">How It Works?</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_1-0-55\">An EEM works like other FHA-insured mortgages. The bank approves and funds the mortgage, and the FHA insures the loan to protect the lender in case of default. You must have an assessment to confirm the improvements are cost-effective, such as showing that the money saved over time with the improvements is equal to or greater than the cost. The cost savings influence the maximum loan amount.</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_1-0-58\">How To Apply?</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_1-0-60\">Contact an FHA-approved lender to apply for an FHA Energy Efficient Mortgage.</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_1-0-63\">Manufactured Home Programs</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_1-0-65\">FHA offers financing for mobile and manufactured homes and factory-built housing. Homebuyers can opt for a loan for the mobile home only, if they already own the land, or can seek a loan for a mobile home that will be located in a mobile home park.</p>\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\">Because manufactured homes are less common than conventional homes or condominiums, homebuyers may need to work with a specialized lender.</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_1-0-70\">USDA Loans</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_1-0-72\">The USDA guarantees home loans for low- and moderate-income households living in rural areas. There isn\'t a down payment requirement, which means first-time homebuyers can get up to 100% financing on a new home.</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_1-0-75\">How the Loan Works?</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_1-0-77\">Borrowers must live in a USDA-eligible area, but they have the flexibility to purchase an attached or detached home, condo, or modular or manufactured home. Borrowers must make 115% or below of the median household income and must have difficulty getting a conventional mortgage without private mortgage insurance (PMI). There are no credit score requirements, but applicants are expected to demonstrate a willingness and ability to handle and manage debt.</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_1-0-80\">How To Apply?</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_1-0-82\">First-time buyers who are purchasing a home in a USDA-eligible area must apply with a lender within the USDA\'s approved lender network. The UDSA provides a list of active lenders searchable by state.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"></p>\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>Important:</strong> To receive a USDA loan, you cannot be suspended or disbarred from participation in federal programs.<a rel=\"noreferrer noopener\" href=\"https://www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-guaranteed-loan-program\" target=\"_blank\"></a></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_1-0-86\">VA Loans</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_1-0-88\">Qualified members of the U.S. military, including active duty, veterans, and eligible surviving spouses, can take advantage of VA loans, which are backed by the U.S. Department of Veteran Affairs, to purchase a home.</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_1-0-91\">How the Loan Works?</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_1-0-93\">VA home loans are provided by banks and mortgage companies. As the VA guarantees a portion of the loan, lenders can provide better terms, including 100% financing and lower interest rates. VA loans also have the advantage of limited closing costs and no private mortgage insurance (PMI).</p>\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_1-0-96\">Because the VA home loan is a lifetime benefit, you don\'t have to worry about using up your benefits within your first home purchase. You can use the guarantee multiple times.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"></p>\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>Note:</strong> VA doesn\'t require a down payment, but some lenders may require down payments for some borrowers.</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_1-0-101\">How To Apply?</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_1-0-103\">You can apply for a VA loan with the lender of your choice, but first, you\'ll need to obtain a Certificate of Eligibility (COE) either through the VA\'s eBenefits site or by mail. In some cases, your lender may be able to assist you.<br><br>After the COE, the lender will request a VA appraisal (assessment) of the house you\'re considering, then will decide whether to accept your application and move toward closing on the 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_1-0-106\">You may need to pay the VA funding fee. This one-time fee helps lower the cost of the loan for U.S. taxpayers because the VA home loan program doesn\'t require down payments or monthly mortgage insurance. Your lender will also charge interest on the loan in addition to closing fees.</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_1-0-109\">Native American Direct Loans</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_1-0-111\">The NADL program helps Native American veterans and their spouses purchase a home on Native American trust lands. Your tribal organization must participate in the VA direct loan program, and you must have a valid Certificate of Eligibility.<br><br>Unlike VA loans, where the lender provides the funds, the VA is the lender for the NADL home loan program. There are credit and income requirements, but these loans don\'t require a down payment, there are limited closing costs, and there\'s no need for PMI.<br><br>The VA funding fee may be required for NADL 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\" id=\"mntl-sc-block_1-0-113\">Fannie Mae and Freddie Mac</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_1-0-115\">Fannie Mae and Freddie Mac, federally backed mortgage companies, make it easier for homebuyers—both first-time and repeat—to finance their home purchases by guaranteeing mortgages. The loans guaranteed by these enterprises are conventional loans, meaning they\'re not part of a government program.</p>\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_1-0-118\">Both companies offer mortgage programs that may help first-time homebuyers find a path to homeownership.</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_1-0-121\">HomeOne Mortgage</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_1-0-123\">Freddie Mac\'s HomeOne Mortgage allows qualified first-time homebuyers to purchase a single-unit home with as little as 3% down on a fixed-rate conforming mortgage. There are no income or geographic restrictions.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"></p>\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>Note:</strong> A conforming mortgage has a maximum loan amount that\'s set by the government.</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_1-0-128\">Home Possible Mortgage</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_1-0-130\">Freddie Mac\'s Home Possible Mortgage aims to help low-income borrowers, those making 80% or less of their area\'s median income, to purchase a home. Borrowers can pay a minimum of 3% down and even apply with a co-borrower who doesn\'t plan to live in the home. The program offers flexibility in down-payment funding, allowing the payment to come from family, employer-assistance programs, secondary financing, and sweat equity.</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_1-0-133\">HomeReady Mortgage</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_1-0-135\">FannieMae\'s HomeReady Mortgage allows low-income borrowers with stable credit to purchase a home with a minimal down payment. Borrowers can qualify with a credit score as low as 620 but may be offered better pricing with a score above 680. The minimum down payment of 3% can come from multiple sources, including gifts or grants. Borrowers aren\'t required to contribute personal funds toward the down 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_1-0-138\">Both Freddie Mac and Fannie Mae\'s programs require first-time homebuyers to complete a homeownership education program unless they\'re purchasing with another borrower who isn\'t a first-time buyer.</p>\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_1-0-141\">These programs are available with select lenders. Homebuyers will need to ask whether their preferred lender offers them.</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_1-0-143\">Alternative Financing Options</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_1-0-145\">Other financing options include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-148\" class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Conventional loans</strong>: Mortgage loans that aren\'t part of a government program, including those backed by Freddie Mac or Fannie Mae.</li><li><strong>Grants</strong>: Can be used for closing costs, down-payment assistance, and more.</li><li><strong>Seller financing</strong>: The home seller effectively provides the loan for purchasing the home.</li><li><strong>Borrowing from retirement</strong> <strong>savings</strong>: May be an option if you have enough put away, but this option might lead to early-withdrawal penalties if you\'re not eligible for an exception to the rules.</li><li><strong>State-based first-time homebuyer programs</strong>: May be available where you live.</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_1-0-150\">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_1-0-152\">There are a number of first-time homebuyer loan options catering to a variety of financial scenarios. Examining your income, credit score, military status, down-payment savings, and preferred location can help you narrow your options. Each program is different, and some may not be available in your area. Talking with your lender or mortgage broker can provide some insight into what\'s available and what may fit your situation best.</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_1-0-154\">Frequently Asked Questions (FAQs)</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\"><strong>Can a first-time homebuyer buy a house without a down payment?</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\">Yes, some mortgage loans allow first-time homebuyers to purchase a house with no money down or to make the down payment with funds from gifts, grants, or other down-payment assistance programs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\"><strong>How do I know how much house I can afford as a first-time homebuyer?</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\">The amount of house you can afford depends on your income and expenses. Using a mortgage calculator is the best way to estimate the overall mortgage amount and monthly payment you can afford.</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/how-first-time-home-buyer-loans-work-315674\">click here.</a></p>\n<!-- /wp:paragraph -->','How To Qualify for a First-Time Homebuyer Loan?','','publish','closed','closed','','how-to-qualify-for-a-first-time-homebuyer-loan','','','2022-06-18 15:07:34','2022-06-18 15:07:34','',0,'http://smartinsurance.tips/?p=2555',0,'post','',0),(2556,1,'2022-06-18 14:49:41','2022-06-18 14:49:41','','Money-2','','inherit','closed','closed','','money-2-4','','','2022-06-18 14:49:41','2022-06-18 14:49:41','',2555,'http://smartinsurance.tips/wp-content/uploads/2022/06/Money-2.png',0,'attachment','image/png',0),