(2140,1,'2022-02-01 18:43:07','2022-02-01 18:43:07','<!-- wp:gallery {\"ids\":[2141],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-35-1024x536.png\" alt=\"\" data-id=\"2141\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-35.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2141\" class=\"wp-image-2141\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In the 2022 Houzz Kitchen Trends Study, some results came as no surprise: white kitchen cabinets and stainless steel appliances are still the go-to choices. But some of the trends uncovered in this study reflect radical shifts in how we use our kitchens—including the decline of open-concept kitchens. Houzz surveyed more than 2,300 U.S. homeowners who had either completed a kitchen remodel over the past 12 months or were planning to start one within the next three months at the end of July 2021. Renovating in the midst of the pandemic, these homeowners had their sights set on spacious kitchen islands for work-from-home and plenty of cabinet organizers to help them contain the clutter. Here\'s what the study revealed about some of the top kitchen remodeling trends of 2022.</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\">Splurge-Worthy Countertops</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Not only was an upgraded kitchen countertop the most popular feature in kitchen remodels—91 percent of homeowners updated the counters—but 35 percent reported that they \"splurged\" on their countertop choice, or spent more than they originally planned.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Although engineered quartz is still the top material for kitchen counters (42 percent), it fell nine points since 2021 (51 percent). Quartzite, which is natural, porous stone (not engineered stone like quartz), has gained 2 percentage points in 2022.</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\">Kitchen Islands Are Getting Longer</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In fact, according to the Houzz survey participants, nearly two out of five kitchen islands are more than 7 feet long (whoa!). Homeowners are using all that extra space to not only cook and bake, but also work from home—20 percent report they now work from their kitchen island. The space below the counter is being used for extra storage, with 78 percent adding cabinets with closed doors.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Shaker-Style Cabinets</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">From 2021 to 2022, Shaker-style kitchen cabinets jumped 8 points, with 64 percent of home remodelers now opting for this mainstay of transitional home decor style. The second-most popular style, flat-panel cabinets, trails way behind with 17 percent.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Open-Layout Kitchens Lose Ground</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">As many home decor experts have been predicting since the start of the pandemic, open concept floor plans are falling out of favor. Over the past two years, work-from-home and remote schooling have made many families wish they had one more wall or door, and just a little more privacy. The study results reflect that shift, with only 38 percent of homeowners opening up their kitchen to other rooms in 2022, compared to 46 percent in 2020. </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\">Vinyl Flooring Becomes More Popular</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">When it comes to kitchen flooring, hardwood is still the top choice (25 percent), but vinyl is gaining traction, soaring from 14 percent in 2020 to 23 percent in 2022. Vinyl is now even more popular than ceramic or porcelain tile (19 percent). Not only is vinyl water-resistant and affordable, but the softer feel underfoot may make it attractive to remodelers that want a comfortable home.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Specialty Organizing Cabinets Are on the Rise</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Specialty cabinet and drawer organizers are becoming increasingly popular in almost every single category as homeowners search for custom solutions to kitchen clutter. Cabinets designed to hold cookie trays (51 percent) and drawers with pull-out waste or recycling bins (63 percent) landed the top spots. </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\">Appliances Go High-Tech</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">More than one-third of homeowners reported that they added a new kitchen appliance with high-tech features. Number one on the list: appliances with wireless and smartphone controls (26 percent). Now you can control the oven temp and cooking time from your phone, without getting up from the sofa. Or use an app to see inside your fridge the next time you\'re at the grocery store and can\'t remember if you need to buy milk.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.realsimple.com/home-organizing/decorating/decorating-kitchen/kitchen-trends-2022-houzz\">click here.</a></p>\n<!-- /wp:paragraph -->','Top Kitchen Remodeling Trends of 2022, According to Houzz—Including the #1 Cabinet Style','','publish','closed','closed','','top-kitchen-remodeling-trends-of-2022-according-to-houzz-including-the-1-cabinet-style','','','2022-02-01 18:43:08','2022-02-01 18:43:08','',0,'http://smartinsurance.tips/?page_id=2140',0,'page','',0),(2141,1,'2022-02-01 18:40:57','2022-02-01 18:40:57','','My-project-35','','inherit','open','closed','','my-project-35','','','2022-02-01 18:40:57','2022-02-01 18:40:57','',2140,'http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-35.png',0,'attachment','image/png',0),(2142,1,'2022-02-01 18:43:07','2022-02-01 18:43:07','<!-- wp:gallery {\"ids\":[2141],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-35-1024x536.png\" alt=\"\" data-id=\"2141\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-35.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2141\" class=\"wp-image-2141\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In the 2022 Houzz Kitchen Trends Study, some results came as no surprise: white kitchen cabinets and stainless steel appliances are still the go-to choices. But some of the trends uncovered in this study reflect radical shifts in how we use our kitchens—including the decline of open-concept kitchens. Houzz surveyed more than 2,300 U.S. homeowners who had either completed a kitchen remodel over the past 12 months or were planning to start one within the next three months at the end of July 2021. Renovating in the midst of the pandemic, these homeowners had their sights set on spacious kitchen islands for work-from-home and plenty of cabinet organizers to help them contain the clutter. Here\'s what the study revealed about some of the top kitchen remodeling trends of 2022.</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\">Splurge-Worthy Countertops</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Not only was an upgraded kitchen countertop the most popular feature in kitchen remodels—91 percent of homeowners updated the counters—but 35 percent reported that they \"splurged\" on their countertop choice, or spent more than they originally planned.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Although engineered quartz is still the top material for kitchen counters (42 percent), it fell nine points since 2021 (51 percent). Quartzite, which is natural, porous stone (not engineered stone like quartz), has gained 2 percentage points in 2022.</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\">Kitchen Islands Are Getting Longer</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In fact, according to the Houzz survey participants, nearly two out of five kitchen islands are more than 7 feet long (whoa!). Homeowners are using all that extra space to not only cook and bake, but also work from home—20 percent report they now work from their kitchen island. The space below the counter is being used for extra storage, with 78 percent adding cabinets with closed doors.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Shaker-Style Cabinets</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">From 2021 to 2022, Shaker-style kitchen cabinets jumped 8 points, with 64 percent of home remodelers now opting for this mainstay of transitional home decor style. The second-most popular style, flat-panel cabinets, trails way behind with 17 percent.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Open-Layout Kitchens Lose Ground</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">As many home decor experts have been predicting since the start of the pandemic, open concept floor plans are falling out of favor. Over the past two years, work-from-home and remote schooling have made many families wish they had one more wall or door, and just a little more privacy. The study results reflect that shift, with only 38 percent of homeowners opening up their kitchen to other rooms in 2022, compared to 46 percent in 2020. </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\">Vinyl Flooring Becomes More Popular</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">When it comes to kitchen flooring, hardwood is still the top choice (25 percent), but vinyl is gaining traction, soaring from 14 percent in 2020 to 23 percent in 2022. Vinyl is now even more popular than ceramic or porcelain tile (19 percent). Not only is vinyl water-resistant and affordable, but the softer feel underfoot may make it attractive to remodelers that want a comfortable home.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Specialty Organizing Cabinets Are on the Rise</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Specialty cabinet and drawer organizers are becoming increasingly popular in almost every single category as homeowners search for custom solutions to kitchen clutter. Cabinets designed to hold cookie trays (51 percent) and drawers with pull-out waste or recycling bins (63 percent) landed the top spots. </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\">Appliances Go High-Tech</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">More than one-third of homeowners reported that they added a new kitchen appliance with high-tech features. Number one on the list: appliances with wireless and smartphone controls (26 percent). Now you can control the oven temp and cooking time from your phone, without getting up from the sofa. Or use an app to see inside your fridge the next time you\'re at the grocery store and can\'t remember if you need to buy milk.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.realsimple.com/home-organizing/decorating/decorating-kitchen/kitchen-trends-2022-houzz\">click here.</a></p>\n<!-- /wp:paragraph -->','Top Kitchen Remodeling Trends of 2022, According to Houzz—Including the #1 Cabinet Style','','inherit','closed','closed','','2140-revision-v1','','','2022-02-01 18:43:07','2022-02-01 18:43:07','',2140,'http://smartinsurance.tips/?p=2142',0,'revision','',0),(2143,1,'2022-02-01 18:49:34','2022-02-01 18:49:34','<!-- wp:gallery {\"ids\":[2144],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-38-1024x536.png\" alt=\"\" data-id=\"2144\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-38.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2144\" class=\"wp-image-2144\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Small and midsize businesses (SMBs) face numerous challenges.While&nbsp;80% of SMBs&nbsp;make it to the first-year mark, only half survive to celebrate their five-year anniversaries. If you want your business to beat the odds, you need to invest significant time and effort into ensuring your company continues to grow. Making improvements to avoid being stagnant is a great place to start.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Keep reading to learn some important actions you should consider:</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\" id=\"h-8-business-improvement-ideas-to-grow-your-business\">8 Business Improvement Ideas to Grow Your Business</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"h-1-encourage-customers-to-provide-reviews-of-your-business\">1. Encourage Customers to Provide Reviews of Your Business</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Traditional advertisements and marketing efforts only get you so far. Before purchasing a product or service, customers want to know what their peers think of the item in question. In fact, a&nbsp;recent report&nbsp;shows that&nbsp;<strong>92% of shoppers hesitate to purchase products without reviews</strong>.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you want your business to stand out from the pack, brainstorm some ways to&nbsp;get satisfied customers to post reviews online. For example, you could:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Ask for reviews on your website and social media pages.</li><li>Invite clients to submit video testimonials.</li><li>Offer incentives to customers who leave reviews.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Where are potential customers looking for these reviews? Product pages, Yelp, Facebook, Google My Business, and more.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"h-2-offer-flexible-scheduling\">2. Offer Flexible Scheduling</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The best businesses have devoted teams comprised of hard-working employees. Whether you employ a dozen workers or just one or two, boost business performance in 2022 by changing the way you relate to staff.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Even if you can’t afford to give top employees a much-deserved raise, increase their satisfaction and loyalty by offering more job flexibility. For example, you could let them work more convenient hours or enable them to log in from home. While companies are often hesitant about hiring remote workers, a recent Stanford study shows that telecommuters regularly put in a full day’s work or more and are less likely to be distracted than their in-office peers.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"h-3-look-into-automation\">3. Look into Automation</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Small businesses are frequently forced to operate with limited teams. To that end, these companies are in a special position to benefit from automation technology. Referring to systems that operate with minimal human assistance, automation expedites a wide range of business tasks, including:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Accounting</li><li>Tax prep</li><li>Email marketing</li><li>Social media marketing</li><li>Customer service</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">As a result, founders have more time to invest in big-picture items like expanding their product lines and finding new markets. If you feel like you’re struggling to do it all on your own, automation could be the answer.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"h-4-get-social\">4. Get Social</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">As a small business owner, you probably know that social media offers a valuable opportunity to build your brand and connect with customers. Still, that doesn’t mean you’re using this resource to its fullest advantage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">While over 80 percent of SMBs currently use Facebook, just 48 percent promote their services on Instagram. Depending on the nature of your products and services, you might do better marketing your goods in a more visual environment.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">However, it’s not enough to advertise your wares online. Business owners should also talk about their brand on social platforms, sharing mission statements, charitable efforts, and goals for the future. Establish your company as an expert in your field while presenting yourself as the type of business your target audience would feel good about frequenting.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>The goal is to stick in social users’ minds</strong>, so they think of you the next time they need to make a purchase.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"h-5-attend-an-event-or-host-one\">5. Attend an Event – Or Host One</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Just because social media has made it possible to connect with customers and connections online doesn’t mean you should stop trying to network in person. From town and city events to business seminars, networking events are a great way to build relationships with others in your field.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You might even be able to partner with a related company in order to cross-promote each other’s services. Struggling to find a relevant event in your area? <strong>Consider hosting your own networking event</strong> or open house, so customers can get to know you and your business.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"h-6-reward-loyalty\">6. Reward Loyalty</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Did you know that&nbsp;finding a new customer&nbsp;costs three times as must as selling to a current one? If you want to build your business while boosting profits in 2022, make customer loyalty a top priority. While there’s no one way to keep customers engaged, small businesses can earn major brownie points by creating loyalty programs.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">For example, think about offering perks and rewards to customers who regularly honor you with their business. You could let your VIPs skip the line, provide them with freebies, or give them early access to sales and deals.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Additionally, many businesses offer stamp cards to repeat customers. For example, a customer who buys 10 cups of coffee might receive the 11th one free. <strong>These perks will incentivize clients to choose you over your competition.</strong> </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"h-7-build-your-email-list\">7. Build Your Email List</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Email marketing is one of the best and most affordable ways of growing your business. If you want to give your SMB an edge in 2022, start by&nbsp;expanding your email marketing list&nbsp;— or building a new one from the ground up. Companies can find new subscribers by including email registration forms on their websites and social media pages. Be sure you’re providing customers with desirable content, so they have a reason to open your emails and newsletters.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You may even want to segment your email list, so the most relevant content is going to the appropriate customers. Additionally, you can reward subscribers with perks like ebooks, coupons, and free shipping offers in exchange for signing up.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"h-8-listen-to-your-customers\">8. Listen to Your Customers</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">When you’ve been in business for years, it’s easy to believe you know what’s going to sell and how to market your products and services. But doing things the same way you always have may not be right going forward. The products or services you sell may be on the downhill side of their product life cycle. Or there may be a significant number of customers you’re not reaching because your marketing isn’t reaching them or isn’t reaching them at the right time. Perhaps, they don’t have time to come into your shop in town.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">To find out about issues like these,&nbsp;<strong>ask customers and prospects for feedback</strong>. Ask what they like, what they don’t like and what else they need and what would make it easier for the to buy from you. Contact former customers and ask similar questions. The more you learn about customer needs and preferences, the more you’ll be able to grow your business.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.zenbusiness.com/blog/business-improvement-ideas/\">click here.</a></p>\n<!-- /wp:paragraph -->','8 Ways to Improve and Grow Your Business in 2022','','publish','closed','closed','','8-ways-to-improve-and-grow-your-business-in-2022','','','2022-02-01 18:50:13','2022-02-01 18:50:13','',0,'http://smartinsurance.tips/?page_id=2143',0,'page','',0),(2144,1,'2022-02-01 18:49:20','2022-02-01 18:49:20','','My-project-38','','inherit','open','closed','','my-project-38','','','2022-02-01 18:49:20','2022-02-01 18:49:20','',2143,'http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-38.png',0,'attachment','image/png',0),(2145,1,'2022-02-01 18:49:34','2022-02-01 18:49:34','<!-- wp:gallery {\"ids\":[2144],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-38-1024x536.png\" alt=\"\" data-id=\"2144\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-38.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2144\" class=\"wp-image-2144\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Small and midsize businesses (SMBs) face numerous challenges.While&nbsp;80% of SMBs&nbsp;make it to the first-year mark, only half survive to celebrate their five-year anniversaries. If you want your business to beat the odds, you need to invest significant time and effort into ensuring your company continues to grow. Making improvements to avoid being stagnant is a great place to start.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Keep reading to learn some important actions you should consider:</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\" id=\"h-8-business-improvement-ideas-to-grow-your-business\">8 Business Improvement Ideas to Grow Your Business</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"h-1-encourage-customers-to-provide-reviews-of-your-business\">1. Encourage Customers to Provide Reviews of Your Business</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Traditional advertisements and marketing efforts only get you so far. Before purchasing a product or service, customers want to know what their peers think of the item in question. In fact, a&nbsp;recent report&nbsp;shows that&nbsp;<strong>92% of shoppers hesitate to purchase products without reviews</strong>.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you want your business to stand out from the pack, brainstorm some ways to get satisfied customers to post reviews online. For example, you could:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Ask for reviews on your website and social media pages.</li><li>Invite clients to submit video testimonials.</li><li>Offer incentives to customers who leave reviews.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Where are potential customers looking for these reviews? Product pages, Yelp, Facebook, Google My Business, and more.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"h-2-offer-flexible-scheduling\">2. Offer Flexible Scheduling</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The best businesses have devoted teams comprised of hard-working employees. Whether you employ a dozen workers or just one or two, boost business performance in 2022 by changing the way you relate to staff.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Even if you can’t afford to give top employees a much-deserved raise, increase their satisfaction and loyalty by offering more job flexibility. For example, you could let them work more convenient hours or enable them to log in from home. While companies are often hesitant about hiring remote workers, a recent Stanford study shows that telecommuters regularly put in a full day’s work or more and are less likely to be distracted than their in-office peers.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"h-3-look-into-automation\">3. Look into Automation</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Small businesses are frequently forced to operate with limited teams. To that end, these companies are in a special position to benefit from automation technology. Referring to systems that operate with minimal human assistance, automation expedites a wide range of business tasks, including:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Accounting</li><li>Tax prep</li><li>Email marketing</li><li>Social media marketing</li><li>Customer service</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">As a result, founders have more time to invest in big-picture items like expanding their product lines and finding new markets. If you feel like you’re struggling to do it all on your own, automation could be the answer.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"h-4-get-social\">4. Get Social</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">As a small business owner, you probably know that social media offers a valuable opportunity to build your brand and connect with customers. Still, that doesn’t mean you’re using this resource to its fullest advantage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">While over 80 percent of SMBs currently use Facebook, just 48 percent promote their services on Instagram. Depending on the nature of your products and services, you might do better marketing your goods in a more visual environment.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">However, it’s not enough to advertise your wares online. Business owners should also talk about their brand on social platforms, sharing mission statements, charitable efforts, and goals for the future. Establish your company as an expert in your field while presenting yourself as the type of business your target audience would feel good about frequenting.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>The goal is to stick in social users’ minds</strong>, so they think of you the next time they need to make a purchase.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"h-5-attend-an-event-or-host-one\">5. Attend an Event – Or Host One</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Just because social media has made it possible to connect with customers and connections online doesn’t mean you should stop trying to network in person. From town and city events to business seminars, networking events are a great way to build relationships with others in your field.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You might even be able to partner with a related company in order to cross-promote each other’s services. Struggling to find a relevant event in your area?&nbsp;<strong>Consider hosting your own networking event</strong>&nbsp;or open house, so customers can get to know you and your business.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"h-6-reward-loyalty\">6. Reward Loyalty</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Did you know that&nbsp;finding a new customer&nbsp;costs three times as must as selling to a current one? If you want to build your business while boosting profits in 2022, make customer loyalty a top priority. While there’s no one way to keep customers engaged, small businesses can earn major brownie points by creating loyalty programs.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">For example, think about offering perks and rewards to customers who regularly honor you with their business. You could let your VIPs skip the line, provide them with freebies, or give them early access to sales and deals.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Additionally, many businesses offer stamp cards to repeat customers. For example, a customer who buys 10 cups of coffee might receive the 11th one free. <strong>These perks will incentivize clients to choose you over your competition.</strong> </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"h-7-build-your-email-list\">7. Build Your Email List</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Email marketing is one of the best and most affordable ways of growing your business. If you want to give your SMB an edge in 2022, start by expanding your email marketing list — or building a new one from the ground up. Companies can find new subscribers by including email registration forms on their websites and social media pages. Be sure you’re providing customers with desirable content, so they have a reason to open your emails and newsletters.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You may even want to segment your email list, so the most relevant content is going to the appropriate customers. Additionally, you can reward subscribers with perks like ebooks, coupons, and free shipping offers in exchange for signing up.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"h-8-listen-to-your-customers\">8. Listen to Your Customers</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">When you’ve been in business for years, it’s easy to believe you know what’s going to sell and how to market your products and services. But doing things the same way you always have may not be right going forward. The products or services you sell may be on the downhill side of their product life cycle. Or there may be a significant number of customers you’re not reaching because your marketing isn’t reaching them or isn’t reaching them at the right time. Perhaps, they don’t have time to come into your shop in town.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">To find out about issues like these, <strong>ask customers and prospects for feedback</strong>. Ask what they like, what they don’t like and what else they need and what would make it easier for the to buy from you. Contact former customers and ask similar questions. The more you learn about customer needs and preferences, the more you’ll be able to grow your business.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.zenbusiness.com/blog/business-improvement-ideas/\">click here.</a></p>\n<!-- /wp:paragraph -->','8 Ways to Improve and Grow Your Business in 2022','','inherit','closed','closed','','2143-revision-v1','','','2022-02-01 18:49:34','2022-02-01 18:49:34','',2143,'http://smartinsurance.tips/?p=2145',0,'revision','',0),(2146,1,'2022-02-01 18:50:11','2022-02-01 18:50:11','<!-- wp:gallery {\"ids\":[2144],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-38-1024x536.png\" alt=\"\" data-id=\"2144\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-38.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2144\" class=\"wp-image-2144\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Small and midsize businesses (SMBs) face numerous challenges.While&nbsp;80% of SMBs&nbsp;make it to the first-year mark, only half survive to celebrate their five-year anniversaries. If you want your business to beat the odds, you need to invest significant time and effort into ensuring your company continues to grow. Making improvements to avoid being stagnant is a great place to start.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Keep reading to learn some important actions you should consider:</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\" id=\"h-8-business-improvement-ideas-to-grow-your-business\">8 Business Improvement Ideas to Grow Your Business</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"h-1-encourage-customers-to-provide-reviews-of-your-business\">1. Encourage Customers to Provide Reviews of Your Business</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Traditional advertisements and marketing efforts only get you so far. Before purchasing a product or service, customers want to know what their peers think of the item in question. In fact, a&nbsp;recent report&nbsp;shows that&nbsp;<strong>92% of shoppers hesitate to purchase products without reviews</strong>.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you want your business to stand out from the pack, brainstorm some ways to&nbsp;get satisfied customers to post reviews online. For example, you could:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Ask for reviews on your website and social media pages.</li><li>Invite clients to submit video testimonials.</li><li>Offer incentives to customers who leave reviews.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Where are potential customers looking for these reviews? Product pages, Yelp, Facebook, Google My Business, and more.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"h-2-offer-flexible-scheduling\">2. Offer Flexible Scheduling</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The best businesses have devoted teams comprised of hard-working employees. Whether you employ a dozen workers or just one or two, boost business performance in 2022 by changing the way you relate to staff.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Even if you can’t afford to give top employees a much-deserved raise, increase their satisfaction and loyalty by offering more job flexibility. For example, you could let them work more convenient hours or enable them to log in from home. While companies are often hesitant about hiring remote workers, a recent Stanford study shows that telecommuters regularly put in a full day’s work or more and are less likely to be distracted than their in-office peers.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"h-3-look-into-automation\">3. Look into Automation</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Small businesses are frequently forced to operate with limited teams. To that end, these companies are in a special position to benefit from automation technology. Referring to systems that operate with minimal human assistance, automation expedites a wide range of business tasks, including:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Accounting</li><li>Tax prep</li><li>Email marketing</li><li>Social media marketing</li><li>Customer service</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">As a result, founders have more time to invest in big-picture items like expanding their product lines and finding new markets. If you feel like you’re struggling to do it all on your own, automation could be the answer.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"h-4-get-social\">4. Get Social</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">As a small business owner, you probably know that social media offers a valuable opportunity to build your brand and connect with customers. Still, that doesn’t mean you’re using this resource to its fullest advantage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">While over 80 percent of SMBs currently use Facebook, just 48 percent promote their services on Instagram. Depending on the nature of your products and services, you might do better marketing your goods in a more visual environment.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">However, it’s not enough to advertise your wares online. Business owners should also talk about their brand on social platforms, sharing mission statements, charitable efforts, and goals for the future. Establish your company as an expert in your field while presenting yourself as the type of business your target audience would feel good about frequenting.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>The goal is to stick in social users’ minds</strong>, so they think of you the next time they need to make a purchase.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"h-5-attend-an-event-or-host-one\">5. Attend an Event – Or Host One</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Just because social media has made it possible to connect with customers and connections online doesn’t mean you should stop trying to network in person. From town and city events to business seminars, networking events are a great way to build relationships with others in your field.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You might even be able to partner with a related company in order to cross-promote each other’s services. Struggling to find a relevant event in your area? <strong>Consider hosting your own networking event</strong> or open house, so customers can get to know you and your business.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"h-6-reward-loyalty\">6. Reward Loyalty</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Did you know that&nbsp;finding a new customer&nbsp;costs three times as must as selling to a current one? If you want to build your business while boosting profits in 2022, make customer loyalty a top priority. While there’s no one way to keep customers engaged, small businesses can earn major brownie points by creating loyalty programs.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">For example, think about offering perks and rewards to customers who regularly honor you with their business. You could let your VIPs skip the line, provide them with freebies, or give them early access to sales and deals.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Additionally, many businesses offer stamp cards to repeat customers. For example, a customer who buys 10 cups of coffee might receive the 11th one free. <strong>These perks will incentivize clients to choose you over your competition.</strong> </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"h-7-build-your-email-list\">7. Build Your Email List</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Email marketing is one of the best and most affordable ways of growing your business. If you want to give your SMB an edge in 2022, start by&nbsp;expanding your email marketing list&nbsp;— or building a new one from the ground up. Companies can find new subscribers by including email registration forms on their websites and social media pages. Be sure you’re providing customers with desirable content, so they have a reason to open your emails and newsletters.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You may even want to segment your email list, so the most relevant content is going to the appropriate customers. Additionally, you can reward subscribers with perks like ebooks, coupons, and free shipping offers in exchange for signing up.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"h-8-listen-to-your-customers\">8. Listen to Your Customers</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">When you’ve been in business for years, it’s easy to believe you know what’s going to sell and how to market your products and services. But doing things the same way you always have may not be right going forward. The products or services you sell may be on the downhill side of their product life cycle. Or there may be a significant number of customers you’re not reaching because your marketing isn’t reaching them or isn’t reaching them at the right time. Perhaps, they don’t have time to come into your shop in town.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">To find out about issues like these,&nbsp;<strong>ask customers and prospects for feedback</strong>. Ask what they like, what they don’t like and what else they need and what would make it easier for the to buy from you. Contact former customers and ask similar questions. The more you learn about customer needs and preferences, the more you’ll be able to grow your business.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.zenbusiness.com/blog/business-improvement-ideas/\">click here.</a></p>\n<!-- /wp:paragraph -->','8 Ways to Improve and Grow Your Business in 2022','','inherit','closed','closed','','2143-revision-v1','','','2022-02-01 18:50:11','2022-02-01 18:50:11','',2143,'http://smartinsurance.tips/?p=2146',0,'revision','',0),(2176,1,'2022-03-01 12:25:56','2022-03-01 12:25:56','','My-project','','inherit','open','closed','','my-project-3','','','2022-03-01 12:25:56','2022-03-01 12:25:56','',2175,'http://smartinsurance.tips/wp-content/uploads/2022/03/My-project.png',0,'attachment','image/png',0),(2148,1,'2022-02-01 18:54:38','2022-02-01 18:54:38','<!-- wp:gallery {\"ids\":[2149],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-40-1024x536.png\" alt=\"\" data-id=\"2149\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-40.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2149\" class=\"wp-image-2149\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0\">The trait theory of&nbsp;leadership&nbsp;focuses on identifying different&nbsp;personality traits&nbsp;and characteristics that are linked to successful leadership across a variety of situations. This line of research emerged as one of the earliest types of investigations into the nature of effective leadership and is tied to the&nbsp;\"great man\" theory of leadership&nbsp;first proposed by Thomas Carlyle in the mid-1800s.</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\" id=\"mntl-sc-block_1-0-2\">Trait Theory of Leadership Rationale</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-3\">According to Carlyle, history is shaped by extraordinary leaders. This ability to lead is something that people are simply born with, Carlyle believed, and not something that could be developed. Carlyle\'s ideas inspired early research on leadership, which almost entirely focused on inheritable traits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-5\">Carlyle\'s theory of leadership was based on the rationale that:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-7\" class=\"has-black-color has-text-color has-medium-font-size\"><li>Certain traits produce certain patterns of behavior.</li><li>Patterns are consistent across different situations.</li><li>People are \"born\" with leadership traits.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-9\">Even today, books, and articles tout the various characteristics necessary to become a great leader, suggesting that leadership is somehow predestined in some (or is at least more likely) while unlikely, if not impossible, in others.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-11\">Since the publication of Carlyle\'s thesis, psychologists have examined and argued about the trait-based theory of leadership. From the 1940s to the 1970s, psychologist Ralph Melvin Stogdill suggested that leadership is the result of the interaction between the individual and the social situation and not merely the result of a predefined set of traits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-13\">Soon after in the 1980s, James M. Kouzes and Barry Z. Posner posited that credibility was a key indicator of leadership skills, characterized by&nbsp;such traits as being honest, forward-looking, inspiring, and competent.</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\" id=\"mntl-sc-block_1-0-18\">Leadership Traits</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-19\">While the list of leadership traits can vary by whoever is drawing up the list, a recent study outlined behavioral traits that separated lower-level supervisors from higher-level supervisors.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-21\">According to the researchers, the traits most commonly associated with great leadership include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-23\" class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Adaptability and flexibility</strong>:&nbsp;Effective leaders don\'t get stuck in a rut. They are able to think outside of the box and adapt quickly to changing situations.</li><li><strong>Assertiveness</strong>:&nbsp;A great leader is able to be direct and assertive without coming off as overly pushy or aggressive.</li><li><strong>Capacity to motivate people</strong>:&nbsp;A great leader knows how to inspire others and motivate them to do their best.</li><li><strong>Courage and resolution</strong>:&nbsp;The best leaders are brave and committed to the goals of the group. They do not hide from challenges.</li><li><strong>Creativity</strong>:&nbsp;Perhaps most importantly, great leaders not only possess their own creativity, but they are also able to foster creativity among members of the group.<sup>5</sup></li><li><strong>Decisiveness</strong>:&nbsp;A great leader is capable of making a decision and is confident in his or her choices.</li><li><strong>Eagerness to accept responsibility</strong>:&nbsp;Strong leaders take on responsibility and don\'t pass the blame on to others. They stand by their success and take ownership of their mistakes.</li><li><strong>Emotional stability</strong>:&nbsp;In addition to being dependable overall, strong leaders are able to control their emotions and avoid overreactions.</li><li><strong>Intelligence and action-oriented judgment</strong>:&nbsp;Great leaders and smart and make choices that move the group forward.</li><li><strong>Need for achievement</strong>:&nbsp;Strong leaders have a need to succeed and help the group achieve goals. They genuinely care about the success of the group and are committed to helping the group reach these milestones.</li><li><strong>People skills</strong>:&nbsp;Excellent interpersonal skills are essential for leading effectively. Great leaders know how to interact well with other leaders as well as with team members.</li><li><strong>Perseverance</strong>:&nbsp;Strong leaders stick with it, even when things get difficult or the group faces significant obstacles.</li><li><strong>Self-confidence</strong>:&nbsp;Many of the best leaders are extremely self-assured. Because they are confident in themselves, followers often begin to share this self-belief.</li><li><strong>Task competence</strong>:&nbsp;A great leader is skilled and capable. Members of the group are able to look to the leader for an example of how things should be done.</li><li><strong>Trustworthiness</strong>:&nbsp;Group members need to be able to depend upon and trust the person leading them.</li><li><strong>Understanding their followers and their needs</strong>:&nbsp;Effective leaders pay attention to group members and genuinely care about helping them succeed. They want each person in the group to succeed and play a role in moving the entire group forward.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-25\">Controversy on the Trait Theory</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-26\">Early studies on leadership focused on the differences between leaders and followers with the assumption that people in leadership positions would display more leadership traits&nbsp;than those in subordinate positions.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-28\">What researchers found, however, was that there were relatively few traits that could be used to distinguish between leaders and followers. For example, leaders tend to be great communicators. Leaders also tend to be higher in traits such as&nbsp;extroversion, self-confidence, and height, but these differences tended to be small.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There are obvious flaws in the trait-based theory. While proponents suggest that certain traits are characteristic of strong leaders, those who possess the traits don\'t always become leaders.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-32\">Some have suggested that this may due to&nbsp;situational variables&nbsp;in which leadership skills only emerge when an opportunity for leadership arises (such as in war, during a political crisis, or in the absence of leadership).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-34\">Meanwhile, others have taken a contingency approach to leadership in which certain traits can be more effective in some situations and less so in others. Opinions vary on what those traits are and to what degree they can predict success, if at all.</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\" id=\"mntl-sc-block_1-0-36\">Leadership in the Internet Age</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-37\">More controversial yet is the contention that some people don\'t have the traits to become leaders. Such a belief inherently overlooks social and economic inequities that limit, if not entirely erase, a person\'s potential to lead.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-39\">It also overlooks the changing economy and how leadership is defined when connections are today made both online and offline.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.verywellmind.com/what-is-the-trait-theory-of-leadership-2795322\">click here.</a></p>\n<!-- /wp:paragraph -->','Understanding the Trait Theory of Leadership','','publish','closed','closed','','understanding-the-trait-theory-of-leadership','','','2022-02-03 01:26:52','2022-02-03 01:26:52','',0,'http://smartinsurance.tips/?page_id=2148',0,'page','',0),(2149,1,'2022-02-01 18:51:16','2022-02-01 18:51:16','','My-project-40','','inherit','open','closed','','my-project-40','','','2022-02-01 18:51:16','2022-02-01 18:51:16','',2148,'http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-40.png',0,'attachment','image/png',0),(2150,1,'2022-02-01 18:54:38','2022-02-01 18:54:38','<!-- wp:gallery {\"ids\":[2149],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-40-1024x536.png\" alt=\"\" data-id=\"2149\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-40.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2149\" class=\"wp-image-2149\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0\">The trait theory of leadership focuses on identifying different personality traits and characteristics that are linked to successful leadership across a variety of situations. This line of research emerged as one of the earliest types of investigations into the nature of effective leadership and is tied to the \"great man\" theory of leadership first proposed by Thomas Carlyle in the mid-1800s.</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\" id=\"mntl-sc-block_1-0-2\">Trait Theory of Leadership Rationale</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-3\">According to Carlyle, history is shaped by extraordinary leaders. This ability to lead is something that people are simply born with, Carlyle believed, and not something that could be developed. Carlyle\'s ideas inspired early research on leadership, which almost entirely focused on inheritable traits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-5\">Carlyle\'s theory of leadership was based on the rationale that:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-7\" class=\"has-black-color has-text-color has-medium-font-size\"><li>Certain traits produce certain patterns of behavior.</li><li>Patterns are consistent across different situations.</li><li>People are \"born\" with leadership traits.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-9\">Even today, books, and articles tout the various characteristics necessary to become a great leader, suggesting that leadership is somehow predestined in some (or is at least more likely) while unlikely, if not impossible, in others.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-11\">Since the publication of Carlyle\'s thesis, psychologists have examined and argued about the trait-based theory of leadership. From the 1940s to the 1970s, psychologist Ralph Melvin Stogdill suggested that leadership is the result of the interaction between the individual and the social situation and not merely the result of a predefined set of traits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-13\">Soon after in the 1980s, James M. Kouzes and Barry Z. Posner posited that credibility was a key indicator of leadership skills, characterized by such traits as being honest, forward-looking, inspiring, and competent.</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\" id=\"mntl-sc-block_1-0-18\">Leadership Traits</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-19\">While the list of leadership traits can vary by whoever is drawing up the list, a recent study outlined behavioral traits that separated lower-level supervisors from higher-level supervisors.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-21\">According to the researchers, the traits most commonly associated with great leadership include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-23\" class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Adaptability and flexibility</strong>:&nbsp;Effective leaders don\'t get stuck in a rut. They are able to think outside of the box and adapt quickly to changing situations.</li><li><strong>Assertiveness</strong>:&nbsp;A great leader is able to be direct and assertive without coming off as overly pushy or aggressive.</li><li><strong>Capacity to motivate people</strong>:&nbsp;A great leader knows how to inspire others and motivate them to do their best.</li><li><strong>Courage and resolution</strong>:&nbsp;The best leaders are brave and committed to the goals of the group. They do not hide from challenges.</li><li><strong>Creativity</strong>:&nbsp;Perhaps most importantly, great leaders not only possess their own creativity, but they are also able to foster creativity among members of the group.<sup>5</sup></li><li><strong>Decisiveness</strong>:&nbsp;A great leader is capable of making a decision and is confident in his or her choices.</li><li><strong>Eagerness to accept responsibility</strong>:&nbsp;Strong leaders take on responsibility and don\'t pass the blame on to others. They stand by their success and take ownership of their mistakes.</li><li><strong>Emotional stability</strong>:&nbsp;In addition to being dependable overall, strong leaders are able to control their emotions and avoid overreactions.</li><li><strong>Intelligence and action-oriented judgment</strong>:&nbsp;Great leaders and smart and make choices that move the group forward.</li><li><strong>Need for achievement</strong>:&nbsp;Strong leaders have a need to succeed and help the group achieve goals. They genuinely care about the success of the group and are committed to helping the group reach these milestones.</li><li><strong>People skills</strong>:&nbsp;Excellent interpersonal skills are essential for leading effectively. Great leaders know how to interact well with other leaders as well as with team members.</li><li><strong>Perseverance</strong>:&nbsp;Strong leaders stick with it, even when things get difficult or the group faces significant obstacles.</li><li><strong>Self-confidence</strong>:&nbsp;Many of the best leaders are extremely self-assured. Because they are confident in themselves, followers often begin to share this self-belief.</li><li><strong>Task competence</strong>:&nbsp;A great leader is skilled and capable. Members of the group are able to look to the leader for an example of how things should be done.</li><li><strong>Trustworthiness</strong>:&nbsp;Group members need to be able to depend upon and trust the person leading them.</li><li><strong>Understanding their followers and their needs</strong>:&nbsp;Effective leaders pay attention to group members and genuinely care about helping them succeed. They want each person in the group to succeed and play a role in moving the entire group forward.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-25\">Controversy on the Trait Theory</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-26\">Early studies on leadership focused on the differences between leaders and followers with the assumption that people in leadership positions would display more leadership traits&nbsp;than those in subordinate positions.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-28\">What researchers found, however, was that there were relatively few traits that could be used to distinguish between leaders and followers. For example, leaders tend to be great communicators. Leaders also tend to be higher in traits such as extroversion, self-confidence, and height, but these differences tended to be small.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There are obvious flaws in the trait-based theory. While proponents suggest that certain traits are characteristic of strong leaders, those who possess the traits don\'t always become leaders.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-32\">Some have suggested that this may due to situational variables in which leadership skills only emerge when an opportunity for leadership arises (such as in war, during a political crisis, or in the absence of leadership).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-34\">Meanwhile, others have taken a contingency approach to leadership in which certain traits can be more effective in some situations and less so in others. Opinions vary on what those traits are and to what degree they can predict success, if at all.</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\" id=\"mntl-sc-block_1-0-36\">Leadership in the Internet Age</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-37\">More controversial yet is the contention that some people don\'t have the traits to become leaders. Such a belief inherently overlooks social and economic inequities that limit, if not entirely erase, a person\'s potential to lead.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-39\">It also overlooks the changing economy and how leadership is defined when connections are today made both online and offline.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.verywellmind.com/what-is-the-trait-theory-of-leadership-2795322\">click here.</a></p>\n<!-- /wp:paragraph -->','Understanding the Trait Theory of Leadership','','inherit','closed','closed','','2148-revision-v1','','','2022-02-01 18:54:38','2022-02-01 18:54:38','',2148,'http://smartinsurance.tips/?p=2150',0,'revision','',0),(2151,1,'2022-02-01 18:57:45','2022-02-01 18:57:45','<!-- wp:gallery {\"ids\":[2123],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-1-1-1024x536.png\" alt=\"\" data-id=\"2123\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-1-1.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2123\" class=\"wp-image-2123\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:heading {\"fontSize\":\"large\"} -->\n<h2 class=\"has-large-font-size\" id=\"should-i-refinance-my-mortgage\">Should I refinance my mortgage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Mortgage rates hit record lows again and again in 2020. And&nbsp;interest rates are expected to stay low&nbsp;throughout 2021.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">As a result, millions of homeowners are&nbsp;“in the money” to refinance&nbsp;— meaning they could lower their current mortgage rate and save big on monthly payments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Of course, deciding when to refinance your home isn’t a simple decision. Your real refinance rate and savings depend on many different factors.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">So, how do you know when to refinance your home? Here are three trusted strategies that can help you decide.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\" id=\"when-to-refinance-your-home\">When to refinance your home</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If refinancing your home loan saves you money, there’s a good chance you should do it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Even if you just recently bought the home or completed a refinance, it’s&nbsp;probably not too soon&nbsp;to find yourself a better deal.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">That said, refinancing isn’t a flip of a switch. It takes some time, and there are closing costs and paperwork to consider.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You’ll have to weigh the benefits of a mortgage refinance against the upfront costs to make your decision.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There are three simple ways to look at the numbers: &nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"ordered\":true,\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ol class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>The break-even rule of thumb</strong>: A refinance might be worth it if the savings outweigh your closing costs within the amount of time you plan to stay in the home.</li><li><strong>Lowering your monthly mortgage payments</strong>: Refinancing for a lower interest rate and lower monthly payment can help if your budget is tight and you need to free up your cash flow. This strategy might even be worth it if your interest costs are higher in the long run.</li><li><strong>No-closing-cost refinancing</strong>: If you can find a refinance program with low or no closing costs, the decision becomes a lot easier. You’ll likely pay a slightly higher interest rate, but you might be able to avoid the out-of-pocket cost of refinancing.</li></ol>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Start by clearly defining your goals. Know what your financial objective is, and how a refinance will help you get there.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Then check refinance rates available to you. If they’re significantly lower than your current mortgage rate, a refinance is likely worth it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\" id=\"strategy-1-the-refinance-to-break-even-rule-of-thumb\">Strategy 1: The ‘refinance to break even’ rule of thumb&nbsp;</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Your biggest consideration when refinancing will probably be closing costs. As with the original mortgage, closing costs for a refinance can easily total a few thousand dollars.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">With that in mind, the first question to ask yourself is:&nbsp;<em><strong>Will I stay in the house long enough after refinancing to reach the break-even point? &nbsp;</strong></em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The break-even point is when your total savings equal the amount you spent on refinance closing costs. After that point, you start seeing ‘real’ savings on your new loan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You can get a simple answer to this question by dividing your closing costs by your estimated monthly savings. For example:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Refinance closing costs and fees: $3,000</li><li>Monthly savings: $300</li><li><strong>Time to break even: 10 months</strong></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In this scenario, the homeowner won’t start seeing savings until 11 months in. If they’re planning on staying in the house for another few years, a refinance is probably in their best interest.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here are a couple more tips for calculating your refinance savings:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Closing costs to consider include title, escrow, and origination fees</strong>. Ignore prepaid items like taxes and insurance, since you’ll have to pay those anyway</li><li><strong>Look at your interest savings, not your payment savings.&nbsp;</strong>The goal is to pay significantly less in interest over the life of the loan, not just to lower your payment</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you’re planning on moving or selling before you’ll break even, take another look at your goals.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There might still be reasons to refinance (like freeing up your cash flow, below), but it’s more likely to be a wash. You might wait till interest rates drop a little lower and you can break even faster.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\" id=\"strategy-2-the-cash-flow-refinance-method\">Strategy 2: The cash-flow refinance method</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Saving money over the life of your loan is a great reason to refinance. But it’s not the only one.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Say you’re a few years into your current loan, and really struggling with monthly payments. (It can happen to anyone.)&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Refinancing into a new 30-year term might increase your total interest payments over the life of the loan. But if it lowers your monthly payment and frees up some day-to-day cash? Refinancing might be worth it anyway.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here’s an example of how this type of refinance might shake out:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><td>&nbsp;</td><td>Original mortgage</td><td><strong>Refinanced mortgage</strong></td></tr><tr><td>Loan balance</td><td>$300,000</td><td>$300,000</td></tr><tr><td>Remaining term</td><td>23 years</td><td>30 years</td></tr><tr><td>Interest rate</td><td>4.75%</td><td>4%</td></tr><tr><td>Total interest remaining</td><td>$190,000</td><td>$215,000</td></tr><tr><td>Monthly payment</td><td>$1,800</td><td>$1,400</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">This homeowner would save $400 per month by refinancing. That extra cash can make a meaningful dent in monthly bills and living expenses. It could make all the difference in affording their home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">However, refinancing into a new 30-year term also means this person would pay an extra $25,000 in interest over the life of the loan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Whether or not this type of refinance is worth it depends on your unique situation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The important thing is that you’re fully aware of both the short- and long-term effects on your bank account before making a decision.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\" id=\"strategy-3-no-closing-cost-refinance\">Strategy 3: No-closing-cost refinance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There’s one more surefire refinance strategy: The no-closing-cost refinance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Believe it or not, any lender can offer you a refinance with no closing costs. But it’s not&nbsp;<em>exactly</em>&nbsp;a free lunch.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A no-closing-cost refinance still technically has closing costs. You just don’t pay them upfront.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You can either finance the closing costs (paying them off over the life of the loan) or accept a higher interest rate in return for the lender covering your upfront fees.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">That might sound backward, considering that you’re probably refinancing because you want a lower rate.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">But if mortgage interest rates are&nbsp;low enough, you can likely see a slight uptick and still save a lot in interest in the long run.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">For example, imagine you’re refinancing a 30-year, fixed-rate loan of with a balance of $300,000 and a 4.75% interest rate:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><td>&nbsp;</td><td>Refinance with closing costs</td><td>Refinance with no closing costs</td></tr><tr><td>Loan balance</td><td>$300,000</td><td>$300,000</td></tr><tr><td>New interest rate</td><td>3.75%</td><td>4%</td></tr><tr><td>Closing costs</td><td>$3,000</td><td>$0</td></tr><tr><td>Total interest savings (over 30 years)</td><td>$93,400</td><td>$77,800</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Paying $3,000 in closing costs would save this homeowner more over the life of the loan, of course.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">But if they can’t (or don’t want to) pay $3,000 out of pocket, they can still save more than $70,000 over 30 years with a no-closing-cost refinance. That’s not a bad deal.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\" id=\"good-reasons-to-refinance-your-home-loan\">Good reasons to refinance your home loan</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The three strategies above should help you figure out whether a refinance is worth it based on the amount of money you can save.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">But a refinance can help you with other financial goals, too — aside from just reducing your mortgage payments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here are just a few good reasons to consider refinancing your mortgage:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Cancel mortgage insurance:</strong> You can use a refinance to get rid of mortgage insurance (either PMI or MIP) if you’ve built enough equity in the home.</li><li><strong>Refinance to a shorter term</strong>: You can pay off your home sooner by refinancing from a 30-year mortgage to a 15-year loan, or a less common loan term like a 10 or 20-year mortgage. Rates are usually lower, but your monthly payment will increase since you’re paying off the loan with fewer payments.</li><li><strong>Get out of an ARM and lock low rates</strong>: Adjustable-rate mortgages usually start with low rates, but they can spike later. Refinancing into a fixed-rate mortgage can help you lock in a low rate for the rest of your loan term. </li><li><strong>Get cash out: </strong>As you pay down your mortgage, your home equity grows. A cash-out refinance lets you access some of that equity money to pay for renovations, kids’ college tuition, or other big-ticket items.</li><li><strong>Consolidate debt: </strong>You can also use a cash-out refinance to pay off high-interest debt, like from credit cards or personal loans, at a lower interest rate. Use extreme care with this method, as it’s easy to run debts back up and end in a worse place than where you started.</li><li><strong>Pay off liens, second mortgages, or judgments: </strong>If you’ve taken out a second mortgage (“piggyback” loan), home equity line of credit, or other judgment on the property, you can use a cash-out refi to pay these things off.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></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\" id=\"refinance-requirements\">Refinance requirements</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Refinancing your home means taking out an entirely new mortgage to replace your old one. As such, you’ll need to complete a full loan application and pass basic mortgage loan requirements.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The minimum requirements to refinance depend on the loan program you’re using.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Conventional refinance loans&nbsp;</strong>typically require a credit score of 620 or higher. If you have at least 20 percent equity, you can avoid paying for private mortgage insurance and you’ll save more money.</li><li><strong>FHA refinance loans&nbsp;</strong>usually require a credit score of 580 or higher. If you want to take cash out, you’ll likely need a credit score of at least 600. FHA Streamline Refinances technically do not require credit, income, or employment verification — or a new appraisal. However some lenders may check those criteria anyway. FHA refinance loans charge mortgage insurance premium (MIP), but if you have at least 20 percent home equity, you can likely refinance to a conventional loan with no mortgage insurance.</li><li><strong>VA refinancing&nbsp;</strong>usually requires a credit score of at least 620, though some mortgage lenders are more lenient. VA loans do not require mortgage insurance and typically have the lowest interest rates of any mortgage program. The VA Streamline Refinance or ‘IRRRL’ does not require income or employment verification, or a new appraisal. &nbsp;</li><li><strong>USDA refinancing</strong>&nbsp;typically requires a credit score of at least 640. Just like for USDA home purchase loans, the property must be located in an eligible ‘rural’ area. USDA borrowers also have access to a streamlined refinancing program with looser documentation requirements. &nbsp;</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Which refinance option is right for you? That depends on your credit report and score, your current mortgage, your home value and loan amount, and your overall goal for refinancing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://themortgagereports.com/56825/three-foolproof-ways-to-know-when-to-refinance-your-mortgage-video\">click here.</a></p>\n<!-- /wp:paragraph -->','Is now the right time to refinance? 3 strategies to know when to refinance your home','','inherit','closed','closed','','2122-revision-v1','','','2022-02-01 18:57:45','2022-02-01 18:57:45','',2122,'http://smartinsurance.tips/?p=2151',0,'revision','',0),(2152,1,'2022-02-01 19:00:55','2022-02-01 19:00:55','<!-- wp:gallery {\"ids\":[2154],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-46-1024x536.png\" alt=\"\" data-id=\"2154\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-46.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2154\" class=\"wp-image-2154\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Creating and updating an inventory of your personal possessions is one of the best ways to make the most of your homeowners or renters insurance, and makes filing a claim easier and more efficient. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A home inventory is simply a list of your personal possessions along with their estimated financial value. You can create a home inventory in a simple, low-tech manner by writing down everything in a notebook and keeping receipts in a folder. Or you can take advantage of technology and use a digital camera or smart phone or app to make your record.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">No matter how you choose to do it, the important thing is to take action. An up-to-date home inventory will:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"ordered\":true,\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ol class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Help you purchase the right amount and type of insurance. </strong>Having an accurate list of all your possessions helps you to have a more productive conversation with your insurance professional when making decisions about homeowners or renters insurance coverage. After all, if you don’t know what you have, how can you insure it adequately?</li><li><strong>Make filing a claim as simple as possible. </strong>Most people cannot remember what they had for breakfast much less recall the contents of their attic, kitchen cabinets or downstairs closet after a fire, storm or other catastrophe. Disasters are scary and stressful, which can make trying to list damaged property for a claims form even more challenging. Having your belongings already documented in your home inventory can be a huge relief at times like these.</li><li><strong>Substantiate financial losses for tax purposes or when applying for financial assistance. </strong>Following a catastrophe, the only way to determine whether you qualify for a tax break or disaster assistance is to substantiate your financial losses. A well-organized home inventory can be an extremely useful tool in this process.</li></ol>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.iii.org/article/three-reasons-take-home-inventory\">click here.</a></p>\n<!-- /wp:paragraph -->','Three reasons to take a home inventory','','publish','closed','closed','','three-reasons-to-take-a-home-inventory','','','2022-02-01 19:00:56','2022-02-01 19:00:56','',0,'http://smartinsurance.tips/?page_id=2152',0,'page','',0),(2153,1,'2022-02-01 18:58:28','2022-02-01 18:58:28','<!-- wp:gallery {\"ids\":[2123],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-1-1-1024x536.png\" alt=\"\" data-id=\"2123\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-1-1.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2123\" class=\"wp-image-2123\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:heading {\"fontSize\":\"large\"} -->\n<h2 class=\"has-large-font-size\" id=\"should-i-refinance-my-mortgage\">Should I refinance my mortgage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Mortgage rates hit record lows again and again in 2020. And&nbsp;interest rates are expected to stay low&nbsp;throughout 2021.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">As a result, millions of homeowners are&nbsp;“in the money” to refinance&nbsp;— meaning they could lower their current mortgage rate and save big on monthly payments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Of course, deciding when to refinance your home isn’t a simple decision. Your real refinance rate and savings depend on many different factors.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">So, how do you know when to refinance your home? Here are three trusted strategies that can help you decide.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\" id=\"when-to-refinance-your-home\">When to refinance your home?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If refinancing your home loan saves you money, there’s a good chance you should do it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Even if you just recently bought the home or completed a refinance, it’s&nbsp;probably not too soon&nbsp;to find yourself a better deal.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">That said, refinancing isn’t a flip of a switch. It takes some time, and there are closing costs and paperwork to consider.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You’ll have to weigh the benefits of a mortgage refinance against the upfront costs to make your decision.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There are three simple ways to look at the numbers: &nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"ordered\":true,\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ol class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>The break-even rule of thumb</strong>: A refinance might be worth it if the savings outweigh your closing costs within the amount of time you plan to stay in the home.</li><li><strong>Lowering your monthly mortgage payments</strong>: Refinancing for a lower interest rate and lower monthly payment can help if your budget is tight and you need to free up your cash flow. This strategy might even be worth it if your interest costs are higher in the long run.</li><li><strong>No-closing-cost refinancing</strong>: If you can find a refinance program with low or no closing costs, the decision becomes a lot easier. You’ll likely pay a slightly higher interest rate, but you might be able to avoid the out-of-pocket cost of refinancing.</li></ol>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Start by clearly defining your goals. Know what your financial objective is, and how a refinance will help you get there.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Then check refinance rates available to you.&nbsp;If they’re significantly lower than your current mortgage rate, a refinance is likely worth it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\" id=\"strategy-1-the-refinance-to-break-even-rule-of-thumb\">Strategy 1: The ‘refinance to break even’ rule of thumb&nbsp;</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Your biggest consideration when refinancing will probably be closing costs. As with the original mortgage, closing costs for a refinance can easily total a few thousand dollars.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">With that in mind, the first question to ask yourself is:&nbsp;<em><strong>Will I stay in the house long enough after refinancing to reach the break-even point? &nbsp;</strong></em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The break-even point is when your total savings equal the amount you spent on refinance closing costs. After that point, you start seeing ‘real’ savings on your new loan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You can get a simple answer to this question by dividing your closing costs by your estimated monthly savings. For example:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Refinance closing costs and fees: $3,000</li><li>Monthly savings: $300</li><li><strong>Time to break even: 10 months</strong></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In this scenario, the homeowner won’t start seeing savings until 11 months in. If they’re planning on staying in the house for another few years, a refinance is probably in their best interest.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here are a couple more tips for calculating your refinance savings:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Closing costs to consider include title, escrow, and origination fees</strong>. Ignore prepaid items like taxes and insurance, since you’ll have to pay those anyway</li><li><strong>Look at your interest savings, not your payment savings.&nbsp;</strong>The goal is to pay significantly less in interest over the life of the loan, not just to lower your payment</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you’re planning on moving or selling before you’ll break even, take another look at your goals.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There might still be reasons to refinance (like freeing up your cash flow, below), but it’s more likely to be a wash. You might wait till interest rates drop a little lower and you can break even faster.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\" id=\"strategy-2-the-cash-flow-refinance-method\">Strategy 2: The cash-flow refinance method</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Saving money over the life of your loan is a great reason to refinance. But it’s not the only one.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Say you’re a few years into your current loan, and really struggling with monthly payments. (It can happen to anyone.)&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Refinancing into a new 30-year term might increase your total interest payments over the life of the loan. But if it lowers your monthly payment and frees up some day-to-day cash? Refinancing might be worth it anyway.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here’s an example of how this type of refinance might shake out:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><td>&nbsp;</td><td>Original mortgage</td><td><strong>Refinanced mortgage</strong></td></tr><tr><td>Loan balance</td><td>$300,000</td><td>$300,000</td></tr><tr><td>Remaining term</td><td>23 years</td><td>30 years</td></tr><tr><td>Interest rate</td><td>4.75%</td><td>4%</td></tr><tr><td>Total interest remaining</td><td>$190,000</td><td>$215,000</td></tr><tr><td>Monthly payment</td><td>$1,800</td><td>$1,400</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">This homeowner would save $400 per month by refinancing. That extra cash can make a meaningful dent in monthly bills and living expenses. It could make all the difference in affording their home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">However, refinancing into a new 30-year term also means this person would pay an extra $25,000 in interest over the life of the loan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Whether or not this type of refinance is worth it depends on your unique situation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The important thing is that you’re fully aware of both the short- and long-term effects on your bank account before making a decision.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\" id=\"strategy-3-no-closing-cost-refinance\">Strategy 3: No-closing-cost refinance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There’s one more surefire refinance strategy: The no-closing-cost refinance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Believe it or not, any lender can offer you a refinance with no closing costs. But it’s not&nbsp;<em>exactly</em>&nbsp;a free lunch.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A no-closing-cost refinance still technically has closing costs. You just don’t pay them upfront.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You can either finance the closing costs (paying them off over the life of the loan) or accept a higher interest rate in return for the lender covering your upfront fees.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">That might sound backward, considering that you’re probably refinancing because you want a lower rate.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">But if mortgage interest rates are&nbsp;low enough, you can likely see a slight uptick and still save a lot in interest in the long run.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">For example, imagine you’re refinancing a 30-year, fixed-rate loan of with a balance of $300,000 and a 4.75% interest rate:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><td>&nbsp;</td><td>Refinance with closing costs</td><td>Refinance with no closing costs</td></tr><tr><td>Loan balance</td><td>$300,000</td><td>$300,000</td></tr><tr><td>New interest rate</td><td>3.75%</td><td>4%</td></tr><tr><td>Closing costs</td><td>$3,000</td><td>$0</td></tr><tr><td>Total interest savings (over 30 years)</td><td>$93,400</td><td>$77,800</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Paying $3,000 in closing costs would save this homeowner more over the life of the loan, of course.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">But if they can’t (or don’t want to) pay $3,000 out of pocket, they can still save more than $70,000 over 30 years with a no-closing-cost refinance. That’s not a bad deal.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\" id=\"good-reasons-to-refinance-your-home-loan\">Good reasons to refinance your home loan</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The three strategies above should help you figure out whether a refinance is worth it based on the amount of money you can save.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">But a refinance can help you with other financial goals, too — aside from just reducing your mortgage payments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here are just a few good reasons to consider refinancing your mortgage:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Cancel mortgage insurance:</strong>&nbsp;You can use a refinance to&nbsp;get rid of mortgage insurance&nbsp;(either PMI or MIP) if you’ve built enough equity in the home.</li><li><strong>Refinance to a shorter term</strong>:&nbsp;You can pay off your home sooner by refinancing from a 30-year mortgage to a 15-year loan, or a less common loan term like a 10 or 20-year mortgage. Rates are usually lower, but your monthly payment will increase since you’re paying off the loan with fewer payments.</li><li><strong>Get out of an ARM and lock low rates</strong>: Adjustable-rate mortgages usually start with low rates, but they can spike later. Refinancing into a fixed-rate mortgage can help you lock in a low rate for the rest of your loan term.&nbsp;</li><li><strong>Get cash out:&nbsp;</strong>As you pay down your mortgage, your home equity grows. A&nbsp;cash-out refinance&nbsp;lets you access some of that equity money to pay for renovations, kids’ college tuition, or other big-ticket items.</li><li><strong>Consolidate debt:&nbsp;</strong>You can also use a cash-out refinance to pay off high-interest debt, like from credit cards or personal loans, at a lower interest rate. Use extreme care with this method, as it’s easy to run debts back up and end in a worse place than where you started.</li><li><strong>Pay off liens, second mortgages, or judgments:&nbsp;</strong>If you’ve taken out a second mortgage (“piggyback” loan), home equity line of credit, or other judgment on the property, you can use a cash-out refi to pay these things off.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></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\" id=\"refinance-requirements\">Refinance requirements</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Refinancing your home means taking out an entirely new mortgage to replace your old one. As such, you’ll need to complete a full loan application and pass basic mortgage loan requirements.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The minimum requirements to refinance depend on the loan program you’re using.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Conventional refinance loans&nbsp;</strong>typically require a credit score of 620 or higher. If you have at least 20 percent equity, you can avoid paying for private mortgage insurance and you’ll save more money.</li><li><strong>FHA refinance loans&nbsp;</strong>usually require a credit score of 580 or higher. If you want to take cash out, you’ll likely need a credit score of at least 600. FHA Streamline Refinances technically do not require credit, income, or employment verification — or a new appraisal. However some lenders may check those criteria anyway. FHA refinance loans charge mortgage insurance premium (MIP), but if you have at least 20 percent home equity, you can likely refinance to a conventional loan with no mortgage insurance.</li><li><strong>VA refinancing&nbsp;</strong>usually requires a credit score of at least 620, though some mortgage lenders are more lenient. VA loans do not require mortgage insurance and typically have the lowest interest rates of any mortgage program. The VA Streamline Refinance or ‘IRRRL’ does not require income or employment verification, or a new appraisal. &nbsp;</li><li><strong>USDA refinancing</strong>&nbsp;typically requires a credit score of at least 640. Just like for USDA home purchase loans, the property must be located in an eligible ‘rural’ area. USDA borrowers also have access to a streamlined refinancing program with looser documentation requirements. &nbsp;</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Which refinance option is right for you? That depends on your credit report and score, your current mortgage, your home value and loan amount, and your overall goal for refinancing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://themortgagereports.com/56825/three-foolproof-ways-to-know-when-to-refinance-your-mortgage-video\">click here.</a></p>\n<!-- /wp:paragraph -->','Is now the right time to refinance? 3 strategies to know when to refinance your home','','inherit','closed','closed','','2122-revision-v1','','','2022-02-01 18:58:28','2022-02-01 18:58:28','',2122,'http://smartinsurance.tips/?p=2153',0,'revision','',0),(2154,1,'2022-02-01 18:58:58','2022-02-01 18:58:58','','My-project-46','','inherit','open','closed','','my-project-46','','','2022-02-01 18:58:58','2022-02-01 18:58:58','',2152,'http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-46.png',0,'attachment','image/png',0),(2155,1,'2022-02-01 19:00:55','2022-02-01 19:00:55','<!-- wp:gallery {\"ids\":[2154],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-46-1024x536.png\" alt=\"\" data-id=\"2154\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-46.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2154\" class=\"wp-image-2154\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Creating and updating an inventory of your personal possessions is one of the best ways to make the most of your homeowners or renters insurance, and makes filing a claim easier and more efficient. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A home inventory is simply a list of your personal possessions along with their estimated financial value. You can create a home inventory in a simple, low-tech manner by writing down everything in a notebook and keeping receipts in a folder. Or you can take advantage of technology and use a digital camera or smart phone or app to make your record.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">No matter how you choose to do it, the important thing is to take action. An up-to-date home inventory will:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"ordered\":true,\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ol class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Help you purchase the right amount and type of insurance. </strong>Having an accurate list of all your possessions helps you to have a more productive conversation with your insurance professional when making decisions about homeowners or renters insurance coverage. After all, if you don’t know what you have, how can you insure it adequately?</li><li><strong>Make filing a claim as simple as possible. </strong>Most people cannot remember what they had for breakfast much less recall the contents of their attic, kitchen cabinets or downstairs closet after a fire, storm or other catastrophe. Disasters are scary and stressful, which can make trying to list damaged property for a claims form even more challenging. Having your belongings already documented in your home inventory can be a huge relief at times like these.</li><li><strong>Substantiate financial losses for tax purposes or when applying for financial assistance. </strong>Following a catastrophe, the only way to determine whether you qualify for a tax break or disaster assistance is to substantiate your financial losses. A well-organized home inventory can be an extremely useful tool in this process.</li></ol>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.iii.org/article/three-reasons-take-home-inventory\">click here.</a></p>\n<!-- /wp:paragraph -->','Three reasons to take a home inventory','','inherit','closed','closed','','2152-revision-v1','','','2022-02-01 19:00:55','2022-02-01 19:00:55','',2152,'http://smartinsurance.tips/?p=2155',0,'revision','',0),(2156,1,'2022-02-01 19:03:23','2022-02-01 19:03:23','<!-- wp:gallery {\"ids\":[2157],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-47-1024x536.png\" alt=\"\" data-id=\"2157\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-47.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2157\" class=\"wp-image-2157\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">While business insurance policies by definition provide coverage for the business itself, individual company officers may still be personally exposed to financial losses resulting from a lawsuit. To protect your company’s leadership, you may want to consider purchasing directors and officers (D&amp;O) liability insurance.</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\">What D&amp;O covers?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Directors and officers is a type of liability insurance that covers individuals for claims made against them while serving on a board of directors and/or as an officer. This type of policy can be written to cover directors and officers of for-profit businesses, privately held firms, not-for-profit organizations and educational institutions. There are several elements—called “Sides”—to a D&amp;O policy, including:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Side A</strong>—Protects a corporation’s directors and officers when the company cannot indemnify the individuals.</li><li><strong>Side B</strong>—Reimburses the organization when it indemnifies the individuals, thus protecting the company’s balance sheet</li><li><strong>Side C</strong>—Also known as “entity coverage,” this eliminates disputes of coverage allocation when both the directors and officers and the insured organization are named as co-defendants in a securities lawsuit.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A wide range of claims against a business have the potential to target company leadership for responsibility—and liability. Business leaders can be held responsible for a company’s failure to comply with regulations and to provide a safe and secure workplace. In addition, if a company is found liable for losses because of operational failures and mismanagement, directors and officers may be exposed to liability as well. The types of claims that may target company leadership individually as well as the company itself typically include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Shareholder suits over company or stock performance.</li><li>Creditor or investor suits over mismanagement or dereliction of fiduciary duties.</li><li>Misrepresentation in a prospectus.</li><li>Decisions exceeding the authority granted to a company officer.</li><li>Failure to comply with regulations or laws.</li><li>Employment practices and HR issues.</li><li>Pollution and other regulatory claims.</li><li>Cyber liability.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">What’s excluded?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Standard exclusions in a D&amp;O policy typically include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Fraud.</li><li>Personal profiting.</li><li>Accounting of profits, and other illegal compensation exclusions.</li><li>Pending and prior litigation.</li><li>Prior (late) claim notice.</li><li>Bodily injury/property damage.</li><li>Insured versus insured claims.</li><li>ERISA.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">The added value of protecting company leaders</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Aside from paying for claims against company leadership, there are several other benefits to carrying directors and officers liability insurance, including a company’s ability to:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Retain strong leaders</strong>—Many potential directors and officers will be reluctant to join your business if they are exposed to personal liability. D&amp;O liability insurance helps address this issue.</li><li><strong>Attract investment</strong>—Venture capital and private equity firms often require companies to have D&amp;O coverage before they make an investment.</li><li><strong>Cover legal fees</strong>—Even if directors and officers are exonerated of wrongdoing, your business may incur substantial legal fees in responding to a lawsuit against your leadership. If you have a D&amp;O policy, your company’s legal fees will likely be covered.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There are several types of D&amp;O policies, defined by what liabilities, legal costs and other exposures are covered. You should select coverage based on risks and how your business is organized. Your company’s bylaws or articles of incorporation may provide certain protections—or indemnification—for directors and officers. You should seek guidance from your insurance professional about this somewhat complex, technical type of insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.iii.org/article/directors-and-officers-insurance\">click here.</a></p>\n<!-- /wp:paragraph -->','Directors and Officers insurance','','publish','closed','closed','','directors-and-officers-insurance','','','2022-02-01 19:03:50','2022-02-01 19:03:50','',0,'http://smartinsurance.tips/?page_id=2156',0,'page','',0),(2157,1,'2022-02-01 19:01:48','2022-02-01 19:01:48','','My-project-47','','inherit','open','closed','','my-project-47','','','2022-02-01 19:01:48','2022-02-01 19:01:48','',2156,'http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-47.png',0,'attachment','image/png',0),(2158,1,'2022-02-01 19:03:23','2022-02-01 19:03:23','<!-- wp:gallery {\"ids\":[2157],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-47-1024x536.png\" alt=\"\" data-id=\"2157\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-47.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2157\" class=\"wp-image-2157\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">While business insurance policies by definition provide coverage for the business itself, individual company officers may still be personally exposed to financial losses resulting from a lawsuit. To protect your company’s leadership, you may want to consider purchasing directors and officers (D&amp;O) liability insurance.</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\">What D&amp;O covers</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Directors and officers is a type of liability insurance that covers individuals for claims made against them while serving on a board of directors and/or as an officer. This type of policy can be written to cover directors and officers of for-profit businesses, privately held firms, not-for-profit organizations and educational institutions. There are several elements—called “Sides”—to a D&amp;O policy, including:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Side A</strong>—Protects a corporation’s directors and officers when the company cannot indemnify the individuals.</li><li><strong>Side B</strong>—Reimburses the organization when it indemnifies the individuals, thus protecting the company’s balance sheet</li><li><strong>Side C</strong>—Also known as “entity coverage,” this eliminates disputes of coverage allocation when both the directors and officers and the insured organization are named as co-defendants in a securities lawsuit.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A wide range of claims against a business have the potential to target company leadership for responsibility—and liability. Business leaders can be held responsible for a company’s failure to comply with regulations and to provide a safe and secure workplace. In addition, if a company is found liable for losses because of operational failures and mismanagement, directors and officers may be exposed to liability as well. The types of claims that may target company leadership individually as well as the company itself typically include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Shareholder suits over company or stock performance.</li><li>Creditor or investor suits over mismanagement or dereliction of fiduciary duties.</li><li>Misrepresentation in a prospectus.</li><li>Decisions exceeding the authority granted to a company officer.</li><li>Failure to comply with regulations or laws.</li><li>Employment practices and HR issues.</li><li>Pollution and other regulatory claims.</li><li>Cyber liability.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">What’s excluded?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Standard exclusions in a D&amp;O policy typically include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Fraud.</li><li>Personal profiting.</li><li>Accounting of profits, and other illegal compensation exclusions.</li><li>Pending and prior litigation.</li><li>Prior (late) claim notice.</li><li>Bodily injury/property damage.</li><li>Insured versus insured claims.</li><li>ERISA.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">The added value of protecting company leaders</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Aside from paying for claims against company leadership, there are several other benefits to carrying directors and officers liability insurance, including a company’s ability to:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Retain strong leaders</strong>—Many potential directors and officers will be reluctant to join your business if they are exposed to personal liability. D&amp;O liability insurance helps address this issue.</li><li><strong>Attract investment</strong>—Venture capital and private equity firms often require companies to have D&amp;O coverage before they make an investment.</li><li><strong>Cover legal fees</strong>—Even if directors and officers are exonerated of wrongdoing, your business may incur substantial legal fees in responding to a lawsuit against your leadership. If you have a D&amp;O policy, your company’s legal fees will likely be covered.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There are several types of D&amp;O policies, defined by what liabilities, legal costs and other exposures are covered. You should select coverage based on risks and how your business is organized. Your company’s bylaws or articles of incorporation may provide certain protections—or indemnification—for directors and officers. You should seek guidance from your insurance professional about this somewhat complex, technical type of insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.iii.org/article/directors-and-officers-insurance\">click here.</a></p>\n<!-- /wp:paragraph -->','Directors and Officers insurance','','inherit','closed','closed','','2156-revision-v1','','','2022-02-01 19:03:23','2022-02-01 19:03:23','',2156,'http://smartinsurance.tips/?p=2158',0,'revision','',0),(2159,1,'2022-02-01 19:03:49','2022-02-01 19:03:49','<!-- wp:gallery {\"ids\":[2157],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-47-1024x536.png\" alt=\"\" data-id=\"2157\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-47.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2157\" class=\"wp-image-2157\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">While business insurance policies by definition provide coverage for the business itself, individual company officers may still be personally exposed to financial losses resulting from a lawsuit. To protect your company’s leadership, you may want to consider purchasing directors and officers (D&amp;O) liability insurance.</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\">What D&amp;O covers?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Directors and officers is a type of liability insurance that covers individuals for claims made against them while serving on a board of directors and/or as an officer. This type of policy can be written to cover directors and officers of for-profit businesses, privately held firms, not-for-profit organizations and educational institutions. There are several elements—called “Sides”—to a D&amp;O policy, including:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Side A</strong>—Protects a corporation’s directors and officers when the company cannot indemnify the individuals.</li><li><strong>Side B</strong>—Reimburses the organization when it indemnifies the individuals, thus protecting the company’s balance sheet</li><li><strong>Side C</strong>—Also known as “entity coverage,” this eliminates disputes of coverage allocation when both the directors and officers and the insured organization are named as co-defendants in a securities lawsuit.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A wide range of claims against a business have the potential to target company leadership for responsibility—and liability. Business leaders can be held responsible for a company’s failure to comply with regulations and to provide a safe and secure workplace. In addition, if a company is found liable for losses because of operational failures and mismanagement, directors and officers may be exposed to liability as well. The types of claims that may target company leadership individually as well as the company itself typically include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Shareholder suits over company or stock performance.</li><li>Creditor or investor suits over mismanagement or dereliction of fiduciary duties.</li><li>Misrepresentation in a prospectus.</li><li>Decisions exceeding the authority granted to a company officer.</li><li>Failure to comply with regulations or laws.</li><li>Employment practices and HR issues.</li><li>Pollution and other regulatory claims.</li><li>Cyber liability.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">What’s excluded?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Standard exclusions in a D&amp;O policy typically include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Fraud.</li><li>Personal profiting.</li><li>Accounting of profits, and other illegal compensation exclusions.</li><li>Pending and prior litigation.</li><li>Prior (late) claim notice.</li><li>Bodily injury/property damage.</li><li>Insured versus insured claims.</li><li>ERISA.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">The added value of protecting company leaders</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Aside from paying for claims against company leadership, there are several other benefits to carrying directors and officers liability insurance, including a company’s ability to:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Retain strong leaders</strong>—Many potential directors and officers will be reluctant to join your business if they are exposed to personal liability. D&amp;O liability insurance helps address this issue.</li><li><strong>Attract investment</strong>—Venture capital and private equity firms often require companies to have D&amp;O coverage before they make an investment.</li><li><strong>Cover legal fees</strong>—Even if directors and officers are exonerated of wrongdoing, your business may incur substantial legal fees in responding to a lawsuit against your leadership. If you have a D&amp;O policy, your company’s legal fees will likely be covered.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There are several types of D&amp;O policies, defined by what liabilities, legal costs and other exposures are covered. You should select coverage based on risks and how your business is organized. Your company’s bylaws or articles of incorporation may provide certain protections—or indemnification—for directors and officers. You should seek guidance from your insurance professional about this somewhat complex, technical type of insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.iii.org/article/directors-and-officers-insurance\">click here.</a></p>\n<!-- /wp:paragraph -->','Directors and Officers insurance','','inherit','closed','closed','','2156-revision-v1','','','2022-02-01 19:03:49','2022-02-01 19:03:49','',2156,'http://smartinsurance.tips/?p=2159',0,'revision','',0),(2175,1,'2022-03-01 12:29:43','2022-03-01 12:29:43','<!-- wp:gallery {\"ids\":[2176],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/03/My-project-1024x536.png\" alt=\"\" data-id=\"2176\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/03/My-project.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2176\" class=\"wp-image-2176\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-1\">When you are budgeting and saving, the money in your emergency fund should be earmarked for unexpected expenses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-4\">But what, exactly, counts as an unexpected expense? Some expenses are irregular but predictable, while others are truly impossible to foresee.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-7\">Once you understand what unexpected expenses actually are, you will be better able to plan your savings and manage your budget.</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\" id=\"mntl-sc-block_1-0-9\">Annual Bills vs. Unexpected Expenses</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-11\">Some expenses do not occur monthly, but you can still predict them because they occur on an annual or semi-annual schedule. They aren\'t unexpected because you know they will happen once or twice every year.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-14\">Annual and semi-annual bills can include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-17\" class=\"has-black-color has-text-color has-medium-font-size\"><li>Property tax</li><li>Car insurance</li><li>Life insurance</li><li>Eye exams</li><li>School tuition</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-20\">Even though they don\'t occur monthly, these annual or semi-annual expenses can still be planned for in your monthly budget. Set aside a fixed amount each week or each month so you have the correct amount saved when the bill comes due.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-23\">For example, if your property taxes are $5,200 per year, set aside $100 a week.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\" id=\"mntl-sc-block_1-0-26\"><p>($100 a week) x (52 weeks per year) = $5,200</p></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-29\">If your annual eye exam and lens replacement cost $300 each year, set aside $25 per month.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\" id=\"mntl-sc-block_1-0-32\"><p>($25 a month) x (12 months per year) = $300</p></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-35\">Because these expenses are regular and predictable, they are not truly unexpected. You should plan for them in your budget so that you don\'t have to use your emergency fund to cover them.</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\" id=\"mntl-sc-block_1-0-37\">Irregular Maintenance vs. Unexpected Expenses</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-39\">Some expenses are irregular or occur at unpredictable times. But the expenses themselves are not unexpected because they are general maintenance that you can predict will occur at&nbsp;<em>some</em>&nbsp;point.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-42\">For example, irregular but predictable maintenance could include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-45\" class=\"has-black-color has-text-color has-medium-font-size\"><li>Fixing a leaking roof</li><li>Replacing a broken dishwasher</li><li>Paying a $1,000 health insurance deductible</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-48\">Expenses like medical bills, car work, and home repairs aren\'t truly unexpected. You might not know exactly when it will happen, or what will need fixing, but you can predict that at some point all these things will need maintenance or care.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-51\">To plan for these expenses, your budget should include an estimate of how much you\'ll spend on variable costs like your home, car, and health.</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_1-0-54\">1% Rule for Maintenance and Repairs</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-56\">One good rule of thumb is that 1% of your home\'s value should be set aside each year for home repairs and maintenance. If you live in a $250,000 home, you should save $2,500 per year or about $208 per month.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\" id=\"mntl-sc-block_1-0-59\"><p>($250,000 x 1%)/(12 months per year) = $208.33</p></blockquote>\n<!-- /wp:quote -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-62\">You won\'t spend $2,500 every year. Some years you\'ll spend just $100 or $200 on basic maintenance, like cleaning the gutters. But in other years, you\'ll spend $7,000 replacing the roof.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-65\">The 1% rule is intended to be a long-term annualized average, and you can budget for these types of expenses by setting aside money in a \"home repairs and maintenance\" fund. During months when you have smaller (or no) expenses, the money will remain available until you have a large expense.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Consider putting these savings in a high-yield checking or savings account so that they can earn interest when you are waiting to use 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_1-0-70\">Auto and Health Expenses</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-72\">The same is true for car and health expenses. If you budget a set amount each month, you\'ll be able to respond to the average cost of car maintenance and health expenses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-75\">You may choose to set aside $600 a year, or $50 per month, for car repairs. Some years you\'ll spend $0. In other years, you\'ll need to spend $4,000 to replace the transmission.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-78\">Similarly, you\'ll need to set aside some money each month to cover deductibles, co-pays, prescriptions, and other out-of-pocket medical costs. The amount you set aside should be aligned with the deductible and maximum annual out-of-pocket costs on your health plan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-81\">For example, let\'s say your health plan has a $1,200 annual deductible and $5,000 total annual out-of-pocket maximum. If you\'re healthy and don\'t visit the doctor often, you might decide to set aside $100 per month, or $1,200 per year.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-84\">If you think you may need more frequent doctors visits, you might opt to set aside $416 per month, or $5,000 yearly.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You can put money that you budget for health expenses in a tax-free health savings account (HSA).</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\" id=\"mntl-sc-block_1-0-88\">What Counts as an Unexpected Expense?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-90\">Your emergency fund should be used for expenses that fall&nbsp;<em>outside</em>&nbsp;the categories of annual bills, irregular maintenance, or predictable health costs. Truly unexpected expenses could be:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-93\" class=\"has-black-color has-text-color has-medium-font-size\"><li>Living expenses for several months after you lose your job</li><li>Unusual medical bills that health insurance doesn\'t cover</li><li>Plane tickets to attend an unexpected funeral</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-96\">These expenses are not only irregular and unforeseen, they are related to unexpected or once-in-a-lifetime events, rather than more common activities.</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\" id=\"mntl-sc-block_1-0-98\">Budgeting for Unexpected Expenses</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-100\">When you plan your budget to include annual bills and irregular maintenance, you are able to save the money in your emergency fund for truly unexpected expenses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-103\">At a minimum, you should have an emergency fund that can cover three to six months of:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-106\" class=\"has-black-color has-text-color has-medium-font-size\"><li>Rent or mortgage payments</li><li>Utilities</li><li>Car and health insurance</li><li>Car payments</li><li>Groceries</li><li>Prescriptions</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-109\">However, just because you have this amount set aside doesn\'t mean you should stop saving. If your monthly budget is set up to continue adding a small amount per month into your emergency savings, you will be able to plan and pay for unexpected expenses that come your way without falling into debt or missing important bills.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/what-is-an-unexpected-expense-453899\">click here.</a></p>\n<!-- /wp:paragraph -->','What Counts as an Unexpected Expense?','','publish','open','open','','what-counts-as-an-unexpected-expense','','','2022-03-01 12:29:45','2022-03-01 12:29:45','',0,'http://smartinsurance.tips/?p=2175',0,'post','',0),(2161,1,'2022-02-01 19:08:03','2022-02-01 19:08:03','<!-- wp:gallery {\"ids\":[2162],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-48-1024x536.png\" alt=\"\" data-id=\"2162\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-48.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2162\" class=\"wp-image-2162\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you have a home in a region that has a high hurricane risk, you\'d better check your homeowner\'s insurance policy for the details of its deductible for hurricane-related damage. This relatively new addition to insurance policies is not a flat dollar amount but a percentage of your home\'s value, and it can add significantly to the financial burden you bear if your home is damaged in a hurricane.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Key takeaways:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Hurricanes are becoming more frequent and powerful each year with global warming.</li><li>If you live in an area with a high risk of hurricane-related damage, you must be sure your homeowner\'s insurance covers such hazards.</li><li>Some homeowners will need to purchase a rider or separate insurance to cover losses due to hurricanes.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-4\">When the Hurricane Deductible Applies?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-5\">A hurricane deductible applies only to damage from storms categorized as hurricanes by the National Weather Service or U.S. National Hurricane Center. A so-called windstorm deductible applies to any other wind damage. Each insurance company determines its own \"trigger\"—the event that invokes the hurricane or windstorm deductible.&nbsp;</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\" id=\"mntl-sc-block_1-0-7\">Katrina Fallout</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-8\">When Hurricane Andrew hit southern Florida in 1992, it caused an estimated $25 billion in damage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><a rel=\"noreferrer noopener\" href=\"https://www.nhc.noaa.gov/1992andrew.html\" target=\"_blank\"></a> Then Hurricane Katrina hit in 2005, causing more than $41 billion in insurance claims. After these disasters, reinsurers, the companies that back up the cost of homeowners insurance for the primary insurance companies, demanded that insurers find a way to lower their claims costs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-10\">The companies developed a new method of calculating how much a homeowner must pay for storm-related insured damage before insurance reimbursement kicks in. This increased the amount the homeowner must pay and decreased the insurer and reinsurer\'s financial responsibility.</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\" id=\"mntl-sc-block_1-0-12\">How the Deductible Works?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-13\">A standard homeowner&nbsp;policy provides financial protection against disaster in the form of insurance on the home and its contents. The insurance deductible is the amount of money you must pay toward a loss before your insurance company starts to pay. This is laid out in the&nbsp;policy.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-15\">Homeowner policies for properties in areas most likely to be hit by a hurricane may include hurricane and windstorm insurance deductibles as additional requirements beyond the regular deductible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Tip: If your home is at risk, it is important that you have enough coverage to protect yourself in the event of a serious storm. Your standard homeowners\' policy may not cover all hurricane damage, but hurricane policies do supply this protection and often match the coverage of your homeowners\' insurance.</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\" id=\"mntl-sc-block_1-0-19\">When the Deductible Applies?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-20\">Whether or not you\'ll pay a hurricane or windstorm deductible depends on your insurance company\'s definition of a trigger event. The deductible will only apply in certain circumstances, which are described in your insurance contract. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-22\">Hurricane insurance triggers vary among states as well as among insurers. That\'s why it\'s important to&nbsp;review the hurricane insurance details in your homeowner&nbsp;insurance policy. Make sure you have copies of the relevant documents in the emergency bag you keep ready in case you have to leave your home in a hurry.</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\" id=\"mntl-sc-block_1-0-24\">Calculating Your Deductible</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-25\">The amount of the hurricane insurance deductible is calculated as a percentage of a home’s insured value, not as a dollar amount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-27\">For example, a standard homeowners policy with a $500 deductible requires the homeowner to pay the first $500 of insured damage on a claim, regardless of the home’s insured value. However, a hurricane insurance deductible of 5% of a home\'s worth at a value of $300,000 requires the homeowner to pay the first $15,000 of insured damages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-29\">The typical hurricane deductible is between 1% and 5% of the home\'s insured value, although policies in some vulnerable coastal areas could have an even higher deductible.&nbsp;</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\" id=\"mntl-sc-block_1-0-31\">These States Have Hurricane Deductibles&nbsp;</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-32\">The following 19 states, plus the District of Columbia, have some form of hurricane or windstorm deductible in place as of 2021: Alabama, Connecticut, Delaware, Florida, Georgia, Hawaii, Louisiana, Maine, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Texas, Virginia and the District of Columbia.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<h2 class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-36\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-37\">Insurance companies started applying hurricane and windstorm insurance deductibles after experiencing massive costs related to storms in the early 2000s. In most cases, these percentage-based deductibles increase the amount the homeowner pays. Homeowners in high-risk hurricane areas should review their insurance policies so they know how much they may have to pay if a hurricane hits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/articles/personal-finance/071114/hurricane-insurance-deductible-fact-sheet.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','Understanding the Hurricane Insurance Deductible','','publish','closed','closed','','understanding-the-hurricane-insurance-deductible','','','2022-02-01 19:08:04','2022-02-01 19:08:04','',0,'http://smartinsurance.tips/?page_id=2161',0,'page','',0),(2162,1,'2022-02-01 19:04:38','2022-02-01 19:04:38','','My-project-48','','inherit','open','closed','','my-project-48','','','2022-02-01 19:04:38','2022-02-01 19:04:38','',2161,'http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-48.png',0,'attachment','image/png',0),(2163,1,'2022-02-01 19:08:03','2022-02-01 19:08:03','<!-- wp:gallery {\"ids\":[2162],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-48-1024x536.png\" alt=\"\" data-id=\"2162\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-48.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2162\" class=\"wp-image-2162\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you have a home in a region that has a high hurricane risk, you\'d better check your homeowner\'s insurance policy for the details of its deductible for hurricane-related damage. This relatively new addition to insurance policies is not a flat dollar amount but a percentage of your home\'s value, and it can add significantly to the financial burden you bear if your home is damaged in a hurricane.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Key takeaways:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Hurricanes are becoming more frequent and powerful each year with global warming.</li><li>If you live in an area with a high risk of hurricane-related damage, you must be sure your homeowner\'s insurance covers such hazards.</li><li>Some homeowners will need to purchase a rider or separate insurance to cover losses due to hurricanes.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-4\">When the Hurricane Deductible Applies?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-5\">A hurricane deductible applies only to damage from storms categorized as hurricanes by the National Weather Service or U.S. National Hurricane Center. A so-called windstorm deductible applies to any other wind damage. Each insurance company determines its own \"trigger\"—the event that invokes the hurricane or windstorm deductible.&nbsp;</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\" id=\"mntl-sc-block_1-0-7\">Katrina Fallout</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-8\">When Hurricane Andrew hit southern Florida in 1992, it caused an estimated $25 billion in damage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><a rel=\"noreferrer noopener\" href=\"https://www.nhc.noaa.gov/1992andrew.html\" target=\"_blank\"></a> Then Hurricane Katrina hit in 2005, causing more than $41 billion in insurance claims. After these disasters, reinsurers, the companies that back up the cost of homeowners insurance for the primary insurance companies, demanded that insurers find a way to lower their claims costs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-10\">The companies developed a new method of calculating how much a homeowner must pay for storm-related insured damage before insurance reimbursement kicks in. This increased the amount the homeowner must pay and decreased the insurer and reinsurer\'s financial responsibility.</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\" id=\"mntl-sc-block_1-0-12\">How the Deductible Works?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-13\">A standard homeowner&nbsp;policy provides financial protection against disaster in the form of insurance on the home and its contents. The insurance deductible is the amount of money you must pay toward a loss before your insurance company starts to pay. This is laid out in the&nbsp;policy.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-15\">Homeowner policies for properties in areas most likely to be hit by a hurricane may include hurricane and windstorm insurance deductibles as additional requirements beyond the regular deductible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Tip: If your home is at risk, it is important that you have enough coverage to protect yourself in the event of a serious storm. Your standard homeowners\' policy may not cover all hurricane damage, but hurricane policies do supply this protection and often match the coverage of your homeowners\' insurance.</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\" id=\"mntl-sc-block_1-0-19\">When the Deductible Applies?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-20\">Whether or not you\'ll pay a hurricane or windstorm deductible depends on your insurance company\'s definition of a trigger event. The deductible will only apply in certain circumstances, which are described in your insurance contract. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-22\">Hurricane insurance triggers vary among states as well as among insurers. That\'s why it\'s important to&nbsp;review the hurricane insurance details in your homeowner&nbsp;insurance policy. Make sure you have copies of the relevant documents in the emergency bag you keep ready in case you have to leave your home in a hurry.</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\" id=\"mntl-sc-block_1-0-24\">Calculating Your Deductible</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-25\">The amount of the hurricane insurance deductible is calculated as a percentage of a home’s insured value, not as a dollar amount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-27\">For example, a standard homeowners policy with a $500 deductible requires the homeowner to pay the first $500 of insured damage on a claim, regardless of the home’s insured value. However, a hurricane insurance deductible of 5% of a home\'s worth at a value of $300,000 requires the homeowner to pay the first $15,000 of insured damages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-29\">The typical hurricane deductible is between 1% and 5% of the home\'s insured value, although policies in some vulnerable coastal areas could have an even higher deductible.&nbsp;</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\" id=\"mntl-sc-block_1-0-31\">These States Have Hurricane Deductibles&nbsp;</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-32\">The following 19 states, plus the District of Columbia, have some form of hurricane or windstorm deductible in place as of 2021: Alabama, Connecticut, Delaware, Florida, Georgia, Hawaii, Louisiana, Maine, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Texas, Virginia and the District of Columbia.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<h2 class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-36\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-37\">Insurance companies started applying hurricane and windstorm insurance deductibles after experiencing massive costs related to storms in the early 2000s. In most cases, these percentage-based deductibles increase the amount the homeowner pays. Homeowners in high-risk hurricane areas should review their insurance policies so they know how much they may have to pay if a hurricane hits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/articles/personal-finance/071114/hurricane-insurance-deductible-fact-sheet.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','Understanding the Hurricane Insurance Deductible','','inherit','closed','closed','','2161-revision-v1','','','2022-02-01 19:08:03','2022-02-01 19:08:03','',2161,'http://smartinsurance.tips/?p=2163',0,'revision','',0),(2224,1,'2022-04-02 20:30:45','2022-04-02 20:30:45','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Stay ahead of inflation by putting your money in high-yield savings accounts and investments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2400,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/Money-1-1024x536.png\" alt=\"\" class=\"wp-image-2400\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">One million dollars might sound like a lot of money — and it is — but in 10 years it will probably sound like less money because it will have less buying power than it does today.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The reason is inflation, and it can impact how you plan for your financial future. Here’s a look at what inflation is and how it can affect your savings, as well as how to keep it from derailing your short- and long-term financial goals.</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\">What is inflation?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Broadly speaking, inflation is the rate of increase in prices for goods and services. It can happen because of an increase in the cost of producing those goods and services. Another reason could be that demand is higher than the supply, leading to price increases. Whatever the cause, as prices rise, you\'ll need more money to buy the same things you used to buy for less.</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\">How inflation affects savings?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Along with a change in prices, inflation can affect your savings and how much you need to put away for unexpected financial emergencies. A good emergency savings fund should have enough money to cover three to six months of living expenses. But over time, if your expenses increase because of inflation, the amount you need to put away should increase, too, or else you could come up short in a pinch.</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\">How much are prices rising?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Near the end of 2021, inflation topped 6% according to the Consumer Price Index, published by the Bureau of Labor Statistics. This index is one of the most common measures of inflation. So, if you kept cash in a safe — instead of depositing it in an interest-earning savings account — you would expect it to have 6% less spending power this time next year due to inflation if the rate stays the same. For historical context, the long-term average rate of inflation has generally been between 2% and 4% annually.</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\">Where to put your money to help combat inflation?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You can’t stop inflation, but you can make your money work to try and keep up with it. These strategies can help.</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\">Put short-term savings in a high-yield account</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The best savings accounts currently earn around 0.40% annual percentage yield and while that may not currently beat inflation, it is much more than the average savings rate of 0.06%, and will get you more money than the zero extra dollars you’d earn if you stash your cash in a safe. It\'s important to note that the role of your short-term savings is to provide easy access to your money when you need it, not necessarily keep up with inflation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You’ll want to get in the habit of adding up your monthly expenses on a regular basis and comparing the total to how much you have saved (remember that three to six months’ worth is ideal). If your savings balance needs a boost, consider setting up regular automatic deposits from checking to savings — you could transfer a certain amount each payday, for example — to build your rainy day fund.</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\">Use investments for long-term savings</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If your short-term savings is fully funded and you are looking for ways to make your extra money work harder against inflation, consider that the stock market has had average returns in the past century of about 10% annually. There is no guarantee that future earnings will continue to match that rate, and when you factor in inflation, it could leave the real return closer to 4%. But even so, investments can be your best bet for earning long-term returns that beat inflation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you are saving for retirement, you can put your investments in a 401(k) or IRA and take advantage of valuable tax benefits, too.</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\">Should I worry about the cost of inflation?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Inflation isn’t always bad news. As prices rise due to increased demand, businesses may need to hire more workers to fill that demand, which can lead to higher wages. In addition, government benefits, including Social Security, may have cost-of-living increases. If recipients are able to keep at least some costs low, it could mean more spending power.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Lower inflation rates, on the other hand, can lead to lower interest rates, which makes it harder for savers to earn high yields in their accounts. Overall, the Federal Reserve holds its long-term target rate for inflation at 2%.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You can’t control inflation, but you don’t have to let it erode your savings, either. Be smart about where you put your money, keep an eye on your expenses and you can reach your savings goals without missing a beat.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.nerdwallet.com/article/banking/how-to-stop-inflation-from-sinking-your-savings-goals\">click here.</a></p>\n<!-- /wp:paragraph -->','How to Shore Up Your Savings Against Inflation?','','publish','open','open','','how-to-shore-up-your-savings-against-inflation','','','2022-04-26 14:40:26','2022-04-26 14:40:26','',0,'http://smartinsurance.tips/?p=2224',0,'post','',0),(2165,1,'2022-02-01 19:12:54','2022-02-01 19:12:54','<!-- wp:gallery {\"ids\":[2166],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-53-1024x536.png\" alt=\"\" data-id=\"2166\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-53.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2166\" class=\"wp-image-2166\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-1\">Hazard insurance is the part of your homeowners policy that covers the structure of your dwelling if it takes damage from specific disasters, such as fires, hail, storms, and more.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-4\">Here’s what you should know about hazard insurance, including how it works, what it covers, and when you might need it.</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\" id=\"mntl-sc-block_1-0-6\">Definition of Hazard Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-8\">Hazard insurance is one of the coverages that your homeowners insurance policy provides. It covers the structure of your dwelling if it sustains losses or damage from certain natural disasters, sometimes known as hazards or perils. It’s the same as your policy’s dwelling coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-11\">You’ll often see damage from storms, fires, and vehicle crashes listed as covered risks. However, flooding and earthquakes are usually not included.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-14\">People sometimes use the term hazard insurance interchangeably with homeowners insurance, but technically, they’re not the same. Hazard insurance is a subset of the coverage from a homeowners policy, while homeowners insurance includes a variety of coverages (other structures on your property, personal property, certain liabilities, and more).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-17\">That said, if a mortgage lender asks you to get hazard insurance, they’re talking about buying homeowners insurance. You generally can’t purchase hazard coverage on its own.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-20\" class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Alternate names</strong>: Dwelling insurance; peril insurance</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-22\">How Hazard Insurance Works?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-24\">Your land and buildings are valuable assets that are inherently vulnerable to the elements. You probably don’t want to risk leaving them uninsured, whether you own the property as a resident or an investor.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-27\">Unsurprisingly, your mortgage lender doesn’t want you to either. Most lenders require that you get a homeowners policy with hazard insurance to qualify for financing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-30\">If a covered incident occurs, your hazard insurance coverage is what requires your insurance provider to reimburse you for some or all of your losses, minus your deductible and up to the policy limit. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Note: Depending on whether your policy covers your dwelling’s actual cash value (ACV) or replacement cost, you’ll get more or less money for your claim. Replacement cost policies cover the entire cost to repair the property with something of like kind and quality, usually up to its current price. ACV policies adjust that number down to account for depreciation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">For example, say you have an ACV homeowners policy with hazard insurance and a $1,000 deductible. You come home one day after a storm to find that the wind knocked a tree over into your house, crushing part of your roof. The repairs will cost $12,000, but since you last replaced your roof, it’s depreciated by $3,000. If your claim is successful, you’d net $8,000 in insurance proceeds ($12,000 minus depreciation and your deductible).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Important: New building codes can significantly drive up the cost to rebuild or upgrade a damaged home to meet your city’s current codes. Standard homeowners insurance policies don’t cover these additional costs unless you have a special rider on your policy called ordinance or law coverage, also known as building codes coverage. </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\" id=\"mntl-sc-block_1-0-39\">What Does Hazard Insurance Cover?&nbsp;</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-41\">Hazard insurance covers damage to the structure of your residence from certain perils. The exact perils covered depend on your policy, but often include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-44\" class=\"has-black-color has-text-color has-medium-font-size\"><li>Fire</li><li>Hail</li><li>Lightning</li><li>Theft</li><li>Vandalism</li><li>Fallen trees</li><li>Vehicles that run into your home</li><li>Explosions</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Note: Don’t assume that your policy covers water damage from storms just because it covers the trees they blow over. Hazard insurance typically does not include damage from flooding or earthquakes. You’ll usually have to buy separate policies to cover those forms of damage.</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\" id=\"mntl-sc-block_1-0-48\">Do I Need Hazard Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-50\">Hazard insurance is a part of your broader homeowners insurance policy, so any situation where you might need to insure a property that you own generally requires you to get hazard insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-53\">Most often, that happens when you’re trying to close on a mortgage. Your lender will typically tell you to buy a homeowners policy with sufficient hazard insurance before you can close. The home is the lender’s collateral, after all.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-56\">Keep in mind that even if you own your property outright, you should still get hazard insurance to protect your investment.<sup>1</sup></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-59\">If you’re renting your residence, hazard insurance probably isn’t going to be relevant. Instead, your landlord or whoever owns the building would have this policy, since it covers the building itself. However, a renters insurance policy often covers damage to your belongings from similar perils.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Key takeaways:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Hazard insurance is the part of your homeowners policy that covers damage to your property’s structure from disasters (dwelling coverage).</li><li>Hazard insurance usually includes coverage for various forms of damage from storms, fires, vehicle crashes, and other perils, but not flooding or earthquakes.</li><li>If you own land or buildings, also known as real property, you should consider having hazard insurance as part of your homeowners policy. It’s too risky to go without, and if you use a mortgage to buy a home, your lender will require it.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">click here.</a></p>\n<!-- /wp:paragraph -->','What Is Hazard Insurance?','','publish','closed','closed','','what-is-hazard-insurance','','','2022-02-01 19:12:54','2022-02-01 19:12:54','',0,'http://smartinsurance.tips/?page_id=2165',0,'page','',0),(2166,1,'2022-02-01 19:09:49','2022-02-01 19:09:49','','My-project-53','','inherit','open','closed','','my-project-53','','','2022-02-01 19:09:49','2022-02-01 19:09:49','',2165,'http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-53.png',0,'attachment','image/png',0),(2167,1,'2022-02-01 19:12:54','2022-02-01 19:12:54','<!-- wp:gallery {\"ids\":[2166],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-53-1024x536.png\" alt=\"\" data-id=\"2166\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-53.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2166\" class=\"wp-image-2166\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-1\">Hazard insurance is the part of your homeowners policy that covers the structure of your dwelling if it takes damage from specific disasters, such as fires, hail, storms, and more.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-4\">Here’s what you should know about hazard insurance, including how it works, what it covers, and when you might need it.</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\" id=\"mntl-sc-block_1-0-6\">Definition of Hazard Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-8\">Hazard insurance is one of the coverages that your homeowners insurance policy provides. It covers the structure of your dwelling if it sustains losses or damage from certain natural disasters, sometimes known as hazards or perils. It’s the same as your policy’s dwelling coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-11\">You’ll often see damage from storms, fires, and vehicle crashes listed as covered risks. However, flooding and earthquakes are usually not included.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-14\">People sometimes use the term hazard insurance interchangeably with homeowners insurance, but technically, they’re not the same. Hazard insurance is a subset of the coverage from a homeowners policy, while homeowners insurance includes a variety of coverages (other structures on your property, personal property, certain liabilities, and more).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-17\">That said, if a mortgage lender asks you to get hazard insurance, they’re talking about buying homeowners insurance. You generally can’t purchase hazard coverage on its own.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-20\" class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Alternate names</strong>: Dwelling insurance; peril insurance</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-22\">How Hazard Insurance Works?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-24\">Your land and buildings are valuable assets that are inherently vulnerable to the elements. You probably don’t want to risk leaving them uninsured, whether you own the property as a resident or an investor.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-27\">Unsurprisingly, your mortgage lender doesn’t want you to either. Most lenders require that you get a homeowners policy with hazard insurance to qualify for financing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-30\">If a covered incident occurs, your hazard insurance coverage is what requires your insurance provider to reimburse you for some or all of your losses, minus your deductible and up to the policy limit. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Note: Depending on whether your policy covers your dwelling’s actual cash value (ACV) or replacement cost, you’ll get more or less money for your claim. Replacement cost policies cover the entire cost to repair the property with something of like kind and quality, usually up to its current price. ACV policies adjust that number down to account for depreciation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">For example, say you have an ACV homeowners policy with hazard insurance and a $1,000 deductible. You come home one day after a storm to find that the wind knocked a tree over into your house, crushing part of your roof. The repairs will cost $12,000, but since you last replaced your roof, it’s depreciated by $3,000. If your claim is successful, you’d net $8,000 in insurance proceeds ($12,000 minus depreciation and your deductible).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Important: New building codes can significantly drive up the cost to rebuild or upgrade a damaged home to meet your city’s current codes. Standard homeowners insurance policies don’t cover these additional costs unless you have a special rider on your policy called ordinance or law coverage, also known as building codes coverage. </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\" id=\"mntl-sc-block_1-0-39\">What Does Hazard Insurance Cover?&nbsp;</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-41\">Hazard insurance covers damage to the structure of your residence from certain perils. The exact perils covered depend on your policy, but often include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-44\" class=\"has-black-color has-text-color has-medium-font-size\"><li>Fire</li><li>Hail</li><li>Lightning</li><li>Theft</li><li>Vandalism</li><li>Fallen trees</li><li>Vehicles that run into your home</li><li>Explosions</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Note: Don’t assume that your policy covers water damage from storms just because it covers the trees they blow over. Hazard insurance typically does not include damage from flooding or earthquakes. You’ll usually have to buy separate policies to cover those forms of damage.</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\" id=\"mntl-sc-block_1-0-48\">Do I Need Hazard Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-50\">Hazard insurance is a part of your broader homeowners insurance policy, so any situation where you might need to insure a property that you own generally requires you to get hazard insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-53\">Most often, that happens when you’re trying to close on a mortgage. Your lender will typically tell you to buy a homeowners policy with sufficient hazard insurance before you can close. The home is the lender’s collateral, after all.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-56\">Keep in mind that even if you own your property outright, you should still get hazard insurance to protect your investment.<sup>1</sup></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-59\">If you’re renting your residence, hazard insurance probably isn’t going to be relevant. Instead, your landlord or whoever owns the building would have this policy, since it covers the building itself. However, a renters insurance policy often covers damage to your belongings from similar perils.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Key takeaways:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Hazard insurance is the part of your homeowners policy that covers damage to your property’s structure from disasters (dwelling coverage).</li><li>Hazard insurance usually includes coverage for various forms of damage from storms, fires, vehicle crashes, and other perils, but not flooding or earthquakes.</li><li>If you own land or buildings, also known as real property, you should consider having hazard insurance as part of your homeowners policy. It’s too risky to go without, and if you use a mortgage to buy a home, your lender will require it.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">click here.</a></p>\n<!-- /wp:paragraph -->','What Is Hazard Insurance?','','inherit','closed','closed','','2165-revision-v1','','','2022-02-01 19:12:54','2022-02-01 19:12:54','',2165,'http://smartinsurance.tips/?p=2167',0,'revision','',0),(2225,1,'2022-04-02 20:22:48','2022-04-02 20:22:48','','Money-1','','inherit','open','closed','','money-1','','','2022-04-02 20:22:48','2022-04-02 20:22:48','',2224,'http://smartinsurance.tips/wp-content/uploads/2022/04/Money-1.png',0,'attachment','image/png',0),(2169,1,'2022-02-01 19:17:49','2022-02-01 19:17:49','<!-- wp:gallery {\"ids\":[2170],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-54-1024x536.png\" alt=\"\" data-id=\"2170\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-54.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2170\" class=\"wp-image-2170\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-1\">High-value home insurance refers to a special type of homeowners insurance for houses that have a market value of $750,000 or more.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-4\">Learn how high-value home insurance works through an example, what it covers, and whether you need such a policy.</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\" id=\"mntl-sc-block_1-0-6\">What Is High-Value Home Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-8\">High-value home insurance is a type of homeowners insurance that is designed for homes with high market value. A high-value home is defined as property worth $750,000 or more. Homes that fall into this group might include heritage homes, or homes with special architectural or interior design elements. Of course they may simply be your standard mansion. This type of insurance is a full package of coverages and is one of the most comprehensive you can buy. High-value policies provide much better coverage than a standard homeowners insurance policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Note: High-end home insurance isn\'t only for houses. You can purchase this type of policy for high-value condos as well.</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\" id=\"mntl-sc-block_1-0-12\">How High-Value Home Insurance Works?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-14\">If you have an above-average priced home, standard forms of home insurance that provide \"average coverage\" may not be enough to protect or replace your property if you file a claim. To ensure that your policy limits are high enough to avoid paying large amounts of money out of pocket, you may want to think about buying high-value home 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_1-0-17\">Will Standard Home Insurance Be Enough?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-19\">Though the details will vary by the terms in your contract, a standard homeowners insurance policy covers a wide range of costs that might occur in the course of owning a home. At the most basic level it pays for the cost to repair or rebuild the structure of your home if it is damaged. It will also replace the items within it if they\'re taken or destroyed. (Claims of this nature will factor in depreciation in the value of your items, and any payouts will reflect this.) It funds lawsuits that a person might bring against you, due to bodily harm or damage to others\' property, so long as the cause relates to your home. Lastly, it covers any extra costs you might incur for living away from home while your home is being repaired, such as for a hotel or home rental.</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_1-0-22\">How Does High-Value Home Insurance Differ?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-24\">Most high-value home insurance policies provide all the coverage offered by a standard home insurance policy, but with higher limits and extra coverage for the unique needs of people who own pricier homes (and items within those homes).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-27\">For example, let\'s say that John and Jane are next-door neighbors. Both have high-end homes with period features including ornate wall carvings. Both homes have a current market value of $750,000. John has standard homeowners insurance with a structural coverage limit of that same amount. Jane has a high-value home insurance policy featuring a built-in guaranteed replacement cost coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-30\">A major fire occurs on their street, and both John and Jane\'s homes have to be rebuilt. Because the homes have features and materials that are hard to replace, the actual cost to rebuild each is $850,000. John\'s policy doesn\'t cover more than the stated limit, which leaves him $100,000 in the hole after it is built back to its former glory. In contrast, Jane\'s policy comes with the extra feature, so it would cover the full cost of work, even if it exceeds the coverage limit.</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\" id=\"mntl-sc-block_1-0-32\">What Does High-Value Home Insurance Cover?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-34\">The most common reason for choosing to purchase high-end home insurance is expanded coverage limits compared to standard homeowners insurance policies. But it can also include a wide range of extra perks or add-on services.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-37\">Compared to standard home insurance, a high-end policy includes larger policy limits or enhanced coverage for the following:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-40\" class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Structural repair or replacement</strong>: Structural coverage for standard homeowners insurance may be limited to the cost to rebuild the home. If you think the true cost to build your home back to the state it was in before damage occurred will be higher than what is stated in the contract, you\'ll need to get extended or guaranteed replacement cost coverage. This is often an add-on or a rider that will cost you more each month. In contrast, many high-value home insurance policies include extended or guaranteed replacement cost coverage as part of the package. This will allow you to rebuild your home to its former state, even if the cost of doing so exceeds your stated limit.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Note: The guaranteed replacement cost option covers the full cost of rebuilding the property, no matter how much it exceeds the coverage limit. Extended replacement cost is a more modest option that covers any costs that exceed the limit up to a certain percent.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-45\" class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Possessions</strong>: High-value home insurance affords higher limits for items like money, jewelry, art, antiques, or even business items kept at home.<sup>12</sup> If you only have a standard policy, it often costs 10% more to insure your personal belongings at the cost to replace them, versus the true cash value. And if your claim is based on the current cash value of your items, it will pay out less for older items than you first paid for them.<sup>3</sup> High-value home insurance most often insures your items at the replacement cost, rather than at the current value, which will give you a bigger payout.</li><li><strong>Liability</strong>: High-value policies often include higher limits for personal liability, medical payments, and loss assessments. They also often cover costs if you need to defend against claims of slander, libel, or defamation.</li><li><strong>Additional living expenses</strong>: You\'ll often enjoy much higher coverage limits for living costs you incur while waiting for your home to be restored. This might include hotel stays, meals, or laundry.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-48\">Some high-value home insurance policies also provide niche coverages that are not often offered by standard policies. This includes things you may not even think of if you suffer home damage, such as the cost to replace locks if your keys are stolen, or to protect against identity theft, or the cost to replace food that has spoiled due to an electric outage. It may even cover the costs from kidnap or ransom, and legal defense fees.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Note: Having coverage for living expenses while your home is often a major asset. Many high-end home insurance policies cover the costs needed to meet your former comforts. If your standard of living aligns, you can even stay in a high end hotel with all the perks while you take the time to hire the right architects and builders to restore your home just as it was before.</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\" id=\"mntl-sc-block_1-0-52\">Do I Need High-Value Home Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-54\">Not every dwelling needs high-end home insurance. This type of coverage is specifically designed for housesthat will cost a great deal to reconstruct or repair, or if the items in the home are one of a kind and hard to replace.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-57\">High-value home insurance might be a good choice for you if any of the following are true.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-60\" class=\"has-black-color has-text-color has-medium-font-size\"><li>Your home is worth $750,000 or more</li><li>Your home is a heritage home</li><li>Your home has older construction features not found in common methods or practices</li><li>Your home has unique architectural features</li><li>Your home uses materials that are hard to replace</li><li>You own expensive or priceless fine art, rugs, collections, jewelry, wine, or other items that are kept at home</li><li>You chose high-end appliances or fixtures that can not be found at standard stores</li><li>The interior and exterior design features are unique, such as luxurious outdoor living areas, guest houses, swimming pool areas, custom landscaping, or bespoke features that were created by an interior designer</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-62\">How Much Does High-Value Home Insurance Cost?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-64\">High-end homeowners insurance policies will cost more than standard versions because of their increased coverage limits and top-of-the-line personalized experience. This also means that owners of high-value homes need to budget for higher premiums each year. In 2018 (the latest data from the Insurance Information Institute), homeowners in the U.S. paid on average $1,249 in annual premiums for standard home insurance.<sup>5</sup>&nbsp;You can bet that a high-end policy will be much higher.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-67\">That said, there are many ways to reduce the price you pay for insurance, no matter the type you choose.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-70\" class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Get multiple quotes</strong>: Shop around with the major insurers in your state to get the best rate.</li><li><strong>Choose a high deductible</strong>: The insurance deductible is the amount you pay before your insurance coverage kicks in. Opting to pay more out of pocket when you file a claim is a common tradeoff for lower premiums.</li><li><strong>Bundle your homeowners and auto insurance</strong>: Buying both policies from the same insurer can save you anywhere from 5% to 15% on premiums.<sup>6</sup></li><li><strong>Look for discounts</strong>: Some insurers offer discounts for retirees, or for employees or members of certain organizations.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Key takeaways:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>High-value home insurance is a special type of homeowners insurance designed for homes worth $750,000 and up.</li><li>It provides higher limits on coverage than standard policies, plus extra types of coverage for the unique needs of people who own high-end homes.</li><li>This type of insurance can run you more than $1,200 per year, but you can lower your costs by shopping around and looking for deals and discounts.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/what-is-high-value-home-insurance-and-is-it-worth-it-4172828\">click here.</a></p>\n<!-- /wp:paragraph -->','What Is High-Value Home Insurance?','','publish','closed','closed','','what-is-high-value-home-insurance','','','2022-02-01 19:17:50','2022-02-01 19:17:50','',0,'http://smartinsurance.tips/?page_id=2169',0,'page','',0),(2170,1,'2022-02-01 19:13:56','2022-02-01 19:13:56','','My-project-54','','inherit','open','closed','','my-project-54','','','2022-02-01 19:13:56','2022-02-01 19:13:56','',2169,'http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-54.png',0,'attachment','image/png',0),(2171,1,'2022-02-01 19:17:49','2022-02-01 19:17:49','<!-- wp:gallery {\"ids\":[2170],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-54-1024x536.png\" alt=\"\" data-id=\"2170\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-54.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2170\" class=\"wp-image-2170\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-1\">High-value home insurance refers to a special type of homeowners insurance for houses that have a market value of $750,000 or more.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-4\">Learn how high-value home insurance works through an example, what it covers, and whether you need such a policy.</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\" id=\"mntl-sc-block_1-0-6\">What Is High-Value Home Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-8\">High-value home insurance is a type of homeowners insurance that is designed for homes with high market value. A high-value home is defined as property worth $750,000 or more. Homes that fall into this group might include heritage homes, or homes with special architectural or interior design elements. Of course they may simply be your standard mansion. This type of insurance is a full package of coverages and is one of the most comprehensive you can buy. High-value policies provide much better coverage than a standard homeowners insurance policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Note: High-end home insurance isn\'t only for houses. You can purchase this type of policy for high-value condos as well.</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\" id=\"mntl-sc-block_1-0-12\">How High-Value Home Insurance Works?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-14\">If you have an above-average priced home, standard forms of home insurance that provide \"average coverage\" may not be enough to protect or replace your property if you file a claim. To ensure that your policy limits are high enough to avoid paying large amounts of money out of pocket, you may want to think about buying high-value home 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_1-0-17\">Will Standard Home Insurance Be Enough?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-19\">Though the details will vary by the terms in your contract, a standard homeowners insurance policy covers a wide range of costs that might occur in the course of owning a home. At the most basic level it pays for the cost to repair or rebuild the structure of your home if it is damaged. It will also replace the items within it if they\'re taken or destroyed. (Claims of this nature will factor in depreciation in the value of your items, and any payouts will reflect this.) It funds lawsuits that a person might bring against you, due to bodily harm or damage to others\' property, so long as the cause relates to your home. Lastly, it covers any extra costs you might incur for living away from home while your home is being repaired, such as for a hotel or home rental.</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_1-0-22\">How Does High-Value Home Insurance Differ?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-24\">Most high-value home insurance policies provide all the coverage offered by a standard home insurance policy, but with higher limits and extra coverage for the unique needs of people who own pricier homes (and items within those homes).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-27\">For example, let\'s say that John and Jane are next-door neighbors. Both have high-end homes with period features including ornate wall carvings. Both homes have a current market value of $750,000. John has standard homeowners insurance with a structural coverage limit of that same amount. Jane has a high-value home insurance policy featuring a built-in guaranteed replacement cost coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-30\">A major fire occurs on their street, and both John and Jane\'s homes have to be rebuilt. Because the homes have features and materials that are hard to replace, the actual cost to rebuild each is $850,000. John\'s policy doesn\'t cover more than the stated limit, which leaves him $100,000 in the hole after it is built back to its former glory. In contrast, Jane\'s policy comes with the extra feature, so it would cover the full cost of work, even if it exceeds the coverage limit.</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\" id=\"mntl-sc-block_1-0-32\">What Does High-Value Home Insurance Cover?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-34\">The most common reason for choosing to purchase high-end home insurance is expanded coverage limits compared to standard homeowners insurance policies. But it can also include a wide range of extra perks or add-on services.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-37\">Compared to standard home insurance, a high-end policy includes larger policy limits or enhanced coverage for the following:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-40\" class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Structural repair or replacement</strong>: Structural coverage for standard homeowners insurance may be limited to the cost to rebuild the home. If you think the true cost to build your home back to the state it was in before damage occurred will be higher than what is stated in the contract, you\'ll need to get extended or guaranteed replacement cost coverage. This is often an add-on or a rider that will cost you more each month. In contrast, many high-value home insurance policies include extended or guaranteed replacement cost coverage as part of the package. This will allow you to rebuild your home to its former state, even if the cost of doing so exceeds your stated limit.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Note: The guaranteed replacement cost option covers the full cost of rebuilding the property, no matter how much it exceeds the coverage limit. Extended replacement cost is a more modest option that covers any costs that exceed the limit up to a certain percent.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-45\" class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Possessions</strong>: High-value home insurance affords higher limits for items like money, jewelry, art, antiques, or even business items kept at home.<sup>12</sup> If you only have a standard policy, it often costs 10% more to insure your personal belongings at the cost to replace them, versus the true cash value. And if your claim is based on the current cash value of your items, it will pay out less for older items than you first paid for them.<sup>3</sup> High-value home insurance most often insures your items at the replacement cost, rather than at the current value, which will give you a bigger payout.</li><li><strong>Liability</strong>: High-value policies often include higher limits for personal liability, medical payments, and loss assessments. They also often cover costs if you need to defend against claims of slander, libel, or defamation.</li><li><strong>Additional living expenses</strong>: You\'ll often enjoy much higher coverage limits for living costs you incur while waiting for your home to be restored. This might include hotel stays, meals, or laundry.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-48\">Some high-value home insurance policies also provide niche coverages that are not often offered by standard policies. This includes things you may not even think of if you suffer home damage, such as the cost to replace locks if your keys are stolen, or to protect against identity theft, or the cost to replace food that has spoiled due to an electric outage. It may even cover the costs from kidnap or ransom, and legal defense fees.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Note: Having coverage for living expenses while your home is often a major asset. Many high-end home insurance policies cover the costs needed to meet your former comforts. If your standard of living aligns, you can even stay in a high end hotel with all the perks while you take the time to hire the right architects and builders to restore your home just as it was before.</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\" id=\"mntl-sc-block_1-0-52\">Do I Need High-Value Home Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-54\">Not every dwelling needs high-end home insurance. This type of coverage is specifically designed for housesthat will cost a great deal to reconstruct or repair, or if the items in the home are one of a kind and hard to replace.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-57\">High-value home insurance might be a good choice for you if any of the following are true.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-60\" class=\"has-black-color has-text-color has-medium-font-size\"><li>Your home is worth $750,000 or more</li><li>Your home is a heritage home</li><li>Your home has older construction features not found in common methods or practices</li><li>Your home has unique architectural features</li><li>Your home uses materials that are hard to replace</li><li>You own expensive or priceless fine art, rugs, collections, jewelry, wine, or other items that are kept at home</li><li>You chose high-end appliances or fixtures that can not be found at standard stores</li><li>The interior and exterior design features are unique, such as luxurious outdoor living areas, guest houses, swimming pool areas, custom landscaping, or bespoke features that were created by an interior designer</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-62\">How Much Does High-Value Home Insurance Cost?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-64\">High-end homeowners insurance policies will cost more than standard versions because of their increased coverage limits and top-of-the-line personalized experience. This also means that owners of high-value homes need to budget for higher premiums each year. In 2018 (the latest data from the Insurance Information Institute), homeowners in the U.S. paid on average $1,249 in annual premiums for standard home insurance.<sup>5</sup>&nbsp;You can bet that a high-end policy will be much higher.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-67\">That said, there are many ways to reduce the price you pay for insurance, no matter the type you choose.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-70\" class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Get multiple quotes</strong>: Shop around with the major insurers in your state to get the best rate.</li><li><strong>Choose a high deductible</strong>: The insurance deductible is the amount you pay before your insurance coverage kicks in. Opting to pay more out of pocket when you file a claim is a common tradeoff for lower premiums.</li><li><strong>Bundle your homeowners and auto insurance</strong>: Buying both policies from the same insurer can save you anywhere from 5% to 15% on premiums.<sup>6</sup></li><li><strong>Look for discounts</strong>: Some insurers offer discounts for retirees, or for employees or members of certain organizations.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Key takeaways:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>High-value home insurance is a special type of homeowners insurance designed for homes worth $750,000 and up.</li><li>It provides higher limits on coverage than standard policies, plus extra types of coverage for the unique needs of people who own high-end homes.</li><li>This type of insurance can run you more than $1,200 per year, but you can lower your costs by shopping around and looking for deals and discounts.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/what-is-high-value-home-insurance-and-is-it-worth-it-4172828\">click here.</a></p>\n<!-- /wp:paragraph -->','What Is High-Value Home Insurance?','','inherit','closed','closed','','2169-revision-v1','','','2022-02-01 19:17:49','2022-02-01 19:17:49','',2169,'http://smartinsurance.tips/?p=2171',0,'revision','',0),(2172,1,'2022-02-03 01:26:51','2022-02-03 01:26:51','<!-- wp:gallery {\"ids\":[2149],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-40-1024x536.png\" alt=\"\" data-id=\"2149\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-40.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2149\" class=\"wp-image-2149\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0\">The trait theory of&nbsp;leadership&nbsp;focuses on identifying different&nbsp;personality traits&nbsp;and characteristics that are linked to successful leadership across a variety of situations. This line of research emerged as one of the earliest types of investigations into the nature of effective leadership and is tied to the&nbsp;\"great man\" theory of leadership&nbsp;first proposed by Thomas Carlyle in the mid-1800s.</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\" id=\"mntl-sc-block_1-0-2\">Trait Theory of Leadership Rationale</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-3\">According to Carlyle, history is shaped by extraordinary leaders. This ability to lead is something that people are simply born with, Carlyle believed, and not something that could be developed. Carlyle\'s ideas inspired early research on leadership, which almost entirely focused on inheritable traits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-5\">Carlyle\'s theory of leadership was based on the rationale that:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-7\" class=\"has-black-color has-text-color has-medium-font-size\"><li>Certain traits produce certain patterns of behavior.</li><li>Patterns are consistent across different situations.</li><li>People are \"born\" with leadership traits.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-9\">Even today, books, and articles tout the various characteristics necessary to become a great leader, suggesting that leadership is somehow predestined in some (or is at least more likely) while unlikely, if not impossible, in others.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-11\">Since the publication of Carlyle\'s thesis, psychologists have examined and argued about the trait-based theory of leadership. From the 1940s to the 1970s, psychologist Ralph Melvin Stogdill suggested that leadership is the result of the interaction between the individual and the social situation and not merely the result of a predefined set of traits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-13\">Soon after in the 1980s, James M. Kouzes and Barry Z. Posner posited that credibility was a key indicator of leadership skills, characterized by&nbsp;such traits as being honest, forward-looking, inspiring, and competent.</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\" id=\"mntl-sc-block_1-0-18\">Leadership Traits</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-19\">While the list of leadership traits can vary by whoever is drawing up the list, a recent study outlined behavioral traits that separated lower-level supervisors from higher-level supervisors.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-21\">According to the researchers, the traits most commonly associated with great leadership include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-23\" class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Adaptability and flexibility</strong>:&nbsp;Effective leaders don\'t get stuck in a rut. They are able to think outside of the box and adapt quickly to changing situations.</li><li><strong>Assertiveness</strong>:&nbsp;A great leader is able to be direct and assertive without coming off as overly pushy or aggressive.</li><li><strong>Capacity to motivate people</strong>:&nbsp;A great leader knows how to inspire others and motivate them to do their best.</li><li><strong>Courage and resolution</strong>:&nbsp;The best leaders are brave and committed to the goals of the group. They do not hide from challenges.</li><li><strong>Creativity</strong>:&nbsp;Perhaps most importantly, great leaders not only possess their own creativity, but they are also able to foster creativity among members of the group.<sup>5</sup></li><li><strong>Decisiveness</strong>:&nbsp;A great leader is capable of making a decision and is confident in his or her choices.</li><li><strong>Eagerness to accept responsibility</strong>:&nbsp;Strong leaders take on responsibility and don\'t pass the blame on to others. They stand by their success and take ownership of their mistakes.</li><li><strong>Emotional stability</strong>:&nbsp;In addition to being dependable overall, strong leaders are able to control their emotions and avoid overreactions.</li><li><strong>Intelligence and action-oriented judgment</strong>:&nbsp;Great leaders and smart and make choices that move the group forward.</li><li><strong>Need for achievement</strong>:&nbsp;Strong leaders have a need to succeed and help the group achieve goals. They genuinely care about the success of the group and are committed to helping the group reach these milestones.</li><li><strong>People skills</strong>:&nbsp;Excellent interpersonal skills are essential for leading effectively. Great leaders know how to interact well with other leaders as well as with team members.</li><li><strong>Perseverance</strong>:&nbsp;Strong leaders stick with it, even when things get difficult or the group faces significant obstacles.</li><li><strong>Self-confidence</strong>:&nbsp;Many of the best leaders are extremely self-assured. Because they are confident in themselves, followers often begin to share this self-belief.</li><li><strong>Task competence</strong>:&nbsp;A great leader is skilled and capable. Members of the group are able to look to the leader for an example of how things should be done.</li><li><strong>Trustworthiness</strong>:&nbsp;Group members need to be able to depend upon and trust the person leading them.</li><li><strong>Understanding their followers and their needs</strong>:&nbsp;Effective leaders pay attention to group members and genuinely care about helping them succeed. They want each person in the group to succeed and play a role in moving the entire group forward.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-25\">Controversy on the Trait Theory</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-26\">Early studies on leadership focused on the differences between leaders and followers with the assumption that people in leadership positions would display more leadership traits&nbsp;than those in subordinate positions.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-28\">What researchers found, however, was that there were relatively few traits that could be used to distinguish between leaders and followers. For example, leaders tend to be great communicators. Leaders also tend to be higher in traits such as&nbsp;extroversion, self-confidence, and height, but these differences tended to be small.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There are obvious flaws in the trait-based theory. While proponents suggest that certain traits are characteristic of strong leaders, those who possess the traits don\'t always become leaders.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-32\">Some have suggested that this may due to&nbsp;situational variables&nbsp;in which leadership skills only emerge when an opportunity for leadership arises (such as in war, during a political crisis, or in the absence of leadership).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-34\">Meanwhile, others have taken a contingency approach to leadership in which certain traits can be more effective in some situations and less so in others. Opinions vary on what those traits are and to what degree they can predict success, if at all.</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\" id=\"mntl-sc-block_1-0-36\">Leadership in the Internet Age</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-37\">More controversial yet is the contention that some people don\'t have the traits to become leaders. Such a belief inherently overlooks social and economic inequities that limit, if not entirely erase, a person\'s potential to lead.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-39\">It also overlooks the changing economy and how leadership is defined when connections are today made both online and offline.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.verywellmind.com/what-is-the-trait-theory-of-leadership-2795322\">click here.</a></p>\n<!-- /wp:paragraph -->','Understanding the Trait Theory of Leadership','','inherit','closed','closed','','2148-revision-v1','','','2022-02-03 01:26:51','2022-02-03 01:26:51','',2148,'http://smartinsurance.tips/?p=2172',0,'revision','',0),(2207,1,'2022-03-07 20:44:17','2022-03-07 20:44:17','<!-- wp:image {\"id\":2208,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/03/Cyber-insurance-1024x536.png\" alt=\"\" class=\"wp-image-2208\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Handling personally identifiable information (PII), such as names and Social Security numbers, can be nerve-racking for business owners. So, you need to protect the PII of your customers, vendors, and employees from hackers and data breaches. To defend your company from cyberattacks and their consequences, you might consider cyber security insurance. But, is cyber insurance worth it? Keep reading to find out.</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\">What is cyber insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Before we can talk about if it’s worth it to purchase a cyber insurance policy, let’s take a look at what cyber insurance is. So, what is cyber liability insurance? Cyber insurance coverage is general liability insurance that helps protect business owners from the effects of cyberattacks and hacking threats. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Cyber insurance is also known as ransomware insurance, cyber liability insurance, cyber risk insurance, data breach insurance, and cyber security insurance.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Businesses with a cyber insurance policy can use it to minimize disruption in business following cyberattacks. And, the policy typically covers some financial costs of the fallout, including addressing, resolving, and recovering from the attack.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">However, businesses do not shift all responsibility for attacks to the insurance company when purchasing a policy. Businesses must also address their own cybersecurity internally. For example, a ransomware policy does not protect against hacking or cyberattacks. Policies only help address what happens&nbsp;<em>after</em>&nbsp;an attack.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Think of cyber insurance like an auto insurance policy. Having the policy does not protect you from a car accident. Instead, the auto insurance policy helps you with the costs of repairs in the event of an accident. Therefore, you must remain diligent in avoiding accidents even with an insurance policy in place.&nbsp;</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\">Is cyber insurance worth it?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Who needs cyber liability insurance? In general, only companies who process personal information over the internet should consider a cyber attack insurance policy. In 2021, this means that almost every company, regardless of size, may find value in a ransomware insurance policy.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Cyber insurance is no longer just for the technology and healthcare industries. Instead, most businesses have various information they store digitally, increasing the risk of a data breach. The information businesses store online has grown to include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Credit and debit cards</li><li>Bank account and routing numbers</li><li>Social Security numbers (SSNs)</li><li>Taxpayer Identification Numbers (TINs)</li><li>Home addresses</li><li>Full names</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The list goes on and on. A single data breach can impact dozens, if not hundreds or thousands, of customers or employees. In fact, one study shows that there were 1,001 data breaches in 2020 with more than 155.8 million affected individuals. So regardless of what kind of business information you store online, protecting your company from an attack is of the utmost importance. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The bottom line is: Cyber insurance is worth it if you deal with&nbsp;<em>any</em>&nbsp;kind of PII, whether it’s payroll for one person or the information of thousands of customers.&nbsp;</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\">What does cyber insurance cover?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A typical cyber insurance policy covers the basics of recovering from a cyberattack, including:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Network security and privacy</li><li>Media liability</li><li>Errors and omissions</li><li>Network business interruptions</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">When seeking a policy, check cyber insurance companies and their policies to determine what they do and do not cover in the event of an attack.</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\">Network security and privacy</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The network security and privacy portion of a policy covers your business if there is a network security failure. The security failure can include a data breach, malware exposure or infection, cyber extortion, compromised business emails, ransomware, and more.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">This portion of the policy relates to the costs you directly incur from security failure. This may include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Data restoration</li><li>Negotiation and payment of ransomware demands</li><li>IT forensics</li><li>Legal expenses</li><li>Public relations</li><li>Notifications to consumers</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The privacy portion of a policy helps to protect your business from third-party costs, such as:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Consumer litigation related to the data breach</li><li>Fines, penalties, or legal expenses resulting from regulatory investigations from the government or law enforcement</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Media liability</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Media liability helps to protect your business from intellectual property infringement and related losses. Most policies do not include patent infringement in media liability coverage.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The coverage typically applies to online and print advertising as well as social media posts.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Errors and omissions</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you face a cyberattack, you may be unable to fulfill contractual obligations to your customers. An errors and omissions policy item covers the claims related to any errors or failures in providing or performing services.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The policy can include non-technology professional services (e.g., lawyers) or technology-based services (e.g., software). If a cyberattack leaves you unable to perform contractually obligated services, this policy addresses any potential allegations of negligence or breach of contract.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Policies typically cover legal defense costs or compensation to impacted parties.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Network business interruptions</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If your business heavily relies on technology to operate day-to-day, consider seeking a policy with a provision regarding network business interruptions. A policy that includes interruptions protects your business in the event of a cyberattack that affects daily operations.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Whether it’s your personal network or the network of a provider going down, the network business interruptions provision covers losses from:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Third-party security failures (e.g., hacking)</li><li>System failures (e.g., failed software)</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Losses can include profits, costs incurred during the time of impact, or fixed expenses. </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\">What does cyber security insurance&nbsp;<em>not</em>&nbsp;cover?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Data breach insurance does not cover&nbsp;<em>everything</em>&nbsp;related to the cyber world. So before you sign on the dotted line and say “yes” to a potential policy, understand what the policy excludes.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Generally, a policy does not cover:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Costs of improving internal technology systems (e.g., security upgrades)</li><li>Loss of value due to intellectual property theft</li><li>Potential future profit losses</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Because cyber risk insurance typically does not cover the above items, you may consider additional policies that&nbsp;<strong>do&nbsp;</strong>protect you and your business. Discuss options with your insurance policy provider to determine what you can do to cover any potential gaps in coverage.&nbsp;</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\">What can you do to protect your business from cyberattacks?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Like with any type of insurance, you purchase a policy to protect yourself in case of an accident or emergency. But, prevention is key for cyberattacks because you can incur damage to your business’s reputation that an insurance policy might not solve. So, how can you protect your company against cyberattacks?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Make sure all employees are knowledgeable about cybersecurity. Conduct regular training with your employees regarding internet safety and the importance of protecting PII. Instruct your employees to remain aware of potential threats, like email phishing scams.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Implement security policies in the workplace and create training for remote workers. For example, you may encourage (or require) employees to use multi-factor authentication or passphrases in place of passwords. And, encourage employees to routinely monitor their systems.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">For your own network security, consider:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Routinely backing up data (e.g., nightly or weekly)</li><li>Continuously testing the security of the network and data</li><li>Activating data encryption</li><li>Installing surge protectors in the event of power outages</li><li>Using virtual private networks (VPNs)&nbsp;</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">COVID-19 increased the number of remote workers, so check in with your remote employees to refresh their knowledge, too. And, let them know if they should expect any technology changes.</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.patriotsoftware.com/blog/accounting/cyber-insurance/\">click here.</a></p>\n<!-- /wp:paragraph -->','Is Cyber Insurance Worth It? What to Know Before Taking the Plunge on a Policy?','','publish','open','open','','is-cyber-insurance-worth-it-what-to-know-before-taking-the-plunge-on-a-policy','','','2022-03-07 20:44:19','2022-03-07 20:44:19','',0,'http://smartinsurance.tips/?p=2207',0,'post','',0),(2208,1,'2022-03-07 20:38:57','2022-03-07 20:38:57','','Cyber-insurance','','inherit','open','closed','','cyber-insurance','','','2022-03-07 20:38:57','2022-03-07 20:38:57','',2207,'http://smartinsurance.tips/wp-content/uploads/2022/03/Cyber-insurance.png',0,'attachment','image/png',0),(2209,1,'2022-03-07 20:44:17','2022-03-07 20:44:17','<!-- wp:image {\"id\":2208,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/03/Cyber-insurance-1024x536.png\" alt=\"\" class=\"wp-image-2208\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Handling personally identifiable information (PII), such as names and Social Security numbers, can be nerve-racking for business owners. So, you need to protect the PII of your customers, vendors, and employees from hackers and data breaches. To defend your company from cyberattacks and their consequences, you might consider cyber security insurance. But, is cyber insurance worth it? Keep reading to find out.</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\">What is cyber insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Before we can talk about if it’s worth it to purchase a cyber insurance policy, let’s take a look at what cyber insurance is. So, what is cyber liability insurance? Cyber insurance coverage is general liability insurance that helps protect business owners from the effects of cyberattacks and hacking threats. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Cyber insurance is also known as ransomware insurance, cyber liability insurance, cyber risk insurance, data breach insurance, and cyber security insurance.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Businesses with a cyber insurance policy can use it to minimize disruption in business following cyberattacks. And, the policy typically covers some financial costs of the fallout, including addressing, resolving, and recovering from the attack.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">However, businesses do not shift all responsibility for attacks to the insurance company when purchasing a policy. Businesses must also address their own cybersecurity internally. For example, a ransomware policy does not protect against hacking or cyberattacks. Policies only help address what happens&nbsp;<em>after</em>&nbsp;an attack.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Think of cyber insurance like an auto insurance policy. Having the policy does not protect you from a car accident. Instead, the auto insurance policy helps you with the costs of repairs in the event of an accident. Therefore, you must remain diligent in avoiding accidents even with an insurance policy in place.&nbsp;</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\">Is cyber insurance worth it?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Who needs cyber liability insurance? In general, only companies who process personal information over the internet should consider a cyber attack insurance policy. In 2021, this means that almost every company, regardless of size, may find value in a ransomware insurance policy.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Cyber insurance is no longer just for the technology and healthcare industries. Instead, most businesses have various information they store digitally, increasing the risk of a data breach. The information businesses store online has grown to include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Credit and debit cards</li><li>Bank account and routing numbers</li><li>Social Security numbers (SSNs)</li><li>Taxpayer Identification Numbers (TINs)</li><li>Home addresses</li><li>Full names</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The list goes on and on. A single data breach can impact dozens, if not hundreds or thousands, of customers or employees. In fact, one study shows that there were 1,001 data breaches in 2020 with more than 155.8 million affected individuals. So regardless of what kind of business information you store online, protecting your company from an attack is of the utmost importance. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The bottom line is: Cyber insurance is worth it if you deal with&nbsp;<em>any</em>&nbsp;kind of PII, whether it’s payroll for one person or the information of thousands of customers.&nbsp;</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\">What does cyber insurance cover?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A typical cyber insurance policy covers the basics of recovering from a cyberattack, including:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Network security and privacy</li><li>Media liability</li><li>Errors and omissions</li><li>Network business interruptions</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">When seeking a policy, check cyber insurance companies and their policies to determine what they do and do not cover in the event of an attack.</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\">Network security and privacy</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The network security and privacy portion of a policy covers your business if there is a network security failure. The security failure can include a data breach, malware exposure or infection, cyber extortion, compromised business emails, ransomware, and more.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">This portion of the policy relates to the costs you directly incur from security failure. This may include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Data restoration</li><li>Negotiation and payment of ransomware demands</li><li>IT forensics</li><li>Legal expenses</li><li>Public relations</li><li>Notifications to consumers</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The privacy portion of a policy helps to protect your business from third-party costs, such as:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Consumer litigation related to the data breach</li><li>Fines, penalties, or legal expenses resulting from regulatory investigations from the government or law enforcement</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Media liability</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Media liability helps to protect your business from intellectual property infringement and related losses. Most policies do not include patent infringement in media liability coverage.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The coverage typically applies to online and print advertising as well as social media posts.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Errors and omissions</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you face a cyberattack, you may be unable to fulfill contractual obligations to your customers. An errors and omissions policy item covers the claims related to any errors or failures in providing or performing services.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The policy can include non-technology professional services (e.g., lawyers) or technology-based services (e.g., software). If a cyberattack leaves you unable to perform contractually obligated services, this policy addresses any potential allegations of negligence or breach of contract.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Policies typically cover legal defense costs or compensation to impacted parties.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Network business interruptions</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If your business heavily relies on technology to operate day-to-day, consider seeking a policy with a provision regarding network business interruptions. A policy that includes interruptions protects your business in the event of a cyberattack that affects daily operations.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Whether it’s your personal network or the network of a provider going down, the network business interruptions provision covers losses from:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Third-party security failures (e.g., hacking)</li><li>System failures (e.g., failed software)</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Losses can include profits, costs incurred during the time of impact, or fixed expenses. </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\">What does cyber security insurance&nbsp;<em>not</em>&nbsp;cover?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Data breach insurance does not cover&nbsp;<em>everything</em>&nbsp;related to the cyber world. So before you sign on the dotted line and say “yes” to a potential policy, understand what the policy excludes.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Generally, a policy does not cover:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Costs of improving internal technology systems (e.g., security upgrades)</li><li>Loss of value due to intellectual property theft</li><li>Potential future profit losses</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Because cyber risk insurance typically does not cover the above items, you may consider additional policies that&nbsp;<strong>do&nbsp;</strong>protect you and your business. Discuss options with your insurance policy provider to determine what you can do to cover any potential gaps in coverage.&nbsp;</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\">What can you do to protect your business from cyberattacks?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Like with any type of insurance, you purchase a policy to protect yourself in case of an accident or emergency. But, prevention is key for cyberattacks because you can incur damage to your business’s reputation that an insurance policy might not solve. So, how can you protect your company against cyberattacks?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Make sure all employees are knowledgeable about cybersecurity. Conduct regular training with your employees regarding internet safety and the importance of protecting PII. Instruct your employees to remain aware of potential threats, like email phishing scams.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Implement security policies in the workplace and create training for remote workers. For example, you may encourage (or require) employees to use multi-factor authentication or passphrases in place of passwords. And, encourage employees to routinely monitor their systems.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">For your own network security, consider:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Routinely backing up data (e.g., nightly or weekly)</li><li>Continuously testing the security of the network and data</li><li>Activating data encryption</li><li>Installing surge protectors in the event of power outages</li><li>Using virtual private networks (VPNs)&nbsp;</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">COVID-19 increased the number of remote workers, so check in with your remote employees to refresh their knowledge, too. And, let them know if they should expect any technology changes.</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.patriotsoftware.com/blog/accounting/cyber-insurance/\">click here.</a></p>\n<!-- /wp:paragraph -->','Is Cyber Insurance Worth It? What to Know Before Taking the Plunge on a Policy?','','inherit','closed','closed','','2207-revision-v1','','','2022-03-07 20:44:17','2022-03-07 20:44:17','',2207,'http://smartinsurance.tips/?p=2209',0,'revision','',0),(2210,1,'2022-03-07 20:55:08','2022-03-07 20:55:08','<!-- wp:image {\"id\":2211,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/03/Cargo-1024x536.png\" alt=\"\" class=\"wp-image-2211\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Despite insurance having been around for centuries, there is still a feeling that any form of insurance is a “grudge purchase”. By its nature, insurance is an intangible benefit, one that can only be tested under adverse circumstances, and frankly speaking as far as the relocation industry goes, there is nothing more unfavourable than cargo damage.</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\" id=\"what-is-cargo-insurance\">What is cargo insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Cargo insurance is a type of insurance that covers/compensates a buyer or seller of goods against cargo damage or loss of cargo.</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\" id=\"when-do-you-need-cargo-insurance\">When do you need cargo insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A move is long and rife with hazards. Your cargo will pass from hand to hand while on its way to you: whilst loading and unloading from trucks and containers; through ports and exam sites; and from warehouse clerk to warehouse clerk. Each step is necessary for your merchandise to ultimately reach you, but having your goods move through so many checkpoints increases the chance of damage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">We strongly recommend always getting cargo insurance to give yourself peace of mind and to save yourself from a huge hassle of sourcing replacements for damaged goods.</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\" id=\"when-do-you-need-cargo-insurance\">What does cargo insurance cover?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Cargo insurance usually covers damage caused by bad weather, loading and unloading, piracy, and other related risks.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Federal law requires trucking company carriers to carry some carrier liability insurance, but the minimum requirement may not be enough protection for your shipment. Moreover, other carriers don’t have the same requirement. This is why we often recommend additional cargo insurance for our clients. It typically covers external causes of loss and damage to your shipment.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Common triggers for cargo insurance include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Natural disaster</li><li>Vehicle accidents</li><li>Acts of war</li><li>Piracy</li><li>Cargo abandonment</li><li>Customs rejection</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">When a covered event causes damage to your shipment, cargo insurance pays up to the amount you insured it for, minus&nbsp;your deductibles.</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\" id=\"when-do-you-need-cargo-insurance\">What does cargo insurance not cover?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Additionally, freight and cargo insurance policies have exclusions. These are policy provisions that eliminate coverage for certain perils.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Individual freight insurance policies typically exclude:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Damages caused by your inadequate packing – If water seeps in and corrodes your shipment, the responsibility for the damage is on you.</li><li>Damages caused by faulty goods – If the carrier can show your product has a flaw that caused the damage, then they are not responsible for it.</li><li>Certain types of freight – Hazardous materials, certain electronics, or other types of cargo may be excluded, depending on your insurer.</li><li>Certain modes of transportation – Some freight insurance may exclude trucking. Others may exclude cargo ship, freight trains, or airplanes.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The insurance industry does not have a standard cargo insurance form, so exclusions and inclusions vary widely.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Always set aside time to understand the insurance you are working with and do not hesitate to ask questions.</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\" id=\"what-would-cargo-insurance-cost-you\">What would cargo insurance cost you?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Cargo insurance pays the value of shipments, up to coverage limits, when shipments are lost or damaged.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Indicate a price value to every insured item on your list. This price value is what it would cost to replace it at destination if it gets totally broken beyond repair. If you’re unsure about how some of your items like laptops, flat screen TVs may cost at your new destination, try googling for similar products from that country. Or, if your destination city is served by major online retailers like Amazon, you can search for a reference price from its website too.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The final insurance premium is calculated with a simple formula:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><em>Total Value of Shipped items * Insurance Rate = Cost of Your Insurance</em></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\" id=\"is-cargo-insurance-worth-it\">Is cargo insurance worth it?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Cargo insurance protects your goods from physical loss or damage during transit. The main objective is to provide compensation should cargo fail to arrive safely at its destination. There are numerous types of cargo insurance policies and the cost and coverage vary. Policies can be applied to land, marine, or air shipments, or a combination of modes and can cover international or domestic shipping.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">It’s up to you to consider your options and decide whether the cost of cargo insurance is justified. If you decide it is, shop around to find the best policy to suit your needs and budget. If you’re shipping unusual cargo, consider using an insurance firm that specializes in those goods or take out a single-shipment policy in consultation with your insurance agent.</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\" id=\"when-do-you-need-cargo-insurance\">How much cargo insurance do you need?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Some people may not be aware that their cargo is under-insured as they usually take the market value of their cargo to be the sum insured. Unintended under-insurance is especially common when taking up cargo insurance for transporting used or second-hand goods.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The insured should disclose to the insurer that the goods are used goods when taking up cargo insurance. Customers are also advised to check that the sum insured is the new replacement value of the used items at the final destination and also add all freight, landing charges and duty into the sum insured. If the insured does not take these precautions and the market value of used goods is less than that of new replacement goods because of depreciation or partial loss, an “average” may be applied and the insured may need to bear some loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The rationale behind this is that if the gross value of the goods arriving at the destination is higher than the sum insured when loss arises, the insurer may consider it as under-insured and may apply an “average”. Compensation will be deducted in proportion to the amount of under-insurance and the insured may need to bear the difference as a loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">For example, if you ship a chair that actually costs $100 to replace but you declare its value to be $30, this would amount to under-insurance.<br>Over-insurance is undesirable as well as you would be paying an unnecessarily higher insurance premium to over-insure your items.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">To safeguard against any unintended under-insurance,&nbsp;book&nbsp;a free consultation with your dedicated Relo Buddy.</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\" id=\"how-is-cargo-insurance-calculated\">How is cargo insurance calculated?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The cost of your insurance is calculated by a simple formula:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><em>Total Value of Shipped items * Insurance Rate = Cost of Your Insurance</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>What is Total Value of Shipped Items?</strong>&nbsp;– Depending on your chosen type of insurance – Basic or Comprehensive – the total value of shipped items will either be a sum of individual item values, or one lump sum.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">What does this mean?</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Basic</strong>&nbsp;– Basic insurance coverage only takes effect if your entire container shipment goes missing, ie if one chair is missing but the rest of your items remain intact, no claims will be applicable. Hence, it is not necessary to detail each item’s discrete value. What matters is the lump sum amount of everything in that container.<br><strong>Comprehensive</strong>&nbsp;– Comprehensive coverage, as opposed to basic, covers both damages and missing items, and will be applicable for individual items, ie, if one TV cracks but the rest of the shipment is fine, the insurance company will insure you for the broken TV. Hence, choosing for comprehensive coverage is highly recommended.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure id=\"tablepress-11\" class=\"wp-block-table\"><table><thead><tr><th>COMPREHENSIVE</th><th>BASIC</th></tr></thead><tbody><tr><td>Higher Insurance Rates (3-6%)</td><td>Lower Insurance Rates (1-3%)</td></tr><tr><td>Covers both damaged and missing items</td><td>Covers only missing items</td></tr><tr><td>Individually damaged or missing items are claimable</td><td>Only claimable when entire shipping container is missing</td></tr><tr><td>Worth its value and highly recommended</td><td>Not the most value for money or effective coverage</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>What affects insurance rates?</strong>&nbsp;– Basic coverage will definitely be cheaper than Comprehensive coverage&nbsp;<em>(caveat: Remember you get what you pay for!)</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>The cost of your insurance</strong>&nbsp;is the product of your Total Value of Shipped Items and The Applicable Insurance Rates.</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\" id=\"how-to-claim-cargo-insurance\">How to claim cargo insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Carriers are innocent until proven guilty. If damage or loss does happen, carriers will do everything within their power to limit their liability or to avoid it altogether. The burden to prove that the carrier was at fault is placed on you, and you will need to definitively prove that:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Loss occurred while the shipment was in the carrier’s care, custody, and control</li><li>The carrier was negligent in handling your shipment</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here are the bite-sized steps taken from InterTrans Insurance’s&nbsp;instructions for preparation of loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"ordered\":true,\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ol class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Don’t delay your submission</strong><br>Claims have to be submitted to the Insurance company within a specific number of days of delivery. This can range from a week to two months. We strongly advice you to look out for this number on your insurance certificate</li><li><strong>Track important details<br></strong>Besides information that most would have at their fingertips, like email address, phone and street address, there may be some fields that would require specific information, such as&nbsp;<em>Packed by, unpacked by, In Storage?, Storage Location,</em>&nbsp;and&nbsp;<em>Storage dates.&nbsp;</em>Do take note of these details when you see them and keep a copy of them handy – write them down somewhere or star the email containing the attachment. Here’s a simple description of details that often gets misinterpreted:</li></ol>\n<!-- /wp:list -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Inventory Number</strong>&nbsp;– refers the “number” of the item as stated on the inventory list. All insurance companies would provide you with an inventory list. If they don’t, request for one.</li><li><strong>Item’s Room</strong>&nbsp;– refers to the room in which the item was before it was packed.&nbsp;<em>Example: kitchen, bedroom.</em></li><li><strong>Item Description</strong>&nbsp;– Describe the item you insured. If missing, be as detailed as possible.&nbsp;<em>Example: Bookcase, white stain, light brown, 90×198 cm,Adjustable feet,1 fixed shelf and 4 adjustable shelves.</em></li><li><strong>Damage</strong>&nbsp;– Indicate type:&nbsp;<em>damaged or missing</em>, and location of damage&nbsp;<em>(Example: screen/ top corner/ table leg etc)</em></li><li><strong>Item age &amp; acquired date</strong>&nbsp;– Do fill in the date you purchased as accurately as you possibly can. If an item is secondhand, then the item age would differ from the acquired date.</li><li><strong>Original Cost &amp; Replacement cost</strong>&nbsp;– Do fill in the original cost as accurately as you possibly can. For replacement cost, do a thorough online search to find the exact similiar item as much as possible and record the cost of the similar item.</li><li><strong>Amount claimed</strong>&nbsp;– If the claim is for damage, enter only the cost of repairing the item. If the claim is for loss, enter the replacement cost of the missing item or the amount stated on the valued inventory. The Underwriter reserves the right to require proof of ownership and/or value of any item claimed damaged or missing.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Carriers strictly limit their liability. Even if you are able to prove that the transporter was at fault, you may still not get the full value of your goods. If you turn look at the back page of any Bill of Lading, you will find the fine print outlining exactly what a carrier agrees to cover.</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\">Final Tips</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">When getting Cargo insurance, always remember these tips:</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\">Avoid coverage gaps by asking questions</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">“To help avoid potential coverage gaps, we highly recommend that those unfamiliar with cargo insurance work with an experienced insurance agent to assist with determining answers to the following questions:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Who is responsible for insuring the goods—the buyer or the seller?<br>When does the title to the goods transfer from seller to buyer?<br>What are the insuring terms?<br>Where is the insurance company located? If a U.S. importer asks the seller to provide insurance, the insurer will likely be located overseas. This could make the claim process more complicated.”<br>Asking questions makes it more likely that you can get sufficient freight insurance coverage.</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\">Consider getting insurance through your freight broker</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The easiest and most common solution for occasional and low-volume shippers is to get cargo insurance coverage through the freight expeditor or broker. Not only can they usually get the best deals for small shippers, they have experience working with freight and cargo insurers as well.</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\">Work with an insurance agent with freight &amp; cargo insurance experience</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">As with any insurance policy, it helps to work with insurers and brokers who have experience. Providers with experience in multiple transportation modes, customs brokerage, and international shipment have better insight into your risks.</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.moovaz.com/blog/everything-you-need-to-know-about-buying-cargo-insurance/\">click her</a><a href=\"https://www.equipter.com/equipter-articles/contactor-insurance\">e.</a></p>\n<!-- /wp:paragraph -->','Everything You Need to Know About Buying Cargo Insurance','','publish','open','open','','everything-you-need-to-know-about-buying-cargo-insurance','','','2022-03-08 19:08:32','2022-03-08 19:08:32','',0,'http://smartinsurance.tips/?p=2210',0,'post','',0),(2211,1,'2022-03-07 20:45:34','2022-03-07 20:45:34','','Cargo','','inherit','open','closed','','cargo','','','2022-03-07 20:45:34','2022-03-07 20:45:34','',2210,'http://smartinsurance.tips/wp-content/uploads/2022/03/Cargo.png',0,'attachment','image/png',0),(2212,1,'2022-03-07 20:55:08','2022-03-07 20:55:08','<!-- wp:image {\"id\":2211,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/03/Cargo-1024x536.png\" alt=\"\" class=\"wp-image-2211\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Despite insurance having been around for centuries, there is still a feeling that any form of insurance is a “grudge purchase”. By its nature, insurance is an intangible benefit, one that can only be tested under adverse circumstances, and frankly speaking as far as the relocation industry goes, there is nothing more unfavourable than cargo damage.</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\" id=\"what-is-cargo-insurance\">What is cargo insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Cargo insurance is a type of insurance that covers/compensates a buyer or seller of goods against cargo damage or loss of cargo.</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\" id=\"when-do-you-need-cargo-insurance\">When do you need cargo insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A move is long and rife with hazards. Your cargo will pass from hand to hand while on its way to you: whilst loading and unloading from trucks and containers; through ports and exam sites; and from warehouse clerk to warehouse clerk. Each step is necessary for your merchandise to ultimately reach you, but having your goods move through so many checkpoints increases the chance of damage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">We strongly recommend always getting cargo insurance to give yourself peace of mind and to save yourself from a huge hassle of sourcing replacements for damaged goods.</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\" id=\"when-do-you-need-cargo-insurance\">What does cargo insurance cover?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Cargo insurance usually covers damage caused by bad weather, loading and unloading, piracy, and other related risks.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Federal law requires trucking company carriers to carry some carrier liability insurance, but the minimum requirement may not be enough protection for your shipment. Moreover, other carriers don’t have the same requirement. This is why we often recommend additional cargo insurance for our clients. It typically covers external causes of loss and damage to your shipment.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Common triggers for cargo insurance include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Natural disaster</li><li>Vehicle accidents</li><li>Acts of war</li><li>Piracy</li><li>Cargo abandonment</li><li>Customs rejection</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">When a covered event causes damage to your shipment, cargo insurance pays up to the amount you insured it for, minus your deductibles.</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\" id=\"when-do-you-need-cargo-insurance\">What does cargo insurance not cover?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Additionally, freight and cargo insurance policies have exclusions. These are policy provisions that eliminate coverage for certain perils.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Individual freight insurance policies typically exclude:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Damages caused by your inadequate packing – If water seeps in and corrodes your shipment, the responsibility for the damage is on you.</li><li>Damages caused by faulty goods – If the carrier can show your product has a flaw that caused the damage, then they are not responsible for it.</li><li>Certain types of freight – Hazardous materials, certain electronics, or other types of cargo may be excluded, depending on your insurer.</li><li>Certain modes of transportation – Some freight insurance may exclude trucking. Others may exclude cargo ship, freight trains, or airplanes.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The insurance industry does not have a standard cargo insurance form, so exclusions and inclusions vary widely.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Always set aside time to understand the insurance you are working with and do not hesitate to ask questions.</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\" id=\"what-would-cargo-insurance-cost-you\">What would cargo insurance cost you?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Cargo insurance pays the value of shipments, up to coverage limits, when shipments are lost or damaged.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Indicate a price value to every insured item on your list. This price value is what it would cost to replace it at destination if it gets totally broken beyond repair. If you’re unsure about how some of your items like laptops, flat screen TVs may cost at your new destination, try googling for similar products from that country. Or, if your destination city is served by major online retailers like Amazon, you can search for a reference price from its website too.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The final insurance premium is calculated with a simple formula:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><em>Total Value of Shipped items * Insurance Rate = Cost of Your Insurance</em></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\" id=\"is-cargo-insurance-worth-it\">Is cargo insurance worth it?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Cargo insurance protects your goods from physical loss or damage during transit. The main objective is to provide compensation should cargo fail to arrive safely at its destination. There are numerous types of cargo insurance policies and the cost and coverage vary. Policies can be applied to land, marine, or air shipments, or a combination of modes and can cover international or domestic shipping.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">It’s up to you to consider your options and decide whether the cost of cargo insurance is justified. If you decide it is, shop around to find the best policy to suit your needs and budget. If you’re shipping unusual cargo, consider using an insurance firm that specializes in those goods or take out a single-shipment policy in consultation with your insurance agent.</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\" id=\"when-do-you-need-cargo-insurance\">How much cargo insurance do you need?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Some people may not be aware that their cargo is under-insured as they usually take the market value of their cargo to be the sum insured. Unintended under-insurance is especially common when taking up cargo insurance for transporting used or second-hand goods.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The insured should disclose to the insurer that the goods are used goods when taking up cargo insurance. Customers are also advised to check that the sum insured is the new replacement value of the used items at the final destination and also add all freight, landing charges and duty into the sum insured. If the insured does not take these precautions and the market value of used goods is less than that of new replacement goods because of depreciation or partial loss, an “average” may be applied and the insured may need to bear some loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The rationale behind this is that if the gross value of the goods arriving at the destination is higher than the sum insured when loss arises, the insurer may consider it as under-insured and may apply an “average”. Compensation will be deducted in proportion to the amount of under-insurance and the insured may need to bear the difference as a loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">For example, if you ship a chair that actually costs $100 to replace but you declare its value to be $30, this would amount to under-insurance.<br>Over-insurance is undesirable as well as you would be paying an unnecessarily higher insurance premium to over-insure your items.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">To safeguard against any unintended under-insurance, book a free consultation with your dedicated Relo Buddy.</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\" id=\"how-is-cargo-insurance-calculated\">How is cargo insurance calculated?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The cost of your insurance is calculated by a simple formula:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><em>Total Value of Shipped items * Insurance Rate = Cost of Your Insurance</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>What is Total Value of Shipped Items?</strong>&nbsp;– Depending on your chosen type of insurance – Basic or Comprehensive – the total value of shipped items will either be a sum of individual item values, or one lump sum.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">What does this mean?</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Basic</strong> – Basic insurance coverage only takes effect if your entire container shipment goes missing, ie if one chair is missing but the rest of your items remain intact, no claims will be applicable. Hence, it is not necessary to detail each item’s discrete value. What matters is the lump sum amount of everything in that container.<br><strong>Comprehensive</strong> – Comprehensive coverage, as opposed to basic, covers both damages and missing items, and will be applicable for individual items, ie, if one TV cracks but the rest of the shipment is fine, the insurance company will insure you for the broken TV. Hence, choosing for comprehensive coverage is highly recommended.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure id=\"tablepress-11\" class=\"wp-block-table\"><table><thead><tr><th>COMPREHENSIVE</th><th>BASIC</th></tr></thead><tbody><tr><td>Higher Insurance Rates (3-6%)</td><td>Lower Insurance Rates (1-3%)</td></tr><tr><td>Covers both damaged and missing items</td><td>Covers only missing items</td></tr><tr><td>Individually damaged or missing items are claimable</td><td>Only claimable when entire shipping container is missing</td></tr><tr><td>Worth its value and highly recommended</td><td>Not the most value for money or effective coverage</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>What affects insurance rates?</strong>&nbsp;– Basic coverage will definitely be cheaper than Comprehensive coverage&nbsp;<em>(caveat: Remember you get what you pay for!)</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>The cost of your insurance</strong> is the product of your Total Value of Shipped Items and The Applicable Insurance Rates.</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\" id=\"how-to-claim-cargo-insurance\">How to claim cargo insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Carriers are innocent until proven guilty. If damage or loss does happen, carriers will do everything within their power to limit their liability or to avoid it altogether. The burden to prove that the carrier was at fault is placed on you, and you will need to definitively prove that:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Loss occurred while the shipment was in the carrier’s care, custody, and control</li><li>The carrier was negligent in handling your shipment</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here are the bite-sized steps taken from InterTrans Insurance’s instructions for preparation of loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"ordered\":true,\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ol class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Don’t delay your submission</strong><br>Claims have to be submitted to the Insurance company within a specific number of days of delivery. This can range from a week to two months. We strongly advice you to look out for this number on your insurance certificate</li><li><strong>Track important details<br></strong>Besides information that most would have at their fingertips, like email address, phone and street address, there may be some fields that would require specific information, such as&nbsp;<em>Packed by, unpacked by, In Storage?, Storage Location,</em>&nbsp;and&nbsp;<em>Storage dates.&nbsp;</em>Do take note of these details when you see them and keep a copy of them handy – write them down somewhere or star the email containing the attachment. Here’s a simple description of details that often gets misinterpreted:</li></ol>\n<!-- /wp:list -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Inventory Number</strong>&nbsp;– refers the “number” of the item as stated on the inventory list. All insurance companies would provide you with an inventory list. If they don’t, request for one.</li><li><strong>Item’s Room</strong>&nbsp;– refers to the room in which the item was before it was packed.&nbsp;<em>Example: kitchen, bedroom.</em></li><li><strong>Item Description</strong>&nbsp;– Describe the item you insured. If missing, be as detailed as possible.&nbsp;<em>Example: Bookcase, white stain, light brown, 90×198 cm,Adjustable feet,1 fixed shelf and 4 adjustable shelves.</em></li><li><strong>Damage</strong>&nbsp;– Indicate type:&nbsp;<em>damaged or missing</em>, and location of damage&nbsp;<em>(Example: screen/ top corner/ table leg etc)</em></li><li><strong>Item age &amp; acquired date</strong>&nbsp;– Do fill in the date you purchased as accurately as you possibly can. If an item is secondhand, then the item age would differ from the acquired date.</li><li><strong>Original Cost &amp; Replacement cost</strong>&nbsp;– Do fill in the original cost as accurately as you possibly can. For replacement cost, do a thorough online search to find the exact similiar item as much as possible and record the cost of the similar item.</li><li><strong>Amount claimed</strong>&nbsp;– If the claim is for damage, enter only the cost of repairing the item. If the claim is for loss, enter the replacement cost of the missing item or the amount stated on the valued inventory. The Underwriter reserves the right to require proof of ownership and/or value of any item claimed damaged or missing.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Carriers strictly limit their liability. Even if you are able to prove that the transporter was at fault, you may still not get the full value of your goods. If you turn look at the back page of any Bill of Lading, you will find the fine print outlining exactly what a carrier agrees to cover.</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\">Final Tips</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">When getting Cargo insurance, always remember these tips:</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\">Avoid coverage gaps by asking questions</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">“To help avoid potential coverage gaps, we highly recommend that those unfamiliar with cargo insurance work with an experienced insurance agent to assist with determining answers to the following questions:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Who is responsible for insuring the goods—the buyer or the seller?<br>When does the title to the goods transfer from seller to buyer?<br>What are the insuring terms?<br>Where is the insurance company located? If a U.S. importer asks the seller to provide insurance, the insurer will likely be located overseas. This could make the claim process more complicated.”<br>Asking questions makes it more likely that you can get sufficient freight insurance coverage.</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\">Consider getting insurance through your freight broker</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The easiest and most common solution for occasional and low-volume shippers is to get cargo insurance coverage through the freight expeditor or broker. Not only can they usually get the best deals for small shippers, they have experience working with freight and cargo insurers as well.</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\">Work with an insurance agent with freight &amp; cargo insurance experience</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">As with any insurance policy, it helps to work with insurers and brokers who have experience. Providers with experience in multiple transportation modes, customs brokerage, and international shipment have better insight into your risks.</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.equipter.com/equipter-articles/contactor-insurance\">click he</a><a href=\"https://www.moovaz.com/blog/everything-you-need-to-know-about-buying-cargo-insurance/\">r</a><a href=\"https://www.equipter.com/equipter-articles/contactor-insurance\">e.</a></p>\n<!-- /wp:paragraph -->','Everything You Need to Know About Buying Cargo Insurance ?','','inherit','closed','closed','','2210-revision-v1','','','2022-03-07 20:55:08','2022-03-07 20:55:08','',2210,'http://smartinsurance.tips/?p=2212',0,'revision','',0),(2213,1,'2022-03-07 21:05:59','2022-03-07 21:05:59','<!-- wp:image {\"id\":2214,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/03/Uninsured-motorist-1024x536.png\" alt=\"\" class=\"wp-image-2214\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">About one in eight drivers don’t carry car insurance, according to a 2021 report from the&nbsp; Insurance Research Council. And what happens if you’re injured in a car crash caused by a driver who doesn’t carry liability car insurance? You can be stuck with some hefty out-of-pocket expenses like medical bills and health insurance deductibles.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If your injuries cause you to miss work, you can also lose valuable wages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Fortunately, there’s special car insurance to alleviate this problem: Uninsured motorist (UM) coverage and underinsured motorist (UIM) coverage pay for medical bills and other expenses for you and your passengers if you’re in a car accident caused by:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>A driver who doesn’t carry any liability car insurance.</li><li>A driver who doesn’t have <em>enough</em> liability insurance to cover your medical bills.</li><li>A driver whose insurance company denies coverage or goes out of business.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Uninsured motorist coverage can pay for:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Medical bills.</li><li>Lost wages if you can’t work because of the car accident.</li><li>Pain and suffering compensation.</li><li>Funeral expenses.</li><li>In some states, car damage.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Some states require uninsured motorist coverage, while other states require that your insurance company offer you the coverage, which you can typically reject in writing if you don’t want it. If it’s optional in your state, UM coverage is worth considering.</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\">Breaking Down Uninsured Motorist Coverage Variations</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There are four main types of coverage grouped under uninsured motorist coverage:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure id=\"footable_212421\" class=\"wp-block-table\"><table><thead><tr><th scope=\"col\">Insurance type</th><th scope=\"col\">How it works</th></tr></thead><tbody><tr><td><strong>Uninsured motorist bodily injury (UM or UMBI)</strong></td><td>Pays when an at-fault driver causes a car accident.</td></tr><tr><td><strong>Uninsured motorist property damage (UMPD)</strong></td><td>Covers damage to your car if it’s hit by someone without insurance. Some states allow you to use UMPD to cover hit-and-run accidents.</td></tr><tr><td><strong>Underinsured motorist bodily injury (UIM or UIMBI)</strong></td><td>Pays when another driver causes a car accident but they do not carry enough liability insurance to cover all your medical bills, lost wages, etc.</td></tr><tr><td><strong>Underinsured motorist property damage (UIMPD)</strong></td><td>Covers damage to your car if it’s hit by someone who does not carry enough liability insurance.</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Uninsured Motorist Coverage Limits</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">UM coverage is usually expressed as two numbers, such as 100/300. This translates to:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>$100,000 bodily injury coverage per person.</li><li>$300,000 bodily injury coverage per accident.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">So if you have 100/300 and four passengers are injured, with high medical bills, your maximum UM payout is $300,000. However, you can generally turn to health insurance after your UM coverage is exhausted.</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\">How Much Uninsured Motorist Coverage Do I Need?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If your state requires uninsured motorist coverage, you must buy at least the state’s minimum. The minimum will typically be UM coverage in amounts that match your liability coverage amounts. For example, if you have liability limits of $100,000 for injury to one person and $300,000 for injuries in one accident (known as 100/300), you would buy 100/300 in UM coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here’s a chart with state requirements for uninsured motorist coverage.</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\">State Laws for Uninsured Motorist Coverage</h2>\n<!-- /wp:heading -->\n\n<!-- wp:table -->\n<figure id=\"footable_212423\" class=\"wp-block-table\"><table><thead><tr><th scope=\"col\">State</th><th scope=\"col\">Requirements for buying UM or being offered UM</th><th scope=\"col\">Can you reject UM in writing?</th><th scope=\"col\">Minimum UM coverage amount</th><th scope=\"col\">Is UMPD required? If so, minimum coverage amount</th><th scope=\"col\">UMPD deductible</th></tr></thead><tbody><tr><td>Alabama</td><td>Must be offered</td><td>Yes</td><td>25/50</td><td>No</td><td>N/A</td></tr><tr><td>Alaska</td><td>Must be offered</td><td>Yes</td><td>50/100</td><td>You can reject UMPD in writing; $25,000 minimum if you buy it</td><td>$250</td></tr><tr><td>Arizona</td><td>Must be offered</td><td>Yes, on a state-approved form</td><td>UM 15/30</td><td>No</td><td>N/A</td></tr><tr><td>Arkansas</td><td>UM must be offered. UIM must be offered if you buy UM.</td><td>Yes</td><td>UM - 25/50</td><td>You can reject UMPD in writing; $25,000 minimum if you buy it</td><td>$200</td></tr><tr><td>California</td><td>Must be offered</td><td>Yes</td><td>30/60</td><td>You can reject UMPD coverage</td><td>If you have collision coverage, UMPD only pays the deductible not covered by collision insurance, up to $3,500.</td></tr><tr><td>Colorado</td><td>Must be offered</td><td>Yes</td><td>25/50</td><td>May be offered at your request</td><td>N/A</td></tr><tr><td>Connecticut</td><td>Must be offered</td><td>Yes</td><td>20/40</td><td>No</td><td>N/A</td></tr><tr><td>Delaware</td><td>Must be offered</td><td>Yes</td><td>15/30</td><td>Acceptance of UM includes UMPD; $5,000</td><td>$250 (unless otherwise agreed in writing)</td></tr><tr><td>District of Columbia</td><td>UM is required</td><td>You can reject only UIM</td><td>UM - 25/50</td><td>Yes; $5,000</td><td>$200</td></tr><tr><td>Florida</td><td>Must be offered</td><td>Yes</td><td>10/20</td><td>N/A</td><td>N/A</td></tr><tr><td>Georgia</td><td>Must be offered</td><td>Yes</td><td>25/50</td><td>Yes; $25,000</td><td>$250, $500 or $1,000</td></tr><tr><td>Hawaii</td><td>Must be offered</td><td>Yes</td><td>UM - 20/40</td><td>N/A</td><td>N/A</td></tr><tr><td>Idaho</td><td>Must be offered</td><td>Yes</td><td>UM - 25/50</td><td>N/A</td><td>N/A</td></tr><tr><td>Illinois</td><td>Required</td><td>No</td><td>UM - 25/50</td><td>UMPD must be offered if you do not have collision insurance (you can reject in writing); $15,000</td><td>$250</td></tr><tr><td>Indiana</td><td>Must be offered</td><td>Yes</td><td>UM - 25/50 UIM - $50,000</td><td>You can reject UMPD; $10,000</td><td>Choose no deductible or a max of $300; deductible waived if your car was hit while legally parked and unoccupied</td></tr><tr><td>Iowa</td><td>Must be offered</td><td>Yes</td><td>UM - 20/40</td><td>N/A</td><td>N/A</td></tr><tr><td>Kansas</td><td>Required</td><td>You can only reject coverage that exceeds 25/50</td><td>25/50</td><td>N/A</td><td>N/A</td></tr><tr><td>Kentucky</td><td>UM must be offered; UIM is available upon request</td><td>Yes</td><td>25/50 or a $60,000 single limit for both UM and UMPD</td><td>N/A</td><td>N/A</td></tr><tr><td>Louisiana</td><td>Must be offered</td><td>Yes</td><td>15/30</td><td>UMPD available but not required</td><td>$250</td></tr><tr><td>Maine</td><td>Required</td><td>N/A</td><td>50/100</td><td>N/A</td><td>N/A</td></tr><tr><td>Maryland</td><td>Required</td><td>N/A</td><td>30/60</td><td>UMPD is required; $15,000</td><td>$50 - $250 (options in $50 increments)</td></tr><tr><td>Massachusetts</td><td>Required</td><td>N/A</td><td>20/40</td><td>N/A</td><td>N/A</td></tr><tr><td>Michigan</td><td>No requirement</td><td>N/A</td><td>N/A</td><td>N/A</td><td>N/A</td></tr><tr><td>Minnesota</td><td>Required</td><td>N/A</td><td>UM - 25/50</td><td>N/A</td><td>N/A</td></tr><tr><td>Mississippi</td><td>Must be offered</td><td>Yes</td><td>25/50</td><td>UMPD can be rejected; $25,000 minimum if you buy it</td><td>$200</td></tr><tr><td>Missouri</td><td>UM required</td><td>N/A</td><td>25/50</td><td>N/A</td><td>N/A</td></tr><tr><td>Montana</td><td>Must be offered</td><td>Yes</td><td>25/50</td><td>N/A</td><td>N/A</td></tr><tr><td>Nebraska</td><td>Required</td><td>N/A</td><td>UM - 25/50</td><td>N/A</td><td>N/A</td></tr><tr><td>Nevada</td><td>Must be offered</td><td>Yes</td><td>25/30</td><td>N/A</td><td>N/A</td></tr><tr><td>New Hampshire</td><td>Must be offered</td><td>You can reject UM in excess/umbrella policies only</td><td>25/50</td><td>Yes; $25,000</td><td>N/A</td></tr><tr><td>New Jersey</td><td>Required on standard policies</td><td>N/A</td><td>UM - 15/30</td><td>Yes; $5,000</td><td>N/A</td></tr><tr><td>New Mexico</td><td>Must be offered</td><td>Yes</td><td>25/50</td><td>Yes; $10,000</td><td>$250 maximum</td></tr><tr><td>New York</td><td>UM required, UIM is optional</td><td>N/A</td><td>25/50 for injury, 50/100 for death</td><td>N/A</td><td>N/A</td></tr><tr><td>North Carolina</td><td>UM required. UIM required if UM coverage exceeds 30/60</td><td>N/A</td><td>UM - 30/60</td><td>Yes; $25,000</td><td>$100</td></tr><tr><td>North Dakota</td><td>Required</td><td>N/A</td><td>25/50</td><td>N/A</td><td>N/A</td></tr><tr><td>Ohio</td><td>An insurer decides whether to offer it</td><td>N/A</td><td>25/50</td><td>Available upon your request, not to exceed $7,500</td><td>$250</td></tr><tr><td>Oklahoma</td><td>Must be offered</td><td>Yes</td><td>25/50</td><td>N/A</td><td>N/A</td></tr><tr><td>Oregon</td><td>UM is required. UIM is required if UM coverage is more than 25/50</td><td>N/A</td><td>25/50</td><td>Yes; $20,000</td><td>$200; $300 in hit-and-run claims</td></tr><tr><td>Pennsylvania</td><td>Must be offered</td><td>Yes</td><td>15/30</td><td>N/A</td><td>N/A</td></tr><tr><td>Rhode Island</td><td>Must be offered</td><td>Yes</td><td>25/50</td><td>Not required but $25,000 minimum coverage if you buy it</td><td>$200</td></tr><tr><td>South Carolina</td><td>UM is required</td><td>You can reject UIM</td><td>25/50</td><td>Yes; $25,000</td><td>$200</td></tr><tr><td>South Dakota</td><td>Required</td><td>N/A</td><td>25/50</td><td>N/A</td><td>N/A</td></tr><tr><td>Tennessee</td><td>Must be offered</td><td>Yes</td><td>25/50 or a $60,000 single limit</td><td>Yes; $15,000</td><td>$200</td></tr><tr><td>Texas</td><td>Must be offered</td><td>Yes</td><td>30/60</td><td>Yes; $25,000</td><td>$250</td></tr><tr><td>Utah</td><td>Must be offered</td><td>Yes</td><td>25/65 for UM; 10/20 for UIM</td><td>Required if you do not have collision coverage</td><td>$250</td></tr><tr><td>Vermont</td><td>Required</td><td>N/A</td><td>50/100</td><td>Yes; $10,000</td><td>$150</td></tr><tr><td>Virginia</td><td>Required</td><td>N/A</td><td>25/50</td><td>Yes; $20,000</td><td>$200</td></tr><tr><td>Washington</td><td>Must be offered</td><td>Yes</td><td>25/50</td><td>Required if you don’t have collision coverage, minimum of $10,000 in coverage</td><td>$100; $300 for hit-and-run claims</td></tr><tr><td>West Virginia</td><td>UM is required; UIM is optional</td><td>N/A</td><td>25/50</td><td>Yes; $10,000</td><td>$300</td></tr><tr><td>Wisconsin</td><td>UM is mandatory</td><td>UIM can be rejected</td><td>25/50 for UM; 50/100 for UIM</td><td>N/A</td><td>N/A</td></tr><tr><td>Wyoming</td><td>Must be offered</td><td>Yes</td><td>25/50</td><td>N/A</td><td>N/A</td></tr><tr><td></td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Is Uninsured Motorist Coverage Necessary?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If your state doesn’t require UM coverage, you might be wondering if you should add it to your auto insurance policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here are some ways to decide:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Do you have other insurance to cover car accident injuries?</strong>&nbsp;The primary function of uninsured motorist coverage is to pay medical bills after a car accident with an uninsured driver. If you have good health insurance, you may not feel you need UM coverage. But UM protection might be attractive if you have a high deductible health plan and would pay a large amount of money for a hospitalization.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">UM is a way to cover car accident injuries without paying co-insurance, copays and health insurance deductibles. UM also provides benefits that health insurance won’t, like money for pain and suffering and lost wages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The average claim payment for UM for injuries is $32,879, according to the National Association of Insurance Commissioners’ most recent report.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Do you have other insurance to cover car damage?</strong> In states where uninsured motorist property damage coverage is available, you may not need it. Collision insurance will also cover damage to your car if someone else hits it, and it will cover a wide variety of circumstances, not just an uninsured driver.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Does your state have a lot of drivers without insurance?</strong>&nbsp;Approximately one in eight drivers nationwide are uninsured, but there’s wide variation among states, according to the Insurance Research Council. Mississippi has the highest rate of uninsured drivers (29.4%) and New Jersey the lowest (3.1%).</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\">Estimated Percentage of Uninsured Drivers by State</h3>\n<!-- /wp:heading -->\n\n<!-- wp:table -->\n<figure id=\"footable_212429\" class=\"wp-block-table\"><table><thead><tr><th scope=\"col\">State</th><th scope=\"col\">Percentage of uninsured drivers</th></tr></thead><tbody><tr><td>Mississippi</td><td>29.40%</td></tr><tr><td>Michigan</td><td>25.50%</td></tr><tr><td>Tennessee</td><td>23.70%</td></tr><tr><td>New Mexico</td><td>21.80%</td></tr><tr><td>Washington</td><td>21.70%</td></tr><tr><td>Florida</td><td>20.40%</td></tr><tr><td>Alabama</td><td>19.50%</td></tr><tr><td>Arkansas</td><td>19.30%</td></tr><tr><td>District of Columbia</td><td>19.10%</td></tr><tr><td>California</td><td>16.60%</td></tr><tr><td>Rhode Island</td><td>16.50%</td></tr><tr><td>Missouri</td><td>16.40%</td></tr><tr><td>Colorado</td><td>16.30%</td></tr><tr><td>Alaska</td><td>16.10%</td></tr><tr><td>Indiana</td><td>15.80%</td></tr><tr><td>Maryland</td><td>14.10%</td></tr><tr><td>Kentucky</td><td>13.90%</td></tr><tr><td>Oklahoma</td><td>13.40%</td></tr><tr><td>Wisconsin</td><td>13.30%</td></tr><tr><td>Idaho</td><td>13.20%</td></tr><tr><td>Ohio</td><td>13.00%</td></tr><tr><td>North Dakota</td><td>13.00%</td></tr><tr><td>Georgia</td><td>12.40%</td></tr><tr><td>Arizona</td><td>11.80%</td></tr><tr><td>Illinois</td><td>11.80%</td></tr><tr><td>Louisiana</td><td>11.70%</td></tr><tr><td>Iowa</td><td>11.30%</td></tr><tr><td>Kansas</td><td>10.90%</td></tr><tr><td>South Carolina</td><td>10.90%</td></tr><tr><td>Oregon</td><td>10.70%</td></tr><tr><td>Virginia</td><td>10.50%</td></tr><tr><td>Nevada</td><td>10.40%</td></tr><tr><td>Minnesota</td><td>9.90%</td></tr><tr><td>Hawaii</td><td>9.30%</td></tr><tr><td>Nebraska</td><td>9.30%</td></tr><tr><td>West Virginia</td><td>9.20%</td></tr><tr><td>Vermont</td><td>8.80%</td></tr><tr><td>Montana</td><td>8.50%</td></tr><tr><td>Delaware</td><td>8.50%</td></tr><tr><td>Texas</td><td>8.30%</td></tr><tr><td>South Dakota</td><td>7.40%</td></tr><tr><td>North Carolina</td><td>7.40%</td></tr><tr><td>Utah</td><td>6.50%</td></tr><tr><td>Connecticut</td><td>6.30%</td></tr><tr><td>New Hampshire</td><td>6.10%</td></tr><tr><td>Pennsylvania</td><td>6.00%</td></tr><tr><td>Wyoming</td><td>5.80%</td></tr><tr><td>Maine</td><td>4.90%</td></tr><tr><td>New York</td><td>4.10%</td></tr><tr><td>Massachusetts</td><td>3.50%</td></tr><tr><td>New Jersey</td><td>3.10%</td></tr><tr><td></td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Are Hit-and-Run Accidents Covered by UM?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A hit-and-run accident is typically defined as a car accident where the driver leaves the scene of the accident without exchanging insurance or contact information. A hit-and-run can occur between:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Cars</li><li>A car and property, like your fence or mailbox</li><li>A car and pedestrian</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Depending on your state, uninsured motorist insurance may cover damages if you’re the victim of a hit-and-run. A hit-and-run is generally covered under two uninsured motorist coverage types:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Uninsured motorist property damage</strong>&nbsp;pays for repairs if your car or property is damaged after a hit-and-run accident.</li><li><strong>Uninsured motorist bodily injury</strong>&nbsp;pays for medical bills if you’re injured in a hit-and-run accident.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Keep in mind, UMPD isn’t available in all states. In states where UMPD is available, it may not cover hit-and-run accidents. If your state allows UMPD coverage for hit-and-run accidents, there may be a deductible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The following states won’t allow UMPD coverage for hit-and-run accidents, but you can use your collision coverage to pay for car repairs:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>California</li><li>Colorado</li><li>Georgia</li><li>Illinois</li><li>Louisiana</li><li>Ohio</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you’re the victim of a hit-and-run, here are some steps you can take:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Pull over in a safe area.</strong>&nbsp;Make sure you and your passengers are OK. It’s not a good idea to chase the other driver.</li><li><strong>Record as many details about the accident as possible.</strong>&nbsp;Even if you didn’t get a look at the license plate, a description of the car (make, model, color) and driver can help during the insurance claim process. You want to take note of the time and location of the accident and get the contact information from any eye witnesses.</li><li><strong>Call the police.</strong></li><li><strong>Take photos of your car damage and the scene.</strong></li><li><strong>Call your insurance company.</strong></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Should I Buy UM Coverage for Property Damage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Unless your state requires UMPD coverage, you probably don’t need it if you already have collision insurance. That’s because collision coverage pays for damage to your car no matter who caused the accident. UMPD only pays in certain cases, but it may come with a lower deductible than what you chose for a collision deductible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The average claim payment for UMPD is $1,926, according to the most recent numbers from the National Association of Insurance Commissioners.</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\">What Does it Mean to “Stack” Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Stacked insurance is when you make claims on two uninsured motorist policies. Stacking allows you to get more insurance money to cover medical bills if you’re injured in a car accident. Not all states allow stacking. Some car insurance companies have an “anti-stacking provision,” meaning you won’t be able to make multiple UM claims for a single car accident.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you can stack insurance, there are usually two ways to do this:.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Stack coverage for two vehicles that are insured under one policy.</li><li>Stack coverage for two vehicles that are insured under two policies in your name.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here are examples of how stacking might work.</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\">Stacking insurance within one policy</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Let’s say you have coverage for two cars on the same policy, both with $100,000 in UM bodily injury coverage. If you’re injured when an uninsured driver causes an accident with one of your cars, you can “stack” coverage and claim up to $200,000 in benefits.</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\">Stacking insurance from two policies</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In this scenario, you have coverage for two cars under two separate policies, both with $100,000 in UM coverage. If you’re injured when an uninsured driver hits one of your cars, you would stack UM benefits up to $200,000. Both policies must be in your name.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here are some other things to consider about stacking insurance:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>You typically have to pay more to stack.</strong>&nbsp;You also need to elect stacking when you buy or renew a policy. You can’t add and use stacking after an accident.</li><li><strong>UM coverage is for car accidents caused by others.</strong>&nbsp;If you’re injured in a car accident that you caused, you can’t claim any UM benefits or stack.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here’s what to do if you’re making a claim by stacking uninsured motorist coverage:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>If you’re injured in a car accident with a driver who does not have liability insurance,</strong>&nbsp;you’d make a claim on your own UM coverage for medical bills. If that doesn’t cover all your medical bills, you stack UM coverage from another car you own or another car insurance policy under your name.</li><li><strong>If you’re injured in a car accident with a driver who has some liability insurance but it doesn’t cover all of your medical bills,</strong>&nbsp;you first make a claim against the other driver’s liability insurance for your injuries. When that policy has paid out its maximum coverage, you then turn to your own UIM coverage. If you exhaust one of your UIM coverages, you stack from another car you own or from another car insurance policy in your name.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Understand the Payout from an Uninsured Motorist Claim</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">It’s good to understand how uninsured motorist claims generally work, so that you’re not taken by surprise if you receive less than you expect. The underinsured motorist coverage amount you can claim is generally reduced by the amount of money you receive from another driver’s liability insurance. Here’s an example:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Let’s say you have $100,000 of UM coverage and you receive $50,000 from the other driver’s liability insurance, and total medical bills are $300,000.</li><li>Your UM coverage would likely only pay out $50,000 ($100,000 UM – $50,000 at-fault driver’s liability), meaning $200,000 wouldn’t be covered.</li><li>You generally don’t get your full UM ($100,000)&nbsp;<em>plus</em>&nbsp;the driver’s liability coverage ($50,000).</li><li>In this scenario, you might be expecting $150,000 total from insurance and get only $100,000.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Some states, like Connecticut, have exceptions. Connecticut drivers can get UM “conversion” coverage, which means their UM payout will not be reduced by an at-fault driver’s liability insurance. Using the accident example above, a driver with conversion coverage would get their full UM ($100,000) plus the other driver’s liability payout ($50,000) for a total of $150,000.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">States such as Georgia offer you a choice. Georgia drivers are offered “uninsured motorist coverage—added on to at-fault liability limits.” You can reject this in writing and instead select “uninsured motorist coverage—reduced by at-fault liability limits.”</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\">How Do I Make an Uninsured Motorist Claim?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you’re in a car accident and the at-fault driver doesn’t have any or enough liability insurance, contact your car insurance company and file a claim under your UM coverage (provided you have coverage).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here are a few examples of UM accidents and claims.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>You’re at a stop light and rear-ended by a driver who doesn’t have insurance.</strong> Since the at-fault driver doesn’t have insurance, file a UM claim with your car insurance company. You would make a claim under your uninsured motorist bodily injury (UMBI) coverage for your medical expenses and your uninsured motorist property damage (UMPD) coverage, if you have it, for damage to your car.</li><li><strong>You’re a pedestrian in a crosswalk and hit by a driver who does not have enough liability insurance to cover all of your medical expenses.</strong> First, make a claim with the at-fault driver’s car insurance company, or sue the driver, and get money from their liability insurance. Then you would file a claim with your own car insurance company under your underinsured motorist bodily injury (UIMBI) to cover additional expenses.</li><li><strong>Your vehicle is parked in a public parking garage. You find it has been hit and damaged, but the other driver didn’t leave their information.</strong> In this hit-and-run scenario, you would file a claim under your UMPD coverage (if your state allows it). If you don’t carry UMPD or your state doesn’t allow you to use it for hit-and-runs, file a claim through your collision coverage.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p><br>To read the full article, <a href=\"https://www.forbes.com/advisor/car-insurance/uninsured-motorist-coverage/\">click here.</a></p>\n<!-- /wp:paragraph -->','What Is Uninsured Motorist Coverage?','','publish','open','open','','what-is-uninsured-motorist-coverage','','','2022-03-07 21:06:01','2022-03-07 21:06:01','',0,'http://smartinsurance.tips/?p=2213',0,'post','',0),(2214,1,'2022-03-07 20:56:33','2022-03-07 20:56:33','','Uninsured-motorist','','inherit','open','closed','','uninsured-motorist','','','2022-03-07 20:56:33','2022-03-07 20:56:33','',2213,'http://smartinsurance.tips/wp-content/uploads/2022/03/Uninsured-motorist.png',0,'attachment','image/png',0),(2215,1,'2022-03-07 21:05:59','2022-03-07 21:05:59','<!-- wp:image {\"id\":2214,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/03/Uninsured-motorist-1024x536.png\" alt=\"\" class=\"wp-image-2214\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">About one in eight drivers don’t carry car insurance, according to a 2021 report from the&nbsp; Insurance Research Council. And what happens if you’re injured in a car crash caused by a driver who doesn’t carry liability car insurance? You can be stuck with some hefty out-of-pocket expenses like medical bills and health insurance deductibles.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If your injuries cause you to miss work, you can also lose valuable wages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Fortunately, there’s special car insurance to alleviate this problem: Uninsured motorist (UM) coverage and underinsured motorist (UIM) coverage pay for medical bills and other expenses for you and your passengers if you’re in a car accident caused by:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>A driver who doesn’t carry any liability car insurance.</li><li>A driver who doesn’t have <em>enough</em> liability insurance to cover your medical bills.</li><li>A driver whose insurance company denies coverage or goes out of business.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Uninsured motorist coverage can pay for:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Medical bills.</li><li>Lost wages if you can’t work because of the car accident.</li><li>Pain and suffering compensation.</li><li>Funeral expenses.</li><li>In some states, car damage.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Some states require uninsured motorist coverage, while other states require that your insurance company offer you the coverage, which you can typically reject in writing if you don’t want it. If it’s optional in your state, UM coverage is worth considering.</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\">Breaking Down Uninsured Motorist Coverage Variations</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There are four main types of coverage grouped under uninsured motorist coverage:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure id=\"footable_212421\" class=\"wp-block-table\"><table><thead><tr><th scope=\"col\">Insurance type</th><th scope=\"col\">How it works</th></tr></thead><tbody><tr><td><strong>Uninsured motorist bodily injury (UM or UMBI)</strong></td><td>Pays when an at-fault driver causes a car accident.</td></tr><tr><td><strong>Uninsured motorist property damage (UMPD)</strong></td><td>Covers damage to your car if it’s hit by someone without insurance. Some states allow you to use UMPD to cover hit-and-run accidents.</td></tr><tr><td><strong>Underinsured motorist bodily injury (UIM or UIMBI)</strong></td><td>Pays when another driver causes a car accident but they do not carry enough liability insurance to cover all your medical bills, lost wages, etc.</td></tr><tr><td><strong>Underinsured motorist property damage (UIMPD)</strong></td><td>Covers damage to your car if it’s hit by someone who does not carry enough liability insurance.</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Uninsured Motorist Coverage Limits</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">UM coverage is usually expressed as two numbers, such as 100/300. This translates to:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>$100,000 bodily injury coverage per person.</li><li>$300,000 bodily injury coverage per accident.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">So if you have 100/300 and four passengers are injured, with high medical bills, your maximum UM payout is $300,000. However, you can generally turn to health insurance after your UM coverage is exhausted.</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\">How Much Uninsured Motorist Coverage Do I Need?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If your state requires uninsured motorist coverage, you must buy at least the state’s minimum. The minimum will typically be UM coverage in amounts that match your liability coverage amounts. For example, if you have liability limits of $100,000 for injury to one person and $300,000 for injuries in one accident (known as 100/300), you would buy 100/300 in UM coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here’s a chart with state requirements for uninsured motorist coverage.</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\">State Laws for Uninsured Motorist Coverage</h2>\n<!-- /wp:heading -->\n\n<!-- wp:table -->\n<figure id=\"footable_212423\" class=\"wp-block-table\"><table><thead><tr><th scope=\"col\">State</th><th scope=\"col\">Requirements for buying UM or being offered UM</th><th scope=\"col\">Can you reject UM in writing?</th><th scope=\"col\">Minimum UM coverage amount</th><th scope=\"col\">Is UMPD required? If so, minimum coverage amount</th><th scope=\"col\">UMPD deductible</th></tr></thead><tbody><tr><td>Alabama</td><td>Must be offered</td><td>Yes</td><td>25/50</td><td>No</td><td>N/A</td></tr><tr><td>Alaska</td><td>Must be offered</td><td>Yes</td><td>50/100</td><td>You can reject UMPD in writing; $25,000 minimum if you buy it</td><td>$250</td></tr><tr><td>Arizona</td><td>Must be offered</td><td>Yes, on a state-approved form</td><td>UM 15/30</td><td>No</td><td>N/A</td></tr><tr><td>Arkansas</td><td>UM must be offered. UIM must be offered if you buy UM.</td><td>Yes</td><td>UM - 25/50</td><td>You can reject UMPD in writing; $25,000 minimum if you buy it</td><td>$200</td></tr><tr><td>California</td><td>Must be offered</td><td>Yes</td><td>30/60</td><td>You can reject UMPD coverage</td><td>If you have collision coverage, UMPD only pays the deductible not covered by collision insurance, up to $3,500.</td></tr><tr><td>Colorado</td><td>Must be offered</td><td>Yes</td><td>25/50</td><td>May be offered at your request</td><td>N/A</td></tr><tr><td>Connecticut</td><td>Must be offered</td><td>Yes</td><td>20/40</td><td>No</td><td>N/A</td></tr><tr><td>Delaware</td><td>Must be offered</td><td>Yes</td><td>15/30</td><td>Acceptance of UM includes UMPD; $5,000</td><td>$250 (unless otherwise agreed in writing)</td></tr><tr><td>District of Columbia</td><td>UM is required</td><td>You can reject only UIM</td><td>UM - 25/50</td><td>Yes; $5,000</td><td>$200</td></tr><tr><td>Florida</td><td>Must be offered</td><td>Yes</td><td>10/20</td><td>N/A</td><td>N/A</td></tr><tr><td>Georgia</td><td>Must be offered</td><td>Yes</td><td>25/50</td><td>Yes; $25,000</td><td>$250, $500 or $1,000</td></tr><tr><td>Hawaii</td><td>Must be offered</td><td>Yes</td><td>UM - 20/40</td><td>N/A</td><td>N/A</td></tr><tr><td>Idaho</td><td>Must be offered</td><td>Yes</td><td>UM - 25/50</td><td>N/A</td><td>N/A</td></tr><tr><td>Illinois</td><td>Required</td><td>No</td><td>UM - 25/50</td><td>UMPD must be offered if you do not have collision insurance (you can reject in writing); $15,000</td><td>$250</td></tr><tr><td>Indiana</td><td>Must be offered</td><td>Yes</td><td>UM - 25/50 UIM - $50,000</td><td>You can reject UMPD; $10,000</td><td>Choose no deductible or a max of $300; deductible waived if your car was hit while legally parked and unoccupied</td></tr><tr><td>Iowa</td><td>Must be offered</td><td>Yes</td><td>UM - 20/40</td><td>N/A</td><td>N/A</td></tr><tr><td>Kansas</td><td>Required</td><td>You can only reject coverage that exceeds 25/50</td><td>25/50</td><td>N/A</td><td>N/A</td></tr><tr><td>Kentucky</td><td>UM must be offered; UIM is available upon request</td><td>Yes</td><td>25/50 or a $60,000 single limit for both UM and UMPD</td><td>N/A</td><td>N/A</td></tr><tr><td>Louisiana</td><td>Must be offered</td><td>Yes</td><td>15/30</td><td>UMPD available but not required</td><td>$250</td></tr><tr><td>Maine</td><td>Required</td><td>N/A</td><td>50/100</td><td>N/A</td><td>N/A</td></tr><tr><td>Maryland</td><td>Required</td><td>N/A</td><td>30/60</td><td>UMPD is required; $15,000</td><td>$50 - $250 (options in $50 increments)</td></tr><tr><td>Massachusetts</td><td>Required</td><td>N/A</td><td>20/40</td><td>N/A</td><td>N/A</td></tr><tr><td>Michigan</td><td>No requirement</td><td>N/A</td><td>N/A</td><td>N/A</td><td>N/A</td></tr><tr><td>Minnesota</td><td>Required</td><td>N/A</td><td>UM - 25/50</td><td>N/A</td><td>N/A</td></tr><tr><td>Mississippi</td><td>Must be offered</td><td>Yes</td><td>25/50</td><td>UMPD can be rejected; $25,000 minimum if you buy it</td><td>$200</td></tr><tr><td>Missouri</td><td>UM required</td><td>N/A</td><td>25/50</td><td>N/A</td><td>N/A</td></tr><tr><td>Montana</td><td>Must be offered</td><td>Yes</td><td>25/50</td><td>N/A</td><td>N/A</td></tr><tr><td>Nebraska</td><td>Required</td><td>N/A</td><td>UM - 25/50</td><td>N/A</td><td>N/A</td></tr><tr><td>Nevada</td><td>Must be offered</td><td>Yes</td><td>25/30</td><td>N/A</td><td>N/A</td></tr><tr><td>New Hampshire</td><td>Must be offered</td><td>You can reject UM in excess/umbrella policies only</td><td>25/50</td><td>Yes; $25,000</td><td>N/A</td></tr><tr><td>New Jersey</td><td>Required on standard policies</td><td>N/A</td><td>UM - 15/30</td><td>Yes; $5,000</td><td>N/A</td></tr><tr><td>New Mexico</td><td>Must be offered</td><td>Yes</td><td>25/50</td><td>Yes; $10,000</td><td>$250 maximum</td></tr><tr><td>New York</td><td>UM required, UIM is optional</td><td>N/A</td><td>25/50 for injury, 50/100 for death</td><td>N/A</td><td>N/A</td></tr><tr><td>North Carolina</td><td>UM required. UIM required if UM coverage exceeds 30/60</td><td>N/A</td><td>UM - 30/60</td><td>Yes; $25,000</td><td>$100</td></tr><tr><td>North Dakota</td><td>Required</td><td>N/A</td><td>25/50</td><td>N/A</td><td>N/A</td></tr><tr><td>Ohio</td><td>An insurer decides whether to offer it</td><td>N/A</td><td>25/50</td><td>Available upon your request, not to exceed $7,500</td><td>$250</td></tr><tr><td>Oklahoma</td><td>Must be offered</td><td>Yes</td><td>25/50</td><td>N/A</td><td>N/A</td></tr><tr><td>Oregon</td><td>UM is required. UIM is required if UM coverage is more than 25/50</td><td>N/A</td><td>25/50</td><td>Yes; $20,000</td><td>$200; $300 in hit-and-run claims</td></tr><tr><td>Pennsylvania</td><td>Must be offered</td><td>Yes</td><td>15/30</td><td>N/A</td><td>N/A</td></tr><tr><td>Rhode Island</td><td>Must be offered</td><td>Yes</td><td>25/50</td><td>Not required but $25,000 minimum coverage if you buy it</td><td>$200</td></tr><tr><td>South Carolina</td><td>UM is required</td><td>You can reject UIM</td><td>25/50</td><td>Yes; $25,000</td><td>$200</td></tr><tr><td>South Dakota</td><td>Required</td><td>N/A</td><td>25/50</td><td>N/A</td><td>N/A</td></tr><tr><td>Tennessee</td><td>Must be offered</td><td>Yes</td><td>25/50 or a $60,000 single limit</td><td>Yes; $15,000</td><td>$200</td></tr><tr><td>Texas</td><td>Must be offered</td><td>Yes</td><td>30/60</td><td>Yes; $25,000</td><td>$250</td></tr><tr><td>Utah</td><td>Must be offered</td><td>Yes</td><td>25/65 for UM; 10/20 for UIM</td><td>Required if you do not have collision coverage</td><td>$250</td></tr><tr><td>Vermont</td><td>Required</td><td>N/A</td><td>50/100</td><td>Yes; $10,000</td><td>$150</td></tr><tr><td>Virginia</td><td>Required</td><td>N/A</td><td>25/50</td><td>Yes; $20,000</td><td>$200</td></tr><tr><td>Washington</td><td>Must be offered</td><td>Yes</td><td>25/50</td><td>Required if you don’t have collision coverage, minimum of $10,000 in coverage</td><td>$100; $300 for hit-and-run claims</td></tr><tr><td>West Virginia</td><td>UM is required; UIM is optional</td><td>N/A</td><td>25/50</td><td>Yes; $10,000</td><td>$300</td></tr><tr><td>Wisconsin</td><td>UM is mandatory</td><td>UIM can be rejected</td><td>25/50 for UM; 50/100 for UIM</td><td>N/A</td><td>N/A</td></tr><tr><td>Wyoming</td><td>Must be offered</td><td>Yes</td><td>25/50</td><td>N/A</td><td>N/A</td></tr><tr><td></td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Is Uninsured Motorist Coverage Necessary?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If your state doesn’t require UM coverage, you might be wondering if you should add it to your auto insurance policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here are some ways to decide:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Do you have other insurance to cover car accident injuries?</strong>&nbsp;The primary function of uninsured motorist coverage is to pay medical bills after a car accident with an uninsured driver. If you have good health insurance, you may not feel you need UM coverage. But UM protection might be attractive if you have a high deductible health plan and would pay a large amount of money for a hospitalization.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">UM is a way to cover car accident injuries without paying co-insurance, copays and health insurance deductibles. UM also provides benefits that health insurance won’t, like money for pain and suffering and lost wages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The average claim payment for UM for injuries is $32,879, according to the National Association of Insurance Commissioners’ most recent report.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Do you have other insurance to cover car damage?</strong> In states where uninsured motorist property damage coverage is available, you may not need it. Collision insurance will also cover damage to your car if someone else hits it, and it will cover a wide variety of circumstances, not just an uninsured driver.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Does your state have a lot of drivers without insurance?</strong>&nbsp;Approximately one in eight drivers nationwide are uninsured, but there’s wide variation among states, according to the Insurance Research Council. Mississippi has the highest rate of uninsured drivers (29.4%) and New Jersey the lowest (3.1%).</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\">Estimated Percentage of Uninsured Drivers by State</h3>\n<!-- /wp:heading -->\n\n<!-- wp:table -->\n<figure id=\"footable_212429\" class=\"wp-block-table\"><table><thead><tr><th scope=\"col\">State</th><th scope=\"col\">Percentage of uninsured drivers</th></tr></thead><tbody><tr><td>Mississippi</td><td>29.40%</td></tr><tr><td>Michigan</td><td>25.50%</td></tr><tr><td>Tennessee</td><td>23.70%</td></tr><tr><td>New Mexico</td><td>21.80%</td></tr><tr><td>Washington</td><td>21.70%</td></tr><tr><td>Florida</td><td>20.40%</td></tr><tr><td>Alabama</td><td>19.50%</td></tr><tr><td>Arkansas</td><td>19.30%</td></tr><tr><td>District of Columbia</td><td>19.10%</td></tr><tr><td>California</td><td>16.60%</td></tr><tr><td>Rhode Island</td><td>16.50%</td></tr><tr><td>Missouri</td><td>16.40%</td></tr><tr><td>Colorado</td><td>16.30%</td></tr><tr><td>Alaska</td><td>16.10%</td></tr><tr><td>Indiana</td><td>15.80%</td></tr><tr><td>Maryland</td><td>14.10%</td></tr><tr><td>Kentucky</td><td>13.90%</td></tr><tr><td>Oklahoma</td><td>13.40%</td></tr><tr><td>Wisconsin</td><td>13.30%</td></tr><tr><td>Idaho</td><td>13.20%</td></tr><tr><td>Ohio</td><td>13.00%</td></tr><tr><td>North Dakota</td><td>13.00%</td></tr><tr><td>Georgia</td><td>12.40%</td></tr><tr><td>Arizona</td><td>11.80%</td></tr><tr><td>Illinois</td><td>11.80%</td></tr><tr><td>Louisiana</td><td>11.70%</td></tr><tr><td>Iowa</td><td>11.30%</td></tr><tr><td>Kansas</td><td>10.90%</td></tr><tr><td>South Carolina</td><td>10.90%</td></tr><tr><td>Oregon</td><td>10.70%</td></tr><tr><td>Virginia</td><td>10.50%</td></tr><tr><td>Nevada</td><td>10.40%</td></tr><tr><td>Minnesota</td><td>9.90%</td></tr><tr><td>Hawaii</td><td>9.30%</td></tr><tr><td>Nebraska</td><td>9.30%</td></tr><tr><td>West Virginia</td><td>9.20%</td></tr><tr><td>Vermont</td><td>8.80%</td></tr><tr><td>Montana</td><td>8.50%</td></tr><tr><td>Delaware</td><td>8.50%</td></tr><tr><td>Texas</td><td>8.30%</td></tr><tr><td>South Dakota</td><td>7.40%</td></tr><tr><td>North Carolina</td><td>7.40%</td></tr><tr><td>Utah</td><td>6.50%</td></tr><tr><td>Connecticut</td><td>6.30%</td></tr><tr><td>New Hampshire</td><td>6.10%</td></tr><tr><td>Pennsylvania</td><td>6.00%</td></tr><tr><td>Wyoming</td><td>5.80%</td></tr><tr><td>Maine</td><td>4.90%</td></tr><tr><td>New York</td><td>4.10%</td></tr><tr><td>Massachusetts</td><td>3.50%</td></tr><tr><td>New Jersey</td><td>3.10%</td></tr><tr><td></td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Are Hit-and-Run Accidents Covered by UM?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A hit-and-run accident is typically defined as a car accident where the driver leaves the scene of the accident without exchanging insurance or contact information. A hit-and-run can occur between:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Cars</li><li>A car and property, like your fence or mailbox</li><li>A car and pedestrian</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Depending on your state, uninsured motorist insurance may cover damages if you’re the victim of a hit-and-run. A hit-and-run is generally covered under two uninsured motorist coverage types:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Uninsured motorist property damage</strong>&nbsp;pays for repairs if your car or property is damaged after a hit-and-run accident.</li><li><strong>Uninsured motorist bodily injury</strong>&nbsp;pays for medical bills if you’re injured in a hit-and-run accident.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Keep in mind, UMPD isn’t available in all states. In states where UMPD is available, it may not cover hit-and-run accidents. If your state allows UMPD coverage for hit-and-run accidents, there may be a deductible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The following states won’t allow UMPD coverage for hit-and-run accidents, but you can use your collision coverage to pay for car repairs:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>California</li><li>Colorado</li><li>Georgia</li><li>Illinois</li><li>Louisiana</li><li>Ohio</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you’re the victim of a hit-and-run, here are some steps you can take:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Pull over in a safe area.</strong>&nbsp;Make sure you and your passengers are OK. It’s not a good idea to chase the other driver.</li><li><strong>Record as many details about the accident as possible.</strong>&nbsp;Even if you didn’t get a look at the license plate, a description of the car (make, model, color) and driver can help during the insurance claim process. You want to take note of the time and location of the accident and get the contact information from any eye witnesses.</li><li><strong>Call the police.</strong></li><li><strong>Take photos of your car damage and the scene.</strong></li><li><strong>Call your insurance company.</strong></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Should I Buy UM Coverage for Property Damage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Unless your state requires UMPD coverage, you probably don’t need it if you already have collision insurance. That’s because collision coverage pays for damage to your car no matter who caused the accident. UMPD only pays in certain cases, but it may come with a lower deductible than what you chose for a collision deductible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The average claim payment for UMPD is $1,926, according to the most recent numbers from the National Association of Insurance Commissioners.</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\">What Does it Mean to “Stack” Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Stacked insurance is when you make claims on two uninsured motorist policies. Stacking allows you to get more insurance money to cover medical bills if you’re injured in a car accident. Not all states allow stacking. Some car insurance companies have an “anti-stacking provision,” meaning you won’t be able to make multiple UM claims for a single car accident.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you can stack insurance, there are usually two ways to do this:.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Stack coverage for two vehicles that are insured under one policy.</li><li>Stack coverage for two vehicles that are insured under two policies in your name.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here are examples of how stacking might work.</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\">Stacking insurance within one policy</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Let’s say you have coverage for two cars on the same policy, both with $100,000 in UM bodily injury coverage. If you’re injured when an uninsured driver causes an accident with one of your cars, you can “stack” coverage and claim up to $200,000 in benefits.</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\">Stacking insurance from two policies</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In this scenario, you have coverage for two cars under two separate policies, both with $100,000 in UM coverage. If you’re injured when an uninsured driver hits one of your cars, you would stack UM benefits up to $200,000. Both policies must be in your name.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here are some other things to consider about stacking insurance:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>You typically have to pay more to stack.</strong>&nbsp;You also need to elect stacking when you buy or renew a policy. You can’t add and use stacking after an accident.</li><li><strong>UM coverage is for car accidents caused by others.</strong>&nbsp;If you’re injured in a car accident that you caused, you can’t claim any UM benefits or stack.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here’s what to do if you’re making a claim by stacking uninsured motorist coverage:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>If you’re injured in a car accident with a driver who does not have liability insurance,</strong>&nbsp;you’d make a claim on your own UM coverage for medical bills. If that doesn’t cover all your medical bills, you stack UM coverage from another car you own or another car insurance policy under your name.</li><li><strong>If you’re injured in a car accident with a driver who has some liability insurance but it doesn’t cover all of your medical bills,</strong>&nbsp;you first make a claim against the other driver’s liability insurance for your injuries. When that policy has paid out its maximum coverage, you then turn to your own UIM coverage. If you exhaust one of your UIM coverages, you stack from another car you own or from another car insurance policy in your name.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Understand the Payout from an Uninsured Motorist Claim</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">It’s good to understand how uninsured motorist claims generally work, so that you’re not taken by surprise if you receive less than you expect. The underinsured motorist coverage amount you can claim is generally reduced by the amount of money you receive from another driver’s liability insurance. Here’s an example:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Let’s say you have $100,000 of UM coverage and you receive $50,000 from the other driver’s liability insurance, and total medical bills are $300,000.</li><li>Your UM coverage would likely only pay out $50,000 ($100,000 UM – $50,000 at-fault driver’s liability), meaning $200,000 wouldn’t be covered.</li><li>You generally don’t get your full UM ($100,000)&nbsp;<em>plus</em>&nbsp;the driver’s liability coverage ($50,000).</li><li>In this scenario, you might be expecting $150,000 total from insurance and get only $100,000.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Some states, like Connecticut, have exceptions. Connecticut drivers can get UM “conversion” coverage, which means their UM payout will not be reduced by an at-fault driver’s liability insurance. Using the accident example above, a driver with conversion coverage would get their full UM ($100,000) plus the other driver’s liability payout ($50,000) for a total of $150,000.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">States such as Georgia offer you a choice. Georgia drivers are offered “uninsured motorist coverage—added on to at-fault liability limits.” You can reject this in writing and instead select “uninsured motorist coverage—reduced by at-fault liability limits.”</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\">How Do I Make an Uninsured Motorist Claim?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you’re in a car accident and the at-fault driver doesn’t have any or enough liability insurance, contact your car insurance company and file a claim under your UM coverage (provided you have coverage).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here are a few examples of UM accidents and claims.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>You’re at a stop light and rear-ended by a driver who doesn’t have insurance.</strong> Since the at-fault driver doesn’t have insurance, file a UM claim with your car insurance company. You would make a claim under your uninsured motorist bodily injury (UMBI) coverage for your medical expenses and your uninsured motorist property damage (UMPD) coverage, if you have it, for damage to your car.</li><li><strong>You’re a pedestrian in a crosswalk and hit by a driver who does not have enough liability insurance to cover all of your medical expenses.</strong> First, make a claim with the at-fault driver’s car insurance company, or sue the driver, and get money from their liability insurance. Then you would file a claim with your own car insurance company under your underinsured motorist bodily injury (UIMBI) to cover additional expenses.</li><li><strong>Your vehicle is parked in a public parking garage. You find it has been hit and damaged, but the other driver didn’t leave their information.</strong> In this hit-and-run scenario, you would file a claim under your UMPD coverage (if your state allows it). If you don’t carry UMPD or your state doesn’t allow you to use it for hit-and-runs, file a claim through your collision coverage.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p><br>To read the full article, <a href=\"https://www.forbes.com/advisor/car-insurance/uninsured-motorist-coverage/\">click here.</a></p>\n<!-- /wp:paragraph -->','What Is Uninsured Motorist Coverage?','','inherit','closed','closed','','2213-revision-v1','','','2022-03-07 21:05:59','2022-03-07 21:05:59','',2213,'http://smartinsurance.tips/?p=2215',0,'revision','',0),(2217,1,'2022-03-08 19:08:30','2022-03-08 19:08:30','<!-- wp:image {\"id\":2211,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/03/Cargo-1024x536.png\" alt=\"\" class=\"wp-image-2211\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Despite insurance having been around for centuries, there is still a feeling that any form of insurance is a “grudge purchase”. By its nature, insurance is an intangible benefit, one that can only be tested under adverse circumstances, and frankly speaking as far as the relocation industry goes, there is nothing more unfavourable than cargo damage.</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\" id=\"what-is-cargo-insurance\">What is cargo insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Cargo insurance is a type of insurance that covers/compensates a buyer or seller of goods against cargo damage or loss of cargo.</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\" id=\"when-do-you-need-cargo-insurance\">When do you need cargo insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A move is long and rife with hazards. Your cargo will pass from hand to hand while on its way to you: whilst loading and unloading from trucks and containers; through ports and exam sites; and from warehouse clerk to warehouse clerk. Each step is necessary for your merchandise to ultimately reach you, but having your goods move through so many checkpoints increases the chance of damage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">We strongly recommend always getting cargo insurance to give yourself peace of mind and to save yourself from a huge hassle of sourcing replacements for damaged goods.</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\" id=\"when-do-you-need-cargo-insurance\">What does cargo insurance cover?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Cargo insurance usually covers damage caused by bad weather, loading and unloading, piracy, and other related risks.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Federal law requires trucking company carriers to carry some carrier liability insurance, but the minimum requirement may not be enough protection for your shipment. Moreover, other carriers don’t have the same requirement. This is why we often recommend additional cargo insurance for our clients. It typically covers external causes of loss and damage to your shipment.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Common triggers for cargo insurance include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Natural disaster</li><li>Vehicle accidents</li><li>Acts of war</li><li>Piracy</li><li>Cargo abandonment</li><li>Customs rejection</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">When a covered event causes damage to your shipment, cargo insurance pays up to the amount you insured it for, minus&nbsp;your deductibles.</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\" id=\"when-do-you-need-cargo-insurance\">What does cargo insurance not cover?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Additionally, freight and cargo insurance policies have exclusions. These are policy provisions that eliminate coverage for certain perils.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Individual freight insurance policies typically exclude:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Damages caused by your inadequate packing – If water seeps in and corrodes your shipment, the responsibility for the damage is on you.</li><li>Damages caused by faulty goods – If the carrier can show your product has a flaw that caused the damage, then they are not responsible for it.</li><li>Certain types of freight – Hazardous materials, certain electronics, or other types of cargo may be excluded, depending on your insurer.</li><li>Certain modes of transportation – Some freight insurance may exclude trucking. Others may exclude cargo ship, freight trains, or airplanes.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The insurance industry does not have a standard cargo insurance form, so exclusions and inclusions vary widely.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Always set aside time to understand the insurance you are working with and do not hesitate to ask questions.</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\" id=\"what-would-cargo-insurance-cost-you\">What would cargo insurance cost you?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Cargo insurance pays the value of shipments, up to coverage limits, when shipments are lost or damaged.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Indicate a price value to every insured item on your list. This price value is what it would cost to replace it at destination if it gets totally broken beyond repair. If you’re unsure about how some of your items like laptops, flat screen TVs may cost at your new destination, try googling for similar products from that country. Or, if your destination city is served by major online retailers like Amazon, you can search for a reference price from its website too.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The final insurance premium is calculated with a simple formula:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><em>Total Value of Shipped items * Insurance Rate = Cost of Your Insurance</em></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\" id=\"is-cargo-insurance-worth-it\">Is cargo insurance worth it?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Cargo insurance protects your goods from physical loss or damage during transit. The main objective is to provide compensation should cargo fail to arrive safely at its destination. There are numerous types of cargo insurance policies and the cost and coverage vary. Policies can be applied to land, marine, or air shipments, or a combination of modes and can cover international or domestic shipping.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">It’s up to you to consider your options and decide whether the cost of cargo insurance is justified. If you decide it is, shop around to find the best policy to suit your needs and budget. If you’re shipping unusual cargo, consider using an insurance firm that specializes in those goods or take out a single-shipment policy in consultation with your insurance agent.</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\" id=\"when-do-you-need-cargo-insurance\">How much cargo insurance do you need?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Some people may not be aware that their cargo is under-insured as they usually take the market value of their cargo to be the sum insured. Unintended under-insurance is especially common when taking up cargo insurance for transporting used or second-hand goods.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The insured should disclose to the insurer that the goods are used goods when taking up cargo insurance. Customers are also advised to check that the sum insured is the new replacement value of the used items at the final destination and also add all freight, landing charges and duty into the sum insured. If the insured does not take these precautions and the market value of used goods is less than that of new replacement goods because of depreciation or partial loss, an “average” may be applied and the insured may need to bear some loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The rationale behind this is that if the gross value of the goods arriving at the destination is higher than the sum insured when loss arises, the insurer may consider it as under-insured and may apply an “average”. Compensation will be deducted in proportion to the amount of under-insurance and the insured may need to bear the difference as a loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">For example, if you ship a chair that actually costs $100 to replace but you declare its value to be $30, this would amount to under-insurance.<br>Over-insurance is undesirable as well as you would be paying an unnecessarily higher insurance premium to over-insure your items.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">To safeguard against any unintended under-insurance,&nbsp;book&nbsp;a free consultation with your dedicated Relo Buddy.</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\" id=\"how-is-cargo-insurance-calculated\">How is cargo insurance calculated?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The cost of your insurance is calculated by a simple formula:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><em>Total Value of Shipped items * Insurance Rate = Cost of Your Insurance</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>What is Total Value of Shipped Items?</strong>&nbsp;– Depending on your chosen type of insurance – Basic or Comprehensive – the total value of shipped items will either be a sum of individual item values, or one lump sum.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">What does this mean?</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Basic</strong>&nbsp;– Basic insurance coverage only takes effect if your entire container shipment goes missing, ie if one chair is missing but the rest of your items remain intact, no claims will be applicable. Hence, it is not necessary to detail each item’s discrete value. What matters is the lump sum amount of everything in that container.<br><strong>Comprehensive</strong>&nbsp;– Comprehensive coverage, as opposed to basic, covers both damages and missing items, and will be applicable for individual items, ie, if one TV cracks but the rest of the shipment is fine, the insurance company will insure you for the broken TV. Hence, choosing for comprehensive coverage is highly recommended.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure id=\"tablepress-11\" class=\"wp-block-table\"><table><thead><tr><th>COMPREHENSIVE</th><th>BASIC</th></tr></thead><tbody><tr><td>Higher Insurance Rates (3-6%)</td><td>Lower Insurance Rates (1-3%)</td></tr><tr><td>Covers both damaged and missing items</td><td>Covers only missing items</td></tr><tr><td>Individually damaged or missing items are claimable</td><td>Only claimable when entire shipping container is missing</td></tr><tr><td>Worth its value and highly recommended</td><td>Not the most value for money or effective coverage</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>What affects insurance rates?</strong>&nbsp;– Basic coverage will definitely be cheaper than Comprehensive coverage&nbsp;<em>(caveat: Remember you get what you pay for!)</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>The cost of your insurance</strong>&nbsp;is the product of your Total Value of Shipped Items and The Applicable Insurance Rates.</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\" id=\"how-to-claim-cargo-insurance\">How to claim cargo insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Carriers are innocent until proven guilty. If damage or loss does happen, carriers will do everything within their power to limit their liability or to avoid it altogether. The burden to prove that the carrier was at fault is placed on you, and you will need to definitively prove that:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Loss occurred while the shipment was in the carrier’s care, custody, and control</li><li>The carrier was negligent in handling your shipment</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here are the bite-sized steps taken from InterTrans Insurance’s&nbsp;instructions for preparation of loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"ordered\":true,\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ol class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Don’t delay your submission</strong><br>Claims have to be submitted to the Insurance company within a specific number of days of delivery. This can range from a week to two months. We strongly advice you to look out for this number on your insurance certificate</li><li><strong>Track important details<br></strong>Besides information that most would have at their fingertips, like email address, phone and street address, there may be some fields that would require specific information, such as&nbsp;<em>Packed by, unpacked by, In Storage?, Storage Location,</em>&nbsp;and&nbsp;<em>Storage dates.&nbsp;</em>Do take note of these details when you see them and keep a copy of them handy – write them down somewhere or star the email containing the attachment. Here’s a simple description of details that often gets misinterpreted:</li></ol>\n<!-- /wp:list -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Inventory Number</strong>&nbsp;– refers the “number” of the item as stated on the inventory list. All insurance companies would provide you with an inventory list. If they don’t, request for one.</li><li><strong>Item’s Room</strong>&nbsp;– refers to the room in which the item was before it was packed.&nbsp;<em>Example: kitchen, bedroom.</em></li><li><strong>Item Description</strong>&nbsp;– Describe the item you insured. If missing, be as detailed as possible.&nbsp;<em>Example: Bookcase, white stain, light brown, 90×198 cm,Adjustable feet,1 fixed shelf and 4 adjustable shelves.</em></li><li><strong>Damage</strong>&nbsp;– Indicate type:&nbsp;<em>damaged or missing</em>, and location of damage&nbsp;<em>(Example: screen/ top corner/ table leg etc)</em></li><li><strong>Item age &amp; acquired date</strong>&nbsp;– Do fill in the date you purchased as accurately as you possibly can. If an item is secondhand, then the item age would differ from the acquired date.</li><li><strong>Original Cost &amp; Replacement cost</strong>&nbsp;– Do fill in the original cost as accurately as you possibly can. For replacement cost, do a thorough online search to find the exact similiar item as much as possible and record the cost of the similar item.</li><li><strong>Amount claimed</strong>&nbsp;– If the claim is for damage, enter only the cost of repairing the item. If the claim is for loss, enter the replacement cost of the missing item or the amount stated on the valued inventory. The Underwriter reserves the right to require proof of ownership and/or value of any item claimed damaged or missing.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Carriers strictly limit their liability. Even if you are able to prove that the transporter was at fault, you may still not get the full value of your goods. If you turn look at the back page of any Bill of Lading, you will find the fine print outlining exactly what a carrier agrees to cover.</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\">Final Tips</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">When getting Cargo insurance, always remember these tips:</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\">Avoid coverage gaps by asking questions</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">“To help avoid potential coverage gaps, we highly recommend that those unfamiliar with cargo insurance work with an experienced insurance agent to assist with determining answers to the following questions:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Who is responsible for insuring the goods—the buyer or the seller?<br>When does the title to the goods transfer from seller to buyer?<br>What are the insuring terms?<br>Where is the insurance company located? If a U.S. importer asks the seller to provide insurance, the insurer will likely be located overseas. This could make the claim process more complicated.”<br>Asking questions makes it more likely that you can get sufficient freight insurance coverage.</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\">Consider getting insurance through your freight broker</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The easiest and most common solution for occasional and low-volume shippers is to get cargo insurance coverage through the freight expeditor or broker. Not only can they usually get the best deals for small shippers, they have experience working with freight and cargo insurers as well.</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\">Work with an insurance agent with freight &amp; cargo insurance experience</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">As with any insurance policy, it helps to work with insurers and brokers who have experience. Providers with experience in multiple transportation modes, customs brokerage, and international shipment have better insight into your risks.</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.moovaz.com/blog/everything-you-need-to-know-about-buying-cargo-insurance/\">click her</a><a href=\"https://www.equipter.com/equipter-articles/contactor-insurance\">e.</a></p>\n<!-- /wp:paragraph -->','Everything You Need to Know About Buying Cargo Insurance','','inherit','closed','closed','','2210-revision-v1','','','2022-03-08 19:08:30','2022-03-08 19:08:30','',2210,'http://smartinsurance.tips/?p=2217',0,'revision','',0),(2216,1,'2022-03-08 19:07:18','2022-03-08 19:07:18','<!-- wp:image {\"id\":2211,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/03/Cargo-1024x536.png\" alt=\"\" class=\"wp-image-2211\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Despite insurance having been around for centuries, there is still a feeling that any form of insurance is a “grudge purchase”. By its nature, insurance is an intangible benefit, one that can only be tested under adverse circumstances, and frankly speaking as far as the relocation industry goes, there is nothing more unfavourable than cargo damage.</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\" id=\"what-is-cargo-insurance\">What is cargo insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Cargo insurance is a type of insurance that covers/compensates a buyer or seller of goods against cargo damage or loss of cargo.</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\" id=\"when-do-you-need-cargo-insurance\">When do you need cargo insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A move is long and rife with hazards. Your cargo will pass from hand to hand while on its way to you: whilst loading and unloading from trucks and containers; through ports and exam sites; and from warehouse clerk to warehouse clerk. Each step is necessary for your merchandise to ultimately reach you, but having your goods move through so many checkpoints increases the chance of damage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">We strongly recommend always getting cargo insurance to give yourself peace of mind and to save yourself from a huge hassle of sourcing replacements for damaged goods.</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\" id=\"when-do-you-need-cargo-insurance\">What does cargo insurance cover?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Cargo insurance usually covers damage caused by bad weather, loading and unloading, piracy, and other related risks.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Federal law requires trucking company carriers to carry some carrier liability insurance, but the minimum requirement may not be enough protection for your shipment. Moreover, other carriers don’t have the same requirement. This is why we often recommend additional cargo insurance for our clients. It typically covers external causes of loss and damage to your shipment.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Common triggers for cargo insurance include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Natural disaster</li><li>Vehicle accidents</li><li>Acts of war</li><li>Piracy</li><li>Cargo abandonment</li><li>Customs rejection</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">When a covered event causes damage to your shipment, cargo insurance pays up to the amount you insured it for, minus&nbsp;your deductibles.</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\" id=\"when-do-you-need-cargo-insurance\">What does cargo insurance not cover?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Additionally, freight and cargo insurance policies have exclusions. These are policy provisions that eliminate coverage for certain perils.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Individual freight insurance policies typically exclude:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Damages caused by your inadequate packing – If water seeps in and corrodes your shipment, the responsibility for the damage is on you.</li><li>Damages caused by faulty goods – If the carrier can show your product has a flaw that caused the damage, then they are not responsible for it.</li><li>Certain types of freight – Hazardous materials, certain electronics, or other types of cargo may be excluded, depending on your insurer.</li><li>Certain modes of transportation – Some freight insurance may exclude trucking. Others may exclude cargo ship, freight trains, or airplanes.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The insurance industry does not have a standard cargo insurance form, so exclusions and inclusions vary widely.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Always set aside time to understand the insurance you are working with and do not hesitate to ask questions.</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\" id=\"what-would-cargo-insurance-cost-you\">What would cargo insurance cost you?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Cargo insurance pays the value of shipments, up to coverage limits, when shipments are lost or damaged.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Indicate a price value to every insured item on your list. This price value is what it would cost to replace it at destination if it gets totally broken beyond repair. If you’re unsure about how some of your items like laptops, flat screen TVs may cost at your new destination, try googling for similar products from that country. Or, if your destination city is served by major online retailers like Amazon, you can search for a reference price from its website too.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The final insurance premium is calculated with a simple formula:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><em>Total Value of Shipped items * Insurance Rate = Cost of Your Insurance</em></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\" id=\"is-cargo-insurance-worth-it\">Is cargo insurance worth it?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Cargo insurance protects your goods from physical loss or damage during transit. The main objective is to provide compensation should cargo fail to arrive safely at its destination. There are numerous types of cargo insurance policies and the cost and coverage vary. Policies can be applied to land, marine, or air shipments, or a combination of modes and can cover international or domestic shipping.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">It’s up to you to consider your options and decide whether the cost of cargo insurance is justified. If you decide it is, shop around to find the best policy to suit your needs and budget. If you’re shipping unusual cargo, consider using an insurance firm that specializes in those goods or take out a single-shipment policy in consultation with your insurance agent.</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\" id=\"when-do-you-need-cargo-insurance\">How much cargo insurance do you need?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Some people may not be aware that their cargo is under-insured as they usually take the market value of their cargo to be the sum insured. Unintended under-insurance is especially common when taking up cargo insurance for transporting used or second-hand goods.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The insured should disclose to the insurer that the goods are used goods when taking up cargo insurance. Customers are also advised to check that the sum insured is the new replacement value of the used items at the final destination and also add all freight, landing charges and duty into the sum insured. If the insured does not take these precautions and the market value of used goods is less than that of new replacement goods because of depreciation or partial loss, an “average” may be applied and the insured may need to bear some loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The rationale behind this is that if the gross value of the goods arriving at the destination is higher than the sum insured when loss arises, the insurer may consider it as under-insured and may apply an “average”. Compensation will be deducted in proportion to the amount of under-insurance and the insured may need to bear the difference as a loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">For example, if you ship a chair that actually costs $100 to replace but you declare its value to be $30, this would amount to under-insurance.<br>Over-insurance is undesirable as well as you would be paying an unnecessarily higher insurance premium to over-insure your items.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">To safeguard against any unintended under-insurance,&nbsp;book&nbsp;a free consultation with your dedicated Relo Buddy.</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\" id=\"how-is-cargo-insurance-calculated\">How is cargo insurance calculated?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The cost of your insurance is calculated by a simple formula:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><em>Total Value of Shipped items * Insurance Rate = Cost of Your Insurance</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>What is Total Value of Shipped Items?</strong>&nbsp;– Depending on your chosen type of insurance – Basic or Comprehensive – the total value of shipped items will either be a sum of individual item values, or one lump sum.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">What does this mean?</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Basic</strong>&nbsp;– Basic insurance coverage only takes effect if your entire container shipment goes missing, ie if one chair is missing but the rest of your items remain intact, no claims will be applicable. Hence, it is not necessary to detail each item’s discrete value. What matters is the lump sum amount of everything in that container.<br><strong>Comprehensive</strong>&nbsp;– Comprehensive coverage, as opposed to basic, covers both damages and missing items, and will be applicable for individual items, ie, if one TV cracks but the rest of the shipment is fine, the insurance company will insure you for the broken TV. Hence, choosing for comprehensive coverage is highly recommended.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure id=\"tablepress-11\" class=\"wp-block-table\"><table><thead><tr><th>COMPREHENSIVE</th><th>BASIC</th></tr></thead><tbody><tr><td>Higher Insurance Rates (3-6%)</td><td>Lower Insurance Rates (1-3%)</td></tr><tr><td>Covers both damaged and missing items</td><td>Covers only missing items</td></tr><tr><td>Individually damaged or missing items are claimable</td><td>Only claimable when entire shipping container is missing</td></tr><tr><td>Worth its value and highly recommended</td><td>Not the most value for money or effective coverage</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>What affects insurance rates?</strong>&nbsp;– Basic coverage will definitely be cheaper than Comprehensive coverage&nbsp;<em>(caveat: Remember you get what you pay for!)</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>The cost of your insurance</strong>&nbsp;is the product of your Total Value of Shipped Items and The Applicable Insurance Rates.</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\" id=\"how-to-claim-cargo-insurance\">How to claim cargo insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Carriers are innocent until proven guilty. If damage or loss does happen, carriers will do everything within their power to limit their liability or to avoid it altogether. The burden to prove that the carrier was at fault is placed on you, and you will need to definitively prove that:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Loss occurred while the shipment was in the carrier’s care, custody, and control</li><li>The carrier was negligent in handling your shipment</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here are the bite-sized steps taken from InterTrans Insurance’s&nbsp;instructions for preparation of loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"ordered\":true,\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ol class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Don’t delay your submission</strong><br>Claims have to be submitted to the Insurance company within a specific number of days of delivery. This can range from a week to two months. We strongly advice you to look out for this number on your insurance certificate</li><li><strong>Track important details<br></strong>Besides information that most would have at their fingertips, like email address, phone and street address, there may be some fields that would require specific information, such as&nbsp;<em>Packed by, unpacked by, In Storage?, Storage Location,</em>&nbsp;and&nbsp;<em>Storage dates.&nbsp;</em>Do take note of these details when you see them and keep a copy of them handy – write them down somewhere or star the email containing the attachment. Here’s a simple description of details that often gets misinterpreted:</li></ol>\n<!-- /wp:list -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Inventory Number</strong>&nbsp;– refers the “number” of the item as stated on the inventory list. All insurance companies would provide you with an inventory list. If they don’t, request for one.</li><li><strong>Item’s Room</strong>&nbsp;– refers to the room in which the item was before it was packed.&nbsp;<em>Example: kitchen, bedroom.</em></li><li><strong>Item Description</strong>&nbsp;– Describe the item you insured. If missing, be as detailed as possible.&nbsp;<em>Example: Bookcase, white stain, light brown, 90×198 cm,Adjustable feet,1 fixed shelf and 4 adjustable shelves.</em></li><li><strong>Damage</strong>&nbsp;– Indicate type:&nbsp;<em>damaged or missing</em>, and location of damage&nbsp;<em>(Example: screen/ top corner/ table leg etc)</em></li><li><strong>Item age &amp; acquired date</strong>&nbsp;– Do fill in the date you purchased as accurately as you possibly can. If an item is secondhand, then the item age would differ from the acquired date.</li><li><strong>Original Cost &amp; Replacement cost</strong>&nbsp;– Do fill in the original cost as accurately as you possibly can. For replacement cost, do a thorough online search to find the exact similiar item as much as possible and record the cost of the similar item.</li><li><strong>Amount claimed</strong>&nbsp;– If the claim is for damage, enter only the cost of repairing the item. If the claim is for loss, enter the replacement cost of the missing item or the amount stated on the valued inventory. The Underwriter reserves the right to require proof of ownership and/or value of any item claimed damaged or missing.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Carriers strictly limit their liability. Even if you are able to prove that the transporter was at fault, you may still not get the full value of your goods. If you turn look at the back page of any Bill of Lading, you will find the fine print outlining exactly what a carrier agrees to cover.</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\">Final Tips</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">When getting Cargo insurance, always remember these tips:</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\">Avoid coverage gaps by asking questions</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">“To help avoid potential coverage gaps, we highly recommend that those unfamiliar with cargo insurance work with an experienced insurance agent to assist with determining answers to the following questions:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Who is responsible for insuring the goods—the buyer or the seller?<br>When does the title to the goods transfer from seller to buyer?<br>What are the insuring terms?<br>Where is the insurance company located? If a U.S. importer asks the seller to provide insurance, the insurer will likely be located overseas. This could make the claim process more complicated.”<br>Asking questions makes it more likely that you can get sufficient freight insurance coverage.</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\">Consider getting insurance through your freight broker</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The easiest and most common solution for occasional and low-volume shippers is to get cargo insurance coverage through the freight expeditor or broker. Not only can they usually get the best deals for small shippers, they have experience working with freight and cargo insurers as well.</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\">Work with an insurance agent with freight &amp; cargo insurance experience</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">As with any insurance policy, it helps to work with insurers and brokers who have experience. Providers with experience in multiple transportation modes, customs brokerage, and international shipment have better insight into your risks.</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.equipter.com/equipter-articles/contactor-insurance\">click he</a><a href=\"https://www.moovaz.com/blog/everything-you-need-to-know-about-buying-cargo-insurance/\">r</a><a href=\"https://www.equipter.com/equipter-articles/contactor-insurance\">e.</a></p>\n<!-- /wp:paragraph -->','Everything You Need to Know About Buying Cargo Insurance','','inherit','closed','closed','','2210-revision-v1','','','2022-03-08 19:07:18','2022-03-08 19:07:18','',2210,'http://smartinsurance.tips/?p=2216',0,'revision','',0),(2218,1,'2022-03-08 19:12:33','2022-03-08 19:12:33','<!-- wp:image {\"id\":2198,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/03/Professional-liability-1024x536.png\" alt=\"\" class=\"wp-image-2198\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Professional liability insurance&nbsp;(PLI) is insurance that protects professionals such as accountants, lawyers, and physicians against negligence and other claims initiated by their clients. Professionals who have expertise in a specific area require this type of insurance because general&nbsp;liability insurance&nbsp;policies do not offer protection against claims arising out of business or professional practices such as negligence, malpractice, or&nbsp;misrepresentation.</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\">KEY TAKEAWAYS</h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Professional liability insurance is used in businesses to protect against claims of negligence.</li><li>Professionals such as accountants and doctors use this insurance to protect themselves against client claims of negligence or malpractice.</li><li>Professional liability insurance is also referred to as medical malpractice insurance or errors and omissions insurance, depending on the professional.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-5\">How Professional Liability Insurance Works?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-6\">Depending on the profession, professional liability insurance may have different names, such as medical&nbsp;malpractice insurance&nbsp;for the medical profession, and errors &amp; omissions insurance for real estate agents. Professional liability insurance is a specialty coverage that is not provided under homeowners\' endorsements, in-home business policies, or business-owners\' policies. It only covers claims made during the policy period.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-8\">Professional liability insurance policies&nbsp;are usually arranged on a claims-made basis, which means coverage is good only for claims made during the policy period. Typical professional liability&nbsp;policies&nbsp;will indemnify&nbsp;the insured against loss arising from any claim or claims made during the policy period by reason of any covered error, omission or negligent act committed in the conduct of the insured\'s professional business during the policy period. Incidents occurring before the coverage was activated&nbsp;may not be covered, although some policies may include&nbsp;a retroactive date.</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_1-0-10\">What Professional Liability Insurance Does Not Include?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-11\">Coverage does not include&nbsp;criminal prosecution, nor all forms of&nbsp;legal liability&nbsp;under&nbsp;civil law, only those listed in the policy. Cyber liability, covering data breach and other technology issues, may not necessarily be included in core policies. However, insurance that covers data security and other technology security-related issues is available as a separate policy.</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_1-0-13\">Professional Liability Policy Wording</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-14\">Some professional liability&nbsp;policies are worded&nbsp;more tightly&nbsp;than others. While a number of policy wordings are designed to satisfy a stated minimum approved wording, which makes them easier to compare, others differ dramatically in the coverages they provide. For example, breach of duty may be included if the incident occurred and was reported by the policyholder to the insurer during the policy period.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-16\">Wordings with major legal differences can be confusingly similar to non-lawyers. For instance, coverage for \"negligent act, error or omission\" indemnifies the policyholder against loss/circumstances incurred only as a result of any professional error or omission, or negligent act (i.e., the modifier \"negligent\" does not apply to all three categories, though any non-legal reader might assume that it did). Meanwhile, a&nbsp;\"negligent act, negligent error or negligent omission\" clause is a much more restrictive policy, which would deny coverage in a lawsuit alleging a non-negligent error or omission.</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\" id=\"mntl-sc-block_1-0-18\">Example of Professional Liability Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-19\">Medical malpractice insurance is a common example of a type of professional liability insurance. Medical professionals do their work under the not inconsiderable threat of facing lawsuits for alleged medical malpractice, which is defined as an act or omission by a medical provider in which they provide treatment that falls below the standard of care, resulting in injury to or the death of the patient. While most medical malpractice cases are treated as civil torts in the United States, medical malpractice insurance can offset the cost of such lawsuits to providers.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.equipter.com/equipter-articles/contactor-insurance\">click here.</a></p>\n<!-- /wp:paragraph -->','What Is Professional Liability Insurance?','','inherit','closed','closed','','2197-revision-v1','','','2022-03-08 19:12:33','2022-03-08 19:12:33','',2197,'http://smartinsurance.tips/?p=2218',0,'revision','',0),(2219,1,'2022-03-08 19:13:19','2022-03-08 19:13:19','<!-- wp:image {\"id\":2198,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/03/Professional-liability-1024x536.png\" alt=\"\" class=\"wp-image-2198\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Professional liability insurance&nbsp;(PLI) is insurance that protects professionals such as accountants, lawyers, and physicians against negligence and other claims initiated by their clients. Professionals who have expertise in a specific area require this type of insurance because general&nbsp;liability insurance&nbsp;policies do not offer protection against claims arising out of business or professional practices such as negligence, malpractice, or&nbsp;misrepresentation.</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\">KEY TAKEAWAYS</h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Professional liability insurance is used in businesses to protect against claims of negligence.</li><li>Professionals such as accountants and doctors use this insurance to protect themselves against client claims of negligence or malpractice.</li><li>Professional liability insurance is also referred to as medical malpractice insurance or errors and omissions insurance, depending on the professional.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-5\">How Professional Liability Insurance Works?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-6\">Depending on the profession, professional liability insurance may have different names, such as medical&nbsp;malpractice insurance&nbsp;for the medical profession, and errors &amp; omissions insurance for real estate agents. Professional liability insurance is a specialty coverage that is not provided under homeowners\' endorsements, in-home business policies, or business-owners\' policies. It only covers claims made during the policy period.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-8\">Professional liability insurance policies&nbsp;are usually arranged on a claims-made basis, which means coverage is good only for claims made during the policy period. Typical professional liability&nbsp;policies&nbsp;will indemnify&nbsp;the insured against loss arising from any claim or claims made during the policy period by reason of any covered error, omission or negligent act committed in the conduct of the insured\'s professional business during the policy period. Incidents occurring before the coverage was activated&nbsp;may not be covered, although some policies may include&nbsp;a retroactive date.</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_1-0-10\">What Professional Liability Insurance Does Not Include?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-11\">Coverage does not include&nbsp;criminal prosecution, nor all forms of&nbsp;legal liability&nbsp;under&nbsp;civil law, only those listed in the policy. Cyber liability, covering data breach and other technology issues, may not necessarily be included in core policies. However, insurance that covers data security and other technology security-related issues is available as a separate policy.</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_1-0-13\">Professional Liability Policy Wording</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-14\">Some professional liability&nbsp;policies are worded&nbsp;more tightly&nbsp;than others. While a number of policy wordings are designed to satisfy a stated minimum approved wording, which makes them easier to compare, others differ dramatically in the coverages they provide. For example, breach of duty may be included if the incident occurred and was reported by the policyholder to the insurer during the policy period.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-16\">Wordings with major legal differences can be confusingly similar to non-lawyers. For instance, coverage for \"negligent act, error or omission\" indemnifies the policyholder against loss/circumstances incurred only as a result of any professional error or omission, or negligent act (i.e., the modifier \"negligent\" does not apply to all three categories, though any non-legal reader might assume that it did). Meanwhile, a&nbsp;\"negligent act, negligent error or negligent omission\" clause is a much more restrictive policy, which would deny coverage in a lawsuit alleging a non-negligent error or omission.</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\" id=\"mntl-sc-block_1-0-18\">Example of Professional Liability Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-19\">Medical malpractice insurance is a common example of a type of professional liability insurance. Medical professionals do their work under the not inconsiderable threat of facing lawsuits for alleged medical malpractice, which is defined as an act or omission by a medical provider in which they provide treatment that falls below the standard of care, resulting in injury to or the death of the patient. While most medical malpractice cases are treated as civil torts in the United States, medical malpractice insurance can offset the cost of such lawsuits to providers.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/terms/p/professional-liability-insurance.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','What Is Professional Liability Insurance?','','inherit','closed','closed','','2197-revision-v1','','','2022-03-08 19:13:19','2022-03-08 19:13:19','',2197,'http://smartinsurance.tips/?p=2219',0,'revision','',0),(2220,1,'2022-03-08 19:13:53','2022-03-08 19:13:53','<!-- wp:image {\"id\":2195,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/03/Contractor-insurance-1024x536.png\" alt=\"\" class=\"wp-image-2195\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><em>What types of insurance should a contractor have? This guest post from Rachel Porter at Custom Contractors Insurance provides an overview of how to protect your business.</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Owning a contracting business carries inherent risks. There are many possibilities for people to suffer injuries or for properties to sustain damage. Whatever physical injury or property damage takes place on the jobsite, you can be sure it’s the contractor who will be on the receiving end of a claim—and may be forced to pay for it out of pocket.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">However, contractors don’t need to risk losing money or closing shop because of a claim. As long as they have proper insurance coverage, they should be able to settle claims and continue business as usual.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here are some types of insurance a contractor should have or consider getting:</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>1. Commercial General Liability Insurance&nbsp;</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Commercial general liability is one of the most common types of insurance for contractors. It offers coverage against claims made by third parties for physical injury or property damage that happened during contracting work. Aside from paying the compensation amount, commercial general liability insurance also covers the legal expenses incurred during litigation.</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. Workers Compensation</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">As its name suggests, workers compensation makes sure employees are covered in case of on-the-job accidents. Medical treatment, disability income, and rehabilitation costs, as well as compensation to families for work-related deaths are typically covered by this kind of policy. Workers compensation is necessary for the protection of employers from suits that injured employees or families of deceased staff may file in court.</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. Contractors Pollution Insurance</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There are strict environmental laws in place that all builders are expected to follow to the letter. Considering the ever-present risk of pollution whenever a builder operates, contractors always face the risk of getting sued by third parties for violating those environmental laws. Contractors pollution insurance can protect builders and other types of contractors from such claims, which could prove to be detrimental to their business.</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. Automobile Liability Insurance</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Contractors transport material, equipment, and workers to a construction site using a variety of vehicles and heavy trucks. In case these vehicles cause property damage, bodily injury, or death at the construction site, whoever owns those vehicles is liable to compensate third parties who file a claim. Automobile liability insurance provides coverage for any third-party claims in case of injury, damage, or loss, and it will also cover all legal costs incurred while the claims are being deliberated in court.</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. Builders Risk Insurance</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A construction project involves lots of materials and equipment that could get lost, stolen, or damaged. Builders risk insurance helps protect builders and contractors from those losses. This type of insurance is also beneficial for subcontractors and equipment owners involved in the project. It’s typically provided along with contractor\'s general liability 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\"><strong>6. Roofers Insurance</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Roofers insurance is a kind of general liability insurance that provides coverage for roofing contractors whose workers get involved in a workplace accident that leads to physical injury or property damage. Considering that roofers work at a certain height, the risk of accidents is so much higher, whether it’s a worker taking a misstep or a tool falling from the roof.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">These are just some of the types of insurance a contracting business should have or consider to protect themselves and their business. While some contractors might be concerned about paying premiums, they only have to think about the real possibility that they could be forced to close if they have to pay for claims out of their own pockets.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Don’t wait until an accident happens—and stop wondering what types of insurance should a contractor have. Always talk to an insurance professional with experience insuring contracting businesses to make sure you’re adequately covered and that you’re compliant with your state’s insurance requirements for contractors.</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.equipter.com/equipter-articles/contactor-insurance\">click here.</a></p>\n<!-- /wp:paragraph -->','What Types of Insurance Should a Contractor Have?','','inherit','closed','closed','','2194-revision-v1','','','2022-03-08 19:13:53','2022-03-08 19:13:53','',2194,'http://smartinsurance.tips/?p=2220',0,'revision','',0),(2221,1,'2022-03-08 19:15:30','2022-03-08 19:15:30','<!-- wp:image {\"id\":2189,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/03/Small-business-1024x536.png\" alt=\"\" class=\"wp-image-2189\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Started a new business? Find out why your business needs to start budget planning.</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Preparing for the future, especially from a financial standpoint, is critical for all businesses. That\'s why all businesses need to forecast their revenue and expenses to ensure they remain profitable. The best way for many small business owners to do this is through budget planning.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">With a monthly snapshot of your expected business expenses, you can manage your money and track your spending habits. This allows you to forecast for things like take-home pay, wages, bills, and payments for loans or other debts. It can even help you set up an emergency fund.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">By creating a workable budget, you can track cash on hand, expenses, and the&nbsp;revenue you need&nbsp;to keep your business growing, according to Nick Kolbenschlag, managing partner and co-founder of Crown Wealth Group.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"When you take the time to put the numbers to paper, you increase your chances of tracking them to ensure your business succeeds, helping you anticipate future needs, spending habits, profits and cash flow,\" Kolbenschlag told business.com. \"Proper budgeting also allows you to identify problems before they become major issues, giving you the ability to course-correct in real time.\"&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Your budget process should include updating your expenses monthly, which allows you to verify that your business is on target to maintain profitability. Here\'s everything you need to know about budget planning for your business.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\" id=\"what-is-budget-planning\">What is budget planning?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Budget planning is the process of creating a plan to spend your money. It allows you to determine in advance whether you will have enough money to do the things you need or would like to do.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Budgeting helps you save money for the long term or for when your business needs it most. If your accounting software doesn\'t have budgeting features, use a budget calculator – a tool meant to help you establish a budget, create a savings plan, and pay down debt.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Budget planning involves looking at external (economy, regulations and laws, etc.) and internal factors (staff, revenue, expenses, etc.) and then estimating needs, incorporating unexpected things, developing future goals, and looking at historical information and trends,\" said JeFreda Brown, CEO of Xaris Financial Enterprises.&nbsp;</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\" id=\"how-do-you-create-a-budget-for-a-business\">How do you create a budget for a business?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Budgets indicate how much money is spent on aspects of the business like payroll, advertising, supplies and other necessities. To create a budget, small business owners should look at revenue and expenses for the entire calendar and fiscal year. Look at what you spent the previous year and project if you will spend the same, less or more moving forward.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The goal of budget planning is to lay out all necessary components and brainstorm your goals, according to Shahid Hanif, founder of Shufti Pro. Hanif named some steps the budgeting process should include:&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"ordered\":true,\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ol class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Examine your revenue.</strong>&nbsp;The first step in any budgeting process is to look backward at your existing business and find all your revenue (income) sources.</li><li><strong>Subtract fixed costs.</strong>&nbsp;The second step in creating a business budget is to add up all your fixed costs, like rent.</li><li><strong>Determine variable costs.</strong>&nbsp;Variable costs include the price of labor or raw materials.</li><li><strong>Set aside a contingency fund for unexpected costs.&nbsp;</strong>These expenses don\'t arise only when it\'s convenient.</li><li><strong>Create a&nbsp;profit and loss statement.&nbsp;</strong>Once you\'ve collected all the above information, it\'s time to put it all together to create your profit and loss statement, or P&amp;L.</li><li><strong>Outline your forward-looking business budget.</strong>&nbsp;Whether you\'re a new business or you\'ve been doing this a while, projecting what will happen to your business in the future is educated guesswork.&nbsp;</li></ol>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">It\'s best to categorize your budget by fixed expenses, variable expenses and non-necessities. Fixed expenses stay constant, regardless of the number of sales, according to Axel DeAngelis, founder of NameBounce.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Tip:</strong>&nbsp;Categorize your budget by&nbsp;fixed expenses and variable expenses, as well as non-necessities.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Generally, fixed costs are contractual,\" DeAngelis said. \"An example of a fixed cost is rent. Unless your business pays percentage rent based on sales, the rent is generally contractual, with fixed increases throughout the life of the lease.\"&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Variable expenses can include some bills or software, as business owners tend to have more control over these expenses, and they fluctuate based on sales. DeAngelis gave sales team commissions as an example: If your business were to sell 10,000 products, you would pay your sales team more in commissions than if you sold 100 products.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Non-necessities are expenses such as travel, entertainment or office perks like a flavored water cooler. This category usually does not include the monthly expenses your business needs.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Editor\'s note: Looking for the right accounting software for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.&nbsp;</strong></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\" id=\"what-information-do-you-need-to-create-a-budget-for-a-business\">What information do you need to create a budget for a business?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Budgeting for your business should include anything and everything you will spend money on during the fiscal year. Failure to use a budget for your business is a missed opportunity to meet your financial goals.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">According to Ken Wentworth, founder and \"on-demand CFO\" of Mr. Biz Solutions, it\'s crucial for business owners to analyze and include four key pieces of information when creating a business budget.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"ordered\":true,\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ol class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Revenue:&nbsp;</strong>For revenue, you must first establish your annual goal, then use your historical actuals to determine how to accurately distribute your annual amount across the next 12 months.<br></li><li><strong>Cost of goods sold (COGS):</strong>&nbsp;Once you\'ve established your monthly revenue budget, use those numbers to drive your COGS budget. Again, use your recent historical percentages to determine each COGS line. Determine the average percentage for each line based on monthly revenue projections.<br></li><li><strong>Overhead costs:</strong>&nbsp;Review your most recent year and adjust as needed. For example, you can start with a baseline of last year\'s actuals. From there, adjust reflected activity for the budget year – eliminate nonrecurring expenses from the baseline year, make additions for known one-time expenses in the budget year, make reductions for known savings, and so on.<br></li><li><strong>Margin review:</strong>&nbsp;To ensure your new budget will help you accomplish your goals, review your gross margin percentage and net margin percentage. What are your goals for those two measures? Make sure the new budget you created reflects those goals. For example, if you want to improve your gross margin from 52% to 55%, ensure your budget equates to a 55% gross margin. If not, tweak your COGS numbers to get there. This will set the budget baseline that you will use to measure your business\'s performance.&nbsp;</li></ol>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Bottom line:</strong>&nbsp;When planning a budget, make sure you know your revenue, cost of goods sold, overhead and margins.</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\" id=\"budget-planning-tools\">Budget planning tools</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<h3 class=\"has-black-color has-text-color has-medium-font-size\"><strong>Accounting software</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Accounting software is a simple solution for budget planning. The main benefit of using accounting software is that it already has the formulas you\'ll need within its programs. All that\'s left is to add or transfer over the numbers specific to your business. An optimal accounting software program is affordable, accessible and easy to integrate with other platforms your business uses. Here are a few&nbsp;highly rated accounting software solutions&nbsp;to leverage in your budget planning.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Intuit QuickBooks Online:</strong>&nbsp;This is perfect for small businesses because it provides access to a live accountant and integrations with many popular platforms like Salesforce and Bill.com. Learn more in our&nbsp;review of QuickBooks Online.</li><li><strong>FreshBooks:&nbsp;</strong>This accounting software provides invoice capabilities and double-entry accounting capabilities to create a chart of accounts and run new balance sheets. Learn more in our&nbsp;FreshBooks review.</li><li><strong>Oracle NetSuite:&nbsp;</strong>You can use the cash management feature to easily manage your cash flow and monitor your business\'s bank accounts. There\'s also a budgeting and planning feature directly in the program, making forecasting and budgeting a breeze. Learn more in our&nbsp;review of Oracle NetSuite.</li><li><strong>Zoho Books:&nbsp;</strong>This software is specifically designed for&nbsp;microbusinesses&nbsp;that can run weekly, monthly and quarterly reports to track performance income and expenses. Learn more in our&nbsp;Zoho Books review.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} -->\n<h3 class=\"has-medium-font-size\"><strong>Spreadsheets and formulas</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A spreadsheet is one of the most common and versatile ways to budget for businesses. A spreadsheet can organize and catalog your expenses in charts and graphics. Many computers come with&nbsp;spreadsheet software, and there are also online programs such as Quip that integrate with other software, such as Salesforce. Spreadsheets use various formulas, depending on the report you\'d like to create. You can create these formulas yourself or you can use premade templates, such as those found in Excel.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">For those who haven\'t used a spreadsheet to track expenses before, start with creating a monthly average formula. This gives you a better picture of your spending over the course of the year by creating annual projections. In the final formula, you\'ll see where your spending and expenses will be at the end of the year if you continue with your current budget plan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<h3 class=\"has-black-color has-text-color has-medium-font-size\"><strong>Cash flow statements</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A&nbsp;cash flow statement&nbsp;is an often-neglected budget tool that is vital to long-term success. While an annual budget statement shows the total amount of sales and retained debt, it doesn\'t show the individual transactions. Keeping track of these transactions could be the difference in your business losing money or retaining an overflow of debt.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A cash flow statement gives you the exact timeframe when a sale will be completed and when you\'ve acquired debt. Keeping track of these details ensures you\'re maintaining an accurate depiction of your credit and have enough cash reserves on hand to pay bills and expenses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"what-are-the-three-basic-budget-categories\">What are the three basic budget categories?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A business budget should include all of your business\'s current revenue and expenses. This budget should also include estimated or projected revenue and expenses. Brown listed three basic budget categories.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"ordered\":true,\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ol class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Operating budget:</strong>&nbsp;This is the annual budget that the company will follow to meet its financial goals.&nbsp;</li><li><strong>Capital budget:</strong>&nbsp;This is a budget developed when the company plans to invest in fixed assets, like new machinery.&nbsp;</li><li><strong>Cash budget:</strong>&nbsp;This is a budget developed to help company leaders estimate future cash needs and plan for emergencies and future investment opportunities.&nbsp;</li></ol>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Bottom line:</strong>&nbsp;There are three budget categories to track – your operating budget, capital budget and cash budget.</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\" id=\"business-budget-templates\">Business budget templates</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Business budgeting is more complicated than balancing your personal checkbook. There are a lot of aspects to consider. It can be difficult to know where to begin. You may be afraid you\'ll overlook an important component. A business budget template gives you a blueprint you can work with when designing your budget. This can save a lot of time and frustration.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Choosing a business&nbsp;budget template&nbsp;might seem daunting as well. However, there are some key features that will help you narrow your search.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">First, you want a budget template that is easy to use. If you don\'t interact with your budget regularly, it won\'t be effective. Online templates allow you to access your budget anywhere and make edits. If the process is inconvenient, you\'ll be tempted to do the budget once and forget about it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">According to the&nbsp;Corporate Finance Institute, customization is also important. You want a template that allows you to add items if you need to, and even change formulas if necessary. Every business is different. While budgets across businesses have many similarities, each one has its own nuances as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Budget template by business.com:</strong>&nbsp;This&nbsp;Excel template&nbsp;includes a full resource page in addition to annual and monthly business budget templates.</li><li><strong>Excel template by the Corporate Finance Institute:</strong>&nbsp;This&nbsp;operating budget&nbsp;includes revenue, variable and fixed costs, non-cash expenses, non-operating expenses and capital costs.</li><li><strong>Google Docs annual business budget:</strong>&nbsp;Simple and customizable, Google makes it easy to&nbsp;create the budget&nbsp;you need.</li><li><strong>Microsoft Office business expense budget:</strong>&nbsp;This budget&nbsp;is solely for expenses. It allows you to easily compare projected and actual expenses.</li><li><strong>Excel profit and loss statement template:</strong>&nbsp;This template&nbsp;is designed to create profit and loss statements.</li><li><strong>Marketing budget template:</strong>&nbsp;Track your&nbsp;marketing expenses&nbsp;and determine which marketing strategies are worthwhile.&nbsp;</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"how-is-planning-different-from-budgeting\">How is planning different from budgeting?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Business planning and creating a budget for your business are closely related, but they have different goals. Hanif said that planning is usually the first step in setting up a small business and continues to be used as a workflow progresses.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Planning could be something simple, like building your daily agenda, or long-range enough to envision where you want to see your business in five or 10 years, whereas budgeting determines how existing financial resources are allocated. Budgets are usually set by how previous money was spent and expected income.\"&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Preparing a budget can be a difficult task, but once you do it, you\'ll have a much better understanding of your business and how to plan for the profitability you\'re looking for. If you regularly update your monthly budget, your annual budget will become easier to create and more accurate. When you know where your company stands financially, you can make better decisions to help your business be profitable and successful.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.business.com/articles/budget-planning/\">click here.</a></p>\n<!-- /wp:paragraph -->','How to Start Budget Planning for Your Business?','','inherit','closed','closed','','2188-revision-v1','','','2022-03-08 19:15:30','2022-03-08 19:15:30','',2188,'http://smartinsurance.tips/?p=2221',0,'revision','',0),(2226,1,'2022-04-02 20:30:45','2022-04-02 20:30:45','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Stay ahead of inflation by putting your money in high-yield savings accounts and investments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2225,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/Money-1-1024x536.png\" alt=\"\" class=\"wp-image-2225\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><em>The investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities&nbsp;or other investments.</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">One million dollars might sound like a lot of money — and it is — but in 10 years it will probably sound like less money because it will have less buying power than it does today.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The reason is inflation, and it can impact how you plan for your financial future. Here’s a look at what inflation is and how it can affect your savings, as well as how to keep it from derailing your short- and long-term financial goals.</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\">What is inflation?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Broadly speaking, inflation is the rate of increase in prices for goods and services. It can happen because of an increase in the cost of producing those goods and services. Another reason could be that demand is higher than the supply, leading to price increases. Whatever the cause, as prices rise, you\'ll need more money to buy the same things you used to buy for less.</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\">How inflation affects savings</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Along with a change in prices, inflation can affect your savings and how much you need to put away for unexpected financial emergencies. A good emergency savings fund should have enough money to cover three to six months of living expenses. But over time, if your expenses increase because of inflation, the amount you need to put away should increase, too, or else you could come up short in a pinch.</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\">How much are prices rising?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Near the end of 2021, inflation topped 6% according to the Consumer Price Index, published by the Bureau of Labor Statistics. This index is one of the most common measures of inflation. So, if you kept cash in a safe — instead of depositing it in an interest-earning savings account — you would expect it to have 6% less spending power this time next year due to inflation if the rate stays the same. For historical context, the long-term average rate of inflation has generally been between 2% and 4% annually.</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\">Where to put your money to help combat inflation</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You can’t stop inflation, but you can make your money work to try and keep up with it. These strategies can help.</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\">Put short-term savings in a high-yield account</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The best savings accounts currently earn around 0.40% annual percentage yield and while that may not currently beat inflation, it is much more than the average savings rate of 0.06%, and will get you more money than the zero extra dollars you’d earn if you stash your cash in a safe. It\'s important to note that the role of your short-term savings is to provide easy access to your money when you need it, not necessarily keep up with inflation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You’ll want to get in the habit of adding up your monthly expenses on a regular basis and comparing the total to how much you have saved (remember that three to six months’ worth is ideal). If your savings balance needs a boost, consider setting up regular automatic deposits from checking to savings — you could transfer a certain amount each payday, for example — to build your rainy day fund.</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\">Use investments for long-term savings</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If your short-term savings is fully funded and you are looking for ways to make your extra money work harder against inflation, consider that the stock market has had average returns in the past century of about 10% annually. There is no guarantee that future earnings will continue to match that rate, and when you factor in inflation, it could leave the real return closer to 4%. But even so, investments can be your best bet for earning long-term returns that beat inflation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you are saving for retirement, you can put your investments in a 401(k) or IRA and take advantage of valuable tax benefits, too.</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\">Should I worry about the cost of inflation?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Inflation isn’t always bad news. As prices rise due to increased demand, businesses may need to hire more workers to fill that demand, which can lead to higher wages. In addition, government benefits, including Social Security, may have cost-of-living increases. If recipients are able to keep at least some costs low, it could mean more spending power.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Lower inflation rates, on the other hand, can lead to lower interest rates, which makes it harder for savers to earn high yields in their accounts. Overall, the Federal Reserve holds its long-term target rate for inflation at 2%.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You can’t control inflation, but you don’t have to let it erode your savings, either. Be smart about where you put your money, keep an eye on your expenses and you can reach your savings goals without missing a beat.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.nerdwallet.com/article/banking/how-to-stop-inflation-from-sinking-your-savings-goals\">click here.</a></p>\n<!-- /wp:paragraph -->','How to Shore Up Your Savings Against Inflation','','inherit','closed','closed','','2224-revision-v1','','','2022-04-02 20:30:45','2022-04-02 20:30:45','',2224,'http://smartinsurance.tips/?p=2226',0,'revision','',0),